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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY AND SUBSIDIARIES | 3 Months Ended
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Mar. 31, 2020
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF THE COMPANY AND SUBSIDIARIES |
11. | 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 March 31, 2020 (Unaudited and in thousands)
ASSETS |  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non-Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Cash and cash equivalents |  | $ | 309,497 |  |  | $ | 24,962 |  |  | $ | 1,032 |  |  | $ | — |  |  | $ | 335,491 |
Restricted cash |  |  | 300 |  |  |  | 6 |  |  |  | 16,544 |  |  |  | — |  |  |  | 16,850 |
Accounts receivable, net of allowance |  |  | 129,398 |  |  |  | 564,083 |  |  |  | (9,483 | ) |  |  | (411,400 | ) |  |  | 272,598 |
Prepaid expenses and other current assets |  |  | 3,537 |  |  |  | 33,864 |  |  |  | 1,637 |  |  |  | (4,076 | ) |  |  | 34,962 |
Total current assets |  |  | 442,732 |  |  |  | 622,915 |  |  |  | 9,730 |  |  |  | (415,476 | ) |  |  | 659,901 |
Real estate and related assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 2,217,045 |  |  |  | 260,491 |  |  |  | 281,146 |  |  |  | — |  |  |  | 2,758,682 |
Other real estate assets |  |  | 235,691 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 235,691 |
Goodwill |  |  | 35,425 |  |  |  | 15,112 |  |  |  | — |  |  |  | — |  |  |  | 50,537 |
Non-current deferred tax assets |  |  | — |  |  |  | 14,006 |  |  |  | — |  |  |  | (343 | ) |  |  | 13,663 |
Other assets |  |  | 622,709 |  |  |  | 126,733 |  |  |  | 192,860 |  |  |  | (581,977 | ) |  |  | 360,325 |
Total assets |  | $ | 3,553,602 |  |  | $ | 1,039,257 |  |  | $ | 483,736 |  |  | $ | (997,796 | ) |  | $ | 4,078,799 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 265,908 |  |  | $ | 364,841 |  |  | $ | 103,058 |  |  | $ | (415,442 | ) |  | $ | 318,365 |
Current portion of long-term debt, net |  |  | 25,353 |  |  |  | — |  |  |  | 9,538 |  |  |  | — |  |  |  | 34,891 |
Total current liabilities |  |  | 291,261 |  |  |  | 364,841 |  |  |  | 112,596 |  |  |  | (415,442 | ) |  |  | 353,256 |
Long-term debt, net |  |  | 1,889,449 |  |  |  | 114,706 |  |  |  | 347,272 |  |  |  | (115,000 | ) |  |  | 2,236,427 |
Non-current deferred tax liabilities |  |  | 343 |  |  |  | — |  |  |  | — |  |  |  | (343 | ) |  |  | — |
Deferred revenue |  |  | — |  |  |  | 9,061 |  |  |  | — |  |  |  | — |  |  |  | 9,061 |
Other liabilities |  |  | 17,144 |  |  |  | 80,654 |  |  |  | 3,581 |  |  |  | — |  |  |  | 101,379 |
Total liabilities |  |  | 2,198,197 |  |  |  | 569,262 |  |  |  | 463,449 |  |  |  | (530,785 | ) |  |  | 2,700,123 |
Total equity |  |  | 1,355,405 |  |  |  | 469,995 |  |  |  | 20,287 |  |  |  | (467,011 | ) |  |  | 1,378,676 |
Total liabilities and equity |  | $ | 3,553,602 |  |  | $ | 1,039,257 |  |  | $ | 483,736 |  |  | $ | (997,796 | ) |  | $ | 4,078,799 |
CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2019 (in thousands)
ASSETS |  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Cash and cash equivalents |  | $ | 45,427 |  |  | $ | 45,309 |  |  | $ | 1,384 |  |  | $ | — |  |  | $ | 92,120 |
Restricted cash |  |  | — |  |  |  | 7 |  |  |  | 26,966 |  |  |  | — |  |  |  | 26,973 |
Accounts receivable, net of allowance |  |  | 154,533 |  |  |  | 545,291 |  |  |  | 86 |  |  |  | (419,125 | ) |  |  | 280,785 |
Prepaid expenses and other current assets |  |  | 3,084 |  |  |  | 32,600 |  |  |  | 3,966 |  |  |  | (4,143 | ) |  |  | 35,507 |
Total current assets |  |  | 203,044 |  |  |  | 623,207 |  |  |  | 32,402 |  |  |  | (423,268 | ) |  |  | 435,385 |
Real estate and related assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment, net |  |  | 2,226,822 |  |  |  | 272,888 |  |  |  | 200,397 |  |  |  | — |  |  |  | 2,700,107 |
Other real estate assets |  |  | 238,637 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 238,637 |
Goodwill |  |  | 35,425 |  |  |  | 15,112 |  |  |  | — |  |  |  | — |  |  |  | 50,537 |
