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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 174,414 |  |  | $ | 404,798 |  |  | $ | 112,811 |  |  | $ | (143,673 | ) |  | $ | 548,350 |
Operating expenses | 135,603 |  |  | 323,791 |  |  | 101,116 |  |  | (143,673 | ) |  | 416,837 |
Depreciation and amortization | 6,265 |  |  | 21,424 |  |  | 963 |  |  | — |  |  | 28,652 |
General and administrative expenses | 14,846 |  |  | 15,250 |  |  | 6,808 |  |  | — |  |  | 36,904 |
Operating income | 17,700 |  |  | 44,333 |  |  | 3,924 |  |  | — |  |  | 65,957 |
Interest income | 5,440 |  |  | 409 |  |  | 6,013 |  |  | (5,960 | ) |  | 5,902 |
Interest expense | (16,369 | ) |  | (13,932 | ) |  | (6,748 | ) |  | 5,960 |  |  | (31,089 | )
Loss on extinguishment of debt | (15,866 | ) |  | — |  |  | — |  |  | — |  |  | (15,866 | )
Income before income taxes and equity in earnings of affiliates | (9,095 | ) |  | 30,810 |  |  | 3,189 |  |  | — |  |  | 24,904 |
Income tax provision | (101 | ) |  | 3,099 |  |  | 881 |  |  | — |  |  | 3,879 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 2,131 |  |  | — |  |  | 2,131 |
Income before equity in income of consolidated subsidiaries | (8,994 | ) |  | 27,711 |  |  | 4,439 |  |  | — |  |  | 23,156 |
Income from consolidated subsidiaries, net of income tax provision | 32,150 |  |  | — |  |  | — |  |  | (32,150 | ) |  | — |
Net income | 23,156 |  |  | 27,711 |  |  | 4,439 |  |  | (32,150 | ) |  | 23,156 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 53 |  |  | — |  |  | 53 |
Net income attributable to The GEO Group, Inc. | $ | 23,156 |  |  | $ | 27,711 |  |  | $ | 4,492 |  |  | $ | (32,150 | ) |  | $ | 23,209 |
Net income | $ | 23,156 |  |  | $ | 27,711 |  |  | $ | 4,439 |  |  | $ | (32,150 | ) |  | $ | 23,156 |
Other comprehensive income (loss), net of tax | — |  |  | 33 |  |  | (2,611 | ) |  | — |  |  | (2,578 | )
Total comprehensive income | $ | 23,156 |  |  | $ | 27,744 |  |  | $ | 1,828 |  |  | $ | (32,150 | ) |  | $ | 20,578 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 23,156 |  |  | $ | 27,744 |  |  | $ | 1,880 |  |  | $ | (32,150 | ) |  | $ | 20,630 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| For the Three Months Ended June 30, 2015
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 161,365 |  |  | $ | 367,482 |  |  | $ | 61,521 |  |  | $ | (144,423 | ) |  | $ | 445,945 |
Operating expenses | 141,323 |  |  | 286,414 |  |  | 50,616 |  |  | (144,423 | ) |  | 333,930 |
Depreciation and amortization | 6,381 |  |  | 19,182 |  |  | 997 |  |  | — |  |  | 26,560 |
General and administrative expenses | 11,049 |  |  | 16,928 |  |  | 4,197 |  |  | — |  |  | 32,174 |
Operating income | 2,612 |  |  | 44,958 |  |  | 5,711 |  |  | — |  |  | 53,281 |
Interest income | 5,735 |  |  | 847 |  |  | 3,183 |  |  | (6,897 | ) |  | 2,868 |
Interest expense | (15,537 | ) |  | (14,743 | ) |  | (3,268 | ) |  | 6,897 |  |  | (26,651 | )
Income before income taxes and equity in earnings of affiliates | (7,190 | ) |  | 31,062 |  |  | 5,626 |  |  | — |  |  | 29,498 |
Income tax provision | (61 | ) |  | 1,588 |  |  | 842 |  |  | — |  |  | 2,369 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 1,124 |  |  | — |  |  | 1,124 |
Income before equity in income of consolidated subsidiaries | (7,129 | ) |  | 29,474 |  |  | 5,908 |  |  | — |  |  | 28,253 |
