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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY AND SUBSIDIARIES | 9 Months Ended
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Sep. 30, 2017
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY AND SUBSIDIARIES |
12. | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY AND SUBSIDIARIES
The following condensed consolidating financial statements of CoreCivic and subsidiaries have been prepared pursuant to Rule 3-10 of Regulation S-X. These condensed consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET As of September 30, 2017 (in thousands)
ASSETS |  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Cash and cash equivalents |  | $ | 20,122 |  |  | $ | 22,613 |  |  | $ | — |  |  | $ | 42,735 |
Accounts receivable, net of allowance |  |  | 190,866 |  |  |  | 347,066 |  |  |  | (296,789 | ) |  |  | 241,143 |
Prepaid expenses and other current assets |  |  | 2,583 |  |  |  | 23,597 |  |  |  | (6,002 | ) |  |  | 20,178 |
Total current assets |  |  | 213,571 |  |  |  | 393,276 |  |  |  | (302,791 | ) |  |  | 304,056 |
Property and equipment, net |  |  | 2,477,110 |  |  |  | 322,366 |  |  |  | — |  |  |  | 2,799,476 |
Goodwill |  |  | 23,832 |  |  |  | 14,896 |  |  |  | — |  |  |  | 38,728 |
Non-current deferred tax assets |  |  | — |  |  |  | 15,955 |  |  |  | (495 | ) |  |  | 15,460 |
Other assets |  |  | 405,683 |  |  |  | 64,472 |  |  |  | (385,109 | ) |  |  | 85,046 |
Total assets |  | $ | 3,120,196 |  |  | $ | 810,965 |  |  | $ | (688,395 | ) |  | $ | 3,242,766 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 235,716 |  |  | $ | 333,480 |  |  | $ | (302,791 | ) |  | $ | 266,405 |
Income taxes payable |  |  | 1,945 |  |  |  | (777 | ) |  |  | — |  |  |  | 1,168 |
Current portion of long-term debt |  |  | 10,000 |  |  |  | — |  |  |  | — |  |  |  | 10,000 |
Total current liabilities |  |  | 247,661 |  |  |  | 332,703 |  |  |  | (302,791 | ) |  |  | 277,573 |
Long-term debt, net |  |  | 1,412,060 |  |  |  | 114,150 |  |  |  | (115,000 | ) |  |  | 1,411,210 |
Non-current deferred tax liabilities |  |  | 495 |  |  |  | — |  |  |  | (495 | ) |  |  | — |
Deferred revenue |  |  | — |  |  |  | 43,143 |  |  |  | — |  |  |  | 43,143 |
Other liabilities |  |  | 1,299 |  |  |  | 50,860 |  |  |  | — |  |  |  | 52,159 |
Total liabilities |  |  | 1,661,515 |  |  |  | 540,856 |  |  |  | (418,286 | ) |  |  | 1,784,085 |
Total stockholders' equity |  |  | 1,458,681 |  |  |  | 270,109 |  |  |  | (270,109 | ) |  |  | 1,458,681 |
Total liabilities and stockholders' equity |  | $ | 3,120,196 |  |  | $ | 810,965 |  |  | $ | (688,395 | ) |  | $ | 3,242,766 |
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (in thousands)
ASSETS |  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Cash and cash equivalents |  | $ | 11,378 |  |  | $ | 26,333 |  |  | $ | — |  |  | $ | 37,711 |
Accounts receivable, net of allowance |  |  | 237,495 |  |  |  | 270,952 |  |  |  | (278,562 | ) |  |  | 229,885 |
Prepaid expenses and other current assets |  |  | 7,582 |  |  |  | 30,123 |  |  |  | (6,477 | ) |  |  | 31,228 |
Total current assets |  |  | 256,455 |  |  |  | 327,408 |  |  |  | (285,039 | ) |  |  | 298,824 |
Property and equipment, net |  |  | 2,493,025 |  |  |  | 344,632 |  |  |  | — |  |  |  | 2,837,657 |
Goodwill |  |  | 23,231 |  |  |  | 15,155 |  |  |  | — |  |  |  | 38,386 |
Non-current deferred tax assets |  |  | — |  |  |  | 14,056 |  |  |  | (321 | ) |  |  | 13,735 |
Other assets |  |  | 339,391 |  |  |  | 57,873 |  |  |  | (314,262 | ) |  |  | 83,002 |
Total assets |  | $ | 3,112,102 |  |  | $ | 759,124 |  |  | $ | (599,622 | ) |  | $ | 3,271,604 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 203,074 |  |  | $ | 342,072 |  |  | $ | (285,039 | ) |  | $ | 260,107 |
Income taxes payable |  |  | 1,850 |  |  |  | 236 |  |  |  | — |  |  |  | 2,086 |
Current portion of long-term debt |  |  | 10,000 |  |  |  | — |  |  |  | — |  |  |  | 10,000 |
Total current liabilities |  |  | 214,924 |  |  |  | 342,308 |  |  |  | (285,039 | ) |  |  | 272,193 |
Long-term debt, net |  |  | 1,436,186 |  |  |  | 113,983 |  |  |  | (115,000 | ) |  |  | 1,435,169 |
Non-current deferred tax liabilities |  |  | 321 |  |  |  | — |  |  |  | (321 | ) |  |  | — |
Deferred revenue |  |  | — |  |  |  | 53,437 |  |  |  | — |  |  |  | 53,437 |
Other liabilities |  |  | 1,708 |  |  |  | 50,134 |  |  |  | — |  |  |  | 51,842 |
Total liabilities |  |  | 1,653,139 |  |  |  | 559,862 |  |  |  | (400,360 | ) |  |  | 1,812,641 |
Total stockholders' equity |  |  | 1,458,963 |  |  |  | 199,262 |  |  |  | (199,262 | ) |  |  | 1,458,963 |
Total liabilities and stockholders' equity |  | $ | 3,112,102 |  |  | $ | 759,124 |  |  | $ | (599,622 | ) |  | $ | 3,271,604 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the three months ended September 30, 2017 (in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 297,856 |  |  | $ | 368,507 |  |  | $ | (223,518 | ) |  | $ | 442,845 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 231,528 |  |  |  | 308,855 |  |  |  | (223,518 | ) |  |  | 316,865 |
General and administrative |  |  | 9,823 |  |  |  | 18,480 |  |  |  | — |  |  |  | 28,303 |
Depreciation and amortization |  |  | 22,147 |  |  |  | 14,360 |  |  |  | — |  |  |  | 36,507 |
Asset impairments |  |  | 300 |  |  |  | 55 |  |  |  | — |  |  |  | 355 |
|  |  | 263,798 |  |  |  | 341,750 |  |  |  | (223,518 | ) |  |  | 382,030 |
OPERATING INCOME |  |  | 34,058 |  |  |  | 26,757 |  |  |  | — |  |  |  | 60,815 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 14,046 |  |  |  | 2,983 |  |  |  | — |  |  |  | 17,029 |
Other (income) expense |  |  | (96 | ) |  |  | 21 |  |  |  | 10 |  |  |  | (65 | )
|  |  | 13,950 |  |  |  | 3,004 |  |  |  | 10 |  |  |  | 16,964 |
INCOME BEFORE INCOME TAXES |  |  | 20,108 |  |  |  | 23,753 |  |  |  | (10 | ) |  |  | 43,851 |
Income tax expense |  |  | (541 | ) |  |  | (2,132 | ) |  |  | — |  |  |  | (2,673 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 19,567 |  |  |  | 21,621 |  |  |  | (10 | ) |  |  | 41,178 |
Income from equity in subsidiaries |  |  | 21,611 |  |  |  | — |  |  |  | (21,611 | ) |  |  | — |
NET INCOME |  | $ | 41,178 |  |  | $ | 21,621 |  |  | $ | (21,621 | ) |  | $ | 41,178 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the three months ended September 30, 2016 (in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 298,659 |  |  | $ | 398,617 |  |  | $ | (222,341 | ) |  | $ | 474,935 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 230,244 |  |  |  | 318,446 |  |  |  | (222,341 | ) |  |  | 326,349 |
General and administrative |  |  | 9,326 |  |  |  | 18,373 |  |  |  | — |  |  |  | 27,699 |
Depreciation and amortization |  |  | 21,321 |  |  |  | 21,603 |  |  |  | — |  |  |  | 42,924 |
Restructuring charges |  |  | 197 |  |  |  | 3,813 |  |  |  | — |  |  |  | 4,010 |
|  |  | 261,088 |  |  |  | 362,235 |  |  |  | (222,341 | ) |  |  | 400,982 |
OPERATING INCOME |  |  | 37,571 |  |  |  | 36,382 |  |  |  | — |  |  |  | 73,953 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 12,975 |  |  |  | 3,962 |  |  |  | — |  |  |  | 16,937 |
Other (income) expense |  |  | 115 |  |  |  | (57 | ) |  |  | (4 | ) |  |  | 54 |
|  |  | 13,090 |  |  |  | 3,905 |  |  |  | (4 | ) |  |  | 16,991 |
INCOME BEFORE INCOME TAXES |  |  | 24,481 |  |  |  | 32,477 |  |  |  | 4 |  |  |  | 56,962 |
Income tax expense |  |  | (512 | ) |  |  | (1,110 | ) |  |  | — |  |  |  | (1,622 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 23,969 |  |  |  | 31,367 |  |  |  | 4 |  |  |  | 55,340 |
Income from equity in subsidiaries |  |  | 31,371 |  |  |  | — |  |  |  | (31,371 | ) |  |  | — |
NET INCOME |  | $ | 55,340 |  |  | $ | 31,367 |  |  | $ | (31,367 | ) |  | $ | 55,340 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the nine months ended September 30, 2017 (in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 885,271 |  |  | $ | 1,094,805 |  |  | $ | (655,154 | ) |  | $ | 1,324,922 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 679,458 |  |  |  | 915,761 |  |  |  | (655,154 | ) |  |  | 940,065 |
General and administrative |  |  | 26,630 |  |  |  | 52,916 |  |  |  | — |  |  |  | 79,546 |
Depreciation and amortization |  |  | 65,206 |  |  |  | 44,358 |  |  |  | — |  |  |  | 109,564 |
Asset impairments |  |  | 300 |  |  |  | 314 |  |  |  | — |  |  |  | 614 |
|  |  | 771,594 |  |  |  | 1,013,349 |  |  |  | (655,154 | ) |  |  | 1,129,789 |
OPERATING INCOME |  |  | 113,677 |  |  |  | 81,456 |  |  |  | — |  |  |  | 195,133 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 41,219 |  |  |  | 8,922 |  |  |  | — |  |  |  | 50,141 |
Other (income) expense |  |  | (248 | ) |  |  | 109 |  |  |  | 31 |  |  |  | (108 | )
|  |  | 40,971 |  |  |  | 9,031 |  |  |  | 31 |  |  |  | 50,033 |
INCOME BEFORE INCOME TAXES |  |  | 72,706 |  |  |  | 72,425 |  |  |  | (31 | ) |  |  | 145,100 |
Income tax expense |  |  | (1,711 | ) |  |  | (6,689 | ) |  |  | — |  |  |  | (8,400 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 70,995 |  |  |  | 65,736 |  |  |  | (31 | ) |  |  | 136,700 |
Income from equity in subsidiaries |  |  | 65,705 |  |  |  | — |  |  |  | (65,705 | ) |  |  | — |
NET INCOME |  | $ | 136,700 |  |  | $ | 65,736 |  |  | $ | (65,736 | ) |  | $ | 136,700 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the nine months ended September 30, 2016 (in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 876,697 |  |  | $ | 1,162,834 |  |  | $ | (653,880 | ) |  | $ | 1,385,651 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 676,997 |  |  |  | 933,596 |  |  |  | (653,880 | ) |  |  | 956,713 |
