XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Financial Instruments | 9 Months Ended
--- | ---
Sep. 30, 2022
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] |
Financial Instruments | 3. FINANCIAL INSTRUMENTS The following tables provide a summary of the Company’s significant financial assets and liabilities carried at fair value and measured on a recurring basis as of September 30, 2022 and December 31, 2021 (in thousands):
|  |  |  |  | Fair Value Measurements at September 30, 2022 |
|  | Carrying Value at September 30, 2022 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Restricted investment: |  |  |  |  |  |  |  |  |  |  |  |
Rabbi Trust |  | $ | 34,934 |  |  | $ | — |  |  | $ | 34,934 |  |  | $ | — |
Marketable equity and fixed income securities |  |  | 25,098 |  |  |  | — |  |  |  | 25,098 |  |  |  | — |
Interest rate swap derivatives |  |  | 4,712 |  |  |  | — |  |  |  | 4,712 |  |  |  | — |
|  |  |  |  | Fair Value Measurements at December 31, 2021 |
|  | Carrying Value at December 31, 2021 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Restricted investments: |  |  |  |  |  |  |  |  |  |  |  |
Rabbi Trust |  | $ | 42,937 |  |  | $ | — |  |  | $ | 42,937 |  |  | $ | — |
Marketable equity and fixed income securities |  |  | 11,551 |  |  |  | — |  |  |  | 11,551 |  |  |  | — |
Fixed income securities |  |  | 1,927 |  |  |  | — |  |  |  | 1,927 |  |  |  | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap derivatives |  | $ | 3,195 |  |  | $ | — |  |  | $ | 3,195 |  |  | $ | — |
The Company’s Level 2 financial instruments included in the tables above as of September 30, 2022 and December 31, 2021 consist of interest rate swap derivative assets/liabilities held by GEO, investments in equity and fixed income mutual funds held in the Company’s captive insurance subsidiary, Florina, the Company's rabbi trust established for a GEO employee and employer contributions to The GEO Group, Inc. Non-qualified Deferred Compensation Plan. The interest rate swap derivative assets/liabilities are valued using a discounted cash flow model based on projected borrowing rates. The Company's restricted investment in the rabbi trust is invested in Company-owned life insurance policies which are recorded at their cash surrender values. These investments are valued based on the underlying investments held in the policies' separate accounts. The underlying assets are equity and fixed income pooled funds. The Canadian dollar denominated securities, which are not actively traded, were valued using quoted rates for these and similar securities. The marketable equity and fixed income securities are valued using quoted rates.

X
- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FinancialInstrumentsFinancialAssetsBalanceSheetGroupingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration