DEFERRED REVENUE

12 Months Ended

Dec. 31, 2024

Deferred Revenue Disclosure [Abstract]

DEFERRED REVENUE

10.DEFERRED REVENUE

On June 10, 2024, the Company received notification from ICE of its intent to terminate an IGSA for services at the 2,400-bed STFRC effective August 9, 2024. The IGSA originated in 2014, was extended in 2016, and was extended again in 2020 from September 2021 through September 2026. ICE's termination rights, which permitted ICE to terminate the agreement for convenience or non-appropriation of funds, without penalty, by providing CoreCivic with at least a 60-day notice, were unchanged under the previous IGSA.

Under the fixed monthly payment schedule of the original IGSA, ICE agreed to pay CoreCivic $70.0 million in two $35.0 million installments during the fourth quarter of 2014, and graduated fixed monthly payments over the remaining months of the contract. During the year ended December 31, 2024 and 2023, CoreCivic recognized $100.7 million and $156.1 million, respectively, in revenue under the amended IGSA, with the unrecognized balance of the fixed monthly payments at December 31, 2023 of $7.3 million reported in deferred revenue. At December 31, 2023, the current portion of deferred revenue was reflected within accounts payable and accrued expenses while the long-term portion was reflected as deferred revenue on the accompanying consolidated balance sheets. CoreCivic recognized the $7.3 million of deferred revenue remaining at December 31, 2023 during the year ended December 31, 2024, with $5.7 million of the amount recognized upon termination of the IGSA in the third quarter of 2024 when no further service obligation existed.

In addition to deferred revenue associated with STFRC, the Company has other contracts that required up-front payments from customers resulting in deferred revenue balances over the expected contract terms. As of December 31, 2024 and 2023, the current portion of deferred revenue amounting to $12.2 million and $13.1 million, respectively, was reported in accounts payable and accrued expenses and the long-term portion of deferred revenue was $12.4 million and $18.3 million, respectively, on the accompanying consolidated balance sheets.