Summary of Business Organization, Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash and cash equivalents reported on the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows:

	December 31, 2024			December 31, 2023			December 31, 2022
Cash and Cash Equivalents	$	76,896		$	93,971		$	95,073
Restricted cash and cash equivalents - current		2,785			—			—
Restricted cash and investments - non-current		145,366			135,968			111,691
Less Restricted investments - non-current		(99,183	)		(70,072	)		(62,921	)
Total cash, cash equivalents and restricted cash and cash equivalents shown in the statement of cash flows	$	125,864		$	159,867		$	143,843

Summary of Idled Facilities and Their Carrying Values, Excluding Equipment and Other Assets

The following table summarizes the Company’s idled facilities as of December 31, 2024 and their respective carrying values, excluding equipment and other assets that can be easily transferred to other facilities.

						Secure Services		Reentry Services		Total
		Secure Services		Reentry Services		Net Carrying Value		Net Carrying Value		Net Carrying Value
Facility	Year Idled	Design Capacity (beds)		Design Capacity (beds)		December 31, 2024		December 31, 2024		December 31, 2024
D. Ray James Correctional Facility	2021		1,900		-		48,079		-		48,079
Northlake Correctional Facility	2022		1,800		-		71,883		-		71,883
Rivers Correctional Facility	2021		1,450		-		34,608		-		34,608
Big Spring Correctional Facility	2021		1,732		-		27,471		-		27,471
Flightline Correctional Facility	2021		1,800		-		31,915		-		31,915
McFarland Female Community    Reentry Facility	2020		-		300		-		9,848		9,848
Cheyenne Mountain Recovery Center [1]	2020		750		-		16,772		-		16,772
Hector Garza Center	2020		-		139		-		4,188		4,188
Delaney Hall [3]	2023		1,054		-		29,890		-		29,890
Philadelphia Residential [2]	2024		-		400		-		6,716		6,716
Coleman Hall [2]	2017		-		350		-		6,080		6,080
Total			10,486		1,189	$	260,618	$	26,832	$	287,450

[1] This facility is under a contract that is yet to be activated.

[2] The Company had entered into a purchase and sale agreement in the second quarter of 2024 for these facilities that was less than the net carrying values. As such, the Company recorded a total impairment loss for both facilities of approximately $2.3 million during the second quarter of 2024 which is included in (loss) gain on asset divestitures/impairment in the accompanying consolidated statements of operations. The purchase and sale agreement was later terminated. There was no indication of impairment related to the Company's idle facilities during the years ended December 31, 2023 or 2022.

[3] On February 27, 2025, the Company announced that it has been awarded a 15-year ICE contract for this facility.

Summary of Future Minimum Rentals to be Received on Leases

future minimum rentals to be received on these leases are as follows:

	Annual Rental
Year	(in thousands)
2025	$	13,686
2026		13,361
2027		13,375
2028		11,911
2029		4,259
Thereafter		53,903
Total	$	110,495

Disaggregation of Revenue

The following table disaggregates GEO's revenue by major source and also provides a reconciliation with revenue information disclosed for reportable segments in Note 14 - Business Segments and Geographic Information:

	Year Ended December 31, 2024 (in thousands)
	U.S. Secure Services		Electronic Monitoring and Supervision Services		Reentry Services		International		Total
Owned and Leased: Secure Services	$	1,207,979	$	—	$	—	$	—	$	1,207,979
Owned and Leased: Community-based		—		—		163,911		—		163,911
Managed Only		396,407		—		6,421		208,924		611,752
Electronic Monitoring Services and Other Reentry		—		332,826		107,234		—		440,060
Total Revenues	$	1,604,386	$	332,826	$	277,566	$	208,924	$	2,423,702

	Year Ended December 31, 2023 (in thousands)
	U.S. Secure Services		Electronic Monitoring and Supervision Services		Reentry Services		International		Total
Owned and Leased - Secure Services	$	1,140,548	$	—	$	—	$	—	$	1,140,548
Owned and Leased - Community-based		—		—		166,987		—		166,987
Managed Only		377,744		—		5,093		193,894		576,731
Electronic Monitoring Services and Other Reentry		—		425,879		103,022		—		528,901
Total Revenues	$	1,518,292	$	425,879	$	275,102	$	193,894	$	2,413,167

	Year Ended December 31, 2022 (in thousands)
	U.S Secure  Services		Electronic Monitoring and Supervision Services		Reentry Services		International		Total
Owned and Leased - Secure Services	$	1,109,923	$	—	$	—	$	—	$	1,109,923
Owned and Leased - Community-based		—		—		155,932		—		155,932
Managed Only		327,908		—		6,913		187,200		522,021
Electronic Monitoring Services and Other Reentry		—		496,268		92,583		—		588,851
Total Revenues	$	1,437,831	$	496,268	$	255,428	$	187,200	$	2,376,727

Components of Accumulated Other Comprehensive Income

The components of accumulated other comprehensive loss attributable to GEO included in the consolidated statement of shareholders' equity are as follows (in thousands):

	Foreign currency translation adjustments attributable to The GEO Group, Inc.			Unrealized gain on derivatives, net of tax		Change Marketable Securities, net of tax			Pension adjustments, net of tax		Total
Balance, January 1, 2024	$	(19,755	)	$	3,041	$	—		$	72	$	(16,642	)
Current-period other comprehensive income (loss)		(7,184	)		792		(15	)		1,447		(4,960	)
Balance, December 31, 2024	$	(26,939	)	$	3,833	$	(15	)	$	1,519	$	(21,602	)

	Foreign currency translation adjustments attributable  to The GEO Group, Inc.			Unrealized loss on derivatives, net of tax			Change Marketable Securities, net of tax			Pension adjustments, net of tax			Total
Balance, January 1, 2023	$	(20,015	)	$	3,645		$	(953	)	$	404		$	(16,919	)
Current-period other comprehensive income (loss)		260			(604	)		953			(332	)		277
Balance, December 31, 2023	$	(19,755	)	$	3,041		$	—		$	72		$	(16,642	)

Fair value of stock-based awards

The fair value of stock-based option awards was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions for options awarded during years 2024, 2023 and 2022:

	2024			2023			2022
Risk free interest rates		4.35	%		4.27	%		1.56	%
Expected term	4-5 years			4-5 years			4-5 years
Expected volatility		53	%		52	%		48	%

Fair value assumptions of restricted stock

The fair value of restricted stock awards granted in 2024, 2023 and 2022 with market-based performance conditions was determined based on a Monte Carlo simulation, which calculates a range of possible outcomes and the probabilities that they will occur, using the following average key assumptions:

	2024			2023			2022
Expected volatility		52.0	%		62.9	%		57.5	%
Beta		0.95			0.92			0.93
Risk free interest rate		4.30	%		4.60	%		1.45	%