Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CXW | ||
Entity Registrant Name | CORRECTIONS CORP OF AMERICA | ||
Entity Central Index Key | 1,070,985 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 117,243,119 | ||
Entity Public Float | $ 3,837,816,690 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 65,291 | $ 74,393 |
Restricted cash | 877 | |
Accounts receivable, net of allowance of $459 and $748, respectively | 234,456 | 248,588 |
Prepaid expenses and other current assets | 41,434 | 29,775 |
Total current assets | 342,058 | 352,756 |
Property and equipment, net | 2,883,060 | 2,658,628 |
Restricted cash | 131 | 2,858 |
Investment in direct financing lease | 684 | 3,223 |
Goodwill | 35,557 | 16,110 |
Non-current deferred tax assets | 9,824 | 15,530 |
Other assets | 84,704 | 68,541 |
Total assets | 3,356,018 | 3,117,646 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued expenses | 317,675 | 317,566 |
Income taxes payable | 1,920 | 1,368 |
Current portion of long-term debt | 5,000 | |
Current liabilities of discontinued operations | 54 | |
Total current liabilities | 324,595 | 318,988 |
Long-term debt, net of current portion | 1,447,077 | 1,190,455 |
Deferred revenue | 63,289 | 87,227 |
Other liabilities | 58,309 | 39,476 |
Total liabilities | $ 1,893,270 | $ 1,636,146 |
Commitments and contingencies | ||
Preferred stock - $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2015 and 2014, respectively | $ 0 | $ 0 |
Common stock - $0.01 par value; 300,000 shares authorized; 117,232 and 116,764 shares issued and outstanding at December 31, 2015 and 2014, respectively | 1,172 | 1,168 |
Additional paid-in capital | 1,762,394 | 1,748,303 |
Accumulated deficit | (300,818) | (267,971) |
Total stockholders' equity | 1,462,748 | 1,481,500 |
Total liabilities and stockholders' equity | $ 3,356,018 | $ 3,117,646 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowance | $ 459 | $ 748 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 117,232,000 | 116,764,000 |
Common stock, shares outstanding | 117,232,000 | 116,764,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
REVENUES | $ 447,835 | $ 459,957 | $ 459,295 | $ 426,000 | $ 423,477 | $ 408,474 | $ 410,694 | $ 404,222 | $ 1,793,087 | $ 1,646,867 | $ 1,694,297 | |
EXPENSES: | ||||||||||||
Operating | 1,256,128 | 1,156,135 | 1,220,351 | |||||||||
General and administrative | 103,936 | 106,429 | 103,590 | |||||||||
Depreciation and amortization | 151,514 | 113,925 | 112,692 | |||||||||
Asset impairments | 27,800 | 955 | 30,082 | 6,513 | ||||||||
Costs and Expenses, Total | 1,512,533 | 1,406,571 | 1,443,146 | |||||||||
OPERATING INCOME | 66,539 | 65,436 | 79,753 | 68,826 | 41,845 | [1] | 69,850 | 65,535 | 63,066 | 280,554 | 240,296 | 251,151 |
OTHER (INCOME) EXPENSE: | ||||||||||||
Interest expense, net | 49,696 | 39,535 | 45,126 | |||||||||
Expenses associated with debt refinancing transactions | 701 | 36,528 | ||||||||||
Other income | (58) | (1,204) | (100) | |||||||||
Total non-operating expense (income) | 50,339 | 38,331 | 81,554 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 230,215 | 201,965 | 169,597 | |||||||||
Income tax (expense) benefit | (8,361) | (6,943) | 134,995 | |||||||||
INCOME FROM CONTINUING OPERATIONS | 221,854 | 195,022 | 304,592 | |||||||||
Loss from discontinued operations, net of taxes | (3,757) | |||||||||||
NET INCOME | $ 48,598 | $ 50,676 | $ 65,303 | $ 57,277 | $ 30,006 | [1] | $ 57,546 | $ 55,732 | $ 51,738 | $ 221,854 | $ 195,022 | $ 300,835 |
BASIC EARNINGS PER SHARE: | ||||||||||||
Income from continuing operations | $ 1.90 | $ 1.68 | $ 2.77 | |||||||||
Loss from discontinued operations, net of taxes | (0.03) | |||||||||||
Net income | $ 0.41 | $ 0.43 | $ 0.56 | $ 0.49 | $ 0.26 | [1] | $ 0.50 | $ 0.48 | $ 0.45 | 1.90 | 1.68 | 2.74 |
DILUTED EARNINGS PER SHARE: | ||||||||||||
Income from continuing operations | 1.88 | 1.66 | 2.73 | |||||||||
Loss from discontinued operations, net of taxes | (0.03) | |||||||||||
Net income | $ 0.41 | $ 0.43 | $ 0.55 | $ 0.49 | $ 0.25 | [1] | $ 0.49 | $ 0.48 | $ 0.44 | 1.88 | 1.66 | 2.70 |
Regular Dividend | ||||||||||||
DILUTED EARNINGS PER SHARE: | ||||||||||||
Dividend declared on common stock, per share | $ 2.16 | $ 2.04 | 1.97 | |||||||||
Special Dividend | ||||||||||||
DILUTED EARNINGS PER SHARE: | ||||||||||||
Dividend declared on common stock, per share | $ 6.66 | |||||||||||
[1] | The earnings amounts in the fourth quarter of 2014 were unfavorably impacted by $27.8 million of non-cash impairments recorded to write down the book values of two of CCA's non-core facilities to the estimated fair values, as discussed in Note 5. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 221,854 | $ 195,022 | $ 300,835 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 151,514 | 113,925 | 113,491 |
Asset impairments | 955 | 30,082 | 9,150 |
Amortization of debt issuance costs and other non-cash interest | 2,973 | 3,102 | 3,509 |
Expenses associated with debt refinancing transactions | 701 | 36,528 | |
Deferred income taxes | 5,706 | (3,211) | (151,037) |
Other expenses and non-cash items | 3,732 | 4,594 | 2,623 |
Non-cash revenue and other income | (2,639) | (3,880) | (294) |
Income tax benefit of equity compensation | (525) | (665) | (351) |
Non-cash equity compensation | 15,394 | 13,975 | 12,965 |
Changes in assets and liabilities, net: | |||
Accounts receivable, prepaid expenses and other assets | 1,266 | (12,549) | 16,683 |
Accounts payable, accrued expenses and other liabilities | (2,210) | 82,396 | 23,910 |
Income taxes payable | 1,077 | 790 | 1,492 |
Net cash provided by operating activities | 399,798 | 423,581 | 369,504 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Expenditures for facility development and expansions | (164,880) | (85,791) | (27,955) |
Expenditures for other capital improvements | (59,414) | (49,315) | (48,570) |
Capitalized lease payments | (34,470) | (70,793) | |
Acquisition of businesses, net of cash acquired | (158,366) | (36,252) | |
Cash paid for leasehold incentive | (12,765) | ||
Decrease in restricted cash | 1,350 | 2,983 | 452 |
Proceeds from sale of assets | 563 | 5,136 | 998 |
Decrease (increase) in other assets | 3,686 | (1,101) | (3,260) |
Payments received on direct financing lease and notes receivable | 2,250 | 1,994 | 1,840 |
Net cash used in investing activities | (409,281) | (196,887) | (125,512) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 807,000 | 250,000 | 1,283,000 |
Principal repayments of debt | (543,000) | (255,000) | (1,198,000) |
Payment of debt issuance and other refinancing and related costs | (5,727) | (37,349) | |
Payment of lease obligations | (6,468) | ||
Proceeds from exercise of stock options | 7,700 | 12,450 | 30,171 |
Purchase and retirement of common stock | (9,454) | (4,036) | (6,693) |
Income tax benefit of equity compensation | 525 | 665 | 351 |
Decrease (increase) in restricted cash for dividends | 500 | (251) | (1,016) |
Dividends paid | (250,695) | (234,048) | (299,434) |
Net cash provided by (used in) financing activities | 381 | (230,220) | (228,970) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (9,102) | (3,526) | 15,022 |
CASH AND CASH EQUIVALENTS, beginning of year | 74,393 | 77,919 | 62,897 |
CASH AND CASH EQUIVALENTS, end of year | 65,291 | 74,393 | 77,919 |
Cash paid during the period for: | |||
Interest (net of amounts capitalized of $5,478, $2,525, and $836 in 2015, 2014, and 2013, respectively) | 36,992 | 39,928 | 40,776 |
Income taxes | $ 9,966 | $ 19,717 | $ 7,422 |
Consolidated Statements of Cas6
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest, capitalized interest | $ 5,478 | $ 2,525 | $ 836 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Regular Dividend | Special Dividend | Common Stock | Common StockSpecial Dividend | Additional Paid-in Capital | Additional Paid-in CapitalSpecial Dividend | (Accumulated Deficit) Retained Earnings | (Accumulated Deficit) Retained EarningsRegular Dividend | (Accumulated Deficit) Retained EarningsSpecial Dividend |
BALANCE (in shares) at Dec. 31, 2012 | 100,105 | |||||||||
BALANCE at Dec. 31, 2012 | $ 1,521,620 | $ 1,001 | $ 1,146,488 | $ 374,131 | ||||||
Net income | 300,835 | 300,835 | ||||||||
Issuance of common stock (in shares) | 20 | |||||||||
Issuance of common stock | 27 | 27 | ||||||||
Retirement of common stock (in shares) | (180) | |||||||||
Retirement of common stock | (6,693) | $ (2) | (6,691) | |||||||
Dividend on common stock (in shares) | 13,878 | |||||||||
Dividend on common stock | $ (221,196) | $ (135,546) | $ 139 | $ 542,541 | $ (221,196) | $ (678,226) | ||||
Restricted stock compensation, net of forfeitures (in shares) | (30) | |||||||||
Restricted stock compensation, net of forfeitures | 9,822 | 9,381 | 441 | |||||||
Stock option compensation expense, net of forfeitures | 3,116 | 3,116 | ||||||||
Income tax benefit of equity compensation | 351 | 351 | ||||||||
Restricted stock grant (in shares) | 300 | |||||||||
Restricted stock grant | $ 3 | (3) | ||||||||
Stock options exercised (in shares) | 1,830 | |||||||||
Stock options exercised | 30,171 | $ 18 | 30,153 | |||||||
BALANCE (in shares) at Dec. 31, 2013 | 115,923 | |||||||||
BALANCE at Dec. 31, 2013 | 1,502,507 | $ 1,159 | 1,725,363 | (224,015) | ||||||
Net income | 195,022 | 195,022 | ||||||||
Retirement of common stock (in shares) | (118) | |||||||||
Retirement of common stock | (4,036) | $ (1) | (4,035) | |||||||
Dividend on common stock | (239,086) | (239,086) | ||||||||
Restricted stock compensation, net of forfeitures (in shares) | (20) | |||||||||
Restricted stock compensation, net of forfeitures | 12,093 | 11,985 | 108 | |||||||
Stock option compensation expense, net of forfeitures | 1,882 | 1,882 | ||||||||
Income tax benefit of equity compensation | 665 | 665 | ||||||||
Restricted stock grant (in shares) | 267 | |||||||||
Restricted stock grant | 3 | $ 3 | ||||||||
Stock options exercised (in shares) | 712 | |||||||||
Stock options exercised | 12,450 | $ 7 | 12,443 | |||||||
BALANCE (in shares) at Dec. 31, 2014 | 116,764 | |||||||||
BALANCE at Dec. 31, 2014 | 1,481,500 | $ 1,168 | 1,748,303 | (267,971) | ||||||
Net income | 221,854 | 221,854 | ||||||||
Retirement of common stock (in shares) | (237) | |||||||||
Retirement of common stock | (9,454) | $ (3) | (9,451) | |||||||
Dividend on common stock | $ (254,774) | $ (254,774) | ||||||||
Restricted stock compensation, net of forfeitures (in shares) | (11) | |||||||||
Restricted stock compensation, net of forfeitures | 14,712 | 14,639 | 73 | |||||||
Stock option compensation expense, net of forfeitures | 682 | 682 | ||||||||
Income tax benefit of equity compensation | 525 | 525 | ||||||||
Restricted stock grant (in shares) | 303 | |||||||||
Restricted stock grant | 3 | $ 3 | ||||||||
Stock options exercised (in shares) | 413 | |||||||||
Stock options exercised | 7,700 | $ 4 | 7,696 | |||||||
BALANCE (in shares) at Dec. 31, 2015 | 117,232 | |||||||||
BALANCE at Dec. 31, 2015 | $ 1,462,748 | $ 1,172 | $ 1,762,394 | $ (300,818) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Regular Dividend | |||
Dividend on common stock, per share | $ 2.16 | $ 2.04 | $ 1.97 |
Special Dividend | |||
Dividend on common stock, per share | $ 6.66 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
