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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2013
Condensed Consolidating Financial Information Disclosure [Abstract] |
CONDENSED CONSOLIDATING BALANCE SHEET |
| As of March 31, 2013
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 32,986 |  |  | $ | 19,085 |  |  | $ | 31,653 |  |  | $ | — |  |  | $ | 83,724 |
Restricted cash and investments | — |  |  | — |  |  | 15,780 |  |  | — |  |  | 15,780 |
Accounts receivable, less allowance for doubtful accounts | 90,547 |  |  | 145,102 |  |  | 19,268 |  |  | — |  |  | 254,917 |
Deferred income tax assets, net | — |  |  | 14,604 |  |  | 3,686 |  |  | — |  |  | 18,290 |
Prepaid expenses and other current assets | 2,321 |  |  | 13,270 |  |  | 11,212 |  |  | (1,154 | ) |  | 25,649 |
Total current assets | 125,854 |  |  | 192,061 |  |  | 81,599 |  |  | (1,154 | ) |  | 398,360 |
Restricted Cash and Investments | 124 |  |  | 9,098 |  |  | 21,115 |  |  | — |  |  | 30,337 |
Property and Equipment, Net | 591,261 |  |  | 975,973 |  |  | 112,931 |  |  | — |  |  | 1,680,165 |
Assets Held for Sale | — |  |  | 1,700 |  |  | — |  |  | — |  |  | 1,700 |
Direct Finance Lease Receivable | — |  |  | — |  |  | 25,010 |  |  | — |  |  | 25,010 |
Intercompany Receivable | 1,229,529 |  |  | 414,270 |  |  | — |  |  | (1,643,799 | ) |  | — |
Deferred Income Tax Assets, Net | 16,230 |  |  | — |  |  | 2,532 |  |  | (16,230 | ) |  | 2,532 |
Goodwill | 34 |  |  | 489,502 |  |  | 776 |  |  | — |  |  | 490,312 |
Intangible Assets, Net | — |  |  | 172,982 |  |  | 1,491 |  |  | — |  |  | 174,473 |
Investment in Subsidiaries | 967,072 |  |  | 28,178 |  |  | — |  |  | (995,250 | ) |  | — |
Other Non-Current Assets | 20,933 |  |  | 108,836 |  |  | 34,713 |  |  | (79,289 | ) |  | 85,193 |
Total Assets | $ | 2,951,037 |  |  | $ | 2,392,600 |  |  | $ | 280,167 |  |  | $ | (2,735,722 | ) |  | $ | 2,888,082 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 12,208 |  |  | $ | 37,012 |  |  | $ | 2,932 |  |  | $ | — |  |  | $ | 52,152 |
Accrued payroll and related taxes | 1,664 |  |  | 27,001 |  |  | 17,651 |  |  | — |  |  | 46,316 |
Accrued expenses | 65,790 |  |  | 25,580 |  |  | 21,959 |  |  | (1,154 | ) |  | 112,175 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 37,522 |  |  | 3,230 |  |  | 18,875 |  |  | — |  |  | 59,627 |
Total current liabilities | 117,184 |  |  | 92,823 |  |  | 61,417 |  |  | (1,154 | ) |  | 270,270 |
Deferred Income Tax Liabilities | — |  |  | 31,933 |  |  | — |  |  | (16,230 | ) |  | 15,703 |
Intercompany Payable | 399,871 |  |  | 1,224,622 |  |  | 19,306 |  |  | (1,643,799 | ) |  | — |
Other Non-Current Liabilities | 24,677 |  |  | 136,311 |  |  | 823 |  |  | (79,289 | ) |  | 82,522 |
Capital Lease Obligations | — |  |  | 11,678 |  |  | — |  |  | — |  |  | 11,678 |
Long-Term Debt | 1,369,996 |  |  | 171 |  |  | — |  |  | — |  |  | 1,370,167 |
Non-Recourse Debt | — |  |  | — |  |  | 97,964 |  |  | — |  |  | 97,964 |
Commitments & Contingencies |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 1,039,309 |  |  | 895,062 |  |  | 100,188 |  |  | (995,250 | ) |  | 1,039,309 |
