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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 2. GOODWILL AND OTHER INTANGIBLE ASSETS The Company has recorded goodwill as a result of its various business combinations. Goodwill is recorded as the difference, if any, between the aggregate consideration paid for an acquisition and the fair value of the tangible assets and intangible assets acquired net of liabilities assumed, including noncontrolling interests. Changes in the Company's goodwill balances from January 1, 2024 to September 30, 2024 are as follows (in thousands):
|  | January 1, 2024 |  |  | Additions [1] |  |  | Foreign Currency Translation |  |  | September 30, 2024 |
U.S. Secure Services |  | $ | 316,366 |  |  | $ | — |  |  | $ | — |  |  | $ | 316,366 |
Electronic Monitoring and Supervision Services |  |  | 289,570 |  |  |  | — |  |  |  | — |  |  |  | 289,570 |
Reentry Services |  |  | 148,873 |  |  |  | — |  |  |  | — |  |  |  | 148,873 |
International Services |  |  | 390 |  |  |  | 836 |  |  |  | 7 |  |  |  | 1,233 |
Total Goodwill |  | $ | 755,199 |  |  | $ | 836 |  |  | $ | 7 |  |  | $ | 756,042 |
[1] During the nine months ended September 30, 2024, the Company completed an acquisition of an entity that performed health care services located in Australia. The purchase price was approximately AUD 6.0 million, or approximately $3.9 million, based on exchange rates on the date of acquisition subject to certain adjustments. The net assets acquired and operations were not material to our results from operations during the nine months ended September 30, 2024. The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. The Company's intangible assets include facility management contracts and trade names and technology, as follows (in thousands):
|  | September 30, 2024 |  |  | December 31, 2023 |
|  | Weighted Average Useful Life (years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Facility management contracts |  |  | 16.3 |  |  | $ | 223,790 |  |  | $ | (140,088 | ) |  | $ | 83,702 |  |  | $ | 223,781 |  |  | $ | (133,095 | ) |  | $ | 90,686 |
Trade names |  | Indefinite |  |  |  | 45,200 |  |  |  | — |  |  |  | 45,200 |  |  |  | 45,200 |  |  |  | — |  |  |  | 45,200 |
Total acquired intangible assets |  |  |  |  | $ | 268,990 |  |  | $ | (140,088 | ) |  | $ | 128,902 |  |  | $ | 268,981 |  |  | $ | (133,095 | ) |  | $ | 135,886 |
Amortization expense was $2.3 million and $2.7 million for the three months ended September 30, 2024 and 2023, respectively. Amortization expense was $7.0 million and $9.4 million for the nine months ended September 30, 2024 and 2023, respectively. The Company records the costs associated with renewal and extension of facility management contracts as expenses in the period they are incurred. As of September 30, 2024, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 1.2 years. Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2024 through 2028 and thereafter is as follows (in thousands):
Fiscal Year |  | Total Amortization Expense |
Remainder of 2024 |  | $ | 1,605 |
2025 |  |  | 7,065 |
2026 |  |  | 7,166 |
2027 |  |  | 6,854 |
2028 |  |  | 6,854 |
Thereafter |  |  | 54,158 |
|  | $ | 83,702 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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