View Filing Data

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

Summary of Debt

Debt consisted of the following (in thousands):



	December 31, 2019			December 31, 2018
Senior Credit Facility:
Term loan	$	778,000		$	786,000
Unamortized debt issuance costs on term loan	(5,410		)	(6,826		)
Unamortized discount on term loan	(2,281		)	(2,878		)
Revolver	520,671			490,843
Total Senior Credit Facility	$	1,290,980		$	1,267,139
6.00% Senior Notes:
Notes Due in 2026	$	350,000		$	350,000
Unamortized debt issuance costs	(4,282		)	(4,820		)
Total 6.00% Senior Notes Due in 2026	$	345,718		$	345,180
5.875% Senior Notes:
Notes Due in 2024	$	250,000		$	250,000
Unamortized debt issuance costs	(2,532		)	(2,971		)
Total 5.875% Senior Notes Due in 2024	$	247,468		$	247,029
5.125% Senior Notes:
Notes Due in 2023	$	300,000		$	300,000
Unamortized debt issuance costs	(2,876		)	(3,548		)
Total 5.125% Senior Notes Due in 2023	$	297,124		$	296,452
5.875% Senior Notes:
Notes Due in 2022	$	193,958		$	250,000
Unamortized debt issuance costs	(1,351		)	(2,514		)
Total 5.875% Senior Notes Due in 2022	$	192,607		$	247,486
Non-Recourse Debt:
Non-Recourse Debt	$	328,178		$	341,074
Unamortized debt issuance costs on non-recourse debt	(5,279		)	(3,883		)
Discount on Non-Recourse Debt	(81		)	(164		)
Total Non-Recourse Debt	$	322,818		$	337,027
Finance Lease Obligations	4,570			6,059
Other debt	43,410			2,469
Total debt	$	2,744,695		$	2,748,841
Current portion of finance lease obligations, long-term debt and non-recourse debt [1]	(24,208		)	(332,027		)
Finance Lease Obligations, long-term portion	(2,954		)	(4,570		)
Non-Recourse Debt, long-term portion	(309,236		)	(15,017		)
Long-Term Debt	$	2,408,297		$	2,397,227

[1] Balance at December 31, 2018 includes the balance of the non-recourse debt related to Ravenhall which, in accordance with the syndicated facility agreement, had to be refinanced in September 2019. As such, the balance has been reflected as current

as of December 31, 2018. In May 2019, the debt was refinanced and the long-term portion was reclassified.

Debt repayment schedules under Finance Lease Obligations, Long-Term Debt, Non-Recourse Debt and the Senior Credit Facility are as follows:



Fiscal Year	Finance Leases			Long-Term Debt			Non- Recourse Debt			Revolver		Term Loans			Total Annual Repayment
	(In thousands)
2020	$	1,934		$	1,026		$	13,901		$	—	$	8,000		$	24,861
2021	1,936			1,071			14,780			—		8,000			25,787
2022	1,233			195,075			7,722			—		8,000			212,030
2023	—			301,166			8,218			—		8,000			317,384
2024	—			251,208			8,688			520,671		746,000			1,526,567
Thereafter	—			388,535			274,869			—		—			663,404
	5,103			1,138,081			328,178			520,671		778,000			2,770,033
Interest imputed on Capital Leases	(533		)	—			—			—		—			(533		)
Original issue discount	—			—			(81		)	—		(2,281		)	(2,362		)
Current portion	(1,616		)	(1,026		)	(13,901		)	—		(8,000		)	(24,543		)
Non-current portion	$	2,954		$	1,137,055		$	314,196		$	520,671	$	767,719		$	2,742,595

Senior Notes | 5.875% Senior Notes due 2022

Senior Notes | 6.00% Senior Notes

In addition, the Company may, at its option, redeem the 5.875% Senior Notes due 2024 in whole or in part on or after October 15, 2019 through 2024 and thereafter as indicated below:




Year		Percentage
2020		101.958%
2021		100.979%
2022 and thereafter		100.000%

Senior Notes | 5.875% Senior Notes

On or after April 15, 2021, GEO may, at its option, redeem all or part of the 6.00% Senior Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the 6.00% Senior Notes redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on April 15 of the years indicated below:




Year		Percentage
2021		103.000%
2022		102.000%
2023		101.000%
2024 and thereafter		100.000%

Senior Notes | 5.125% Senior Notes

On or after January 15, 2017, GEO may, at its option, redeem all or part of the 5.875% Senior Notes 2022 upon not less than 30 days nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and including liquidated damages, if any, on the 5.875% Senior Notes due 2022 redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on January 15 of the years indicated below:



Year	Percentage
2020 and thereafter	100.000	%

Company's Quarterly Financial Data

On or after April 1, 2018, the Company may, at its option, redeem all or a part of the 5.125% Senior Notes upon not less than 30 days nor more than 60 days notice at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and liquidated damages, if any, on the 5.125% Senior Notes redeemed, to the applicable redemption date, if redeemed during the period beginning on April 1 of the years indicated below:



Year	Percentage
2020	100.854	%
2021 and thereafter	100.000	%

Shareholders' Equity - Common Stock, Distributions, Prospectus Supplement and Preferred Stock (Details)	12 Months Ended
	Dec. 31, 2019 vote shares	Dec. 31, 2018 shares	Nov. 09, 2017 USD ($)
Class of Stock [Line Items]
Number of votes per each share \| vote	1
Common stock, voting rights	one vote per share
Stock split, conversion ratio	1.5
Minimum % of REIT taxable income to be paid as dividend annually	90.00%
Preferred stock, shares authorized (in shares)	30,000,000	30,000,000
Preferred stock, shares outstanding (in shares)	0	0
Prospectus Supplement
Class of Stock [Line Items]
Maximum common stock value authorized under prospectus supplement \| $			$ 150,000,000
Shares sold (in shares)	0	0

Leases Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

On January 1, 2019, the Company adopted Accounting Standard Update ("ASU") No. 2016-02, "Leases" (Topic 842) which requires that entities record lease assets and lease liabilities on the balance sheet and disclose key information about leasing arrangements. The Company implemented the new standard using the transition method that provided for adoption on the adoption date and recognizing a cumulative-effect adjustment to retained earnings, if any, upon adoption. Therefore, the consolidated financial statements for the year ended December 31, 2019 are presented under the new standard, while comparative years presented are not adjusted and continue to be reported in accordance with the Company's historical accounting policy. Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information.

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, 2019
Assets
Operating lease assets	Operating Lease Right-of-Use Assets, Net	$	121,527
Finance lease assets	Property and Equipment, Net	2,880
Total lease assets		$	124,407

Liabilities
Current
Operating	Operating lease liabilities, current portion	$	26,208
Finance [1]	Current portion of finance liabilities, long-term debt and non-recourse debt	1,616
Noncurrent
Operating	Operating Lease Liabilities	97,291
Finance [1]	Finance Lease Liabilities	2,954
Total lease liabilities		$	128,069

[1] Also refer to Note 13 - Debt.

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



	Year Ended December 31, 2019
Operating lease cost	$	46,934
Finance lease cost:
Amortization of right-of-use assets	1,023
Interest on lease liabilities	354
Total finance lease cost	1,377
Short-term lease cost	1,953
Total lease cost	$	50,264

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	48,833
Operating cash flows for finance leases	$	323
Financing activities for finance leases	$	1,610
Right-of-use assets obtained in exchange for new operating lease liabilities	$	12,223

Weighted average remaining lease term:
Operating leases	7.3 years
Finance leases	2.7 years
Weighted average discount rate:
Operating leases	4.75		%
Finance leases	8.27		%

Undiscounted Cash Flows

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, 2019 (in thousands).



	Operating Leases			Finance Leases
2020	$	31,378		$	1,934
2021	26,188			1,936
2022	19,691			1,233
2023	16,044			—
2024	13,527			—
Thereafter	41,652			—
Total minimum lease payments	148,480			5,103
Less: amount of lease payment representing interest	(24,981		)	(533		)
Present value of future minimum lease payments	123,499			4,570
Less: current obligations under leases	(26,208		)	(1,616		)
Long-term lease obligations	$	97,291		$	2,954

Leases

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



	Classification on the Balance Sheet	December 31, 2019
Assets
Operating lease assets	Operating Lease Right-of-Use Assets, Net	$	121,527
Finance lease assets	Property and Equipment, Net	2,880
Total lease assets		$	124,407

Liabilities
Current
Operating	Operating lease liabilities, current portion	$	26,208
Finance [1]	Current portion of finance liabilities, long-term debt and non-recourse debt	1,616
Noncurrent
Operating	Operating Lease Liabilities	97,291
Finance [1]	Finance Lease Liabilities	2,954
Total lease liabilities		$	128,069

[1] Also refer to Note 13 - Debt.

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



	Year Ended December 31, 2019
Operating lease cost	$	46,934
Finance lease cost:
Amortization of right-of-use assets	1,023
Interest on lease liabilities	354
Total finance lease cost	1,377
Short-term lease cost	1,953
Total lease cost	$	50,264

Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	48,833
Operating cash flows for finance leases	$	323
Financing activities for finance leases	$	1,610
Right-of-use assets obtained in exchange for new operating lease liabilities	$	12,223

Weighted average remaining lease term:
Operating leases	7.3 years
Finance leases	2.7 years
Weighted average discount rate:
Operating leases	4.75		%
Finance leases	8.27		%

Undiscounted Cash Flows



	Operating Leases			Finance Leases
2020	$	31,378		$	1,934
2021	26,188			1,936
2022	19,691			1,233
2023	16,044			—
2024	13,527			—
Thereafter	41,652			—
Total minimum lease payments	148,480			5,103
Less: amount of lease payment representing interest	(24,981		)	(533		)
Present value of future minimum lease payments	123,499			4,570
Less: current obligations under leases	(26,208		)	(1,616		)
Long-term lease obligations	$	97,291		$	2,954

Selected Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

The Company’s selected quarterly financial data is as follows (in thousands, except per share data attributable to GEO):



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2019
Revenues	$	610,667	$	613,966	$	631,579	$	621,710
Operating income	74,777		81,175		78,159		66,302
Net Income	40,649		41,836		45,885		38,042
Net Income Attributable to The GEO Group, Inc.	40,705		41,914		45,932		38,052
Basic earnings per share:
Net income per share	$	0.34	$	0.35	$	0.39	$	0.32
Diluted earnings per share:
Net income per share *	$	0.34	$	0.35	$	0.39	$	0.32



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2018
Revenues	$	564,917	$	583,509	$	583,530	$	599,430
Operating income	64,450		66,951		69,780		63,484
Net Income	34,920		37,325		39,229		33,353
Net Income Attributable to The GEO Group, Inc.	34,987		37,421		39,289		33,392
Basic earnings per share:
Net income per share	$	0.29	$	0.31	$	0.33	$	0.28
Diluted earnings per share:
Net income per share *	$	0.29	$	0.31	$	0.33	$	0.28

* Earnings per share table contains slight summation differences due to rounding.

Summary of Business Organization, Operations and Significant Accounting Policies - Reserve for Insurance Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General liability insurance maximum recoverage per occurrence	$ 80.0
General liability insurance maximum coverage in aggregate	100.0
GEO care insurance maximum recoverable per occurrence	35.0
Deductible amount for general insurance liability and hospital professional insurance liability	3.0
Deductible amount for worker's compensation insurance liability	2.0
Deductible amount for automobile insurance liability	1.0
Undiscounted reserves for workers compensation and general liability claims	$ 68.2	$ 70.9

Debt (Debt Repayment) (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
2020, finance lease	$ 1,934
2021, finance lease	1,936
2022, finance lease	1,233
2023, finance lease	0
2024, finance lease	0
Thereafter, finance lease	0
Total minimum lease payments	5,103
Interest imputed on Capital Leases	533
Current Portion	(1,616)
Finance Lease Liabilities	2,954
2020	24,861
2021	25,787
2022	212,030
2023	317,384
2024	1,526,567
Thereafter	663,404
Long-term debt	2,770,033
Original issuer's discount	(2,362)
Current portion	(24,543)
Non-current portion	2,742,595
Line of Credit
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
Interest imputed on Capital Leases	0
2020	1,026
2021	1,071
2022	195,075
2023	301,166
2024	251,208
Thereafter	388,535
Long-term debt	1,138,081
Original issuer's discount	0
Current portion	(1,026)
Non-current portion	1,137,055
Non- Recourse
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
Interest imputed on Capital Leases	0
2020	13,901
2021	14,780
2022	7,722
2023	8,218
2024	8,688
Thereafter	274,869
Long-term debt	328,178
Original issuer's discount	(81)
Current portion	(13,901)
Non-current portion	314,196
Revolver
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
Interest imputed on Capital Leases	0
2020	0
2021	0
2022	0
2023	0
2024	520,671
Thereafter	0
Long-term debt	520,671
Original issuer's discount	0
Current portion	0
Non-current portion	520,671
Term Loan
Debt repayment schedules under capital lease obligations, long-term debt and non-recourse debt
Interest imputed on Capital Leases	0
2020	8,000
2021	8,000
2022	8,000
2023	8,000
2024	746,000
Thereafter	0
Long-term debt	778,000
Original issuer's discount	(2,281)
Current portion	(8,000)
Non-current portion	$ 767,719

Summary of Business Organization, Operations and Significant Accounting Policies - Revenue Recognition and Facility Construction and Design (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($) bed contract	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Disaggregation of Revenue [Line Items]
Domestic performance based revenues percent of consolidated revenues									1.00%
Performance obligation, payment required, period									30 days
Total Revenues	$ 621,710,000	$ 631,579,000	$ 613,966,000	$ 610,667,000	$ 599,430,000	$ 583,530,000	$ 583,509,000	$ 564,917,000	$ 2,477,922,000	$ 2,331,386,000	$ 2,263,420,000
Owned and Leased: Secure Services
Disaggregation of Revenue [Line Items]
Total Revenues									1,228,299,000	1,110,749,000	1,055,254,000
Owned and Leased: Community-based
Disaggregation of Revenue [Line Items]
Total Revenues									176,001,000	170,805,000	149,619,000
Owned and Leased: Youth Services
Disaggregation of Revenue [Line Items]
Total Revenues									87,189,000	91,824,000	88,184,000
Managed Only
Disaggregation of Revenue [Line Items]
Total Revenues									610,919,000	641,079,000	582,091,000
Facility Construction and Design
Disaggregation of Revenue [Line Items]
Total Revenues									$ 29,978,000	4,226,000	115,404,000
Interest income, effective interest rate									8.97%
Non-residential Services and Other
Disaggregation of Revenue [Line Items]
Total Revenues									$ 345,536,000	312,703,000	272,868,000
U.S. Secure Services
Disaggregation of Revenue [Line Items]
Total Revenues									1,601,679,000	1,492,973,000	1,438,044,000
U.S. Secure Services \| Owned and Leased: Secure Services
Disaggregation of Revenue [Line Items]
Total Revenues									1,228,299,000	1,110,749,000	1,055,254,000
U.S. Secure Services \| Owned and Leased: Community-based
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
U.S. Secure Services \| Owned and Leased: Youth Services
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
U.S. Secure Services \| Managed Only
Disaggregation of Revenue [Line Items]
Total Revenues									373,380,000	382,224,000	382,790,000
U.S. Secure Services \| Facility Construction and Design
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
U.S. Secure Services \| Non-residential Services and Other
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
GEO Care
Disaggregation of Revenue [Line Items]
Total Revenues									614,249,000	580,313,000	514,166,000
GEO Care \| Owned and Leased: Secure Services
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
GEO Care \| Owned and Leased: Community-based
Disaggregation of Revenue [Line Items]
Total Revenues									176,001,000	170,805,000	149,619,000
GEO Care \| Owned and Leased: Youth Services
Disaggregation of Revenue [Line Items]
Total Revenues									87,189,000	91,824,000	88,184,000
GEO Care \| Managed Only
Disaggregation of Revenue [Line Items]
Total Revenues									5,523,000	4,981,000	3,495,000
GEO Care \| Facility Construction and Design
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
GEO Care \| Non-residential Services and Other
Disaggregation of Revenue [Line Items]
Total Revenues									345,536,000	312,703,000	272,868,000
International
Disaggregation of Revenue [Line Items]
Total Revenues									232,016,000	253,874,000	195,806,000
International \| Owned and Leased: Secure Services
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
International \| Owned and Leased: Community-based
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
International \| Owned and Leased: Youth Services
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
International \| Managed Only
Disaggregation of Revenue [Line Items]
Total Revenues									232,016,000	253,874,000	195,806,000
International \| Facility Construction and Design
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
International \| Non-residential Services and Other
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
Facility Construction and Design
Disaggregation of Revenue [Line Items]
Total Revenues									29,978,000	4,226,000	115,404,000
Facility Construction and Design \| Owned and Leased: Secure Services
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
Facility Construction and Design \| Owned and Leased: Community-based
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
Facility Construction and Design \| Owned and Leased: Youth Services
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
Facility Construction and Design \| Managed Only
Disaggregation of Revenue [Line Items]
Total Revenues									0	0	0
Facility Construction and Design \| Facility Construction and Design
Disaggregation of Revenue [Line Items]
Total Revenues									29,978,000	4,226,000	115,404,000
Facility Construction and Design \| Non-residential Services and Other
Disaggregation of Revenue [Line Items]
Total Revenues									0	$ 0	$ 0
Department Of Justice, State Of Victoria \| Facility Construction and Design
Disaggregation of Revenue [Line Items]
Total Revenues									$ 0
Number of contracts \| contract									1
Number of beds in detention facility \| bed									1,300
Facility operation contract term									25 years

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Components of Company Plan Benefit Expense



	December 31, 2019			December 31, 2018
Accumulated Benefit Obligation, End of Year	$	30,139		$	25,777

Change in Projected Benefit Obligation
Projected Benefit Obligation, Beginning of Year	$	32,474		$	32,820
Service Cost	998			1,200
Interest Cost	1,393			1,242
Actuarial (Gain) Loss	3,449			(2,166		)
Benefits Paid	(763		)	(622		)
Projected Benefit Obligation, End of Year	$	37,551		$	32,474
Change in Plan Assets
Plan Assets at Fair Value, Beginning of Year	$	—		$	—
Company Contributions	763			622
Benefits Paid	(763		)	(622		)
Plan Assets at Fair Value, End of Year	$	—		$	—
Unfunded Status of the Plan	$	(37,551	)	$	(32,474	)
Amounts Recognized in Accumulated Other Comprehensive Income
Net Loss	8,285			5,047
Total Pension Cost	$	8,285		$	5,047

Components of Net Periodic Benefit Cost



	2019			2018
Components of Net Periodic Benefit Cost
Service Cost	$	998		$	1,200
Interest Cost	1,393			1,242
Amortization of:
Net Loss	210			532
Net Periodic Pension Cost	$	2,601		$	2,974
Weighted Average Assumptions for Expense
Discount Rate	3.40		%	4.50		%
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 Employees



Fiscal Year	Pension Benefits
	(In thousands)
2020	$	9,465
2021	868
2022	860
2023	850
2024	939
Thereafter	24,569

	$	37,551

Business Combinations - Intangible Assets Acquired (Details) - Community Education Centers - USD ($) $ in Thousands	Apr. 05, 2017	Mar. 31, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Intangible assets	$ 76,000	$ 76,000	$ 76,000
Facility management contracts
Business Acquisition [Line Items]
Weighted Average Useful Life (years)	18 years
Intangible assets	$ 75,300
Covenants not to compete
Business Acquisition [Line Items]
Weighted Average Useful Life (years)	1 year
Intangible assets	$ 700

Equity Incentive Plans - Restricted Stock Activity (Details) - Restricted Stock Award shares in Thousands	12 Months Ended
	Dec. 31, 2019 $ / shares shares
Summary of the activity of restricted stock
Restricted stock outstanding shares, Beginning Balance (in shares) \| shares	2,018
Granted (in shares) \| shares	788
Vested (in shares) \| shares	(701)
Forfeited/canceled (in shares) \| shares	(58)
Restricted stock outstanding shares, Ending Balance (in shares) \| shares	2,047
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	$ 27.62
Granted Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	23.79
Vested Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	24.09
Forfeited/Canceled Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	23.99
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 27.33

Benefit Plans (Benefit Payments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Benefit payments representing the company's obligations to employees
2020	$ 9,465
2021	868
2022	860
2023	850
2024	939
Thereafter	24,569
Total benefit payments	$ 37,551	$ 32,474	$ 32,820

Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2019

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. On April 5, 2017, the Company completed its acquisition of CEC. Refer to Note 2 - 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, 2019 and 2018 were as follows (in thousands):



	12/31/2018		Foreign currency translation			12/31/2019
U.S. Secure Services	$	316,366	$	—		$	316,366
GEO Care	459,589		—			459,589
International Services	404		(3		)	401
Total Goodwill	$	776,359	$	(3	)	$	776,356



	12/31/2017		Acquisitions (net of dispositions)			Foreign currency translation			12/31/2018
U.S. Secure Services	$	317,005	$	(639	)	$	—		$	316,366
GEO Care	461,499		(1,910		)	—			459,589
International Services	447		—			(43		)	404
Total Goodwill	$	778,951	$	(2,549	)	$	(43	)	$	776,359

Intangible assets consisted of the following as of December 31, 2019 and 2018 (in thousands):



		December 31, 2019							December 31, 2018
	Weighted 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	$	308,432	$	(148,171	)	$	160,261	$	308,419	$	(127,481	)	$	180,938
Covenants not to compete	1	—		—			—		700		(700		)	—
Technology	7.3	33,700		(29,091		)	4,609		33,700		(27,478		)	6,222
Trade names	Indefinite	45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets		$	387,332	$	(177,262	)	$	210,070	$	388,019	$	(155,659	)	$	232,360

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 $22.3 million, $22.9 million and $24.7 million for the years ended December 31, 2019, 2018 and 2017, respectively, and primarily related to the U.S. Secure Services and GEO Care 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, 2019, the weighted average period before the next contract renewal or extension for the facility management contracts was approximately 1.8 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 2020 through 2024 and thereafter is as follows (in thousands):



Fiscal Year	Total Amortization Expense
2020	$	22,288
2021	19,782
2022	18,138
2023	13,494
2024	9,761
Thereafter	81,407

	$	164,870

Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Liabilities:
Accounts receivable, transferred to third party	$ 3,000	$ 6,900
Proceeds from sale and collection of receivables	3,000	6,900
Recurring
Restricted investments:
Rabbi Trust	28,332	20,892
Fixed income securities	1,892	1,801
Recurring \| Quoted Prices in Active Markets (Level 1)
Restricted investments:
Rabbi Trust	0	0
Fixed income securities	0	0
Recurring \| Significant Other Observable Inputs (Level 2)
Restricted investments:
Rabbi Trust	28,332	20,892
Fixed income securities	1,892	1,801
Recurring \| Significant Unobservable Inputs (Level 3)
Restricted investments:
Rabbi Trust	0	0
Fixed income securities	0	0
Interest Rate Swap \| Recurring
Liabilities:
Interest rate swap derivative liability	1,869	8,638
Interest Rate Swap \| Recurring \| Quoted Prices in Active Markets (Level 1)
Liabilities:
Interest rate swap derivative liability	0	0
Interest Rate Swap \| Recurring \| Significant Other Observable Inputs (Level 2)
Liabilities:
Interest rate swap derivative liability	1,869	8,638
Interest Rate Swap \| Recurring \| Significant Unobservable Inputs (Level 3)
Liabilities:
Interest rate swap derivative liability	$ 0	$ 0

Income Taxes (Reconciliation of Statutory Rate to Effective Tax Rate) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Continuing operations:
Provisions using statutory federal income tax rate	$ 36,476	$ 31,340	$ 53,175
State income taxes (benefit), net of federal tax benefit	2,421	1,915	(776)
REIT benefit	(22,395)	(19,992)	(43,554)
Change in valuation allowance	1,456	(1,245)	2,055
Federal tax credits	(2,118)	(1,904)	(2,016)
Tax Cut and Jobs Act impact	0	(301)	9,584
Foreign income taxes (benefit)	1,934	1,479	(1,830)
Other, net	(1,126)	2,825	1,320
Total provision for income taxes	$ 16,648	$ 14,117	$ 17,958

Business Segments and Geographic Information (Asset Reconciliation) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Asset Reconciliation of Segments
Cash	$ 32,463	$ 31,255	$ 81,377
Deferred income tax assets	110,068	87,763
Total segment assets	4,317,534	4,258,118
Operating Segments
Asset Reconciliation of Segments
Total segment assets	4,185,452	4,122,830	$ 4,046,323
Segment Reconciling Items
Asset Reconciliation of Segments
Cash	32,463	31,255
Deferred income tax assets	36,278	29,924
Restricted cash and investments, current and non-current	$ 63,341	$ 74,109

Condensed Consolidating Financial Information (Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 32,463	$ 31,255	$ 81,377
Restricted cash and investments, current	32,418	51,678
Accounts receivable, less allowance for doubtful accounts	430,982	445,526
Contract receivable, current portion	11,199	15,535
Prepaid expenses and other current assets	40,716	57,768
Total current assets	547,778	601,762
Restricted cash and investments - non-current	30,923	22,431	27,999
Property and equipment, net	2,144,722	2,158,610	2,078,123
Operating Lease Right-of-Use Assets, Net	121,527	0
Contract Receivable	360,647	368,178
Assets Held for Sale	6,059	2,634
Intercompany Receivable	0	0
Deferred Income Tax Assets	36,278	29,924
Goodwill	776,356	776,359	778,951
Intangible Assets, Net	210,070	232,360
Investment in Subsidiaries	0	0
Other Non-Current Assets	83,174	65,860
Total Assets	4,317,534	4,258,118
Current Liabilities
Accounts payable	99,232	93,032
Accrued payroll and related taxes	54,672	76,009
Accrued expenses and other current liabilities	191,608	204,170
Operating lease liabilities, current portion	26,208	0
Current portion of capital lease obligations, long-term debt and non-recourse debt	24,208	332,027
Total current liabilities	395,928	705,238
Deferred Income Tax Liabilities	19,254	13,681
Intercompany Payable	0	0
Other Non-Current Liabilities	88,526	82,481
Operating Lease Liabilities	97,291	0
Finance Lease Obligations		4,570
Finance Lease Obligations	2,954
Long-Term Debt	2,408,297	2,397,227
Non-Recourse Debt	309,236	15,017
Commitments and Contingencies
Total shareholders’ equity attributable to The GEO Group, Inc.	996,830	1,040,503
Noncontrolling interests	(782)	(599)
Total shareholders’ equity	996,048	1,039,904	$ 1,198,919	$ 974,957
Total Liabilities and Shareholders’ Equity	4,317,534	4,258,118
The GEO Group Inc.
Current Liabilities
Commitments and Contingencies
Combined Subsidiary Guarantors
Current Liabilities
Commitments and Contingencies
Combined Non-Guarantor Subsidiaries
Current Liabilities
Commitments and Contingencies
Reportable Legal Entities \| The GEO Group Inc.
ASSETS
Cash and cash equivalents	9,840	4,468
Restricted cash and investments, current	0	2,854
Accounts receivable, less allowance for doubtful accounts	167,769	190,594
Contract receivable, current portion		0
Prepaid expenses and other current assets	1,273	2,011
Total current assets	178,882	199,927
Restricted cash and investments - non-current	0	0
Property and equipment, net	846,297	845,291
Operating Lease Right-of-Use Assets, Net	21,995
Contract Receivable	0	0
Assets Held for Sale	705	705
Intercompany Receivable	978,337	990,365
Deferred Income Tax Assets	0	798
Goodwill	0	0
Intangible Assets, Net	0	0
Investment in Subsidiaries	1,484,930	1,503,841
Other Non-Current Assets	18,329	9,541
Total Assets	3,529,475	3,550,468
Current Liabilities
Accounts payable	16,690	13,566
Accrued payroll and related taxes	0	0
Accrued expenses and other current liabilities	32,175	23,565
Operating lease liabilities, current portion	5,232
Current portion of capital lease obligations, long-term debt and non-recourse debt	8,000	8,000
Total current liabilities	62,097	45,131
Deferred Income Tax Liabilities	0	0
Intercompany Payable	106,029	142,055
Other Non-Current Liabilities	3,572	1,395
Operating Lease Liabilities	17,321
Finance Lease Obligations		0
Finance Lease Obligations	0
Long-Term Debt	2,343,626	2,321,384
Non-Recourse Debt	0	0
Commitments and Contingencies
Total shareholders’ equity attributable to The GEO Group, Inc.	996,830	1,040,503
Noncontrolling interests	0	0
Total shareholders’ equity	996,830	1,040,503
Total Liabilities and Shareholders’ Equity	3,529,475	3,550,468
Reportable Legal Entities \| Combined Subsidiary Guarantors
ASSETS
Cash and cash equivalents	0	7,873
Restricted cash and investments, current	0	0
Accounts receivable, less allowance for doubtful accounts	218,920	221,957
Contract receivable, current portion	0	0
Prepaid expenses and other current assets	32,187	50,482
Total current assets	251,107	280,312
Restricted cash and investments - non-current	28,648	21,009
Property and equipment, net	1,214,697	1,227,223
Operating Lease Right-of-Use Assets, Net	98,654
Contract Receivable	0	0
Assets Held for Sale	5,354	1,929
Intercompany Receivable	238,680	150,710
Deferred Income Tax Assets	35,584	27,928
Goodwill	775,953	775,955
Intangible Assets, Net	209,554	231,787
Investment in Subsidiaries	573,816	458,229
Other Non-Current Assets	123,797	115,695
Total Assets	3,555,844	3,290,777
Current Liabilities
Accounts payable	76,631	72,128
Accrued payroll and related taxes	38,243	56,543
Accrued expenses and other current liabilities	131,031	168,231
Operating lease liabilities, current portion	20,777
Current portion of capital lease obligations, long-term debt and non-recourse debt	2,626	2,017
Total current liabilities	269,308	298,919
Deferred Income Tax Liabilities	0	0
Intercompany Payable	1,100,299	989,856
Other Non-Current Liabilities	162,026	152,815
Operating Lease Liabilities	79,290
Finance Lease Obligations		4,570
Finance Lease Obligations	2,954
Long-Term Debt	0	0
Non-Recourse Debt	0	0
Commitments and Contingencies
Total shareholders’ equity attributable to The GEO Group, Inc.	1,941,967	1,844,617
Noncontrolling interests	0	0
Total shareholders’ equity	1,941,967	1,844,617
Total Liabilities and Shareholders’ Equity	3,555,844	3,290,777
Reportable Legal Entities \| Combined Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	22,623	18,914
Restricted cash and investments, current	32,418	48,824
Accounts receivable, less allowance for doubtful accounts	41,175	44,377
Contract receivable, current portion	11,199	15,535
Prepaid expenses and other current assets	9,315	7,114
Total current assets	116,730	134,764
Restricted cash and investments - non-current	2,275	1,422
Property and equipment, net	83,728	86,096
Operating Lease Right-of-Use Assets, Net	878
Contract Receivable	360,647	368,178
Assets Held for Sale	0	0
Intercompany Receivable	17,050	22,407
Deferred Income Tax Assets	694	1,198
Goodwill	403	404
Intangible Assets, Net	516	573
Investment in Subsidiaries	2,189	2,190
Other Non-Current Assets	18,853	19,334
Total Assets	603,963	636,566
Current Liabilities
Accounts payable	5,911	7,338
Accrued payroll and related taxes	16,429	19,466
Accrued expenses and other current liabilities	28,765	25,615
Operating lease liabilities, current portion	199
Current portion of capital lease obligations, long-term debt and non-recourse debt	13,582	322,010
Total current liabilities	64,886	374,429
Deferred Income Tax Liabilities	19,254	13,681
Intercompany Payable	26,316	31,571
Other Non-Current Liabilities	733	6,981
Operating Lease Liabilities	680
Finance Lease Obligations		0
Finance Lease Obligations	0
Long-Term Debt	64,671	75,843
Non-Recourse Debt	309,236	15,017
Commitments and Contingencies
Total shareholders’ equity attributable to The GEO Group, Inc.	118,969	119,643
Noncontrolling interests	(782)	(599)
Total shareholders’ equity	118,187	119,044
Total Liabilities and Shareholders’ Equity	603,963	636,566
Eliminations
ASSETS
Cash and cash equivalents	0	0
Restricted cash and investments, current	0	0
Accounts receivable, less allowance for doubtful accounts	3,118	(11,402)
Contract receivable, current portion	0	0
Prepaid expenses and other current assets	(2,059)	(1,839)
Total current assets	1,059	(13,241)
Restricted cash and investments - non-current	0	0
Property and equipment, net	0	0
Operating Lease Right-of-Use Assets, Net	0
Contract Receivable	0	0
Assets Held for Sale	0	0
Intercompany Receivable	(1,234,067)	(1,163,482)
Deferred Income Tax Assets	0	0
Goodwill	0	0
Intangible Assets, Net	0	0
Investment in Subsidiaries	(2,060,935)	(1,964,260)
Other Non-Current Assets	(77,805)	(78,710)
Total Assets	(3,371,748)	(3,219,693)
Current Liabilities
Accounts payable	0	0
Accrued payroll and related taxes	0	0
Accrued expenses and other current liabilities	(363)	(13,241)
Operating lease liabilities, current portion	0
Current portion of capital lease obligations, long-term debt and non-recourse debt	0	0
Total current liabilities	(363)	(13,241)
Deferred Income Tax Liabilities	0	0
Intercompany Payable	(1,232,644)	(1,163,482)
Other Non-Current Liabilities	(77,805)	(78,710)
Operating Lease Liabilities	0
Finance Lease Obligations		0
Finance Lease Obligations	0
Long-Term Debt	0	0
Non-Recourse Debt	0	0
Commitments and Contingencies
Total shareholders’ equity attributable to The GEO Group, Inc.	(2,060,936)	(1,964,260)
Noncontrolling interests	0	0
Total shareholders’ equity	(2,060,936)	(1,964,260)
Total Liabilities and Shareholders’ Equity	$ (3,371,748)	$ (3,219,693)

Label

Element

Value

AOCI Attributable to Parent [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption

us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption

$ 968,000

Retained Earnings [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption

us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption

$ (968,000)

[1]

On January 1, 2019, the Company adopted Accounting Standard Update ("ASU") No. 2018-02 "Income Statement-Reporting Comprehensive Income-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information.

Business Segments and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Operating and Reporting Segments

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



Fiscal Year	2019			2018			2017
Revenues:
U.S. Secure Services	$	1,601,679		$	1,492,973		$	1,438,044
GEO Care	614,249			580,313			514,166
International Services	232,016			253,874			195,806
Facility Construction and Design [1] [2]	29,978			4,226			115,404
Total revenues	$	2,477,922		$	2,331,386		$	2,263,420
Capital Expenditures:
U.S. Secure Services	$	69,074		$	163,208		$	117,186
GEO Care	45,000			30,136			24,263
International Services	1,468			2,322			6,957
Total capital expenditures [1]	$	115,542		$	195,666		$	148,406
Depreciation and amortization:
U.S. Secure Services	$	78,974		$	76,801		$	75,276
GEO Care	49,781			47,546			47,103
International Services	2,070			2,087			1,918
Total depreciation and amortization [1]	$	130,825		$	126,434		$	124,297
Operating Income:
U.S. Secure Services	$	322,506		$	297,453		$	302,488
GEO Care	147,036			138,911			123,525
International Services	16,723			12,816			14,235
Facility Construction & Design [1] [2]	74			—			(1,620		)
Operating income from segments	$	486,339		$	449,180		$	438,628
General and Administrative Expenses	(185,926		)	(184,515		)	(190,343		)
Total operating income	$	300,413		$	264,665		$	248,285

[1] The Company began the design and construction of a secure facility located in Ravenhall, a locality near Melbourne, Australia in 2014. The facility was completed in November 2017. There were no capital expenditures or depreciation or amortization associated with this segment in 2019, 2018 or 2017. Refer to Note 7 - Contract Receivable.

[2] During 2019 and 2018, the Company had facility construction & design revenues related to an expansion project at its Fulham Correctional Centre in Australia which is expected to be completed in the third quarter of 2020.

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, 2019, 2018 and 2017, respectively.



Fiscal Year Ended	2019			2018			2017
	(In thousands)
Operating income from segments	$	486,339		$	449,180		$	438,628
Unallocated amounts:
General and administrative expense	(185,926		)	(184,515		)	(190,343		)
Net interest expense	(122,090		)	(115,348		)	(96,348		)
Loss on extinguishment of debt	(4,795		)	—			—
Income before income taxes and equity in earnings of affiliates	$	173,528		$	149,317		$	151,937

Geographical Information



	2019		2018		2017
	(In thousands)
Segment assets:
U.S. Secure Services	$	2,618,629	$	2,590,722	$	2,385,069
GEO Care	1,112,880		1,063,484		1,121,792
International Services	82,097		84,911		40,056
Facility Construction & Design	371,846		383,713		499,406
Total segment assets	$	4,185,452	$	4,122,830	$	4,046,323



Fiscal Year	2019		2018		2017
	(In thousands)
Revenues:
U.S. operations	$	2,216,401	$	2,073,286	$	1,952,210
Australia operations	235,462		231,164		285,702
South African operations	18,779		19,806		18,251
United Kingdom operations	7,280		7,130		7,257
Total revenues	$	2,477,922	$	2,331,386	$	2,263,420
Property and Equipment, net:
U.S. operations	$	2,131,877	$	2,145,197	$	2,061,711
Australia operations	12,215		13,006		16,281
South African operations	182		88		131
United Kingdom operations	448		319		—
Total Property and Equipment, net	$	2,144,722	$	2,158,610	$	2,078,123

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, 2019 and 2018, respectively.



	2019		2018
	(In thousands)
Reportable segment assets	$	4,185,452	$	4,122,830
Cash	32,463		31,255
Deferred income tax assets	36,278		29,924
Restricted cash and investments, current and non-current	63,341		74,109
Total assets	$	4,317,534	$	4,258,118

Sources of Revenue



Fiscal Year	2019		2018		2017
	(In thousands)
Revenues:
Secure Services	$	1,833,695	$	1,746,847	$	1,633,850
GEO Care	614,249		580,313		514,166
Facility Construction and Design	29,978		4,226		115,404
Total revenues	$	2,477,922	$	2,331,386	$	2,263,420

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	2019		2018		2017
Various agencies of the U.S Federal Government:	53	%	50	%	48	%

Debt (Amended Credit Agreement) (Details)		12 Months Ended
Debt (Amended Credit Agreement) (Details)	Jun. 12, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 AUD ($)	Jun. 12, 2019 AUD ($)	Feb. 14, 2018 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ (4,795,000)	$ 0	$ 0
Long-term debt		2,770,033,000
Additional increase in borrowing capacity ability		450,000,000.0
Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000,000.0
Loss on extinguishment of debt	$ (1,200,000)
Debt issuance costs, gross	4,700,000
Revolver
Debt Instrument [Line Items]
Revolver		520,700,000
Additional Revolver
Debt Instrument [Line Items]
Borrowing capacity remaining		317,000,000.0
Line of Credit
Debt Instrument [Line Items]
Term loan		778,000,000	786,000,000
Revolver		520,671,000	$ 490,843,000
Long-term debt		$ 1,138,081,000
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 900,000,000.0						$ 900,000,000
Covenant, total leverage ratio, maximum	6.25					6.25
Senior secured leverage ratio	3.50					3.50
Interest coverage ratio	3.00					3.00
Weighted average interest rates on outstanding borrowings		3.80%			3.80%
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%					2.25%
Term Loan
Debt Instrument [Line Items]
Term loan		$ 778,000,000.0
Term Loan \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 792,000,000.0
Term Loan \| Line of Credit \| Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%					2.00%
Variable rate, floor	0.75%					0.75%
Letter of credit
Debt Instrument [Line Items]
Long-term debt		62,000,000.0
Letter of credit \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 275,000,000
Long-term debt		0
Letter of credit \| Line of Credit \| Bank Guarantee And Standby Sub Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		70,100,000			$ 100,000,000
Accordion \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Accordion feature, increase limit	$ 450,000,000.0
Ravenhall \| Letter of credit \| Revolver
Debt Instrument [Line Items]
Maximum exposure, undiscounted		$ 40,700,000			$ 58,000,000

Debt (Australia - Ravenhall) (Details)	12 Months Ended
Debt (Australia - Ravenhall) (Details)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 AUD ($)	May 22, 2019 USD ($)	May 22, 2019 AUD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ (4,795,000)	$ 0	$ 0
Long-term debt	2,770,033,000
Non Recourse Debt
Debt Instrument [Line Items]
Debt issuance costs, net	5,279,000	$ 3,883,000
Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term debt	44,300,000
Debt issuance costs, net	700,000
Ravenhall \| Non Recourse Debt
Debt Instrument [Line Items]
Loss on extinguishment of debt	(4,500,000)
Debt issuance costs, gross	$ 7,500,000
Ravenhall \| Non Recourse Debt \| Non Recourse Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 323,800,000	$ 461,600,000
Stated interest rate	4.23%			4.23%
Ravenhall \| National Australia Bank Limited \| Non Recourse Debt \| Construction Facility
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.00%
Maximum borrowing capacity	$ 554,800,000			$ 791,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate	4.22%			4.22%

Equity Incentive Plans

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans

The Board has adopted The GEO Group, Inc. 2018 Stock Incentive Plan (the "2018 Plan"), which was approved by the Company's shareholders on April 24, 2018. The 2018 Plan replaced the 2014 Stock Incentive Plan. As of the date the 2018 Plan was adopted, it provided for a reserve of 4,600,000 shares of common stock that may be issued pursuant to awards granted under the 2018 Plan. The Company filed a Form S-8 registration statement related to the 2018 Plan on May 11, 2018.

Under the terms of the 2018 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 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, 2019, 2018 and 2017 as follows (in thousands):



	2019		2018		2017
Stock option plan expense	$	1,085	$	996	$	1,305
Restricted stock expense	$	21,260	$	21,053	$	18,539

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, 2019	1,462		$	24.30	7.20	$	924
Granted	391		22.68
Exercised	(78	)	16.03
Forfeited/Canceled	(185	)	24.60
Options outstanding at December 31, 2019	1,590		$	24.29	6.90	$	232
Options vested and expected to vest at December 31, 2019	1,521		$	24.34	6.82	$	232
Options exercisable at December 31, 2019	809		$	24.84	5.53	$	232

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 2019 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, 2019. 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, 2019, 2018 and 2017 (in thousands):



	2019		2018		2017
Intrinsic value of options exercised	$	433	$	519	$	4,126
Fair value of shares vested	$	971	$	794	$	373

The following table summarizes information about the exercise prices and related information of stock options outstanding under the Company plans at December 31, 2019:



	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	112	1.73	$	14.54	112	1.73	$	14.54
18.24-22.26	618	7.16	$	21.00	287	6.25	$	20.71
22.27-29.39	519	7.61	$	25.07	203	5.17	$	28.77
29.40-50.00	341	7.04	$	32.31	207	6.95	$	32.31
Total	1,590	6.90	$	24.29	809	5.53	$	24.84

The weighted average grant date fair value of options granted during the year ended December 31, 2019, 2018 and 2017 was $3.96, $3.64 and $5.91 per share, respectively. There were 0.4 million, 0.5 million and 0.5 million options granted during the year ended December 31, 2019, 2018 and 2017, respectively.

The following table summarizes the status of non-vested stock options as of December 31, 2019 and changes during the year ended December 31, 2019:



	Number of Shares		Wtd. Avg. Grant Date Fair Value
	(In thousands)
Options non-vested at January 1, 2019	816		$	3.86
Granted	391		3.96
Vested	(241	)	3.55
Forfeited	(185	)	4.04
Options non-vested at December 31, 2019	781		$	3.99

As of December 31, 2019, the Company had $2.2 million of unrecognized compensation costs related to non-vested stock option awards that are expected to be recognized over a weighted average period of 2.5 years.

Restricted Stock

During the year ended December 31, 2019, the Company granted approximately 788,000 shares of restricted stock to certain employees and executive officers. Of these awards, 250,000 are market and performance-based awards which will be forfeited if the Company does not achieve certain annual metrics during 2019, 2020 and 2021. The fair value of restricted stock awards, which do not contain a performance-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 performance-based restricted stock grants 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, 2019 to December 31, 2021 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, 2019 to December 31, 2021. 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 performance-based awards is based on the target awards for both metrics.

During the year ended December 31, 2018, the Company granted approximately 906,000 shares of restricted stock to certain employees and executive officers. Of these awards, 352,500 are performance-based awards which will be forfeited if the Company does not achieve certain annual metrics over a three year period from January 1, 2018 to December 31, 2020.

The vesting of the performance-based restricted stock grants awarded in 2018 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, 2018 to December 31, 2020; 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, 2018 to December 31, 2020. These performance awards can vest 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.

During the year ended December 31, 2017, the Company granted 933,000 shares of restricted stock to its executive officers and to certain senior employees. Of these awards, 352,500 are performance-based awards which will be forfeited if the Company does not achieve certain annual metrics over a three year period from January 1, 2017 to December 31, 2019. The vesting of the performance-based restricted stock grants awarded in 2017 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, 2017 to December 31, 2019; 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, 2017 to December 31, 2019. 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 2019, 2018 and 2017, 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, 2019 and changes during the year ended December 31, 2019:



	Shares		Wtd. Avg. Grant date Fair value
	(In thousands)
Restricted stock outstanding at January 1, 2019	2,018		$	27.62
Granted	788		23.79
Vested	(701	)	24.09
Forfeited/Canceled	(58	)	23.99
Restricted stock outstanding at December 31, 2019	2,047		$	27.33

As of December 31, 2019, the Company had $27.2 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”), which was approved by the Company's shareholders. The purpose of the Plan, which is qualified under Section 423 of the Internal Revenue Service Code of 1986, as amended, 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 Company has made available up to 750,000 shares of its common stock, which were registered with the Securities and Exchange Commission on May 4, 2012, as amended on July 18, 2014, for sale to eligible employees.

The Plan is considered to be non-compensatory. As such, there is no compensation expense required to be recognized. Share purchases under the Plan are made on the last day of each month. During the years ended December 31, 2019, 2018 and 2017, 30,153, 24,365 and 20,009 shares of common stock, respectively, were issued in connection with the Plan.

Debt (6.00% Senior Notes) (Details) - Senior Notes - USD ($)		12 Months Ended
	Sep. 25, 2014	Dec. 31, 2019	Dec. 31, 2018	Apr. 18, 2016	Mar. 19, 2013
Debt Instrument [Line Items]
Stated interest rate		5.125%
6.00% Senior Notes
Debt Instrument [Line Items]
Stated interest rate		6.00%
Debt instrument, face amount				$ 350,000,000.0
Percentage of principal amount redeemable		101.00%
Violation or event of default, interest payment failure, term		30 days
Violation or event of default, interest payment failure, maximum excess proceeds on sale of asset		$ 50,000,000.0
Violation or event of default, interest payment failure, failure to comply with other indenture agreements, term		60 days
6.00% Senior Notes \| Minimum
Debt Instrument [Line Items]
Notice period prior to redemption		30 days
6.00% Senior Notes \| Maximum
Debt Instrument [Line Items]
Notice period prior to redemption		60 days
6.00% Senior Notes \| Redemption, Period On Or Prior To April 15, 2019
Debt Instrument [Line Items]
Percentage of principal amount redeemed		35.00%
Redemption price percentage		106.00%
6.00% Senior Notes \| Redemption, Period Before April 15, 2021
Debt Instrument [Line Items]
Redemption price percentage		100.00%
6.00% Senior Notes \| Redemption, Period One
Debt Instrument [Line Items]
Redemption price percentage		103.00%
6.00% Senior Notes \| Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage		102.00%
6.00% Senior Notes \| Redemption, Period Three
Debt Instrument [Line Items]
Redemption price percentage		101.00%
6.00% Senior Notes \| Redemption, Period Four
Debt Instrument [Line Items]
Redemption price percentage		100.00%
5.875% Senior notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%	5.875%
Debt instrument, face amount	$ 250,000,000.0
Violation or event of default, interest payment failure, term	30 days
Violation or event of default, interest payment failure, maximum excess proceeds on sale of asset	$ 25,000,000.0
Violation or event of default, interest payment failure, failure to comply with other indenture agreements, term	60 days
5.875% Senior notes due 2024 \| Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	100.00%
5.125% Senior Notes
Debt Instrument [Line Items]
Stated interest rate		5.125%	5.125%
Debt instrument, face amount					$ 300,000,000.0
Percentage of principal amount redeemable		101.00%
5.125% Senior Notes \| Minimum
Debt Instrument [Line Items]
Notice period prior to redemption		30 years
5.125% Senior Notes \| Maximum
Debt Instrument [Line Items]
Notice period prior to redemption		60 years

Goodwill and Other Intangible Assets, Net (Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of intangible assets
Accumulated Amortization	$ (177,262)	$ (155,659)
Finite-lived intangible assets	164,870
Intangible assets, gross carrying amount	387,332	388,019
Total acquired intangible assets, Net carrying amount	210,070	232,360
Trade names
Schedule of intangible assets
Indefinite lived intangible assets	$ 45,200	45,200
Facility management contracts
Goodwill [Line Items]
Amortization period	16 years 3 months 18 days
Schedule of intangible assets
Gross Carrying Amount	$ 308,432	308,419
Accumulated Amortization	(148,171)	(127,481)
Finite-lived intangible assets	$ 160,261	180,938
Covenants not to compete
Goodwill [Line Items]
Amortization period	1 year
Schedule of intangible assets
Gross Carrying Amount	$ 0	700
Accumulated Amortization	0	(700)
Finite-lived intangible assets	$ 0	0
Technology
Goodwill [Line Items]
Amortization period	7 years 3 months 18 days
Schedule of intangible assets
Gross Carrying Amount	$ 33,700	33,700
Accumulated Amortization	(29,091)	(27,478)
Finite-lived intangible assets	$ 4,609	$ 6,222

Accrued Expenses and other current liabilities

12 Months Ended

Dec. 31, 2019

Accrued Liabilities, Current [Abstract]

Accrued Expenses and other current liabilities

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



	2019		2018
Accrued interest	$	17,850	$	19,554
Accrued bonus	16,914		15,047
Accrued insurance	73,192		71,524
Accrued repair obligations for damaged property	4,343		19,067
Accrued property and other taxes	35,192		26,828
Construction retainage	1,097		1,913
Other	43,020		50,237
Total	$	191,608	$	204,170

Debt (5.875% Senior Notes) (Details) - USD ($)	12 Months Ended
Debt (5.875% Senior Notes) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Apr. 18, 2016	Oct. 03, 2013
5.875% Senior Notes \| 2020 and thereafter
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Senior Notes
Debt Instrument [Line Items]
Stated interest rate	5.125%
Senior Notes \| 6.625% Senior Notes
Debt Instrument [Line Items]
Stated interest rate	6.625%	6.625%
Senior Notes \| 6.00% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 350,000,000.0
Stated interest rate	6.00%
Percentage of principal amount redeemable	101.00%
Senior Notes \| 6.00% Senior Notes \| Maximum
Debt Instrument [Line Items]
Notice period prior to redemption	60 days
Senior Notes \| 6.00% Senior Notes \| Minimum
Debt Instrument [Line Items]
Notice period prior to redemption	30 days
Senior Notes \| 5.875% Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 250,000,000.0
Stated interest rate	5.875%	5.875%
Percentage of principal amount redeemable	101.00%
Debt covenant, asset proceeds, excess proceeds	$ 25,000,000.0
Debt covenant, indenture agreement, period after notice	60 days
Senior Notes \| 5.875% Senior Notes \| Maximum
Debt Instrument [Line Items]
Notice period prior to redemption	60 years
Senior Notes \| 5.875% Senior Notes \| Minimum
Debt Instrument [Line Items]
Notice period prior to redemption	30 years

Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share (“EPS”) from continuing operations were calculated for the years ended December 31, 2019, 2018, and 2017 respectively, as follows:



Fiscal Year	2019		2018		2017
	(In thousands, except per share data)
Net Income	$	166,412	$	144,827	$	146,024
Loss attributable to noncontrolling interests	191		262		217
Net income attributable to The GEO Group, Inc.	$	166,603	$	145,089	$	146,241
Basic earnings per share attributable to The GEO Group, Inc.:
Weighted average shares outstanding	119,097		120,241		120,095
Per share amount	$	1.40	$	1.21	$	1.22
Diluted earnings per share attributable to The GEO Group, Inc.:
Weighted average shares outstanding	119,097		120,241		120,095
Dilutive effect of equity incentive plans	214		506		719
Weighted average shares assuming dilution	119,311		120,747		120,814
Per share amount - diluted	$	1.40	$	1.20	$	1.21

For the year ended December 31, 2019, 1,495,210 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, 1,514,177 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.

For the year ended December 31, 2018, 931,473 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, 680,062 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.

For the year ended December 31, 2017, 617,025 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, 719,204 common stock equivalents from restricted shares were anti-dilutive and excluded from the computation of diluted EPS.

Property and Equipment (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Interest costs capitalized	$ 400	$ 3,700
Depreciation expense	107,900	103,500	$ 98,900
Assets under finance leases	17,100
Accumulated amortization related to capital leases	14,200	13,200
Depreciation expense related to capital leases	$ 1,023	$ 1,000	$ 1,000

Business Segments and Geographic Information (Sources of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Revenues	$ 621,710	$ 631,579	$ 613,966	$ 610,667	$ 599,430	$ 583,530	$ 583,509	$ 564,917	$ 2,477,922	$ 2,331,386	$ 2,263,420
GEO Secure Services
Revenues:
Revenues									1,833,695	1,746,847	1,633,850
GEO Care
Revenues:
Revenues									614,249	580,313	514,166
Facility Construction and Design
Revenues:
Revenues									$ 29,978	$ 4,226	$ 115,404

Summary of Business Organization, Operations and Significant Accounting Policies - Variable Interest Entities (Details) £ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	May 02, 2019	Feb. 28, 2011 GBP (£) director £ / shares shares	Dec. 31, 2019 USD ($)	Dec. 31, 2019 GBP (£)	Dec. 31, 2018 USD ($)
Variable Interest Entity [Line Items]
Variable interest entity ownership percentage in joint venture			50.00%
Life term of contract	10 years
Partnership interest share amount \| £		£ 100
Units of partnership interest, amount		100
Value per partnership interest shares \| £ / shares		£ 1
Directors appointed to board by each party \| director		3
GEO Amey
Variable Interest Entity [Line Items]
Units of partnership interest, amount		50
Line of credit, amount outstanding \| £				£ 12,000,000.0
SACS
Variable Interest Entity [Line Items]
Life term of contract			25 years
Reduction of government guarantee in case of default			80.00%
Investment in joint venture \| $			$ 12.3		$ 13.4
GEO UK
Variable Interest Entity [Line Items]
Variable interest entity ownership percentage in joint venture			50.00%
Units of partnership interest, amount		50
Kensani Corrections
Variable Interest Entity [Line Items]
Variable interest entity ownership percentage in joint venture			50.00%

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

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



	Useful Life	2019			2018
	(Years)	(In thousands)
Land	—	$	128,874		$	131,377
Buildings and improvements	2 to 50	2,229,956			2,144,414
Leasehold improvements	1 to 29	291,511			303,348
Equipment	3 to 10	216,604			206,191
Furniture, fixtures and computer software	1 to 7	64,828			60,159
Facility construction in progress	—	31,979			65,282
Total		$	2,963,752		$	2,910,771
Less accumulated depreciation and amortization		(819,030		)	(752,161		)
Property and equipment, net		$	2,144,722		$	2,158,610

Benefit Plans (Components of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Components of Net Periodic Benefit Cost
Service cost	$ 998	$ 1,200
Interest cost	1,393	1,242
Net loss	210	532
Net periodic pension cost	$ 2,601	$ 2,974
Weighted Average Assumptions for Expense
Discount Rate	3.40%	4.50%
Rate of Compensation Increase	4.40%	4.40%

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

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported on the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:



	December 31, 2019			December 31, 2018			December 31, 2017
Cash and Cash Equivalents	$	32,463		$	31,255		$	81,377
Restricted cash and cash equivalents - current	32,418			51,678			44,932
Restricted cash and investments - non-current	30,923			22,431			27,999
Less Restricted investments - non-current	(28,332		)	(20,892		)	(20,763		)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	67,472		$	84,472		$	133,545

Disaggregation of Revenue

The following table disaggregates GEO's revenue by major source and also provides a reconciliation with revenue information disclosed for reportable segments in Note 16 - Business Segments and Geographic Information:



	Year Ended December 31, 2019 (in thousands)
	U.S. Secure Services		GEO Care		International		Facility Construction and Design		Total
Owned and Leased: Secure Services	$	1,228,299	$	—	$	—	$	—	$	1,228,299
Owned and Leased: Community-based	—		176,001		—		—		176,001
Owned and Leased: Youth Services	—		87,189		—		—		87,189
Managed Only	373,380		5,523		232,016		—		610,919
Facility Construction and Design	—		—		—		29,978		29,978
Non-residential Services and Other	—		345,536		—		—		345,536
Total Revenues	$	1,601,679	$	614,249	$	232,016	$	29,978	$	2,477,922



	Year Ended December 31, 2018 (in thousands)
	U.S. Secure Services		GEO Care		International		Facility Construction and Design		Total
Owned and Leased - Secure Services	$	1,110,749	$	—	$	—	$	—	$	1,110,749
Owned and Leased - Community-based	—		170,805		—		—		170,805
Owned and Leased - Youth Services	—		91,824		—		—		91,824
Managed Only	382,224		4,981		253,874		—		641,079
Facility Construction and Design	—		—		—		4,226		4,226
Non-residential Services and Other	—		312,703		—		—		312,703
Total Revenues	$	1,492,973	$	580,313	$	253,874	$	4,226	$	2,331,386



	Year Ended December 31, 2017 (in thousands)
	U.S Secure Services		GEO Care		International		Facility Construction and Design		Total
Owned and Leased - Secure Services	$	1,055,254	$	—	$	—	$	—	$	1,055,254
Owned and Leased - Community-based	—		149,619		—		—		149,619
Owned and Leased - Youth Services	—		88,184		—		—		88,184
Managed Only	382,790		3,495		195,806		—		582,091
Facility Construction and Design	—		—		—		115,404		115,404
Non-residential services and Other	—		272,868		—		—		272,868
Total Revenues	$	1,438,044	$	514,166	$	195,806	$	115,404	$	2,263,420

Components of accumulated other 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, net of tax attributable to The GEO Group, Inc. [1]			Unrealized loss on derivatives, net of tax [2]			Pension adjustments, net of tax			Total
Balance, January 1, 2019	$	(14,573	)	$	(5,746	)	$	(3,299	)	$	(23,618	)
Current-period other comprehensive income (loss) before reclassifications	2,259			419			(3,246		)	(568		)
Amounts reclassified from other comprehensive income into earnings	—			3,851			—			3,851
Net current-period comprehensive income (loss)	2,259			4,270			(3,246		)	3,283
Balance, December 31, 2019	$	(12,314	)	$	(1,476	)	$	(6,545	)	$	(20,335	)



	Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. [1]			Unrealized loss on derivatives, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2018	$	(7,470	)	$	(11,892	)	$	(5,084	)	$	(24,446	)
Current-period other comprehensive income (loss)	(7,103		)	6,146			1,785			828
Balance, December 31, 2018	$	(14,573	)	$	(5,746	)	$	(3,299	)	$	(23,618	)

[1] The foreign currency translation adjustment, net of tax, related to noncontrolling interests was not significant for the years ended December 31, 2019 or 2018.

[2] On May 22, 2019, the Company refinanced the debt associated with its Ravenhall project and terminated the associated interest rate swap derivatives which resulted in the reclassification of $3.9 million into loss on extinguishment of debt that were previously reported in accumulated other comprehensive income (loss). In August 2019, the Company entered into two identical promissory notes in the aggregate amount of $44.3 million which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The Company has entered into interest rate swap agreements to fix the interest rate at 4.22%. Refer to Note 8 - Derivative Financial Instruments and Note 13 - Debt for additional information.

