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Goodwill and Other Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, Net | 7. Goodwill and Other Intangible Assets, Net 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 recognized during the years ended December 31, 2024 and 2023 were as follows (in thousands):
|  | January 1, 2024 |  |  | Additions [1] |  |  | Foreign currency translation |  |  | December 31, 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 |  |  |  | (34 | ) |  |  | 1,192 |
Total Goodwill |  | $ | 755,199 |  |  | $ | 836 |  |  | $ | (34 | ) |  | $ | 756,001 |
|  | January 1, 2023 |  |  | Foreign currency translation |  |  | December 31, 2023 |
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 |  |  |  | - |  |  |  | 390 |
Total Goodwill |  | $ | 755,199 |  |  | $ | — |  |  | $ | 755,199 |
[1] On May 1, 2024, the Company completed an acquisition of all of the ownership shares of Correct Care Australasia Pty Ltd, 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 purpose of the acquisition was to expand GEO's health care services in Australia. The net assets acquired and operations were not material to our results from operations during the year ended December 31, 2024. Intangible assets consisted of the following as of December 31, 2024 and 2023 (in thousands):
|  | Weighted |  |  | December 31, 2024 |  |  | December 31, 2023 |
|  | 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 |  |  | $ | (142,414 | ) |  | $ | 81,376 |  |  | $ | 223,781 |  |  | $ | (133,095 | ) |  | $ | 90,686 |
Trade names |  | Indefinite |  |  |  | 45,200 |  |  |  | — |  |  |  | 45,200 |  |  |  | 45,200 |  |  |  | — |  |  |  | 45,200 |
Total acquired intangible assets |  |  |  |  | $ | 268,990 |  |  | $ | (142,414 | ) |  | $ | 126,576 |  |  | $ | 268,981 |  |  | $ | (133,095 | ) |  | $ | 135,886 |
The accounting for recognized intangible assets is based on the useful lives to the reporting entity. Intangible assets with finite useful lives are amortized over their useful lives and intangible assets with indefinite useful lives are not amortized. The Company estimates the useful lives of its intangible assets taking into consideration (i) the expected use of the asset by the Company, (ii) the expected useful lives of other related assets or groups of assets, (iii) legal or contractual limitations, (iv) the Company's historical experience in renewing or extending similar arrangements, (v) the effects of obsolescence, demand, competition and other economic factors and (vi) the level of maintenance expenditures required to obtain the expected cash flows from the asset. Amortization expense was $9.3 million, $11.8 million and $18.4 million for the years ended December 31, 2024, 2023 and 2022, respectively, and primarily related to the U.S. Secure Services and Reentry Services segments’ amortization of intangible assets for acquired management contracts. The Company relies on its historical experience in determining the useful life of facility management contracts. The Company makes assumptions related to acquired facility management contracts based on the competitive environment for individual contracts, our historical success rates in retaining contracts, the supply of available beds in the market, changes in legislation, the projected profitability of the facilities and other market conditions. As of December 31, 2024, the weighted average period before the next contract renewal or extension for the facility management contracts was approximately 2.6 years. Although the facility management contracts acquired have renewal and extension terms in the near term, the Company has historically maintained these relationships beyond the contractual periods. Estimated amortization expense related to the Company’s finite-lived intangible assets for 2025 through 2029 and thereafter is as follows (in thousands):
Fiscal Year |  | Total Amortization Expense |
2025 |  | $ | 9,167 |
2026 |  |  | 7,162 |
2027 |  |  | 6,912 |
2028 |  |  | 6,854 |
2029 |  |  | 6,854 |
Thereafter |  |  | 44,427 |
|  | $ | 81,376 |

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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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