XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.23.1

Shareholders' Equity | 3 Months Ended
--- | ---
Mar. 31, 2023
Equity [Abstract] |
Shareholders' Equity | 6. SHAREHOLDERS’ EQUITY The following tables present the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three months ended March 31, 2023 and 2022 (in thousands):
|  | Common shares |  |  | Additional Paid-In |  |  | Retained Earnings (Accumulated |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Deficit) |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2022 |  |  | 124,061 |  |  | $ | 1,289 |  |  | $ | 1,291,363 |  |  | $ | (4,236 | ) |  | $ | (16,919 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,310 | ) |  | $ | 1,165,088 |
Proceeds from exercise of stock options |  |  | 7 |  |  |  | — |  |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 49 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 5,578 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,578 |
Restricted stock granted |  |  | 1,641 |  |  |  | 16 |  |  |  | (16 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Sale of treasury shares [2] |  |  | 642 |  |  |  | — |  |  |  | (4,174 | ) |  |  | — |  |  |  | — |  |  |  | (642 | ) |  |  | 9,924 |  |  |  | — |  |  |  | 5,750 |
Shares withheld for net settlements of share- based awards [1] |  |  | (383 | ) |  |  | (4 | ) |  |  | (3,441 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,445 | )
Issuance of common stock - ESPP |  |  | 5 |  |  |  | 1 |  |  |  | 40 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 28,003 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9 | ) |  |  | 27,994 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,016 | ) |  |  | — |  |  |  | — |  |  |  | 10 |  |  |  | (2,006 | )
Balance, March 31, 2023 |  |  | 125,955 |  |  | $ | 1,302 |  |  | $ | 1,289,399 |  |  | $ | 23,767 |  |  | $ | (18,935 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,309 | ) |  | $ | 1,199,049 |
|  | Common shares |  |  | Additional Paid-In |  |  | Accumulated |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Deficit |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Three Months Ended March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, December 31, 2021 |  |  | 122,472 |  |  | $ | 1,273 |  |  | $ | 1,276,213 |  |  | $ | (175,960 | ) |  | $ | (20,216 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,195 | ) |  | $ | 975,016 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 6,313 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,313 |
Restricted stock granted |  |  | 1,784 |  |  |  | 18 |  |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Restricted stock canceled |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Shares withheld for net settlements of share- based awards [1] |  |  | (226 | ) |  |  | (2 | ) |  |  | (1,283 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,285 | )
Issuance of common stock - ESPP |  |  | 7 |  |  |  | — |  |  |  | 43 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38,219 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (40 | ) |  |  | 38,179 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,584 |  |  |  | — |  |  |  | — |  |  |  | (15 | ) |  |  | 2,569 |
Balance, March 31, 2022 |  |  | 124,011 |  |  | $ | 1,289 |  |  | $ | 1,281,268 |  |  | $ | (137,741 | ) |  | $ | (17,632 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,250 | ) |  | $ | 1,020,835 |
[1] The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares of restricted stock held by employees. [2] The Company sold treasury shares to partially fund its obligation under its Amended and Restated Executive Retirement Agreement with its Executive Chairman. Refer to Note 13 - Benefit Plans for further information. Automatic Shelf Registration on Form S-3 On October 30, 2020, the Company filed an automatic shelf registration statement on Form S-3 with the Securities and Exchange Commission (the “SEC”) that enables the Company to offer for sale, from time to time and as the capital markets permit, an unspecified amount of common stock, preferred stock, debt securities, guarantees of debt securities, warrants and units. The shelf registration statement became automatically effective upon filing and is valid for three years. Prospectus Supplement On June 28, 2021, in connection with the shelf registration, we filed with the SEC a prospectus supplement related to the offer and sale from time to time of our common stock at an aggregate offering price of up to $300 million through sales agents. Sales of shares of our common stock under the prospectus supplement and equity distribution agreements entered into with the sales agents, if any, will be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933. There were no shares of common stock sold under this prospectus supplement during the three months ended March 31, 2023 or 2022. Comprehensive Income (Loss) Comprehensive income (loss) represents the change in shareholders' equity from transactions and other events and circumstances arising from non-shareholder sources. The Company's total comprehensive income (loss) is comprised of net income attributable to GEO, net income attributable to noncontrolling interests, foreign currency translation adjustments that arise from consolidating foreign operations that do not impact cash flows, net unrealized gains and/or losses on derivative instruments, marketable securities and pension liability adjustments within shareholders' equity and comprehensive income (loss). The components of accumulated other comprehensive income (loss) attributable to GEO within shareholders' equity are as follows:
|  | Three Months Ended March 31, 2023 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax (1) |  |  | Change in fair value of derivatives, net of tax |  |  | Change in marketable securities, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2023 |  | $ | (20,015 | ) |  | $ | 3,645 |  |  | $ | (953 | ) |  | $ | 404 |  |  | $ | (16,919 | )
Current-period other comprehensive income (loss) |  |  | (1,389 | ) |  |  | (1,027 | ) |  |  | 400 |  |  |  | 0 |  |  |  | (2,016 | )
Balance, March 31, 2023 |  | $ | (21,404 | ) |  | $ | 2,618 |  |  | $ | (553 | ) |  | $ | 404 |  |  | $ | (18,935 | )
|  | Three Months Ended March 31, 2022 |
|  | (In thousands) |
|  | Foreign currency translation adjustments, net of tax (1) |  |  | Change in fair value of derivatives, net of tax |  |  | Change in marketable securities, net of tax |  |  | Pension adjustments, net of tax |  |  | Total |
Balance, January 1, 2022 |  | $ | (12,461 | ) |  | $ | (2,524 | ) |  | $ | 7 |  |  | $ | (5,238 | ) |  | $ | (20,216 | )
Current-period other comprehensive income (loss) |  |  | 440 |  |  |  | 2,464 |  |  |  | (405 | ) |  |  | 85 |  |  |  | 2,584 |
Balance, March 31, 2022 |  | $ | (12,021 | ) |  | $ | (60 | ) |  | $ | (398 | ) |  | $ | (5,153 | ) |  | $ | (17,632 | )
(1) The foreign currency translation related to noncontrolling interests was not significant at March 31, 2023 or 2022.

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

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI https://asc.fasb.org/topic&trid=2208762 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 14 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 18 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 16 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 6 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration