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Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes in the Company's Goodwill Balances | 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.
Schedule of Intangible Assets | 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 |
Estimated Amortization Expense for the Remainder | 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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