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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING
10.
SEGMENT REPORTING

The President and Chief Operating Officer of the Company is identified as the Chief Operating Decision Maker ("CODM") as defined by ASU 2023-07, "Improvements to Reportable Segment Disclosures (Topic 280)". The CODM routinely reviews segment net operating income compared to budget and prior periods to assess performance and allocate resources within reportable segments. As of September 30, 2025, CoreCivic operated 45 correctional and detention facilities, 41 of which the Company owned or controlled via a long-term lease. In addition, CoreCivic operated 20 residential reentry centers, which it owned or controlled via a long-term lease, and owned 5 properties held for lease to government agencies. Management views CoreCivic's operating results in three operating segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties, each of which is a reportable segment. CoreCivic Safety includes the operating results of those correctional and detention facilities placed into service that were owned or controlled via a long-term lease and managed by CoreCivic, as well as those correctional and detention facilities owned by a third party and managed by CoreCivic. CoreCivic Safety also includes the operating results of TransCor America, LLC, a subsidiary of the Company that provides transportation services to governmental agencies. CoreCivic Community includes the operating results of those residential reentry centers placed into service that were owned or controlled via a long-term lease and managed by CoreCivic. CoreCivic Community also includes the operating results of the Company's electronic monitoring and case management services. CoreCivic Properties includes the operating results of those properties held for lease to government agencies. The operating performance of the three segments can be measured based on their net operating income. CoreCivic defines facility net operating income as a facility's revenues less operating expenses.

The revenue and facility net operating income for each of the three segments and a reconciliation to CoreCivic's income before income taxes is as follows for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

 

For the Three Months Ended
September 30,

 

 

For the Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Safety

 

$

545,079

 

 

$

459,270

 

 

$

1,502,602

 

 

$

1,372,389

 

Community

 

 

30,651

 

 

 

28,203

 

 

 

90,493

 

 

 

88,405

 

Properties

 

 

4,707

 

 

 

4,085

 

 

 

14,041

 

 

 

21,540

 

Total segment revenue

 

 

580,437

 

 

 

491,558

 

 

 

1,607,136

 

 

 

1,482,334

 

Operating expenses:(1)

 

 

 

 

 

 

 

 

 

 

 

 

Safety

 

 

422,631

 

 

 

343,423

 

 

 

1,143,267

 

 

 

1,041,642

 

Community

 

 

24,580

 

 

 

24,613

 

 

 

71,721

 

 

 

72,891

 

Properties

 

 

2,326

 

 

 

2,763

 

 

 

7,592

 

 

 

10,060

 

Total segment operating expenses

 

 

449,537

 

 

 

370,799

 

 

 

1,222,580

 

 

 

1,124,593

 

Facility net operating income:

 

 

 

 

 

 

 

 

 

 

 

 

Safety

 

 

122,448

 

 

 

115,847

 

 

 

359,335

 

 

 

330,747

 

Community

 

 

6,071

 

 

 

3,590

 

 

 

18,772

 

 

 

15,514

 

Properties

 

 

2,381

 

 

 

1,322

 

 

 

6,449

 

 

 

11,480

 

Total facility net operating income

 

 

130,900

 

 

 

120,759

 

 

 

384,556

 

 

 

357,741

 

Other revenue (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other revenue

 

 

—

 

 

 

—

 

 

 

93

 

 

 

19

 

Other operating expense

 

 

(19

)

 

 

(19

)

 

 

(55

)

 

 

(63

)

General and administrative

 

 

(45,288

)

 

 

(41,162

)

 

 

(125,186

)

 

 

(111,537

)

Depreciation and amortization

 

 

(33,388

)

 

 

(32,240

)

 

 

(95,014

)

 

 

(96,115

)

Asset impairments

 

 

(1,482

)

 

 

(3,108

)

 

 

(1,482

)

 

 

(3,108

)

Interest expense, net

 

 

(16,628

)

 

 

(15,998

)

 

 

(44,398

)

 

 

(51,721

)

Expenses associated with debt repayments
    and refinancing transactions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(31,316

)

Gain on sale of real estate assets, net

 

 

2,461

 

 

 

1,181

 

 

 

2,461

 

 

 

1,749

 

Other income (expense)

 

 

4

 

 

 

767

 

 

 

(66

)

 

 

1,153

 

 Income before income taxes

 

$

36,560

 

 

$

30,180

 

 

$

120,909

 

 

$

66,802

 

 

(1) Salaries and benefits expense is the only significant reportable segment expense regularly reviewed by the CODM for both the Safety and Community segments and represents the majority of segment-level operating expenses given that substantial staff are required to operate the facilities and is the primary factor that drives operating expenses and profitability. Conversely, the Properties segment does not have a significant segment expense given the fact that those properties are operated by government agencies. The following table summarizes the significant segment expense, along with other segment operating expenses to reconcile to total segment operating expenses for both the Safety and Community segments, for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

 

 

For the Three Months Ended
September 30,

 

 

For the Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Safety:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

$

264,319

 

 

$

221,639

 

 

$

711,322

 

 

$

654,908

 

Other segment operating expenses (1)

 

 

158,312

 

 

 

121,784

 

 

 

431,945

 

 

 

386,734

 

Safety operating expenses

 

 

422,631

 

 

 

343,423

 

 

 

1,143,267

 

 

 

1,041,642

 

Community:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

 

13,900

 

 

 

13,265

 

 

 

40,112

 

 

 

40,135

 

Other segment operating expenses (1)

 

 

10,680

 

 

 

11,348

 

 

 

31,609

 

 

 

32,756

 

Community operating expenses

 

$

24,580

 

 

$

24,613

 

 

$

71,721

 

 

$

72,891

 

 

(1) Other segment operating expenses for each reportable segment include, but are not limited to, utilities, property taxes, repairs and maintenance, food, medical, vocational and educational programming, personal care and other resident supplies.

The following table summarizes capital expenditures including accrued amounts for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

 

For the Three Months Ended
September 30,

 

 

For the Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Safety

 

$

34,968

 

 

$

13,619

 

 

$

85,119

 

 

$

35,099

 

Community

 

 

1,875

 

 

 

584

 

 

 

4,731

 

 

 

3,286

 

Properties

 

 

592

 

 

 

1,336

 

 

 

1,290

 

 

 

2,063

 

Corporate and other

 

 

231

 

 

 

2,278

 

 

 

5,917

 

 

 

6,714

 

Total capital expenditures

 

$

37,666

 

 

$

17,817

 

 

$

97,057

 

 

$

47,162

 

The total assets are as follows (in thousands):

 

 

September 30, 2025

 

 

December 31, 2024

 

Assets:

 

 

 

 

 

 

     Safety

 

$

2,458,929

 

 

$

2,147,369

 

     Community

 

 

198,811

 

 

 

204,782

 

     Properties

 

 

309,685

 

 

 

386,913

 

     Corporate and other

 

 

142,706

 

 

 

192,827

 

Total assets

 

$

3,110,131

 

 

$

2,931,891