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Summary of Business Organization, Operations and Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported on the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2022 |
Cash and Cash Equivalents |  | $ | 76,896 |  |  | $ | 93,971 |  |  | $ | 95,073 |
Restricted cash and cash equivalents - current |  |  | 2,785 |  |  |  | — |  |  |  | — |
Restricted cash and investments - non-current |  |  | 145,366 |  |  |  | 135,968 |  |  |  | 111,691 |
Less Restricted investments - non-current |  |  | (99,183 | ) |  |  | (70,072 | ) |  |  | (62,921 | )
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows |  | $ | 125,864 |  |  | $ | 159,867 |  |  | $ | 143,843 |
Summary of Idled Facilities and Their Carrying Values, Excluding Equipment and Other Assets | The following table summarizes the Company’s idled facilities as of December 31, 2024 and their respective carrying values, excluding equipment and other assets that can be easily transferred to other facilities.
|  |  |  |  |  |  |  |  |  | Secure Services |  |  | Reentry Services |  |  | Total |
|  |  |  | Secure Services |  |  | Reentry Services |  |  | Net Carrying Value |  |  | Net Carrying Value |  |  | Net Carrying Value |
Facility |  | Year Idled |  | Design Capacity (beds) |  |  | Design Capacity (beds) |  |  | December 31, 2024 |  |  | December 31, 2024 |  |  | December 31, 2024 |
D. Ray James Correctional Facility |  | 2021 |  |  | 1,900 |  |  |  | - |  |  |  | 48,079 |  |  |  | - |  |  |  | 48,079 |
Northlake Correctional Facility |  | 2022 |  |  | 1,800 |  |  |  | - |  |  |  | 71,883 |  |  |  | - |  |  |  | 71,883 |
Rivers Correctional Facility |  | 2021 |  |  | 1,450 |  |  |  | - |  |  |  | 34,608 |  |  |  | - |  |  |  | 34,608 |
Big Spring Correctional Facility |  | 2021 |  |  | 1,732 |  |  |  | - |  |  |  | 27,471 |  |  |  | - |  |  |  | 27,471 |
Flightline Correctional Facility |  | 2021 |  |  | 1,800 |  |  |  | - |  |  |  | 31,915 |  |  |  | - |  |  |  | 31,915 |
McFarland Female Community Reentry Facility |  | 2020 |  |  | - |  |  |  | 300 |  |  |  | - |  |  |  | 9,848 |  |  |  | 9,848 |
Cheyenne Mountain Recovery Center [1] |  | 2020 |  |  | 750 |  |  |  | - |  |  |  | 16,772 |  |  |  | - |  |  |  | 16,772 |
Hector Garza Center |  | 2020 |  |  | - |  |  |  | 139 |  |  |  | - |  |  |  | 4,188 |  |  |  | 4,188 |
Delaney Hall [3] |  | 2023 |  |  | 1,054 |  |  |  | - |  |  |  | 29,890 |  |  |  | - |  |  |  | 29,890 |
Philadelphia Residential [2] |  | 2024 |  |  | - |  |  |  | 400 |  |  |  | - |  |  |  | 6,716 |  |  |  | 6,716 |
Coleman Hall [2] |  | 2017 |  |  | - |  |  |  | 350 |  |  |  | - |  |  |  | 6,080 |  |  |  | 6,080 |
Total |  |  |  |  | 10,486 |  |  |  | 1,189 |  |  | $ | 260,618 |  |  | $ | 26,832 |  |  | $ | 287,450 |
[1] This facility is under a contract that is yet to be activated. [2] The Company had entered into a purchase and sale agreement in the second quarter of 2024 for these facilities that was less than the net carrying values. As such, the Company recorded a total impairment loss for both facilities of approximately $2.3 million during the second quarter of 2024 which is included in (loss) gain on asset divestitures/impairment in the accompanying consolidated statements of operations. The purchase and sale agreement was later terminated. There was no indication of impairment related to the Company's idle facilities during the years ended December 31, 2023 or 2022. [3] On February 27, 2025, the Company announced that it has been awarded a 15-year ICE contract for this facility.
