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Condensed Consolidating Financial Information | 12 Months Ended
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Dec. 31, 2019
Condensed Consolidating Financial Information Disclosure [Abstract] |
Condensed Consolidating Financial Information | Condensed Consolidating Financial Information The following condensed consolidating financial information, which has been prepared in accordance with the requirements for presentation of Rule 3-10(d) of Regulation S-X promulgated under the Securities Act, presents the condensed consolidating financial information separately for: (i) The GEO Group, Inc., as the issuer of the 6.00% Senior Notes due, 5.875% Senior Notes due 2022, 5.875% Senior Notes due 2024 and 5.125% Senior Notes (collectively, the "Notes"); (ii) The Subsidiary Guarantors, on a combined basis, which are 100% owned by The GEO Group, Inc., and which are guarantors of the Notes; (iii) The Company’s other subsidiaries, on a combined basis, which are not guarantors of the Notes (the “Subsidiary Non-Guarantors”); (iv) Consolidating entries and eliminations representing adjustments to: (a) eliminate intercompany transactions between or among the Company, the Subsidiary Guarantors and the Subsidiary Non-Guarantors and (b) eliminate the investments in the Company’s subsidiaries; and (v) The Company and its subsidiaries on a consolidated basis. Refer to Note 13 - Debt for a description of the notes that are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the Company and certain of its wholly-owned domestic subsidiaries. CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME (in thousands)
| For the Year Ended December 31, 2019
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Revenues | $ | 941,117 |  |  | $ | 2,010,561 |  |  | $ | 272,613 |  |  | $ | (746,369 | ) |  | $ | 2,477,922 |
Operating expenses | 755,443 |  |  | 1,628,470 |  |  | 223,214 |  |  | (746,369 | ) |  | 1,860,758 |
Depreciation and amortization | 29,688 |  |  | 97,259 |  |  | 3,878 |  |  | — |  |  | 130,825 |
General and administrative expenses | 69,969 |  |  | 95,689 |  |  | 20,268 |  |  | — |  |  | 185,926 |
Operating income | 86,017 |  |  | 189,143 |  |  | 25,253 |  |  | — |  |  | 300,413 |
Interest income | 13,956 |  |  | 7,293 |  |  | 27,270 |  |  | (19,585 | ) |  | 28,934 |
Interest expense | (90,127 | ) |  | (57,005 | ) |  | (23,477 | ) |  | 19,585 |  |  | (151,024 | )
Loss on extinguishment of debt | (486 | ) |  | 155 |  |  | (4,464 | ) |  | — |  |  | (4,795 | )
Income before income taxes and equity in earnings of affiliates | 9,360 |  |  | 139,586 |  |  | 24,582 |  |  | — |  |  | 173,528 |
Provision for income taxes | 1,472 |  |  | 9,595 |  |  | 5,581 |  |  | — |  |  | 16,648 |
Equity in earnings of affiliates, net of income tax provision | — |  |  | — |  |  | 9,532 |  |  | — |  |  | 9,532 |
Income from operations before equity in income of consolidated subsidiaries | 7,888 |  |  | 129,991 |  |  | 28,533 |  |  | — |  |  | 166,412 |
Income from consolidated subsidiaries, net of income tax provision | 158,524 |  |  | — |  |  | — |  |  | (158,524 | ) |  | — |
Net income | 166,412 |  |  | 129,991 |  |  | 28,533 |  |  | (158,524 | ) |  | 166,412 |
Loss attributable to noncontrolling interests | — |  |  | — |  |  | 191 |  |  | — |  |  | 191 |
Net income attributable to The GEO Group, Inc. | $ | 166,412 |  |  | $ | 129,991 |  |  | $ | 28,724 |  |  | $ | (158,524 | ) |  | $ | 166,603 |
Net income | $ | 166,412 |  |  | $ | 129,991 |  |  | $ | 28,533 |  |  | $ | (158,524 | ) |  | $ | 166,412 |
Other comprehensive income (loss), net of tax | (1,476 | ) |  | (3,247 | ) |  | 8,014 |  |  | — |  |  | 3,291 |
Total comprehensive income | $ | 164,936 |  |  | $ | 126,744 |  |  | $ | 36,547 |  |  | $ | (158,524 | ) |  | $ | 169,703 |
Comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | 183 |  |  | — |  |  | 183 |
Comprehensive income attributable to The GEO Group, Inc. | $ | 164,936 |  |  | $ | 126,744 |  |  | $ | 36,730 |  |  | $ | (158,524 | ) |  | $ | 169,886 |
CONDENSED CONSOLIDATING STATEMENTS 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 benefit | — |  |  | — |  |  | 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 provision | — |  |  | — |  |  | 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 BALANCE SHEET (in thousands)
