Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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