XML 54 R43.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income (loss) Before Income Taxes and Equity Income | The United States and foreign components of income before income taxes and equity in earnings in affiliates are as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Income before income taxes and equity in earnings in affiliates |  |  |  |  |  |  |  |  |
United States |  | $ | 125,495 |  |  | $ | 205,360 |  |  | $ | 161,856 |
Foreign |  |  | 12,553 |  |  |  | 24,460 |  |  |  | 30,966 |
Income before income taxes and equity in earnings in affiliates |  | $ | 138,048 |  |  | $ | 229,820 |  |  | $ | 192,822 |
Schedule of Provision for Income Taxes | The provision for income taxes consists of the following components:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Federal income taxes: |  |  |  |  |  |  |  |  |
Current |  | $ | 23,107 |  |  | $ | 25,699 |  |  | $ | 20,006 |
Deferred |  |  | 1,256 |  |  |  | 17,328 |  |  |  | 71,202 |
|  |  | 24,363 |  |  |  | 43,027 |  |  |  | 91,208 |
State income taxes: |  |  |  |  |  |  |  |  |
Current |  |  | 6,139 |  |  |  | 10,422 |  |  |  | 8,564 |
Deferred |  |  | 766 |  |  |  | 3,960 |  |  |  | 18,587 |
|  |  | 6,905 |  |  |  | 14,382 |  |  |  | 27,151 |
Foreign income taxes (benefit): |  |  |  |  |  |  |  |  |
Current |  |  | 4,677 |  |  |  | 39,904 |  |  |  | 7,780 |
Deferred |  |  | (546 | ) |  |  | (34,414 | ) |  |  | (3,409 | )
|  |  | 4,131 |  |  |  | 5,490 |  |  |  | 4,371 |
Total U.S. and foreign provision for income taxes |  | $ | 35,399 |  |  | $ | 62,899 |  |  | $ | 122,730 |
Reconciliation of the Statutory U.S. Federal Tax Rate (21%) and the Effective Income Tax Rate | A reconciliation of the statutory U.S. federal tax rate of 21% and the effective income tax rate is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Provisions using statutory federal income tax rate |  | $ | 28,990 |  |  | $ | 48,262 |  |  | $ | 40,492 |
State income taxes, net of federal tax benefit |  |  | 8,221 |  |  |  | 12,738 |  |  |  | 7,921 |
Change in valuation allowance |  |  | (3,292 | ) |  |  | (242 | ) |  |  | 389 |
Federal tax credits |  |  | (1,733 | ) |  |  | (1,742 | ) |  |  | (1,414 | )
Effect of tax rate differential in foreign jurisdictions |  |  | 1,137 |  |  |  | 1,932 |  |  |  | 3,802 |
Tax impact of vested equity compensation |  |  | 981 |  |  |  | 2,100 |  |  |  | 3,621 |
Impact of REIT termination |  |  | — |  |  |  | — |  |  |  | 70,813 |
Change in contingent tax liability |  |  | 27 |  |  |  | 452 |  |  |  | (4,339 | )
Asset divestiture |  |  | (1,529 | ) |  |  | (5,596 | ) |  |  | — |
Other, net |  |  | 2,597 |  |  |  | 4,995 |  |  |  | 1,445 |
Total provision for income taxes |  | $ | 35,399 |  |  | $ | 62,899 |  |  | $ | 122,730 |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the breakdown between non-current net deferred tax assets as classified on the balance sheets as of December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
|  | (In thousands) |
Deferred tax assets - non-current |  | $ | 8,551 |  |  | $ | 8,005 |
Deferred tax liabilities - non-current |  |  | (77,369 | ) |  |  | (75,849 | )
Total net deferred tax assets |  | $ | (68,818 | ) |  | $ | (67,844 | )
The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2023 and 2022:
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  | (In thousands) |
Net operating losses |  | $ | 16,492 |  |  | $ | 17,457 |
Accrued liabilities |  |  | 20,408 |  |  |  | 34,333 |
Deferred compensation |  |  | 16,812 |  |  |  | 14,437 |
Accrued compensation |  |  | 9,485 |  |  |  | 6,928 |
Deferred revenue |  |  | 1,446 |  |  |  | 1,654 |
Tax credits |  |  | 3,376 |  |  |  | 4,423 |
Equity awards |  |  | 3,537 |  |  |  | 3,322 |
Operating lease liability |  |  | 26,627 |  |  |  | 23,556 |
Other, net |  |  | 884 |  |  |  | 910 |
Valuation allowance |  |  | (19,105 | ) |  |  | (21,016 | )
Total deferred tax assets |  | $ | 79,962 |  |  | $ | 86,004 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  | $ | (81,949 | ) |  | $ | (85,402 | )
Intangible assets |  |  | (41,329 | ) |  |  | (46,228 | )
Prepaid expenses and other |  |  | (16 | ) |  |  | (16 | )
Lease right-of-use assets |  |  | (25,486 | ) |  |  | (22,202 | )
Total deferred tax liabilities |  | $ | (148,780 | ) |  | $ | (153,848 | )
Total net deferred tax assets (liabilities) |  | $ | (68,818 | ) |  | $ | (67,844 | )
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (In thousands) |
Balance at Beginning of Period |  | $ | 1,520 |  |  | $ | 1,105 |  |  | $ | 5,623 |
Additions based on tax positions related to the current year |  |  | — |  |  |  | 581 |  |  |  | 133 |
Additions for tax positions of prior years |  |  | 75 |  |  |  | 57 |  |  |  | 57 |
Reductions as a result of a lapse of applicable statutes of limitations |  |  | (57 | ) |  |  | (223 | ) |  |  | (4,708 | )
Balance at End of Period |  | $ | 1,538 |  |  | $ | 1,520 |  |  | $ | 1,105 |

X
- Definition Income loss from continuing operations and discontinuing operation before income tax and equity income. + References No definition available. + Details
Name: | geo_IncomeLossFromContinuingOperationsAndDiscontinuingOperationBeforeIncomeTaxAndEquityIncomeTableTextBlock
Namespace Prefix: | geo_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration