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SEGMENT REPORTING | 6 Months Ended
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Jun. 30, 2017
SEGMENT REPORTING |
10. | SEGMENT REPORTING
As of June 30, 2017, CoreCivic owned and managed 66 facilities, and managed 10 facilities it did not own. In addition, CoreCivic owned eight facilities that it leased to third-party operators. Management views CoreCivic's operating results in one operating segment. However, the Company has chosen to report financial performance segregated for (1) owned and managed facilities and (2) managed-only facilities as the Company believes this information is useful to users of the financial statements. Owned and managed facilities include the operating results of those facilities placed into service that were owned or controlled via a long-term lease and managed by CoreCivic. Managed-only facilities include the operating results of those facilities owned by a third party and managed by CoreCivic. The operating performance of the owned and managed and the managed-only facilities can be measured based on their net operating income. CoreCivic defines facility net operating income as a facility’s operating income or loss from operations before interest, taxes, asset impairments, depreciation, and amortization. The revenue and net operating income for the owned and managed and the managed-only facilities and a reconciliation to CoreCivic’s operating income is as follows for the three and six months ended June 30, 2017 and 2016 (in thousands):
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owned and managed |  | $ | 374,849 |  |  | $ | 401,931 |  |  | $ | 759,552 |  |  | $ | 790,552 |
Managed-only |  |  | 50,871 |  |  |  | 51,346 |  |  |  | 101,432 |  |  |  | 101,176 |
Total management revenue |  |  | 425,720 |  |  |  | 453,277 |  |  |  | 860,984 |  |  |  | 891,728 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owned and managed |  |  | 254,611 |  |  |  | 266,249 |  |  |  | 516,883 |  |  |  | 529,672 |
Managed-only |  |  | 46,017 |  |  |  | 44,218 |  |  |  | 92,742 |  |  |  | 89,309 |
Total operating expenses |  |  | 300,628 |  |  |  | 310,467 |  |  |  | 609,625 |  |  |  | 618,981 |
Facility net operating income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owned and managed |  |  | 120,238 |  |  |  | 135,682 |  |  |  | 242,669 |  |  |  | 260,880 |
Managed-only |  |  | 4,854 |  |  |  | 7,128 |  |  |  | 8,690 |  |  |  | 11,867 |
Total facility net operating income |  |  | 125,092 |  |  |  | 142,810 |  |  |  | 251,359 |  |  |  | 272,747 |
Other revenue (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental and other revenue |  |  | 10,673 |  |  |  | 10,054 |  |  |  | 21,093 |  |  |  | 18,988 |
Other operating expense |  |  | (7,269 | ) |  |  | (5,979 | ) |  |  | (13,575 | ) |  |  | (11,383 | )
General and administrative |  |  | (26,417 | ) |  |  | (27,364 | ) |  |  | (51,243 | ) |  |  | (53,844 | )
Depreciation and amortization |  |  | (36,800 | ) |  |  | (42,345 | ) |  |  | (73,057 | ) |  |  | (84,404 | )
Asset impairments |  |  | — |  |  |  | — |  |  |  | (259 | ) |  |  | — |
Operating income |  | $ | 65,279 |  |  | $ | 77,176 |  |  | $ | 134,318 |  |  | $ | 142,104 |
The following table summarizes capital expenditures including accrued amounts for the three and six months ended June 30, 2017 and 2016 (amounts in thousands):
|  | For the Three Months Ended June 30, |  |  | For the Six Months Ended June 30, |
|  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Owned and managed |  | $ | 18,089 |  |  | $ | 59,453 |  |  | $ | 34,929 |  |  | $ | 70,731 |
Managed-only |  |  | 1,034 |  |  |  | 686 |  |  |  | 1,814 |  |  |  | 1,341 |
Corporate and other |  |  | 3,510 |  |  |  | 11,215 |  |  |  | 7,096 |  |  |  | 12,209 |
Total capital expenditures |  | $ | 22,633 |  |  | $ | 71,354 |  |  | $ | 43,839 |  |  | $ | 84,281 |
The total assets are as follows (in thousands):
|  | June 30, 2017 |  |  | December 31, 2016 |
Assets: |  |  |  |  |  |  |  |
Owned and managed |  | $ | 2,798,003 |  |  | $ | 2,841,799 |
Managed-only |  |  | 59,282 |  |  |  | 62,292 |
Corporate and other |  |  | 367,031 |  |  |  | 367,513 |
Total assets |  | $ | 3,224,316 |  |  | $ | 3,271,604 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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