Income from consolidated subsidiaries, net of income tax provision | 35,382 |  |  | — |  |  | — |  |  | (35,382 | ) |  | — |
Net income | 28,253 |  |  | 29,474 |  |  | 5,908 |  |  | (35,382 | ) |  | 28,253 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 38 |  |  | — |  |  | 38 |
Net income attributable to The GEO Group, Inc. | $ | 28,253 |  |  | $ | 29,474 |  |  | $ | 5,946 |  |  | $ | (35,382 | ) |  | $ | 28,291 |
Net income | $ | 28,253 |  |  | $ | 29,474 |  |  | $ | 5,908 |  |  | $ | (35,382 | ) |  | $ | 28,253 |
Other comprehensive income, net of tax | — |  |  | 40 |  |  | 4,810 |  |  | — |  |  | 4,850 |
Total comprehensive income | $ | 28,253 |  |  | $ | 29,514 |  |  | $ | 10,718 |  |  | $ | (35,382 | ) |  | $ | 33,103 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 43 |  |  | — |  |  | 43 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 28,253 |  |  | $ | 29,514 |  |  | $ | 10,761 |  |  | $ | (35,382 | ) |  | $ | 33,146 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| For the Six Months Ended June 30, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 342,051 |  |  | $ | 805,140 |  |  | $ | 193,776 |  |  | $ | (282,432 | ) |  | $ | 1,058,535 |
Operating expenses | 273,513 |  |  | 643,695 |  |  | 170,567 |  |  | (282,432 | ) |  | 805,343 |
Depreciation and amortization | 12,527 |  |  | 42,657 |  |  | 1,919 |  |  | — |  |  | 57,103 |
General and administrative expenses | 22,821 |  |  | 35,216 |  |  | 12,928 |  |  | — |  |  | 70,965 |
Operating income (loss) | 33,190 |  |  | 83,572 |  |  | 8,362 |  |  | — |  |  | 125,124 |
Interest income | 10,881 |  |  | 1,018 |  |  | 10,670 |  |  | (12,110 | ) |  | 10,459 |
Interest expense | (32,726 | ) |  | (27,876 | ) |  | (11,963 | ) |  | 12,110 |  |  | (60,455 | )
Loss on extinguishment of debt | (15,866 | ) |  | — |  |  | — |  |  | — |  |  | (15,866 | )
Income (loss) before income taxes and equity in earnings of affiliates | (4,521 | ) |  | 56,714 |  |  | 7,069 |  |  | — |  |  | 59,262 |
Income tax (benefit) provision | (91 | ) |  | 5,290 |  |  | 1,831 |  |  | — |  |  | 7,030 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 3,250 |  |  | — |  |  | 3,250 |
Income (loss) before equity in income of consolidated subsidiaries | (4,430 | ) |  | 51,424 |  |  | 8,488 |  |  | — |  |  | 55,482 |
Income from consolidated subsidiaries, net of income tax provision | 59,912 |  |  |  |  |  |  |  |  | (59,912 | ) |  | — |
Net income | 55,482 |  |  | 51,424 |  |  | 8,488 |  |  | (59,912 | ) |  | 55,482 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 77 |  |  | — |  |  | 77 |
Net income attributable to The GEO Group, Inc. | $ | 55,482 |  |  | $ | 51,424 |  |  | $ | 8,565 |  |  | $ | (59,912 | ) |  | $ | 55,559 |
Net income | $ | 55,482 |  |  | $ | 51,424 |  |  | $ | 8,488 |  |  | $ | (59,912 | ) |  | $ | 55,482 |
Other comprehensive income (loss), net of tax | — |  |  | 65 |  |  | (3,541 | ) |  | — |  |  | (3,476 | )
Total comprehensive income | $ | 55,482 |  |  | $ | 51,489 |  |  | $ | 4,947 |  |  | $ | (59,912 | ) |  | $ | 52,006 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 68 |  |  | — |  |  | 68 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 55,482 |  |  | $ | 51,489 |  |  | $ | 5,015 |  |  | $ | (59,912 | ) |  | $ | 52,074 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (dollars in thousands) (unaudited)
| For the Six Months Ended June 30, 2015
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 305,748 |  |  | $ | 707,369 |  |  | $ | 126,488 |  |  | $ | (266,291 | ) |  | $ | 873,314 |
Operating expenses | 257,548 |  |  | 555,195 |  |  | 105,387 |  |  | (266,291 | ) |  | 651,839 |
Depreciation and amortization | 12,585 |  |  | 36,879 |  |  | 2,037 |  |  | — |  |  | 51,501 |
General and administrative expenses | 21,372 |  |  | 33,808 |  |  | 8,842 |  |  | — |  |  | 64,022 |
Operating income (loss) | 14,243 |  |  | 81,487 |  |  | 10,222 |  |  | — |  |  | 105,952 |
Interest income | 11,914 |  |  | 2,078 |  |  | 5,319 |  |  | (14,370 | ) |  | 4,941 |
Interest expense | (29,847 | ) |  | (29,379 | ) |  | (6,441 | ) |  | 14,370 |  |  | (51,297 | )
Income (loss) before income taxes and equity in earnings of affiliates | (3,690 | ) |  | 54,186 |  |  | 9,100 |  |  | — |  |  | 59,596 |
Income tax (benefit) provision | (61 | ) |  | 3,328 |  |  | 1,929 |  |  | — |  |  | 5,196 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 2,610 |  |  | — |  |  | 2,610 |
Income (loss) from continuing operations before equity in income of consolidated subsidiaries | (3,629 | ) |  | 50,858 |  |  | 9,781 |  |  | — |  |  | 57,010 |
Income from consolidated subsidiaries, net of income tax provision | 60,639 |  |  | — |  |  | — |  |  | (60,639 | ) |  | — |
Net income | $ | 57,010 |  |  | $ | 50,858 |  |  | $ | 9,781 |  |  | $ | (60,639 | ) |  | $ | 57,010 |
Net loss attributable to noncontrolling interests | — |  |  | — |  |  | 58 |  |  | — |  |  | 58 |
Net income attributable to The GEO Group, Inc. | $ | 57,010 |  |  | $ | 50,858 |  |  | $ | 9,839 |  |  | $ | (60,639 | ) |  | $ | 57,068 |
Net income | $ | 57,010 |  |  | $ | 50,858 |  |  | $ | 9,781 |  |  | $ | (60,639 | ) |  | $ | 57,010 |
Other comprehensive income (loss), net of tax | — |  |  | 77 |  |  | (951 | ) |  | — |  |  | (874 | )
Total comprehensive income | $ | 57,010 |  |  | $ | 50,935 |  |  | $ | 8,830 |  |  | $ | (60,639 | ) |  | $ | 56,136 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 81 |  |  | — |  |  | 81 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 57,010 |  |  | $ | 50,935 |  |  | $ | 8,911 |  |  | $ | (60,639 | ) |  | $ | 56,217 |
CONDENSED CONSOLIDATING BALANCE SHEET |
| As of June 30, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 14,727 |  |  | $ | — |  |  | $ | 24,138 |  |  | $ | — |  |  | $ | 38,865 |
Restricted cash and investments | — |  |  | — |  |  | 72,453 |  |  | — |  |  | 72,453 |
Accounts receivable, less allowance for doubtful accounts | 110,299 |  |  | 172,229 |  |  | 14,725 |  |  | — |  |  | 297,253 |
Current deferred income tax assets | — |  |  | — |  |  | — |  |  | — |  |  | — |
Prepaid expenses and other current assets | 3,982 |  |  | 18,983 |  |  | 7,419 |  |  | (1,312 | ) |  | 29,072 |
Total current assets | 129,008 |  |  | 191,212 |  |  | 118,735 |  |  | (1,312 | ) |  | 437,643 |
Restricted Cash and Investments | 150 |  |  | 17,951 |  |  | 4,435 |  |  | — |  |  | 22,536 |
Property and Equipment, Net | 738,819 |  |  | 1,093,039 |  |  | 81,812 |  |  | — |  |  | 1,913,670 |
Contract Receivable | — |  |  | — |  |  | 302,575 |  |  | — |  |  | 302,575 |
Intercompany Receivable | 1,000,004 |  |  | 101,871 |  |  | 3,087 |  |  | (1,104,962 | ) |  | — |
Non-Current Deferred Income Tax Assets | 713 |  |  | 11,898 |  |  | 11,543 |  |  | — |  |  | 24,154 |