Noncontrolling Interests | — |  |  | — |  |  | 469 |  |  | — |  |  | 469 |
Total Shareholders’ Equity | 1,039,309 |  |  | 895,062 |  |  | 100,657 |  |  | (995,250 | ) |  | 1,039,778 |
Total Liabilities and Shareholders' Equity | $ | 2,951,037 |  |  | $ | 2,392,600 |  |  | $ | 280,167 |  |  | $ | (2,735,722 | ) |  | $ | 2,888,082 |
CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands)
| As of December 31, 2012
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 4,764 |  |  | $ | 1,917 |  |  | $ | 25,074 |  |  | $ | — |  |  | $ | 31,755 |
Restricted cash and investments | — |  |  | — |  |  | 15,654 |  |  | — |  |  | 15,654 |
Accounts receivable, less allowance for doubtful accounts | 124,670 |  |  | 102,704 |  |  | 19,261 |  |  | — |  |  | 246,635 |
Deferred income tax assets, net | 13,106 |  |  | 1,498 |  |  | 3,686 |  |  | — |  |  | 18,290 |
Prepaid expenses and other current assets | 8,657 |  |  | 5,890 |  |  | 11,456 |  |  | (1,154 | ) |  | 24,849 |
Total current assets | 151,197 |  |  | 112,009 |  |  | 75,131 |  |  | (1,154 | ) |  | 337,183 |
Restricted Cash and Investments | 7,953 |  |  | — |  |  | 24,803 |  |  | — |  |  | 32,756 |
Property and Equipment, Net | 633,458 |  |  | 939,995 |  |  | 113,706 |  |  | — |  |  | 1,687,159 |
Assets Held for Sale | — |  |  | 3,243 |  |  | — |  |  | — |  |  | 3,243 |
Direct Finance Lease Receivable | — |  |  | — |  |  | 26,757 |  |  | — |  |  | 26,757 |
Intercompany Receivable | 591,273 |  |  | 14,305 |  |  | — |  |  | (605,578 | ) |  | — |
Deferred Income Tax Assets, Net | 16,230 |  |  | — |  |  | 2,532 |  |  | (16,230 | ) |  | 2,532 |
Goodwill | 34 |  |  | 489,502 |  |  | 772 |  |  | — |  |  | 490,308 |
Intangible Assets, Net | — |  |  | 176,666 |  |  | 1,652 |  |  | — |  |  | 178,318 |
Investment in Subsidiaries | 1,151,998 |  |  | 41,356 |  |  | — |  |  | (1,193,354 | ) |  | — |
Other Non-Current Assets | 38,574 |  |  | 84,931 |  |  | 36,584 |  |  | (79,151 | ) |  | 80,938 |
Total Assets | $ | 2,590,717 |  |  | $ | 1,862,007 |  |  | $ | 281,937 |  |  | $ | (1,895,467 | ) |  | $ | 2,839,194 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 29,889 |  |  | $ | 17,407 |  |  | $ | 2,814 |  |  | $ | — |  |  | $ | 50,110 |
Accrued payroll and related taxes | 4,774 |  |  | 16,264 |  |  | 18,284 |  |  | — |  |  | 39,322 |
Accrued expenses | 94,350 |  |  | 5,515 |  |  | 17,846 |  |  | (1,154 | ) |  | 116,557 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 33,925 |  |  | 1,311 |  |  | 18,646 |  |  | — |  |  | 53,882 |
Total current liabilities | 162,938 |  |  | 40,497 |  |  | 57,590 |  |  | (1,154 | ) |  | 259,871 |
Deferred Income Tax Liabilities | — |  |  | 31,933 |  |  | — |  |  | (16,230 | ) |  | 15,703 |
Intercompany Payable | — |  |  | 586,428 |  |  | 19,150 |  |  | (605,578 | ) |  | — |
Other Non-Current Liabilities | 63,657 |  |  | 96,822 |  |  | 697 |  |  | (79,151 | ) |  | 82,025 |
Capital Lease Obligations | — |  |  | 11,926 |  |  | — |  |  | — |  |  | 11,926 |
Long-Term Debt | 1,317,310 |  |  | 219 |  |  | — |  |  | — |  |  | 1,317,529 |
Non-Recourse Debt | — |  |  | — |  |  | 104,836 |  |  | — |  |  | 104,836 |
Commitments & Contingencies |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 1,046,812 |  |  | 1,094,182 |  |  | 99,172 |  |  | (1,193,354 | ) |  | 1,046,812 |
Noncontrolling Interests | — |  |  | — |  |  | 492 |  |  | — |  |  | 492 |
Total Shareholders’ Equity | 1,046,812 |  |  | 1,094,182 |  |  | 99,664 |  |  | (1,193,354 | ) |  | 1,047,304 |
Total Liabilities and Shareholders' Equity | $ | 2,590,717 |  |  | $ | 1,862,007 |  |  | $ | 281,937 |  |  | $ | (1,895,467 | ) |  | $ | 2,839,194 |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
| For the Three Months Ended March 31, 2013
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 113,491 |  |  | $ | 312,528 |  |  | $ | 57,385 |  |  | $ | (106,373 | ) |  | $ | 377,031 |
Operating expenses | 99,409 |  |  | 240,477 |  |  | 47,284 |  |  | (106,373 | ) |  | 280,797 |
Depreciation and amortization | 5,824 |  |  | 15,881 |  |  | 1,230 |  |  | — |  |  | 22,935 |
General and administrative expenses | 9,197 |  |  | 18,192 |  |  | 4,651 |  |  | — |  |  | 32,040 |
Operating income (loss) | (939 | ) |  | 37,978 |  |  | 4,220 |  |  | — |  |  | 41,259 |
Interest income | 3,960 |  |  | 550 |  |  | 1,096 |  |  | (4,422 | ) |  | 1,184 |
Interest expense | (9,920 | ) |  | (11,431 | ) |  | (2,412 | ) |  | 4,422 |  |  | (19,341 | )
Income (loss) before income taxes and equity in earnings of affiliates | (6,899 | ) |  | 27,097 |  |  | 2,904 |  |  | — |  |  | 23,102 |
Provision (benefit) for income taxes | (667 | ) |  | 406 |  |  | 1,142 |  |  | — |  |  | 881 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 1,217 |  |  | — |  |  | 1,217 |
Income (loss) before equity in income of consolidated subsidiaries | (6,232 | ) |  | 26,691 |  |  | 2,979 |  |  | — |  |  | 23,438 |
Income from consolidated subsidiaries, net of income tax provision | 29,670 |  |  | — |  |  | — |  |  | (29,670 | ) |  | — |
Income from continuing operations | 23,438 |  |  | 26,691 |  |  | 2,979 |  |  | (29,670 | ) |  | 23,438 |
Net income | 23,438 |  |  | 26,691 |  |  | 2,979 |  |  | (29,670 | ) |  | 23,438 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | (18 | ) |  |  |  |  | (18 | )
Net income attributable to The GEO Group, Inc. | $ | 23,438 |  |  | $ | 26,691 |  |  | $ | 2,961 |  |  | $ | (29,670 | ) |  | $ | 23,420 |
Net income | $ | 23,438 |  |  | $ | 26,691 |  |  | $ | 2,979 |  |  | $ | (29,670 | ) |  | $ | 23,438 |
Other comprehensive income (loss), net of tax | — |  |  | 40 |  |  | (1,220 | ) |  | — |  |  | (1,180 | )
Total comprehensive income | $ | 23,438 |  |  | $ | 26,731 |  |  | $ | 1,759 |  |  | $ | (29,670 | ) |  | $ | 22,258 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | $ | — |  |  | 23 |  |  | $ | — |  |  | 23 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 23,438 |  |  | $ | 26,731 |  |  | $ | 1,782 |  |  | $ | (29,670 | ) |  | $ | 22,281 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| For the Three Months Ended April 1, 2012
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 140,616 |  |  | $ | 184,187 |  |  | $ | 57,993 |  |  | $ | (22,754 | ) |  | $ | 360,042 |
Operating expenses | 131,006 |  |  | 117,666 |  |  | 44,802 |  |  | (22,754 | ) |  | 270,720 |
Depreciation and amortization | 6,855 |  |  | 13,252 |  |  | 2,132 |  |  | — |  |  | 22,239 |
General and administrative expenses | 9,396 |  |  | 13,294 |  |  | 3,896 |  |  | — |  |  | 26,586 |
Operating income (loss) | (6,641 | ) |  | 39,975 |  |  | 7,163 |  |  | — |  |  | 40,497 |
Interest income | 7,807 |  |  | 492 |  |  | 1,601 |  |  | (8,093 | ) |  | 1,807 |
Interest expense | (16,915 | ) |  | (7,911 | ) |  | (4,073 | ) |  | 8,093 |  |  | (20,806 | )
Income (loss) before income taxes and equity in earnings of affiliates | (15,749 | ) |  | 32,556 |  |  | 4,691 |  |  | — |  |  | 21,498 |
Provision (benefit) for income taxes | (5,656 | ) |  | 12,311 |  |  | 1,835 |  |  | — |  |  | 8,490 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 748 |  |  | — |  |  | 748 |
Income (loss) from continuing operations before equity in income of consolidated subsidiaries | (10,093 | ) |  | 20,245 |  |  | 3,604 |  |  | — |  |  | 13,756 |
Income from consolidated subsidiaries, net of income tax provision | 23,849 |  |  | — |  |  | — |  |  | (23,849 | ) |  | — |
Income from continuing operations | 13,756 |  |  | 20,245 |  |  | 3,604 |  |  | (23,849 | ) |  | 13,756 |
Net income (loss) from discontinued operations | 1,303 |  |  | 1,072 |  |  | 322 |  |  | (1,394 | ) |  | 1,303 |
Net income | 15,059 |  |  | 21,317 |  |  | 3,926 |  |  | (25,243 | ) |  | 15,059 |
Net income attributable to noncontrolling interests | — |  |  | (17 | ) |  | (17 | ) |  | — |  |  | (34 | )
Net income attributable to The GEO Group, Inc. | $ | 15,059 |  |  | $ | 21,300 |  |  | $ | 3,909 |  |  | $ | (25,243 | ) |  | $ | 15,025 |
Net income | $ | 15,059 |  |  | $ | 21,317 |  |  | $ | 3,926 |  |  | $ | (25,243 | ) |  | $ | 15,059 |
Other comprehensive income, net of tax | 30 |  |  | — |  |  | 1,957 |  |  | — |  |  | 1,987 |
Total comprehensive income | $ | 15,089 |  |  | $ | 21,317 |  |  | $ | 5,883 |  |  | $ | (25,243 | ) |  | $ | 17,046 |
Comprehensive income attributable to noncontrolling interests | — |  |  | (17 | ) |  | (45 | ) |  | — |  |  | (62 | )
Comprehensive income attributable to The GEO Group, Inc. | $ | 15,089 |  |  | $ | 21,300 |  |  | $ | 5,838 |  |  | $ | (25,243 | ) |  | $ | 16,984 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
| For the Three Months Ended March 31, 2013
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 8,032 |  |  | $ | 26,708 |  |  | $ | 10,697 |  |  | $ | 45,437 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of property and equipment | — |  |  | 4 |  |  | — |  |  | 4 |
Proceeds from sale of assets held for sale | — |  |  | 1,602 |  |  |  |  |  | 1,602 |
Change in restricted cash and investments | (124 | ) |  | (1,145 | ) |  | 3,599 |  |  | 2,330 |
Capital expenditures | (1,414 | ) |  | (9,624 | ) |  | (364 | ) |  | (11,402 | )
Net cash provided by (used in) investing activities | (1,538 | ) |  | (9,163 | ) |  | 3,235 |  |  | (7,466 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 410,000 |  |  | — |  |  | — |  |  | 410,000 |
Income tax benefit of equity compensation | 1,127 |  |  | — |  |  | — |  |  | 1,127 |
Debt issuance costs | (5,650 | ) |  | — |  |  | — |  |  | (5,650 | )
Payments on long-term debt | (351,153 | ) |  | (377 | ) |  | (6,908 | ) |  | (358,438 | )
