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Summary of Business Organization, Operations and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2021
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, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |
Cash and Cash Equivalents |  | $ | 506,491 |  |  | $ | 283,524 |  |  | $ | 32,463 |
Restricted cash and cash equivalents - current |  |  | 20,161 |  |  |  | 26,740 |  |  |  | 32,418 |
Restricted cash and investments - non-current |  |  | 76,158 |  |  |  | 37,338 |  |  |  | 30,923 |
Less Restricted investments - non-current |  |  | (54,488 | ) |  |  | (35,749 | ) |  |  | (28,332 | )
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows |  | $ | 548,322 |  |  | $ | 311,853 |  |  | $ | 67,472 |
Summary of Idled Facilities and Their Carrying Values, Excluding Equipment and Other Assets | The following table summarizes the Company’s idled facilities as of December 31, 2021 and their respective carrying values, excluding equipment and other assets that can be easily transferred to other facilities.
|  |  |  | Design |  |  |  |  | Net Carrying Value |
Facility |  | Segment |  | Capacity |  |  | Year Idled |  | December 31, 2021 |
Great Plains Correctional Facility |  | Secure Services |  |  | 1,940 |  |  | 2021 |  | $ | 68,479 |
D. Ray James Correctional Facility |  | Secure Services |  |  | 1,900 |  |  | 2021 |  |  | 52,724 |
Rivers Correctional Facility |  | Secure Services |  |  | 1,450 |  |  | 2021 |  |  | 39,644 |
Big Spring Correctional Facility |  | Secure Services |  |  | 1,732 |  |  | 2021 |  |  | 35,828 |
Flightline Correctional Facility |  | Secure Services |  |  | 1,800 |  |  | 2021 |  |  | 37,090 |
McFarland Female Community Reentry Facility |  | Secure Services |  |  | 300 |  |  | 2020 |  |  | 11,498 |
Perry County Correctional Facility [1] |  | Secure Services |  |  | 690 |  |  | 2015 |  |  | 11,186 |
Cheyenne Mountain Recovery Center |  | Reentry Services |  |  | 750 |  |  | 2020 |  |  | 17,145 |
Coleman Hall |  | Reentry Services |  |  | 350 |  |  | 2017 |  |  | 8,139 |
Total |  |  |  |  | 10,912 |  |  |  |  | $ | 281,733 |
[1] The Company received a letter of intent for the purchase of this facility at an amount greater than its net carrying value. The sale closed during the first quarter of 2022.
Summary of Future Minimum Rentals to be Received on Leases | future minimum rentals to be received on these leases are as follows:
|  | Annual Rental |
Year |  | (in thousands) |
2022 |  | $ | 5,324 |
2023 |  |  | 4,676 |
2024 |  |  | 4,080 |
2025 |  |  | 4,094 |
2026 |  |  | 4,162 |
Thereafter |  |  | 21,311 |
Total |  | $ | 43,647 |
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, 2021 (in thousands) |
|  | U.S. Secure Services |  |  | Electronic Monitoring and Supervision Services |  |  | Reentry Services |  |  | International |  |  | Total |
Owned and Leased: Secure Services |  | $ | 1,127,688 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,127,688 |
Owned and Leased: Community-based |  |  | — |  |  |  | — |  |  |  | 150,888 |  |  |  | — |  |  |  | 150,888 |
Owned and Leased: Youth Services |  |  | — |  |  |  | — |  |  |  | 33,920 |  |  |  | — |  |  |  | 33,920 |
Managed Only |  |  | 361,248 |  |  |  | — |  |  |  | 3,977 |  |  |  | 213,849 |  |  |  | 579,074 |
Non-residential Services and Other |  |  | — |  |  |  | 278,934 |  |  |  | 86,108 |  |  |  | — |  |  |  | 365,042 |
Total Revenues |  | $ | 1,488,936 |  |  | $ | 278,934 |  |  | $ | 274,893 |  |  | $ | 213,849 |  |  | $ | 2,256,612 |
|  | Year Ended December 31, 2020 (in thousands) |
|  | U.S. Secure Services |  |  | Electronic Monitoring and Supervision Services |  |  | Reentry Services |  |  | International |  |  | 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 |  |  |  | 227,540 |  |  |  | 605,388 |
Non-residential Services and Other |  |  | — |  |  |  | 241,944 |  |  |  | 82,602 |  |  |  | — |  |  |  | 324,546 |
Total Revenues |  | $ | 1,571,216 |  |  | $ | 241,944 |  |  | $ | 309,398 |  |  | $ | 227,540 |  |  | $ | 2,350,098 |
|  | Year Ended December 31, 2019 (in thousands) |
|  | U.S Secure Services |  |  | Electronic Monitoring and Supervision Services |  |  | Reentry Services |  |  | International |  |  | 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 |  |  |  | 261,994 |  |  |  | 640,897 |
Non-residential services and Other |  |  | — |  |  |  | 256,954 |  |  |  | 88,582 |  |  |  | — |  |  |  | 345,536 |
Total Revenues |  | $ | 1,601,679 |  |  | $ | 256,954 |  |  | $ | 357,295 |  |  | $ | 261,994 |  |  | $ | 2,477,922 |
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 |  |  | Change Marketable Securities, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2021 |  | $ | (9,207 | ) |  | $ | (4,752 | ) |  | $ | — |  |  | $ | (8,630 | ) |  | $ | (22,589 | )
Current-period other comprehensive income (loss) |  |  | (3,254 | ) |  |  | 2,228 |  |  | 7 |  |  |  | 3,392 |  |  |  | 2,373 |
Balance, December 31, 2021 |  | $ | (12,461 | ) |  | $ | (2,524 | ) |  | $ | 7 |  |  | $ | (5,238 | ) |  | $ | (20,216 | )
|  | 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 | )
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 2021, 2020 and 2019:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Risk free interest rates |  |  | 0.24 | % |  |  | 1.79 | % |  |  | 2.44 | %
Expected term |  | 4-5 years |  |  | 4-5 years |  |  | 4-5 years |
Expected volatility |  |  | 43 | % |  |  | 41 | % |  |  | 41 | %
Expected dividend rate [1] |  |  | 13.30 | % |  |  | 13.11 | % |  |  | 8.47 | %
[1] As previously discussed, the Board elected to terminate the Company’s REIT election and discontinue its quarterly dividend. The assumptions above were used to determine the fair value of stock-based option awards granted prior to the Board’s suspension and discontinuation of quarterly dividends.
Fair value assumptions of restricted stock | The fair value of restricted stock awards granted in 20 2 1, 20 20 and 201 9 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:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Expected volatility |  |  | 48.2 | % |  |  | 30.3 | % |  |  | 43.7 | %
Beta |  |  | 0.79 |  |  |  | 1.12 |  |  |  | 1.00 |
Risk free interest rate |  |  | 0.22 | % |  |  | 0.85 | % |  |  | 2.53 | %

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