0001564590-21-026027 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2021	May 06, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	The GEO Group, Inc.
Entity Central Index Key	0000923796
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		122,387,739
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	1-14260
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
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	GEO
Security Exchange Name	NYSE

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues	$ 576,377	$ 605,017
Operating expenses	428,151	461,746
Depreciation and amortization	34,117	33,327
General and administrative expenses	48,479	53,782
Operating income	65,630	56,162
Interest income	6,202	5,438
Interest expense	(31,844)	(34,180)
Gain on extinguishment of debt	3,038	1,563
Gain on sales of real estate	13,329	424
Income before income taxes and equity in earnings of affiliates	56,355	29,407
Provision for income taxes	7,936	6,546
Equity in earnings of affiliates, net of income tax provision of $340 and $444 respectively	2,064	2,260
Net income	50,483	25,121
Net loss attributable to noncontrolling interests	61	60
Net income attributable to The GEO Group, Inc.	$ 50,544	$ 25,181
Weighted-average common shares outstanding:
Basic	120,022	119,394
Diluted	120,417	119,933
Basic:
Net income per common share attributable to The GEO Group, Inc. - basic	$ 0.41	$ 0.21
Diluted:
Net income per common share attributable to The GEO Group, Inc. - diluted	0.41	0.21
Dividends declared per share	$ 0.25	$ 0.48

Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Income tax provision on equity in earnings of affiliates	$ 340	$ 444

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 50,483	$ 25,121
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(627)	(8,807)
Pension liability adjustment, net of tax provision of $41 and $28, respectively	156	107
Change in fair value of derivative instrument classified as cash flow hedge, net of tax (benefit) provision of $784 and $(1,207), respectively	2,948	(4,512)
Total other comprehensive income (loss), net of tax	2,477	(13,212)
Total comprehensive income	52,960	11,909
Comprehensive loss attributable to noncontrolling interests	63	108
Comprehensive income attributable to The GEO Group, Inc.	$ 53,023	$ 12,017

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Tax provision on pension liability adjustment	$ 41	$ 28
Tax provision (benefit) on loss on derivative instrument classified as a cash flow hedge	$ 784	$ (1,207)

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 289,391	$ 283,524
Restricted cash and cash equivalents	29,317	26,740
Accounts receivable, less allowance for doubtful accounts of $3,334 and $4,183, respectively	346,817	362,668
Contract receivable, current portion	6,357	6,283
Prepaid expenses and other current assets	29,081	32,108
Total current assets	700,963	711,323
Restricted Cash and Investments	39,924	37,338
Property and Equipment, Net	2,114,058	2,122,195
Assets Held for Sale	6,926	9,108
Contract Receivable	389,713	396,647
Operating Lease Right-of-Use Assets, Net	125,269	124,727
Deferred Income Tax Assets	36,604	36,604
Goodwill	755,244	755,250
Intangible Assets, Net	182,481	187,747
Other Non-Current Assets	76,265	79,187
Total Assets	4,427,447	4,460,126
Current Liabilities
Accounts payable	84,469	85,861
Accrued payroll and related taxes	87,466	67,797
Accrued expenses and other current liabilities	195,763	202,378
Operating lease liabilities, current portion	28,223	29,080
Current portion of finance lease liabilities, long-term debt and non-recourse debt	27,135	26,180
Total current liabilities	423,056	411,296
Deferred Income Tax Liabilities	30,726	30,726
Other Non-Current Liabilities	114,521	115,555
Operating Lease Liabilities	103,491	101,375
Finance Lease Liabilities	2,890	2,988
Long-Term Debt	2,494,987	2,561,881
Non-Recourse Debt	317,603	324,223
Commitments and Contingencies (Note 11)
Shareholders’ Equity
Preferred stock, $0.01 par value, 30,000,000 shares authorized, none issued or outstanding	0	0
Common stock, $0.01 par value, 187,500,000 shares authorized, 127,154,970 and 126,153,173 issued and 122,302,598 and 121,318,175 outstanding, respectively	1,272	1,262
Additional paid-in capital	1,268,027	1,262,267
Distributions in excess of earnings	(202,834)	(222,892)
Accumulated other comprehensive loss	(20,110)	(22,589)
Treasury stock, 4,852,372 and 4,834,998 shares, at cost, respectively	(105,099)	(104,946)
Total shareholders’ equity attributable to The GEO Group, Inc.	941,256	913,102
Noncontrolling interests	(1,083)	(1,020)
Total shareholders’ equity	940,173	912,082
Total Liabilities and Shareholders’ Equity	$ 4,427,447	$ 4,460,126

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,334	$ 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)	127,154,970	126,153,173
Common stock, shares outstanding (in shares)	122,302,598	121,318,175
Treasury stock, shares (in shares)	4,852,372	4,834,998

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flow from Operating Activities:
Net income	$ 50,483	$ 25,121
Net loss attributable to noncontrolling interests	61	60
Net income attributable to The GEO Group, Inc.	50,544	25,181
Adjustments to reconcile net income attributable to The GEO Group, Inc. to net cash provided by operating activities:
Depreciation and amortization expense	34,117	33,327
Stock-based compensation	7,402	9,768
Gain on extinguishment of debt	(3,038)	(1,563)
Amortization of debt issuance costs, discount and/or premium and other non-cash interest	1,683	1,670
Provision for doubtful accounts	614	25
Equity in earnings of affiliates, net of tax	(2,064)	(2,260)
Dividends received from unconsolidated joint venture	1,399	633
Loss on sale/disposal of property and equipment, net	1,664	304
Gain on sales of real estate	(13,329)	(424)
Changes in assets and liabilities, net of effects of acquisitions:
Changes in accounts receivable, prepaid expenses and other assets	26,846	53,210
Changes in contract receivable	1,611	1,206
Changes in accounts payable, accrued expenses and other liabilities	17,468	7,182
Net cash provided by operating activities	124,917	128,259
Cash Flow from Investing Activities:
Insurance proceeds - damaged property	469	0
Proceeds from sale of property and equipment	39	264
Proceeds from sales of real estate	15,673	0
Proceeds from sale of assets held for sale	0	1,300
Change in restricted investments	(2,191)	3,363
Capital expenditures	(27,276)	(30,652)
Net cash used in investing activities	(13,286)	(25,725)
Cash Flow from Financing Activities:
Proceeds from long-term debt	240,000	96,000
Payments on long-term debt	(298,522)	(125,505)
Payments on non-recourse debt	(1,755)	(1,362)
Taxes paid related to net share settlements of equity awards	(1,901)	(2,632)
Proceeds from issuance of common stock in connection with ESPP	116	150
Payment for repurchases of common stock	0	(9,009)
Debt issuance costs	(9,587)	0
Cash dividends paid	(30,486)	(57,703)
Net cash used in financing activities	(102,135)	(100,061)
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	(657)	(7,364)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents	8,839	(4,891)
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period	311,853	67,472
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period	320,692	62,581
Non-cash Investing and Financing activities:
Right-of-use assets obtained from operating lease liabilities	3,764	0
Equipment obtained from finance lease liabilities	794	0
Dividends paid in treasury shares	153	0
Conversion of pension liability to shares of common stock	0	8,925
Capital expenditures in accounts payable and accrued expenses	$ 4,408	$ 3,304

Basis of Presentation

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Basis of Presentation

1. BASIS OF PRESENTATION

The GEO Group, Inc., a Florida corporation, and subsidiaries (the “Company” or “GEO”) is a fully-integrated real estate investment trust (“REIT”) specializing in the ownership, leasing and management of secure facilities, processing centers and community reentry centers in the United States, Australia, South Africa and the United Kingdom. The Company owns, leases and operates a broad range of facilities including maximum, medium and minimum security facilities, processing centers, as well as community-based reentry facilities and offers an expanded delivery of rehabilitation services under its 'GEO Continuum of Care' platform. The 'GEO Continuum of Care' program integrates enhanced rehabilitative programs, which are evidence-based and include cognitive behavioral treatment and post-release services, and provides academic and vocational classes in life skills and treatment programs while helping individuals reintegrate into their communities. The Company develops new facilities based on contract awards, using its project development expertise and experience to design, construct and finance what it believes are state-of-the-art facilities that maximize security and efficiency. The Company provides innovative compliance technologies, industry-leading monitoring services, and evidence-based supervision and treatment programs for community-based parolees, probationers and pretrial defendants. The Company also provides secure transportation services for individuals as contracted domestically and in the United Kingdom through its joint venture GEO Amey PECS Ltd. (“GEOAmey”). At March 31, 2021, the Company’s worldwide operations include the management and/or ownership of approximately 92,000 beds at 116 facilities, including idle facilities, projects under development and recently awarded contracts, and also include the provision of community supervision services for more than 210,000 individuals, including over 100,000 through an array of technology products including radio frequency, GPS, and alcohol monitoring devices.

The Company's unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States and the instructions to Form 10-Q and consequently do not include all disclosures required by Form 10-K. The accounting policies followed for quarterly financial reporting are the same as those disclosed in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 16, 2021 for the year ended December 31, 2020. The accompanying December 31, 2020 consolidated balance sheet has been derived from those audited financial statements. Additional information may be obtained by referring to the Company’s Form 10-K for the year ended December 31, 2020. In the opinion of management, all adjustments (consisting only of normal recurring items) necessary for a fair presentation of the financial information for the interim periods reported in this Quarterly Report on Form 10-Q have been made. Results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results for the entire year ending December 31, 2021, or for any other future interim or annual periods.

Risks and uncertainties

Executive Order

On January 26, 2021, President Biden signed an executive order directing the United States Attorney General not to renew Department of Justice (“DOJ”) contracts with privately operated criminal detention facilities, as consistent with applicable law (the “Executive Order”). Two agencies of the DOJ, the Bureau of Prisons “(BOP”) and U.S. Marshals Service (“USMS”), utilize GEO’s services. The BOP houses inmates who have been convicted of federal crimes, and the USMS is generally responsible for detainees who are awaiting trial or sentencing in U.S. federal courts. GEO’s contracts with the BOP for its company-owned 1,940-bed Great Plains Correctional Facility, company-owned 1,732-bed Big Spring Correctional Facility, company-owned 1,800-bed Flightline Correctional Facility, and company-owned 1,800-bed North Lake Correctional Facility have renewal option periods that expire on May 31, 2021, November 30, 2021, November 30, 2021, and September 30, 2022, respectively. Additionally, the contracts with the BOP for the county owned and managed 1,800-bed Reeves County Detention Center I & II and the 1,376-bed Reeves County Detention Center III have renewal option periods that expire September 30, 2022 and June 30, 2022, respectively. The Company has a management agreement with Reeves County, Texas for the management oversight of these two county-owned facilities. In total, the Great Plains, Big Spring, Flightline, North Lake Correctional Facilities, Reeves County Detention Center I & II and Reeves County Detention Center III generated approximately $145 million in revenues during the year ended December 31, 2020. The BOP has experienced a decline in federal prison populations over the last several years, a trend that has more recently been accelerated by the COVID-19 global pandemic. As a result of the Executive Order and the decline in federal prison populations, the above described contracts with the BOP may not be renewed over the coming years. On March 5, 2021, the Company was notified by the BOP that it has decided to not exercise its contract renewal option for the company-owned, 1,940-bed Great Plains Correctional Facility in Oklahoma, when the contract base period expires on May 31, 2021. On March 25, 2021 the Company was notified that the BOP will terminate its contract with the county-owned and managed Reeves I & II effective May 10, 2021. On March 15, 2021, the Company announced that the USMS has decided to not exercise the contract renewal option for its company-owned, 222-bed Queens Detention Facility in New York, when the contract base period ended on March 31, 2021.

Quarterly Dividends

On April 7, 2021, GEO announced that its Board of Directors (the “Board”) had immediately suspended GEO’s quarterly dividend payments with the goal of maximizing the use of cash flows to repay debt, deleverage and internally fund growth. While GEO currently intends to maintain its corporate tax structure as a REIT, the Board is evaluating GEO’s corporate tax structure as a REIT. The Board’s evaluation of the current corporate tax structure and GEO’s REIT status is expected to take into consideration, among other factors, potential changes to GEO’s financial operating performance, as well as, potential changes to the Internal Revenue Code of 1986, as amended (the “Code”) applicable to U.S. corporations and REITs. As a part of this evaluation, GEO has engaged financial advisors and legal advisors to assist in evaluating various capital structure alternatives. The Board expects to conclude its evaluation in the fourth quarter of 2021, and should the Board determine to maintain GEO’s REIT status, an additional dividend payment may be required before year-end in order to meet the minimum REIT distribution requirements under the Code.

COVID-19

In December 2019, a novel strain of coronavirus, now known as COVID-19 (“COVID-19”), was reported in Wuhan, China and has since extensively impacted the global health and economic environment. In January 2020, the World Health Organization (“WHO”) declared it a Public Health Emergency of International Concern. On February 28, 2020, the WHO raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic.

The Company has been closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how it will impact those entrusted to its care and governmental partners. During the year ended December 31, 2020, the Company did incur disruptions from the COVID-19 pandemic but, it is unable to predict the overall future impact that the COVID-19 pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties related to the pandemic.The COVID-19 pandemic and related government-imposed mandatory closures, the efficacy and distribution of COVID-19 vaccines, shelter in-place restrictions and social distancing protocols and increased expenditures on engineering controls, personal protective equipment, diagnostic testing, medical expenses, temperature scanners, protective plexiglass barriers and increased sanitation have had, and will continue to have, a severe impact on global economic conditions and the environment in which the Company operates. Starting in early 2020, the Company began to observe negative impacts from the pandemic on its performance in its secure services business, specifically with its U.S. Immigration and Customs Enforcement (“ICE”) Processing Centers and U.S. Marshals Facilities, as a result of declines in crossings and apprehensions along the Southwest border and a decrease in court sentencing at the federal level. Various governmental agencies have also taken steps to decrease the number of those in custody to adhere to social distancing protocols. Additionally, the Company’s reentry services business conducted through its GEO Care business segment has also been negatively impacted, specifically its residential reentry centers and non-residential day reporting programs were impacted by declines in programs due to lower levels of referrals by federal, state and local agencies. Additionally, the Company has experienced the transmission of COVID-19 among detainees and staff at most of its facilities during 2020 and continuing into 2021. If the Company is unable to mitigate the transmission of COVID-19 at its facilities it could experience a material adverse effect on its financial position, results of operations and cash flows. Although the Company is unable to predict the duration or scope of the COVID-19 pandemic or estimate the extent of the negative financial impact to its operating results, an extended period of depressed economic activity necessitated to combating the disease, and the severity and duration of the related global economic crisis may adversely impact its future financial performance.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

2. GOODWILL AND OTHER INTANGIBLE ASSETS

The Company has recorded goodwill as a result of its various business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company's goodwill balances from January 1, 2021 to March 31, 2021 are as follows (in thousands):

	January 1, 2021		Foreign Currency Translation			March 31, 2021
U.S. Secure Services	$	316,366	$	—		$	316,366
GEO Care [1]		438,443		—			438,443
International Services		441		(6	)		435
Total Goodwill	$	755,250	$	(6	)	$	755,244

[1] Net of accumulated loss on impairment of $21.1 million related to the Community Based reporting unit for an impairment charge incurred during the fourth quarter of 2020.