ORGANIZATION AND OPERATIONS | 1. ORGANIZATION AND OPERATIONS Corrections Corporation of America (together with its subsidiaries, the “Company” or “CCA”) is the nation’s largest owner of privatized correctional and detention facilities and one of the largest prison operators in the United States. As of December 31, 2015, CCA owned or controlled 66 correctional and detention facilities, and managed an additional 11 facilities owned by its government partners, with a total design capacity of approximately 88,500 beds in 20 states and the District of Columbia. CCA is a Real Estate Investment Trust (“REIT”) specializing in owning, operating and managing prisons and other correctional facilities and providing residential, community re-entry, and prisoner transportation services for governmental agencies. In addition to providing fundamental residential services, CCA’s facilities offer a variety of rehabilitation and educational programs, including basic education, faith-based services, life skills and employment training, and substance abuse treatment. These services are intended to help reduce recidivism and to prepare offenders for their successful re-entry into society upon their release. CCA also provides or makes available to offenders certain health care (including medical, dental and mental health services), food services, and work and recreational programs. CCA began operating as a REIT for federal income tax purposes effective January 1, 2013. The Company provides correctional services and conducts other business activities through taxable REIT subsidiaries (“TRSs”). A TRS is a subsidiary of a REIT that is subject to applicable corporate income tax and certain qualification requirements. The Company’s use of TRSs enables CCA to comply with REIT qualification requirements while providing correctional services at facilities it owns and at facilities owned by its government partners and to engage in certain other business operations. A TRS is not subject to the distribution requirements applicable to REITs so it may retain income generated by its operations for reinvestment. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include the accounts of CCA on a consolidated basis with its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Cash and Cash Equivalents CCA considers all liquid debt instruments with a maturity of three months or less at the time of purchase to be cash equivalents. Restricted Cash Restricted cash at December 31, 2015 and 2014 of $1.0 million and $2.9 million, respectively, is restricted for a capital improvements, replacements, and repairs reserve fund required by one of CCA’s contracts, and for the payment of dividends on unvested restricted stock. Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2015 and 2014, accounts receivable of $234.5 million and $248.6 million were net of allowances for doubtful accounts totaling $0.5 million and $0.7 million, respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CCA’s correctional and detention facilities, as well as for operating and managing prisons and other correctional facilities and providing offender residential and prisoner transportation services to such government agencies. Accounts receivable are stated at estimated net realizable value. CCA recognizes allowances for doubtful accounts to ensure receivables are not overstated due to uncollectibility. Bad debt reserves are maintained for customers based on a variety of factors, including the length of time receivables are past due, significant one-time events, and historical experience. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. Property and Equipment Property and equipment are carried at cost. Assets acquired by CCA in conjunction with acquisitions are recorded at estimated fair market value at the time of purchase. Betterments, renewals and significant repairs that extend the life of an asset are capitalized; other repair and maintenance costs are expensed. Interest is capitalized to the asset to which it relates in connection with the construction or expansion of facilities. Construction costs directly associated with the development of a correctional facility are capitalized as part of the cost of the development project. Such costs are written-off to general and administrative expense whenever a project is abandoned. The cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in income. Depreciation is computed over the estimated useful lives of depreciable assets using the straight-line method. Useful lives for property and equipment are as follows: Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 5 years Office furniture and fixtures 5 years Accounting for the Impairment of Long-Lived Assets Other Than Goodwill Long-lived assets other than goodwill are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. When circumstances indicate an asset may not be recoverable, impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, comparable sales data, discounted cash flows or internal and external appraisals, as applicable. Goodwill Goodwill represents the cost in excess of the net assets of businesses acquired. As further discussed in Note 3, goodwill is tested for impairment at least annually using a fair-value based approach. Investment in Direct Financing Lease Investment in direct financing lease represents the portion of CCA’s management contract with a governmental agency that represents lease payments on buildings and equipment. The lease is accounted for using the financing method and, accordingly, the minimum lease payments to be received over the term of the lease less unearned income are capitalized as CCA’s investment in the lease. Unearned income is recognized as income over the term of the lease using the interest method. Investment in Affiliates Investments in affiliates that are equal to or less than 50%-owned over which CCA can exercise significant influence are accounted for using the equity method of accounting. Investments under the equity method are recorded at cost and subsequently adjusted for contributions, distributions, and net income attributable to the Company’s ownership based on the governing agreement. Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. The new standard was further amended by ASU 2015–15 issued in August 2015. Under the new standard, debt issuance costs, excluding those costs incurred related to revolving credit facilities, are to be presented as a direct deduction from the face amount of the related liability, rather than as a deferred charge, or asset, on the balance sheet as previously required. For public reporting entities such as CCA, the new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption of the new standard is permitted and retrospective application is required. CCA elected to early adopt the new standard in the fourth quarter of 2015. The unamortized balance of debt issuance costs, excluding those costs related to the $900.0 Million Revolving Credit Facility, as defined hereafter, amounted to $11.9 million and $9.5 million as of December 31, 2015 and 2014, respectively. In retrospectively applying the new standard, CCA reclassified the December 31, 2014 consolidated balance sheet, as previously presented, by reducing other assets and long-term debt by $9.5 million. Debt issuance costs are capitalized and amortized into interest expense using the interest method, or on a straight-line basis over the term of the related debt, if not materially different than the interest method. However, certain debt issuance costs incurred in connection with debt refinancings are charged to expense in accordance with Accounting Standards Codification (“ASC”) 470-50, Revenue Recognition CCA maintains contracts with certain governmental entities to manage their facilities for fixed per diem rates. CCA also maintains contracts with various federal, state, and local governmental entities for the housing of offenders in company-owned facilities at fixed per diem rates or monthly fixed rates. These contracts usually contain expiration dates with renewal options ranging from annual to multi-year renewals. Most of these contracts have current terms that require renewal every two to five years. Additionally, most facility management contracts contain clauses that allow the government agency to terminate a contract without cause, and are generally subject to legislative appropriations. CCA generally expects to renew these contracts for periods consistent with the remaining renewal options allowed by the contracts or other reasonable extensions; however, no assurance can be given that such renewals will be obtained. Fixed monthly rate revenue is recorded in the month earned and fixed per diem revenue, including revenue under those contracts that include guaranteed minimum populations, is recorded based on the per diem rate multiplied by the number of offenders housed or guaranteed during the respective period. CCA recognizes any additional management service revenues upon completion of services provided to the customer. Certain of the government agencies also have the authority to audit and investigate CCA’s contracts with them. If the agency determines that CCA has improperly allocated costs to a specific contract or otherwise was unable to perform certain contractual services, CCA may not be reimbursed for those costs and could be required to refund the amount of any such costs that have been reimbursed. Rental revenue is recognized in accordance with ASC 840, “Leases”. In accordance with ASC 840, minimum rental revenue is recognized on a straight-line basis over the term of the related lease. Leasehold incentives are recognized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Rental revenue associated with expense reimbursements from tenants are recognized in the period that the related expenses are incurred based upon the tenant lease provision. In September 2014, CCA agreed under an expansion of an existing inter-governmental service agreement (“IGSA”) between the city of Eloy, Arizona and U.S. Immigration and Customs Enforcement (“ICE”) to provide residential space and services at the South Texas Family Residential Center. The amended IGSA qualifies as a multiple-element arrangement under the guidance in ASC 605, “Revenue Recognition”. CCA evaluates each deliverable in an arrangement to determine whether it represents a separate unit of accounting. A deliverable constitutes a separate unit of accounting when it has standalone value to the customer. ASC 605 requires revenue to be allocated to each unit of accounting based on a selling price hierarchy. The selling price for a deliverable is based on its vendor specific objective evidence (“VSOE”) of selling price, if available, third party evidence (“TPE”) if VSOE of selling price is not available, or estimated selling price (“ESP”) if neither VSOE of selling price nor TPE is available. CCA establishes VSOE of selling price using the price charged for a deliverable when sold separately. CCA establishes TPE of selling price by evaluating similar products or services in standalone sales to similarly situated customers. CCA establishes ESP based on management judgment considering internal factors such as margin objectives, pricing practices and controls, and market conditions. In arrangements with multiple elements, CCA allocates the transaction price to the individual units of accounting