Fair value of stock-based awards

The fair value of stock-based option awards was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions for options awarded during years 2019, 2018 and 2017:



	2019	2018	2017
Risk free interest rates	2.44%	2.84%	1.53	%
Expected term	4-5 years	4-5 years	4-5 years
Expected volatility	41%	40%	36	%
Expected dividend rate	8.47%	8.70%	5.79	%

Fair value assumptions of restricted stock

The fair value of restricted stock awards granted in 2019, 2018 and 2017 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:



	2019		2018		2017
Expected volatility	43.7	%	44.5	%	42.2	%
Beta	1.00		1.05		1.11
Risk free interest rate	2.53	%	2.58	%	1.46	%

Benefit Plans (Details Textual) $ in Millions	12 Months Ended
Benefit Plans (Details Textual) $ in Millions	Dec. 31, 2019 USD ($) plan	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Retirement Benefits [Abstract]
Employer discretionary contribution amount	$ 5.3	$ 5.9	$ 4.9
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
Deferred compensation arrangement with Individual, recorded liability	$ 8.6
Long-term portion of the pension liability	37.2	32.1
AOCI net prior service cost	8.3
Future amortization of prior service cost	$ 0.5
Retirement age	65 years
Rabbi trust balance	$ 28.3
Expense related to contributions	0.1
Total deferred compensation liability	29.5	21.2
Deferred compensation liability, current	$ 1.5	$ 1.7

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 25, 2014
Assets:
Cash and cash equivalents	$ 32,463	$ 31,255	$ 81,377
Senior Notes
Liabilities:
Stated interest rate	5.125%
5.875% Senior Notes due 2022 \| Senior Notes
Liabilities:
Stated interest rate	5.875%	5.875%		5.875%
5.125% Senior Notes \| Senior Notes
Liabilities:
Stated interest rate	5.125%	5.125%
5.875% Senior Notes due 2024 \| Senior Notes
Liabilities:
Stated interest rate	5.875%	5.875%
6.00% Senior Notes \| Senior Notes
Liabilities:
Stated interest rate	6.00%
Carrying Value
Assets:
Cash and cash equivalents	$ 32,463	$ 31,255
Restricted cash and investments	35,010	53,217
Liabilities:
Borrowings under the Senior Credit Facility	1,298,671	1,273,965
Non-recourse debt	328,178	340,910
Carrying Value \| 5.875% Senior Notes due 2022
Liabilities:
Senior notes, fair value	193,958	250,000
Carrying Value \| 5.125% Senior Notes
Liabilities:
Senior notes, fair value	300,000	300,000
Carrying Value \| 5.875% Senior Notes due 2024
Liabilities:
Senior notes, fair value	250,000	250,000
Carrying Value \| 6.00% Senior Notes
Liabilities:
Senior notes, fair value	350,000	350,000
Fair Value
Assets:
Cash and cash equivalents	32,463	31,255
Restricted cash and investments	35,010	53,217
Liabilities:
Borrowings under the Senior Credit Facility	1,218,861	1,188,196
Non-recourse debt	327,792	348,274
Fair Value \| 5.875% Senior Notes due 2022
Liabilities:
Senior notes, fair value	194,239	244,550
Fair Value \| 5.125% Senior Notes
Liabilities:
Senior notes, fair value	287,982	271,992
Fair Value \| 5.875% Senior Notes due 2024
Liabilities:
Senior notes, fair value	228,493	224,590
Fair Value \| 6.00% Senior Notes
Liabilities:
Senior notes, fair value	314,052	310,177
Level 1 \| Fair Value
Assets:
Cash and cash equivalents	32,463	31,255
Restricted cash and investments	35,010	50,499
Liabilities:
Borrowings under the Senior Credit Facility	0	0
Non-recourse debt	0	0
Level 1 \| Fair Value \| 5.875% Senior Notes due 2022
Liabilities:
Senior notes, fair value	0	0
Level 1 \| Fair Value \| 5.125% Senior Notes
Liabilities:
Senior notes, fair value	0	0
Level 1 \| Fair Value \| 5.875% Senior Notes due 2024
Liabilities:
Senior notes, fair value	0	0
Level 1 \| Fair Value \| 6.00% Senior Notes
Liabilities:
Senior notes, fair value	0	0
Level 2 \| Fair Value
Assets:
Cash and cash equivalents	0	0
Restricted cash and investments	0	2,718
Liabilities:
Borrowings under the Senior Credit Facility	1,218,861	1,188,196
Non-recourse debt	327,792	348,274
Level 2 \| Fair Value \| 5.875% Senior Notes due 2022
Liabilities:
Senior notes, fair value	194,239	244,550
Level 2 \| Fair Value \| 5.125% Senior Notes
Liabilities:
Senior notes, fair value	287,982	271,992
Level 2 \| Fair Value \| 5.875% Senior Notes due 2024
Liabilities:
Senior notes, fair value	228,493	224,590
Level 2 \| Fair Value \| 6.00% Senior Notes
Liabilities:
Senior notes, fair value	314,052	310,177
Level 3 \| Fair Value
Assets:
Cash and cash equivalents	0	0
Restricted cash and investments	0	0
Liabilities:
Borrowings under the Senior Credit Facility	0	0
Non-recourse debt	0	0
Level 3 \| Fair Value \| 5.875% Senior Notes due 2022
Liabilities:
Senior notes, fair value	0	0
Level 3 \| Fair Value \| 5.125% Senior Notes
Liabilities:
Senior notes, fair value	0	0
Level 3 \| Fair Value \| 5.875% Senior Notes due 2024
Liabilities:
Senior notes, fair value	0	0
Level 3 \| Fair Value \| 6.00% Senior Notes
Liabilities:
Senior notes, fair value	$ 0	$ 0

Benefit Plans (Accrued Pension Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Accumulated Benefit Obligation, end of year	$ 30,139	$ 25,777
Change in Projected Benefit Obligation
Projected Benefit Obligation, Beginning of Year	32,474	32,820
Service cost	998	1,200
Interest cost	1,393	1,242
Actuarial (Gain) Loss	3,449	(2,166)
Benefits Paid	(763)	(622)
Projected Benefit Obligation, End of Year	37,551	32,474
Change in Plan Assets
Plan Assets at Fair Value, Beginning of Year	0	0
Company contributions	763	622
Benefits Paid	(763)	(622)
Plan Assets at Fair Value, End of Year	0	0
Unfunded Status of the Plan	(37,551)	(32,474)
Amounts Recognized in Accumulated Other Comprehensive Income
Net loss	8,285	5,047
Total Pension Cost	$ 8,285	$ 5,047

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Operating lease cost	$ 46,934
Amortization of right-of-use assets	1,023	$ 1,000	$ 1,000
Interest on lease liabilities	354
Total finance lease cost	1,377
Short-term lease cost	1,953
Total lease cost	50,264
Operating cash flows for operating leases	48,833
Operating cash flows for finance leases	323
Financing activities for finance leases	1,610
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 12,223
Operating leases	7 years 3 months 18 days
Finance leases	2 years 8 months 12 days
Operating leases	4.75%
Finance leases	8.27%

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019
	Carrying Value at December 31, 2019		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	28,332	$	—	$	28,332	$	—
Fixed income securities	1,892		—		1,892		—
Liabilities:
Interest rate swap derivatives	$	1,869	$	—	$	1,869	$	—



			Fair Value Measurements at December 31, 2018
	Carrying Value at December 31, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	20,892	$	—	$	20,892	$	—
Fixed income securities	1,801		—		1,801		—
Liabilities:
Interest rate swap derivatives	$	8,638	$	—	$	8,638	$	—

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2019	Feb. 21, 2020	Jun. 28, 2019
Cover page.
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		121,237,805
Entity Public Float			$ 1.8
Entity Central Index Key	0000923796
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Current Fiscal Year End Date	--12-31
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 2020 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.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017



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, 2019:
Allowance for doubtful accounts	$	4,183	$	190	$	—	$	(1,178	)	$	3,195
YEAR ENDED DECEMBER 31, 2018:
Allowance for doubtful accounts	$	4,574	$	823	$	—	$	(1,214	)	$	4,183
YEAR ENDED DECEMBER 31, 2017:
Allowance for doubtful accounts	$	3,664	$	2,456	$	—	$	(1,546	)	$	4,574

Fair Value of Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

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, 2019
	Carrying Value as of December 31, 2019		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	32,463	$	32,463	$	32,463	$	—	$	—
Restricted cash and investments	35,010		35,010		35,010		—		—
Liabilities:
Borrowings under Senior Credit Facility	$	1,298,671	$	1,218,861	$	—	$	1,218,861	$	—
5.875% Senior Notes due 2022	193,958		194,239		—		194,239		—
5.125% Senior Notes	300,000		287,982		—		287,982		—
5.875% Senior Notes due 2024	250,000		228,493		—		228,493		—
6.00% Senior Notes	350,000		314,052		—		314,052		—
Non-recourse debt	328,178		327,792		—		327,792		—



	Estimated Fair Value Measurements at December 31, 2018
	Carrying Value as of December 31, 2018		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	31,255	$	31,255	$	31,255	$	—	$	—
Restricted cash and investments	53,217		53,217		50,499		2,718		—
Liabilities:
Borrowings under Senior Credit Facility	$	1,273,965	$	1,188,196	$	—	$	1,188,196	$	—
5.875% Senior Notes due 2022	250,000		244,550		—		244,550		—
5.125% Senior Notes	300,000		271,992		—		271,992		—
5.875% Senior Notes due 2024	250,000		224,590		—		224,590		—
6.00% Senior Notes	350,000		310,177		—		310,177		—
Non-recourse debt	340,910		348,274		—		348,274		—

The fair values of the Company’s cash and cash equivalents, and restricted cash approximates the carrying values of these assets at December 31, 2019 and 2018. Restricted cash consists of money market funds, commercial paper and time deposits used for payments on the Company’s non-recourse debt and asset replacement funds contractually required to be maintained at the Company's Australian subsidiary. The fair value of the money market funds is based on quoted market prices (level 1) and the fair value of commercial paper and time deposits is based on market prices for similar instruments (level 2). The fair values of the Company’s 6.00% senior unsecured notes due 2026 (the “6.00% Senior Notes”), 5.125% Senior Notes due 2023 (the “5.125% Senior Notes”), 5.875% Senior Notes due 2022 (the "5.875% Senior Notes due 2022”) and the 5.875% Senior Notes due 2024 (the "5.875% Senior Notes due 2024"), although not actively traded, are based on published financial data for these instruments. The fair value of the Company’s non-recourse debt is based on estimate of trading value considering the Company's borrowing rate, the undrawn spread and similar instruments. The fair value of borrowings under the Senior Credit Facility is also based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments.

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

Schedule III - Real Estate and Accumulated Depreciation (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Federal income tax purposes	$ 1,800,000
Real Estate:
Beginning balance	2,643,065	$ 2,501,844	$ 2,255,260
Additions to/improvements of real estate	57,611	153,163	255,527
Assets sold/written-off	(20,939)	(11,942)	(8,943)
Ending balance	2,679,737	2,643,065	2,501,844
Accumulated Depreciation
Beginning balance	558,657	492,582	429,814
Depreciation expense	72,191	70,592	65,723
Assets sold/written-off	(14,673)	(4,517)	(2,955)
Ending balance	$ 616,175	$ 558,657	$ 492,582
Land improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	7 years
Building
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	50 years
Buildings and improvements \| Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	7 years
Buildings and improvements \| Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	15 years
Leasehold improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	15 years

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Company's quarterly financial data
Revenues	$ 621,710	$ 631,579	$ 613,966	$ 610,667	$ 599,430	$ 583,530	$ 583,509	$ 564,917	$ 2,477,922	$ 2,331,386	$ 2,263,420
Operating Income	66,302	78,159	81,175	74,777	63,484	69,780	66,951	64,450	300,413	264,665	248,285
Net Income	38,042	45,885	41,836	40,649	33,353	39,229	37,325	34,920	166,412	144,827	146,024
Net income attributable to The GEO Group, Inc.	$ 38,052	$ 45,932	$ 41,914	$ 40,705	$ 33,392	$ 39,289	$ 37,421	$ 34,987	$ 166,603	$ 145,089	$ 146,241
Basic earnings per share
Net income per share — basic (in dollars per share)	$ 0.32	$ 0.39	$ 0.35	$ 0.34	$ 0.28	$ 0.33	$ 0.31	$ 0.29	$ 1.40	$ 1.21	$ 1.22
Diluted earnings per share
Net income per share — diluted (in dollars per share)	$ 0.32	$ 0.39	$ 0.35	$ 0.34	$ 0.28	$ 0.33	$ 0.31	$ 0.29	$ 1.40	$ 1.20	$ 1.21

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

Basic and Diluted Earnings Per Share

Contract Receivable (Details) $ in Thousands, $ in Millions	12 Months Ended
Contract Receivable (Details) $ in Thousands, $ in Millions	Dec. 31, 2019 USD ($) bed	Dec. 31, 2019 AUD ($)	Dec. 31, 2018 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivable	$ 360,647		$ 368,178
Ravenhall
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract receivable	$ 371,800
Loan issued, interest rate	8.97%
National Australia Bank Limited \| Non Recourse Debt \| Ravenhall
Accounts, Notes, Loans and Financing Receivable [Line Items]
Capital contribution	$ 80,700	$ 115
Lump sum due at completion	$ 217,400	$ 310
Department Of Justice, State Of Victoria \| Facility Constructions and Design
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of beds in detention facility \| bed	1,300
Facility operation contract term	25 years

Leases - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Operating Leases
2020	$ 31,378
2021	26,188
2022	19,691
2023	16,044
2024	13,527
Thereafter	41,652
Total minimum lease payments	148,480
Less: amount of lease payment representing interest	(24,981)
Present value of future minimum lease payments	123,499
Less: current obligations under leases	(26,208)	$ 0
Operating Lease Liabilities	97,291	0
Finance Leases
2020	1,934
2021	1,936
2022	1,233
2023	0
2024	0
Thereafter	0
Total minimum lease payments	5,103
Less: amount of lease payment representing interest	(533)
Present value of future minimum lease payments	4,570	$ 6,059
Less: current obligations under leases	(1,616)
Finance Lease Liabilities	$ 2,954

Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of unrecognized tax benefits
Balance at Beginning of Period	$ 4,584,000	$ 4,461,000	$ 1,640,000
Additions based on tax positions related to the current year	0	0	0
Additions for tax positions of prior years	994,000	298,000	0
Additions from current year acquisitions	0	0	4,121,000
Reductions for tax positions of prior years	0	0	(1,290,000)
Reductions as a result of a lapse of applicable statutes of limitations	(109,000)	(175,000)	(10,000)
Balance at End of Period	$ 5,469,000	$ 4,584,000	$ 4,461,000

Consolidated Statements of Operations (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Income tax provision on equity in earnings of affiliates	$ 1,769,000	$ 888,000	$ (3,699,000)

Commitments and Contingencies (Contract Awards) (Details)	Dec. 30, 2019 bed	Dec. 23, 2019 bed	Jun. 05, 2019 bed inmate	May 02, 2019 bed	Apr. 25, 2019 bed
Loss Contingencies [Line Items]
Life term of contract				10 years
Immigration and Customs Enforcement
Loss Contingencies [Line Items]
Number of beds in detention facility		4,490
Life term of contract		15 years
Renewal term	8 years 9 months	5 years
El Centro Service Processing Center \| US Marshall Service
Loss Contingencies [Line Items]
Number of beds in detention facility	512
Adelanto ICE Processing Center \| Immigration and Customs Enforcement
Loss Contingencies [Line Items]
Number of beds in detention facility		1,940
Mesa Verde ICE Processing Center \| Immigration and Customs Enforcement
Loss Contingencies [Line Items]
Number of beds in detention facility		400
Central Valley MCCF \| Immigration and Customs Enforcement
Loss Contingencies [Line Items]
Number of beds in detention facility		700
Desert View MCCF \| Immigration and Customs Enforcement
Loss Contingencies [Line Items]
Number of beds in detention facility		750
Golden State MCCF \| Immigration and Customs Enforcement
Loss Contingencies [Line Items]
Number of beds in detention facility		700
Montgomery ICE Processing Center
Loss Contingencies [Line Items]
Number of beds in detention facility added			314
Number of inmates, capacity \| inmate			1,314
North Lake Correctional Facility \| Bureau Of Prisons (BOP)
Loss Contingencies [Line Items]
Number of beds in detention facility				1,800
Reeves County Detention Complex R3 \| Bureau Of Prisons (BOP)
Loss Contingencies [Line Items]
Number of beds in detention facility				1,376
South Louisiana ICE Processing Center
Loss Contingencies [Line Items]
Number of beds in detention facility					1,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,195	$ 4,183
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)	125,435,573	124,794,986
Common stock, shares outstanding (in shares)	121,225,319	120,584,732
Treasury stock, shares (in shares)	4,210,254	4,210,254

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Basic and diluted earnings per share (“EPS”) from continuing operations were calculated for the years ended December 31, 2019, 2018, and 2017 respectively, as follows:



Fiscal Year	2019		2018		2017
	(In thousands, except per share data)
Net Income	$	166,412	$	144,827	$	146,024
Loss attributable to noncontrolling interests	191		262		217
Net income attributable to The GEO Group, Inc.	$	166,603	$	145,089	$	146,241
Basic earnings per share attributable to The GEO Group, Inc.:
Weighted average shares outstanding	119,097		120,241		120,095
Per share amount	$	1.40	$	1.21	$	1.22
Diluted earnings per share attributable to The GEO Group, Inc.:
Weighted average shares outstanding	119,097		120,241		120,095
Dilutive effect of equity incentive plans	214		506		719
Weighted average shares assuming dilution	119,311		120,747		120,814
Per share amount - diluted	$	1.40	$	1.20	$	1.21

Business Segments and Geographic Information

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

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 GEO Care segment; the International Services segment; and Facility Construction & Design 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 U.S. Secure Services segment primarily encompasses U.S.-based secure services business. The Company’s community-based services, youth services and BI are operating segments aggregated under the GEO Care reporting segment. The GEO Care segment, which conducts its services in the United States, represents services provided to adults and juveniles for non-residential treatment, educational and community based programs, pre-release and half-way house programs, compliance technologies, monitoring services and evidence-based supervision and treatment programs for community-based parolees, probationers, and pretrial defendants. The International Services segment primarily consists of secure services operations in South Africa, Australia and the United Kingdom. The Facility Construction & Design segment primarily contracts with various state, local and federal agencies for the design and construction of facilities for which the Company has management contracts. Generally, the assets and revenues from the Facility Construction & Design segment are offset by a similar amount of liabilities and expenses. Segment disclosures below (in thousands) reflect the results of continuing operations. All transactions between segments are eliminated.



Fiscal Year	2019			2018			2017
Revenues:
U.S. Secure Services	$	1,601,679		$	1,492,973		$	1,438,044
GEO Care	614,249			580,313			514,166
International Services	232,016			253,874			195,806
Facility Construction and Design [1] [2]	29,978			4,226			115,404
Total revenues	$	2,477,922		$	2,331,386		$	2,263,420
Capital Expenditures:
U.S. Secure Services	$	69,074		$	163,208		$	117,186
GEO Care	45,000			30,136			24,263
International Services	1,468			2,322			6,957
Total capital expenditures [1]	$	115,542		$	195,666		$	148,406
Depreciation and amortization:
U.S. Secure Services	$	78,974		$	76,801		$	75,276
GEO Care	49,781			47,546			47,103
International Services	2,070			2,087			1,918
Total depreciation and amortization [1]	$	130,825		$	126,434		$	124,297
Operating Income:
U.S. Secure Services	$	322,506		$	297,453		$	302,488
GEO Care	147,036			138,911			123,525
International Services	16,723			12,816			14,235
Facility Construction & Design [1] [2]	74			—			(1,620		)
Operating income from segments	$	486,339		$	449,180		$	438,628
General and Administrative Expenses	(185,926		)	(184,515		)	(190,343		)
Total operating income	$	300,413		$	264,665		$	248,285

Pre-Tax Income Reconciliation of Segments



Fiscal Year Ended	2019			2018			2017
	(In thousands)
Operating income from segments	$	486,339		$	449,180		$	438,628
Unallocated amounts:
General and administrative expense	(185,926		)	(184,515		)	(190,343		)
Net interest expense	(122,090		)	(115,348		)	(96,348		)
Loss on extinguishment of debt	(4,795		)	—			—
Income before income taxes and equity in earnings of affiliates	$	173,528		$	149,317		$	151,937



	2019		2018		2017
	(In thousands)
Segment assets:
U.S. Secure Services	$	2,618,629	$	2,590,722	$	2,385,069
GEO Care	1,112,880		1,063,484		1,121,792
International Services	82,097		84,911		40,056
Facility Construction & Design	371,846		383,713		499,406
Total segment assets	$	4,185,452	$	4,122,830	$	4,046,323

Asset Reconciliation

The following is a reconciliation of the Company’s reportable segment assets to the Company’s total assets as of December 31, 2019 and 2018, respectively.



	2019		2018
	(In thousands)
Reportable segment assets	$	4,185,452	$	4,122,830
Cash	32,463		31,255
Deferred income tax assets	36,278		29,924
Restricted cash and investments, current and non-current	63,341		74,109
Total assets	$	4,317,534	$	4,258,118

Geographic Information

During each of the years ended December 31, 2019, 2018 and 2017, 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 manages the Dungavel House Immigration Removal Centre.



Fiscal Year	2019		2018		2017
	(In thousands)
Revenues:
U.S. operations	$	2,216,401	$	2,073,286	$	1,952,210
Australia operations	235,462		231,164		285,702
South African operations	18,779		19,806		18,251
United Kingdom operations	7,280		7,130		7,257
Total revenues	$	2,477,922	$	2,331,386	$	2,263,420
Property and Equipment, net:
U.S. operations	$	2,131,877	$	2,145,197	$	2,061,711
Australia operations	12,215		13,006		16,281
South African operations	182		88		131
United Kingdom operations	448		319		—
Total Property and Equipment, net	$	2,144,722	$	2,158,610	$	2,078,123

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 community based and youth services, 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	2019		2018		2017
	(In thousands)
Revenues:
Secure Services	$	1,833,695	$	1,746,847	$	1,633,850
GEO Care	614,249		580,313		514,166
Facility Construction and Design	29,978		4,226		115,404
Total revenues	$	2,477,922	$	2,331,386	$	2,263,420

Equity in Earnings of Affiliates

Equity in earnings of affiliates for 2019, 2018 and 2017 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 $5.0 million, $7.4 million and $10.8 million in earnings, net of tax impact, for SACS operations during the years ended December 31, 2019, 2018 and 2017, respectively, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying Consolidated Statements of Operations. During 2017, SACS was successful in obtaining a favorable tax judgment which resulted in an increase in earnings net of taxes of $5.5 million As of December 31, 2019 and 2018, the Company’s investment in SACS was $12.3 million and $13.4 million, respectively. The investment is included in other non-current assets in the accompanying Consolidated Balance Sheets. The Company received dividend distributions of $6.3 million and $11.8 million, in 2019 and 2018, respectively from this unconsolidated joint venture.

The Company has recorded $4.6 million, $2.2 million and $1.2 million in earnings, net of tax impact, for GEOAmey’s operations during the years ended December 31, 2019, 2018 and 2017, 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, 2019 and 2018, the Company’s investment in GEOAmey was $5.7 million and $4.8 million, respectively, and represents its share of cumulative reported earnings. The Company received dividend distributions of $4.0 million in 2019 from this unconsolidated joint venture. There were no dividend distributions from this unconsolidated joint venture in 2018.

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	2019		2018		2017
Various agencies of the U.S Federal Government:	53	%	50	%	48	%

The concentrations above relate entirely to the Company's U.S. Secure Services segment.

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

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

12 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.

Reclassifications

Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on the previously reported results of operations.

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 insurance, workers’ compensation insurance, auto liability insurance, medical malpractice insurance, employer group health insurance, projected undiscounted cash flows used to evaluate asset impairment, estimated fair

values of business acquisitions, pension assumptions, percentage of completion and estimated cost to complete for construction projects, recoverability of notes receivable, estimated useful lives of property and equipment and intangible assets, stock based compensation and allowance for doubtful accounts. 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 a REIT, the Company is required to distribute annually at least 90% of its REIT taxable income (determined without regard to the dividends paid deduction and by excluding net capital gain). The amount, timing and frequency of future distributions, however, will be at the sole discretion of the Company's Board of Directors and will be declared based upon various factors, many of which are beyond the Company's control, including, the Company's financial condition and operating cash flows, the amount required to maintain REIT status and reduce any income and excise taxes that the Company otherwise would be required to pay, limitations on distributions in the Company's existing and future debt instruments, limitations on the Company's ability to fund distributions using cash generated through our TRSs and other factors that the Company's Board of Directors may deem relevant. The Company began paying regular REIT distributions in 2013. Refer to Note 3- Shareholders’ Equity.

A REIT is not permitted to retain earnings and profits accumulated during the years it was taxed as a C corporation or earnings and profits accumulated by its subsidiaries that have been converted to qualified REIT subsidiaries, and must make one or more distributions to shareholders that equal or exceed these accumulated amounts by the end of the first REIT year. Earnings and profits, which determine the taxability of distributions to shareholders, will differ from net income reported for financial reporting purposes due to the differences in the treatment of gains and losses, revenue and expenses, and depreciation for financial reporting relative to federal income tax purposes.

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, 2019 and 2018, the Company had $20.6 million and $18.9 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, contract receivable, 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 youth and 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.

Note Receivable from Joint Venture

In May 2011, the GEO Group UK Limited, the Company’s subsidiary in the United Kingdom (“GEO UK”), extended a non-revolving line of credit facility to GEOAmey for the purpose of funding mobilization costs and on-going start up and operations in the principal amount of £12 million. Amounts under the line of credit were drawn down in multiple advances up to the principal amount and accrued interest at the base rate of the Bank of England plus 0.5% with the principal amount due on demand. The Company recognized interest income on its notes receivable as it is earned. In October 2018, the note receivable to each joint venture was paid off in full.

Contracts Receivable

Contract Receivable

The Company's Australian subsidiary has 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 represents costs incurred and estimated earnings in excess of billings and is recorded at net present value based on the timing of expected future settlement. Refer to Note 7 - Contract Receivable for further information.

Restricted Cash and Investments

Restricted Cash and Cash Equivalents

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 and asset replacement funds contractually required to be maintained and other guarantees. 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 employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and is not considered to be a restricted cash equivalent.

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, 2019 is approximately $3.3 million of federal, state and international tax overpayments that will be applied against estimated tax payments due in 2020. Included in the balance at December 31, 2018 is approximately $6.1 million of federal, state and international tax overpayments that were applied against tax payments in 2019.

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, 2019, 2018 and 2017. 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, 2019, 2018 and 2017 were not significant. 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 6 - Property and Equipment.

Assets Held for Sale

As of December 31, 2019, the Company had four properties classified as held for sale included in it's GEO Care 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.

Asset Impairments

The Company had property and equipment, net of $2.1 billion and $2.2 billion as of December 31, 2019 and 2018, respectively, including approximately 700 vacant beds with a net book value of approximately $12 million at December 31, 2019 at one of its idle facilities in the Secure Services segment that it is currently marketing to potential customers. Also, in its GEO Care segment, the Company is currently marketing approximately 400 vacant beds with a net book value of approximately $9.0 million at December 31, 2019 at one of its idle facilities to potential customers.

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 at similar facilities and sensitivity analyses that consider reductions to such cash flows. The Company's sensitivity analyses 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 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. 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 undiscounted cash flows in our analysis as of December 31, 2019 substantially exceeded the carrying amounts of each facility.

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 its 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.

Assets Held under Capital Leases

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

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 segment for U.S. Secure Services and are at the operating segment level for GEO Care.

On the annual measurement date of October 1, 2019, 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, 2019, it was more likely than not that the fair values of the reporting units exceeded their carrying values.

Other Intangible Assets

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 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.

Debt Issuance Costs

Debt issuance costs, net of accumulated amortization of $50.8 million and $65.7 million, totaling $30.5 million and $31.1 million at December 31, 2019 and 2018, 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.

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 $12.3 million at December 31, 2019 and its guarantees related to SACS are discussed in Note 13 - Debt.

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 prisoner escort and related custody services in England and Wales. 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. Both parties provided lines of credit of £12.0 million to ensure that GEOAmey could comply with future contractual commitments related to the performance of its operations. In October 2018, the note receivable to each joint venture partner was paid off in full.

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 10 - Financial Instruments and Note 11 - 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

On January 1, 2018, the Company adopted Accounting Standards Codification ("ASC") Topic 606, "Revenue from Contracts with Customers" using the modified retrospective method applied to those contracts that were not completed as of January 1, 2018. The adoption of this standard did not result in a significant change to the Company's historical revenue recognition policies and there were no significant adjustments that required a cumulative adjustment to retained earnings upon transition.

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 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 includes 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 are measured quarterly and there was no significant constraint on the estimate of such variable consideration for this contract during the years ended December 31, 2019 and 2018.

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, 2019 or 2018.

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, 2019 or 2018. Revenue recognized during the years ended December 31, 2019 and 2018 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.



	Year Ended December 31, 2019 (in thousands)
	U.S. Secure Services		GEO Care		International		Facility Construction and Design		Total
Owned and Leased: Secure Services	$	1,228,299	$	—	$	—	$	—	$	1,228,299
Owned and Leased: Community-based	—		176,001		—		—		176,001
Owned and Leased: Youth Services	—		87,189		—		—		87,189
Managed Only	373,380		5,523		232,016		—		610,919
Facility Construction and Design	—		—		—		29,978		29,978
Non-residential Services and Other	—		345,536		—		—		345,536
Total Revenues	$	1,601,679	$	614,249	$	232,016	$	29,978	$	2,477,922



	Year Ended December 31, 2018 (in thousands)
	U.S. Secure Services		GEO Care		International		Facility Construction and Design		Total
Owned and Leased - Secure Services	$	1,110,749	$	—	$	—	$	—	$	1,110,749
Owned and Leased - Community-based	—		170,805		—		—		170,805
Owned and Leased - Youth Services	—		91,824		—		—		91,824
Managed Only	382,224		4,981		253,874		—		641,079
Facility Construction and Design	—		—		—		4,226		4,226
Non-residential Services and Other	—		312,703		—		—		312,703
Total Revenues	$	1,492,973	$	580,313	$	253,874	$	4,226	$	2,331,386



	Year Ended December 31, 2017 (in thousands)
	U.S Secure Services		GEO Care		International		Facility Construction and Design		Total
Owned and Leased - Secure Services	$	1,055,254	$	—	$	—	$	—	$	1,055,254
Owned and Leased - Community-based	—		149,619		—		—		149,619
Owned and Leased - Youth Services	—		88,184		—		—		88,184
Managed Only	382,790		3,495		195,806		—		582,091
Facility Construction and Design	—		—		—		115,404		115,404
Non-residential services and Other	—		272,868		—		—		272,868
Total Revenues	$	1,438,044	$	514,166	$	195,806	$	115,404	$	2,263,420

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 it's 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 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 recognizes revenues for youth services where GEO owns or leases 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 are 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 pay for these services based on a net rate per day per individual.

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.

Facility Construction and Design

Facility Construction and Design revenues during the year ended December 31, 2017 consisted of one contract with the Department of Justice in the State of Victoria (the “State”) for the development and operation of a new 1,300-bed secure facility (the “Facility”) in Ravenhall, a locality near Melbourne, Australia. The Facility was completed during the fourth quarter of 2017 and GEO is currently managing the Facility under a 25-year management contract. There were no facility construction and design revenues related to the Facility during the years ended December 31, 2019 or 2018. GEO's promise to design and construct the Facility was considered to be a separate and distinct performance obligation from the management obligation which includes the safe and secure housing, care and programming activities for incarcerated individuals similar to the secure services discussed above. For the obligation to manage the Facility, GEO determined revenue should be recorded over time using a time-based output method based on the same criteria as discussed above for secure services. Fees included and priced in the contract for managing the Facility are considered to be stated at their individual estimated stand-alone selling prices using the adjusted market assessment approach. These services are regularly provided by GEO on a stand-alone basis to similar customers within a similar range of amounts. GEO used the expected cost plus margin approach to allocate the transaction price to the construction obligation. GEO was entitled under the contract to receive consideration in the amount of its costs plus a margin.

During the design and construction phase, GEO determined that revenue should be recorded over time and applied cost based input methods using the actual costs incurred relative to the total estimated costs (percentage of completion basis) to determine progress towards contract completion and to calculate the corresponding amount of revenue and gross profit to recognize. Cost based input methods of revenue recognition are considered to be a faithful depiction of GEO's efforts to satisfy long-term construction contracts and therefore reflect the transfer of goods to the customer as the customer controls the work in progress as the Facility is constructed. Cost based input methods of revenue recognition also require GEO to make estimates of net contract revenues and costs to complete the project. Significant judgment was required to evaluate the costs to complete the project, including materials, labor, contingencies and other costs. If estimated total costs on the contract are greater than the net contract revenues, the entire estimated loss on the contract is recognized in the period the loss becomes known. The cumulative effect of revisions to estimates related to net contract revenues or costs to complete are recorded in the period in which the

revisions to estimates are identified and the amounts can be reasonably estimated. Typically, the Company enters into fixed price contracts and does not perform additional work unless approved change orders are in place. Costs attributable to unapproved change orders are expensed in the period in which the costs are incurred if the Company believes that it is not probable that the costs will be recovered through a change in the contract price. If the Company believes that it is probable that the costs will be recovered through a change in the contract price, costs related to unapproved change orders are expensed in the period in which they are incurred, and contract revenue is recognized to the extent of the costs incurred. Revenue in excess of the costs attributable to unapproved change orders is not recognized until the change order is approved. Changes in job performance, job conditions, and estimated profitability, including those arising from contract penalty provisions, and final contract settlements, may result in revisions to estimated costs and income, and are recognized in the period in which the revisions are determined. For the periods presented, there were no changes in job performance, job conditions and estimated profitability that required a revision to the estimated costs and income recorded.

GEO was the primary developer of the project and subcontracted with a bonded international design and build contractor to design and construct the Facility. As the primary contractor for the project, GEO determined that it was primarily responsible for fulfilling the promise to develop and provide the Facility to the State, including overall responsibility for the acceptability of the project in meeting the State's specifications. Therefore, GEO was considered to be a principal in the transaction and construction revenues and construction costs were recorded on a gross basis.

The cost of the project during the design and construction phase was funded by debt financing along with a capital contribution by GEO which was made in January 2017. GEO's promise to provide the equity contribution was considered to be a separate and distinct performance obligation that is separate from the construction and facility management obligations. The contribution represents a significant financing element which provided a benefit to the State. Costs incurred and estimated earnings in excess of billings were classified as contract receivable in the accompanying consolidated balance sheets. The contract receivable was partially satisfied through a State contribution, which was made in November 2017 upon commercial acceptance of the Facility, and by quarterly payments to be made over the 25-year operating phase. The timing of these payments provide the State with a significant benefit of financing for the Facility as the payments by the State occur significantly after performance (construction of the Facility). Therefore, the contract receivable has been recorded at net present value based on the timing of expected future settlement. Interest income is calculated using an effective interest rate of 8.97% and has been presented separately from facility design and construction revenue. Interest income also includes an equity return for GEO's capital contribution.

During 2019 and 2018, the Company had facility construction & design services related to an expansion project at its Fulham Correctional Centre in Australia which is expected to be completed in the third quarter of 2020. Revenues have been recorded under the same methodology as discussed above.

Non-residential Services and Other

Non-residential Services and Other revenue consists 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 electonic 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 17-Income Taxes. Effective January 1, 2013, as a REIT that is required to distribute at least 90% of its taxable income to shareholders, the Company does not expect to pay federal income taxes at the REIT level (including its qualified REIT subsidiaries), as the resulting dividends paid deduction will generally offset its taxable income. Since the Company does not expect to pay taxes on its REIT taxable income, it does not expect to be able to recognize such deferred tax assets and liabilities.

Deferred income taxes related to the TRS structure 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.

The U.S. Tax Cut and Jobs Act ("Tax Act") was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law. Effective January 1, 2018, the Tax Act reduced the U.S. statutory corporate tax rate of our domestic TRSs from 35% to 21% and created new items of taxable income and taxes on certain foreign sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income and the base erosion and anti-abuse tax, respectively. In addition, in 2017 the Tax Act provided for a one-time transition tax on accumulated foreign subsidiary earnings not previously subject to U.S. income tax. While the Company has foreign operations, it has identified that there is no transition tax due. Accounting for the income tax effects of the Tax Act requires significant judgments and estimates in the interpretation and calculations of the provisions of the Tax Act.

Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company made reasonable estimates of the effects and recorded provisional amounts in its financial statements for the year ended December 31, 2017. As the Company collected and prepared necessary data, and interpreted any additional guidance issued by the U.S. Treasury Department, the IRS or other standard-setting bodies, it made adjustments over the course of the year to the provisional amounts, including refinements to deferred taxes. The accounting for the tax effects of the enactment of the Tax Act has been completed as of December 31, 2018.

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 an inmate’s escape 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.

The Company currently maintains a general liability policy and excess liability policies with total limits of $80.0 million per occurrence and $100 million in the aggregate covering the operations of U.S. Secure Services, GEO Care's community based services, GEO Care's youth services and BI. The Company has a claims-made liability insurance program with a specific loss limit of $35.0 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 $3.0 million per occurrence for general liability and medical professional liability, $2.0 million per occurrence for workers’ compensation 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, the United Kingdom 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 are undiscounted and were $68.2 million and $70.9 million as of December 31, 2019 and 2018, 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.

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.

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 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.

Earnings Per Share

Basic earnings per share is computed by dividing the net income attributable to GEO, by the weighted average number of outstanding shares of common stock. The calculation of diluted earnings per share is similar to that of basic earnings per share, except that the denominator includes the dilutive effect, if any, of common stock equivalents such as stock options and shares of restricted stock.

Recent Accounting Pronouncements

The Company implemented the following accounting standards during the year ended December 31, 2019:

In October 2018, the FASB issued ASU No. 2018-16, "Derivatives and Hedging (Topic 815)". The purpose of this update is to include the Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate (OIS) as a benchmark interest rate for hedge accounting purposes. Because of concerns about the sustainability of LIBOR, the Federal Reserve Board and the Federal Reserve Bank of New York initiated an effort to introduce an alternative reference rate in the United States. The new standard became effective for the Company beginning January 1, 2019. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows.

In June 2018, the FASB issued ASU No. 2018-07, "Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting" as a part of its Simplification Initiative. The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the period of time over which share-based payment awards vest and the pattern of cost recognition over that period. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor's own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606,"Revenue from Contracts with Customers." The new standard became effective for the Company beginning January 1, 2019. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows.

In February 2018, the FASB issued ASU No. 2018-02, "Income Statement-Reporting Comprehensive Income-Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income". The amendments in this update allow an entity to elect to reclassify the income tax effects resulting from the Tax Cuts and Jobs Act on items within accumulated other comprehensive income ("AOCI") to retained earnings. The new standard is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption was permitted. The Company adopted the new standard effective January 1, 2019 and has made a policy election to reclassify the income tax effects resulting from the Tax Cuts and Jobs Act on items within AOCI to distributions in excess of earnings on a prospective basis. As a result, the Company reclassified $0.7 million for the tax effect of the tax rate reduction related to its pension liability and $1.7 million for the tax effect of other income tax effects of tax reform on items remaining in AOCI related to currency translation adjustments to distributions in excess of earnings on January 1, 2019. The net effect of both adjustments resulted in an aggregate increase to distributions in excess of earnings of approximately $1.0 million.

In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." The objective of this guidance is to improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. Certain of the amendments in this update as they relate to cash flow hedges, eliminate the requirement to separately record hedge ineffectiveness currently in earnings. Instead, the entire change in the fair value of the hedging instrument is recorded in other comprehensive income. Those amounts are reclassified to earnings in the same income statement line item that is used to present the earnings effect of the hedged item when the hedged item affects earnings. The new standard became effective for the Company beginning January 1, 2019. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows.

In February 2016, the FASB issued ASU 2016-02, "Leases," which requires entities to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. For finance leases and operating leases, a lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term with each initially measured at the present value of the lease payments. The amendments in ASU 2016-02 became effective for the Company on January 1, 2019. 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. The adoption had a material impact in the Company's consolidated balance sheets, but did not have an

impact on its consolidated statements of operations or cash flows. The most significant impact was the recognition of right-of-use assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. The new standard resulted in the recording of operating right-of-use lease assets and operating lease liabilities of approximately $140 million and $147 million, respectively, as of January 1, 2019. Refer to Note 14 - Leases for further discussion and additional required disclosures.

The following accounting standards will be adopted in future periods:

In August 2018, the FASB issued ASU No. 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715.20)" as a part of its disclosure framework project. The amendments in this update remove, modify and add certain disclosures primarily related to amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, explanations for reasons for significant gains and losses related to changes in the benefit obligation for the period, and projected and accumulated benefit obligations. The new standard is effective for the Company beginning January 1, 2021. The adoption of this standard is not expected to have a material impact on the Company's financial position, results of operations or cash flows.

In August 2018, the FASB issued ASU No. 2018-13, "Fair Value Measurement (Topic 820)" as a part of its disclosure framework project. The amendments in this update remove, modify and add certain disclosures primarily related to transfers between Level 1 and Level 2 of the fair value hierarchy, various disclosures related to Level 3 fair value measurements and investments in certain entities that calculate net asset value. The new standard was effective for the Company beginning January 1, 2020. The adoption of this standard is not expected to have a material impact on the Company's financial position, results of operations or cash flows.

In June 2016, the FASB issued ASC No. 2016-13, "Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments". The purpose of Update No. 2016-13 is to replace the current incurred loss impairment methodology for financial assets measured at amortized cost with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information, including forecasted information, to develop credit loss estimates. Update No. 2016-13 was effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods. Early adoption is permitted for annual periods beginning after December 15, 2018. The Company has completed its process of determining the effect that the adoption will have on its financial position and results of operations and the Company does not expect the new standard will have a material impact on its financial statements.