Goodwill | 79 |  |  | 614,941 |  |  | 426 |  |  | — |  |  | 615,446 |
Intangible Assets, Net | — |  |  | 213,281 |  |  | 742 |  |  | — |  |  | 214,023 |
Investment in Subsidiaries | 1,098,855 |  |  | 453,636 |  |  | 2,190 |  |  | (1,554,681 | ) |  | — |
Other Non-Current Assets | 16,298 |  |  | 110,789 |  |  | 23,317 |  |  | (80,005 | ) |  | 70,399 |
Total Assets | $ | 2,983,926 |  |  | $ | 2,808,618 |  |  | $ | 548,862 |  |  | $ | (2,740,960 | ) |  | $ | 3,600,446 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 8,368 |  |  | $ | 53,802 |  |  | $ | 30,466 |  |  | $ | — |  |  | $ | 92,636 |
Accrued payroll and related taxes | — |  |  | 36,849 |  |  | 13,684 |  |  | — |  |  | 50,533 |
Accrued expenses and other current liabilities | 39,067 |  |  | 77,585 |  |  | 13,209 |  |  | (1,312 | ) |  | 128,549 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 3,000 |  |  | 1,532 |  |  | 12,618 |  |  | — |  |  | 17,150 |
Total current liabilities | 50,435 |  |  | 169,768 |  |  | 69,977 |  |  | (1,312 | ) |  | 288,868 |
Non-Current Deferred Income Tax Liabilities | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intercompany Payable | 92,498 |  |  | 1,000,527 |  |  | 11,937 |  |  | (1,104,962 | ) |  | — |
Other Non-Current Liabilities | 4,246 |  |  | 142,534 |  |  | 25,516 |  |  | (80,005 | ) |  | 92,291 |
Capital Lease Obligations | — |  |  | 8,075 |  |  | — |  |  | — |  |  | 8,075 |
Long-Term Debt | 1,869,281 |  |  | — |  |  | — |  |  | — |  |  | 1,869,281 |
Non-Recourse Debt | — |  |  | — |  |  | 374,434 |  |  | — |  |  | 374,434 |
Commitments & Contingencies and Other |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
The GEO Group, Inc. Shareholders' Equity | 967,466 |  |  | 1,487,714 |  |  | 66,967 |  |  | (1,554,681 | ) |  | 967,466 |
Noncontrolling Interests | — |  |  | — |  |  | 31 |  |  | — |  |  | 31 |
Total Shareholders’ Equity | 967,466 |  |  | 1,487,714 |  |  | 66,998 |  |  | (1,554,681 | ) |  | 967,497 |
Total Liabilities and Shareholders' Equity | $ | 2,983,926 |  |  | $ | 2,808,618 |  |  | $ | 548,862 |  |  | $ | (2,740,960 | ) |  | $ | 3,600,446 |
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 current liabilities | 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 Six Months Ended June 30, 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 | $ | 84,523 |  |  | $ | 40,602 |  |  | $ | (86,873 | ) |  | $ | 38,252 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of property and equipment | — |  |  | 41 |  |  | 2 |  |  | 43 |
Insurance proceeds - damaged property | — |  |  | — |  |  | 548 |  |  | 548 |
Change in restricted cash and investments | (12 | ) |  | (1,565 | ) |  | (64,276 | ) |  | (65,853 | )
Capital expenditures | (5,137 | ) |  | (39,078 | ) |  | (1,799 | ) |  | (46,014 | )
Net cash used in investing activities | (5,149 | ) |  | (40,602 | ) |  | (65,525 | ) |  | (111,276 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 641,000 |  |  | — |  |  | — |  |  | 641,000 |
Payments on long-term debt | (627,506 | ) |  | — |  |  | — |  |  | (627,506 | )
Payments on non-recourse debt | — |  |  | — |  |  | (3,044 | ) |  | (3,044 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 159,068 |  |  | 159,068 |
Taxes paid related to net share settlements of equity awards | (2,257 | ) |  | — |  |  | — |  |  | (2,257 | )
