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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| For the Three Months Ended March 31, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 167,637 |  |  | $ | 400,342 |  |  | $ | 80,965 |  |  | $ | (138,759 | ) |  | $ | 510,185 |
Operating expenses | 137,910 |  |  | 319,904 |  |  | 69,451 |  |  | (138,759 | ) |  | 388,506 |
Depreciation and amortization | 6,262 |  |  | 21,233 |  |  | 956 |  |  | — |  |  | 28,451 |
General and administrative expenses | 7,975 |  |  | 19,966 |  |  | 6,120 |  |  | — |  |  | 34,061 |
Operating income | 15,490 |  |  | 39,239 |  |  | 4,438 |  |  | — |  |  | 59,167 |
Interest income | 5,441 |  |  | 609 |  |  | 4,657 |  |  | (6,150 | ) |  | 4,557 |
Interest expense | (16,357 | ) |  | (13,944 | ) |  | (5,215 | ) |  | 6,150 |  |  | (29,366 | )
Income before income taxes and equity in earnings of affiliates | 4,574 |  |  | 25,904 |  |  | 3,880 |  |  | — |  |  | 34,358 |
Income tax provision | 10 |  |  | 2,191 |  |  | 950 |  |  | — |  |  | 3,151 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 1,119 |  |  | — |  |  | 1,119 |
Income before equity in income of consolidated subsidiaries | 4,564 |  |  | 23,713 |  |  | 4,049 |  |  | — |  |  | 32,326 |
Income from consolidated subsidiaries, net of income tax provision | 27,763 |  |  | — |  |  | — |  |  | (27,763 | ) |  | — |
Net income | 32,327 |  |  | 23,713 |  |  | 4,049 |  |  | (27,763 | ) |  | 32,326 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 24 |  |  | — |  |  | 24 |
Net income attributable to The GEO Group, Inc. | $ | 32,327 |  |  | $ | 23,713 |  |  | $ | 4,073 |  |  | $ | (27,763 | ) |  | $ | 32,350 |
Net income | $ | 32,327 |  |  | $ | 23,713 |  |  | $ | 4,049 |  |  | $ | (27,763 | ) |  | $ | 32,326 |
Other comprehensive income (loss), net of tax | — |  |  | 33 |  |  | (931 | ) |  | — |  |  | (898 | )
Total comprehensive income | $ | 32,327 |  |  | $ | 23,746 |  |  | $ | 3,118 |  |  | $ | (27,763 | ) |  | $ | 31,428 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 32,327 |  |  | $ | 23,746 |  |  | $ | 3,134 |  |  | $ | (27,763 | ) |  | $ | 31,444 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| For the Three Months Ended March 31, 2015
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 144,383 |  |  | $ | 339,887 |  |  | $ | 64,967 |  |  | $ | (121,868 | ) |  | $ | 427,369 |
Operating expenses | 116,225 |  |  | 268,781 |  |  | 54,771 |  |  | (121,868 | ) |  | 317,909 |
Depreciation and amortization | 6,203 |  |  | 17,697 |  |  | 1,040 |  |  | — |  |  | 24,940 |
General and administrative expenses | 10,323 |  |  | 16,880 |  |  | 4,645 |  |  | — |  |  | 31,848 |
Operating income | 11,632 |  |  | 36,529 |  |  | 4,511 |  |  | — |  |  | 52,672 |
Interest income | 6,178 |  |  | 1,231 |  |  | 2,137 |  |  | (7,473 | ) |  | 2,073 |
Interest expense | (14,310 | ) |  | (14,636 | ) |  | (3,173 | ) |  | 7,473 |  |  | (24,646 | )
Income before income taxes and equity in earnings of affiliates | 3,500 |  |  | 23,124 |  |  | 3,475 |  |  | — |  |  | 30,099 |
Income tax provision | — |  |  | 1,740 |  |  | 1,088 |  |  | — |  |  | 2,828 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 1,485 |  |  | — |  |  | 1,485 |
Income before equity in income of consolidated subsidiaries | 3,500 |  |  | 21,384 |  |  | 3,872 |  |  | — |  |  | 28,756 |
Income from consolidated subsidiaries, net of income tax provision | 25,256 |  |  | — |  |  | — |  |  | (25,256 | ) |  | — |
Net income | 28,756 |  |  | 21,384 |  |  | 3,872 |  |  | (25,256 | ) |  | 28,756 |
Net income attributable to noncontrolling interests | — |  |  | — |  |  | 21 |  |  | — |  |  | 21 |
Net income attributable to The GEO Group, Inc. | $ | 28,756 |  |  | $ | 21,384 |  |  | $ | 3,893 |  |  | $ | (25,256 | ) |  | $ | 28,777 |
Net income | $ | 28,756 |  |  | $ | 21,384 |  |  | $ | 3,872 |  |  | $ | (25,256 | ) |  | $ | 28,756 |
Other comprehensive income (loss), net of tax | — |  |  | 40 |  |  | (5,761 | ) |  | — |  |  | (5,721 | )
Total comprehensive income (loss) | $ | 28,756 |  |  | $ | 21,424 |  |  | $ | (1,889 | ) |  | $ | (25,256 | ) |  | $ | 23,035 |
Comprehensive income attributable to noncontrolling interests | — |  |  | — |  |  | 37 |  |  | — |  |  | 37 |
Comprehensive income (loss) attributable to The GEO Group, Inc. | $ | 28,756 |  |  | $ | 21,424 |  |  | $ | (1,852 | ) |  | $ | (25,256 | ) |  | $ | 23,072 |
CONDENSED CONSOLIDATING BALANCE SHEET |
| As of March 31, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 11,558 |  |  | $ | — |  |  | $ | 11,667 |  |  | $ | — |  |  | $ | 23,225 |
Restricted cash and investments | — |  |  | — |  |  | 48,306 |  |  | — |  |  | 48,306 |
Accounts receivable, less allowance for doubtful accounts | 129,625 |  |  | 191,458 |  |  | 20,513 |  |  | — |  |  | 341,596 |
Current deferred income tax assets | — |  |  | — |  |  | — |  |  | — |  |  | — |
Prepaid expenses and other current assets | 1,518 |  |  | 22,380 |  |  | 9,713 |  |  | (1,260 | ) |  | 32,351 |
Total current assets | 142,701 |  |  | 213,838 |  |  | 90,199 |  |  | (1,260 | ) |  | 445,478 |
Restricted Cash and Investments | 138 |  |  | 17,342 |  |  | 3,976 |  |  | — |  |  | 21,456 |
Property and Equipment, Net | 743,004 |  |  | 1,095,108 |  |  | 81,482 |  |  | — |  |  | 1,919,594 |
Contract Receivable | — |  |  | — |  |  | 230,927 |  |  | — |  |  | 230,927 |
Intercompany Receivable | 971,827 |  |  | 52,704 |  |  | 3,123 |  |  | (1,027,654 | ) |  | — |
Non-Current Deferred Income Tax Assets | 713 |  |  | 11,898 |  |  | 11,543 |  |  | — |  |  | 24,154 |
Goodwill | 79 |  |  | 614,941 |  |  | 439 |  |  | — |  |  | 615,459 |
Intangible Assets, Net | — |  |  | 218,354 |  |  | 744 |  |  | — |  |  | 219,098 |
Investment in Subsidiaries | 1,110,983 |  |  | 453,595 |  |  | 2,190 |  |  | (1,566,768 | ) |  | — |
Other Non-Current Assets | 1,746 |  |  | 119,148 |  |  | 26,034 |  |  | (80,067 | ) |  | 66,861 |
Total Assets | $ | 2,971,191 |  |  | $ | 2,796,928 |  |  | $ | 450,657 |  |  | $ | (2,675,749 | ) |  | $ | 3,543,027 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 6,549 |  |  | $ | 59,866 |  |  | $ | 17,094 |  |  | $ | — |  |  | $ | 83,509 |
Accrued payroll and related taxes | — |  |  | 32,311 |  |  | 14,936 |  |  | — |  |  | 47,247 |
Accrued expenses and other | 38,226 |  |  | 77,020 |  |  | 12,274 |  |  | (1,260 | ) |  | 126,260 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 3,000 |  |  | 1,507 |  |  | 13,079 |  |  | — |  |  | 17,586 |
Total current liabilities | 47,775 |  |  | 170,704 |  |  | 57,383 |  |  | (1,260 | ) |  | 274,602 |
Non-Current Deferred Income Tax Liabilities | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intercompany Payable | 42,792 |  |  | 972,513 |  |  | 12,349 |  |  | (1,027,654 | ) |  | — |
Other Non-Current Liabilities | 4,335 |  |  | 143,048 |  |  | 23,473 |  |  | (80,067 | ) |  | 90,789 |
Capital Lease Obligations | — |  |  | 8,387 |  |  | — |  |  | — |  |  | 8,387 |
Long-Term Debt | 1,884,641 |  |  | — |  |  | — |  |  | — |  |  | 1,884,641 |
Non-Recourse Debt | — |  |  | — |  |  | 292,879 |  |  | — |  |  | 292,879 |
Commitments & Contingencies and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 991,648 |  |  | 1,502,276 |  |  | 64,490 |  |  | (1,566,768 | ) |  | 991,646 |
Noncontrolling Interests | — |  |  | — |  |  | 83 |  |  | — |  |  | 83 |
Total Shareholders’ Equity | 991,648 |  |  | 1,502,276 |  |  | 64,573 |  |  | (1,566,768 | ) |  | 991,729 |
Total Liabilities and Shareholders' Equity | $ | 2,971,191 |  |  | $ | 2,796,928 |  |  | $ | 450,657 |  |  | $ | (2,675,749 | ) |  | $ | 3,543,027 |