at inception of the arrangement based on their relative selling price. Other revenue consists primarily of ancillary revenues associated with operating correctional and detention facilities, such as commissary, phone, and vending sales, and are recorded in the period the goods and services are provided. Revenues generated from prisoner transportation services for governmental agencies are recorded in the period the inmates have been transported to their destination. Self-Funded Insurance Reserves CCA is significantly self-insured for employee health, workers’ compensation, automobile liability claims, and general liability claims. As such, CCA’s insurance expense is largely dependent on claims experience and CCA’s ability to control its claims experience. CCA has consistently accrued the estimated liability for employee health insurance based on its history of claims experience and time lag between the incident date and the date the cost is paid by CCA. CCA has accrued the estimated liability for workers’ compensation claims based on an actuarially determined liability, discounted to the net present value of the outstanding liabilities, using a combination of actuarial methods used to project ultimate losses, and the Company’s automobile insurance claims based on estimated development factors on claims incurred. The liability for employee health, workers’ compensation, and automobile insurance includes estimates for both claims incurred and for claims incurred but not reported. CCA records litigation reserves related to general liability matters for which it is probable that a loss has been incurred and the range of such loss can be estimated. These estimates could change in the future. Income Taxes CCA began operating as a REIT for federal income tax purposes effective January 1, 2013. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company’s REIT election. The TRS elections permit CCA to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Internal Revenue Code. A TRS is subject to federal and state income taxes on the income from these activities and therefore, CCA includes a provision for taxes in its consolidated financial statements. Income taxes are accounted for under the provisions of ASC 740, “Income Taxes”. ASC 740 generally requires CCA to record deferred income taxes for the tax effect of differences between book and tax bases of its assets and liabilities. Deferred income taxes reflect the available net operating losses and the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. Realization of the future tax benefits related to deferred tax assets is dependent on many factors, including CCA’s past earnings history, expected future earnings, the character and jurisdiction of such earnings, unsettled circumstances that, if unfavorably resolved, would adversely affect utilization of its deferred tax assets, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which requires that all deferred tax assets and liabilities be classified as non-current on the balance sheet rather than separating deferred taxes into current and non-current amounts, as previously required. For public reporting entities such as CCA, the new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption of the new standard is permitted and the guidance may be adopted on either a prospective or retrospective basis. CCA elected to early adopt ASU 2015-17 in the fourth quarter of 2015 and to apply the new standard retrospectively. In retrospectively applying the new standard, CCA reclassified $13.2 million from current deferred tax assets, as previously presented, to non-current deferred tax assets on the December 31, 2014 consolidated balance sheet. See Note 12 for further discussion of the significant components of CCA’s deferred tax assets and liabilities. Income tax contingencies are accounted for under the provisions of ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance prescribed in ASC 740 establishes a recognition threshold of more likely than not that a tax position will be sustained upon examination. The measurement attribute requires that a tax position be measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Foreign Currency Transactions CCA has extended a working capital loan to Agecroft Prison Management, Ltd. (“APM”), the operator of a correctional facility in Salford, England previously owned by a subsidiary of CCA. The working capital loan is denominated in British pounds; consequently, CCA adjusts these receivables to the current exchange rate at each balance sheet date and recognizes the unrealized currency gain or loss in current period earnings. See Note 7 for further discussion of CCA’s relationship with APM. Fair Value of Financial Instruments To meet the reporting requirements of ASC 825, “Financial Instruments”, regarding fair value of financial instruments, CCA calculates the estimated fair value of financial instruments using market interest rates, quoted market prices of similar instruments, or discounted cash flow techniques with observable Level 1 inputs for publicly traded debt and Level 2 inputs for all other financial instruments, as defined in ASC 820, “Fair Value Measurement”. At December 31, 2015 and 2014, there were no material differences between the carrying amounts and the estimated fair values of CCA’s financial instruments, other than as follows (in thousands): December 31, 2015 2014 Carrying Amount Fair Value Carrying Fair Value Investment in direct financing lease $ 3,223 $ 3,408 $ 5,473 $ 6,048 Note receivable from APM $ 3,504 $ 5,864 $ 3,677 $ 6,539 Debt $ (1,464,000 ) $ (1,452,719 ) $ (1,200,000 ) $ (1,179,625 ) Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. Concentration of Credit Risks CCA’s credit risks relate primarily to cash and cash equivalents, restricted cash, accounts receivable, and an investment in a direct financing lease. Cash and cash equivalents and restricted cash are primarily held in bank accounts and overnight investments. CCA maintains deposits of cash in excess of federally insured limits with certain financial institutions. CCA’s accounts receivable and investment in direct financing lease represent amounts due primarily from governmental agencies. CCA’s financial instruments are subject to the possibility of loss in carrying value as a result of either the failure of other parties to perform according to their contractual obligations or changes in market prices that make the instruments less valuable. CCA derives its revenues primarily from amounts earned under federal, state, and local government contracts. For each of the years ended December 31, 2015, 2014, and 2013, federal correctional and detention authorities represented 51%, 44%, and 44%, respectively, of CCA’s total revenue. Federal correctional and detention authorities consist primarily of the Federal Bureau of Prisons (“BOP”), the United States Marshals Service (“USMS”), and ICE. The BOP accounted for 11%, 13%, and 13% of total revenue for 2015, 2014, and 2013, respectively. The USMS accounted for 16%, 17%, and 19% of total revenue for 2015, 2014, and 2013, respectively. ICE accounted for 24%, 13%, and 12% of total revenue for 2015, 2014, and 2013, respectively, with the increase in 2015 resulting from a new contract at the South Texas Family Residential Center, as further described in Note 5. These federal customers have management contracts at facilities CCA owns and at facilities CCA manages but does not own. Additionally, CCA’s management contracts with state correctional authorities represented 42%, 48%, and 49% of total revenue during the years ended December 31, 2015, 2014, and 2013, respectively. The State of California Department of Corrections and Rehabilitation (the “CDCR”) accounted for 11%, 14%, and 12% of total revenue for the years ended December 31, 2015, 2014, and 2013, respectively, including revenue generated under an operating lease that commenced December 1, 2013, at a facility we own in California. No other customer generated more than 10% of total revenue during 2015, 2014, or 2013. Although the revenue generated from each of these agencies is derived from numerous management contracts, the loss of one or more of such contracts could have a material adverse impact on CCA’s financial condition and results of operations. Accounting for Stock-Based Compensation Restricted Stock CCA accounts for restricted stock-based compensation under the recognition and measurement principles of ASC 718, “Compensation-Stock Compensation”. CCA amortizes the fair market value as of the grant date of restricted stock awards over the vesting period using the straight-line method. The fair market value of performance-based restricted stock is amortized over the vesting period as long as CCA expects to meet the performance criteria. If achievement of the performance criteria becomes improbable, an adjustment is made to reverse the expense previously recognized. Stock Options CCA’s stock option plans are described more fully in Note 14. CCA accounts for those plans under the recognition and measurement principles of ASC 718. All options granted under those plans had an exercise price equal to the market value of the underlying common stock on the date of grant. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which establishes a single, comprehensive revenue recognition standard for all contracts with customers. For public reporting entities such as CCA, ASU 2014-09 was originally effective for interim and annual periods beginning after December 15, 2016 and early adoption of the ASU was not permitted. In July 2015, the FASB agreed to defer the effective date of the ASU for public reporting entities by one year, or to interim and annual periods beginning after December 15, 2017. Early adoption is now allowed as of the original effective date for public companies. In summary, the core principle of ASU 2014-09 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a modified retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. CCA is currently planning to adopt the standard when effective in its fiscal year 2018. CCA is reviewing the ASU to determine the potential impact it might have on the Company’s results of operations or financial position and its related financial statement disclosures, along with evaluating which transition method will be utilized upon adoption. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, under the new standard, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. For public reporting entities such as CCA, guidance in ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. CCA does not currently expect that the new standard will have a material impact on its financial statements. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL | 3. GOODWILL ASC 350, “Intangibles-Goodwill and Other”, establishes accounting and reporting requirements for goodwill and other intangible assets. Goodwill was $35.6 million and $16.1 million as of December 31, 2015 and 2014. This goodwill was established in connection with the acquisition of Avalon Correctional Services, Inc. (“Avalon”) in the fourth quarter of 2015, as further described in Note 6, the acquisition of Correctional Alternatives, Inc. during the third quarter of 2013, and the acquisitions of two service companies during 2000. Under the provisions of ASC 350, CCA performs a qualitative assessment that may allow them to skip the annual two-step impairment test. Under ASC 350, a company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the two-step impairment test is required, CCA determines the fair value of a reporting unit using a collaboration of various common valuation techniques, including market multiples and discounted cash flows. These impairment tests are required to be performed at least annually. CCA performed its impairment tests during the fourth quarter, in connection with CCA’s annual budgeting process, and concluded no impairments had occurred. CCA will perform these impairment tests at least annually and whenever circumstances indicate the carrying value of goodwill may not be recoverable. In April 2015, CCA provided notice to the state of Louisiana that it would cease management of the Winn Correctional Center within 180 days, in accordance with the notice provisions of the contract. Management of the facility transitioned to another operator effective September 30, 2015. In anticipation of terminating the contract at this facility, CCA recorded an asset impairment of $1.0 million during the first quarter of 2015 for the write-off of goodwill associated with the Winn facility. During the fourth quarter of 2013, CCA reported an asset impairment of $1.1 million for the write-off of goodwill associated with the Bay Correctional Facility in Florida. In the fourth quarter of 2013, the Florida Department of Management Services (“DMS”) awarded to another operator the contract to manage this facility owned by the state of Florida upon the expiration of CCA’s contract on January 31, 2014. During the third quarter of 2013, CCA reported an asset impairment of $1.0 million for the write-off of goodwill associated with the Idaho Correctional Center. During the second quarter of 2013, the state of Idaho reported that they expected to solicit bids for the management of the Idaho Correctional Center upon the expiration of CCA’s contract in June 2014. During the third quarter of 2013, CCA decided not to submit a bid for the continued management of this facility. The state assumed management of the facility effective July 1, 2014. During the second quarter of 2013, CCA received notification that it was not selected for the continued management of the Wilkinson County Correctional Facility at the end of the contract on June 30, 2013. As a result of this managed-only contract termination, during the second quarter of 2013, CCA recorded asset impairments of $2.6 million consisting of a goodwill impairment charge of $0.8 million and $1.8 million for other assets. These charges are reported as discontinued operations in the accompanying statement of operations for the year ended December 31, 2013. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT At December 31, 2015, CCA owned 68 real estate properties, including 66 correctional and detention facilities, six of which CCA leased to other operators, and two corporate office buildings. At December 31, 2015, CCA also managed 11 correctional and detention facilities owned by governmental agencies. Property and equipment, at cost, consists of the following (in thousands): December 31, 2015 2014 Land and improvements $ 207,405 $ 127,221 Buildings and improvements 3,443,791 3,048,836 Equipment and software 360,168 326,603 Office furniture and fixtures 35,018 30,884 Construction in progress 30,401 276,508 4,076,783 3,810,052 Less: Accumulated depreciation (1,193,723 ) (1,151,424 ) $ 2,883,060 $ 2,658,628 Construction in progress primarily consists of correctional facilities under construction or expansion. Interest is capitalized on construction in progress and amounted to $5.5 million, $2.5 million, and $0.8 million in 2015, 2014, and 2013, respectively. Depreciation expense was $151.4 million, $114.0 million, and $112.8 million for the years ended December 31, 2015, 2014, and 2013, respectively. Eleven of the facilities owned by CCA are subject to options that allow various governmental agencies to purchase those facilities. Certain of these options to purchase are based on a depreciated book value while others are based on a fair market value calculation. In addition, one facility, which is also subject to a purchase option, is constructed on land that CCA leases from a governmental agency under a ground lease. Under the terms of the ground lease, the facility becomes the property of the governmental agencies upon expiration of the ground lease in 2017. CCA depreciates this property over the shorter of the term of the applicable ground lease or the estimated useful life of the property. CCA leases land and building at the Elizabeth Detention Center under operating leases that expire in June 2022. CCA leased portions of the land and building of the San Diego Correctional Facility under an operating lease that expired December 31, 2015 pursuant to amended lease terms executed between CCA and the County of San Diego in January 2010, as further discussed in Note 5. During December 2013, CCA elected to terminate the lease of land and building at the North Georgia Detention Center effective during the first quarter of 2014. CCA leases the South Texas Family Residential Center and the site upon which it was constructed from a third-party lessor. CCA’s lease agreement with the lessor is over a base period co-terminus with an amended IGSA with ICE, as further described in Note 5, and includes two one-year renewal periods. However, under terms of the lease agreement, if ICE terminates the amended IGSA for convenience, CCA can terminate the agreement, without penalty, by providing the lessor with a 90-day notice. In the event ICE elects to terminate the amended IGSA due to a non-appropriation of funds, CCA must provide a 60-day notice period to the lessor. Although CCA expects that ICE would provide advance notice, if ICE terminates the IGSA due to non-appropriation of funds without notice to CCA, CCA may not be able to provide a timely termination notice to the lessor and could, therefore, be subject to, among other termination payments, a penalty the equivalent of up to two months of payments due to the lessor, which would currently amount to approximately $13.3 million. CCA’s lease agreement with the third-party lessor required CCA to pay $70.0 million in September 2014, which resulted in CCA being deemed the owner of the constructed assets for accounting purposes, in accordance with ASC 840-40-55, formerly Emerging Issues Task Force No. 97-10, “The Effect of Lessee Involvement in Asset Construction”. Accordingly, CCA recorded an asset representing the costs incurred attributable to the building assets constructed by the third-party lessor and a related financing liability. CCA is depreciating the asset over the four-year term of the lease and is imputing interest on the financing liability. Additionally, CCA determined that the lease with the third-party lessor also included separate units of account for the land and pre-existing cottages as well as food services provided by the third-party lessor. The amount of consideration allocated to each of these separate deliverables was determined based on the relative selling price of the lessor-financing, the land lease, the lease of pre-existing cottages, and the food services. The operating lease term for the land is equivalent to the four-year term of the lease and is recognized on a straight-line basis over the lease term. The operating lease term for the pre-existing cottages was the four-month period in which CCA used the cottages for housing residents. The food services provided by the third-party lessor are recognized proportionally based on the number of beds available to ICE. The expense incurred for the leases at these four facilities, inclusive of the expenses recognized for the South Texas lease, as described above, was $85.9 million, $9.1 million, and $5.9 million for the years ended December 31, 2015, 2014, and 2013, respectively. Future minimum lease payments as of December 31, 2015 under these and other operating leases, inclusive of $206.7 million of payments expected to be made under the cancelable lease at the South Texas facility, are as follows (in thousands): 2016 $ 80,109 2017 73,993 2018 54,337 2019 615 2020 563 Thereafter 864 In December 2009, CCA entered into an Economic Development Agreement (“EDA”) with the Wheeler County Development Authority (“Wheeler County”) in Wheeler County, Georgia to implement a tax abatement plan related to CCA’s bed expansion project at its Wheeler Correctional Facility. The tax abatement plan provides for 50% abatement of real property taxes for six years. In December 2009, Wheeler County issued bonds in a maximum principal amount of $30.0 million. Also, in December 2009, CCA entered into an EDA with the Douglas-Coffee County Industrial Authority (“Coffee County”) in Coffee County, Georgia to implement a tax abatement plan related to CCA’s bed expansion project at its Coffee Correctional Facility. The tax abatement plan provides for 100% abatement of real property taxes for five years. In December 2009, Coffee County issued bonds in a maximum principal amount of $33.0 million. In June 2013, CCA also entered into an EDA with the Development Authority of Telfair County (“Telfair County”) in Telfair County, Georgia to implement a tax abatement plan related to CCA’s bed expansion project at its McRae Correctional Facility. The tax abatement plan provides for 90% abatement of real property taxes in the first year, decreasing by 10% over the subsequent nine years. In June 2013, Telfair County issued bonds in a maximum principal amount of $15.0 million. According to each of the EDAs, legal title of CCA’s real property was transferred to the respective county. Pursuant to each EDA, the bonds were issued to CCA, so no cash exchanged hands. In each case, the applicable county authority then leased the real property back to CCA. The lease payments are equal to the amount of the payments on the bonds. At any time, CCA has the option to purchase the real property by paying off the bonds, plus $100. Due to the form of the transactions, CCA has not recorded the bonds or the capital leases associated with sale lease-back transactions. The original cost of CCA’s property and equipment is recorded on the balance sheet and is being depreciated over its estimated useful life. |
REAL ESTATE TRANSACTIONS
REAL ESTATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
