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LEASES | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
LEASES | 4. LEASES Lessee As further described in Note 2, CoreCivic accounts for leases in accordance with ASC 842. CoreCivic leases land and buildings from third-party lessors for multiple properties under operating leases that expire over varying dates through 2032. The ROU asset related to these leases amounted to $42.4 million and $119.8 million at December 31, 2024 and 2023, respectively, while the current portion of the lease liability amounted to $3.3 million and $25.9 million and the long-term portion of the liability amounted to $17.7 million and $70.9 million at December 31, 2024 and 2023, respectively. As of December 31, 2024, the weighted-average lease term of the operating leases was 5.7 years, and the weighted average discount rate associated with the operating leases was 5.5%. As further described in Note 10, the Company received notification from ICE of its intent to terminate an inter-governmental service agreement ("IGSA") for services at the 2,400-bed South Texas Family Residential Center ("STFRC") effective August 9, 2024. CoreCivic leased the STFRC and the site upon which it was constructed from a third-party lessor. CoreCivic's lease agreement with the third-party lessor was over a base period concurrent with the IGSA with ICE, which was amended in September 2020 to extend the term of the agreement through September 2026. The extended lease agreement provided CoreCivic with the ability to terminate the lease with a notification period of at least 60 days if ICE terminated the extended IGSA. Upon being notified by ICE of its intent to terminate the IGSA at the STFRC, CoreCivic provided notice to the third-party lessor of its intent to terminate the lease agreement effective August 9, 2024. In accordance with ASC 842, in the second quarter of 2024, CoreCivic remeasured the lease liability and recorded a corresponding adjustment of $57.0 million to the associated ROU asset to reflect the reduction to the lease term. Given the lease termination, as of December 31, 2024, there were no balances remaining associated with a ROU asset or lease liability for the STFRC site. The expense incurred for all operating leases, inclusive of short-term and variable leases, but exclusive of the non-lease food services component of the STFRC lease, was $20.9 million, $34.2 million, and $34.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. The cash payments for operating leases are reflected as cash flows from operating activities on the accompanying consolidated statements of cash flows and cash payments for financing leases are reflected as cash flows from financing activities. Future minimum lease payments as of December 31, 2024 for the Company's operating lease liabilities are as follows (in thousands):
2025 |  | $ | 4,573 |
2026 |  |  | 4,259 |
2027 |  |  | 3,622 |
2028 |  |  | 3,190 |
2029 |  |  | 2,804 |
Thereafter |  |  | 6,149 |
Total future minimum lease payments |  |  | 24,597 |
Less amount representing interest |  |  | (3,613 | )
Total present value of minimum lease payments |  | $ | 20,984 |
Lessor Through its CoreCivic Properties segment, as of December 31, 2024, the Company owned $239.9 million in property and equipment at six properties, four of which are currently leased to government agencies under operating and finance leases that expire over varying dates through 2040 and some of which contain renewal options. In accordance with ASC 842, minimum lease revenue is recognized on a straight-line basis over the term of the related lease. Lease incentives are recognized as a reduction to lease revenue on a straight-line basis over the term of the related lease. Lease revenue associated with expense reimbursements from tenants is recognized in the period that the related expenses are incurred based upon the tenant lease provision. Future minimum lease payments to be received from third-party lessees as of December 31, 2024 for the Company's operating leases are as follows (in thousands):
2025 |  | $ | 15,962 |
2026 |  |  | 16,174 |
2027 |  |  | 15,615 |
2028 |  |  | 11,950 |
2029 |  |  | 8,308 |
Thereafter |  |  | 2,279 |
Financing Leasing Transactions On January 24, 2018, CoreCivic entered into a 20-year lease agreement with the Kansas Department of Corrections ("KDOC") for a 2,432-bed correctional facility to be constructed by the Company in Lansing, Kansas. The new facility, reported in the Company's CoreCivic Properties segment, replaced the Lansing Correctional Facility, Kansas' largest correctional complex for adult male inmates, originally constructed in 1863. CoreCivic will be responsible for facility maintenance throughout the 20-year term of the lease, at which time ownership will revert to the state of Kansas. Construction of the facility commenced in the first quarter of 2018, and construction was completed in January 2020, at which time the lease commenced. CoreCivic accounts for the lease with the KDOC partially as a financing receivable under ASC 842, with the remaining portion of the lease payments attributable to maintenance services and capital expenditures as revenue streams under ASC 606. As of December 31, 2024 and 2023, the financing receivable was $135.3 million an d $139.0 million, respectively, included in Other Assets on the consolidated balance sheets. For the years ended December 31, 2024, 2023 and 2022, the Lansing Correctional Facility generate d $2.7 million, $2.6 million, and $2.5 million, respectively, of revenue associated with the non-lease services components of the arrangement, and $8.3 million, $8.5 million, and $8.7 million of interest income, respectively. Future minimum lease payments to be received from the third-party lessee as of December 31, 2024 for the Company's finance lease is as follows (in thousands):
2025 |  | $ | 16,484 |
2026 |  |  | 16,804 |
2027 |  |  | 17,130 |
2028 |  |  | 17,462 |
2029 |  |  | 17,801 |
Thereafter |  |  | 199,956 |
Total future minimum lease payments to be received |  |  | 285,637 |
Less amount representing interest |  |  | (75,890 | )
Less amount representing maintenance services and capital expenditures |  |  | (74,420 | )
Total present value of minimum lease payments to be received |  | $ | 135,327 |

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