CONDENSED CONSOLIDATING BALANCE SHEET (dollars in thousands)
| As of December 31, 2015
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 37,077 |  |  | $ | — |  |  | $ | 22,561 |  |  | $ | — |  |  | $ | 59,638 |
Restricted cash and investments | — |  |  | — |  |  | 8,489 |  |  | — |  |  | 8,489 |
Accounts receivable, less allowance for doubtful accounts | 131,747 |  |  | 162,538 |  |  | 19,812 |  |  | — |  |  | 314,097 |
Current deferred income tax assets | — |  |  | 23,120 |  |  | 4,794 |  |  | — |  |  | 27,914 |
Prepaid expenses and other current assets | 1,190 |  |  | 17,917 |  |  | 10,310 |  |  | (1,209 | ) |  | 28,208 |
Total current assets | 170,014 |  |  | 203,575 |  |  | 65,966 |  |  | (1,209 | ) |  | 438,346 |
Restricted Cash and Investments | 138 |  |  | 16,386 |  |  | 3,712 |  |  | — |  |  | 20,236 |
Property and Equipment, Net | 746,478 |  |  | 1,088,417 |  |  | 81,491 |  |  | — |  |  | 1,916,386 |
Direct Finance Lease Receivable | — |  |  | — |  |  | 1,826 |  |  | — |  |  | 1,826 |
Contract Receivable | — |  |  | — |  |  | 174,141 |  |  |  |  | 174,141 |
Intercompany Receivable | 971,291 |  |  | 86,519 |  |  | — |  |  | (1,057,810 | ) |  | — |
Non-Current Deferred Income Tax Assets | 710 |  |  | (102 | ) |  | 6,791 |  |  | — |  |  | 7,399 |
Goodwill | 79 |  |  | 614,941 |  |  | 418 |  |  | — |  |  | 615,438 |
Intangible Assets, Net | — |  |  | 223,426 |  |  | 722 |  |  | — |  |  | 224,148 |
Investment in Subsidiaries | 1,106,546 |  |  | 453,636 |  |  | — |  |  | (1,560,182 | ) |  | — |
Other Non-Current Assets | 2,387 |  |  | 116,561 |  |  | 25,486 |  |  | (80,127 | ) |  | 64,307 |
Total Assets | $ | 2,997,643 |  |  | $ | 2,803,359 |  |  | $ | 360,553 |  |  | $ | (2,699,328 | ) |  | $ | 3,462,227 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 9,731 |  |  | $ | 54,675 |  |  | $ | 13,117 |  |  | $ | — |  |  | $ | 77,523 |
Accrued payroll and related taxes | — |  |  | 35,516 |  |  | 12,961 |  |  | — |  |  | 48,477 |
Accrued expenses and other | 43,043 |  |  | 78,510 |  |  | 15,139 |  |  | (1,209 | ) |  | 135,483 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 3,000 |  |  | 1,477 |  |  | 12,664 |  |  | — |  |  | 17,141 |
Total current liabilities | 55,774 |  |  | 170,178 |  |  | 53,881 |  |  | (1,209 | ) |  | 278,624 |
Non-Current Deferred Income Tax Liabilities |  |  |  | 11,120 |  |  | 351 |  |  | — |  |  | 11,471 |
Intercompany Payable | 76,427 |  |  | 967,048 |  |  | 14,335 |  |  | (1,057,810 | ) |  | — |
Other Non-Current Liabilities | 2,894 |  |  | 143,887 |  |  | 21,040 |  |  | (80,127 | ) |  | 87,694 |
Capital Lease Obligations | — |  |  | 8,693 |  |  | — |  |  | — |  |  | 8,693 |
Long-Term Debt | 1,855,810 |  |  | — |  |  | — |  |  | — |  |  | 1,855,810 |
Non-Recourse Debt | — |  |  | — |  |  | 213,098 |  |  | — |  |  | 213,098 |
Commitments & Contingencies and Other |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 1,006,738 |  |  | 1,502,433 |  |  | 57,749 |  |  | (1,560,182 | ) |  | 1,006,738 |
Noncontrolling Interests | — |  |  | — |  |  | 99 |  |  | — |  |  | 99 |
Total Shareholders’ Equity | 1,006,738 |  |  | 1,502,433 |  |  | 57,848 |  |  | (1,560,182 | ) |  | 1,006,837 |
Total Liabilities and Shareholders' Equity | $ | 2,997,643 |  |  | $ | 2,803,359 |  |  | $ | 360,553 |  |  | $ | (2,699,328 | ) |  | $ | 3,462,227 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
| For the Three Months Ended March 31, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | (221 | ) |  | $ | 25,317 |  |  | $ | (42,623 | ) |  | $ | (17,527 | )
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of property and equipment | — |  |  | 18 |  |  | — |  |  | 18 |
Change in restricted cash and investments | 90 |  |  | (956 | ) |  | (40,171 | ) |  | (41,037 | )