REAL ESTATE TRANSACTIONS | 5. REAL ESTATE TRANSACTIONS Real Estate Closures and Idle Facilities During May 2015, the state of Vermont announced that it elected to not renew the contract that would have allowed for Vermont’s continued use of CCA’s owned and operated 816-bed Lee Adjustment Center. The contract expired on June 30, 2015. During the first six months of 2015, the offender population at the Lee Adjustment Center averaged 308 offenders, compared with 458 offenders during the same period in 2014. CCA idled the Lee Adjustment Center following the transfer of the offender population during June 2015, but continues to market the facility to other customers. Upon receiving notice from the customer during the second quarter of 2015, CCA performed an impairment analysis of the Lee Adjustment Center property, which has a carrying value of $10.8 million as of December 31, 2015, and concluded that this asset has a recoverable value in excess of the carrying value. During the first quarter of 2015, the adult inmate population held in state of California institutions decreased below a federal court ordered capacity limit. Inmate populations in the state continued to decline below the capacity limit throughout 2015. As a result of the decrease in inmate populations within the state of California’s correctional system, California inmate populations housed in out-of-state programs, such as CCA’s, also declined during 2015. The reduction in California inmate populations in CCA’s program resulted in CCA idling the 2,400-bed North Fork Correctional Facility during the fourth quarter of 2015. CCA performed an impairment analysis of the North Fork Correctional Facility, which has a carrying value of $74.8 million as December 31, 2015, and concluded that this asset has a recoverable value in excess of the carrying value. CCA continues to market the facility to other customers. CCA also has five additional idled core facilities that are currently available and being actively marketed to other customers. CCA considers its core facilities to be those that were designed for adult secure correctional purposes. The following table summarizes each of the idled core facilities and their respective carrying values, excluding equipment and other assets that could generally be transferred and used at other facilities CCA owns without significant cost (dollars in thousands): Design Date Net Carrying Values at December 31, Facility Capacity Idled 2015 2014 Prairie Correctional Facility 1,600 2010 $ 17,961 $ 18,748 Huerfano County Correctional Center 752 2010 18,276 19,033 Diamondback Correctional Facility 2,160 2010 43,030 44,480 Otter Creek Correctional Center 656 2012 23,270 24,089 Marion Adjustment Center 826 2013 12,536 12,978 Lee Adjustment Center 816 2015 10,840 11,365 North Fork Correctional Facility 2,400 2015 74,805 76,544 9,210 $ 200,718 $ 207,237 From the date each of the aforementioned seven core facilities became idle, CCA incurred approximately $7.3 million, $6.5 million, and $5.6 million in operating expenses for the years ended December 31, 2015, 2014, and 2013, respectively. The operating expenses incurred in 2014 and 2013 exclude the incremental expenses incurred in connection with the activation of the Diamondback facility which began in the third quarter of 2013 and continued until near the end of the second quarter of 2014, when anticipated opportunities to activate the facility were deferred. CCA also has four idled non-core facilities with carrying values amounting to $5.1 million and $5.5 million as of December 31, 2015 and 2014, respectively. CCA considers the Shelby Training Center, Queensgate Correctional Facility, Mineral Wells Pre-Parole Transfer Facility, and Leo Chesney Correctional Center to be non-core facilities because they were designed for uses other than for adult secure correctional purposes. CCA idled the Leo Chesney Correctional Center in the fourth quarter of 2015 following the termination of the lease at that facility effective September 30, 2015. CCA performed an impairment analysis of the Leo Chesney Correctional Center, which has a carrying value of $4.0 million as December 31, 2015, and concluded that this non-core asset has a recoverable value in excess of the carrying value. CCA continues to market the facility to other customers. CCA considers the cancellation of a contract as an indicator of impairment and tested each of the aforementioned facilities for impairment when it was notified by the respective customers that they would no longer be utilizing such facility. Upon notification of cancellation by the respective customers, CCA concluded in each case that no impairment had occurred. CCA updates the impairment analyses on an annual basis for each of the idled facilities and evaluates on a quarterly basis market developments for the potential utilization of each of these facilities in order to identify events that may cause CCA to reconsider its most recent assumptions. As a result of CCA’s analyses, CCA determined each of the seven core assets to have recoverable values in excess of the corresponding carrying values. In the fourth quarter of 2014, CCA made the decision to actively pursue the sale of the Queensgate Correctional Facility, idle since 2009, and the Mineral Wells Pre-Parole Transfer Facility, idle since 2013. CCA reviewed comparable sales data and concluded that either the exit value in the principle market or comparable sales prices for similar properties in the respective geographical areas represented the fair value of these non-core assets. CCA determined the principle market for these non-core assets will be buyers who intend to use the assets for purposes other than as correctional facilities. The aggregate net book value of these facilities prior to the evaluation for impairment was $28.8 million and, as a result of the impairment indicator resulting from the potential sale of the facilities, CCA recorded non-cash impairments totaling $27.8 million during the fourth quarter of 2014 to write down the book values of the Queensgate and Mineral Wells facilities to the estimated fair values using Level 2 inputs for quoted prices of similar assets and assuming asset sales for uses other than correctional facilities. Sales In the third quarter of 2014, CCA entered into a purchase and sale agreement with a third party to sell its idled Houston Educational Facility in Houston, Texas for $4.5 million. The Houston Educational Facility was another non-core asset that was previously leased to a charter school operator. CCA closed on the sale during the fourth quarter of 2014. The net book value of this facility prior to the evaluation for impairment was $6.4 million and, as a result of the impairment indicator resulting from the potential sale of the facility, CCA recorded a non-cash impairment of $2.2 million during the second quarter of 2014 to write-down the book value of the facility to the estimated fair value using Level 2 inputs. The ultimate sale price was used as a proxy for the fair value of the facility. Construction of New Facilities In order to retain federal inmate populations CCA managed in the 1,154-bed San Diego Correctional Facility, CCA constructed the 1,482-bed Otay Mesa Detention Center in San Diego. The San Diego Correctional Facility was subject to a ground lease with the County of San Diego. Under the provisions of the lease, the facility was divided into different premises whereby, pursuant to an amendment to the ground lease executed in January 2010, ownership of the entire facility reverted to the County upon expiration of the lease on December 31, 2015. CCA completed construction of the Otay Mesa Detention Center for approximately $157.0 million and transitioned operations during the fourth quarter of 2015 from the San Diego Correctional Facility to the new facility. CCA transferred operations of the San Diego Correctional Facility to the County of San Diego by the lease expiration date of December 31, 2015. In November 2013, CCA announced its decision to re-commence construction of a correctional facility in Trousdale County, Tennessee. CCA suspended construction of this facility in 2009 until it had greater clarity around the timing of a new contract. In October 2013, Trousdale County received notice from the Tennessee Department of Corrections of its intent to partner with the County to develop a new correctional facility to house state of Tennessee inmates. In April 2014, CCA entered into an agreement with Trousdale County whereby CCA agreed to finance, design, build and operate a 2,552-bed facility to meet the responsibilities of a separate IGSA between Trousdale County and the state of Tennessee regarding correctional services. In July 2014, CCA received notice that Trousdale County and the state of Tennessee finalized the IGSA. In order to guarantee access to the beds, the IGSA with the state of Tennessee includes a minimum monthly payment plus a per diem payment for each inmate housed in the facility in excess of 90% of the design capacity, provided that during a twenty-six week ramp period the minimum payment is based on the greater of the number of inmates actually at the facility or 90% of the beds available pursuant to the ramp schedule. CCA invested approximately $144.0 million in the Trousdale Turner Correctional Center and construction was completed in the fourth quarter of 2015. Activations In September 2014, CCA announced that it had agreed under an expansion of an existing IGSA between the city of Eloy, Arizona and ICE to house up to 2,400 individuals at the South Texas Family Residential Center, a facility leased by CCA in Dilley, Texas. Services provided under the amended IGSA commenced in the fourth quarter of 2014, have a term of up to four years, and can be extended by bi-lateral modifications. The agreement provides for a fixed monthly payment in accordance with a graduated schedule. Under terms of the amended IGSA, ICE can terminate the agreement for convenience, without penalty, by providing CCA with at least a 90-day notice. In addition, terms allow for ICE to terminate the agreement with CCA at any time, without penalty, due to a non-appropriation of funds. ICE began housing the first residents at the facility in December 2014, and the site was completed during the second quarter of 2015. Under the fixed monthly payment schedule of the amended IGSA, ICE agreed to pay CCA $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. As described in Note 2, CCA used the multiple-element arrangement guidance prescribed in ASC 605, “Revenue Recognition” in determining the total revenue to be recognized over the term of the amended IGSA. CCA determined that there were five distinct elements related to the amended IGSA with ICE. The lease revenue element, representing the operating lease of the site and constructed assets, was valued based on the estimated selling price of the land and building improvements provided to ICE and is recognized proportionately based on the number of beds available. The correctional services revenue element, representing the correctional management services provided to ICE, was valued based on the estimated selling price of similar services CCA provides and is recognized based on labor efforts expended over the contract. The food services revenue element was valued based on the TPE of the contracted outsourced service and is recognized proportionately based on the number of beds available. The educational services revenue element, representing the grade-level appropriate juvenile educational program prescribed under the IGSA, was based on the TPE of the contracted outsourced service and is recognized on a straight-line basis over the period educational services are required to be performed. The construction management services revenue element, representing CCA’s site development and construction management services, was valued based on the estimated selling price of similar services CCA provides and was recognized on a straight-line basis during the first seven months of the IGSA representing the period over which the construction activity was ongoing. During the years ended December 31, 2015 and 