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Business Segments and Geographic Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Operating and Reporting Segments | 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, 2024 |  |  | September 30, 2023 |  |  | September 30, 2024 |  |  | September 30, 2023 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Secure Services |  | $ | 400,908 |  |  | $ | 385,007 |  |  | $ | 1,203,945 |  |  | $ | 1,123,507 |
Electronic Monitoring and Supervision Services |  |  | 80,067 |  |  |  | 94,489 |  |  |  | 251,596 |  |  |  | 335,158 |
Reentry Services |  |  | 70,112 |  |  |  | 71,375 |  |  |  | 206,902 |  |  |  | 203,192 |
International Services |  |  | 52,038 |  |  |  | 51,914 |  |  |  | 153,539 |  |  |  | 143,028 |
Total revenues |  | $ | 603,125 |  |  | $ | 602,785 |  |  | $ | 1,815,982 |  |  | $ | 1,804,885 |
Operating income from segments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Secure Services |  | $ | 79,363 |  |  | $ | 64,187 |  |  | $ | 238,373 |  |  | $ | 195,589 |
Electronic Monitoring and Supervision Services |  |  | 33,011 |  |  |  | 46,651 |  |  |  | 109,468 |  |  |  | 166,460 |
Reentry Services |  |  | 13,748 |  |  |  | 16,826 |  |  |  | 38,645 |  |  |  | 37,198 |
International Services |  |  | 3,330 |  |  |  | 3,281 |  |  |  | 7,941 |  |  |  | 8,564 |
Operating income from segments |  | $ | 129,452 |  |  | $ | 130,945 |  |  | $ | 394,427 |  |  | $ | 407,811 |
General and Administrative Expenses |  |  | (47,081 | ) |  |  | (47,356 | ) |  |  | (152,349 | ) |  |  | (139,182 | )
Total Operating Income |  | $ | 82,371 |  |  | $ | 83,589 |  |  | $ | 242,078 |  |  | $ | 268,629 |
Schedule of Pre-Tax Income Reconciliation of Segments | 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, 2024 |  |  | September 30, 2023 |  |  | September 30, 2024 |  |  | September 30, 2023 |
Operating income from segments |  | $ | 129,452 |  |  | $ | 130,945 |  |  | $ | 394,427 |  |  | $ | 407,811 |
Unallocated amounts: |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | (47,081 | ) |  |  | (47,356 | ) |  |  | (152,349 | ) |  |  | (139,182 | )
Net interest expense |  |  | (42,330 | ) |  |  | (54,457 | ) |  |  | (139,803 | ) |  |  | (161,296 | )
Loss on extinguishment of debt |  |  | (2,920 | ) |  |  | (91 | ) |  |  | (85,298 | ) |  |  | (1,845 | )
Gain (loss) on disposition on asset divestitures/impairment |  |  | - |  |  |  | 1,274 |  |  |  | (2,907 | ) |  |  | 3,449 |
Income before income taxes and equity in earnings of affiliates |  | $ | 37,121 |  |  | $ | 30,315 |  |  | $ | 14,070 |  |  | $ | 108,937 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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