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Summary of Business Organization, Operations and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract] |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported on the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
|  | December 31, 2020 |  |  | December 31, 2019 |  |  | December 31, 2018 |
Cash and Cash Equivalents |  | $ | 283,524 |  |  | $ | 32,463 |  |  | $ | 31,255 |
Restricted cash and cash equivalents - current |  |  | 26,740 |  |  |  | 32,418 |  |  |  | 51,678 |
Restricted cash and investments - non-current |  |  | 37,338 |  |  |  | 30,923 |  |  |  | 22,431 |
Less Restricted investments - non-current |  |  | (35,749 | ) |  |  | (28,332 | ) |  |  | (20,892 | )
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows |  | $ | 311,853 |  |  | $ | 67,472 |  |  | $ | 84,472 |
Disaggregation of Revenue | The following table disaggregates GEO's revenue by major source and also provides a reconciliation with revenue information disclosed for reportable segments in Note 15 - Business Segments and Geographic Information:
|  | Year Ended December 31, 2020 (in thousands) |
|  | U.S. Secure Services |  |  | GEO Care |  |  | International |  |  | Facility Construction and Design |  |  | Total |
Owned and Leased: Secure Services |  | $ | 1,198,881 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,198,881 |
Owned and Leased: Community-based |  |  | — |  |  |  | 145,491 |  |  |  | — |  |  |  | — |  |  |  | 145,491 |
Owned and Leased: Youth Services |  |  | — |  |  |  | 75,792 |  |  |  | — |  |  |  | — |  |  |  | 75,792 |
Managed Only |  |  | 372,335 |  |  |  | 5,513 |  |  |  | 211,621 |  |  |  | — |  |  |  | 589,469 |
Facility Construction and Design |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,919 |  |  |  | 15,919 |
Non-residential Services and Other |  |  | — |  |  |  | 324,546 |  |  |  | — |  |  |  | — |  |  |  | 324,546 |
Total Revenues |  | $ | 1,571,216 |  |  | $ | 551,342 |  |  | $ | 211,621 |  |  | $ | 15,919 |  |  | $ | 2,350,098 |
|  | Year Ended December 31, 2019 (in thousands) |
|  | U.S. Secure Services |  |  | GEO Care |  |  | International |  |  | Facility Construction and Design |  |  | Total |
Owned and Leased - Secure Services |  | $ | 1,228,299 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,228,299 |
Owned and Leased - Community-based |  |  | — |  |  |  | 176,001 |  |  |  | — |  |  |  | — |  |  |  | 176,001 |
Owned and Leased - Youth Services |  |  | — |  |  |  | 87,189 |  |  |  | — |  |  |  | — |  |  |  | 87,189 |
Managed Only |  |  | 373,380 |  |  |  | 5,523 |  |  |  | 232,016 |  |  |  | — |  |  |  | 610,919 |
Facility Construction and Design |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29,978 |  |  |  | 29,978 |
Non-residential Services and Other |  |  | — |  |  |  | 345,536 |  |  |  | — |  |  |  | — |  |  |  | 345,536 |
Total Revenues |  | $ | 1,601,679 |  |  | $ | 614,249 |  |  | $ | 232,016 |  |  | $ | 29,978 |  |  | $ | 2,477,922 |
|  | Year Ended December 31, 2018 (in thousands) |
|  | U.S Secure Services |  |  | GEO Care |  |  | International |  |  | Facility Construction and Design |  |  | Total |
Owned and Leased - Secure Services |  | $ | 1,110,749 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,110,749 |
Owned and Leased - Community-based |  |  | — |  |  |  | 170,805 |  |  |  | — |  |  |  | — |  |  |  | 170,805 |
Owned and Leased - Youth Services |  |  | — |  |  |  | 91,824 |  |  |  | — |  |  |  | — |  |  |  | 91,824 |
Managed Only |  |  | 382,224 |  |  |  | 4,981 |  |  |  | 253,874 |  |  |  | — |  |  |  | 641,079 |
Facility Construction and Design |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,226 |  |  |  | 4,226 |
Non-residential services and Other |  |  | — |  |  |  | 312,703 |  |  |  | — |  |  |  | — |  |  |  | 312,703 |
Total Revenues |  | $ | 1,492,973 |  |  | $ | 580,313 |  |  | $ | 253,874 |  |  | $ | 4,226 |  |  | $ | 2,331,386 |
Components of Accumulated Other Comprehensive Income | 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. |  |  | Unrealized loss on derivatives, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2020 |  | $ | (12,314 | ) |  | $ | (1,476 | ) |  | $ | (6,545 | ) |  | $ | (20,335 | )
Current-period other comprehensive income (loss) |  |  | 3,107 |  |  |  | (3,276 | ) |  |  | (2,085 | ) |  |  | (2,254 | )
Balance, December 31, 2020 |  | $ | (9,207 | ) |  | $ | (4,752 | ) |  | $ | (8,630 | ) |  | $ | (22,589 | )
|  | Foreign currency translation adjustments, net of tax attributable to The GEO Group, Inc. |  |  | Unrealized loss on derivatives, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2019 |  | $ | (14,573 | ) |  | $ | (5,746 | ) |  | $ | (3,299 | ) |  | $ | (23,618 | )
Current-period other comprehensive income (loss) before reclassifications |  |  | 2,259 |  |  |  | 419 |  |  |  | (3,246 | ) |  |  | (568 | )
Amounts reclassified from other comprehensive income into earnings [1] |  |  | — |  |  |  | 3,851 |  |  |  | — |  |  |  | 3,851 |
Net current-period comprehensive income (loss) |  |  | 2,259 |  |  |  | 4,270 |  |  |  | (3,246 | ) |  |  | 3,283 |
Balance, December 31, 2019 |  | $ | (12,314 | ) |  | $ | (1,476 | ) |  | $ | (6,545 | ) |  | $ | (20,335 | )
[1] On May 22, 2019, the Company refinanced the debt associated with its Ravenhall project and terminated the associated interest rate swap derivatives which resulted in the reclassification of $3.9 million into loss on extinguishment of debt that were previously reported in accumulated other comprehensive income (loss). In August 2019, the Company entered into two identical promissory notes in the aggregate amount of $44.3 million which are secured by loan agreements and mortgage and security agreements on certain real property and improvements. The Company has entered into interest rate swap agreements to fix the interest rate at 4.22%. Refer to Note 7 - Derivative Financial Instruments and Note 12 - Debt for additional information.
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 2020, 2019 and 2018:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Risk free interest rates |  |  | 1.79 | % |  |  | 2.44 | % |  |  | 2.84 | %
Expected term |  | 4-5 years |  |  | 4-5 years |  |  | 4-5 years |
Expected volatility |  |  | 41 | % |  |  | 41 | % |  |  | 40 | %
Expected dividend rate |  |  | 13.11 | % |  |  | 8.47 | % |  |  | 8.70 | %
Fair value assumptions of restricted stock | The fair value of restricted stock awards granted in 2020, 2019 and 2018 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:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Expected volatility |  |  | 30.3 | % |  |  | 43.7 | % |  |  | 44.5 | %
Beta |  |  | 1.12 |  |  |  | 1.00 |  |  |  | 1.05 |
Risk free interest rate |  |  | 0.85 | % |  |  | 2.53 | % |  |  | 2.58 | %

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