| As of December 31, 2019
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
ASSETS
Cash and cash equivalents | $ | 9,840 |  |  | $ | — |  |  | $ | 22,623 |  |  | $ | — |  |  | $ | 32,463 |
Restricted cash and investments | — |  |  | — |  |  | 32,418 |  |  | — |  |  | 32,418 |
Accounts receivable, less allowance for doubtful accounts | 167,769 |  |  | 218,920 |  |  | 41,175 |  |  | 3,118 |  |  | 430,982 |
Contract receivable, current portion |  |  |  | — |  |  | 11,199 |  |  | — |  |  | 11,199 |
Prepaid expenses and other current assets | 1,273 |  |  | 32,187 |  |  | 9,315 |  |  | (2,059 | ) |  | 40,716 |
Total current assets | 178,882 |  |  | 251,107 |  |  | 116,730 |  |  | 1,059 |  |  | 547,778 |
Restricted Cash and Investments | — |  |  | 28,648 |  |  | 2,275 |  |  | — |  |  | 30,923 |
Property and Equipment, Net | 846,297 |  |  | 1,214,697 |  |  | 83,728 |  |  | — |  |  | 2,144,722 |
Right-of-Use Assets Operating Leases | 21,995 |  |  | 98,654 |  |  | 878 |  |  | — |  |  | 121,527 |
Contract Receivable | — |  |  | — |  |  | 360,647 |  |  | — |  |  | 360,647 |
Assets Held for Sale | 705 |  |  | 5,354 |  |  | — |  |  | — |  |  | 6,059 |
Intercompany Receivable | 978,337 |  |  | 238,680 |  |  | 17,050 |  |  | (1,234,067 | ) |  | — |
Deferred Income Tax Assets | — |  |  | 35,584 |  |  | 694 |  |  | — |  |  | 36,278 |
Goodwill | — |  |  | 775,953 |  |  | 403 |  |  | — |  |  | 776,356 |
Intangible Assets, Net | — |  |  | 209,554 |  |  | 516 |  |  | — |  |  | 210,070 |
Investment in Subsidiaries | 1,484,930 |  |  | 573,816 |  |  | 2,189 |  |  | (2,060,935 | ) |  | — |
Other Non-Current Assets | 18,329 |  |  | 123,797 |  |  | 18,853 |  |  | (77,805 | ) |  | 83,174 |
Total Assets | $ | 3,529,475 |  |  | $ | 3,555,844 |  |  | $ | 603,963 |  |  | $ | (3,371,748 | ) |  | $ | 4,317,534 |
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable | $ | 16,690 |  |  | $ | 76,631 |  |  | $ | 5,911 |  |  | $ | — |  |  | $ | 99,232 |
Accrued payroll and related taxes | — |  |  | 38,243 |  |  | 16,429 |  |  | — |  |  | 54,672 |
Accrued expenses and other current liabilities | 32,175 |  |  | 131,031 |  |  | 28,765 |  |  | (363 | ) |  | 191,608 |
Operating lease liabilities, current portion | 5,232 |  |  | 20,777 |  |  | 199 |  |  | — |  |  | 26,208 |
Current portion of finance lease obligations, long-term debt and non-recourse debt | 8,000 |  |  | 2,626 |  |  | 13,582 |  |  | — |  |  | 24,208 |
Total current liabilities | 62,097 |  |  | 269,308 |  |  | 64,886 |  |  | (363 | ) |  | 395,928 |
Deferred Income Tax Liabilities | — |  |  | — |  |  | 19,254 |  |  | — |  |  | 19,254 |
Intercompany Payable | 106,029 |  |  | 1,100,299 |  |  | 26,316 |  |  | (1,232,644 | ) |  | — |
Other Non-Current Liabilities | 3,572 |  |  | 162,026 |  |  | 733 |  |  | (77,805 | ) |  | 88,526 |
Operating Lease Liabilities | 17,321 |  |  | 79,290 |  |  | 680 |  |  | — |  |  | 97,291 |
Finance Lease Obligations | — |  |  | 2,954 |  |  | — |  |  | — |  |  | 2,954 |
Long-Term Debt | 2,343,626 |  |  | — |  |  | 64,671 |  |  | — |  |  | 2,408,297 |
Non-Recourse Debt | — |  |  | — |  |  | 309,236 |  |  | — |  |  | 309,236 |
Commitments & Contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shareholders' Equity: |  |  |  |  |  |  |  |  |
Total shareholders’ equity attributable to The GEO Group, Inc. | 996,830 |  |  | 1,941,967 |  |  | 118,969 |  |  | (2,060,936 | ) |  | 996,830 |
Noncontrolling Interests | — |  |  | — |  |  | (782 | ) |  | — |  |  | (782 | )
Total Shareholders’ Equity | 996,830 |  |  | 1,941,967 |  |  | 118,187 |  |  | (2,060,936 | ) |  | 996,048 |
Total Liabilities and Shareholders' Equity | $ | 3,529,475 |  |  | $ | 3,555,844 |  |  | $ | 603,963 |  |  | $ | (3,371,748 | ) |  | $ | 4,317,534 |
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 |  |  | 50,482 |  |  | 7,114 |  |  | (1,839 | ) |  | 57,768 |
Total current assets | 199,927 |  |  | 280,312 |  |  | 134,764 |  |  | (13,241 | ) |  | 601,762 |
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 |  |  | $ | 3,290,777 |  |  | $ | 636,566 |  |  | $ | (3,219,693 | ) |  | $ | 4,258,118 |
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 |  |  | 168,231 |  |  | 25,615 |  |  | (13,241 | ) |  | 204,170 |
