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Summary of Business Organization, Operations and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Components of accumulated other comprehensive income (loss) | The components of accumulated other comprehensive loss attributable to GEO included in the consolidated statement of shareholders' equity are as follows (in thousands):
|  | Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. [1] |  |  | Unrealized loss on derivatives, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, December 31, 2016 |  | $ | (11,284 | ) |  | $ | (15,877 | ) |  | $ | (3,664 | ) |  | $ | (30,825 | )
Current-period other comprehensive income (loss) |  | 3,814 |  |  | 3,985 |  |  | (1,420 | ) |  | 6,379 |
Balance, December 31, 2017 |  | $ | (7,470 | ) |  | $ | (11,892 | ) |  | $ | (5,084 | ) |  | $ | (24,446 | )
[1] The foreign currency translation adjustment, net of tax, related to noncontrolling interests was not significant for the year ended December 31, 2017 or December 31, 2016.
Fair value of stock-based awards | The fair value of stock-based option awards was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions for options awarded during years 2017, 2016 and 2015:
|  | 2017 |  | 2016 |  | 2015
Risk free interest rates |  | 1.53% |  | 1.45% |  | 1.00 | %
Expected term |  | 4-5 years |  | 4-5 years |  | 4-5 years |
Expected volatility |  | 36% |  | 25% |  | 24 | %
Expected dividend rate |  | 5.79% |  | 8.85% |  | 5.75 | %
Fair value assumptions of restricted stock | The fair value of restricted stock awards granted in 2017, 2016 and 2015 with market-based performance conditions 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 average key assumptions:
| 2017 | 2016 | 2015
Expected volatility | 42.2 | % | 23.5 | % | 21.4 | %
Beta | 1.11 |  | 1.04 |  | 0.78 |
Risk free interest rate | 1.46 | % | 1.08 | % | 0.93 | %

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- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -URI http://asc.fasb.org/extlink&oid=84228862&loc=SL7669686-108580 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 + Details
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