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Shareholders' Equity (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 and 2023 (in thousands):
|  | Common shares |  |  | Additional Paid-In |  |  | Retained Earnings |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | (Accumulated Deficit) |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, July 1, 2024 |  |  | 139,551 |  |  | $ | 1,396 |  |  | $ | 1,299,558 |  |  | $ | (1,931 | ) |  | $ | (16,970 | ) |  |  | — |  |  | $ | — |  |  | $ | (1,516 | ) |  | $ | 1,280,537 |
Proceeds from exercise of stock options |  |  | 16 |  |  |  | — |  |  |  | 118 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 118 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 3,534 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,534 |
Restricted stock granted |  |  | 158 |  |  |  | 1 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (21 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of common shares [3] |  |  | 16 |  |  |  | 1 |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Shares withheld for net settlements of share- based awards [1] |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | )
Issuance of common stock - ESPP |  |  | 3 |  |  |  | — |  |  |  | 36 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 36 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26,320 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (31 | ) |  |  | 26,289 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,054 |  |  |  | — |  |  |  | — |  |  |  | (28 | ) |  |  | 4,026 |
Balance, September 30, 2024 |  |  | 139,722 |  |  | $ | 1,397 |  |  | $ | 1,303,243 |  |  | $ | 24,389 |  |  | $ | (12,916 | ) |  |  | — |  |  | $ | — |  |  | $ | (1,575 | ) |  | $ | 1,314,538 |
|  | 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, July 1, 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 granted |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Restricted stock canceled |  |  | (10 | ) |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Issuance of common stock - ESPP |  |  | 5 |  |  |  | — |  |  |  | 37 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 37 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,519 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16 | ) |  |  | 24,503 |
Other comprehensive income (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 |  |  | Retained Earnings |  |  | Accumulated Other Comprehensive |  |  | Treasury shares |  |  | Noncontrolling |  |  | Total Shareholders' |
|  | Shares |  |  | Amount |  |  | Capital |  |  | (Accumulated Deficit) |  |  | Loss |  |  | Shares |  |  | Amount |  |  | Interests |  |  | Equity |
For the Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance January 1, 2024 |  |  | 126,087 |  |  | $ | 1,303 |  |  | $ | 1,299,193 |  |  | $ | 103,089 |  |  | $ | (16,642 | ) |  |  | 4,210 |  |  | $ | (95,175 | ) |  | $ | (1,454 | ) |  | $ | 1,290,314 |
Proceeds from exercise of stock options |  |  | 163 |  |  |  | 2 |  |  |  | 783 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 785 |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  | 12,322 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,322 |
Restricted stock granted |  |  | 1,712 |  |  |  | 17 |  |  |  | (17 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Restricted stock canceled |  |  | (61 | ) |  |  | (1 | ) |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Reissuance of treasury shares [3] |  |  | 4,210 |  |  |  | — |  |  |  | — |  |  |  | (95,175 | ) |  |  | — |  |  |  | (4,210 | ) |  |  | 95,175 |  |  |  | — |  |  |  | — |
Issuance of common shares [3] |  |  | 8,220 |  |  |  | 82 |  |  |  | (1,696 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,614 | )
Shares withheld for net settlements of share- based awards [1] |  |  | (618 | ) |  |  | (6 | ) |  |  | (7,458 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7,464 | )
Issuance of common stock - ESPP |  |  | 9 |  |  |  | — |  |  |  | 115 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 115 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,475 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (90 | ) |  |  | 16,385 |
Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,726 |  |  |  | — |  |  |  | — |  |  |  | (31 | ) |  |  | 3,695 |
Balance, September 30, 2024 |  |  | 139,722 |  |  | $ | 1,397 |  |  | $ | 1,303,243 |  |  | $ | 24,389 |  |  | $ | (12,916 | ) |  |  | — |  |  | $ | - |  |  | $ | (1,575 | ) |  | $ | 1,314,538 |
|  | 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 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 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | - |
Shares withheld for net settlements of share- based awards [1] |  |  | (383 | ) |  |  | (4 | ) |  |  | (3,442 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,446 | )
Issuance of common stock - ESPP |  |  | 16 |  |  |  | 1 |  |  |  | 116 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 117 |
Sale of treasury shares [2] |  |  | 642 |  |  |  | — |  |  |  | (4,174 | ) |  |  | — |  |  |  | — |  |  |  | (642 | ) |  |  | 9,924 |  |  |  | — |  |  |  | 5,750 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 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 |
[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. [3] During the second and third quarters of 2024, the Company retired $229.7 million in aggregate principal amount of its outstanding 6.50% Exchangeable Senior Notes in private exchange transactions for an exchange value of approximately $410 million. The consideration consisted of cash of $229.7 million and 12,430,285 shares of GEO common stock. Of the total amount of shares issued, the Company issued 4,209,847 shares that were previously held in treasury. Refer to Note 10 - Debt for further information.
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, 2024 |
|  | (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, 2024 |  | $ | (19,755 | ) |  | $ | 3,041 |  |  | $ | — |  |  | $ | 72 |  |  | $ | (16,642 | )
Current-period other comprehensive income (loss) |  |  | 3,784 |  |  |  | (589 | ) |  |  | 495 |  |  |  | 36 |  |  |  | 3,726 |
Balance, September 30, 2024 |  | $ | (15,971 | ) |  | $ | 2,452 |  |  | $ | 495 |  |  | $ | 108 |  |  | $ | (12,916 | )
|  | 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 | )
(1) The foreign currency translation related to noncontrolling interests was not significant at September 30, 2024 or 2023.

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