As previously discussed in Note 1 – Basis of Presentation, on January 26, 2021, President Biden signed an Executive Order directing the United States Attorney General not to renew DOJ contracts with privately operated criminal detention facilities, as consistent with applicable law. The exact details regarding the timing scope and impacts of this plan is unknown, and uncertainties exist about the capacity of other DOJ facilities to absorb the populations which are currently housed in public-private partnerships. The Company considered the issuance of the Executive Order to be a “triggering event” that requires certain quantitative testing for potential impairment of goodwill for its U.S. Secure Services reporting unit.

The quantitative testing performed during the quarter ended March 31, 2021 resulted in no impairment in the goodwill of the U.S. Secure Services reporting unit. The carrying value of the U.S. Secure Services reporting unit is all of the goodwill in the U.S. Secure Services segment in the table above. The calculated fair value of the U.S. Secure Services reporting unit exceeded its carrying value. The percentage that the fair value exceeded the carrying value was approximately 6%. The Company used a third-party valuation firm to determine the estimated fair value of the reporting unit using a discounted cash flow model which is dependent on several significant estimates and assumptions related to forecasts of future cash flows and the weighted average cost of capital, among other factors. A discount rate of 10% was utilized to adjust the cash flow forecasts based on the Company’s estimate of a market participant’s weighted-average cost of capital. Growth rates for sales, profits and other assumptions were determined using inputs from the Company’s long-term planning process. The Company also makes estimates for discount rates and other factors based on market conditions, historical experience and other economic factors. Additionally, management made certain assumptions relating to future re-activations and sales of certain idle facilities, including those where the BOP and USMS have recently notified the Company of its intention not to exercise upcoming renewal options and/or not to rebid contracts with upcoming contract expirations, A change in one or a combination of these assumptions could significantly impact the fair value of the reporting unit. For example, a 1% increase in the discount rate would cause the carrying value to exceed the fair value and trigger an impairment of approximately $76 million or 24% of the goodwill balance at March 31 2021 in the U.S. Secure Services reporting unit. Conversely, a 1% decrease in the discount rate would increase the percentage that the fair value exceeded the carrying value to 22%.

Future impairment charges may be required on the Company’s goodwill, as the discounted cash flow model is subject to change based upon the Company’s performance, overall market conditions, the state of the credit markets and political environment. The Company will continue to monitor these relevant factors to determine if an additional interim impairment assessment is warranted. If there were to be a deterioration in management’s forecasted financial performance, an increase in discount rates or a reduction in long-term growth rates, these factors could all be potential indicators of an impairment charge to our remaining goodwill, which could be material, in future periods.

The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. The Company's intangible assets include facility management contracts, covenants not to compete, trade names and technology, as follows (in thousands):

	March 31, 2021									December 31, 2020
	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	$	308,393	$	(173,739	)	$	134,654	$	308,398	$	(168,848	)	$	139,550
Technology		7.3		33,700		(31,073	)		2,627		33,700		(30,703	)		2,997
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	387,293	$	(204,812	)	$	182,481	$	387,298	$	(199,551	)	$	187,747

Amortization expense was $5.3 million and $5.6 million for the three months ended March 31, 2021 and 2020, respectively. Amortization expense was primarily related to the U.S Secure Services and GEO Care segments' amortization of acquired facility management contracts. As of March 31, 2021, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 2.1 years.

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

Fiscal Year	Total Amortization Expense
Remainder of 2021	$	14,751
2022		18,133
2023		13,489
2024		9,756
2025		9,704
Thereafter		71,448
	$	137,281

Financial Instruments

3 Months Ended

Mar. 31, 2021

Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]

Financial Instruments

3. FINANCIAL INSTRUMENTS

The following tables provide a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):

			Fair Value Measurements at March 31, 2021
	Carrying Value at March 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investment:
Rabbi Trust	$	37,940	$	—	$	37,940	$	—
Fixed income securities		1,941		—		1,941		—
Liabilities:
Interest rate swap derivatives	$	2,282	$	—	$	2,282	$	—

			Fair Value Measurements at December 31, 2020
	Carrying Value at December 31, 2020		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	35,749	$	—	$	35,749	$	—
Fixed income securities		1,932		—		1,932		—
Liabilities:
Interest rate swap derivatives	$	6,015	$	—	$	6,015	$	—

The Company’s Level 2 financial instruments included in the tables above as of March 31, 2021 and December 31, 2020 consist of interest rate swap derivative liabilities held by GEO, the Company's rabbi trust established for a GEO employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and an investment in Canadian dollar denominated fixed income securities.

The interest rate swap derivative liabilities are valued using a discounted cash flow model based on projected borrowing rates. The Company's restricted investment in the rabbi trust is invested in Company-owned life insurance policies which are recorded at their cash surrender values. These investments 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.

Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities

4. FAIR VALUE OF ASSETS AND LIABILITIES

The Company’s consolidated balance sheets reflect certain financial assets and liabilities at carrying value. The carrying value of certain debt instruments, if applicable, is net of unamortized discount. The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at March 31, 2021 and December 31, 2020 (in thousands):

			Estimated Fair Value Measurements at March 31, 2021
	Carrying Value as of March 31, 2021		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	289,391	$	289,391	$	289,391	$	—	$	—
Restricted cash and investments		31,301		31,301		31,301		—		—
Liabilities:
Borrowings under senior credit facility	$	1,399,605	$	1,267,235	$	—	$	1,267,235	$	—
5.125% Senior Notes due 2023		278,783		246,386		—		246,386		—
5.875% Senior Notes due 2024		225,293		180,240		—		180,240		—
6.00% Senior Notes due 2026		350,000		255,546		—		255,546		—
6.50% Exchangeable Senior Notes due 2026		230,000		240,693		—		240,693		—
Non-recourse debt		338,481		338,481		—		338,481		—

			Estimated Fair Value Measurements at December 31, 2020
	Carrying Value as of December 31, 2020		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	283,524	$	283,524	$	283,524	$	—	$	—
Restricted cash and investments		28,329		28,329		28,329		—		—
Liabilities:
Borrowings under senior credit facility	$	1,474,437	$	1,342,066	$	—	$	1,342,066	$	—
5.875% Senior Notes due 2022		193,958		192,736		—		192,736		—
5.125% Senior Notes due 2023		281,783		256,096		—		256,096		—
5.875% Senior Notes due 2024		242,500		202,458		—		202,458		—
6.00% Senior Notes due 2026		350,000		279,493		—		279,493		—
Non-recourse debt		344,614		344,632		—		344,632		—

The fair values of the Company’s cash and cash equivalents, and restricted cash and investments approximates the carrying values of these assets at March 31, 2021 and December 31, 2020. Restricted cash consists of money market funds, bank deposits, commercial paper and time deposits used for asset replacement funds and other funds contractually required to be maintained at the Company's Australian subsidiary. The fair value of the money market funds and bank deposits is based on quoted market prices (Level 1) 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 5.875% senior unsecured notes due 2022 ("5.875% Senior Notes due 2022"), 5.875% senior unsecured notes due 2024 ("5.875% Senior Notes due 2024"), 6.00% senior unsecured notes due 2026 (“6.00% Senior Notes”), the 5.125% senior unsecured notes due 2023 ("5.125% Senior Notes") and the 6.50% exchangeable senior unsecured notes due 2026 (“Convertible Notes” or “6.50% Exchangeable Notes due 2026”) although not actively traded, are based on published financial data for these instruments. On February 25, 2021, the Company completed a private offering of $230 million aggregate principal amount of 6.50% exchangeable senior unsecured notes due 2026. The Company used the net proceeds from this offering to fund the redemption of the then outstanding amount of the Company’s 5.875% Senior Notes due 2022. Refer to Note 10 – Debt for further information. The fair values of the Company's non-recourse debt related to the Washington Economic Development Finance Authority ("WEDFA") and the Company’s Australian subsidiary are estimated based on market prices of similar instruments. The fair value of borrowings under the senior credit facility is based on an estimate of trading value considering the Company’s borrowing rate, the undrawn spread and similar instruments.

- Definition

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

+ References + Details

Restricted Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2021

Cash And Cash Equivalents [Abstract]

Restricted Cash and Cash Equivalents

5. RESTRICTED CASH AND CASH EQUIVALENTS

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

	March 31, 2021			March 31, 2020
Cash and cash equivalents	$	289,391		$	32,414
Restricted cash and cash equivalents - current		29,317			27,865
Restricted cash and investments - non-current		39,924			27,271
Less Restricted investments - non-current		(37,940	)		(24,969	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	320,692		$	62,581

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 an employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan and is not considered to be a restricted cash equivalent. Refer to Note 3 - Financial Instruments.

Shareholders' Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Shareholders' Equity

6. SHAREHOLDERS’ EQUITY

The following tables present the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three months ended March 31, 2021 and 2020 (in thousands):

	Common shares						Additional Paid-In			Distributions in Excess of			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Earnings			Loss			Shares		Amount			Interests			Equity
For the Three Months Ended March 31, 2021
Balance, January 1, 2021		121,318		$	1,262		$	1,262,267		$	(222,892	)	$	(22,589	)		4,835	$	(104,946	)	$	(1,020	)	$	912,082
Stock-based compensation expense		—			—			7,402			—			—			—		—			—			7,402
Restricted stock granted		1,248			12			(12	)		—			—			—		—			—			—
Restricted stock canceled		(18	)		—			—			—			—			—		—			—			—
Dividends paid [1]		—			—			—			(30,486	)		—			—		—			—			(30,486	)
Other adjustment to additional paid-in capital [2]		—			—			153			—			—			—		—			—			153
Purchase of treasury shares [2]		(17	)		—			—			—			—			17		(153	)		—			(153	)
Shares withheld for net settlements of share- based awards [3]		(243	)		(2	)		(1,899	)		—			—			—		—			—			(1,901	)
Issuance of common stock - ESPP		15			—			116			—			—			—		—			—			116
Net income (loss)		—			—			—			50,544			—			—		—			(61	)		50,483
Other comprehensive income (loss)		—			—			—			—			2,479			—		—			(2	)		2,477
Balance, March 31, 2021		122,303		$	1,272		$	1,268,027		$	(202,834	)	$	(20,110	)		4,852	$	(105,099	)	$	(1,083	)	$	940,173

	Common shares						Additional Paid-In			Distributions in Excess of			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Earnings			Loss			Shares		Amount			Interests			Equity
For the Three Months Ended March 31, 2020
Balance, January 1, 2020		121,225		$	1,254		$	1,230,865		$	(119,779	)	$	(20,335	)		4,210	$	(95,175	)	$	(782	)	$	996,048
Proceeds from exercise of stock options		0			—			0			—			—			—		—			—			-
Stock-based compensation expense		—			—			9,768			—			—			—		—			—			9,768
Restricted stock granted		900			9			(9	)		—			—			—		—			—			-
Restricted stock canceled		(21	)		—			—			—			—			—		—			—			-
Dividends paid [1]		—			—			—			(57,703	)		—			—		—			—			(57,703	)
Other adjustment to paid-in capital [2]								8,925																	8,925
Purchase of treasury shares		(554	)		—			—			—			—			554		(9,009	)					(9,009	)
Shares withheld for net settlements of share- based awards [3]		(174	)		(2	)		(2,630	)		—			—			—		—			—			(2,632	)
Issuance of common stock - ESPP		10			1			149			—			—			—		—			—			150
Net income (loss)		—			—			—			25,181			—			—		—			(60	)		25,121
Other comprehensive income (loss)		—			—			—			—			(13,164	)		—		—			(48	)		(13,212	)
Balance, March 31, 2020		121,386		$	1,262		$	1,247,068		$	(152,301	)	$	(33,499	)		4,764	$	(104,184	)	$	(890	)	$	957,456

[1]	Dividends paid are net of dividends forfeited on unvested shares of restricted stock.

[2]

On February 26, 2020 (the "Effective Date"), the Company and its Chief Executive Officer (“CEO”) entered into an amended and restated executive retirement agreement that amends the CEO’s executive retirement agreement. The amended and restated executive retirement agreement provides that upon the CEO’s retirement from the Company, the Company will pay a lump sum amount initially equal to $8,925,065 (the “Grandfathered Payment”) which will be paid in the form of a fixed number of shares of the Company’s common stock. The fair value of the Grandfathered Payment was reclassified to stockholders’ equity. Additional shares of the Company’s common stock are credited with a value equal to any dividends declared and paid on the Company’s shares of common stock, calculated by reference to the closing price of the Company’s common stock on the payment date for such dividends (rounded up to the nearest whole number of shares). Refer to Note 13 – Benefit Plans for further information.

[3]	During the three months ended March 31, 2021 and 2020, the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon vesting of shares of restricted stock held by employees.

REIT Distributions

As a REIT, GEO 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) and began paying regular quarterly REIT dividends in 2013. The amount, timing and frequency of future dividends, however, will be at the sole discretion of GEO's Board and will be declared based upon various factors, many of which are beyond GEO's control, including, GEO's financial condition and operating cash flows, the amount required to maintain REIT status, limitations on distributions in GEO's existing and future debt instruments, limitations on GEO's ability to fund distributions using cash generated through GEO's taxable REIT subsidiaries ("TRSs") and other factors that GEO's Board may deem relevant. On April 7, 2021, GEO’s Board immediately suspended GEO’s quarterly dividend payments. Refer to Note 15 – Subsequent Events for further information.

During the three months ended March 31, 2021 and the year ended December 31, 2020, GEO declared and paid the following regular cash distributions to its shareholders as follows:

Declaration Date	Record Date	Payment Date	Distribution Per Share		Aggregate Payment Amount (in millions)
February 3, 2020	February 14, 2020	February 21, 2020	$	0.48	$	58.2
April 6, 2020	April 17, 2020	April 24, 2020	$	0.48	$	58.5
July 7, 2020	July 17, 2020	July 24, 2020	$	0.48	$	58.5
October 6, 2020	October 16, 2020	October 23, 2020	$	0.34	$	41.5
January 15, 2021	January 25, 2021	February 1, 2021	$	0.25	$	30.5

Stock Buyback Program

On February 14, 2018, the Company announced that its Board authorized a stock buyback program authorizing the Company to repurchase up to a maximum of $200.0 million of its shares of common stock. The stock buyback program was to be funded primarily with cash on hand, free cash flow and borrowings under the Company's $900.0 million revolving credit facility (the "Revolver"). The program was effective through October 20, 2020. The stock buyback program was intended to be implemented through purchases made from time to time in the open market or in privately negotiated transactions, in accordance with applicable Securities and Exchange Commission ("SEC") requirements. The stock buyback program did not obligate the Company to purchase any specific amount of the Company's common stock and could have been suspended or extended at any time at the discretion of the Company's Board.

Automatic Shelf Registration on Form S-3

On October 30, 2020, the Company filed an automatic shelf registration on Form S-3 with the SEC that enables the Company to offer for sale, from time to time and as the capital markets permit, an unspecified amount of common stock, preferred stock, debt securities, guarantees of debt securities, warrants and units. Each time the Company offers to sell securities, the Company will provide a prospectus supplement that will contain specific information about the terms of that offering and the securities being offered. The shelf registration statement became automatically effective upon filing and is valid for three years.

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 (loss) 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 within shareholders' equity and comprehensive income (loss).

The components of accumulated other comprehensive income (loss) attributable to GEO within shareholders' equity are as follows:

	Three Months Ended March 31, 2021
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2021	$	(9,207	)	$	(4,752	)	$	(8,630	)	$	(22,589	)
Current-period other comprehensive income (loss)		(626	)		2,949			156			2,479
Balance, March 31, 2021	$	(9,833	)	$	(1,803	)	$	(8,474	)	$	(20,110	)

	Three Months Ended March 31, 2020
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2020	$	(12,314	)	$	(1,476	)	$	(6,545	)	$	(20,335	)
Current-period other comprehensive income (loss)		(8,759	)		(4,512	)		107			(13,164	)
Balance, March 31, 2020	$	(21,073	)	$	(5,988	)	$	(6,438	)	$	(33,499	)

(1)

The foreign currency translation related to noncontrolling interests was not significant at March 31, 2021 or 2020.