Current portion of finance lease obligations, long-term debt and non-recourse debt | 8,000 |  |  | 2,017 |  |  | 322,010 |  |  | — |  |  | 332,027 |
Total current liabilities | 45,131 |  |  | 298,919 |  |  | 374,429 |  |  | (13,241 | ) |  | 705,238 |
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 |
Finance 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 |  |  | $ | 3,290,777 |  |  | $ | 636,566 |  |  | $ | (3,219,693 | ) |  | $ | 4,258,118 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands)
| For the Year Ended December 31, 2019
| The GEO Group, Inc. |  | Combined Subsidiary Guarantors |  | Combined Non-Guarantor Subsidiaries |  | Consolidated
Cash Flow from Operating Activities: |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 275,126 |  |  | $ | 58,530 |  |  | $ | 4,487 |  |  | $ | 338,143 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Proceeds from sale of property and equipment | — |  |  | 414 |  |  | — |  |  | 414 |
Insurance proceeds - damaged property | — |  |  | 19,310 |  |  | — |  |  | 19,310 |
Proceeds from sale of assets held for sale | — |  |  | 823 |  |  | — |  |  | 823 |
Change in restricted investments | — |  |  | (7,440 | ) |  | — |  |  | (7,440 | )
Capital expenditures | (35,968 | ) |  | (79,627 | ) |  | (1,649 | ) |  | (117,244 | )
Net cash used in investing activities | (35,968 | ) |  | (66,520 | ) |  | (1,649 | ) |  | (104,137 | )
Cash Flow from Financing Activities: |  |  |  |  |  |  |
Payments on long-term debt | (513,219 | ) |  | — |  |  | — |  |  | (513,219 | )
Proceeds from long-term debt | 521,370 |  |  | — |  |  | — |  |  | 521,370 |
Payments on non-recourse debt | — |  |  | — |  |  | (335,116 | ) |  | (335,116 | )
Proceeds from non-recourse debt | — |  |  | — |  |  | 321,102 |  |  | 321,102 |
Taxes paid related to net share settlements of equity awards | (4,179 | ) |  | — |  |  | — |  |  | (4,179 | )
Debt issuance costs | (9,856 | ) |  | — |  |  | — |  |  | (9,856 | )
Proceeds from stock options exercised | 1,258 |  |  | — |  |  | — |  |  | 1,258 |
Dividends paid | (232,546 | ) |  | — |  |  | — |  |  | (232,546 | )
Proceeds from issuance of common stock in connection with ESPP | 532 |  |  | — |  |  | — |  |  | 532 |
Net cash used in financing activities | (236,640 | ) |  | — |  |  | (14,014 | ) |  | (250,654 | )
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash and Cash Equivalents | — |  |  | — |  |  | (352 | ) |  | (352 | )
Net (Decrease) Increase in Cash. Cash Equivalents and Restricted Cash and Cash Equivalents | 2,518 |  |  | (7,990 | ) |  | (11,528 | ) |  | (17,000 | )
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, beginning of period | 7,322 |  |  | 7,990 |  |  | 69,160 |  |  | 84,472 |
Cash, Cash Equivalents and Restricted Cash and Cash Equivalents, end of period | $ | 9,840 |  |  | $ | — |  |  | $ | 57,632 |  |  | $ | 67,472 |
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 assets held for sale | — |  |  | 3,797 |  |  |  |  |  | 3,797 |
Change in restricted cash and 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 | )
Payments 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 (used in) operating activities | 118,018 |  |  | 91,174 |  |  | 171,850 |  |  | 381,042 |
Cash Flow from Investing Activities: |  |  |  |  |  |  |
Acquisition of CEC, 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: |  |  |  |  |  |  |
Proceeds from long-term debt | 1,389,084 |  |  | — |  |  | — |  |  | 1,389,084 |
Payments on long-term debt | (1,140,788 | ) |  |  |  | — |  |  | (1,140,788 | )
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 public offering | 275,867 |  |  | — |  |  | — |  |  | 275,867 |
Proceeds from issuance of common stock in connection with ESPP | 497 |  |  | — |  |  | — |  |  | 497 |
Net cash provided by (used in) financing activities | 291,316 |  |  | — |  |  | (126,597 | ) |  | 164,719 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | — |  |  | — |  |  | (2,318 | ) |  | (2,318 | )
Net Increase in Cash and Cash Equivalents | 8,938 |  |  | 331 |  |  | 33,919 |  |  | 43,188 |
Cash and Cash Equivalents, beginning of period | 45,728 |  |  | 4,621 |  |  | 40,008 |  |  | 90,357 |
Cash and Cash Equivalents, end of period | $ | 54,666 |  |  | $ | 4,952 |  |  | $ | 73,927 |  |  | $ | 133,545 |

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