Non-current deferred tax assets |  |  | — |  |  |  | 14,125 |  |  |  | 2,411 |  |  |  | (478 | ) |  |  | 16,058 |
Other assets |  |  | 606,718 |  |  |  | 136,125 |  |  |  | 173,268 |  |  |  | (565,204 | ) |  |  | 350,907 |
Total assets |  | $ | 3,310,646 |  |  | $ | 1,061,457 |  |  | $ | 408,478 |  |  | $ | (988,950 | ) |  | $ | 3,791,631 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued expenses |  | $ | 261,588 |  |  | $ | 396,703 |  |  | $ | 102,404 |  |  | $ | (423,233 | ) |  | $ | 337,462 |
Current portion of long-term debt |  |  | 23,776 |  |  |  | — |  |  |  | 7,573 |  |  |  | — |  |  |  | 31,349 |
Total current liabilities |  |  | 285,364 |  |  |  | 396,703 |  |  |  | 109,977 |  |  |  | (423,233 | ) |  |  | 368,811 |
Long-term debt, net |  |  | 1,629,745 |  |  |  | 114,682 |  |  |  | 298,596 |  |  |  | (115,000 | ) |  |  | 1,928,023 |
Non-current deferred tax liabilities |  |  | 478 |  |  |  | — |  |  |  | — |  |  |  | (478 | ) |  |  | — |
Deferred revenue |  |  | — |  |  |  | 12,469 |  |  |  | — |  |  |  | — |  |  |  | 12,469 |
Other liabilities |  |  | 18,310 |  |  |  | 87,269 |  |  |  | — |  |  |  | — |  |  |  | 105,579 |
Total liabilities |  |  | 1,933,897 |  |  |  | 611,123 |  |  |  | 408,573 |  |  |  | (538,711 | ) |  |  | 2,414,882 |
Total stockholders' equity |  |  | 1,376,749 |  |  |  | 450,334 |  |  |  | (95 | ) |  |  | (450,239 | ) |  |  | 1,376,749 |
Total liabilities and stockholders' equity |  | $ | 3,310,646 |  |  | $ | 1,061,457 |  |  | $ | 408,478 |  |  | $ | (988,950 | ) |  | $ | 3,791,631 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the three months ended March 31, 2020 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 336,062 |  |  | $ | 405,482 |  |  | $ | 9,047 |  |  | $ | (259,490 | ) |  | $ | 491,101 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 267,851 |  |  |  | 350,872 |  |  |  | 3,082 |  |  |  | (259,490 | ) |  |  | 362,315 |
General and administrative |  |  | 10,168 |  |  |  | 21,111 |  |  |  | — |  |  |  | — |  |  |  | 31,279 |
Depreciation and amortization |  |  | 23,483 |  |  |  | 11,310 |  |  |  | 3,159 |  |  |  | — |  |  |  | 37,952 |
Asset impairments |  |  | 404 |  |  |  | 132 |  |  |  | — |  |  |  | — |  |  |  | 536 |
|  |  | 301,906 |  |  |  | 383,425 |  |  |  | 6,241 |  |  |  | (259,490 | ) |  |  | 432,082 |
OPERATING INCOME |  |  | 34,156 |  |  |  | 22,057 |  |  |  | 2,806 |  |  |  | — |  |  |  | 59,019 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 19,123 |  |  |  | 1,638 |  |  |  | 1,777 |  |  |  | — |  |  |  | 22,538 |
Other (income) expense |  |  | (490 | ) |  |  | (75 | ) |  |  | 32 |  |  |  | — |  |  |  | (533 | )
|  |  | 18,633 |  |  |  | 1,563 |  |  |  | 1,809 |  |  |  | — |  |  |  | 22,005 |
INCOME BEFORE INCOME TAXES |  |  | 15,523 |  |  |  | 20,494 |  |  |  | 997 |  |  |  | — |  |  |  | 37,014 |
Income tax expense |  |  | (275 | ) |  |  | (416 | ) |  |  | (3,085 | ) |  |  | — |  |  |  | (3,776 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 15,248 |  |  |  | 20,078 |  |  |  | (2,088 | ) |  |  | — |  |  |  | 33,238 |
Income from equity in subsidiaries |  |  | 17,990 |  |  |  | — |  |  |  | — |  |  |  | (17,990 | ) |  |  | — |
NET INCOME |  |  | 33,238 |  |  |  | 20,078 |  |  |  | (2,088 | ) |  |  | (17,990 | ) |  |  | 33,238 |
Net income attributable to non-controlling interest |  |  | — |  |  |  | — |  |  |  | (1,181 | ) |  |  | — |  |  |  | (1,181 | )
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |  | $ | 33,238 |  |  | $ | 20,078 |  |  | $ | (3,269 | ) |  | $ | (17,990 | ) |  | $ | 32,057 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the three months ended March 31, 2019 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
REVENUES |  | $ | 335,212 |  |  | $ | 392,077 |  |  | $ | 5,723 |  |  | $ | (248,948 | ) |  | $ | 484,064 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating |  |  | 257,493 |  |  |  | 334,995 |  |  |  | 2,292 |  |  |  | (248,948 | ) |  |  | 345,832 |
General and administrative |  |  | 10,028 |  |  |  | 19,417 |  |  |  | — |  |  |  | — |  |  |  | 29,445 |