Equity Incentive Plans

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans

7. EQUITY INCENTIVE PLANS

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

Stock Options

The Company uses a Black-Scholes option valuation model to estimate the fair value of each time-based or performance-based option awarded. For options granted during the three months ended March 31, 2021, the fair value was estimated using the following assumptions: (i) volatility of 43.28%; (ii) expected term of 5 years; (iii) risk free interest rate of 0.24%; and (iv) expected dividend yield of 13.30%. A summary of the activity of stock option awards issued and outstanding under Company plans was as follows for the three months ended March 31, 2021:

	Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(in thousands)							(in thousands)
Options outstanding at January 1, 2021		1,951		$	22.07		6.62	$	—
Options granted		477			7.52
Options exercised		—			—
Options forfeited/canceled/expired		(115	)		16.38
Options outstanding at March 31, 2021		2,313		$	19.35		7.21	$	112
Options vested and expected to vest at March 31, 2021		2,169		$	19.84		7.70	$	93
Options exercisable at March 31, 2021		1,303		$	24.22		5.75	$	—

On March 1, 2021, the Company granted approximately 477,000 options to certain employees which had a per share grant date fair value of $0.79. For the three months ended March 31, 2021 and 2020, the amount of stock-based compensation expense related to stock options was $0.2 million and $0.3 million, respectively. As of March 31, 2021, the Company had $1.7 million of unrecognized compensation costs related to non-vested stock option awards that are expected to be recognized over a weighted average period of 2.6 years.

Restricted Stock

Compensation expense for nonvested stock awards is recorded over the vesting period based on the fair value at the date of grant. Generally, the restricted stock awards vest in equal increments over either a three or four-year period. The fair value of restricted stock awards, which do not contain a market-based vesting condition, is determined using the closing price of the Company's common stock on the date of grant. The Company has historically issued share-based awards with service-based, performance-based and market-based vesting criteria.

A summary of the activity of restricted stock outstanding is as follows for the three months ended March 31, 2021:

	Shares			Wtd. Avg. Grant Date Fair Value
	(in thousands)
Restricted stock outstanding at January 1, 2021		2,154		$	20.61
Granted		1,248			7.45
Vested		(785	)		22.03
Forfeited/canceled		(18	)		15.16
Restricted stock outstanding at March 31, 2021		2,599		$	13.31

On March 1, 2021, the Company granted approximately 1,248,000 shares of restricted stock to certain employees and executive officers. Of these awards, 644,000 are market and performance-based awards which will be forfeited if the Company does not achieve certain annual metrics during 2021, 2022 and 2023.

The vesting of these 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, 2021 to December 31, 2023 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, 2021 to December 31, 2023. 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.

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 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. 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 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 and previously recorded compensation expense is not reversed if the market condition is never met. The fair value of these awards 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 key assumptions: (i) volatility of 46.9%; (ii) beta of 0.79; and (iii) risk free rate of 0.24%.

For the three months ended March 31, 2021 and 2020, the Company recognized $7.2 million and $9.5 million, respectively, of compensation expense related to its restricted stock awards. As of March 31, 2021, the Company had $27.2 million of unrecognized compensation costs related to non-vested restricted stock awards, including non-vested restricted stock awards with performance-based and market-based vesting, that are expected to be recognized over a weighted average period of 2.5 years.

Employee Stock Purchase Plan

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

The Amended ESPP is considered to be non-compensatory. As such, there is no compensation expense required to be recognized. Share purchases under the Amended ESPP are made on the last day of each month. During the three months ended March 31, 2021, 14,770 shares of the Company's common stock were issued in connection with the Amended ESPP.

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

8. EARNINGS PER SHARE

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

	Three Months Ended
	March 31, 2021			March 31, 2020
Net income	$	50,483		$	25,121
Net loss attributable to noncontrolling interests		61			60
Less: Undistributed income allocable to participating securities		(1,420	)		-
Net income attributable to The GEO Group, Inc. available to common stockholders		49,124			25,181
Basic earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		120,022			119,394
Per share amount	$	0.41		$	0.21
Diluted earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		120,022			119,394
Dilutive effect of equity incentive plans		395			539
Weighted average shares assuming dilution		120,417			119,933
Per share amount	$	0.41		$	0.21

For the three months ended March 31, 2021, 2,067,461 weighted average shares of common stock underlying options were excluded from the computation of diluted earnings per share ("EPS") because the effect would be anti-dilutive. There were 1,021,859 common stock equivalents from restricted shares that were anti-dilutive for the period.

For the three months ended March 31, 2020, 1,626,201 weighted average shares of common stock underlying options were excluded from the computation of diluted EPS because the effect would be anti-dilutive. There were 967,784 common stock equivalents from restricted shares that were anti-dilutive for the period.

On February 25, 2021, the Company’s wholly-owned subsidiary, GEO Corrections Holdings, Inc. (“GEOCH”), completed a private offering of $230 million aggregate principal amount of 6.50% Exchangeable Senior Unsecured Notes due 2026. Refer to Note 10 – Debt for additional information. As of March 31, 2021, conditions had not been met to exchange the 6.50% Exchangeable Notes due 2026 into shares of the Company’s common stock. Approximately 9.1 million shares of potential common shares associated with the conversion option embedded in the convertible notes were excluded from the computation for the three months ended March 31, 2021 as the Company’s average stock price during the period was lower than the exchange price.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

9. 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, net of applicable taxes. Total unrealized gains recorded in other comprehensive income, net of tax, related to these cash flow hedges was $2.9 million during the three months ended March 31, 2021. The total fair value of the swap liabilities as of March 31, 2021 was $2.3 million and is recorded as a component of Other Non-Current liabilities within the accompanying consolidated 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 10 - Debt for additional information.

The Company’s Australian subsidiary had previously 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 had previously 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, 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. Refer to Note 10 - Debt for additional information.

Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

10. DEBT

Debt outstanding as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands):

	March 31, 2021			December 31, 2020
Senior Credit Facility:
Term loan	$	768,000		$	770,000
Unamortized discount on term loan		(1,566	)		(1,705	)
Unamortized debt issuance costs on term loan		(3,715	)		(4,043	)
Revolver		631,605			704,437
Total Senior Credit Facility		1,394,324			1,468,689
6.50% Exchangeable Senior Notes:
Notes Due in 2026		230,000			—
Unamortized debt issuance costs		(9,404	)		—
Total 6.50% Exchangeable Senior Notes Due in 2026		220,596			—
6.00% Senior Notes:
Notes Due in 2026		350,000			350,000
Unamortized debt issuance costs		(3,562	)		(3,709	)
Total 6.00% Senior Notes Due in 2026		346,438			346,291
5.875% Senior Notes:
Notes Due in 2024		225,293			242,500
Unamortized debt issuance costs		(1,750	)		(2,000	)
Total 5.875% Senior Notes Due in 2024		223,543			240,500
5.125% Senior Notes:
Notes Due in 2023		278,783			281,783
Unamortized debt issuance costs		(1,841	)		(2,033	)
Total 5.125% Senior Notes Due in 2023		276,942			279,750
5.875% Senior Notes:
Notes Due in 2022		—			193,958
Unamortized debt issuance costs		—			(710	)
Total 5.875% Senior Notes Due in 2022		—			193,248
Non-Recourse Debt		338,481			344,614
Unamortized debt issuance costs on non-recourse debt		(5,108	)		(5,237	)
Unamortized discount on non-recourse debt		(17	)		(25	)
Total Non-Recourse Debt		333,356			339,352
Finance Lease Liabilities		5,262			5,029
Other debt		42,154			42,413
Total debt		2,842,615			2,915,272
Current portion of finance lease liabilities, long-term debt and non-recourse debt		(27,135	)		(26,180	)
Finance Lease Liabilities, long-term portion		(2,890	)		(2,988	)
Non-Recourse Debt, long-term portion		(317,603	)		(324,223	)
Long-Term Debt	$	2,494,987		$	2,561,881

Amended 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 was extended to May 17, 2024. The borrowing capacity under the amended revolver remains at $900.0 million, and its pricing remains 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 during 2019 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 a $792.0 million 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, or $196 million, based on exchange rates as of March 31, 2021, 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 March 31, 2021, 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.

GEO Australasia Holdings Pty Ltd, GEO Australasia Finance Holdings Pty Ltd as trustee for the GEO Australasia Finance Holding Trust, and together with GEO Australasia Holdings, collectively (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 providing for a bank guarantee line and bank guarantee/standby sub-facility in an aggregate amount of approximately AUD58 million, or $44.1 million, based on exchange rates in effect as of March 31, 2021 (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 correctional facility in Ravenhall, located near Melbourne, Australia. 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 the lender on 90 days written notice. As of March 31, 2021, there was AUD58 million in letters of credit issued under the Bank Guarantee Facility.

As of March 31, 2021, the Company had approximately $768.0 million in aggregate borrowings outstanding under its term loan, approximately $631.6 million in borrowings under its revolver, and approximately $59.4 million in letters of credit which left approximately $209.0 million in additional borrowing capacity under the Revolver. The weighted average interest rate on outstanding borrowings under the Credit Agreement as of March 31, 2021 was 2.57%.

6.50% Exchangeable Senior Notes due 2026

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

Subject to certain restrictions on share ownership and transfer, holders may exchange the notes at their option prior to the close of business on the business day immediately preceding November 25, 2025, but only under the following circumstances: (1) during the five consecutive business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the exchange rate for the notes on each such trading day; or (2) upon the occurrence of certain specified corporate events. On or after November 25, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date of the notes, holders may exchange their notes at any time, regardless of the foregoing circumstances. Upon exchange of a note, GEO will pay or deliver, as the case may be, cash or a combination of cash and shares of the Company’s common stock. As of March 31, 2021, conditions had not been met to convert.

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

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

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

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

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

6.00% Senior Notes due 2026

Interest on the 6.00% Senior Notes accrues at the stated rate. The Company pays interest semi-annually in arrears on April 15 and October 15 of each year. On or after April 15, 2019, the Company may, at its option, redeem all or part of the 6.00% Senior Notes at the redemption prices set forth in the indenture governing the 6.00% Senior Notes. The indenture contains certain covenants, including limitations and restrictions on the Company and its subsidiary guarantors.

5.875% Senior Notes due 2024

Interest on the 5.875% Senior Notes due 2024 accrues at the stated rate. The Company pays interest semi-annually in arrears on April 15 and October 15 of each year. On or after October 15, 2019, the Company may, at its option, redeem all or part of the 5.875% Senior Notes due 2024 at the redemption prices set forth in the indenture governing the 5.875% Senior Notes due 2024. The indenture contains certain covenants, including limitations and restrictions on the Company and its subsidiary guarantors.

5.125% Senior Notes due 2023

Interest on the 5.125% Senior Notes accrues at the stated rate. The Company pays interest semi-annually in arrears on April 1 and October 1 of each year. On or after April 1, 2018, the Company may, at its option, redeem all or part of the 5.125% Senior Notes at the redemption prices set forth in the indenture governing the 5.125% Senior Notes. The indenture contains certain covenants, including limitations and restrictions on the Company and its subsidiary guarantors.

5.875% Senior Notes due 2022

Interest on the 5.875% Senior Notes due 2022 accrued at the stated rate. The Company paid interest semi-annually in arrears on January 15 and July 15 of each year. On or after January 15, 2017, the Company had a right, at its option, to redeem all or part of the 5.875% Senior Notes due 2022 at the redemption prices set forth in the indenture governing the 5.875% Senior Notes due 2022. The Company redeemed the outstanding amount of 5.875% Senior Notes due 2022 in March 2021. The indenture contains certain covenants, including limitations and restrictions on the Company and its subsidiary guarantors.

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 purchases, privately negotiated transactions, or otherwise, up to an aggregate maximum of $100.0 million, subject to certain limitations through December 31, 2020. During the first quarter of 2021, the 5.875% Senior Notes due 2022 were paid off in connection with the offering of the Convertible Notes discussed above. On February 11, 2021, the Board authorized a new repurchase program for repurchases/retirements of the above referenced Senior Notes and term loan, subject to certain limitations up to an aggregate maximum of $100.0 million through December 31, 2022.

During the first quarter of 2021, the Company repurchased $3.0 million in aggregate principal amount of its 5.125% Senior Notes due 2023 at a weighted average price of 89.38% for a total cost of $2.7 million. Additionally, the Company repurchased $17.2 million in aggregate principal amount of its 5.875% Senior Notes due 2024 at a weighted average price of 79.51% for a total cost of $13.7 million. As a result of these repurchases, the Company recognized a gain on extinguishment of debt of $3.8 million during the first quarter of 2021.

During the first quarter of 2020, the Company repurchased $5.5 million in aggregate principal amount of its 5.125% Senior Notes due 2023 at a weighted average price of 70.68% for a total cost of $3.9 million. As a result of these repurchases, the Company recognized a net gain on extinguishment of debt of $1.6 million during the first quarter of 2020.

Non-Recourse Debt

Northwest ICE Processing Center

The remaining balance of the original debt service requirement under the $54.4 million note payable ("2011 Revenue Bonds") to WEDFA is $8.1 million, all of which is classified as current in the accompanying consolidated balance sheet as of March 31, 2021. The payment of principal and interest on the 2011 Revenue Bonds issued by WEDFA is non-recourse to GEO. The 2011 Revenue Bonds will mature in October 2021 with a fixed coupon rate of 5.25%.

As of March 31, 2021, included in current restricted cash and cash equivalents is $6.7 million of funds held in trust for debt service and other reserves with respect to the above-mentioned note payable to WEDFA.

Australia - Ravenhall

In connection with a design and build 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. The Construction Facility provided for non-recourse funding up to AUD791 million, or approximately $601.8 million, based on exchange rates as of March 31, 2021. In accordance with the terms of the contract, upon completion and commercial acceptance of the project in late 2017, the State of Victoria made a lump sum payment of AUD310 million, or approximately $235.9 million, based on exchange rates as of March 31, 2021. The term of the Construction Facility was through September 2020 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 AUD461.6 million, or $351.2 million, based on exchange rates as of March 31, 2021, 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 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 Notes in the aggregate amount of $44.3 million which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The terms of the Notes are through September 1, 2034 and bear interest at LIBOR plus 200 basis points and are payable in monthly installments plus interest. The Company has entered into interest rate swap agreements to fix the interest rate to 4.22%. Included in the balance at March 31, 2021 is $0.7 million of deferred loan costs incurred in the transaction. Refer to Note 9 - Derivative Financial Instruments for further information.

Guarantees

Australia

The Company has entered into a guarantee in connection with the operating performance of a facility in Australia. The obligation amounted to approximately AUD58 million, or $44.1 million, based on exchange rates as of March 31, 2021. The guarantee is secured by outstanding letters of credit under the Company's Revolver.

At March 31, 2021, the Company also had seven other letters of credit outstanding under separate international facilities relating to performance guarantees of its Australian subsidiary totaling $10.2 million.