Summary of Future Minimum Rentals to be Received on Leases | future minimum rentals to be received on these leases are as follows:
|  | Annual Rental |
Year |  | (in thousands) |
2025 |  | $ | 13,686 |
2026 |  |  | 13,361 |
2027 |  |  | 13,375 |
2028 |  |  | 11,911 |
2029 |  |  | 4,259 |
Thereafter |  |  | 53,903 |
Total |  | $ | 110,495 |
Disaggregation of Revenue | The following table disaggregates GEO's revenue by major source and also provides a reconciliation with revenue information disclosed for reportable segments in Note 14 - Business Segments and Geographic Information:
|  | Year Ended December 31, 2024 (in thousands) |
|  | U.S. Secure Services |  |  | Electronic Monitoring and Supervision Services |  |  | Reentry Services |  |  | International |  |  | Total |
Owned and Leased: Secure Services |  | $ | 1,207,979 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,207,979 |
Owned and Leased: Community-based |  |  | — |  |  |  | — |  |  |  | 163,911 |  |  |  | — |  |  |  | 163,911 |
Managed Only |  |  | 396,407 |  |  |  | — |  |  |  | 6,421 |  |  |  | 208,924 |  |  |  | 611,752 |
Electronic Monitoring Services and Other Reentry |  |  | — |  |  |  | 332,826 |  |  |  | 107,234 |  |  |  | — |  |  |  | 440,060 |
Total Revenues |  | $ | 1,604,386 |  |  | $ | 332,826 |  |  | $ | 277,566 |  |  | $ | 208,924 |  |  | $ | 2,423,702 |
|  | Year Ended December 31, 2023 (in thousands) |
|  | U.S. Secure Services |  |  | Electronic Monitoring and Supervision Services |  |  | Reentry Services |  |  | International |  |  | Total |
Owned and Leased - Secure Services |  | $ | 1,140,548 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,140,548 |
Owned and Leased - Community-based |  |  | — |  |  |  | — |  |  |  | 166,987 |  |  |  | — |  |  |  | 166,987 |
Managed Only |  |  | 377,744 |  |  |  | — |  |  |  | 5,093 |  |  |  | 193,894 |  |  |  | 576,731 |
Electronic Monitoring Services and Other Reentry |  |  | — |  |  |  | 425,879 |  |  |  | 103,022 |  |  |  | — |  |  |  | 528,901 |
Total Revenues |  | $ | 1,518,292 |  |  | $ | 425,879 |  |  | $ | 275,102 |  |  | $ | 193,894 |  |  | $ | 2,413,167 |
|  | Year Ended December 31, 2022 (in thousands) |
|  | U.S Secure Services |  |  | Electronic Monitoring and Supervision Services |  |  | Reentry Services |  |  | International |  |  | Total |
Owned and Leased - Secure Services |  | $ | 1,109,923 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,109,923 |
Owned and Leased - Community-based |  |  | — |  |  |  | — |  |  |  | 155,932 |  |  |  | — |  |  |  | 155,932 |
Managed Only |  |  | 327,908 |  |  |  | — |  |  |  | 6,913 |  |  |  | 187,200 |  |  |  | 522,021 |
Electronic Monitoring Services and Other Reentry |  |  | — |  |  |  | 496,268 |  |  |  | 92,583 |  |  |  | — |  |  |  | 588,851 |
Total Revenues |  | $ | 1,437,831 |  |  | $ | 496,268 |  |  | $ | 255,428 |  |  | $ | 187,200 |  |  | $ | 2,376,727 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive loss attributable to GEO included in the consolidated statement of shareholders' equity are as follows (in thousands):
|  | Foreign currency translation adjustments attributable to The GEO Group, Inc. |  |  | Unrealized gain on derivatives, net of tax |  |  | Change 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) |  |  | (7,184 | ) |  |  | 792 |  |  |  | (15 | ) |  |  | 1,447 |  |  |  | (4,960 | )
Balance, December 31, 2024 |  | $ | (26,939 | ) |  | $ | 3,833 |  |  | $ | (15 | ) |  | $ | 1,519 |  |  | $ | (21,602 | )
|  | Foreign currency translation adjustments attributable to The GEO Group, Inc. |  |  | Unrealized loss on derivatives, net of tax |  |  | Change 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) |  |  | 260 |  |  |  | (604 | ) |  |  | 953 |  |  |  | (332 | ) |  |  | 277 |
Balance, December 31, 2023 |  | $ | (19,755 | ) |  | $ | 3,041 |  |  | $ | — |  |  | $ | 72 |  |  | $ | (16,642 | )
Fair value of stock-based awards | The fair value of stock-based option awards was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions for options awarded during years 2024, 2023 and 2022:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Risk free interest rates |  |  | 4.35 | % |  |  | 4.27 | % |  |  | 1.56 | %
Expected term |  | 4-5 years |  |  | 4-5 years |  |  | 4-5 years |
Expected volatility |  |  | 53 | % |  |  | 52 | % |  |  | 48 | %
Fair value assumptions of restricted stock | The fair value of restricted stock awards granted in 2024, 2023 and 2022 with market-based performance conditions was determined based on a Monte Carlo simulation, which calculates a range of possible outcomes and the probabilities that they will occur, using the following average key assumptions:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Expected volatility |  |  | 52.0 | % |  |  | 62.9 | % |  |  | 57.5 | %
Beta |  |  | 0.95 |  |  |  | 0.92 |  |  |  | 0.93 |
Risk free interest rate |  |  | 4.30 | % |  |  | 4.60 | % |  |  | 1.45 | %

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