Proceeds from the exercise of stock options | 3,049 |  |  | — |  |  | — |  |  | 3,049 |
Cash dividends paid | (35,711 | ) |  | — |  |  | — |  |  | (35,711 | )
Proceeds from reissuance of treasury stock in connection with ESPP | 66 |  |  | — |  |  | — |  |  | 66 |
Net cash provided by (used in) financing activities | 21,728 |  |  | (377 | ) |  | (6,908 | ) |  | 14,443 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | (445 | ) |  | (445 | )
Net Increase in Cash and Cash Equivalents | 28,222 |  |  | 17,168 |  |  | 6,579 |  |  | 51,969 |
Cash and Cash Equivalents, beginning of period | 4,764 |  |  | 1,917 |  |  | 25,074 |  |  | 31,755 |
Cash and Cash Equivalents, end of period | $ | 32,986 |  |  | $ | 19,085 |  |  | $ | 31,653 |  |  | $ | 83,724 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
| For the Three Months Ended April 1, 2012
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Cash provided by operating activities - continuing operations | $ | 24,885 |  |  | $ | 19,198 |  |  | $ | 22,200 |  |  | $ | 66,283 |
Cash (used in) provided by operating activities - discontinued operations | 1,738 |  |  | 1,205 |  |  | (746 | ) |  | 2,197 |
Net cash provided by operating activities of continuing operations | 26,623 |  |  | 20,403 |  |  | 21,454 |  |  | 68,480 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of assets held for sale | — |  |  | 297 |  |  |  |  |  | 297 |
Proceeds from sale of property and equipment | — |  |  | 149 |  |  | 9 |  |  | 158 |
Change in restricted cash and investments | — |  |  | — |  |  | 960 |  |  | 960 |
Capital expenditures | (27,046 | ) |  | (20,316 | ) |  | (554 | ) |  | (47,916 | )
Cash (used in) provided by investing activities - continuing operations | (27,046 | ) |  | (19,870 | ) |  | 415 |  |  | (46,501 | )
Cash used in investing activities - discontinued operations | (260 | ) |  | (825 | ) |  | — |  |  | (1,085 | )
Net cash (used in) provided by investing activities | (27,306 | ) |  | (20,695 | ) |  | 415 |  |  | (47,586 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 53,000 |  |  | — |  |  | — |  |  | 53,000 |
Payments on long-term debt | (57,278 | ) |  | (340 | ) |  | (6,457 | ) |  | (64,075 | )
Income tax benefit of equity compensation | (342 | ) |  | — |  |  | — |  |  | (342 | )
Debt issuance costs | (6 | ) |  | — |  |  | (38 | ) |  | (44 | )
Distribution to noncontrolling interests | — |  |  | — |  |  | (5,758 | ) |  | (5,758 | )
Proceeds from the exercise of stock options | 231 |  |  | — |  |  | — |  |  | 231 |
Payments for retirement of common stock | (1,035 | ) |  | — |  |  | — |  |  | (1,035 | )
Net cash used in financing activities | (5,430 | ) |  | (340 | ) |  | (12,253 | ) |  | (18,023 | )
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | 995 |  |  | 995 |
Net Increase (Decrease) in Cash and Cash Equivalents | (6,113 | ) |  | (632 | ) |  | 10,611 |  |  | 3,866 |
Cash and Cash Equivalents, beginning of period | 15,086 |  |  | 3,092 |  |  | 25,200 |  |  | 43,378 |
Cash and Cash Equivalents, end of period | $ | 8,973 |  |  | $ | 2,460 |  |  | $ | 35,811 |  |  | $ | 47,244 |

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