2014, CCA recognized $244.2 million and $21.0 million, respectively, in revenue associated with the amended IGSA with the unrecognized balance of the fixed monthly payments reported in deferred revenue. The current portion of deferred revenue is reflected within accounts payable and accrued expenses while the long-term portion is reflected in deferred revenue in the accompanying consolidated balance sheets. In June 2015, ICE announced a policy change with regards to family detention that has shortened the duration of ICE detention for those who are awaiting further process before immigration courts. In addition, numerous lawsuits, to which CCA is not a party, have challenged the government’s policy of detaining migrant families. In one such lawsuit in the United States District Court for the Central District of California regarding a settlement agreement between ICE and a plaintiffs’ class consisting of detained minors, the court issued an order on August 21, 2015, enforcing the settlement agreement and requiring compliance by October 23, 2015. The court’s order clarifies that the government has the flexibility to hold class members for longer periods of time during influxes of large numbers of undocumented migrant families via the southern U.S. border. After announcing its intention to comply fully with the court’s order, the federal government appealed and was granted an expedited briefing schedule by the Ninth Circuit Court of Appeals. Any court decision or government action that impacts this contract could materially affect CCA’s cash flows, financial condition, and results of operations. Other Leasing Transactions In October 2013, CCA entered into a lease for its California City Correctional Center with the CDCR. The lease agreement includes a three-year base term that commenced December 1, 2013, with unlimited two-year renewal options upon mutual agreement. Annual base rent during the three-year base term is fixed at $28.5 million. After the three-year base term, the rent will be increased annually by the lesser of CPI (Consumer Price Index) or 2%. As a result, CCA is recognizing rental revenue under ASC 840 on a straight-line basis over the expected term of the lease. The straight-line rent receivable was $3.3 million as of December 31, 2015, and is included in other assets in the accompanying consolidated balance sheets. CCA is responsible for repairs and maintenance, property taxes and property insurance, while all other aspects and costs of facility operations are the responsibility of the CDCR. CCA also provided $10.0 million of tenant allowances and improvements which is being amortized as a reduction to rental revenue over the expected lease term. During December 2013, CCA elected to terminate the lease from the City of Gainesville, Georgia, of the land and building at the North Georgia Detention Center and make replacement beds available at the Stewart Detention Center in Lumpkin, Georgia for the ICE detainees housed at the North Georgia facility. CCA reported an asset impairment of $3.8 million in the fourth quarter of 2013 primarily for renovations CCA made to the North Georgia facility, as well as $1.0 million of expenses associated with the lease termination. All of the detainees were transferred out of the facility and control of the facility was returned to the City of Gainesville near the end of the first quarter of 2014. Acquisitions On August 27, 2015, CCA acquired four community corrections facilities from a privately held owner of community corrections facilities and other government leased assets. The four acquired community corrections facilities have a capacity of approximately 600 beds and are leased to Community Education Centers, Inc. (“CEC”) under triple net lease agreements that extend through July 2019 and include multiple five-year lease extension options. CEC separately contracts with the Pennsylvania Department of Corrections and the Philadelphia Prison System to provide rehabilitative and re-entry services to residents and inmates at the leased facilities. CCA acquired the four facilities in the real estate-only transaction as a strategic investment that expands the Company’s investment in the residential re-entry market. The consideration paid for the asset portfolio consisted of approximately $13.8 million in cash, excluding transaction related expenses of $0.2 million. In allocating the purchase price, CCA recorded $13.4 million of net tangible assets and $0.4 million of identifiable intangible assets. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2015 | |
BUSINESS COMBINATIONS | 6. BUSINESS COMBINATIONS During the fourth quarter of 2015, CCA closed on the acquisition of 100% of the stock of Avalon Correctional Services, Inc. (“Avalon”), along with two additional facilities operated by Avalon. Avalon, a privately held community corrections company that operates 11 community corrections facilities with approximately 3,000 beds in Oklahoma, Texas, and Wyoming, specializes in community correctional services, drug and alcohol treatment services, and residential re-entry services. Avalon provides these services for various federal, state, and local agencies, many with which CCA currently partners. CCA acquired Avalon as a strategic investment that continues to expand the re-entry assets owned and services provided by the Company. The aggregate purchase price of $157.5 million, excluding transaction related expenses of $3.0 million through December 31, 2015, includes two earn-outs, including one for $2.0 million based on the achievement of certain utilization milestones over 12 months following the acquisition, and another for $5.5 million based on the completion of and transition to a newly constructed facility that will deliver the contracted services provided at the Dallas Transitional Center. CCA currently expects both earn-outs to be achieved. The acquisition was funded utilizing cash from CCA’s $900.0 Million Revolving Credit Facility, as defined hereafter. In allocating the purchase price for the transaction, CCA recorded the following (in millions): Property and equipment $ 119.2 Intangible assets 17.9 Total identifiable assets 137.1 Goodwill 20.4 Total consideration $ 157.5 The allocation of the purchase price is preliminary and may be subject to change within the measurement period of one year from the acquisition date. The primary areas of the preliminary purchase price allocation that are not finalized include determining the composition and valuation of intangible assets and goodwill. Several factors gave rise to the goodwill recorded in the acquisition, such as the expected benefit from synergies of the combination and the long-term contracts for community corrections services that continues to broaden the scope of solutions CCA provides, from incarceration through release. The results of operations for Avalon have been included in the Company’s consolidated financial statements from the date of acquisition. |
INVESTMENT IN AFFILIATE
INVESTMENT IN AFFILIATE | 12 Months Ended |
Dec. 31, 2015 | |
Agecroft Prison Management Ltd | |
INVESTMENT IN AFFILIATE | 7. INVESTMENT IN AFFILIATE CCA has a 50% ownership interest in APM, an entity holding the management contract for a correctional facility, HM Prison Forest Bank, under a 25-year prison management contract with an agency of the United Kingdom government. CCA has determined that its joint venture investment in APM represents a variable interest entity (“VIE”) in accordance with ASC 810, “Consolidation” of which CCA is not the primary beneficiary. The Forest Bank facility, located in Salford, England, was previously constructed and owned by a wholly-owned subsidiary of CCA, which was sold in April 2001. All gains and losses under the joint venture are accounted for using the equity method of accounting. During 2000, CCA extended a working capital loan to APM, which has an outstanding balance of $3.5 million as of December 31, 2015. For the year ended December 31, 2015, equity in losses of the joint venture was $126,000. For the years ended December 31, 2014 and 2013, equity in earnings of the joint venture was $720,000 and $78,000, respectively. The equity in losses and earnings of the joint venture is included in other (income) expense in the consolidated statements of operations. As of December 31, 2015, CCA’s investment in APM was $0.1 million and is reported in other assets in the accompanying consolidated balance sheets. The outstanding working capital loan of $3.5 million, combined with the $0.1 million investment in APM, represents CCA’s maximum exposure to loss in connection with APM. |
INVESTMENT IN DIRECT FINANCING
INVESTMENT IN DIRECT FINANCING LEASE | 12 Months Ended |
Dec. 31, 2015 | |
INVESTMENT IN DIRECT FINANCING LEASE | 8. INVESTMENT IN DIRECT FINANCING LEASE At December 31, 2015, CCA’s investment in a direct financing lease represents net receivables under a building and equipment lease between CCA and the District of Columbia for the D.C. Correctional Treatment Facility. A schedule of minimum rentals to be received under the direct financing lease in future years is as follows (in thousands): 2016 $ 2,793 2017 694 Total minimum obligation 3,487 Less unearned interest income (264 ) Less current portion of direct financing lease (2,539 ) Investment in direct financing lease $ 684 During the years ended December 31, 2015, 2014, and 2013, CCA recorded interest income of $0.5 million, $0.8 million, and $1.0 million, respectively, under this direct financing lease. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
OTHER ASSETS | 9. OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2015 2014 Debt issuance costs, less accumulated amortization of $542 and $2,844, respectively $ 4,879 $ 4,760 Intangible lease value 37,430 24,289 Other intangible assets 4,191 555 Deferred leasing costs 8,021 8,338 Notes receivable, net 7,891 8,285 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 16,946 17,918 Deposits 2,020 1,982 Straight-line rent receivable 3,324 1,729 Other 2 685 $ 84,704 $ 68,541 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 10. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2015 2014 Trade accounts payable $ 72,689 $ 49,825 Accrued salaries and wages 28,871 58,173 Accrued dividends 65,232 61,129 Accrued workers’ compensation and auto liability 6,978 7,727 Accrued litigation 4,176 4,323 Accrued employee medical insurance 7,911 8,530 Accrued property taxes 24,796 24,522 Accrued interest 9,780 6,435 Deferred revenue 31,844 5,725 Construction payable 8,483 64,995 Lease financing obligation 19,775 — Other 37,140 26,182 $ 317,675 $ 317,566 The total liability for workers’ compensation and auto liability was $22.2 million and $23.5 million as of December 31, 2015 and 2014, respectively, with the long-term portion included in other long-term liabilities in the accompanying consolidated balance sheets. These liabilities were discounted to the net present value of the outstanding liabilities using a 3.0% rate in 2015 and 2014. These liabilities amounted to $25.0 million and $26.4 million on an undiscounted basis as of December 31, 2015 and 2014, respectively. Other long-term liabilities consist of the following (in thousands): December 31, 2015 2014 Intangible lease liability $ 6,965 7,352 Accrued workers’ compensation 15,188 15,732 Accrued deferred compensation 13,253 13,036 Lease financing obligation 21,047 — Other 1,856 3,356 $ 58,309 $ 39,476 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