Proceeds from issuance of common stock in connection with ESPP | — |  |  |  |  | 224 |  |  | 224 |
Debt issuance costs | (16,980 | ) |  | — |  |  | (2,517 | ) |  | (19,497 | )
Tax deficiency related to equity compensation | (791 | ) |  | — |  |  | — |  |  | (791 | )
Proceeds from stock options exercised | 2,057 |  |  | — |  |  | — |  |  | 2,057 |
Cash dividends paid | (97,247 | ) |  |  |  |  | — |  |  | (97,247 | )
Net cash (used in) provided by financing activities | (101,724 | ) |  | — |  |  | 153,731 |  |  | 52,007 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | 244 |  |  | 244 |
Net Decrease in Cash and Cash Equivalents | (22,350 | ) |  | — |  |  | 1,577 |  |  | (20,773 | )
Cash and Cash Equivalents, beginning of period | 37,077 |  |  | — |  |  | 22,561 |  |  | 59,638 |
Cash and Cash Equivalents, end of period | $ | 14,727 |  |  | $ | — |  |  | $ | 24,138 |  |  | $ | 38,865 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS (dollars in thousands) (unaudited)
| For the Six Months Ended June 30, 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 | $ | 39,103 |  |  | $ | 62,486 |  |  | $ | (21,791 | ) |  | $ | 79,798 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Acquisition of SoberLink, cash consideration |  |  |  | (24,402 | ) |  |  |  |  | (24,402 | )
Acquisition of LCS, net of cash acquired | (307,403 | ) |  |  |  |  | — |  |  | (307,403 | )
Proceeds from sale of property and equipment | — |  |  | 123 |  |  | — |  |  | 123 |
Insurance proceeds - damaged property | — |  |  | 901 |  |  | — |  |  | 901 |
Acquisition of LCS, net of cash acquired | (307,403 | ) |  |  |  |  | — |  |  | (307,403 | )
Change in restricted cash and investments | (97 | ) |  | 2,396 |  |  | (7,716 | ) |  | (5,417 | )
Capital expenditures | (36,367 | ) |  | (34,273 | ) |  | (1,054 | ) |  | (71,694 | )
Net cash used in investing activities | (343,867 | ) |  | (55,255 | ) |  | (8,770 | ) |  | (407,892 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Taxes paid related to net share settlements of equity awards | (1,784 | ) |  | — |  |  | — |  |  | (1,784 | )
Proceeds from long-term debt | 518,000 |  |  | — |  |  | — |  |  | 518,000 |
Payments on long-term debt | (134,744 | ) |  |  |  |  | — |  |  | (134,744 | )
Payments on non-recourse debt | — |  |  | — |  |  | (4,513 | ) |  | (4,513 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 49,731 |  |  | 49,731 |
Proceeds from issuance of common stock in connection with ESPP | 218 |  |  | — |  |  | — |  |  | 218 |
Debt issuance costs |  |  |  | — |  |  | (2,438 | ) |  | (2,438 | )
Tax benefit related to equity compensation | 651 |  |  | — |  |  | — |  |  | 651 |
Proceeds from stock options exercised | 2,037 |  |  | — |  |  | — |  |  | 2,037 |
Cash dividends paid | (92,254 | ) |  | — |  |  | — |  |  | (92,254 | )
Net cash provided by financing activities | 292,124 |  |  | — |  |  | 42,780 |  |  | 334,904 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | (1,103 | ) |  | (1,103 | )
Net Increase (Decrease) in Cash and Cash Equivalents | (12,640 | ) |  | 7,231 |  |  | 11,116 |  |  | 5,707 |
Cash and Cash Equivalents, beginning of period | 18,492 |  |  | 782 |  |  | 22,063 |  |  | 41,337 |
Cash and Cash Equivalents, end of period | $ | 5,852 |  |  | $ | 8,013 |  |  | $ | 33,179 |  |  | $ | 47,044 |

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