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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 2. GOODWILL AND OTHER INTANGIBLE ASSETS 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 from January 1, 2025 to March 31, 2025 are as follows (in thousands):
|  | January 1, 2025 |  |  | Foreign Currency Translation |  |  | March 31, 2025 |
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 |  |  | 1,192 |  |  |  | 3 |  |  |  | 1,195 |
Total Goodwill |  | $ | 756,001 |  |  | $ | 3 |  |  | $ | 756,004 |
The Company has also recorded other finite and indefinite-lived intangible assets as a result of its various business combinations. The Company's intangible assets include facility management contracts and trade names and technology, as follows (in thousands):
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Weighted 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 |  |  | $ | 223,767 |  |  | $ | (144,702 | ) |  | $ | 79,065 |  |  | $ | 223,790 |  |  | $ | (142,414 | ) |  | $ | 81,376 |
Trade names |  | Indefinite |  |  |  | 45,200 |  |  |  | — |  |  |  | 45,200 |  |  |  | 45,200 |  |  |  | — |  |  |  | 45,200 |
Total acquired intangible assets |  |  |  |  | $ | 268,967 |  |  | $ | (144,702 | ) |  | $ | 124,265 |  |  | $ | 268,990 |  |  | $ | (142,414 | ) |  | $ | 126,576 |
Amortization expense was $2.3 million and $2.4 million for the three months ended March 31, 2025 and 2024, respectively. The Company records the costs associated with renewal and extension of facility management contracts as expenses in the period they are incurred. As of March 31, 2025, the weighted average period before the next contract renewal or extension for the acquired facility management contracts was approximately 2.9 years. Estimated amortization expense related to the Company's finite-lived intangible assets for the remainder of 2025 through 2029 and thereafter is as follows (in thousands):
Fiscal Year |  | Total Amortization Expense |
Remainder of 2025 |  | $ | 6,901 |
2026 |  |  | 7,162 |
2027 |  |  | 6,912 |
2028 |  |  | 6,854 |
2029 |  |  | 6,854 |
Thereafter |  |  | 44,382 |
|  | $ | 79,065 |

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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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