Depreciation and amortization |  |  | 23,284 |  |  |  | 10,315 |  |  |  | 1,924 |  |  |  | — |  |  |  | 35,523 |
|  |  | 290,805 |  |  |  | 364,727 |  |  |  | 4,216 |  |  |  | (248,948 | ) |  |  | 410,800 |
OPERATING INCOME |  |  | 44,407 |  |  |  | 27,350 |  |  |  | 1,507 |  |  |  | — |  |  |  | 73,264 |
OTHER (INCOME) EXPENSE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  | 18,286 |  |  |  | 1,453 |  |  |  | 1,697 |  |  |  | — |  |  |  | 21,436 |
Other (income) expense |  |  | (68 | ) |  |  | 40 |  |  |  | 32 |  |  |  | — |  |  |  | 4 |
|  |  | 18,218 |  |  |  | 1,493 |  |  |  | 1,729 |  |  |  | — |  |  |  | 21,440 |
INCOME BEFORE INCOME TAXES |  |  | 26,189 |  |  |  | 25,857 |  |  |  | (222 | ) |  |  | — |  |  |  | 51,824 |
Income tax expense |  |  | (529 | ) |  |  | (1,955 | ) |  |  | — |  |  |  | — |  |  |  | (2,484 | )
INCOME BEFORE EQUITY IN SUBSIDIARIES |  |  | 25,660 |  |  |  | 23,902 |  |  |  | (222 | ) |  |  | — |  |  |  | 49,340 |
Income from equity in subsidiaries |  |  | 23,680 |  |  |  | — |  |  |  | — |  |  |  | (23,680 | ) |  |  | — |
NET INCOME |  | $ | 49,340 |  |  | $ | 23,902 |  |  | $ | (222 | ) |  | $ | (23,680 | ) |  | $ | 49,340 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2020 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Net cash provided by (used in) operating activities |  | $ | 82,070 |  |  | $ | (15,566 | ) |  | $ | 8,873 |  |  | $ | — |  |  | $ | 75,377 |
Net cash used in investing activities |  |  | (18,520 | ) |  |  | (5,265 | ) |  |  | (18,284 | ) |  |  | — |  |  |  | (42,069 | )
Net cash provided by (used in) financing activities |  |  | 200,820 |  |  |  | 483 |  |  |  | (1,363 | ) |  |  | — |  |  |  | 199,940 |
Net increase (decrease) in cash, cash equivalents and restricted cash |  |  | 264,370 |  |  |  | (20,348 | ) |  |  | (10,774 | ) |  |  | — |  |  |  | 233,248 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period |  |  | 45,427 |  |  |  | 45,316 |  |  |  | 28,350 |  |  |  | — |  |  |  | 119,093 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period |  | $ | 309,797 |  |  | $ | 24,968 |  |  | $ | 17,576 |  |  | $ | — |  |  | $ | 352,341 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the three months ended March 31, 2019 (Unaudited and in thousands)
|  | Parent |  |  | Combined Subsidiary Guarantors |  |  | Non- Guarantor Subsidiaries |  |  | Consolidating Adjustments and Other |  |  | Total Consolidated Amounts |
Net cash provided by operating activities |  | $ | 54,278 |  |  | $ | 20,642 |  |  | $ | 2,903 |  |  | $ | — |  |  | $ | 77,823 |
Net cash provided by (used in) investing activities |  |  | 16,075 |  |  |  | (71,605 | ) |  |  | (22,280 | ) |  |  | (190 | ) |  |  | (78,000 | )
Net cash provided by (used in) financing activities |  |  | (81,242 | ) |  |  | 30,664 |  |  |  | 29,828 |  |  |  | 190 |  |  |  | (20,560 | )
Net increase (decrease) in cash, cash equivalents and restricted cash |  |  | (10,889 | ) |  |  | (20,299 | ) |  |  | 10,451 |  |  |  | — |  |  |  | (20,737 | )
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period |  |  | 11,109 |  |  |  | 40,348 |  |  |  | 22,680 |  |  |  | — |  |  |  | 74,137 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period |  | $ | 220 |  |  | $ | 20,049 |  |  | $ | 33,131 |  |  | $ | — |  |  | $ | 53,400 |

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- Definition The entire disclosure for condensed financial statements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph d -Subparagraph 4 -Subsection 10 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph c -Subparagraph 4 -Subsection 10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph a -Subsection 04 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph e -Subparagraph 4 -Subsection 10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph f -Subparagraph 4 -Subsection 10 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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Namespace Prefix: | srt_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration