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Shareholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Changes in Shareholders' Equity that are Attributable to the Company's Shareholders and to Noncontrolling Interests | The following tables present the changes in shareholders’ equity that are attributable to the Company’s shareholders and to noncontrolling interests for the three and nine months ended September 30, 2023 and 2022 (in thousands):
|  | Common shares |  |  | Additional Paid-In |  |  |  |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | Retained Earnings |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, June 30, 2023 |  |  | 126,075 |  |  | $ | 1,303 |  |  | $ | 1,292,826 |  |  | $ | 53,338 |  |  | $ | (18,582 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,339 | ) |  | $ | 1,232,371 |
Proceeds from exercise of stock options |  |  | 1 |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 3,116 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,116 |
Restricted stock canceled |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of common stock - ESPP |  |  | 5 |  |  |  | — |  |  |  | 37 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,519 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | 24,503 |
Other comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,483 | ) |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | (1,482 | )
Balance, September 30, 2023 |  |  | 126,071 |  |  | $ | 1,303 |  |  | $ | 1,295,983 |  |  | $ | 77,857 |  |  | $ | (20,065 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,354 | ) |  | $ | 1,258,549 |
|  | 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 September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, June 30, 2022 |  |  | 124,003 |  |  | $ | 1,289 |  |  | $ | 1,284,867 |  |  | $ | (84,105 | ) |  | $ | (25,839 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,281 | ) |  | $ | 1,069,832 |
Proceeds from exercise of stock options |  |  | 3 |  |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 3,141 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,141 |
Restricted stock granted |  |  | 50 |  |  |  | 1 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Restricted stock canceled |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Other adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Issuance of common stock - ESPP |  |  | 7 |  |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 38,337 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (25 | ) |  |  | 38,312 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (798 | ) |  |  | — |  |  |  | — |  |  |  | 23 |  |  |  | (775 | )
Balance, September 30, 2022 |  |  | 124,057 |  |  | $ | 1,290 |  |  | $ | 1,288,075 |  |  | $ | (45,766 | ) |  | $ | (26,637 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,283 | ) |  | $ | 1,110,580 |
|  | Common shares |  |  | Additional Paid-In |  |  | Accumulated Deficit |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | /Retained Earnings |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance January 1, 2023 |  |  | 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 |  |  | 13 |  |  |  | — |  |  |  | 85 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 12,052 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,052 |
Restricted stock granted |  |  | 1,758 |  |  |  | 17 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (36 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Sale of treasury shares [1] |  |  | 642 |  |  |  | — |  |  |  | (4,174 | ) |  |  | — |  |  |  | — |  |  |  | (642 | ) |  |  | 9,924 |  |  |  | — |  |  |  | 5,750 |
Shares withheld for net settlements of share- based awards [2] |  |  | (383 | ) |  |  | (4 | ) |  |  | (3,442 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,446 | )
Issuance of common stock - ESPP |  |  | 16 |  |  |  | 1 |  |  |  | 116 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 117 |
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 82,093 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (71 | ) |  |  | 82,022 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,146 | ) |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | (3,119 | )
Balance, September 30, 2023 |  |  | 126,071 |  |  | $ | 1,303 |  |  | $ | 1,295,983 |  |  | $ | 77,857 |  |  | $ | (20,065 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,354 | ) |  | $ | 1,258,549 |
|  | 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 Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2022 |  |  | 122,472 |  |  | $ | 1,273 |  |  | $ | 1,276,213 |  |  | $ | (175,960 | ) |  | $ | (20,216 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,195 | ) |  | $ | 975,016 |
Proceeds from exercise of stock options |  |  | 3 |  |  |  | — |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 13,010 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,010 |
Restricted stock granted |  |  | 1,836 |  |  |  | 18 |  |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Restricted stock canceled |  |  | (46 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Shares withheld for net settlements of share- based awards [2] |  |  | (229 | ) |  |  | (1 | ) |  |  | (1,300 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,301 | )
Issuance of common stock - ESPP |  |  | 21 |  |  |  | — |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 150 |
Other adjustment |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (89 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (89 | )
Net income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 130,283 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (119 | ) |  |  | 130,164 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,421 | ) |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | (6,390 | )
Balance, September 30, 2022 |  |  | 124,057 |  |  | $ | 1,290 |  |  | $ | 1,288,075 |  |  | $ | (45,766 | ) |  | $ | (26,637 | ) |  |  | 4,852 |  |  | $ | (105,099 | ) |  | $ | (1,283 | ) |  | $ | 1,110,580 |
[1] 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. [2] The Company withheld shares through net settlements to satisfy statutory tax withholding requirements upon the vesting of shares of restricted stock held by employees.
Schedule of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss attributable to GEO within shareholders' equity are as follows:
|  | Nine Months Ended September 30, 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) |  |  | (5,269 | ) |  |  | 1,170 |  |  |  | 953 |  |  |  | - |  |  |  | (3,146 | )
Balance, September 30, 2023 |  | $ | (25,284 | ) |  | $ | 4,815 |  |  | $ | — |  |  | $ | 404 |  |  | $ | (20,065 | )
|  | Nine Months Ended September 30, 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) |  |  | (11,679 | ) |  |  | 6,247 |  |  |  | (1,245 | ) |  |  | 256 |  |  |  | (6,421 | )
Balance, September 30, 2022 |  | $ | (24,140 | ) |  | $ | 3,723 |  |  | $ | (1,238 | ) |  | $ | (4,982 | ) |  | $ | (26,637 | )
(1) The foreign currency translation related to noncontrolling interests was not significant at September 30, 2023 or 2022.

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