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Business Segments and Geographic Information | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Business Segments and Geographic Information | 12. BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION Operating and Reporting Segments The Company conducts its business through four reportable business segments: the U.S. Secure Services segment; the Electronic Monitoring and Supervision Services segment; the Reentry Services segment; and the International Services segment. The Company has identified these four reportable segments to reflect the current view that the Company operates four distinct business lines, each of which constitutes a material part of its overall business. The U.S. Secure Services segment primarily encompasses U.S.-based secure services business. The Electronic Monitoring and Supervision Services segment, which conducts its services in the United States, represents technology and services provided to adults for monitoring services for community-based parolees, probationers, and pretrial defendants. The Reentry Services segment, which conducts its services in the United States represents evidence-based supervision and treatment programs provided to adults for residential and non-residential treatment, educational and community-based programs, pre-release and half-way house programs. The International Services segment primarily consists of secure services operations in South Africa and Australia. Segment disclosures below (in thousands) reflect the results of continuing operations. All transactions between segments are eliminated. The Company's segment revenues from external customers and a measure of segment profit are as follows (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Secure Services |  | $ | 385,007 |  |  | $ | 368,493 |  |  | $ | 1,123,507 |  |  | $ | 1,073,140 |
Electronic Monitoring and Supervision Services |  |  | 94,489 |  |  |  | 137,039 |  |  |  | 335,158 |  |  |  | 346,444 |
Reentry Services |  |  | 71,375 |  |  |  | 65,406 |  |  |  | 203,192 |  |  |  | 192,557 |
International Services |  |  | 51,914 |  |  |  | 45,745 |  |  |  | 143,028 |  |  |  | 143,904 |
Total revenues |  | $ | 602,785 |  |  | $ | 616,683 |  |  | $ | 1,804,885 |  |  | $ | 1,756,045 |
Operating income from segments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Secure Services |  | $ | 64,187 |  |  | $ | 67,462 |  |  | $ | 195,589 |  |  | $ | 214,994 |
Electronic Monitoring and Supervision Services |  |  | 46,651 |  |  |  | 67,673 |  |  |  | 166,460 |  |  |  | 160,838 |
Reentry Services |  |  | 16,826 |  |  |  | 9,816 |  |  |  | 37,198 |  |  |  | 34,027 |
International Services |  |  | 3,281 |  |  |  | 3,192 |  |  |  | 8,564 |  |  |  | 12,740 |
Operating income from segments |  | $ | 130,945 |  |  | $ | 148,143 |  |  | $ | 407,811 |  |  | $ | 422,599 |
General and Administrative Expenses |  |  | (47,356 | ) |  |  | (50,022 | ) |  | $ | (139,182 | ) |  |  | (147,878 | )
Total Operating Income |  | $ | 83,589 |  |  | $ | 98,121 |  |  | $ | 268,629 |  |  | $ | 274,721 |
Pre-Tax Income Reconciliation of Segments The following is a reconciliation of the Company’s total operating income from its reportable segments to the Company’s income before income taxes and equity in earnings of affiliates (in thousands):
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2022 |  |  | September 30, 2023 |  |  | September 30, 2022 |
Operating income from segments |  | $ | 130,945 |  |  | $ | 148,143 |  |  | $ | 407,811 |  |  | $ | 422,599 |
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | (47,356 | ) |  |  | (50,022 | ) |  |  | (139,182 | ) |  |  | (147,878 | )
Net interest expense |  |  | (54,457 | ) |  |  | (41,426 | ) |  |  | (161,296 | ) |  |  | (95,082 | )
Loss on extinguishment of debt |  |  | (91 | ) |  |  | (37,487 | ) |  |  | (1,845 | ) |  |  | (37,487 | )
Gain on disposition on asset divestitures |  |  | 1,274 |  |  |  | 29,279 |  |  |  | 3,449 |  |  |  | 32,332 |
Income before income taxes and equity in earnings of affiliates |  | $ | 30,315 |  |  | $ | 48,487 |  |  | $ | 108,937 |  |  | $ | 174,484 |
Equity in Earnings of Affiliates Equity in earnings of affiliates includes the Company’s 50% owned joint ventures in South African Custodial Services Pty. Limited (“SACS”), located in South Africa, and GEOAmey PECS Limited (“GEOAmey”), located in the United Kingdom. The Company's investments in these entities are accounted for under the equity method of accounting. The Company’s investments in these entities are presented as a component of Other Non-Current Assets in the accompanying consolidated balance sheets. The Company has recorded $1.5 million in earnings, net of tax, for SACS operations during the nine months ended September 30, 2023, and $1.5 million in earnings, net of tax, for SACS operations during the nine months ended September 30, 2022, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of September 30, 2023, and December 31, 2022, the Company’s investment in SACS was $9.3 million and $11.1 million, respectively, and represents its share of cumulative reported earnings. The Company has recorded $1.6 million in earnings, net of tax, for GEOAmey's operations during the nine months ended September 30, 2023, and $1.2 million in earnings, net of tax, for GEOAmey's operations during the nine months ended September 30, 2022, which are included in equity in earnings of affiliates, net of income tax provision in the accompanying consolidated statements of operations. As of September 30, 2023, and December 31, 2022, the Company’s investment in GEOAmey was $9.5 million and represents its share of cumulative reported earnings.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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