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

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. COMMITMENTS AND CONTINGENCIES

Litigation, Claims and Assessments

On July 7, 2020, a purported shareholder class action lawsuit was filed against the Company, its Chief Executive Officer, George C. Zoley (“Mr. Zoley”), and its Chief Financial Officer, Brian R. Evans (“Mr. Evans”), in the U.S. District Court for the Southern District of Florida. On October 1, 2020, the Court entered an unopposed order appointing lead plaintiffs, approving the selection of counsel, dismissing the initial complaint, and setting a deadline for the filing of an amended complaint. On November 18, 2020, the lead plaintiffs filed a consolidated class action amended complaint. The amended complaint alleges that the Company and Messrs. Zoley and Evans––as well as J. David Donahue (“Mr. Donahue”), the Company’s former Senior Vice President and President of the U.S. Secure Services division, and Ann M. Schlarb (“Ms. Schlarb”), the Company’s Senior Vice President and President of the GEO Care division––made materially false and misleading statements and/or omissions related to GEO’s business––including quality of operations, corporate social responsibility, competitive strengths, business strategies, health and safety, sources of financing, dividend expectations, and COVID-19 procedures. The amended complaint is brought by lead plaintiffs James Michael DeLoach and Edward Oketola, individually and on behalf of a class consisting of all persons and entities––other than the defendants, the officers and directors of the Company, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which the defendants have or had a controlling interest––who purchased or otherwise acquired the Company’s securities during the alleged class period from November 7, 2018 to August 5, 2020, inclusive. The amended complaint alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, and alleges that Messrs. Zoley, Evans, and Donahue and Ms. Schlarb violated Section 20(a) of the Exchange Act. The amended complaint seeks damages, interest, attorneys’ fees, expert fees, other costs, and such other relief as the court may deem proper. On December 18, 2020, the defendants filed a motion to dismiss the amended complaint. Lead plaintiffs filed their opposition to the motion to dismiss on January 19, 2021, and defendants’ reply was filed on February 2, 2021. The motion to dismiss is now fully briefed.

As previously reported and described in the Company's periodic reports, including most recently in its Form 10-K for the year ended December 31, 2020, former civil immigration detainees at the Aurora ICE Processing Center filed a class action lawsuit on October 22, 2014, against the Company in the U.S. District Court for the District of Colorado. The complaint alleges that the Company was in violation of the Colorado Minimum Wages of Workers Act and the Federal Trafficking Victims Protection Act (“TVPA”). The plaintiff class claims that the Company was unjustly enriched because of the level of payment the detainees received for work performed at the facility, even though the voluntary work program as well as the wage rates and standards associated with the program that are at issue in the case are authorized by the Federal government under guidelines approved by the United States Congress. On July 6, 2015, the court found that detainees were not employees under the Colorado Minimum Wage Order and dismissed this claim. In February 2017, the Court granted the plaintiff-class’ motion for class certification on the TVPA and unjust enrichment claims. The plaintiff class seeks actual damages, compensatory damages, exemplary damages, punitive damages, restitution, attorneys’ fees and costs, and such other relief as the Court may deem proper. In the time since the Colorado suit was initially filed, three similar lawsuits have been filed - two in Washington and one in California. The first of the two Washington lawsuits was filed on September 9, 2017 by immigration detainees against the Company in the U.S. District Court for the Western

District of Washington. The second lawsuit was filed on September 20, 2017 by the State Attorney General against the Company in the Superior Court of the State of Washington for Pierce County, which the Company removed to the U.S. District Court for the Western District of Washington on October 9, 2017. In California, a class-action lawsuit was filed on December 19, 2017 by immigration detainees against the Company in the U.S. District Court Eastern Division of the Central District of California. All three lawsuits allege violations of the respective state’s minimum wage laws. However, the California lawsuit, like the Colorado suit, also includes claims that the Company violated the TVPA and California's equivalent state statute. The California court certified a nationwide class which would allow the plaintiffs to primarily seek injunctive relief or policy changes at a number of facilities if they are successful on the merits of their claims. On July 2, 2019, the Company filed a Motion for Summary Judgment in the Washington Attorney General’s Tacoma lawsuit based on the Company’s position that its legal defenses prevent the case from proceeding to trial. The federal court in Washington denied the Company's Motion for Summary Judgment on August 6, 2019. However, on August 20, 2019, the United States Department of Justice filed a Statement of Interest, which asked the Washington court to revisit its prior denial of the Company's intergovernmental immunity defense in the case. While the Washington court ultimately elected not to dismiss the case at the time, its order importantly declared that the Company's intergovernmental immunity defense was legally viable, to be ultimately determined at trial. After putting them on “standby” for most of 2020 due to the COVID-19 pandemic, the trial court entered an order setting both suits for an estimated three-week trial beginning June 1, 2021. The court ordered a remote trial, but with the possibility of in-person proceedings. The order notes the Company’s exception to the remote trial setting. The Company filed a motion for reconsideration of the judge’s order setting a remote trial on April 8, 2021, requesting that the trial date be moved from June 1, 2021 to the earliest possible date after July 1, 2021, when the State of Washington plans to allow in-person trials to resume. On April 9, 2021, the Washington court denied the motion for reconsideration for an in-person trial, ruling that a “hybrid” trial, with some parts being conducted in-person with COVID-19 precautions, will begin on June 1, 2021. On April 28, 2021, the court ruled that the entire trial will be conducted remotely. The Company intends to take all necessary steps to vigorously defend itself and has consistently refuted the allegations and claims in these lawsuits. The Company has not recorded an accrual relating to these matters at this time, as a loss is not considered probable nor reasonably estimable at this stage of the lawsuits.

On December 30, 2019, the Company filed a lawsuit for declaratory and injunctive relief challenging California’s newly enacted law - Assembly Bill 32 (AB-32) - which bars the federal government from engaging the Company or any other government contractors to provide detention services for illegal immigrants. The Company’s claims, as described in the lawsuit, are grounded in authoritative legal doctrine that under the Constitution’s Supremacy Clause, the federal government is free from regulation by any state. By prohibiting federal detention facilities in California, the suit argues AB-32 substantially interferes with the ability of U.S. Marshals Service (“USMS”) and ICE to carry out detention responsibilities for the federal government. Secondly, because AB-32 creates exceptions to the State of California when using the Company or any government contractors (to alleviate overcrowding), California’s statute unlawfully discriminates against the federal government. On December 31, 2019, GEO filed its motion for a preliminary injunction restraining California’s Governor and Attorney General from enforcing AB-32 against the Company’s detention facilities on behalf of USMS and ICE. On January 24, 2020, the United States filed a lawsuit challenging AB-32. The court heard motions for preliminary injunction from the Company and the United States on July 16, 2020. The court ordered the parties to submit supplemental briefing and indicated it wouldrender an opinion sometime after the filing deadline of August 18, 2020. On July 20, 2020 the court consolidated both lawsuits. On October 8, 2020, the court issued an order granting, in part, and denying in part, the Company and the Untied State’s motions and California’s motion to dismiss. Among other findings, the court (1) dismissed the Company’s intergovernmental immunity claims as well as the United States’ preemption claims as applied to ICE facilities; (2) found that the Company and the United States were likely to succeed on the preemption claims as applied to U.S. Marshals’ facilities and enjoined enforcing AB-32 against those facilities; and (3) refused to enjoin California from enforcing AB-32 against ICE contracts with the Company and the United States. The Company and the United States have appealed to the Ninth Circuit Court of Appeals. Oral argument is set for June 7, 2021.

On April 29, 2021, the Company filed a lawsuit for declaratory and injunctive relief challenging the State of Washington’s newly enacted law – House Bill 1090 (EHB 1090) – that purports to prohibit the United States from using detention facilities operated by private contractors to house detainees in the custody of U.S. Immigration and Customs Enforcement (ICE).

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

The nature of the Company's business exposes it to various types of third-party legal claims or litigation against the Company, including, but not limited to, civil rights claims relating to conditions of confinement and/or mistreatment, sexual misconduct claims brought by prisoners or detainees, 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, indemnification claims by its customers and

other third parties, contractual claims and claims for personal injury or other damages resulting from contact with the Company's facilities, programs, electronic monitoring products, personnel or prisoners, including damages arising from a prisoner's escape or from a disturbance or riot at a facility. The Company accrues for legal costs associated with loss contingencies when those costs are probable and reasonably estimable. The Company does not expect the outcome of any pending claims or legal proceedings to have a material adverse effect on its financial condition, results of operations or cash flows.

Other Assessment

A state non-income tax audit completed in 2016 included tax periods for which the state tax authority had previously processed a substantial tax refund. At the completion of the audit fieldwork, the Company received a notice of audit findings disallowing deductions that were previously claimed by the Company, approved by the state tax authority and served as the basis for the approved refund claim. In early January 2017, the Company received a formal Notice of Assessment of Taxes and Demand for Payment from the taxing authority disallowing the deductions. The total tax, penalty and interest related to the assessment is approximately $19.4 million. The Company is appealing an administrative ruling and disagrees with the assessment and intends to take all necessary steps to vigorously defend its position. The Company has established a reserve based on its estimate of the most probable loss based on the facts and circumstances known to date and the advice of outside counsel in connection with this matter.

CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, allows employers to defer the deposit and payment of the employer's share of Social Security taxes. The deferral applies to deposits and payments of the employer’s share of Social Security tax that would otherwise be required to be made during the period beginning on March 27, 2020 and ending on December 31, 2020. The deferred amounts are due to be paid in two equal installments on December 31, 2021 and December 31, 2022. As a result of the CARES Act, the Company has deferred the payment of approximately $42.1 million related to these payroll taxes as of March 31, 2021.

Commitments

The Company currently has contractual commitments for a number of projects using Company financing. The Company’s management estimates that the cost of these existing active capital projects will be approximately $47.5 million of which $34.6 million was spent through the first three months of 2021. The Company estimates the remaining capital requirements related to these capital projects will be $12.9 million which will be spent through the remainder of 2021.

Idle Facilities

As of March 31, 2021, the Company was marketing eight of its idle facilities to potential customers. The carrying values of these idle facilities are included in Property and Equipment, Net in the accompanying consolidated balance sheets. The following table summarizes each of the idled facilities and their respective carrying values, excluding equipment and other assets that can be easily transferred for use at other facilities. There was no indication of impairment related to the Company's idle facilities at March 31, 2021.

		Design			Net Carrying Value
Facility	Segment	Capacity		Date Idled	3/31/2021
D. Ray James Correctional Facility	Secure Services		1,900	2021	$	53,946
Moshannon Valley Correctional Facility	Secure Services		1,878	2021		56,470
Rivers Correctional Facility	Secure Services		1,450	2021		40,733
Queens Detention Facility	Secure Services		222	2021		17,192
McFarland Female Community Reentry Facility	Secure Services		300	2020		11,975
Perry County Correctional Facility	Secure Services		690	2015		11,442
Coleman Hall	GEO Care		350	2017		8,425
Cheyenne Mountain Recovery Center	GEO Care		750	2020		17,542
Total			7,540		$	217,725

Business Segments and Geographic Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Business Segments and Geographic Information

12. 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 the Facility Construction & Design segment. The Company's segment revenues from external customers and a measure of segment profit are as follows (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Revenues:
U.S. Secure Services	$	387,011		$	398,109
GEO Care		135,482			144,463
International Services		53,484			56,850
Facility Construction & Design [1]		400			5,595
Total revenues	$	576,377		$	605,017
Operating income from segments:
U.S. Secure Services	$	71,465		$	74,009
GEO Care		35,459			30,275
International Services		7,172			5,650
Facility Construction & Design [1]		13			10
Operating income from segments	$	114,109		$	109,944
General and Administrative Expenses		(48,479	)		(53,782	)
Total Operating Income	$	65,630		$	56,162

[1]	Facility Construction & Design revenues relate to an expansion project at the Company's managed-only Fulham Correctional Centre in Australia which has been substantially completed.

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 thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Operating income from segments	$	114,109		$	109,944
Unallocated amounts:
General and administrative expenses		(48,479	)		(53,782	)
Net interest expense		(25,642	)		(28,742	)
Gain on extinguishment of debt		3,038			1,563
Gain on sales of real estate		13,329			424
Income before income taxes and equity in earnings of affiliates	$	56,355		$	29,407

Equity in Earnings of Affiliates

Equity in earnings of affiliates includes the Company’s 50% owned joint ventures in South African Custodial Services Pty. Limited (“SACS”), located in South Africa, and GEOAmey PECS Limited (“GEOAmey”), located in the United Kingdom. The Company's investments in these entities are accounted for under the equity method of accounting. The Company’s investments in these entities are presented as a component of Other Non-Current Assets in the accompanying consolidated balance sheets.

The Company has recorded $0.9 million in earnings, net of tax, for SACS operations during the three months ended March 31, 2021, and $1.0 million in earnings, net of tax, for SACS operations during the three months ended March 31, 2020, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of March 31, 2021 and December 31, 2020, the Company’s investment in SACS was $10.5 million and $11.1 million, respectively, and represents its share of cumulative reported earnings.

The Company has recorded $1.1 million in earnings, net of tax, for GEOAmey's operations during the three months ended March 31, 2021, and $1.2 million in earnings, net of tax, for GEOAmey's operations during the three months ended March 31, 2020, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of March 31, 2021 and December 31, 2020, the Company’s investment in GEOAmey was $10.6 million and $11.8 million, respectively, and represents its share of cumulative reported earnings.

- Definition

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

+ References

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+ Details

Benefit Plans

3 Months Ended

Mar. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Benefit Plans

13. BENEFIT PLANS

The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands):

	Three Months Ended March 31, 2021			Year Ended December 31, 2020
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of period	$	33,530		$	37,551
Service cost		351			1,254
Interest cost		319			1,306
Actuarial gain		—			3,180
Other reclassification [1]		—			(8,925	)
Benefits paid		(216	)		(836	)
Projected benefit obligation, end of period	$	33,984		$	33,530
Change in Plan Assets
Plan assets at fair value, beginning of period	$	—		$	—
Company contributions		216			836
Benefits paid		(216	)		(836	)
Plan assets at fair value, end of period	$	—		$	—
Unfunded Status of the Plan	$	33,984		$	33,530

	Three Months Ended
	March 31, 2021		March 31, 2020
Components of Net Periodic Benefit Cost
Service cost	$	351	$	313
Interest cost		319		326
Net loss		197		135
Net periodic pension cost	$	867	$	774

[1] The Company has a non-qualified deferred compensation agreement with its CEO. The agreement provided for a lump sum cash payment upon retirement, no sooner than age 55. As of March 31, 2021, the CEO had reached age 55 and was eligible to receive the payment upon retirement.

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

The amended and restated executive retirement agreement provides that upon the CEO’s retirement from the Company, the Company will pay a lump sum amount initially equal to $8,925,065 (determined as of February 26, 2020) (the “Grandfathered Payment”) which will be paid in the form of a fixed number of shares of the Company’s common stock. The Grandfathered Payment will be delayed for six months and a day following the effective date of the CEO’s termination of employment in compliance with Section 409A of the Code.

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

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

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

The long-term portion of the pension liability as of March 31, 2021 and December 31, 2020 was $33.7 million and $33.2 million, respectively, and is included in Other Non-Current Liabilities in the accompanying consolidated balance sheets.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Pronouncements

14. RECENT ACCOUNTING PRONOUNCEMENTS

The Company implemented the following accounting standards during the three months ended March 31, 2021:

In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options”. The guidance in this update simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU also simplify the guidance in ASC 815-40, “Derivatives and Hedging: Contracts in an Entity’s Own Equity” by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or shares. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company elected to early adopt this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows.

In March 2020, the FASB issued ASU 2020-04, “Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The Company is currently evaluating the impact of reference rate reform and the potential application of this guidance.

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 became effective for the Company on January 1, 2021. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows.

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.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

Quarterly Dividends

On April 7, 2021, GEO announced that its Board had immediately suspended GEO’s quarterly dividend payments with the goal of maximizing the use of cash flows to repay debt, deleverage and internally fund growth. While GEO currently intends to maintain its corporate tax structure as a REIT, the Board is evaluating GEO’s corporate tax structure as a REIT. The Board’s evaluation of the current corporate tax structure and GEO’s REIT status is expected to take into consideration, among other factors, potential changes to GEO’s financial operating performance, as well as, potential changes to the Code applicable to U.S. corporations and REITs. As a part of this evaluation, GEO has engaged financial advisors and legal advisors to assist in evaluating various corporate structure alternatives. The Board expects to conclude its evaluation in the fourth quarter of 2021, and should the Board determine to maintain GEO’s REIT status, an additional dividend payment may be required before year-end in order to meet the minimum REIT distribution requirements under the Code.

Senior Credit Facility

On April 30, 2021 and May 4, 2021, the Company elected to draw down $20 million and $150 million, respectively in borrowings under its credit facility as a liquidity management strategy. In order to maintain maximum financial flexibility, the Company plans to maintain this liquidity on hand.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Risk And Uncertainties	Risks and uncertainties Executive Order On January 26, 2021, President Biden signed an executive order directing the United States Attorney General not to renew Department of Justice (“DOJ”) contracts with privately operated criminal detention facilities, as consistent with applicable law (the “Executive Order”). Two agencies of the DOJ, the Bureau of Prisons “(BOP”) and U.S. Marshals Service (“USMS”), utilize GEO’s services. The BOP houses inmates who have been convicted of federal crimes, and the USMS is generally responsible for detainees who are awaiting trial or sentencing in U.S. federal courts. GEO’s contracts with the BOP for its company-owned 1,940-bed Great Plains Correctional Facility, company-owned 1,732-bed Big Spring Correctional Facility, company-owned 1,800-bed Flightline Correctional Facility, and company-owned 1,800-bed North Lake Correctional Facility have renewal option periods that expire on May 31, 2021, November 30, 2021, November 30, 2021, and September 30, 2022, respectively. Additionally, the contracts with the BOP for the county owned and managed 1,800-bed Reeves County Detention Center I & II and the 1,376-bed Reeves County Detention Center III have renewal option periods that expire September 30, 2022 and June 30, 2022, respectively. The Company has a management agreement with Reeves County, Texas for the management oversight of these two county-owned facilities. In total, the Great Plains, Big Spring, Flightline, North Lake Correctional Facilities, Reeves County Detention Center I & II and Reeves County Detention Center III generated approximately $145 million in revenues during the year ended December 31, 2020. The BOP has experienced a decline in federal prison populations over the last several years, a trend that has more recently been accelerated by the COVID-19 global pandemic. As a result of the Executive Order and the decline in federal prison populations, the above described contracts with the BOP may not be renewed over the coming years. On March 5, 2021, the Company was notified by the BOP that it has decided to not exercise its contract renewal option for the company-owned, 1,940-bed Great Plains Correctional Facility in Oklahoma, when the contract base period expires on May 31, 2021. On March 25, 2021 the Company was notified that the BOP will terminate its contract with the county-owned and managed Reeves I & II effective May 10, 2021. On March 15, 2021, the Company announced that the USMS has decided to not exercise the contract renewal option for its company-owned, 222-bed Queens Detention Facility in New York, when the contract base period ended on March 31, 2021. Quarterly Dividends On April 7, 2021, GEO announced that its Board of Directors (the “Board”) had immediately suspended GEO’s quarterly dividend payments with the goal of maximizing the use of cash flows to repay debt, deleverage and internally fund growth. While GEO currently intends to maintain its corporate tax structure as a REIT, the Board is evaluating GEO’s corporate tax structure as a REIT. The Board’s evaluation of the current corporate tax structure and GEO’s REIT status is expected to take into consideration, among other factors, potential changes to GEO’s financial operating performance, as well as, potential changes to the Internal Revenue Code of 1986, as amended (the “Code”) applicable to U.S. corporations and REITs. As a part of this evaluation, GEO has engaged financial advisors and legal advisors to assist in evaluating various capital structure alternatives. The Board expects to conclude its evaluation in the fourth quarter of 2021, and should the Board determine to maintain GEO’s REIT status, an additional dividend payment may be required before year-end in order to meet the minimum REIT distribution requirements under the Code. COVID-19 In December 2019, a novel strain of coronavirus, now known as COVID-19 (“COVID-19”), was reported in Wuhan, China and has since extensively impacted the global health and economic environment. In January 2020, the World Health Organization (“WHO”) declared it a Public Health Emergency of International Concern. On February 28, 2020, the WHO raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the number of cases and affected countries, and on March 11, 2020, the WHO characterized COVID-19 as a pandemic. The Company has been closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how it will impact those entrusted to its care and governmental partners. During the year ended December 31, 2020, the Company did incur disruptions from the COVID-19 pandemic but, it is unable to predict the overall future impact that the COVID-19 pandemic will have on its financial condition, results of operations and cash flows due to numerous uncertainties related to the pandemic.The COVID-19 pandemic and related government-imposed mandatory closures, the efficacy and distribution of COVID-19 vaccines, shelter in-place restrictions and social distancing protocols and increased expenditures on engineering controls, personal protective equipment, diagnostic testing, medical expenses, temperature scanners, protective plexiglass barriers and increased sanitation have had, and will continue to have, a severe impact on global economic conditions and the environment in which the Company operates. Starting in early 2020, the Company began to observe negative impacts from the pandemic on its performance in its secure services business, specifically with its U.S. Immigration and Customs Enforcement (“ICE”) Processing Centers and U.S. Marshals Facilities, as a result of declines in crossings and apprehensions along the Southwest border and a decrease in court sentencing at the federal level. Various governmental agencies have also taken steps to decrease the number of those in custody to adhere to social distancing protocols. Additionally, the Company’s reentry services business conducted through its GEO Care business segment has also been negatively impacted, specifically its residential reentry centers and non-residential day reporting programs were impacted by declines in programs due to lower levels of referrals by federal, state and local agencies. Additionally, the Company has experienced the transmission of COVID-19 among detainees and staff at most of its facilities during 2020 and continuing into 2021. If the Company is unable to mitigate the transmission of COVID-19 at its facilities it could experience a material adverse effect on its financial position, results of operations and cash flows. Although the Company is unable to predict the duration or scope of the COVID-19 pandemic or estimate the extent of the negative financial impact to its operating results, an extended period of depressed economic activity necessitated to combating the disease, and the severity and duration of the related global economic crisis may adversely impact its future financial performance.
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS The Company implemented the following accounting standards during the three months ended March 31, 2021: In August 2020, the FASB issued ASU 2020-06, “Debt – Debt with Conversion and Other Options”. The guidance in this update simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU also simplify the guidance in ASC 815-40, “Derivatives and Hedging: Contracts in an Entity’s Own Equity” by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or shares. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company elected to early adopt this standard effective January 1, 2021. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, “Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The Company is currently evaluating the impact of reference rate reform and the potential application of this guidance. 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 became effective for the Company on January 1, 2021. The adoption of this standard did not have a material impact on the Company's financial position, results of operations or cash flows. 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.

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Changes in the Company's Goodwill Balances

Changes in the Company's goodwill balances from January 1, 2021 to March 31, 2021 are as follows (in thousands):

	January 1, 2021		Foreign Currency Translation			March 31, 2021
U.S. Secure Services	$	316,366	$	—		$	316,366
GEO Care [1]		438,443		—			438,443
International Services		441		(6	)		435
Total Goodwill	$	755,250	$	(6	)	$	755,244

[1] Net of accumulated loss on impairment of $21.1 million related to the Community Based reporting unit for an impairment charge incurred during the fourth quarter of 2020.

Schedule of Intangible Assets

The Company's intangible assets include facility management contracts, covenants not to compete, trade names and technology, as follows (in thousands):

	March 31, 2021									December 31, 2020
	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	$	308,393	$	(173,739	)	$	134,654	$	308,398	$	(168,848	)	$	139,550
Technology		7.3		33,700		(31,073	)		2,627		33,700		(30,703	)		2,997
Trade names	Indefinite			45,200		—			45,200		45,200		—			45,200
Total acquired intangible assets			$	387,293	$	(204,812	)	$	182,481	$	387,298	$	(199,551	)	$	187,747

Estimated Amortization Expense for the Remainder

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

Fiscal Year	Total Amortization Expense
Remainder of 2021	$	14,751
2022		18,133
2023		13,489
2024		9,756
2025		9,704
Thereafter		71,448
	$	137,281

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Financial Instruments Financial Assets Balance Sheet Groupings [Abstract]

Fair Value Assets and Liabilities Measured on Recurring Basis

			Fair Value Measurements at March 31, 2021
	Carrying Value at March 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investment:
Rabbi Trust	$	37,940	$	—	$	37,940	$	—
Fixed income securities		1,941		—		1,941		—
Liabilities:
Interest rate swap derivatives	$	2,282	$	—	$	2,282	$	—

			Fair Value Measurements at December 31, 2020
	Carrying Value at December 31, 2020		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Restricted investments:
Rabbi Trust	$	35,749	$	—	$	35,749	$	—
Fixed income securities		1,932		—		1,932		—
Liabilities:
Interest rate swap derivatives	$	6,015	$	—	$	6,015	$	—

Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Carrying Value and Estimated Fair Value of Financial Instruments

The following tables present the carrying values of those financial instruments and the estimated corresponding fair values at March 31, 2021 and December 31, 2020 (in thousands):

			Estimated Fair Value Measurements at March 31, 2021
	Carrying Value as of March 31, 2021		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	289,391	$	289,391	$	289,391	$	—	$	—
Restricted cash and investments		31,301		31,301		31,301		—		—
Liabilities:
Borrowings under senior credit facility	$	1,399,605	$	1,267,235	$	—	$	1,267,235	$	—
5.125% Senior Notes due 2023		278,783		246,386		—		246,386		—
5.875% Senior Notes due 2024		225,293		180,240		—		180,240		—
6.00% Senior Notes due 2026		350,000		255,546		—		255,546		—
6.50% Exchangeable Senior Notes due 2026		230,000		240,693		—		240,693		—
Non-recourse debt		338,481		338,481		—		338,481		—

			Estimated Fair Value Measurements at December 31, 2020
	Carrying Value as of December 31, 2020		Total Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	283,524	$	283,524	$	283,524	$	—	$	—
Restricted cash and investments		28,329		28,329		28,329		—		—
Liabilities:
Borrowings under senior credit facility	$	1,474,437	$	1,342,066	$	—	$	1,342,066	$	—
5.875% Senior Notes due 2022		193,958		192,736		—		192,736		—
5.125% Senior Notes due 2023		281,783		256,096		—		256,096		—
5.875% Senior Notes due 2024		242,500		202,458		—		202,458		—
6.00% Senior Notes due 2026		350,000		279,493		—		279,493		—
Non-recourse debt		344,614		344,632		—		344,632		—

Restricted Cash and Cash Equivalents (Tables)

3 Months Ended

Mar. 31, 2021

Cash And Cash Equivalents [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents

	March 31, 2021			March 31, 2020
Cash and cash equivalents	$	289,391		$	32,414
Restricted cash and cash equivalents - current		29,317			27,865
Restricted cash and investments - non-current		39,924			27,271
Less Restricted investments - non-current		(37,940	)		(24,969	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	320,692		$	62,581

Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Changes in Shareholders' Equity that are Attributable to the Company's Shareholders and to Noncontrolling Interests

	Common shares						Additional Paid-In			Distributions in Excess of			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Earnings			Loss			Shares		Amount			Interests			Equity
For the Three Months Ended March 31, 2021
Balance, January 1, 2021		121,318		$	1,262		$	1,262,267		$	(222,892	)	$	(22,589	)		4,835	$	(104,946	)	$	(1,020	)	$	912,082
Stock-based compensation expense		—			—			7,402			—			—			—		—			—			7,402
Restricted stock granted		1,248			12			(12	)		—			—			—		—			—			—
Restricted stock canceled		(18	)		—			—			—			—			—		—			—			—
Dividends paid [1]		—			—			—			(30,486	)		—			—		—			—			(30,486	)
Other adjustment to additional paid-in capital [2]		—			—			153			—			—			—		—			—			153
Purchase of treasury shares [2]		(17	)		—			—			—			—			17		(153	)		—			(153	)
Shares withheld for net settlements of share- based awards [3]		(243	)		(2	)		(1,899	)		—			—			—		—			—			(1,901	)
Issuance of common stock - ESPP		15			—			116			—			—			—		—			—			116
Net income (loss)		—			—			—			50,544			—			—		—			(61	)		50,483
Other comprehensive income (loss)		—			—			—			—			2,479			—		—			(2	)		2,477
Balance, March 31, 2021		122,303		$	1,272		$	1,268,027		$	(202,834	)	$	(20,110	)		4,852	$	(105,099	)	$	(1,083	)	$	940,173

	Common shares						Additional Paid-In			Distributions in Excess of			Accumulated Other Comprehensive			Treasury shares					Noncontrolling			Total Shareholders'
	Shares			Amount			Capital			Earnings			Loss			Shares		Amount			Interests			Equity
For the Three Months Ended March 31, 2020
Balance, January 1, 2020		121,225		$	1,254		$	1,230,865		$	(119,779	)	$	(20,335	)		4,210	$	(95,175	)	$	(782	)	$	996,048
Proceeds from exercise of stock options		0			—			0			—			—			—		—			—			-
Stock-based compensation expense		—			—			9,768			—			—			—		—			—			9,768
Restricted stock granted		900			9			(9	)		—			—			—		—			—			-
Restricted stock canceled		(21	)		—			—			—			—			—		—			—			-
Dividends paid [1]		—			—			—			(57,703	)		—			—		—			—			(57,703	)
Other adjustment to paid-in capital [2]								8,925																	8,925
Purchase of treasury shares		(554	)		—			—			—			—			554		(9,009	)					(9,009	)
Shares withheld for net settlements of share- based awards [3]		(174	)		(2	)		(2,630	)		—			—			—		—			—			(2,632	)
Issuance of common stock - ESPP		10			1			149			—			—			—		—			—			150
Net income (loss)		—			—			—			25,181			—			—		—			(60	)		25,121
Other comprehensive income (loss)		—			—			—			—			(13,164	)		—		—			(48	)		(13,212	)
Balance, March 31, 2020		121,386		$	1,262		$	1,247,068		$	(152,301	)	$	(33,499	)		4,764	$	(104,184	)	$	(890	)	$	957,456

[1]	Dividends paid are net of dividends forfeited on unvested shares of restricted stock.

[2]

[3]	During the three months ended March 31, 2021 and 2020, the Company withheld shares through net share settlements to satisfy statutory tax withholding requirements upon vesting of shares of restricted stock held by employees.