DEBT | 11. DEBT Debt outstanding consists of the following (in thousands): December 31, 2015 2014 $900.0 Million Revolving Credit Facility, principal due at maturity in July 2020; interest payable periodically at variable interest rates. The weighted average rate at both December 31, 2015 and 2014 was 1.9%. $ 439,000 $ 525,000 Term Loan, scheduled principal payments through maturity in July 2020; interest payable periodically at variable interest rates. The rate at December 31, 2015 was 2.0%. Unamortized debt issuance costs amounted to $0.6 million at December 31, 2015. 100,000 — 4.625% Senior Notes, principal due at maturity in May 2023; interest payable semi-annually in May and November at 4.625%. Unamortized debt issuance costs amounted to $4.5 million and $5.2 million at December 31, 2015 and 2014, respectively. 350,000 350,000 4.125% Senior Notes, principal due at maturity in April 2020; interest payable semi-annually in April and October at 4.125%. Unamortized debt issuance costs amounted to $3.5 million and $4.3 million at December 31, 2015 and 2014, respectively. 325,000 325,000 5.0% Senior Notes, principal due at maturity in October 2022; interest payable semi-annually in April and October at 5.0%. Unamortized debt issuance costs amounted to $3.3 million at December 31, 2015. 250,000 — Total debt 1,464,000 1,200,000 Unamortized debt issuance costs (11,923 ) (9,545 ) Current portion of long-term debt (5,000 ) — Long-term debt, net of current portion $ 1,447,077 $ 1,190,455 Revolving Credit Facility. Following the amendment executed in July 2015, the $900.0 Million Revolving Credit Facility has an aggregate principal capacity of $900.0 million and has an “accordion” feature that provides for uncommitted incremental extensions of credit in the form of increases in the revolving commitments or incremental term loans in an aggregate principal amount up to an additional $350.0 million as requested by CCA, subject to bank approval. At CCA’s option, interest on outstanding borrowings under the $900.0 Million Revolving Credit Facility is based on either a base rate plus a margin ranging from 0.00% to 0.75% or at LIBOR plus a margin ranging from 1.00% to 1.75% based on CCA’s leverage ratio. The $900.0 Million Revolving Credit Facility includes a $30.0 million sublimit for swing line loans that enables CCA to borrow at the base rate from the Administrative Agent without advance notice. Based on CCA’s current leverage ratio, loans under the $900.0 Million Revolving Credit Facility bear interest at the base rate plus a margin of 0.50% or at LIBOR plus a margin of 1.50%, and a commitment fee equal to 0.35% of the unfunded balance. The $900.0 Million Revolving Credit Facility also has a $50.0 million sublimit for the issuance of standby letters of credit. As of December 31, 2015, CCA had $439.0 million in borrowings under the $900.0 Million Revolving Credit Facility as well as $14.5 million in letters of credit outstanding resulting in $446.5 million available under the $900.0 Million Revolving Credit Facility. The $900.0 Million Revolving Credit Facility is secured by a pledge of all of the capital stock of CCA’s domestic subsidiaries, 65% of the capital stock of CCA’s foreign subsidiaries, all of CCA’s accounts receivable, and all of CCA’s deposit accounts. The $900.0 Million Revolving Credit Facility requires CCA to meet certain financial covenants, including, without limitation, a maximum total leverage ratio, a maximum secured leverage ratio, and a minimum fixed charge coverage ratio. As of December 31, 2015, CCA was in compliance with all such covenants. In addition, the $900.0 Million Revolving Credit Facility contains certain covenants that, among other things, limit the incurrence of additional indebtedness, acquisitions and other investments, payment of dividends and other customary restricted payments, transactions with affiliates, asset sales, mergers and consolidations, liquidations, prepayments and modifications of other indebtedness, liens and other encumbrances and other matters customarily restricted in such agreements. In addition, the $900.0 Million Revolving Credit Facility is subject to certain cross-default provisions with terms of CCA’s other indebtedness, and is subject to acceleration upon the occurrence of a change of control. Incremental Term Loan. Senior Notes. On September 25, 2015, CCA completed the offering of $250.0 million aggregate principal amount of 5.0% senior notes due October 15, 2022 (the “5.0% Senior Notes”). Interest on the 5.0% Senior Notes accrues at the stated rate and is payable in April and October of each year. CCA capitalized $3.4 million for third-party fees and expenses associated with the new issuance of the 5.0% Senior Notes. CCA used net proceeds from the offering to pay down a portion of the $900.0 Million Revolving Credit Facility and to pay related fees and expenses. The 4.125% Senior Notes, the 4.625% Senior Notes, and the 5.0% Senior Notes, collectively referred to herein as the “Senior Notes,” are senior unsecured obligations of the Company and are guaranteed by all of the Company’s subsidiaries that guarantee the $900.0 Million Revolving Credit Facility. CCA may redeem all or part of the Senior Notes at any time prior to three months before their respective maturity date at a “make-whole” redemption price, plus accrued and unpaid interest thereon to, but not including, the redemption date. Thereafter, the Senior Notes are redeemable at CCA’s option, in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date. CCA also has the flexibility to issue additional debt or equity securities from time to time when the Company determines that market conditions and the opportunity to utilize the proceeds from the issuance of such securities are favorable. Guarantees and Covenants. As of December 31, 2015, neither CCA nor any of its subsidiary guarantors had any material or significant restrictions on CCA’s ability to obtain funds from its subsidiaries by dividend or loan or to transfer assets from such subsidiaries. The indentures governing the Senior Notes contain certain customary covenants that, subject to certain exceptions and qualifications, restrict CCA’s ability to, among other things, make restricted payments; incur additional debt or issue certain types of preferred stock; create or permit to exist certain liens; consolidate, merge or transfer all or substantially all of CCA’s assets; and enter into transactions with affiliates. In addition, if CCA sells certain assets (and generally does not use the proceeds of such sales for certain specified purposes) or experiences specific kinds of changes in control, CCA must offer to repurchase all or a portion of the Senior Notes. The offer price for the Senior Notes in connection with an asset sale would be equal to 100% of the aggregate principal amount of the notes repurchased plus accrued and unpaid interest and liquidated damages, if any, on the notes repurchased to the date of purchase. The offer price for the Senior Notes in connection with a change in control would be 101% of the aggregate principal amount of the notes repurchased plus accrued and unpaid interest and liquidated damages, if any, on the notes repurchased to the date of purchase. The Senior Notes are also subject to certain cross-default provisions with the terms of CCA’s $900.0 Million Revolving Credit Facility, as more fully described hereafter. Other Debt Transactions Letters of Credit. Debt Maturities Scheduled principal payments as of December 31, 2015 for the next five years and thereafter were as follows (in thousands): 2016 $ 5,000 2017 10,000 2018 10,000 2019 15,000 2020 824,000 Thereafter 600,000 Total debt $ 1,464,000 Cross-Default Provisions The provisions of CCA’s debt agreements relating to the $900.0 Million Revolving Credit Facility and the Senior Notes contain certain cross-default provisions. Any events of default under the $900.0 Million Revolving Credit Facility that results in the lenders’ actual acceleration of amounts outstanding thereunder also result in an event of default under the Senior Notes. Additionally, any events of default under the Senior Notes that give rise to the ability of the holders of such indebtedness to exercise their acceleration rights also result in an event of default under the $900.0 Million Revolving Credit Facility. If CCA were to be in default under the $900.0 Million Revolving Credit Facility, and if the lenders under the $900.0 Million Revolving Credit Facility elected to exercise their rights to accelerate CCA’s obligations under the $900.0 Million Revolving Credit Facility, such events could result in the acceleration of all or a portion of CCA’s Senior Notes, which would have a material adverse effect on CCA’s liquidity and financial position. CCA does not have sufficient working capital to satisfy its debt obligations in the event of an acceleration of all or a substantial portion of CCA’s outstanding indebtedness. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES | 12. INCOME TAXES As discussed in Note 1, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2013. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) and will not pay federal income taxes on the amount distributed to its stockholders. Therefore, the Company should not be subject to federal income taxes if it distributes 100 percent of its taxable income. In addition, the Company must meet a number of other organizational and operational requirements. It is management’s intention to adhere to these requirements and maintain the Company’s REIT status. Most states where CCA holds investments in real estate conform to the federal rules recognizing REITs. Certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company’s REIT election; the TRS elections permit CCA to engage in certain business activities in which the REIT may not engage directly. A TRS is subject to federal and state income taxes on the income from these activities and therefore, CCA includes a provision for taxes in its consolidated financial statements. Income tax expense (benefit) is comprised of the following components (in thousands): For the Years Ended December 31, 2015 2014 2013 Current income tax expense (benefit) Federal $ 2,519 $ 9,326 $ 13,674 State 136 828 2,368 2,655 10,154 16,042 Deferred income tax expense (benefit) Federal 5,589 (2,280 ) (144,771 ) State 117 (931 ) (6,266 ) 5,706 (3,211 ) (151,037 ) Income tax expense (benefit) $ 8,361 $ 6,943 $ (134,995 ) Significant components of CCA’s deferred tax assets and liabilities as of December 31, 2015 and 2014, are as follows (in thousands): December 31, 2015 2014 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 28,589 $ 31,634 Tax over book basis of certain assets 893 924 Net operating loss and tax credit carryforwards 5,287 5,008 Intangible contract value 2,717 2,877 Other 460 579 Total noncurrent deferred tax assets 37,946 41,022 Less valuation allowance (3,780 ) (4,065 ) Total noncurrent deferred tax assets 34,166 36,957 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (15,238 ) (11,332 ) Intangible lease value (8,862 ) (9,431 ) Other (242 ) (664 ) Total noncurrent deferred