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.

Derivative Financial Instruments	12 Months Ended
Derivative Financial Instruments	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	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 losses recorded in total other comprehensive income (loss), net of tax, related to these cash flow hedges was $1.5 million during the year ended December 31, 2019. The total fair value of the swap liabilities as of December 31, 2019 was $1.9 million and is recorded as a component of Other Non-Current liabilities 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 13 - Debt for additional information. The Company’s Australian subsidiary entered into interest rate swap agreements to fix the interest rate on its variable rate non-recourse debt related to a project in Ravenhall, a locality near Melbourne, Australia to 4.2%. The Company determined that the swaps had payment, expiration dates, and provisions that coincided with the terms of the non-recourse debt and were therefore considered to be effective cash flow hedges. Accordingly, the Company recorded the change in the fair value of the interest rate swaps in accumulated other comprehensive income (loss), net of applicable income taxes. On May 22, 2019, the Company refinanced the associated debt and terminated the swap agreements which resulted in the reclassification of $3.9 million into losses that were previously reported in accumulated other comprehensive income (loss). Refer to Note 13 - Debt for additional information.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

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



	2019		2018		2017
	(In thousands)
Income before income taxes and equity in earnings in affiliates
United States	$	155,844	$	131,261	$	130,205
Foreign	17,684		18,056		21,732
Income before income taxes and equity in earnings in affiliates	$	173,528	$	149,317	$	151,937

The provision for income taxes consists of the following components:



	2019			2018			2017
	(In thousands)
Federal income taxes:
Current	$	13,018		$	9,340		$	13,928
Deferred	(7,028		)	(2,195		)	(3,803		)
	5,990			7,145			10,125
State income taxes:
Current	5,093			3,050			3,337
Deferred	(383		)	(1,889		)	(2,269		)
	4,710			1,161			1,068
Foreign income taxes:
Current	(875		)	497			(11,545		)
Deferred	6,823			5,314			18,310
	5,948			5,811			6,765
Total U.S. and foreign provision for income taxes	$	16,648		$	14,117		$	17,958

The U.S. Tax Cuts and Jobs Act ("Tax Act") enacted on December 22, 2017 introduced significant changes to U.S. income tax law. Effective 2018, the Tax Act reduced the U.S. statutory corporate tax rate from 35% to 21%. The 21% U.S. statutory corporate tax rate is applicable starting in 2018.

Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, the Company has made reasonable estimates of the effects and recorded provisional amounts in its financial statements for the year ended December 31, 2017. As the Company collected and prepared necessary data, and interpreted any additional guidance issued by the U.S. Treasury Department, the IRS or other standard-setting bodies, it made adjustments over the course of the year to the provisional amounts, including refinements to deferred taxes. The accounting for the tax effects of the enactment of the Tax Act has been completed as of December 31, 2018.

Any legislative changes, as well as any other new or proposed Treasury regulations to address questions that arise because of the Tax Act, may result in additional income tax impacts. There are no significant impacts to income tax for the year ended December 31, 2018 and 2019.

Due to the change in the statutory tax rate from the Tax Act, the Company remeasured its deferred taxes as of December 31, 2017 to reflect the reduced rate that will apply in future periods when these deferred taxes are settled or realized.

The net tax expense (benefit) recognized related to the Tax Act was $(0.3) million and $9.6 million for 2018 and 2017, respectively.

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



	2019			2018			2017
	(In thousands)
Provisions using statutory federal income tax rate	$	36,476		$	31,340		$	53,175
State income taxes (benefit), net of federal tax benefit	2,421			1,915			(776		)
REIT benefit	(22,395		)	(19,992		)	(43,554		)
Change in valuation allowance	1,456			(1,245		)	2,055
Federal tax credits	(2,118		)	(1,904		)	(2,016		)
Tax Cut and Jobs Act impact	—			(301		)	9,584
Foreign income taxes (benefit)	1,934			1,479			(1,830		)
Other, net	(1,126		)	2,825			1,320
Total provision for income taxes	$	16,648		$	14,117		$	17,958

The Company's effective tax rate differs from the U.S. statutory rate of 21% primarily due to a zero tax rate on earnings generated by the Company's REIT operations. State income taxes (benefit), net of federal tax benefits of $2.4 million, $1.9 million and $(0.8) million for 2019, 2018 and 2017, respectively, is presented exclusive of the related change in valuation allowance of state income tax deferred items. Net of the related change in valuation allowances the state income taxes, net of federal tax benefits is $4.1 million, $1.3 million and $1.5 million for 2019, 2018 and 2017, respectively.

The following table presents the breakdown between non-current net deferred tax assets as classified on the balance sheets as of December 31, 2019 and 2018:



	2019			2018
	(In thousands)
Deferred tax assets - non current	$	36,278		$	29,924
Deferred tax liabilities - non current	(19,254		)	(13,681		)
Total net deferred tax assets	$	17,024		$	16,243

The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2019 and 2018:



	2019			2018
Deferred tax assets:	(In thousands)
Net operating losses	$	32,394		$	35,924
Accrued liabilities	24,452			23,719
Deferred compensation	15,052			12,031
Accrued compensation	7,239			7,735
Deferred revenue	13,219			8,458
Tax credits	5,223			6,850
Equity awards	4,894			4,419
Depreciation	15,424			9,960
Operating lease liability	13,140			—
Other, net	1,817			—
Valuation allowance	(22,786		)	(21,333		)
Total deferred tax assets	$	110,068		$	87,763
Deferred tax liabilities:
Intangible assets	$	(24,097	)	$	(26,543	)
Capitalized transaction costs	(16,797		)	(16,643		)
Accounting method change	(7,019		)	—
Prepaid expenses and other	(32,493		)	(28,214		)
Lease right-of-use assets	(12,638		)	—
Other, net	—			(120		)
Total deferred tax liabilities	$	(93,044	)	$	(71,520	)

Total net deferred tax assets	$	17,024		$	16,243

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 2019 and 2018, the Company has a valuation allowance of $22.8 million and $21.3 million, respectively related to deferred tax assets for foreign net operating losses, state net operating losses and state tax credits. The valuation allowance increased by $1.5 million during the year ended December 31, 2019.

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, 2019, $9.9 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.

As of the year ended December 31, 2019, the Company had $43.1 million of Federal net operating loss carryforwards which begin to expire in 2032 and $203.7 million of combined net operating loss carryforwards in various states which begin to expire in 2019. The Federal net operating losses are at the Company's REIT which is not subject to tax. 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, 2019, the Company had $57.9 million of foreign operating losses which carry forward indefinitely and $5.1 million of state tax credits which begin to expire in 2019. 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 year end 2019, the deferred tax asset net of a valuation allowance

related to unexercised stock options and restricted stock grants for which the Company has recorded a book expense was $4.9 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:



	2019			2018			2017
	(In thousands)
Balance at Beginning of Period	$	4,584		$	4,461		$	1,640
Additions based on tax positions related to the current year	—			—			—
Additions for tax positions of prior years	994			298			—
Additions from current year acquisitions	—			—			4,121
Reductions for tax positions of prior years	—			—			(1,290		)
Reductions as a result of a lapse of applicable statutes of limitations	(109		)	(175		)	(10		)
Balance at End of Period	$	5,469		$	4,584		$	4,461

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 $5.3 million of accrued uncertain tax benefits as of December 31, 2019 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 $0.04 million, related to state tax exposures, due to a lapse of the statute of limitation. The accrued uncertain tax balance at December 31, 2019 includes $5.3 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 2015. The Company was under audit by the IRS for the 2013 tax year, its first REIT year. In the fourth quarter of 2017, the Company received a no change letter from the IRS for the 2013 tax year. One of our foreign subsidiaries is under examination in a foreign jurisdiction for tax years 2015 to 2018, no assessment has been made.

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 years ended December 31, 2019 and 2018, the Company did not recognize any interest and penalties. The Company classifies interest and penalties as interest expense and other expense, respectively.

Contract Receivable	12 Months Ended
Contract Receivable	Dec. 31, 2019
Receivables [Abstract]
Contract Receivable	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. The cost of the project during the D&C Phase was funded by debt financing along with a capital contribution by GEO in the amount of AUD 115 million, or $80.7 million based on exchange rates at December 31, 2019, which was contributed in January 2017 (Refer to Note 13 - Debt). Another wholly-owned subsidiary of GEO, Ravenhall Finance Co Pty. Limited ("Finance Co"), entered into a syndicated facility agreement with National Australia Bank Limited to provide the debt financing for the project. In order to fix the interest rate on this variable non-recourse debt, Finance Co entered into interest rate swap agreements. Refer to Note 8 - Derivative Financial Instruments. Upon completion and commercial acceptance of the facility in November 2017, in accordance with the Ravenhall Contract, the State made a lump sum payment of AUD 310 million, or $217.4 million based on exchange rates as of December 31, 2019, towards a portion of the outstanding balance. The remaining balance will be paid over the life of the 25-year management contract. 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 are classified as Contract Receivable in the accompanying consolidated balance sheets. The total balance of the Contract Receivable at December 31, 2019 is $371.8 million which is recorded at net present value based on the timing of expected future settlement. Interest income is recorded as earned using an effective interest rate of 8.97%. As the primary contractor, Project Co was exposed to the various risks associated with the D&C Phase. Accordingly, the Company recorded construction revenue on a gross basis and included the related costs of construction activities in operating expenses within the Facility Design & Construction segment. Reimbursable pass through costs were excluded from revenues and expenses.

Debt

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

Debt consisted of the following (in thousands):



	December 31, 2019			December 31, 2018
Senior Credit Facility:
Term loan	$	778,000		$	786,000
Unamortized debt issuance costs on term loan	(5,410		)	(6,826		)
Unamortized discount on term loan	(2,281		)	(2,878		)
Revolver	520,671			490,843
Total Senior Credit Facility	$	1,290,980		$	1,267,139
6.00% Senior Notes:
Notes Due in 2026	$	350,000		$	350,000
Unamortized debt issuance costs	(4,282		)	(4,820		)
Total 6.00% Senior Notes Due in 2026	$	345,718		$	345,180
5.875% Senior Notes:
Notes Due in 2024	$	250,000		$	250,000
Unamortized debt issuance costs	(2,532		)	(2,971		)
Total 5.875% Senior Notes Due in 2024	$	247,468		$	247,029
5.125% Senior Notes:
Notes Due in 2023	$	300,000		$	300,000
Unamortized debt issuance costs	(2,876		)	(3,548		)
Total 5.125% Senior Notes Due in 2023	$	297,124		$	296,452
5.875% Senior Notes:
Notes Due in 2022	$	193,958		$	250,000
Unamortized debt issuance costs	(1,351		)	(2,514		)
Total 5.875% Senior Notes Due in 2022	$	192,607		$	247,486
Non-Recourse Debt:
Non-Recourse Debt	$	328,178		$	341,074
Unamortized debt issuance costs on non-recourse debt	(5,279		)	(3,883		)
Discount on Non-Recourse Debt	(81		)	(164		)
Total Non-Recourse Debt	$	322,818		$	337,027
Finance Lease Obligations	4,570			6,059
Other debt	43,410			2,469
Total debt	$	2,744,695		$	2,748,841
Current portion of finance lease obligations, long-term debt and non-recourse debt [1]	(24,208		)	(332,027		)
Finance Lease Obligations, long-term portion	(2,954		)	(4,570		)
Non-Recourse Debt, long-term portion	(309,236		)	(15,017		)
Long-Term Debt	$	2,408,297		$	2,397,227

as of December 31, 2018. In May 2019, the debt was refinanced and the long-term portion was reclassified.

Amended and Restated Credit Agreement

On June 12, 2019, GEO entered into Amendment No. 2 to Third Amended and Restated Credit Agreement (the "Credit Agreement") by and among the refinancing lenders party thereto, the other lenders party thereto, GEO and GEO Corrections Holdings, Inc. and the administrative agent. Under the amendment, the maturity date of the revolver component of the Credit Agreement has been extended to May 17, 2024. The borrowing capacity under the amended revolver will remain at $900 million, and its pricing will remain unchanged, currently bearing interest at LIBOR plus 2.25%. As a result of the transaction, the Company incurred a loss on extinguishment of debt of $1.2 million related to certain unamortized deferred loan costs. Additionally, loan costs of $4.7 million were incurred and capitalized in connection with the transaction.

The Credit Agreement evidences a credit facility (the "Credit Facility") consisting of the $792.0 million term loan discussed above (the "Term Loan") bearing interest at LIBOR plus 2.00% (with a LIBOR floor of 0.75%), and a $900.0 million Revolver initially bearing interest at LIBOR plus 2.25% (with no LIBOR floor) together with AUD275 million available solely for the issuance of financial letters of credit and performance letters of credit, in each case denominated in Australian Dollars under the Australian Dollar Letter of Credit Facility (the "Australian LC Facility"). As of December 31, 2019, there were no letters of credit issued under the Australian LC Facility. Amounts to be borrowed by GEO under the Credit Agreement are subject to the satisfaction of customary conditions to borrowing. The Term Loan component is scheduled to mature on March 23, 2024. The revolving credit commitment component is scheduled to mature on May 17, 2024. The Credit Agreement also has an accordion feature of $450.0 million, subject to lender demand and prevailing market conditions and satisfying the relevant borrowing conditions.

The Credit Agreement contains certain customary representations and warranties, and certain customary covenants that restrict GEO’s ability 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) allow the total leverage ratio to exceed 6.25 to 1.00, allow the senior secured leverage ratio to exceed 3.50 to 1.00, or allow the interest coverage ratio to be less than 3.00 to 1.00, (ix) cancel, forgive, make any voluntary or optional payment or prepayment on, or redeem or acquire for value any senior notes, except as permitted, (x) alter the business GEO conducts, and (xi) materially impair GEO’s lenders’ security interests in the collateral for its loans.

Events of default under the Credit Agreement include, but are not limited to, (i) GEO’s failure to pay principal or interest when due, (ii) GEO’s material breach of any representation or warranty, (iii) covenant defaults, (iv) liquidation, reorganization or other relief relating to bankruptcy or insolvency, (v) cross default under certain other material indebtedness, (vi) unsatisfied final judgments over a specified threshold, (vii) certain material environmental liability claims asserted against GEO, and (viii) a change in control.

All of the obligations under the Credit Agreement are unconditionally guaranteed by certain domestic subsidiaries of GEO and the Credit Agreement and the related guarantees are secured by a perfected first-priority pledge of substantially all of GEO’s present and future tangible and intangible domestic assets and all present and future tangible and intangible domestic assets of each guarantor, including but not limited to a first-priority pledge of all of the outstanding capital stock owned by GEO and each guarantor in their domestic subsidiaries.

The Australian borrowers are wholly owned foreign subsidiaries of GEO. GEO has designated each of the Australian borrowers as restricted subsidiaries under the Credit Agreement. However, the Australian borrowers are not obligated to pay or perform any obligations under the Credit Agreement other than their own obligations as Australian borrowers under the Credit Agreement. The Australian borrowers do not pledge any of their assets to secure any obligations under the Credit Agreement.

On August 18, 2016, the Company executed a Letter of Offer by and among GEO and HSBC Bank Australia Limited (the “Letter of Offer”) providing for a bank guarantee line and bank guarantee/standby sub-facility in an aggregate amount of AUD100 million, or $70.1 million, based on exchange rates in effect as of December 31, 2019 (collectively, the “Bank Guarantee Facility”). The Bank Guarantee Facility allows GEO to provide letters of credit to assure performance of certain obligations of its wholly owned subsidiary relating to its secure facility project in Ravenhall, located near Melbourne, Australia. In accordance with the Ravenhall Contract, upon the completion of a certain period of operations, the Bank Guarantee Facility was reduced during the fourth quarter of 2019 to approximately AUD58 million, or $40.7 million, based on exchange rates in effect as of December 31, 2019. The Bank Guarantee Facility is unsecured. The issuance of letters of credit under the Bank Guarantee Facility is subject to the satisfaction of the conditions precedent specified in the Letter of Offer. Letters of credit

issued under the bank guarantee lines are due on demand and letters of credit issued under the bank guarantee/standby sub-facility cannot have a duration exceeding twelve months. The Bank Guarantee Facility may be terminated by HSBC Bank Australia Limited on 90 days written notice. As of December 31, 2019, there was approximately AUD58 million in letters of credit issued under the Bank Guarantee Facility.

As of December 31, 2019, the Company had $778.0 million in aggregate borrowings outstanding under the Term Loan, $520.7 million in borrowings under the Revolver, and approximately $62.0 million in letters of credit which left $317.0 million in additional borrowing capacity under the Revolver. In addition, the Company has the ability to increase the Senior Credit Facility by an additional $450.0 million, subject to lender demand and prevailing market conditions and satisfying the relevant borrowing conditions thereunder. The weighted average interest rate on outstanding borrowings under the Credit Agreement as of December 31, 2019 was 3.8%.

6.00% Senior Notes due 2026

On April 18, 2016, the Company completed an offering of $350.0 million aggregate principal amount of 6.00% senior notes due 2026. The 6.00% Senior Notes were offered and sold in a registered offering pursuant to an underwriting agreement, dated as of April 11, 2016 (the “Underwriting Agreement”) among the Company, certain of the Company’s domestic subsidiaries, as guarantors and Wells Fargo Securities, LLC, as representative for the underwriters named therein. The 6.00% Senior Notes were issued by the Company pursuant to the Indenture, dated as of September 25, 2014 (the “Base Indenture”), by and between the Company and Wells Fargo Bank, National Association, as trustee, as supplemented by a Second Supplemental Indenture, dated as of April 18, 2016 (the “Second Supplemental Indenture” and together with the Base Indenture, the “Indenture”), by and among the Company, the guarantors and the trustee which governs the terms of the 6.00% Senior Notes. The sale of the 6.00% Senior Notes was registered under GEO’s prior shelf registration statement on Form S-3 filed on September 12, 2014, as amended (File No. 333-198729). The 6.00% Senior Notes were issued at a coupon rate and yield to maturity of 6.00%. Interest on the 6.00% Senior Notes is payable semi-annually on April 15 and October 15 of each year, commencing on October 15, 2016. The 6.00% Senior Notes mature on April 15, 2026. The Company used the net proceeds to fund the tender offer and the redemption of all of its 6.625% Senior Notes (see discussion below), to pay all related fees, costs and expenses and for general corporate purposes including repaying borrowings under the Company's Revolver.

Up to 35% of the aggregate principal amount of the 6.00% Senior Notes could have been redeemed on or prior to April 15, 2019, with the net cash proceeds from certain equity offerings at a redemption price equal to 106.000% of their principal amount, plus accrued and unpaid interest, if any, to the redemption date. In addition, GEO may, at its option, redeem the 6.00% Senior Notes in whole or in part before April 15, 2021 at a redemption price equal to 100% of the principal amount of the 6.00% Senior Notes being redeemed plus a “make-whole” premium, together with accrued and unpaid interest, if any, to the redemption date.




Year		Percentage
2021		103.000%
2022		102.000%
2023		101.000%
2024 and thereafter		100.000%

If there is a “change of control” (as defined in the Indenture), holders of the 6.00% Senior Notes will have the right to cause GEO to repurchase their 6.00% Senior Notes at a price equal to 101% of the principal amount of the 6.00% Senior Notes repurchased plus accrued and unpaid interest, if any, to the purchase date.

The 6.00% Senior Notes are guaranteed on a senior unsecured basis by the guarantors. The 6.00% Senior Notes and the guarantees are unsecured, unsubordinated obligations of GEO and the guarantors. The 6.00% Senior Notes rank equally in right of payment with any unsecured, unsubordinated indebtedness of GEO and the guarantors, including GEO’s 5.875% Senior Notes due 2022, the 5.125% Senior Notes due 2023 and the 5.875% Senior Notes due 2024, and the guarantors’ guarantees thereof, senior in right of payment to any future indebtedness of GEO and the guarantors that is expressly subordinated to the 6.00% Senior Notes and the guarantees, effectively junior to any secured indebtedness of GEO and the

guarantors, including indebtedness under GEO’s Senior Credit Facility, to the extent of the value of the assets securing such indebtedness, and structurally junior to all obligations of GEO’s subsidiaries that are not guarantors, including trade payables.

The Indenture contains covenants which, among other things, limit the ability of GEO and its “restricted subsidiaries” (as defined in the Indenture) to incur additional indebtedness or issue preferred stock, make dividend payments or other restricted payments (other than the payment of dividends or other distributions, or any other actions necessary to maintain GEO’s status as a real estate investment trust), create liens, sell assets, engage in sale and lease back transactions, create or permit restrictions on the ability of the restricted subsidiaries to pay dividends or make other distributions to GEO, enter into transactions with affiliates, and enter into mergers, consolidations or sales of all or substantially all of their assets. These covenants are subject to a number of limitations and exceptions as set forth in the Indenture.

The Indenture also contains events of default with respect to, among other things, the following: failure by GEO to pay interest on the 6.00% Senior Notes when due, which failure continues for 30 days; failure by GEO to pay the principal of, or premium, if any, on, the 6.00% Senior Notes when due; failure by GEO or any of its restricted subsidiaries to comply with their obligations to offer to repurchase the 6.00% Senior Notes at the option of the holders of the 6.00% Senior Notes upon a change of control, to offer to redeem the 6.00% Senior Notes under certain circumstances in connection with asset sales with “excess proceeds” (as defined in the Indenture) in excess of $50.0 million or to observe certain restrictions on mergers, consolidations and sales of substantially all of their assets; the failure by GEO or any guarantor to comply with any of the other agreements in the Indenture, which failure continues for 60 days after notice; and certain events of bankruptcy or insolvency of GEO or a restricted subsidiary that is a significant subsidiary or any group of restricted subsidiaries that together would constitute a significant subsidiary.

5.875% Senior Notes due 2024

On September 25, 2014, the Company completed an offering of $250.0 million aggregate principal amount of senior unsecured notes (the "5.875% Senior Notes due 2024"). The notes will mature on October 15, 2024 and have a coupon rate and yield to maturity of 5.875%. Interest is payable semi-annually in cash in arrears on April 15 and October 15, beginning April 15, 2015. The 5.875% Senior Notes due 2024 are guaranteed on a senior unsecured basis by all the Company’s restricted subsidiaries that guarantee obligations. The 5.875% Senior Notes due 2024 rank equally in right of payment with any unsecured, unsubordinated indebtedness of the Company and the guarantors, including the Company’s 5.875% Senior Notes due 2022, the 5.125% Senior Notes due 2023, the 6.00% Senior Notes due 2026, and the guarantors’ guarantees thereof, senior in right of payment to any future indebtedness of the Company and the guarantors that is expressly subordinated to the 5.875% Senior Notes due 2024 and the guarantees, effectively junior to any secured indebtedness of the Company and the guarantors, including indebtedness under the Company’s Senior Credit Facility, to the extent of the value of the assets securing such indebtedness, and structurally junior to all obligations of the Company’s subsidiaries that are not guarantors. The sale of the 5.875% Senior Notes due 2024 was registered under the Company's prior shelf registration statement on Form S-3 filed on September 12, 2014, as supplemented by the Preliminary Prospectus Supplement filed on September 22, 2014 and the Prospectus Supplement filed on September 24, 2014.

The Company could have, at its option, redeemed the 5.875% Senior Notes due 2024 in whole or in part before October 15, 2019 at a redemption price equal to 100% of the principal amount of the 5.875% Senior Notes due 2024 being redeemed plus a “make-whole” premium, together with accrued and unpaid interest, if any, to the redemption date. In addition, the Company may, at its option, redeem the 5.875% Senior Notes due 2024 in whole or in part on or after October 15, 2019 through 2024 and thereafter as indicated below:




Year		Percentage
2020		101.958%
2021		100.979%
2022 and thereafter		100.000%

The indenture contains covenants which, among other things, limit the ability of the Company and its restricted

subsidiaries to incur additional indebtedness or issue preferred stock, make dividend payments or other restricted payments (other than the payment of dividends or other distributions, or any other actions necessary to maintain the Company’s status as a real estate investment trust), create liens, sell assets, engage in sale and lease back transactions, create or permit restrictions on the ability of the restricted subsidiaries to pay dividends or make other distributions to the Company, enter into transactions with affiliates, and enter into mergers, consolidations or sales of all or substantially all of their assets. These covenants are subject to a number of limitations and exceptions as set forth in the indenture.

The indenture also contains events of default with respect to, among other things, the following: failure by the Company to pay interest on the 5.875% Senior Notes due 2024 when due, which failure continues for 30 days; failure by the Company to pay the principal of, or premium, if any, on, the 5.875% Senior Notes due 2024 when due; failure by the Company or any of its restricted subsidiaries to comply with their obligations to offer to repurchase the 5.875% Senior Notes due 2024 at the option of the holders of the 5.875% Senior Notes due 2024 upon a change of control, to offer to redeem the 5.875% Senior Notes due 2024 under certain circumstances in connection with asset sales with excess proceeds in excess of $25.0 million or to observe certain restrictions on mergers, consolidations and sales of substantially all of their assets; the failure by the Company or any guarantor to comply with any of the other agreements in the indenture, which failure continues for 60 days after notice; and certain events of bankruptcy or insolvency of GEO or a restricted subsidiary that is a significant subsidiary or any group of restricted subsidiaries that together would constitute a significant subsidiary. The Company was in compliance with all of the financial covenants of the indenture governing the 5.875% Senior Notes due 2024 as of December 31, 2019.

5.125% Senior Notes due 2023

On March 19, 2013, the Company completed an offering of $300.0 million aggregate principal amount of senior unsecured notes in a private offering under the Indenture dated as of March 19, 2013 among GEO, certain of its domestic subsidiaries, as guarantors, and Wells Fargo Bank, National Association, as trustee. The 5.125% Senior Notes were offered and sold to "qualified institutional buyers" in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The notes will mature on April 1, 2023 and have a coupon rate and yield to maturity of 5.125%. Interest is payable semi-annually on April 1 and October 1 each year, beginning October 1, 2013. The 5.125% Senior Notes are guaranteed on a senior unsecured basis by all of the Company's restricted subsidiaries that guarantee obligations under the Senior Credit Facility, the Company's 6.00% Senior Notes, the Company's 5.875% Senior Notes due 2022 and the 5.875% Senior Notes due 2024. The 5.125% Senior Notes and the guarantees are the Company's general unsecured senior obligations and rank equally in right of payment with all of the Company's and the guarantors' existing and future unsecured senior debt, including the Company's 6.00% Senior Notes, the 5.875% Senior Notes due 2022 and the 5.875% Senior Notes due 2024. The 5.125% Senior Notes and the guarantees are effectively subordinated to any of the Company's and the guarantors' existing and future secured debt to the extent of the value of the assets securing such debt, including all anticipated borrowings under the Senior Credit Facility. The 5.125% Senior Notes are structurally subordinated to all existing and future liabilities (including trade payables) of the Company's subsidiaries that do not guarantee the 5.125% Senior Notes.

At any time prior to April 1, 2018, the Company could have, at its option, redeemed all or a part of the 5.125% Senior Notes upon not less than 30 days nor more than 60 days prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium (as defined in the indenture) as of the date of redemption, plus (iii) accrued and unpaid interest and liquidated damages, if any, to the date of redemption. On or after April 1, 2018, the Company may, at its option, redeem all or a part of the 5.125% Senior Notes upon not less than 30 days nor more than 60 days notice at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest and liquidated damages, if any, on the 5.125% Senior Notes redeemed, to the applicable redemption date, if redeemed during the period beginning on April 1 of the years indicated below:



Year	Percentage
2020	100.854	%
2021 and thereafter	100.000	%

If there is a "change of control" (as defined in the Indenture), holders of the 5.125% Senior Notes will have the right to cause GEO to repurchase their 5.125% Senior Notes at a price equal to 101% of the principal amount of the 5.125% Senior Notes repurchased plus accrued and unpaid interest and liquidated damages, if any, to the purchase date.

The indenture governing the 5.125% Senior Notes contains certain covenants, including limitations and restrictions on the Company and its restricted subsidiaries’ ability to: incur additional indebtedness or issue preferred stock; make dividend payments or other restricted payments; create liens; sell assets; enter into transactions with affiliates; and enter into mergers, consolidations or sales of all or substantially all of the Company’s assets. As of the date of the indenture, all of the Company’s subsidiaries, other than certain dormant domestic and other subsidiaries and all foreign subsidiaries in existence on the date of the indenture, were restricted subsidiaries. The Company’s failure to comply with certain of the covenants under the indenture governing the 5.125% Senior Notes could cause an event of default of any indebtedness and result in an acceleration of such indebtedness. In addition, there is a cross-default provision which becomes enforceable upon failure of payment of indebtedness at final maturity. The Company’s unrestricted subsidiaries will not be subject to any of the restrictive covenants in the indenture. The Company was in compliance with all of the financial covenants of the indenture governing the 5.125% Senior Notes as of December 31, 2019.

The indenture also contains events of default with respect to, among other things, the following: failure by the Company to pay interest and liquidated damages, if any, on the 5.125% Senior Notes when due, which failure continues for 30 days; failure by the Company to pay the principal of, or premium, if any, on, the 5.125% Senior Notes when due; failure by the Company or any of its restricted subsidiaries to comply with their obligations to offer to repurchase the 5.125% Senior Notes at the option of the holders of the 5.125% Senior Notes upon a change of control, to offer to redeem notes under certain circumstances in connection with asset sales with “excess proceeds” (as defined in the indenture) in excess of $25.0 million or to observe certain restrictions on mergers, consolidations and sales of substantially all of their assets; the failure by the Company or any guarantor to comply with any of the other agreements in the indenture, which failure continues for 60 days after notice; and certain events of bankruptcy or insolvency of the Company or a restricted subsidiary that is a significant subsidiary or any group of restricted subsidiaries that together would constitute a significant subsidiary.

Under the terms of a registration rights agreement dated as of March 19, 2013, among GEO, the guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as the representative of the initial purchasers of the 5.125% Senior Notes, GEO agreed to register under the Securities Act notes having terms identical in all material respects to the 5.125% Senior Notes (the “5.125% Exchange Notes”) and to make an offer to exchange the 5.125% Exchange Notes for the 5.125% Senior Notes. GEO filed the registration statement on May 30, 2013 which was declared effective on September 12, 2013. GEO launched the exchange offer on September 13, 2013 and the exchange offer expired on October 11, 2013.

5.875% Senior Notes due 2022

On October 3, 2013, the Company completed an offering of $250.0 million aggregate principal amount of senior notes due 2022 (the “5.875% Senior Notes due 2022”) in a private offering under the Indenture dated as of October 3, 2013 among GEO, certain of its domestic subsidiaries, as guarantors, and Wells Fargo Bank, National Association, as trustee. The 5.875% Senior Notes due 2022 were offered and sold to “qualified institutional buyers” in accordance with Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in accordance with Regulations S under the Securities Act. The 5.875% Senior Notes due 2022 were issued at a coupon rate and yield to maturity of 5.875%. Interest on the 5.875% Senior Notes due 2022 is payable semi-annually in cash in arrears on January 15 and July 15, commencing on January 15, 2014. The 5.875% Senior Notes due 2022 mature on January 15, 2022. The 5.875% Senior Notes due 2022 and the guarantees are the Company's general unsecured senior obligations and rank equally in right of payment with all of the Company's and the guarantors' existing and future unsecured senior debt, including the Company's 6.00% Senior Notes, the 5.125% Senior Notes and the 5.875% Senior Notes due 2024. The 5.875% Senior Notes due 2022 and the guarantees are effectively subordinated to any of the Company's and the guarantors' existing and future secured debt to the extent of the value of the assets securing such debt, including all anticipated borrowings under the Senior Credit Facility. The 5.875% Senior Notes due 2022 are structurally subordinated to all existing and future liabilities (including trade payables) of the Company's subsidiaries that do not guarantee the 5.875% Senior Notes due 2022.



Year	Percentage
2020 and thereafter	100.000	%

If there is a “change of control” (as defined in the Indenture), holders of the 5.875% Senior Notes due 2022 will have the right to cause GEO to repurchase their 5.875% Senior Notes due 2022 at a price equal to 101% of the principal amount of

the 5.875% Senior Notes due 2022 repurchased plus accrued and unpaid interest and liquidated damages, if any, to the purchase date.

The indenture governing the notes contains certain covenants, including limitations and restrictions on the Company and its restricted subsidiaries’ ability to: incur additional indebtedness or issue preferred stock; make dividend payments or other restricted payments; create liens; sell assets; enter into transactions with affiliates; and enter into mergers, consolidations or sales of all or substantially all of the Company’s assets. As of the date of the indenture, all of the Company’s subsidiaries, other than certain dormant domestic and other subsidiaries and all foreign subsidiaries in existence on the date of the indenture, were restricted subsidiaries. The Company’s failure to comply with certain of the covenants under the indenture governing the 5.875% Senior Notes due 2022 could cause an event of default of any indebtedness and result in an acceleration of such indebtedness. In addition, there is a cross-default provision which becomes enforceable upon failure of payment of indebtedness at final maturity. The Company’s unrestricted subsidiaries will not be subject to any of the restrictive covenants in the indenture. The Company was in compliance with all of the financial covenants of the indenture governing the 5.875% Senior Notes due 2022 as of December 31, 2019.

The Indenture also contains events of default with respect to, among other things, the following: failure by GEO to pay interest and liquidated damages, if any, on the 5.875% Senior Notes due 2022 when due, which failure continues for 30 days; failure by GEO to pay the principal of, or premium, if any, on, the 5.875% Senior Notes due 2022 when due; failure by GEO or any of its restricted subsidiaries to comply with their obligations to offer to repurchase the 5.875% Senior Notes due 2022 at the option of the holders of the 5.875% Senior Notes due 2022 upon a change of control, to offer to redeem notes under certain circumstances in connection with asset sales with “excess proceeds” (as defined in the Indenture) in excess of $25.0 million or to observe certain restrictions on mergers, consolidations and sales of substantially all of their assets; the failure by GEO or any guarantor to comply with any of the other agreements in the Indenture, which failure continues for 60 days after notice; and certain events of bankruptcy or insolvency of GEO or a restricted subsidiary that is a significant subsidiary or any group of restricted subsidiaries that together would constitute a significant subsidiary.

Under the terms of the Registration Rights Agreement, dated as of October 3, 2013, among GEO, the guarantors and Wells Fargo Securities, LLC, as the representative of the initial purchasers of the 5.875% Senior Notes due 2022 (the “Registration Rights Agreement”), GEO agreed to register under the Securities Act notes having terms identical in all material respects to the 5.875% Senior Notes due 2022 (the “5.875% Exchange Notes”) and to make an offer to exchange the 5.875% Exchange Notes for the 5.875% Senior Notes due 2022. GEO filed the registration statement on October 2, 2013 which was declared effective on January 6, 2014. GEO launched the exchange offer on January 6, 2014 and the exchange offer expired on February 4, 2014.

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.

During 2019, the Company repurchased approximately $56.0 million in aggregate principal amount of its 5.875% Senior Notes due 2022 at a weighted average price of 97.55% for a total cost of $54.7 million. As a result of these repurchases, the Company recognized a net loss on extinguishment of debt of $0.3 million during the year ended December 31, 2019.

Non-Recourse Debt

Northwest ICE Processing Center

On December 9, 2011, the Washington Economic Development Finance Authority issued $54.4 million of its Washington Economic Development Finance Authority Taxable Economic Development Revenue Bonds, series 2011 (“2011 Revenue Bonds”). The bonds were rated AA- by Standard & Poor’s Ratings Services and the scheduled payment of principal and interest is guaranteed by municipal bond insurance issued by Assured Guaranty Municipal Corp. The 2011 Revenue Bonds have an average all-in cost of approximately 6.4%, including debt issuance costs and the bond discount, and maturity dates ranging through October 1, 2021. The 2011 Revenue Bonds were issued to provide funds to make a loan to CSC of Tacoma, LLC ("CSC") for purposes of reimbursing GEO for costs incurred by GEO for the 2009 expansion of the Northwest ICE Processing

Center and paying the costs of issuing the 2011 Revenue Bonds. The payment of principal and interest on the bonds is non-recourse to GEO. None of the bonds nor CSC’s obligations under the loan are obligations of GEO nor are they guaranteed by GEO.

As of December 31, 2019, the remaining balance of the debt service requirement related to the 2011 Revenue Bonds is $15.7 million, of which $7.7 million is classified as current in the accompanying balance sheet. As of December 31, 2019, included in restricted cash and investments is $4.7 million (all current) of funds held in trust with respect to the Northwest ICE Processing Center for debt service and other reserves which had not been released to the Company as of December 31, 2019.

Australia - Ravenhall

In connection with a design and build facility project agreement with the State of Victoria, in September 2014 the Company entered into a syndicated facility agreement (the "Construction Facility") to provide debt financing for construction of the project. Refer to Note 7 - Contract Receivable. The Construction Facility provided for non-recourse funding up to AUD 791 million, or $554.8 million, based on exchange rates as of December 31, 2019. Construction draws were funded throughout the project according to a fixed utilization schedule as defined in the syndicated facility agreement. The term of the Construction Facility was through September 2019 and bore interest at a variable rate quoted by certain Australian banks plus 200 basis points. On May 22, 2019, the Company completed an offering of AUD 461.6 million, or $323.8 million, based on exchange rates as of December 31, 2019, aggregate principal amount of non-recourse senior secured notes due 2042 (the "Non-Recourse Notes"). The amortizing Non-Recourse Notes were issued by Ravenhall Finance Co Pty Limited in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The Non-Recourse Notes were issued with a coupon and yield to maturity of 4.23% with a maturity date of March 31, 2042. The net proceeds from this offering were used to refinance the outstanding Construction Facility and to pay all related fees, costs and expenses associated with the transaction. As a result of the transaction, the Company incurred a $4.5 million loss on extinguishment of debt related to swap termination fees and unamortized deferred loan costs associated with the Construction Facility. Additionally, loan costs of approximately $7.5 million were incurred and capitalized in connection with the offering.

Other

In August 2019, the Company entered into two identical promissory notes in the aggregate amount of $44.3 million which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The terms of the promissory 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 at 4.22%. Included in the balance at December 31, 2019 is $0.7 million of deferred loan costs incurred in the transaction. Refer to Note 8 - Derivative Financial Instruments for further information.

Debt Repayment

Debt repayment schedules under Finance Lease Obligations, Long-Term Debt, Non-Recourse Debt and the Senior Credit Facility are as follows:



Fiscal Year	Finance Leases			Long-Term Debt			Non- Recourse Debt			Revolver		Term Loans			Total Annual Repayment
	(In thousands)
2020	$	1,934		$	1,026		$	13,901		$	—	$	8,000		$	24,861
2021	1,936			1,071			14,780			—		8,000			25,787
2022	1,233			195,075			7,722			—		8,000			212,030
2023	—			301,166			8,218			—		8,000			317,384
2024	—			251,208			8,688			520,671		746,000			1,526,567
Thereafter	—			388,535			274,869			—		—			663,404
	5,103			1,138,081			328,178			520,671		778,000			2,770,033
Interest imputed on Capital Leases	(533		)	—			—			—		—			(533		)
Original issue discount	—			—			(81		)	—		(2,281		)	(2,362		)
Current portion	(1,616		)	(1,026		)	(13,901		)	—		(8,000		)	(24,543		)
Non-current portion	$	2,954		$	1,137,055		$	314,196		$	520,671	$	767,719		$	2,742,595

Guarantees

The Company has entered into certain guarantees in connection with the performance of a facility in Australia (Refer to Note 7 - Contract Receivable). The obligations amounted to approximately AUD58 million, or $40.7 million, based on exchange rates in effect as of December 31, 2019. These guarantees are secured by outstanding letters of credit under the Company's Revolver as of December 31, 2019.

At December 31, 2019, the Company also had eight letters of guarantee outstanding under separate international facilities relating to performance guarantees of its Australian subsidiary totaling $10.8 million.

In connection with the creation of South African Custodial Services Pty. Limited ("SACS"), the Company entered into certain guarantees related to the financing, construction and operation of the South African facility. The Company guaranteed certain obligations of SACS under its debt agreements to SACS' former senior lenders through the issuance of letters of credit under the Company's Revolver. In July 2018, SACS settled all amounts due under the debt facilities and has therefore discharged the guaranteed obligations, therefore the guarantees related to these obligations were no longer necessary and the letters of credit were not renewed. Additionally, SACS was required to maintain funding in a rectification account maintained for the payment of certain costs in the event of contract termination. SACS has met the required funding obligation and there is no further requirement to maintain the required funding rectification account.

In addition to the above, the Company had also agreed to provide a loan, if required, of up to 20 million South African Rand, or $1.4 million based on exchange rates as of December 31, 2019, referred to as the shareholder's standby facility, to SACS for the purpose of financing SACS’ obligations under its contract with the South African government. No amounts have been funded under the shareholder's standby facility. The Company’s obligations under the shareholder's standby facility expired upon SACS’ release from its obligations under the common terms agreement in February 2019 with the final payment of the facility management fees.