Dividends Declared

During the three months ended March 31, 2021 and the year ended December 31, 2020, GEO declared and paid the following regular cash distributions to its shareholders as follows:

Declaration Date	Record Date	Payment Date	Distribution Per Share		Aggregate Payment Amount (in millions)
February 3, 2020	February 14, 2020	February 21, 2020	$	0.48	$	58.2
April 6, 2020	April 17, 2020	April 24, 2020	$	0.48	$	58.5
July 7, 2020	July 17, 2020	July 24, 2020	$	0.48	$	58.5
October 6, 2020	October 16, 2020	October 23, 2020	$	0.34	$	41.5
January 15, 2021	January 25, 2021	February 1, 2021	$	0.25	$	30.5

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) attributable to GEO within shareholders' equity are as follows:

	Three Months Ended March 31, 2021
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2021	$	(9,207	)	$	(4,752	)	$	(8,630	)	$	(22,589	)
Current-period other comprehensive income (loss)		(626	)		2,949			156			2,479
Balance, March 31, 2021	$	(9,833	)	$	(1,803	)	$	(8,474	)	$	(20,110	)

	Three Months Ended March 31, 2020
	(In thousands)
	Foreign currency translation adjustments, net of tax (1)			Change in fair value of derivatives, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2020	$	(12,314	)	$	(1,476	)	$	(6,545	)	$	(20,335	)
Current-period other comprehensive income (loss)		(8,759	)		(4,512	)		107			(13,164	)
Balance, March 31, 2020	$	(21,073	)	$	(5,988	)	$	(6,438	)	$	(33,499	)

(1)

The foreign currency translation related to noncontrolling interests was not significant at March 31, 2021 or 2020.

Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Options Activity

A summary of the activity of stock option awards issued and outstanding under Company plans was as follows for the three months ended March 31, 2021:

	Shares			Wtd. Avg. Exercise Price		Wtd. Avg. Remaining Contractual Term (years)		Aggregate Intrinsic Value
	(in thousands)							(in thousands)
Options outstanding at January 1, 2021		1,951		$	22.07		6.62	$	—
Options granted		477			7.52
Options exercised		—			—
Options forfeited/canceled/expired		(115	)		16.38
Options outstanding at March 31, 2021		2,313		$	19.35		7.21	$	112
Options vested and expected to vest at March 31, 2021		2,169		$	19.84		7.70	$	93
Options exercisable at March 31, 2021		1,303		$	24.22		5.75	$	—

Summary of Restricted Stock Activity

A summary of the activity of restricted stock outstanding is as follows for the three months ended March 31, 2021:

	Shares			Wtd. Avg. Grant Date Fair Value
	(in thousands)
Restricted stock outstanding at January 1, 2021		2,154		$	20.61
Granted		1,248			7.45
Vested		(785	)		22.03
Forfeited/canceled		(18	)		15.16
Restricted stock outstanding at March 31, 2021		2,599		$	13.31

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

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

	Three Months Ended
	March 31, 2021			March 31, 2020
Net income	$	50,483		$	25,121
Net loss attributable to noncontrolling interests		61			60
Less: Undistributed income allocable to participating securities		(1,420	)		-
Net income attributable to The GEO Group, Inc. available to common stockholders		49,124			25,181
Basic earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		120,022			119,394
Per share amount	$	0.41		$	0.21
Diluted earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding		120,022			119,394
Dilutive effect of equity incentive plans		395			539
Weighted average shares assuming dilution		120,417			119,933
Per share amount	$	0.41		$	0.21

Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Summary of Debt

Debt outstanding as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands):

	March 31, 2021			December 31, 2020
Senior Credit Facility:
Term loan	$	768,000		$	770,000
Unamortized discount on term loan		(1,566	)		(1,705	)
Unamortized debt issuance costs on term loan		(3,715	)		(4,043	)
Revolver		631,605			704,437
Total Senior Credit Facility		1,394,324			1,468,689
6.50% Exchangeable Senior Notes:
Notes Due in 2026		230,000			—
Unamortized debt issuance costs		(9,404	)		—
Total 6.50% Exchangeable Senior Notes Due in 2026		220,596			—
6.00% Senior Notes:
Notes Due in 2026		350,000			350,000
Unamortized debt issuance costs		(3,562	)		(3,709	)
Total 6.00% Senior Notes Due in 2026		346,438			346,291
5.875% Senior Notes:
Notes Due in 2024		225,293			242,500
Unamortized debt issuance costs		(1,750	)		(2,000	)
Total 5.875% Senior Notes Due in 2024		223,543			240,500
5.125% Senior Notes:
Notes Due in 2023		278,783			281,783
Unamortized debt issuance costs		(1,841	)		(2,033	)
Total 5.125% Senior Notes Due in 2023		276,942			279,750
5.875% Senior Notes:
Notes Due in 2022		—			193,958
Unamortized debt issuance costs		—			(710	)
Total 5.875% Senior Notes Due in 2022		—			193,248
Non-Recourse Debt		338,481			344,614
Unamortized debt issuance costs on non-recourse debt		(5,108	)		(5,237	)
Unamortized discount on non-recourse debt		(17	)		(25	)
Total Non-Recourse Debt		333,356			339,352
Finance Lease Liabilities		5,262			5,029
Other debt		42,154			42,413
Total debt		2,842,615			2,915,272
Current portion of finance lease liabilities, long-term debt and non-recourse debt		(27,135	)		(26,180	)
Finance Lease Liabilities, long-term portion		(2,890	)		(2,988	)
Non-Recourse Debt, long-term portion		(317,603	)		(324,223	)
Long-Term Debt	$	2,494,987		$	2,561,881

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Summary of Idled Facilities and Respective Carrying Values

The following table summarizes each of the idled facilities and their respective carrying values, excluding equipment and other assets that can be easily transferred for use at other facilities. There was no indication of impairment related to the Company's idle facilities at March 31, 2021

		Design			Net Carrying Value
Facility	Segment	Capacity		Date Idled	3/31/2021
D. Ray James Correctional Facility	Secure Services		1,900	2021	$	53,946
Moshannon Valley Correctional Facility	Secure Services		1,878	2021		56,470
Rivers Correctional Facility	Secure Services		1,450	2021		40,733
Queens Detention Facility	Secure Services		222	2021		17,192
McFarland Female Community Reentry Facility	Secure Services		300	2020		11,975
Perry County Correctional Facility	Secure Services		690	2015		11,442
Coleman Hall	GEO Care		350	2017		8,425
Cheyenne Mountain Recovery Center	GEO Care		750	2020		17,542
Total			7,540		$	217,725

Business Segments and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Operating and Reporting Segments

The Company's segment revenues from external customers and a measure of segment profit are as follows (in thousands):

	Three Months Ended
	March 31, 2021			March 31, 2020
Revenues:
U.S. Secure Services	$	387,011		$	398,109
GEO Care		135,482			144,463
International Services		53,484			56,850
Facility Construction & Design [1]		400			5,595
Total revenues	$	576,377		$	605,017
Operating income from segments:
U.S. Secure Services	$	71,465		$	74,009
GEO Care		35,459			30,275
International Services		7,172			5,650
Facility Construction & Design [1]		13			10
Operating income from segments	$	114,109		$	109,944
General and Administrative Expenses		(48,479	)		(53,782	)
Total Operating Income	$	65,630		$	56,162

[1]	Facility Construction & Design revenues relate to an expansion project at the Company's managed-only Fulham Correctional Centre in Australia which has been substantially completed.

Schedule of Pre-Tax Income Reconciliation of Segments

	Three Months Ended
	March 31, 2021			March 31, 2020
Operating income from segments	$	114,109		$	109,944
Unallocated amounts:
General and administrative expenses		(48,479	)		(53,782	)
Net interest expense		(25,642	)		(28,742	)
Gain on extinguishment of debt		3,038			1,563
Gain on sales of real estate		13,329			424
Income before income taxes and equity in earnings of affiliates	$	56,355		$	29,407

Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Components of Company Plan Benefit Expense

The following table summarizes key information related to the Company’s pension plans and retirement agreements (in thousands):

	Three Months Ended March 31, 2021			Year Ended December 31, 2020
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of period	$	33,530		$	37,551
Service cost		351			1,254
Interest cost		319			1,306
Actuarial gain		—			3,180
Other reclassification [1]		—			(8,925	)
Benefits paid		(216	)		(836	)
Projected benefit obligation, end of period	$	33,984		$	33,530
Change in Plan Assets
Plan assets at fair value, beginning of period	$	—		$	—
Company contributions		216			836
Benefits paid		(216	)		(836	)
Plan assets at fair value, end of period	$	—		$	—
Unfunded Status of the Plan	$	33,984		$	33,530

Components of Net Periodic Benefit Cost

	Three Months Ended
	March 31, 2021		March 31, 2020
Components of Net Periodic Benefit Cost
Service cost	$	351	$	313
Interest cost		319		326
Net loss		197		135
Net periodic pension cost	$	867	$	774

Basis of Presentation - Additional Information (Details) $ in Thousands		3 Months Ended		12 Months Ended
	Jan. 26, 2021 bed	Mar. 31, 2021 USD ($) bed facility person detainee	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of beds		92,000
Correctional, detention and residential treatment facilities including projects under development \| facility		116
Provision of monitoring services tracking offenders, number of individuals (more than) \| person		210,000
Provision of monitoring services tracking offenders using technology products (in detainees) \| detainee		100,000
Revenues \| $		$ 576,377	$ 605,017
Ravenhall \| Bureau Of Prisons B O P
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of beds in detention facility	1,940
Expiration date	May 31, 2021
Spring Correctional Facility \| Bureau Of Prisons B O P
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of beds in detention facility	1,732
Expiration date	Nov. 30, 2021
Flightline Correctional Facility \| Bureau Of Prisons B O P
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of beds in detention facility	1,800
Expiration date	Nov. 30, 2021
North Lake Correctional Facility \| Bureau Of Prisons B O P
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of beds in detention facility	1,800
Expiration date	Sep. 30, 2022
Reeves County Detention Center I & II \| Bureau Of Prisons B O P
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of beds in detention facility	1,800
Expiration date	Sep. 30, 2022
Reeves County Detention Center III \| Bureau Of Prisons B O P
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of beds in detention facility	1,376
Expiration date	Jun. 30, 2022
Great Plains, Big Spring, Flightline, Northlake Correctional Facilities, Reeves County Detention Center I & II and Reeves County Detention Center III \| Bureau Of Prisons B O P
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Revenues \| $				$ 145,000

Goodwill and Other Intangible Assets - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Changes in the Company's goodwill balances
Beginning balance	$ 755,250
Foreign Currency Translation	(6)
Ending balance	755,244
U.S. Secure Services
Changes in the Company's goodwill balances
Beginning balance	316,366
Foreign Currency Translation	0
Ending balance	316,366
GEO Care
Changes in the Company's goodwill balances
Beginning balance	438,443
Foreign Currency Translation	0
Ending balance	438,443
International Services
Changes in the Company's goodwill balances
Beginning balance	441
Foreign Currency Translation	(6)
Ending balance	$ 435

Goodwill and Other Intangible Assets - Goodwill (Parenthetical) (Details) $ in Millions	Dec. 31, 2020 USD ($)
GEO Care
Goodwill [Line Items]
Net of accumulated loss on impairment	$ 21.1

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finite Lived Intangible Assets [Line Items]
Goodwill impairment loss	$ 76.0
Percentage that the fair value exceeded the carrying value	22.00%
Discount rate utilized to adjust cash flow	10.00%
Discount rate increase impacting carrying value to exceed fair value	1.00%
Percentage of goodwill	24.00%
Discount rate decrease impacting fair value to exceed carrying value	1.00%
Amortization expense	$ 5.3	$ 5.6
Facility management contracts
Finite Lived Intangible Assets [Line Items]
Weighted average period before renewal or extension	2 years 1 month 6 days
U.S. Secure Services
Finite Lived Intangible Assets [Line Items]
Goodwill impairment loss	$ 0.0
GEO Secure Services
Finite Lived Intangible Assets [Line Items]
Percentage that the fair value exceeded the carrying value	6.00%

Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Schedule of intangible assets
Intangible assets, gross carrying amount	$ 387,293	$ 387,298
Accumulated Amortization	(204,812)	(199,551)
Total acquired intangible assets, Net carrying amount	182,481	187,747
Net Carrying Amount	137,281
Trade names
Schedule of intangible assets
Indefinite lived intangible assets	45,200	45,200
Facility management contracts
Schedule of intangible assets
Gross Carrying Amount	308,393	308,398
Accumulated Amortization	(173,739)	(168,848)
Net Carrying Amount	$ 134,654	139,550
Amortization period	16 years 3 months 18 days
Technology
Schedule of intangible assets
Gross Carrying Amount	$ 33,700	33,700
Accumulated Amortization	(31,073)	(30,703)
Net Carrying Amount	$ 2,627	$ 2,997
Amortization period	7 years 3 months 18 days

Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2021	$ 14,751
2022	18,133
2023	13,489
2024	9,756
2025	9,704
Thereafter	71,448
Net Carrying Amount	$ 137,281

Financial Instruments - Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Restricted investment:
Rabbi Trust	$ 37,940	$ 35,749
Fixed income securities	1,941	1,932
Significant Other Observable Inputs (Level 2)
Restricted investment:
Rabbi Trust	37,940	35,749
Fixed income securities	1,941	1,932
Interest Rate Swap
Liabilities:
Interest rate swap derivatives	2,282	6,015
Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Liabilities:
Interest rate swap derivatives	$ 2,282	$ 6,015

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Assets:
Cash and cash equivalents	$ 289,391	$ 283,524	$ 32,414
Carrying Value
Assets:
Cash and cash equivalents	289,391	283,524
Restricted cash and investments	31,301	28,329
Liabilities:
Borrowings under senior credit facility	1,399,605	1,474,437
Non-recourse debt	338,481	344,614
Fair Value
Assets:
Cash and cash equivalents	289,391	283,524
Restricted cash and investments	31,301	28,329
Liabilities:
Borrowings under senior credit facility	1,267,235	1,342,066
Non-recourse debt	338,481	344,632
Level 1 \| Fair Value
Assets:
Cash and cash equivalents	289,391	283,524
Restricted cash and investments	31,301	28,329
Significant Other Observable Inputs (Level 2) \| Fair Value
Liabilities:
Borrowings under senior credit facility	1,267,235	1,342,066
Non-recourse debt	338,481	344,632
5.125% Senior Notes due 2023 \| Carrying Value
Liabilities:
Senior notes, fair value	278,783	281,783
5.125% Senior Notes due 2023 \| Fair Value
Liabilities:
Senior notes, fair value	246,386	256,096
5.125% Senior Notes due 2023 \| Significant Other Observable Inputs (Level 2) \| Fair Value
Liabilities:
Senior notes, fair value	246,386	256,096
6.50% Exchangeable Senior Notes due 2026 \| Carrying Value
Liabilities:
Senior notes, fair value	230,000
6.50% Exchangeable Senior Notes due 2026 \| Fair Value
Liabilities:
Senior notes, fair value	240,693
6.50% Exchangeable Senior Notes due 2026 \| Significant Other Observable Inputs (Level 2) \| Fair Value
Liabilities:
Senior notes, fair value	240,693
5.875% Senior Notes due 2022 \| Carrying Value
Liabilities:
Senior notes, fair value		193,958
5.875% Senior Notes due 2022 \| Fair Value
Liabilities:
Senior notes, fair value		192,736
5.875% Senior Notes due 2022 \| Significant Other Observable Inputs (Level 2) \| Fair Value
Liabilities:
Senior notes, fair value		192,736
5.875% Senior Notes due 2024 \| Carrying Value
Liabilities:
Senior notes, fair value	225,293	242,500
5.875% Senior Notes due 2024 \| Fair Value
Liabilities:
Senior notes, fair value	180,240	202,458
5.875% Senior Notes due 2024 \| Significant Other Observable Inputs (Level 2) \| Fair Value
Liabilities:
Senior notes, fair value	180,240	202,458
6.00% Senior Notes due 2026 \| Carrying Value
Liabilities:
Senior notes, fair value	350,000	350,000
6.00% Senior Notes due 2026 \| Fair Value
Liabilities:
Senior notes, fair value	255,546	279,493
6.00% Senior Notes due 2026 \| Significant Other Observable Inputs (Level 2) \| Fair Value
Liabilities:
Senior notes, fair value	$ 255,546	$ 279,493

