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Business Combinations (Tables) | 6 Months Ended
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Jun. 30, 2017
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price of $354.5 million has been preliminarily allocated to the estimated fair values of the assets acquired and liabilities assumed as of April 5, 2017 as follows (in '000's):
Preliminary Purchase Price Allocation
Accounts Receivable | $ | 29,936 |
Prepaid and other current assets | 5,032 |
Property and equipment | 126,510 |
Intangible assets | 76,000 |
Favorable lease assets | 3,110 |
Deferred income tax assets | 2,223 |
Other non-current assets | 4,327 |
Total assets acquired | $ | 247,138 |
Accounts payable and accrued expenses | 53,800 |
Unfavorable lease liabilities | 1,299 |
Other non-current liabilities | 9,917 |
Total liabilities assumed | $ | 65,016 |
Total identifiable net assets | 182,122 |
Goodwill | 172,343 |
Total consideration paid, net of cash acquired | $ | 354,465 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Identifiable intangible assets purchased in the acquisition and their weighted average amortization periods in total and by major intangible asset class, as applicable, are included in the table below:
| Weighted Average Useful Life (years) |  | Fair Value as of April 5, 2017
Facility management contracts | 18.3 |  | $ | 75,300 |
Covenants not to compete | 1 |  | 700 |
Total acquired intangible assets |  |  | $ | 76,000 |
Business Acquisition, Pro Forma Information | The pro forma amounts are included for comparative purposes and may not necessarily reflect the results of operations that would have resulted had the acquisition been completed at the beginning of the applicable period and may not be indicative of the results that will be attained in the future (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, 2017 |  | June 30, 2016 |  | June 30, 2017 |  | June 30, 2016
Pro forma revenues | $ | 579,681 |  |  | $ | 610,512 |  |  | $ | 1,189,890 |  |  | $ | 1,183,502 |
Pro forma net income attributable to the GEO Group, Inc. | $ | 38,960 |  |  | $ | 23,999 |  |  | $ | 80,800 |  |  | $ | 55,850 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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