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Condensed Consolidating Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2018
Condensed Consolidating Financial Information Disclosure [Abstract] |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME | CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in thousands)
| For the Year Ended December 31, 2018
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 827,473 |  |  | $ | 1,905,243 |  |  | $ | 268,723 |  |  | $ | (670,053 | ) |  | $ | 2,331,386 |
Operating expenses | 664,354 |  |  | 1,539,343 |  |  | 222,128 |  |  | (670,053 | ) |  | 1,755,772 |
Depreciation and amortization | 27,036 |  |  | 95,504 |  |  | 3,894 |  |  | — |  |  | 126,434 |
General and administrative expenses | 64,852 |  |  | 98,601 |  |  | 21,062 |  |  | — |  |  | 184,515 |
Operating income | 71,231 |  |  | 171,795 |  |  | 21,639 |  |  | — |  |  | 264,665 |
Interest income | 14,702 |  |  | 5,494 |  |  | 35,501 |  |  | (20,942 | ) |  | 34,755 |
Interest expense | (81,456 | ) |  | (56,194 | ) |  | (33,395 | ) |  | 20,942 |  |  | (150,103 | )
Income before income taxes and equity in earnings of affiliates | 4,477 |  |  | 121,095 |  |  | 23,745 |  |  | — |  |  | 149,317 |
Provision for income taxes | 972 |  |  | 7,424 |  |  | 5,721 |  |  | — |  |  | 14,117 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 9,627 |  |  | — |  |  | 9,627 |
Income from operations before equity in income of consolidated subsidiaries | 3,505 |  |  | 113,671 |  |  | 27,651 |  |  | — |  |  | 144,827 |
Income from consolidated subsidiaries, net of income tax provision | 141,322 |  |  | — |  |  | — |  |  | (141,322 | ) |  | — |
Net income | 144,827 |  |  | 113,671 |  |  | 27,651 |  |  | (141,322 | ) |  | 144,827 |
Loss attributable to noncontrolling interests | — |  |  | — |  |  | 262 |  |  | — |  |  | 262 |
Net income attributable to The GEO Group, Inc. | $ | 144,827 |  |  | $ | 113,671 |  |  | $ | 27,913 |  |  | $ | (141,322 | ) |  | $ | 145,089 |
Net income | $ | 144,827 |  |  | $ | 113,671 |  |  | $ | 27,651 |  |  | $ | (141,322 | ) |  | $ | 144,827 |
Other comprehensive income (loss), net of tax | — |  |  | 1,785 |  |  | (972 | ) |  | — |  |  | 813 |
Total comprehensive income | $ | 144,827 |  |  | $ | 115,456 |  |  | $ | 26,679 |  |  | $ | (141,322 | ) |  | $ | 145,640 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 277 |  |  | — |  |  | 277 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 144,827 |  |  | $ | 115,456 |  |  | $ | 26,956 |  |  | $ | (141,322 | ) |  | $ | 145,917 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
| For the Year Ended December 31, 2017
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 711,013 |  |  | $ | 1,810,262 |  |  | $ | 321,612 |  |  | $ | (579,467 | ) |  | $ | 2,263,420 |
Operating expenses | 568,061 |  |  | 1,441,884 |  |  | 270,017 |  |  | (579,467 | ) |  | 1,700,495 |
Depreciation and amortization | 24,580 |  |  | 96,051 |  |  | 3,666 |  |  | — |  |  | 124,297 |
General and administrative expenses | 59,194 |  |  | 104,373 |  |  | 26,776 |  |  | — |  |  | 190,343 |
Operating income | 59,178 |  |  | 167,954 |  |  | 21,153 |  |  | — |  |  | 248,285 |
Interest income | 16,200 |  |  | 4,294 |  |  | 52,069 |  |  | (20,887 | ) |  | 51,676 |
Interest expense | (69,969 | ) |  | (55,080 | ) |  | (43,862 | ) |  | 20,887 |  |  | (148,024 | )
Income before income taxes and equity in earnings of affiliates | 5,409 |  |  | 117,168 |  |  | 29,360 |  |  | — |  |  | 151,937 |
Provision for income taxes | 1,103 |  |  | 9,608 |  |  | 7,247 |  |  | — |  |  | 17,958 |
Equity in earnings of affiliates, net of income tax benefit | — |  |  | — |  |  | 12,045 |  |  | — |  |  | 12,045 |
Income from operations before equity in income of consolidated subsidiaries | 4,306 |  |  | 107,560 |  |  | 34,158 |  |  | — |  |  | 146,024 |
Income from consolidated subsidiaries, net of income tax provision | 141,718 |  |  | — |  |  | — |  |  | (141,718 | ) |  | — |
Net income | 146,024 |  |  | 107,560 |  |  | 34,158 |  |  | (141,718 | ) |  | 146,024 |
Loss attributable to noncontrolling interests | $ | — |  |  | $ | — |  |  | $ | 217 |  |  | $ | — |  |  | $ | 217 |
Net income attributable to The GEO Group, Inc. | $ | 146,024 |  |  | $ | 107,560 |  |  | $ | 34,375 |  |  | $ | (141,718 | ) |  | $ | 146,241 |
Net income | $ | 146,024 |  |  | $ | 107,560 |  |  | $ | 34,158 |  |  | $ | (141,718 | ) |  | $ | 146,024 |
Other comprehensive income (loss), net of tax | — |  |  | (1,420 | ) |  | 7,793 |  |  | — |  |  | 6,373 |
Total comprehensive income | $ | 146,024 |  |  | $ | 106,140 |  |  | $ | 41,951 |  |  | $ | (141,718 | ) |  | $ | 152,397 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 211 |  |  | — |  |  | 211 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 146,024 |  |  | $ | 106,140 |  |  | $ | 42,162 |  |  | $ | (141,718 | ) |  | $ | 152,608 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
| For the Year ended December 31, 2016
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 697,292 |  |  | $ | 1,626,690 |  |  | $ | 420,019 |  |  | $ | (564,511 | ) |  | $ | 2,179,490 |
Operating expenses | 560,694 |  |  | 1,283,447 |  |  | 370,651 |  |  | (564,511 | ) |  | 1,650,281 |
Depreciation and amortization | 25,224 |  |  | 85,852 |  |  | 3,840 |  |  | — |  |  | 114,916 |
General and administrative expenses | 47,354 |  |  | 72,831 |  |  | 28,524 |  |  | — |  |  | 148,709 |
Operating income | 64,020 |  |  | 184,560 |  |  | 17,004 |  |  | — |  |  | 265,584 |
Interest income | 20,409 |  |  | 1,842 |  |  | 28,944 |  |  | (22,699 | ) |  | 28,496 |
Interest expense | (65,018 | ) |  | (55,295 | ) |  | (31,104 | ) |  | 22,699 |  |  | (128,718 | )
Loss on early extinguishment of debt | (15,885 | ) |  | — |  |  | — |  |  | — |  |  | (15,885 | )
Income before income taxes and equity in earnings of affiliates | 3,526 |  |  | 131,107 |  |  | 14,844 |  |  | — |  |  | 149,477 |
Provision for income taxes | 1,124 |  |  | 2,108 |  |  | 4,672 |  |  | — |  |  | 7,904 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 6,925 |  |  | — |  |  | 6,925 |
Income from operations before equity in income of consolidated subsidiaries | 2,402 |  |  | 128,999 |  |  | 17,097 |  |  | — |  |  | 148,498 |
Income from consolidated subsidiaries, net of income tax provision | 146,096 |  |  | — |  |  | — |  |  | (146,096 | ) |  | — |
Net income | 148,498 |  |  | 128,999 |  |  | 17,097 |  |  | (146,096 | ) |  | 148,498 |
Loss attributable to noncontrolling interests | $ | — |  |  | $ | — |  |  | $ | 217 |  |  | $ | — |  |  | $ | 217 |
Net income attributable to The GEO Group, Inc. | $ | 148,498 |  |  | $ | 128,999 |  |  | $ | 17,314 |  |  | $ | (146,096 | ) |  | $ | 148,715 |
Net income | $ | 148,498 |  |  | $ | 128,999 |  |  | $ | 17,097 |  |  | $ | (146,096 | ) |  | $ | 148,498 |
Other comprehensive income (loss), net of tax | — |  |  | (704 | ) |  | 2,302 |  |  | — |  |  | 1,598 |
Total comprehensive income | $ | 148,498 |  |  | $ | 128,295 |  |  | $ | 19,399 |  |  | $ | (146,096 | ) |  | $ | 150,096 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 198 |  |  | — |  |  | 198 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 148,498 |  |  | $ | 128,295 |  |  | $ | 19,597 |  |  | $ | (146,096 | ) |  | $ | 150,294 |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET (in thousands)
| As of December 31, 2018
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 4,468 |  |  | $ | 7,873 |  |  | $ | 18,914 |  |  | $ | — |  |  | $ | 31,255 |
Restricted cash and investments | 2,854 |  |  | — |  |  | 48,824 |  |  | — |  |  | 51,678 |
Accounts receivable, less allowance for doubtful accounts | 190,594 |  |  | 221,957 |  |  | 44,377 |  |  | (11,402 | ) |  | 445,526 |
Contract receivable, current portion | — |  |  | — |  |  | 15,535 |  |  | — |  |  | 15,535 |
Prepaid expenses and other current assets | 2,011 |  |  | 39,827 |  |  | 7,114 |  |  | (1,839 | ) |  | 47,113 |
Total current assets | 199,927 |  |  | 269,657 |  |  | 134,764 |  |  | (13,241 | ) |  | 591,107 |
Restricted Cash and Investments | — |  |  | 21,009 |  |  | 1,422 |  |  | — |  |  | 22,431 |
Property and Equipment, Net | 845,291 |  |  | 1,227,223 |  |  | 86,096 |  |  | — |  |  | 2,158,610 |
Contract Receivable | — |  |  | — |  |  | 368,178 |  |  | — |  |  | 368,178 |
Assets Held for Sale | 705 |  |  | 1,929 |  |  | — |  |  | — |  |  | 2,634 |
Intercompany Receivable | 990,365 |  |  | 150,710 |  |  | 22,407 |  |  | (1,163,482 | ) |  | — |
Deferred Income Tax Assets | 798 |  |  | 27,928 |  |  | 1,198 |  |  | — |  |  | 29,924 |
Goodwill | — |  |  | 775,955 |  |  | 404 |  |  | — |  |  | 776,359 |
Intangible Assets, Net | — |  |  | 231,787 |  |  | 573 |  |  | — |  |  | 232,360 |
Investment in Subsidiaries | 1,503,841 |  |  | 458,229 |  |  | 2,190 |  |  | (1,964,260 | ) |  | — |
Other Non-Current Assets | 9,541 |  |  | 115,695 |  |  | 19,334 |  |  | (78,710 | ) |  | 65,860 |
Total Assets | $ | 3,550,468 |  |  | $ | 3,280,122 |  |  | $ | 636,566 |  |  | $ | (3,219,693 | ) |  | $ | 4,247,463 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 13,566 |  |  | $ | 72,128 |  |  | $ | 7,338 |  |  | $ | — |  |  | $ | 93,032 |
Accrued payroll and related taxes | — |  |  | 56,543 |  |  | 19,466 |  |  | — |  |  | 76,009 |
Accrued expenses and other current liabilities | 23,565 |  |  | 157,576 |  |  | 25,615 |  |  | (13,241 | ) |  | 193,515 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 8,000 |  |  | 2,017 |  |  | 322,010 |  |  | — |  |  | 332,027 |
Total current liabilities | 45,131 |  |  | 288,264 |  |  | 374,429 |  |  | (13,241 | ) |  | 694,583 |
Deferred Income Tax Liabilities | — |  |  | — |  |  | 13,681 |  |  | — |  |  | 13,681 |
Intercompany Payable | 142,055 |  |  | 989,856 |  |  | 31,571 |  |  | (1,163,482 | ) |  | — |
Other Non-Current Liabilities | 1,395 |  |  | 152,815 |  |  | 6,981 |  |  | (78,710 | ) |  | 82,481 |
Capital Lease Obligations | — |  |  | 4,570 |  |  | — |  |  | — |  |  | 4,570 |
Long-Term Debt | 2,321,384 |  |  | — |  |  | 75,843 |  |  | — |  |  | 2,397,227 |
Non-Recourse Debt | — |  |  | — |  |  | 15,017 |  |  | — |  |  | 15,017 |
Commitments & Contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
Total shareholders’ equity attributable to The GEO Group, Inc. | 1,040,503 |  |  | 1,844,617 |  |  | 119,643 |  |  | (1,964,260 | ) |  | 1,040,503 |