Capital expenditures | (3,567 | ) |  | (24,379 | ) |  | (483 | ) |  | (28,429 | )
Net cash used in investing activities | (3,477 | ) |  | (25,317 | ) |  | (40,654 | ) |  | (69,448 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 117,000 |  |  | — |  |  | — |  |  | 117,000 |
Payments on long-term debt | (88,756 | ) |  | — |  |  | — |  |  | (88,756 | )
Payments on non-recourse debt | — |  |  | — |  |  | (1,613 | ) |  | (1,613 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 71,242 |  |  | 71,242 |
Taxes paid related to net share settlements of equity awards | (1,717 | ) |  | — |  |  | — |  |  | (1,717 | )
Proceeds from issuance of common stock in connection with ESPP | — |  |  | — |  |  | 2,357 |  |  | 2,357 |
Debt issuance costs | — |  |  | — |  |  | (1,505 | ) |  | (1,505 | )
Tax deficiency related to equity compensation | (818 | ) |  | — |  |  | — |  |  | (818 | )
Proceeds from stock options exercised | 979 |  |  | — |  |  | — |  |  | 979 |
Cash dividends paid | (48,509 | ) |  | — |  |  | — |  |  | (48,509 | )
Net cash (used in) provided by financing activities | (21,821 | ) |  | — |  |  | 70,481 |  |  | 48,660 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | 1,902 |  |  | 1,902 |
Net Decrease in Cash and Cash Equivalents | (25,519 | ) |  | — |  |  | (10,894 | ) |  | (36,413 | )
Cash and Cash Equivalents, beginning of period | 37,077 |  |  | — |  |  | 22,561 |  |  | 59,638 |
Cash and Cash Equivalents, end of period | $ | 11,558 |  |  | $ | — |  |  | $ | 11,667 |  |  | $ | 23,225 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
| For the Three Months Ended March 31, 2015
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 35,300 |  |  | $ | 30,416 |  |  | $ | (4,971 | ) |  | $ | 60,745 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of property and equipment | — |  |  | 20 |  |  | — |  |  | 20 |
Insurance proceeds - damages property | — |  |  | 700 |  |  | — |  |  | 700 |
Acquisition of LCS, net of cash acquired | (307,403 | ) |  |  |  |  | — |  |  | (307,403 | )
Change in restricted cash and investments | 102 |  |  | (6,443 | ) |  | (1,767 | ) |  | (8,108 | )
Capital expenditures | (20,561 | ) |  | (13,042 | ) |  | (595 | ) |  | (34,198 | )
Net cash used in investing activities | (327,862 | ) |  | (18,765 | ) |  | (2,362 | ) |  | (348,989 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Taxes paid related to net share settlements of equity awards | (1,123 | ) |  | — |  |  | — |  |  | (1,123 | )
Proceeds from long-term debt | 371,000 |  |  | — |  |  | — |  |  | 371,000 |
Payments on long-term debt | (38,750 | ) |  |  |  |  | — |  |  | (38,750 | )
Payments on non-recourse debt | — |  |  | — |  |  | (1,645 | ) |  | (1,645 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 33,019 |  |  | 33,019 |
Proceeds from reissuance of treasury stock in connection with ESPP | 98 |  |  | — |  |  | — |  |  | 98 |
Debt issuance costs |  |  |  | — |  |  | (1,245 | ) |  | (1,245 | )
Tax benefit related to equity compensation | 569 |  |  | — |  |  | — |  |  | 569 |
Proceeds from stock options exercised | 1,215 |  |  | — |  |  | — |  |  | 1,215 |
Cash dividends paid | (45,977 | ) |  | — |  |  | — |  |  | (45,977 | )
Net cash provided by financing activities | 287,032 |  |  | — |  |  | 30,129 |  |  | 317,161 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | (1,273 | ) |  | (1,273 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (5,530 | ) |  | 11,651 |  |  | 21,523 |  |  | 27,644 |
Cash and Cash Equivalents, beginning of period | 18,492 |  |  | 782 |  |  | 22,063 |  |  | 41,337 |
Cash and Cash Equivalents, end of period | $ | 12,962 |  |  | $ | 12,433 |  |  | $ | 43,586 |  |  | $ | 68,981 |

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