The Company also guaranteed certain obligations of SACS to the security trustee for SACS’ lenders. The Company secured its guarantee to the security trustee by ceding its rights to claims against SACS in respect of any loans or other finance agreements, and by pledging the Company’s shares in SACS. The Company’s liability under the guarantee is limited to the cession and pledge of shares. The guarantee expired in February 2019 when of all SACS' obligations in terms of the finance agreements were settled.

In connection with the creation of GEOAmey, the Company and its joint venture partner guarantee the availability of working capital in equal proportion to ensure that GEOAmey can comply with current and future contractual commitments related to the performance of its operations. The Company and the 50% joint venture partner had each extended a £12 million line of credit to the joint venture. The Company’s maximum exposure relative to the joint venture was its note receivable and future financial support necessary to guarantee performance under the contract. In October 2018, the notes receivable to each joint venture partner were paid off in full.

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

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net Income	$ 166,412	$ 144,827	$ 146,024
Foreign currency translation adjustments	2,267	(7,118)	3,808
Pension liability adjustment, net of income tax provision (benefit) of $(681), $913 and $(764), respectively	(3,247)	1,785	(1,420)
Change in fair value of derivative instrument classified as cash flow hedge, net of income tax provision (benefit) of $622, $1,085 and $703, respectively	4,271	6,146	3,985
Total other comprehensive income, net of tax	3,291	813	6,373
Total comprehensive income	169,703	145,640	152,397
Comprehensive loss attributable to noncontrolling interests	183	277	211
Comprehensive income attributable to The GEO Group, Inc.	$ 169,886	$ 145,917	$ 152,608

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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

Summary of Business Organization, Operations and Significant Accounting Policies - Stock Based Compensation (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair value of stock-based awards
Risk free interest rates	2.44%	2.84%	1.53%
Expected volatility	41.00%	40.00%	36.00%
Expected dividend rate	8.47%	8.70%	5.79%
Restricted Stock Award
Fair value of stock-based awards
Risk free interest rates	2.53%	2.58%	1.46%
Expected volatility	43.70%	44.50%	42.20%
Beta	1.00	1.05	1.11
Minimum
Fair value of stock-based awards
Expected term	4 years	4 years	4 years
Maximum
Fair value of stock-based awards
Expected term	5 years	5 years	5 years

Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Components of Deferred Tax Assets
Deferred tax assets - non current	$ 36,278	$ 29,924
Deferred tax liabilities - non current	(19,254)	(13,681)
Net operating losses	32,394	35,924
Accrued liabilities	24,452	23,719
Deferred compensation	15,052	12,031
Accrued compensation	7,239	7,735
Deferred revenue	13,219	8,458
Tax credits	5,223	6,850
Equity awards	4,894	4,419
Depreciation	15,424	9,960
Operating lease liability	13,140	0
Other, net	1,817	0
Valuation allowance	(22,786)	(21,333)
Total deferred tax assets	110,068	87,763
Intangible assets	(24,097)	(26,543)
Capitalized transaction costs	(16,797)	(16,643)
Accounting method change	(7,019)	0
Prepaid expenses and other	(32,493)	(28,214)
Lease right-of-use assets	(12,638)	0
Other, net	0	(120)
Total deferred tax liabilities	(93,044)	(71,520)
Total net deferred tax assets	$ 17,024	$ 16,243

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property Plant And Equipment Net By Type [Abstract]
Property and equipment, gross	$ 2,963,752	$ 2,910,771
Less accumulated depreciation and amortization	(819,030)	(752,161)
Property and equipment, net	2,144,722	2,158,610	$ 2,078,123
Land
Property Plant And Equipment Net By Type [Abstract]
Property and equipment, gross	128,874	131,377
Buildings and improvements
Property Plant And Equipment Net By Type [Abstract]
Property and equipment, gross	$ 2,229,956	2,144,414
Buildings and improvements \| Minimum
Property Plant And Equipment Net By Type [Abstract]
Useful life	2 years
Buildings and improvements \| Maximum
Property Plant And Equipment Net By Type [Abstract]
Useful life	50 years
Leasehold improvements
Property Plant And Equipment Net By Type [Abstract]
Property and equipment, gross	$ 291,511	303,348
Leasehold improvements \| Minimum
Property Plant And Equipment Net By Type [Abstract]
Useful life	1 year
Leasehold improvements \| Maximum
Property Plant And Equipment Net By Type [Abstract]
Useful life	29 years
Equipment
Property Plant And Equipment Net By Type [Abstract]
Property and equipment, gross	$ 216,604	206,191
Equipment \| Minimum
Property Plant And Equipment Net By Type [Abstract]
Useful life	3 years
Equipment \| Maximum
Property Plant And Equipment Net By Type [Abstract]
Useful life	10 years
Furniture, fixtures and computer software
Property Plant And Equipment Net By Type [Abstract]
Property and equipment, gross	$ 64,828	60,159
Furniture, fixtures and computer software \| Minimum
Property Plant And Equipment Net By Type [Abstract]
Useful life	1 year
Furniture, fixtures and computer software \| Maximum
Property Plant And Equipment Net By Type [Abstract]
Useful life	7 years
Facility construction in progress
Property Plant And Equipment Net By Type [Abstract]
Property and equipment, gross	$ 31,979	$ 65,282

Equity Incentive Plans - Options by Exercise Price (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Granted, Wtd. Avg. grant date fair value (in dollars per share)	$ 3.96	$ 3.64	$ 5.91
Options granted (in shares)	391
Exercise prices and related information of stock option outstanding
Options outstanding, number outstanding (in shares)	1,590
Options outstanding, Wtd. Avg. remaining contractual life	6 years 10 months 24 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 24.29
Options exercisable, Number exercisable (in shares)	809
Options exercisable Wtd. Avg. Remaining Contractual Life	5 years 6 months 10 days
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 24.84
0-18.23
Exercise prices and related information of stock option outstanding
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)	112
Options outstanding, Wtd. Avg. remaining contractual life	1 year 8 months 23 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 14.54
Options exercisable, Number exercisable (in shares)	112
Options exercisable Wtd. Avg. Remaining Contractual Life	1 year 8 months 23 days
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 14.54
18.24-22.26
Exercise prices and related information of stock option outstanding
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)	618
Options outstanding, Wtd. Avg. remaining contractual life	7 years 1 month 28 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 21.00
Options exercisable, Number exercisable (in shares)	287
Options exercisable Wtd. Avg. Remaining Contractual Life	6 years 3 months
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 20.71
22.27-29.39
Exercise prices and related information of stock option outstanding
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)	519
Options outstanding, Wtd. Avg. remaining contractual life	7 years 7 months 9 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 25.07
Options exercisable, Number exercisable (in shares)	203
Options exercisable Wtd. Avg. Remaining Contractual Life	5 years 2 months 1 day
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 28.77
29.40-50.00
Exercise prices and related information of stock option outstanding
Lower range limit, Exercise price (in dollars per share)	29.4
Upper range limit, Exercise price (in dollars per share)	$ 50.00
Options outstanding, number outstanding (in shares)	341
Options outstanding, Wtd. Avg. remaining contractual life	7 years 14 days
Options outstanding, Wtd. Avg. exercise price (in dollars per share)	$ 32.31
Options exercisable, Number exercisable (in shares)	207
Options exercisable Wtd. Avg. Remaining Contractual Life	6 years 11 months 12 days
Options exercisable, Wtd. Avg. exercise price (in dollars per share)	$ 32.31

Financial Instruments

12 Months Ended

Dec. 31, 2019

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, 2019
	Carrying Value at December 31, 2019		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	28,332	$	—	$	28,332	$	—
Fixed income securities	1,892		—		1,892		—
Liabilities:
Interest rate swap derivatives	$	1,869	$	—	$	1,869	$	—



			Fair Value Measurements at December 31, 2018
	Carrying Value at December 31, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	20,892	$	—	$	20,892	$	—
Fixed income securities	1,801		—		1,801		—
Liabilities:
Interest rate swap derivatives	$	8,638	$	—	$	8,638	$	—

The Company’s Level 2 financial instruments included in the tables above as of December 31, 2019 and 2018 consist of interest rate swap derivative liabilities held by GEO and the Company's Australian subsidiary, 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. On May 22, 2019, the Company terminated the interest rate swap derivative liabilities in connection with a debt refinancing transaction by our Australian subsidiary. Refer to Note 8 - Derivative Financial Instruments and Note 13 - Debt for additional information.

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 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 Canadian dollar denominated securities, not actively traded, are valued using quoted rates for these and similar securities.

During the years ended December 31, 2019 and 2018, the Company transferred certain accounts receivable balances that had a carrying value of approximately $3.0 million and $6.9 million, respectively, to an unrelated third party. The transfers were accounted for as sales and the Company has no continuing involvement with the transferred assets. The Company received cash proceeds in connection with the sales of approximately $3.0 million and $6.9 million, respectively, and as such, there was no gain or loss in connection with the transactions.

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Apr. 05, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2018
Business Acquisition [Line Items]
Acquisition of CEC, net of cash acquired		$ 0	$ 0	$ 353,556
Goodwill		776,356	776,359	778,951
Community Education Centers
Business Acquisition [Line Items]
Percentage of voting interests acquired	100.00%
Acquisition of CEC, net of cash acquired	$ 353,600
Operating expenses			$ 2,300
Goodwill		$ 163,100		$ 165,656	$ 163,107

Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Data [Abstract]

Selected Quarterly Financial Data (Unaudited)

The Company’s selected quarterly financial data is as follows (in thousands, except per share data attributable to GEO):



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2019
Revenues	$	610,667	$	613,966	$	631,579	$	621,710
Operating income	74,777		81,175		78,159		66,302
Net Income	40,649		41,836		45,885		38,042
Net Income Attributable to The GEO Group, Inc.	40,705		41,914		45,932		38,052
Basic earnings per share:
Net income per share	$	0.34	$	0.35	$	0.39	$	0.32
Diluted earnings per share:
Net income per share *	$	0.34	$	0.35	$	0.39	$	0.32



	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2018
Revenues	$	564,917	$	583,509	$	583,530	$	599,430
Operating income	64,450		66,951		69,780		63,484
Net Income	34,920		37,325		39,229		33,353
Net Income Attributable to The GEO Group, Inc.	34,987		37,421		39,289		33,392
Basic earnings per share:
Net income per share	$	0.29	$	0.31	$	0.33	$	0.28
Diluted earnings per share:
Net income per share *	$	0.29	$	0.31	$	0.33	$	0.28

* Earnings per share table contains slight summation differences due to rounding.

Consolidated Statements of Shareholders' Equity - USD ($)
shares in Thousands, $ 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, 2016

$ 974,957

$ 1,125

$ 891,993

$ 112,763

$ (30,825)

$ 0

$ (99)

Beginning Balance (in shares) at Dec. 31, 2016

112,548

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

Proceeds from stock options exercised

6,962

$ 4

6,958

Proceeds from stock options exercised (in shares)

358

Stock based compensation expense

19,844

Shares withheld for net settlements of share-based awards

^[1]

(4,142)

$ (1)

(4,141)

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

^[1]

(136)

Restricted stock granted

$ 9

(9)

Restricted stock granted (in shares)

933

Restricted stock canceled

$ (1)

Restricted stock canceled (in shares)

Dividends - paid

(227,463)

Issuance of common stock - prospectus supplement

275,867

$ 104

275,763

Issuance of common stock - prospectus supplement (in shares)

10,350

Purchase of treasury shares

Purchase of treasury shares (in shares)

Issuance of common stock (ESPP)

497

Issuance of common stock (ESPP) (in shares)

Net Income

146,024

146,241

(217)

Ending Balance at Dec. 31, 2017

6,373

6,379

(6)

1,198,919

$ 1,240

1,190,906

31,541

(24,446)

(322)

Ending Balance (in shares) at Dec. 31, 2017

124,008

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

Proceeds from stock options exercised

1,887

$ 1

1,886

Proceeds from stock options exercised (in shares)

103

Stock based compensation expense

22,049

Shares withheld for net settlements of share-based awards

^[1]

(3,820)

$ (2)

(3,818)

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

^[1]

(173)

Restricted stock granted

$ 9

(9)

Restricted stock granted (in shares)

906

Restricted stock canceled

Restricted stock canceled (in shares)

(73)

Dividends - paid

(229,498)

Purchase of treasury shares

(95,175)

$ (95,175)

Purchase of treasury shares (in shares)

4,210

Issuance of common stock (ESPP)

534

Issuance of common stock (ESPP) (in shares)

Other adjustments to Additional Paid-In-Capital

^[2]

(632)

Net Income

144,827

145,089

(262)

Ending Balance at Dec. 31, 2018

813

828

(15)

1,039,904

$ 1,248

1,210,916

(52,868)

(23,618)

$ (95,175)

(599)

Ending Balance (in shares) at Dec. 31, 2018

120,585

4,210

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

Proceeds from stock options exercised

$ 1,258

$ 0

1,258

Proceeds from stock options exercised (in shares)

Stock based compensation expense

$ 22,344

22,344

Shares withheld for net settlements of share-based awards

^[1]

(4,179)

$ (2)

(4,177)

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

^[1]

(198)

Restricted stock granted

$ 8

(8)

Restricted stock granted (in shares)

788

Restricted stock canceled

Restricted stock canceled (in shares)

Dividends - paid

(232,546)

Purchase of treasury shares

$ 0

Purchase of treasury shares (in shares)

Increase in Ownership of Subsidiary

Issuance of common stock (ESPP)

532

Issuance of common stock (ESPP) (in shares)

Net Income

166,412

166,603

(191)

3,291

2,315

Ending Balance at Dec. 31, 2019

2,323

$ 996,048

$ 1,254

$ 1,230,865

$ (119,779)

$ (20,335)

$ (95,175)

$ (782)

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

121,225

4,210

[1]	During the years ended December 31, 2019, 2018 and 2017, 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 a cumulative-effect adjustment upon adoption of ASU No. 2016-16, "Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory." Refer to Note 1 - Summary of Business Organization, Operations and Significant Accounting Policies - Recent Accounting Pronouncements for further information.

Business Segments and Geographic Information (Geographic Information) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Geographical Information
Revenues	$ 621,710	$ 631,579	$ 613,966	$ 610,667	$ 599,430	$ 583,530	$ 583,509	$ 564,917	$ 2,477,922	$ 2,331,386	$ 2,263,420
Property and equipment, net	2,144,722				2,158,610				2,144,722	2,158,610	2,078,123
U.S. operations
Geographical Information
Revenues									2,216,401	2,073,286	1,952,210
Property and equipment, net	2,131,877				2,145,197				2,131,877	2,145,197	2,061,711
Australia operations
Geographical Information
Revenues									235,462	231,164	285,702
Property and equipment, net	12,215				13,006				12,215	13,006	16,281
South African operations
Geographical Information
Revenues									18,779	19,806	18,251
Property and equipment, net	182				88				182	88	131
United Kingdom operations
Geographical Information
Revenues									7,280	7,130	7,257
Property and equipment, net	$ 448				$ 319				$ 448	$ 319	$ 0

Business Combinations

12 Months Ended

Dec. 31, 2019

Business Combinations [Abstract]

Business Combinations

Community Education Centers Acquisition

On April 5, 2017, the Company completed its acquisition of CEC, pursuant to a definitive merger agreement entered into on February 12, 2017 between the Company, GEO/DE/MC/01 LLC, and CEC Parent Holdings LLC. CEC is a private provider of rehabilitation services for offenders in reentry and in-prison treatment facilities as well as management services for county, state and federal correctional and detention facilities. Under the terms of the merger agreement, the Company acquired 100% of the voting interests in CEC for $353.6 million.

The allocation of the purchase price for this transaction was complete as of March 31, 2018. During the measurement period, the Company adjusted provisional amounts with respect to the CEC acquisition that were recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. Those changes are reflected in the table below. The purchase price allocation as of December 31, 2017 and as of March 31, 2018 and adjustments made to the estimated acquisition date fair values during the fiscal year ended December 31, 2018 are as follows (in thousands):



	Acquisition Date Estimated Fair Value as of December 31, 2017		Measurement Period Adjustments			Final Acquisition Date Fair Value as of March 31, 2018
Accounts Receivable	$	32,869	$	—		$	32,869
Prepaid and other current assets	4,397		—			4,397
Property and equipment	126,510		—			126,510
Intangible assets	76,000		—			76,000
Favorable lease assets	3,110		—			3,110
Deferred income tax assets	4,116		44			4,160
Other non-current assets	4,327		—			4,327
Total assets acquired	$	251,329	$	44		$	251,373
Accounts payable and accrued expenses	51,651		(1,339		)	50,312
Unfavorable lease liabilities	1,299		—			1,299
Other non-current liabilities	10,479		(1,166		)	9,313
Total liabilities assumed	$	63,429	$	(2,505	)	$	60,924
Total identifiable net assets	187,900		2,549			190,449
Goodwill	165,656		(2,549		)	163,107
Total consideration paid, net of cash acquired	$	353,556	$	—		$	353,556

The Company recognized a reduction of operating expenses of $2.3 million related to the CEC acquisition during the

twelve months ended December 31, 2018 as a result of a recovery of funds held in escrow after the measurement period had

ended.

As shown above, the Company recorded $163.1 million of goodwill related to the purchase of CEC. The strategic benefits of

the merger include the Company's ability to further position itself to meet the demand for increasingly diversified correctional,

detention and community reentry facilities and services and the Company's ability to expand the delivery of enhanced in-

prison rehabilitation including evidence-based treatment, integrated with post-release support services through GEO's

Continuum of Care platform. These factors contributed to the goodwill that was recorded upon consummation of the

transaction. The Company does not believe that any of the goodwill recorded as a result of the CEC acquisition will be

deductible for federal income tax purposes.

Identifiable intangible assets purchased in the acquisition and their weighted average amortization

periods in total and by major intangible asset class, as applicable, are included in the table below:



	Weighted Average Useful Life (years)	Fair Value as of April 5, 2017
Facility management contracts	18	$	75,300
Covenants not to compete	1	700
Total acquired intangible assets		$	76,000

Pro forma financial information (Unaudited)

The results of operations of CEC are included in the Company's results of operations from April 5, 2017. The following

unaudited pro forma information combines the consolidated results of operations of the Company and CEC as if the

acquisition had occurred at January 1, 2017, which is the beginning of the earliest period presented. The pro forma amounts are

included for comparative purposes and may not necessarily reflect the results of operations that would have resulted had the

acquisition been completed at the beginning of the applicable period and may not be indicative of the results that will be

attained in the future (in thousands):



	Year Ended (unaudited)
	December 31, 2017
Pro forma revenues	$	2,300,000
Pro forma net income attributable to the GEO Group, Inc.	$	160,000

The unaudited pro forma combined financial information presented above is compiled from the financial statements of the combined companies and includes pro forma adjustments for: (i) estimated changes in depreciation expense, interest expense and amortization expense; (ii) adjustments to eliminate intercompany transactions; (iii) adjustments to remove approximately $15 million, for the year ended December 31, 2017, respectively, of non-recurring transaction and merger related costs directly related to the CEC acquisition that are included in the combined companies’ financial results; and (iv) the income tax impact of the adjustments. The unaudited pro forma financial information does not include any adjustments to reflect the impact of cost savings or other synergies that may result from this acquisition. As noted above, the unaudited pro forma financial information does not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future.

The Company has included revenue and earnings of approximately $171 million and $22 million, respectively, in its

consolidated statements of operations for the year ended December 31, 2017 for CEC activity since April 5, 2017, the

date of acquisition.

Summary of Business Organization, Operations and Significant Accounting Policies - Accounting Standards Implementation (Details) - USD ($)
$ in Thousands

Dec. 31, 2019

Jan. 01, 2019

Dec. 31, 2018

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Operating Lease Right-of-Use Assets, Net

^[1]

$ 0

$ 121,527

$ 0

Present value of future minimum lease payments

$ 123,499

Minimum | Accounting Standards Update 2016-02

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Operating Lease Right-of-Use Assets, Net

140,000

Maximum | Accounting Standards Update 2016-02

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Present value of future minimum lease payments

147,000

Tax Rate Reduction Related To Pension Liability | Accounting Standards Update 2018-02

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Tax Effect Of Tax Reform On Items Remaining in AOCI, Currency Translation | Accounting Standards Update 2018-02

700

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Distributions In Excess Of Earnings | Accounting Standards Update 2018-02

(1,700)

New Accounting Pronouncements or Change in Accounting Principle [Line Items]