Noncontrolling Interests | — |  |  | — |  |  | (599 | ) |  | — |  |  | (599 | )
Total Shareholders’ Equity | 1,040,503 |  |  | 1,844,617 |  |  | 119,044 |  |  | (1,964,260 | ) |  | 1,039,904 |
Total Liabilities and Shareholders' Equity | $ | 3,550,468 |  |  | $ | 3,280,122 |  |  | $ | 636,566 |  |  | $ | (3,219,693 | ) |  | $ | 4,247,463 |
CONDENSED CONSOLIDATING BALANCE SHEET (in thousands)
| As of December 31, 2017
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 54,666 |  |  | $ | — |  |  | $ | 26,711 |  |  | $ | — |  |  | $ | 81,377 |
Restricted cash and investments | — |  |  | — |  |  | 44,932 |  |  | — |  |  | 44,932 |
Accounts receivable, less allowance for doubtful accounts | 130,354 |  |  | 225,029 |  |  | 34,533 |  |  | — |  |  | 389,916 |
Contract receivable, current portion | — |  |  | — |  |  | 18,142 |  |  | — |  |  | 18,142 |
Prepaid expenses and other current assets | 2,589 |  |  | 24,163 |  |  | 18,590 |  |  | — |  |  | 45,342 |
Total current assets | 187,609 |  |  | 249,192 |  |  | 142,908 |  |  | — |  |  | 579,709 |
Restricted Cash and Investments | — |  |  | 25,715 |  |  | 2,284 |  |  | — |  |  | 27,999 |
Property and Equipment, Net | 777,404 |  |  | 1,209,816 |  |  | 90,903 |  |  | — |  |  | 2,078,123 |
Contract Receivable | — |  |  | — |  |  | 404,309 |  |  | — |  |  | 404,309 |
Assets Held for Sale | — |  |  | 3,915 |  |  | — |  |  | — |  |  | 3,915 |
Intercompany Receivable | 1,130,189 |  |  | 88,534 |  |  | 28,218 |  |  | (1,246,941 | ) |  | — |
Deferred Income Tax Assets | 863 |  |  | 23,913 |  |  | 1,501 |  |  | — |  |  | 26,277 |
Goodwill | — |  |  | 778,504 |  |  | 447 |  |  | — |  |  | 778,951 |
Intangible Assets, Net | — |  |  | 254,531 |  |  | 808 |  |  | — |  |  | 255,339 |
Investment in Subsidiaries | 1,336,665 |  |  | 456,076 |  |  | 2,190 |  |  | (1,794,931 | ) |  | — |
Other Non-Current Assets | 11,141 |  |  | 115,330 |  |  | 25,210 |  |  | (79,395 | ) |  | 72,286 |
Total Assets | $ | 3,443,871 |  |  | $ | 3,205,526 |  |  | $ | 698,778 |  |  | $ | (3,121,267 | ) |  | $ | 4,226,908 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 20,643 |  |  | $ | 65,475 |  |  | $ | 6,469 |  |  | $ | — |  |  | $ | 92,587 |
Accrued payroll and related taxes | — |  |  | 51,780 |  |  | 19,952 |  |  | — |  |  | 71,732 |
Accrued expenses and other current liabilities | 40,344 |  |  | 115,636 |  |  | 20,344 |  |  | — |  |  | 176,324 |
Current portion of capital lease obligations, long-term debt and non-recourse debt | 8,000 |  |  | 1,870 |  |  | 19,050 |  |  | — |  |  | 28,920 |
Total current liabilities | 68,987 |  |  | 234,761 |  |  | 65,815 |  |  | — |  |  | 369,563 |
Deferred Income Tax Liabilities | — |  |  | — |  |  | 8,757 |  |  | — |  |  | 8,757 |
Intercompany Payable | 79,984 |  |  | 1,129,590 |  |  | 37,367 |  |  | (1,246,941 | ) |  | — |
Other Non-Current Liabilities | 4,674 |  |  | 157,200 |  |  | 14,223 |  |  | (79,395 | ) |  | 96,702 |
Capital Lease Obligations | — |  |  | 6,059 |  |  | — |  |  | — |  |  | 6,059 |
Long-Term Debt | 2,090,985 |  |  | — |  |  | 90,559 |  |  | — |  |  | 2,181,544 |
Non-Recourse Debt | — |  |  | — |  |  | 365,364 |  |  | — |  |  | 365,364 |
Commitments & Contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
Total shareholders’ equity attributable to The GEO Group, Inc. | 1,199,241 |  |  | 1,677,916 |  |  | 117,015 |  |  | (1,794,931 | ) |  | 1,199,241 |
Noncontrolling Interests | — |  |  | — |  |  | (322 | ) |  | — |  |  | (322 | )
Total Shareholders’ Equity | 1,199,241 |  |  | 1,677,916 |  |  | 116,693 |  |  | (1,794,931 | ) |  | 1,198,919 |
Total Liabilities and Shareholders' Equity | $ | 3,443,871 |  |  | $ | 3,205,526 |  |  | $ | 698,778 |  |  | $ | (3,121,267 | ) |  | $ | 4,226,908 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
| For the Year Ended December 31, 2018
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 156,754 |  |  | $ | 86,974 |  |  | $ | 30,747 |  |  | $ | 274,475 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of property and equipment | — |  |  | 268 |  |  | 1,809 |  |  | 2,077 |
Insurance proceeds - damaged property | — |  |  | 1,438 |  |  | — |  |  | 1,438 |
Proceeds from sale of assets held for sale | — |  |  | 3,797 |  |  | — |  |  | 3,797 |
Change in restricted investments | — |  |  | (129 | ) |  | — |  |  | (129 | )
Capital expenditures | (104,034 | ) |  | (89,310 | ) |  | (2,322 | ) |  | (195,666 | )
Net cash used in investing activities | (104,034 | ) |  | (83,936 | ) |  | (513 | ) |  | (188,483 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Payments on long-term debt | (276,000 | ) |  | — |  |  | (6,358 | ) |  | (282,358 | )
Proceeds from long-term debt | 502,998 |  |  | — |  |  | — |  |  | 502,998 |
Payments on non-recourse debt | — |  |  | — |  |  | (18,544 | ) |  | (18,544 | )
Taxes paid related to net share settlements of equity awards | (3,820 | ) |  | — |  |  | — |  |  | (3,820 | )
Payment for repurchases of common stock | (95,175 | ) |  | — |  |  | — |  |  | (95,175 | )
Debt issuance costs | (990 | ) |  | — |  |  | — |  |  | (990 | )
Proceeds from stock options exercised | 1,887 |  |  | — |  |  | — |  |  | 1,887 |
Dividends paid | (229,498 | ) |  | — |  |  | — |  |  | (229,498 | )
Proceeds from issuance of common stock in connection with ESPP | 534 |  |  | — |  |  | — |  |  | 534 |
Net cash used in financing activities | (100,064 | ) |  | — |  |  | (24,902 | ) |  | (124,966 | )
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | — |  |  | — |  |  | (10,099 | ) |  | (10,099 | )
Net (Decrease) Increase in Cash. Cash Equivalents and Restricted Cash and Cash Equivalents | (47,344 | ) |  | 3,038 |  |  | (4,767 | ) |  | (49,073 | )
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 54,666 |  |  | 4,952 |  |  | 73,927 |  |  | 133,545 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | $ | 7,322 |  |  | $ | 7,990 |  |  | $ | 69,160 |  |  | $ | 84,472 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
| For the Year Ended December 31, 2017
| The GEO Group Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 118,018 |  |  | $ | 91,174 |  |  | $ | 171,850 |  |  | $ | 381,042 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Acquisition of CEC, cash consideration, net of cash acquired | (353,556 | ) |  | — |  |  | — |  |  | (353,556 | )
Proceeds from sale of property and equipment | 3,436 |  |  | — |  |  | 24 |  |  | 3,460 |
Insurance proceeds - damaged property | 2,754 |  |  | — |  |  | — |  |  | 2,754 |
Change in restricted cash and investments | — |  |  | (4,507 | ) |  | — |  |  | (4,507 | )
Capital expenditures | (53,030 | ) |  | (86,336 | ) |  | (9,040 | ) |  | (148,406 | )
Net cash used in investing activities | (400,396 | ) |  | (90,843 | ) |  | (9,016 | ) |  | (500,255 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Payments on long-term debt | (1,140,788 | ) |  | — |  |  | — |  |  | (1,140,788 | )