General and administrative |  |  | 27,352 |  |  |  | 54,191 |  |  |  | — |  |  |  | 81,543 |
Depreciation and amortization |  |  | 63,267 |  |  |  | 64,061 |  |  |  | — |  |  |  | 127,328 |
Restructuring charges |  |  | 197 |  |  |  | 3,813 |  |  |  | — |  |  |  | 4,010 |
|  |  | 767,813 |  |  |  | 1,055,661 |  |  |  | (653,880 | ) |  |  | 1,169,594 |
OPERATING INCOME |  |  | 108,884 |  |  |  | 107,173 |  |  |  | — |  |  |  | 216,057 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 38,845 |  |  |  | 12,432 |  |  |  | — |  |  |  | 51,277 |
Other (income) expense |  |  | 516 |  |  |  | (401 | ) |  |  | (12 | ) |  |  | 103 |
|  |  | 39,361 |  |  |  | 12,031 |  |  |  | (12 | ) |  |  | 51,380 |
INCOME BEFORE INCOME TAXES |  |  | 69,523 |  |  |  | 95,142 |  |  |  | 12 |  |  |  | 164,677 |
Income tax expense |  |  | (1,393 | ) |  |  | (4,054 | ) |  |  | — |  |  |  | (5,447 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 68,130 |  |  |  | 91,088 |  |  |  | 12 |  |  |  | 159,230 |
Income from equity in subsidiaries |  |  | 91,100 |  |  |  | — |  |  |  | (91,100 | ) |  |  | — |
NET INCOME |  | $ | 159,230 |  |  | $ | 91,088 |  |  | $ | (91,088 | ) |  | $ | 159,230 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2017 (in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments And Other |  |  | Total Consolidated Amounts |
Net cash provided by operating activities |  | $ | 239,662 |  |  | $ | 24,473 |  |  | $ | — |  |  | $ | 264,135 |
Net cash used in investing activities |  |  | (50,216 | ) |  |  | (31,544 | ) |  |  | — |  |  |  | (81,760 | )
Net cash provided by (used in) financing activities |  |  | (180,702 | ) |  |  | 3,351 |  |  |  | — |  |  |  | (177,351 | )
Net increase (decrease) in cash and cash equivalents |  |  | 8,744 |  |  |  | (3,720 | ) |  |  | — |  |  |  | 5,024 |
CASH AND CASH EQUIVALENTS, beginning of period |  |  | 11,378 |  |  |  | 26,333 |  |  |  | — |  |  |  | 37,711 |
CASH AND CASH EQUIVALENTS, end of period |  | $ | 20,122 |  |  | $ | 22,613 |  |  | $ | — |  |  |  | 42,735 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the nine months ended September 30, 2016 (in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Consolidating Adjustments And Other |  |  | Total Consolidated Amounts |
Net cash provided by operating activities |  | $ | 271,286 |  |  | $ | 29,901 |  |  | $ | — |  |  | $ | 301,187 |
Net cash used in investing activities |  |  | (35,510 | ) |  |  | (60,453 | ) |  |  | — |  |  |  | (95,963 | )
Net cash provided by (used in) financing activities |  |  | (228,738 | ) |  |  | 954 |  |  |  | — |  |  |  | (227,784 | )
Net increase (decrease) in cash and cash equivalents |  |  | 7,038 |  |  |  | (29,598 | ) |  |  | — |  |  |  | (22,560 | )
CASH AND CASH EQUIVALENTS, beginning of period |  |  | 15,666 |  |  |  | 49,625 |  |  |  | — |  |  |  | 65,291 |
CASH AND CASH EQUIVALENTS, end of period |  | $ | 22,704 |  |  | $ | 20,027 |  |  | $ | — |  |  | $ | 42,731 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161450&loc=d3e5614-111684 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01(a)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 + Details
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