Fair Value of Assets and Liabilities - Carrying Value and Estimated Fair Value of Financial Instruments (Parenthetical) (Details)	Mar. 31, 2021	Dec. 31, 2020
5.875% Senior Notes due 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.875%	5.875%
5.125% Senior Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.125%	5.125%
5.875% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.875%	5.875%
6.00% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.00%	6.00%
6.50% Exchangeable Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.50%

Fair Value of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Feb. 25, 2021	Dec. 31, 2020
5.875% Senior Notes due 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.875%		5.875%
5.875% Senior Notes due 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.875%		5.875%
6.00% Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.00%		6.00%
5.125% Senior Notes due 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	5.125%		5.125%
6.50% Exchangeable Senior Notes due 2026
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Stated interest rate	6.50%
Debt instrument, face amount		$ 230

Restricted Cash and Cash Equivalents - Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 289,391	$ 283,524	$ 32,414
Restricted cash and cash equivalents - current	29,317		27,865
Restricted cash and investments - non-current	39,924	37,338	27,271
Less Restricted investments - non-current	(37,940)		(24,969)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$ 320,692	$ 311,853	$ 62,581	$ 67,472

Shareholders' Equity - Changes in Shareholders' Equity (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests
Beginning Balance	$ 912,082	$ 996,048
Stock-based compensation expense	7,402	9,768
Dividends paid	(30,486)	(57,703)
Other adjustment to additional paid-in capital	153	8,925
Purchase of treasury shares	(153)	(9,009)
Shares withheld for net settlements of share - based awards	(1,901)	(2,632)
Issuance of common stock - ESPP	116	150
Net income (loss)	50,483	25,121
Other comprehensive income (loss)	2,477	(13,212)
Ending Balance	940,173	957,456
Common shares
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests
Beginning Balance	$ 1,262	$ 1,254
Beginning Balance (shares)	121,318	121,225
Proceeds from exercise of stock options (shares)		0
Restricted stock granted	$ 12	$ 9
Restricted stock granted (shares)	1,248	900
Restricted stock canceled (shares)	(18)	(21)
Purchase of treasury shares (in shares)	(17)	(554)
Shares withheld for net settlements of share - based awards	$ (2)	$ (2)
Shares withheld for net settlements of share-based awards (shares)	(243)	(174)
Issuance of common stock - ESPP		$ 1
Issuance of common stock - ESPP (shares)	15	10
Ending Balance	$ 1,272	$ 1,262
Ending Balance (shares)	122,303	121,386
Additional Paid-In Capital
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests
Beginning Balance	$ 1,262,267	$ 1,230,865
Proceeds from exercise of stock options		0
Stock-based compensation expense	7,402	9,768
Restricted stock granted	(12)	(9)
Other adjustment to additional paid-in capital	153	8,925
Shares withheld for net settlements of share - based awards	(1,899)	(2,630)
Issuance of common stock - ESPP	116	149
Ending Balance	1,268,027	1,247,068
Distributions in Excess of Earnings
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests
Beginning Balance	(222,892)	(119,779)
Dividends paid	(30,486)	(57,703)
Net income (loss)	50,544	25,181
Ending Balance	(202,834)	(152,301)
Accumulated Other Comprehensive Loss
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests
Beginning Balance	(22,589)	(20,335)
Other comprehensive income (loss)	2,479	(13,164)
Ending Balance	(20,110)	(33,499)
Treasury shares
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests
Beginning Balance	$ (104,946)	$ (95,175)
Beginning Balance (shares)	4,835	4,210
Purchase of treasury shares	$ (153)	$ (9,009)
Purchase of treasury shares (in shares)	17	554
Ending Balance	$ (105,099)	$ (104,184)
Ending Balance (shares)	4,852	4,764
Noncontrolling Interests
Changes in shareholders' equity that are attributable to the Company's shareholders and to non controlling interests
Beginning Balance	$ (1,020)	$ (782)
Net income (loss)	(61)	(60)
Other comprehensive income (loss)	(2)	(48)
Ending Balance	$ (1,083)	$ (890)

Shareholders' Equity - Changes in Shareholders' Equity (Parenthetical) (Details)	Feb. 26, 2020 USD ($)
Common shares
Class of Stock [Line Items]
Deferred compensation arrangement with individual, value of shares issued	$ 8,925,065

Shareholders' Equity - Additional Information (Details) - USD ($)	Mar. 31, 2021	Jun. 12, 2019	Feb. 14, 2018
Class of Stock [Line Items]
Minimum % of REIT taxable income to be paid as dividend annually	90.00%
Amended Credit Agreement
Class of Stock [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
Line of Credit \| Revolving Credit Facility \| Amended Credit Agreement
Class of Stock [Line Items]
Maximum borrowing capacity		$ 900,000,000.0	$ 900,000,000.0
Common shares \| February 2018 Stock Buyback Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 200,000,000.0

Shareholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 15, 2021	Oct. 06, 2020	Jul. 07, 2020	Apr. 06, 2020	Feb. 03, 2020
Dividends Payable [Line Items]
Dividends Payable, Date Declared	Jan. 15, 2021	Oct. 06, 2020	Jul. 07, 2020	Apr. 06, 2020	Feb. 03, 2020
Dividends payable, date of record	Jan. 25, 2021	Oct. 16, 2020	Jul. 17, 2020	Apr. 17, 2020	Feb. 14, 2020
Dividends payable, date to be paid	Feb. 01, 2021	Oct. 23, 2020	Jul. 24, 2020	Apr. 24, 2020	Feb. 21, 2020
Dividend Paid
Dividends Payable [Line Items]
Distribution Per Share (in dollars per share)	$ 0.25	$ 0.34	$ 0.48	$ 0.48	$ 0.48
Aggregate Payment Amount (in millions)	$ 30.5	$ 41.5	$ 58.5	$ 58.5	$ 58.2

Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 913,102
Current-period other comprehensive income (loss)	2,479	$ (13,164)
Ending balance	941,256
Foreign currency translation adjustments, net of tax
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(9,207)	(12,314)
Current-period other comprehensive income (loss)	(626)	(8,759)
Ending balance	(9,833)	(21,073)
Change in fair value of derivatives, net of tax
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,752)	(1,476)
Current-period other comprehensive income (loss)	2,949	(4,512)
Ending balance	(1,803)	(5,988)
Pension adjustments, net of tax
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(8,630)	(6,545)
Current-period other comprehensive income (loss)	156	107
Ending balance	(8,474)	(6,438)
Total
Components of Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(22,589)	(20,335)
Ending balance	$ (20,110)	$ (33,499)

- Definition

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

+ References + Details

Equity Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 01, 2021 $ / shares shares	Mar. 31, 2021 USD ($) Metric shares	Mar. 31, 2020 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value (in dollars per share) \| $ / shares	$ 0.79
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate		43.28%
Expected term		5 years
Risk free interest rate		0.24%
Expected dividend yield		13.30%
Options granted (in shares)	477,000
Share based compensation expense \| $		$ 0.2	$ 0.3
Unrecognized compensation costs related to awards \| $		$ 1.7
Expected weighted average period to recognize expense		2 years 7 months 6 days
Restricted Stock Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate		46.90%
Risk free interest rate		0.24%
Share based compensation expense \| $		$ 7.2	$ 9.5
Unrecognized compensation costs related to awards \| $		$ 27.2
Expected weighted average period to recognize expense		2 years 6 months
Granted (in shares)		1,248,000
Performance measurement \| Metric		2
Beta		0.79
Restricted Stock Award \| Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights (as percent)		50.00%
Performance period		3 years
Restricted Stock Award \| Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting rights (as percent)		50.00%
Performance period		3 years
Restricted Stock Award \| Certain Employees and Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	1,248,000
Restricted Stock Award \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		3 years
Award vesting rights (as percent)		0.00%
Restricted Stock Award \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)		4 years
Award vesting rights (as percent)		200.00%
Performance Shares \| Certain Employees and Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted (in shares)	644,000
Employee Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount on purchase of Common Stock for employee from the current market price		5.00%
Capital shares reserved for future issuance		506,023
Issuance of common stock (ESPP) (in shares)		14,770
2018 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares authorized		16,800,000

Equity Incentive Plans - Summary of Options Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Summary of the activity of stock option awards, shares
Options outstanding, Beginning Balance (in Shares)	1,951
Options granted (in shares)	477
Options forfeited/canceled/expired (in shares)	(115)
Options outstanding, Ending Balance (in Shares)	2,313	1,951
Options vested and expected to vest (in Shares)	2,169
Options exercisable (in Shares)	1,303
Summary of the activity of stock option awards, weighted average exercise price
Options outstanding, Beginning Balance, Wtd. Avg. Exercise Price (in dollars per share)	$ 22.07
Options granted, Wtd. Avg. Exercise Price (in dollars per share)	7.52
Options forfeited/canceled/expired, Wtd. Avg. Exercise Price (in dollars per share)	16.38
Options outstanding, Ending Balance, Wtd. Avg. Exercise Price (in dollars per share)	19.35	$ 22.07
Options vested and expected to vest, Wtd. Average Exercise Price (in dollars per share)	19.84
Options exercisable, Wtd. Avg. Exercise Price (in dollars per share)	$ 24.22
Options outstanding, Ending Balance, Wtd. Avg. Remaining Contractual Term	7 years 2 months 15 days	6 years 7 months 13 days
Options vested and expected to vest, Wtd. Avg Remaining Contractual Term	7 years 8 months 12 days
Options exercisable, Wtd. Avg. Remaining Contractual Term	5 years 9 months
Options outstanding, Ending Balance, Average Intrinsic Value	$ 112
Options vested and expected to vest at March 31, 2021	$ 93

Equity Incentive Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock Award shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Summary of the activity of restricted stock
Restricted stock outstanding shares, Beginning Balance (in shares) \| shares	2,154
Granted (in shares) \| shares	1,248
Vested (in shares) \| shares	(785)
Forfeited/canceled (in shares) \| shares	(18)
Restricted stock outstanding shares, Ending Balance (in shares) \| shares	2,599
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	$ 20.61
Granted Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	7.45
Vested Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	22.03
Forfeited/Canceled Wtd. Avg. Grant Date Fair Value (in dollars per share) \| $ / shares	15.16
Restricted stock outstanding Wtd. Avg. Grant Date Fair Value, Ending Balance (in dollars per share) \| $ / shares	$ 13.31

Earnings Per Share - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Feb. 25, 2021	Feb. 24, 2021	Dec. 31, 2020
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,067,461	1,626,201
Restricted Stock Award
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,021,859	967,784
Common Shares Conversion Option Embedded in Convertible Notes
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	9,100,000
6.50% Exchangeable Senior Notes due 2026
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stated interest rate	6.50%
Debt instrument, face amount			$ 230,000,000
Convertible Notes \| 6.50% Exchangeable Senior Notes due 2026
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Stated interest rate	6.50%		6.50%	6.50%	6.50%
Debt instrument, face amount			$ 230,000,000	$ 230,000,000

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share Basic And Diluted [Abstract]
Net income	$ 50,483	$ 25,121
Net loss attributable to noncontrolling interests	61	60
Less: Undistributed income allocable to participating securities	(1,420)
Net income attributable to The GEO Group, Inc. available to common stockholders	$ 49,124	$ 25,181
Basic earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding	120,022	119,394
Per share amount	$ 0.41	$ 0.21
Diluted earnings per share attributable to The GEO Group, Inc. available to common stockholders:
Weighted average shares outstanding	120,022	119,394
Dilutive effect of equity incentive plans	395	539
Weighted average shares assuming dilution	120,417	119,933
Per share amount	$ 0.41	$ 0.21

Derivative Financial Instruments - Additional Information (Details) $ in Millions		3 Months Ended
	May 22, 2019 USD ($)	Mar. 31, 2021 USD ($) Instrument
Ravenhall
Derivative [Line Items]
Gain (loss) on interest rate cash flow hedge ineffectiveness	$ 3.9
Interest Rate Swap
Derivative [Line Items]
Derivative, number of instruments held \| Instrument		2
Notional amount		$ 44.3
Derivative, fixed interest rate		4.22%
Change in fair value of derivative instrument classified as cash flow hedge		$ 2.9
Value of swap liability		$ 2.3
Interest Rate Swap \| Operating Phase of Asset \| Ravenhall, Australia
Derivative [Line Items]
Derivative, fixed interest rate		4.20%

Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Finance Lease Liabilities	$ 5,262	$ 5,029
Other debt	42,154	42,413
Total debt	2,842,615	2,915,272
Current portion of finance lease liabilities, long-term debt and non-recourse debt	(27,135)	(26,180)
Finance Lease Liabilities, long-term portion	(2,890)	(2,988)
Non-Recourse Debt, long-term portion	(317,603)	(324,223)
Long-Term Debt	2,494,987	2,561,881
Line of Credit
Line Of Credit Facility [Line Items]
Term loan	768,000	770,000
Unamortized debt issuance costs	(1,566)	(1,705)
Unamortized debt issuance costs on term loan	(3,715)	(4,043)
Revolver	631,605	704,437
Total Senior Credit Facility	1,394,324	1,468,689
Convertible Debt \| 6.50% Exchangeable Senior Notes due 2026
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs	(9,404)
Long-term debt, gross	230,000
Long-term debt	220,596
Senior Notes \| 6.00% Senior Notes due 2026
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs	(3,562)	(3,709)
Long-term debt, gross	350,000	350,000
Long-term debt	346,438	346,291
Senior Notes \| 5.875% Senior Notes due 2024
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs	(1,750)	(2,000)
Long-term debt, gross	225,293	242,500
Long-term debt	223,543	240,500
Senior Notes \| 5.125% Senior Notes due 2023
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs	(1,841)	(2,033)
Long-term debt, gross	278,783	281,783
Long-term debt	276,942	279,750
Senior Notes \| 5.875% Senior Notes due 2022
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs		(710)
Long-term debt, gross		193,958
Long-term debt		193,248
Non Recourse Debt
Line Of Credit Facility [Line Items]
Unamortized debt issuance costs	(5,108)	(5,237)
Unamortized debt issuance costs on term loan	(17)	(25)
Non-Recourse Debt	338,481	344,614
Total Non-Recourse Debt	$ 333,356	$ 339,352

Debt (Parenthetical) (Details)	3 Months Ended	12 Months Ended
Debt (Parenthetical) (Details)	Mar. 31, 2021	Dec. 31, 2020	Feb. 25, 2021	Feb. 24, 2021	Mar. 31, 2020
6.50% Exchangeable Senior Notes due 2026
Line Of Credit Facility [Line Items]
Stated interest rate	6.50%
6.00% Senior Notes due 2026
Line Of Credit Facility [Line Items]
Stated interest rate	6.00%	6.00%
5.875% Senior Notes due 2024
Line Of Credit Facility [Line Items]
Stated interest rate	5.875%	5.875%
5.125% Senior Notes due 2023
Line Of Credit Facility [Line Items]
Stated interest rate	5.125%	5.125%
5.875% Senior Notes due 2022
Line Of Credit Facility [Line Items]
Stated interest rate	5.875%	5.875%
Convertible Debt \| 6.50% Exchangeable Senior Notes due 2026
Line Of Credit Facility [Line Items]
Stated interest rate	6.50%	6.50%	6.50%	6.50%
Debt instrument maturity year	2026	2026
Senior Notes \| 6.00% Senior Notes due 2026
Line Of Credit Facility [Line Items]
Stated interest rate	6.00%	6.00%
Debt instrument maturity year	2026	2026
Senior Notes \| 5.875% Senior Notes due 2024
Line Of Credit Facility [Line Items]
Stated interest rate	5.875%	5.875%
Debt instrument maturity year	2024	2024
Senior Notes \| 5.125% Senior Notes due 2023
Line Of Credit Facility [Line Items]
Stated interest rate	5.125%	5.125%			5.125%
Debt instrument maturity year	2023	2023
Senior Notes \| 5.875% Senior Notes due 2022
Line Of Credit Facility [Line Items]
Stated interest rate	5.875%	5.875%
Debt instrument maturity year	2022	2022

Debt (Amended Credit Agreement) (Details)		3 Months Ended		12 Months Ended
Debt (Amended Credit Agreement) (Details)	Jun. 12, 2019 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 31, 2021 AUD ($)	Dec. 31, 2020 USD ($)	Jun. 12, 2019 AUD ($)	Feb. 14, 2018 USD ($)
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt		$ 3,038,000	$ 1,563,000
Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000,000.0
Gain (loss) on extinguishment of debt				$ (1,200,000)
Debt issuance costs, gross	$ 4,700,000
Revolver
Debt Instrument [Line Items]
Revolver		631,600,000
Additional Revolver
Debt Instrument [Line Items]
Borrowing capacity remaining		209,000,000.0
Line of Credit
Debt Instrument [Line Items]
Revolver		631,605,000				$ 704,437,000
Term loan		$ 768,000,000				$ 770,000,000
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 900,000,000.0							$ 900,000,000.0
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		2.57%			2.57%
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%						2.25%
Variable rate, floor	0.00%						0.00%
Term Loan
Debt Instrument [Line Items]
Term loan		$ 768,000,000.0
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		59,400,000
Letter of credit \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		196,000,000					$ 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		$ 44,100,000			$ 58,000,000
Debt instrument agreement notice period		90 days
Revolver					$ 58,000,000
Accordion \| Line of Credit \| Amended Credit Agreement
Debt Instrument [Line Items]
Accordion feature, increase limit	$ 450,000,000.0

Debt (6.50% Exchangeable Senior Notes) (Details)	3 Months Ended	12 Months Ended
Debt (6.50% Exchangeable Senior Notes) (Details)	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 Instrument $ / shares	Feb. 25, 2021 USD ($)	Feb. 24, 2021 USD ($)
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of convertible instruments \| Instrument		0
6.50% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument, face amount			$ 230,000,000
Stated interest rate	6.50%
5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%
Convertible Notes \| 6.50% Exchangeable Senior Notes due 2026
Debt Instrument [Line Items]
Debt instrument, face amount			$ 230,000,000	$ 230,000,000
Stated interest rate	6.50%	6.50%	6.50%	6.50%
Debt instrument, maturity date	Feb. 23, 2026
Debt instrument, payment terms	Interest on the notes is payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021.
Debt instrument, commencement date of first required payment	Sep. 01, 2021
Debt instrument, frequency of payment	semi-annually
Debt exchange, description	Subject to certain restrictions on share ownership and transfer, holders may exchange the notes at their option prior to the close of business on the business day immediately preceding November 25, 2025, but only under the following circumstances: (1) during the five consecutive business day period after any five consecutive trading day period, or the measurement period, in which the trading price per $1,000 principal amount of notes for each trading day of such measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the exchange rate for the notes on each such trading day; or (2) upon the occurrence of certain specified corporate events. On or after November 25, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date of the notes, holders may exchange their notes at any time, regardless of the foregoing circumstances. Upon exchange of a note, GEO will pay or deliver, as the case may be, cash or a combination of cash and shares of the Company’s common stock. As of March 31, 2021, conditions had not been met to convert.
Debt instrument, initial conversion rate per $1,000 principal amount	108.4011
Debt instrument, initial conversion price \| $ / shares	$ 9.225
Percentage of principal amount of notes to be purchased	100.00%
Costs incurred in issuance, including initial purchasers discount	$ 9,600,000
Convertible Notes \| 6.50% Exchangeable Senior Notes due 2026 \| Maximum
Debt Instrument [Line Items]
Percentage of trading price per $1,000 principal amount against last reported sale price and exchange rate of notes	98.00%
Convertible Notes \| 6.50% Exchangeable Senior Notes due 2026 \| Over=Allotment Option
Debt Instrument [Line Items]
Debt instrument, face amount				$ 30,000,000
Senior Notes \| 5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%
Redemption of outstanding amount	$ 194,000,000.0
Write off of deferred loan costs to loss on extinguishment of debt	$ 700,000

Debt (6.00% Senior Notes) (Details)	Mar. 31, 2021	Dec. 31, 2020
6.00% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	6.00%	6.00%

Debt (5.875% Senior Notes Due 2024) (Details)	Mar. 31, 2021	Dec. 31, 2020
5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%

Debt (5.125% Senior Notes) (Details)	Mar. 31, 2021	Dec. 31, 2020
5.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	5.125%	5.125%

Debt (5.875% Senior Notes) (Details)	Mar. 31, 2021	Dec. 31, 2020
5.875% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate	5.875%	5.875%

Debt (Debt Repurchases) (Details) - USD ($)	3 Months Ended		12 Months Ended
Debt (Debt Repurchases) (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ 3,038,000	$ 1,563,000
5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%			5.875%
5.875% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate	5.875%			5.875%
Amended Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
Gain (loss) on extinguishment of debt			$ (1,200,000)
6.00% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	6.00%			6.00%
Senior Notes and Term Loan
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	On February 11, 2021, the Board authorized a new repurchase program for repurchases/retirements of the above referenced Senior Notes and term loan, subject to certain limitations up to an aggregate maximum of $100.0 million through December 31, 2022.
5.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	5.125%			5.125%
Senior Notes \| 5.875% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	5.875%			5.875%
Senior Notes \| 5.875% Senior Notes due 2022
Debt Instrument [Line Items]
Stated interest rate	5.875%			5.875%
Senior Notes \| 6.00% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	6.00%			6.00%
Senior Notes \| 5.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	5.125%	5.125%		5.125%
Debt instrument, repurchased face amount	$ 3,000,000.0	$ 5,500,000
Percentage of principal amount redeemed	89.38%	70.68%
Repurchase amount	$ 2,700,000	$ 3,900,000
Gain (loss) on extinguishment of debt	$ 3,800,000	$ 1,600,000

Debt (Nonrecourse Debt) (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Long term debt	$ 2,494,987,000	$ 2,561,881,000
Restricted cash and cash equivalents - current	29,317,000		$ 27,865,000
Non Recourse Debt 2011 Revenue Bonds
Debt Instrument [Line Items]
Long term debt	$ 54,400,000
Stated interest rate	5.25%
Non Recourse Debt 2011 Revenue Bonds \| Northwest Detention Center
Debt Instrument [Line Items]
Non-recourse debt	$ 8,100,000
Non Recourse Debt Northwest Detention Center \| Northwest Detention Center
Debt Instrument [Line Items]
Restricted cash and cash equivalents - current	$ 6,700

Debt (Australia - Ravenhall) (Details)	3 Months Ended
Debt (Australia - Ravenhall) (Details)	Mar. 31, 2021 USD ($)	Mar. 31, 2021 AUD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021 AUD ($)	Dec. 31, 2020 USD ($)	May 22, 2019 USD ($)	May 22, 2019 AUD ($)
Debt Instrument [Line Items]
Payments on long-term debt	$ 298,522,000		$ 125,505,000
Gain (loss) on extinguishment of debt	$ 3,038,000		$ 1,563,000
LIBOR
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	2.00%	2.00%
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, fixed interest rate	4.22%			4.22%
Non Recourse Debt
Debt Instrument [Line Items]
Debt issuance costs, net	$ 5,108,000				$ 5,237,000
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]
Gain (loss) on extinguishment of debt	(4,500,000)
Debt issuance costs, gross	7,500,000
Ravenhall \| Non Recourse Debt \| Construction Facility
Debt Instrument [Line Items]
Payments on long-term debt	$ 235,900,000	$ 310,000,000
Ravenhall \| Non Recourse Debt \| Non Recourse Notes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 351,200,000	$ 461,600,000
Stated interest rate	4.23%			4.23%
Ravenhall \| National Australia Bank Limited \| Non Recourse Debt \| Construction Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 601,800,000			$ 791,000,000
Debt instrument basis spread on variable rate	2.00%	2.00%

Debt - Guarantees (Details) - Ravenhall	Mar. 31, 2021 USD ($) Guarantee	Mar. 31, 2021 AUD ($) Guarantee
Debt Instrument [Line Items]
Number of letters of guarantee outstanding under separate international facilities relating to performance guarantees \| Guarantee	7	7
Letters of credit outstanding relating to performance guarantees \| $	$ 10,200,000
Letter of credit \| Revolver
Debt Instrument [Line Items]
Maximum exposure, undiscounted	$ 44,100,000	$ 58,000,000

Commitments and Contingencies - Additional Information (Details) $ in Millions		3 Months Ended
	Sep. 09, 2017 Claim	Mar. 31, 2021 USD ($) facility Installment
Commitments and Contingencies [Line Items]
Estimate of possible loss		$ 19.4
Number of deferred payment installment related to payroll taxes \| Installment		2
Deferred payment related to payroll taxes amount		$ 42.1
Estimated construction existing active capital projects cost		47.5
Cost already spent on existing active capital projects		34.6
Remaining capital required for existing active capital projects		$ 12.9
Number of marketed idle facilities \| facility		8
Pending Litigation \| Immigration Detainees Against Company
Commitments and Contingencies [Line Items]
Number of claims filed \| Claim	3
WASHINGTON \| Pending Litigation \| Immigration Detainees Against Company
Commitments and Contingencies [Line Items]
Number of claims filed \| Claim	2
CALIFORNIA \| Pending Litigation \| Immigration Detainees Against Company
Commitments and Contingencies [Line Items]
Number of claims filed \| Claim	1

Commitments and Contingencies - Summary of Idled Facilities and Respective Carrying Values (Details) - Property and Equipment, Net $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) bed
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	7,540
Net Carrying Value \| $	$ 217,725
D. Ray James Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	1,900
Date Idled	2021
Net Carrying Value \| $	$ 53,946
Moshannon Valley Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	1,878
Date Idled	2021
Net Carrying Value \| $	$ 56,470
Rivers Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	1,450
Date Idled	2021
Net Carrying Value \| $	$ 40,733
Queens Detention Facility \| Secure Services
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	222
Date Idled	2021
Net Carrying Value \| $	$ 17,192
McFarland Female Community Reentry Facility \| Secure Services
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	300
Date Idled	2020
Net Carrying Value \| $	$ 11,975
Perry County Correctional Facility \| Secure Services
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	690
Date Idled	2015
Net Carrying Value \| $	$ 11,442
Coleman Hall \| GEO Care
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	350
Date Idled	2017
Net Carrying Value \| $	$ 8,425
Cheyenne Mountain Recovery Center \| GEO Care
Commitments and Contingencies [Line Items]
Number of beds in detention facility \| bed	750
Date Idled	2020
Net Carrying Value \| $	$ 17,542

Business Segments and Geographic Information - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) Segment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Schedule Of Equity Method Investments [Line Items]
Number of reportable business segments \| Segment	4
Equity in earnings (losses) of affiliates, net of income tax provision	$ 2,064	$ 2,260
SACS
Schedule Of Equity Method Investments [Line Items]
Ownership percentage in entity	50.00%
Equity in earnings (losses) of affiliates, net of income tax provision	$ 900	1,000
Investment in joint venture	10,500		$ 11,100
GEO Amey
Schedule Of Equity Method Investments [Line Items]
Equity in earnings (losses) of affiliates, net of income tax provision	1,100	$ 1,200
Advances to affiliate	$ 10,600		$ 11,800

Business Segments and Geographic Information - Schedule of Operating and Reporting Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Revenues	$ 576,377	$ 605,017
Operating income from segments:
Operating income from segments	114,109	109,944
General and Administrative Expenses	(48,479)	(53,782)
Operating income	65,630	56,162
Operating Segments
Revenues:
Revenues	576,377	605,017
Operating income from segments:
Operating income from segments	114,109	109,944
Operating Segments \| U.S. Secure Services
Revenues:
Revenues	387,011	398,109
Operating income from segments:
Operating income from segments	71,465	74,009
Operating Segments \| GEO Care
Revenues:
Revenues	135,482	144,463
Operating income from segments:
Operating income from segments	35,459	30,275
Operating Segments \| International Services
Revenues:
Revenues	53,484	56,850
Operating income from segments:
Operating income from segments	7,172	5,650
Operating Segments \| Facility Construction and Design
Revenues:
Revenues	400	5,595
Operating income from segments:
Operating income from segments	13	10
Segment Reconciling Items
Operating income from segments:
General and Administrative Expenses	$ (48,479)	$ (53,782)

Business Segments and Geographic Information - Schedule of Pre-Tax Income Reconciliation of Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Pre-Tax Income Reconciliation of Segments
Operating income from segments	$ 114,109	$ 109,944
Unallocated amounts:
General and Administrative Expenses	(48,479)	(53,782)
Net interest expense	(25,642)	(28,742)
Gain (loss) on extinguishment of debt	3,038	1,563
Gain on sales of real estate	13,329	424
Income before income taxes and equity in earnings of affiliates	$ 56,355	$ 29,407

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(9)(a))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=117337411&loc=d3e23528-158515

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(7)(c))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(14)(d))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=117337397&loc=d3e23439-158514

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(a))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117337397&loc=d3e23415-158514

+ Details

Benefit Plans - Components of Company Plan Benefit Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of period	$ 33,530	$ 37,551	$ 37,551
Service cost	351	313	1,254
Interest cost	319	326	1,306
Actuarial gain	0		3,180
Other reclassification	0		(8,925)
Benefits paid	(216)		(836)
Projected benefit obligation, end of period	33,984		33,530
Change in Plan Assets
Plan assets at fair value, beginning of period	0	$ 0	0
Company contributions	216		836
Benefits paid	(216)		(836)
Plan assets at fair value, end of period	0		0
Unfunded Status of the Plan	$ 33,984		$ 33,530

Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Components of Net Periodic Benefit Cost
Service cost	$ 351	$ 313	$ 1,254
Interest cost	319	326	$ 1,306
Net loss	197	135
Net periodic pension cost	$ 867	$ 774

Benefit Plans - Components of Company Plan Benefit Expense (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Age limit for a lump sum payment	55 years

Benefit Plans - Additional Information (Details) - USD ($)	Feb. 26, 2020	Mar. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Long-term portion of the pension liability		$ 33,700,000	$ 33,200,000
Common Stock
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Deferred compensation arrangement with individual, value of shares issued	$ 8,925,065
Deferred compensation arrangement with individual, shares issued	553,665

Recent Accounting Pronouncements - Additional Information (Details)	Mar. 31, 2021
Accounting Standards Update 2020-06
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true
Accounting Standards Update 2018-14
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2021
Change in accounting principle, accounting standards update, immaterial effect	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	May 04, 2021	Apr. 30, 2021
Line of Credit \| Subsequent Event
Subsequent Event [Line Items]
Borrowings under credit facility	$ 150	$ 20