Proceeds from long-term debt | 1,389,084 |  |  | — |  |  | — |  |  | 1,389,084 |
Payments on non-recourse debt | — |  |  | — |  |  | (307,414 | ) |  | (307,414 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 181,658 |  |  | 181,658 |
Taxes paid related to net share settlements of equity awards | (4,142 | ) |  | — |  |  | — |  |  | (4,142 | )
Debt issuance costs | (8,701 | ) |  | — |  |  | (841 | ) |  | (9,542 | )
Proceeds from stock options exercised | 6,962 |  |  | — |  |  | — |  |  | 6,962 |
Dividends paid | (227,463 | ) |  | — |  |  | — |  |  | (227,463 | )
Proceeds from issuance of common stock in connection with ESPP | 497 |  |  |  |  | — |  |  | 497 |
Proceeds from issuance of common stock in connection with public offering | 275,867 |  |  | — |  |  | — |  |  | 275,867 |
Net cash provided by (used in) financing activities | 291,316 |  |  | — |  |  | (126,597 | ) |  | 164,719 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | — |  |  | — |  |  | (2,318 | ) |  | (2,318 | )
Net Increase in Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | 8,938 |  |  | 331 |  |  | 33,919 |  |  | 43,188 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 45,728 |  |  | 4,621 |  |  | 40,008 |  |  | 90,357 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | $ | 54,666 |  |  | $ | 4,952 |  |  | $ | 73,927 |  |  | $ | 133,545 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
| For the Year Ended December 31, 2016
| 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 | 154,125 |  |  | 66,009 |  |  | (248,162 | ) |  | (28,028 | )
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of property and equipment | 2,030 |  |  | — |  |  | — |  |  | 2,030 |
Insurance proceeds - damaged property | — |  |  | — |  |  | 4,733 |  |  | 4,733 |
Change in restricted cash and investments | — |  |  | (2,892 | ) |  | — |  |  | (2,892 | )
Capital expenditures | (14,040 | ) |  | (61,811 | ) |  | (5,714 | ) |  | (81,565 | )
Net cash used in investing activities | (12,010 | ) |  | (64,703 | ) |  | (981 | ) |  | (77,694 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Proceeds from long-term debt | 1,012,945 |  |  | — |  |  | — |  |  | 1,012,945 |
Payments on long-term debt | (934,006 | ) |  |  |  | — |  |  | (934,006 | )
Payments on non-recourse debt | — |  |  | — |  |  | (10,064 | ) |  | (10,064 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 266,835 |  |  | 266,835 |
Income tax benefit of equity compensation | (844 | ) |  | — |  |  | (782 | ) |  | (1,626 | )
Taxes paid related to net share settlements of equity awards | (2,336 | ) |  | — |  |  | — |  |  | (2,336 | )
Debt issuance costs | (16,980 | ) |  | — |  |  | (4,135 | ) |  | (21,115 | )
Proceeds from stock options exercised | 2,367 |  |  | — |  |  | 980 |  |  | 3,347 |
Dividends paid | (194,748 | ) |  | — |  |  | — |  |  | (194,748 | )
Proceeds from issuance of common stock in connection with ESPP | — |  |  | — |  |  | 436 |  |  | 436 |
Net cash provided by (used in) financing activities | (133,602 | ) |  | — |  |  | 253,270 |  |  | 119,668 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | 1,119 |  |  | 1,119 |
Net Increase in Cash and Cash Equivalents | 8,513 |  |  | 1,306 |  |  | 5,246 |  |  | 15,065 |
Cash and Cash Equivalents, beginning of period | 37,215 |  |  | 3,315 |  |  | 34,762 |  |  | 75,292 |
Cash and Cash Equivalents, end of period | $ | 45,728 |  |  | $ | 4,621 |  |  | $ | 40,008 |  |  | $ | 90,357 |

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