tax liabilities (24,342 ) (21,427 ) Net total noncurrent deferred tax assets $ 9,824 $ 15,530 The tax benefits associated with equity-based compensation reduced income taxes payable by $0.5 million, $0.7 million, and $0.4 million during 2015, 2014, and 2013, respectively. Such benefits were recorded as increases to stockholders’ equity. A reconciliation of the income tax provision at the statutory income tax rate and the effective tax rate as a percentage of income from continuing operations before income taxes for the years ended December 31, 2015, 2014, and 2013 is as follows: 2015 2014 2013 Statutory federal rate 35.0 % 35.0 % 35.0 % Dividends paid deduction (31.9 ) (31.1 ) (30.7 ) State taxes, net of federal tax benefit 0.9 0.8 1.1 Permanent differences 0.4 0.1 3.0 Impact of REIT election — — (87.0 ) Other items, net (0.8 ) (1.4 ) (1.0 ) 3.6 % 3.4 % (79.6 )% CCA’s effective tax rate was 3.6%, 3.4%, and (79.6)% during 2015, 2014, and 2013, respectively. CCA’s effective tax rate is significantly different in 2015 and 2014 from 2013 as a result of its election to be taxed as a REIT effective January 1, 2013. As a result of CCA’s election to be taxed as a REIT effective January 1, 2013, CCA recorded during the first quarter of 2013 a net tax benefit of $137.7 million for the revaluation of certain deferred tax assets and liabilities and other income taxes associated with the REIT conversion based on the revised tax structure. As a REIT, CCA is entitled to a deduction for dividends paid, resulting in a substantial reduction in the amount of federal income tax expense it recognizes. Substantially all of CCA’s income tax expense is incurred based on the earnings generated by its TRSs. CCA’s overall effective tax rate is estimated based on its current projection of taxable income primarily generated in its TRSs. The Company’s consolidated effective tax rate could fluctuate in the future based on changes in estimates of taxable income, the relative amounts of taxable income generated by the TRSs and the REIT, the implementation of additional tax planning strategies, changes in federal or state tax rates or laws affecting tax credits available to the Company, changes in other tax laws, changes in estimates related to uncertain tax positions, or changes in state apportionment factors, as well as changes in the valuation allowance applied to the Company’s deferred tax assets that are based primarily on the amount of state net operating losses and tax credits that could expire unused. CCA had no liabilities for uncertain tax positions as of December 31, 2015 and 2014. CCA recognizes interest and penalties related to unrecognized tax positions in income tax expense. CCA does not currently anticipate that the total amount of unrecognized tax positions will significantly change in the next twelve months. However, CCA did have an income tax receivable of $21.2 million and $12.8 million as of December 31, 2015 and 2014, respectively, representing overpayment of federal income tax, which is included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. CCA’s U.S. federal income tax returns for tax years 2012 through 2014 remain subject to examination by the Internal Revenue Service (“IRS”). During the third quarter of 2015, the Company was notified that the IRS would commence an audit of the federal income tax return of one of the Company’s TRSs for the year ended December 31, 2013. The audit has just begun and, therefore, it is too early to predict the outcome of the audit. All states in which CCA files income tax returns follow the same statute of limitations as federal, with the exception of the following states whose open tax years include 2011 through 2014: Arizona, California, Colorado, Kentucky, Minnesota, New Jersey, Texas, and Wisconsin. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
DISCONTINUED OPERATIONS | 13. DISCONTINUED OPERATIONS In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changed the criteria for reporting a discontinued operation. Specifically, ASU 2014-08 changed the current definition of “discontinued operations” so that only disposals of components that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results qualify for discontinued operations reporting. ASU 2014-08 also expanded the disclosure requirements for discontinued operations and requires new disclosures related to a disposal of an individually significant component of an entity that does not qualify for discontinued operations reporting. ASU 2014-08 was effective for interim and annual periods beginning after December 15, 2014, required prospective application, and permitted early adoption beginning in the first quarter of 2014. CCA elected to early adopt ASU 2014-08 in the first quarter of 2014. Accordingly, under the guidelines of the new ASU 2014-08, the operations of the Bay Correctional Facility, Graceville Correctional Facility, and the Moore Haven Correctional Facility in Florida were not reported as discontinued operations upon expiration of the contracts effective January 31, 2014. In addition, the operation of the Idaho Correctional Center was not reported as a discontinued operation upon expiration of the contract effective July 1, 2014, as CCA concluded that the four facilities do not meet the new definition of a discontinued operation and that they were not individually significant components of an entity. However, operations of terminated contracts that previously qualified as discontinued operations before January 1, 2014 will continue to be reported as such in the respective prior periods. During the second quarter of 2013, CCA announced that the Texas Department of Criminal Justice elected not to renew its contract for the 2,216-bed managed-only Dawson State Jail in Dallas, Texas due to a legislative budget reduction. As a result, upon expiration of the contract in August 2013, CCA ceased operations of the Dawson State Jail. During the second quarter of 2013, CCA also received notification that it was not selected for the continued management of the 1,000-bed managed-only Wilkinson County Correctional Facility in Woodville, Mississippi at the end of the contract on June 30, 2013. There were no results of operations during 2015 and 2014 at these two facilities. The following table summarizes the results of operations for these two facilities for the year ended December 31, 2013 (in thousands): 2013 REVENUE: Managed-only $ 19,984 19,984 EXPENSES: Managed-only 22,529 Depreciation and amortization 799 Asset impairments 2,637 25,965 OPERATING LOSS (5,981 ) Other (expense) income (17 ) LOSS BEFORE INCOME TAXES (5,998 ) Income tax benefit 2,241 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES $ (3,757 ) There were no assets and no accounts payable and accrued expenses associated with discontinued operations as of December 31, 2015. There were no assets and $0.1 million of accounts payable and accrued expenses associated with discontinued operations as of December 31, 2014. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2015 | |
STOCKHOLDERS' EQUITY | 14. STOCKHOLDERS’ EQUITY Dividends on Common Stock The tax characterization of dividends per share on common shares as reported to stockholders was as follows for the years ended December 31, 2015, 2014, and 2013: Declaration Date Record Date Payable Date Ordinary Return of Total February 22, 2013 April 3, 2013 April 15, 2013 0.346119 0.183881 $ 0.53 May 16, 2013 July 3, 2013 July 15, 2013 0.313466 0.166534 $ 0.48 August 16, 2013 October 2, 2013 October 15, 2013 0.313466 0.166534 $ 0.48 December 12, 2013 January 2, 2014 January 15, 2014 0.48 (1) — $ 0.48 February 20, 2014 April 2, 2014 April 15, 2014 0.51 (2) — $ 0.51 May 15, 2014 July 2, 2014 July 15, 2014 0.51 (2) — $ 0.51 August 14, 2014 October 2, 2014 October 15, 2014 0.51 (2) — $ 0.51 December 11, 2014 January 2, 2015 January 15, 2015 0.382836 (3) 0.127164 $ 0.51 February 20, 2015 April 2, 2015 April 15, 2015 0.405355 (4) 0.134645 $ 0.54 May 14, 2015 July 2, 2015 July 15, 2015 0.405355 (4) 0.134645 $ 0.54 August 13, 2015 October 2, 2015 October 15, 2015 0.405355 (4) 0.134645 $ 0.54 December 10, 2015 January 4, 2016 January 15, 2016 — (5) — (5) $ 0.54 (1) $0.072069 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (2) $0.076573 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (3) $0.048357 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (4) $0.051202 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (5) Taxable in 2016. In addition, on April 8, 2013, CCA’s Board of Directors declared a special dividend to stockholders of $675.0 million, or approximately $6.66 per share of common stock, in connection with CCA’s previously announced plan to qualify and convert to a REIT for federal income tax purposes effective as of January 1, 2013. The special dividend was paid in satisfaction of requirements that CCA distribute its accumulated earnings and profits attributable to tax periods ending prior to January 1, 2013. CCA paid the special dividend on May 20, 2013 to stockholders of record as of April 19, 2013. The special dividend constituted a qualified dividend of which $6.647357 was taxable as ordinary income to stockholders in 2013, and $0.012643 constituted a return of capital. Each CCA stockholder could elect to receive payment of the special dividend either in all cash, all shares of CCA common stock or a combination of cash and CCA common stock, with the total amount of cash payable to stockholders limited to a maximum of 20% of the total value of the special dividend, or $135.0 million. The total amount of cash elected by stockholders exceeded 20% of the total value of the special dividend. As a result, the cash payment was prorated among those stockholders who elected to receive cash, and the remaining portion of the special dividend was paid in shares of CCA common stock. The total number of shares of CCA common stock distributed pursuant to the special dividend was 13.9 million and was determined based on stockholder elections and the average closing price per share of CCA common stock on the New York Stock Exchange for the three trading days after May 9, 2013, or $38.90 per share. Future dividends will depend on CCA’s distribution requirements as a REIT, future earnings, capital requirements, financial condition, opportunities for alternative uses of capital, and on such other factors as the Board of Directors of CCA may consider relevant. Common Stock Restricted shares. CCA established performance-based vesting conditions on the shares of restricted common stock and RSUs awarded to its officers and executive officers in 2015 and 2014 and in years prior to 2013. Unless earlier vested under the terms of the agreements, shares or RSUs issued to officers and executive officers in these years are subject to vesting over a three-year period based upon the satisfaction of certain performance criteria. With respect to the RSUs issued in 2015 to officers and executive officers, annual performance criteria was established for each of the three years ending December 31, 2015, 2016, and 2017, and no more than one-third of the RSUs may vest in any one performance period. With respect to RSUs issued in 2014 and in years prior to 2013, no more than one-third of such shares or RSUs may vest in the first performance period; however, the performance criteria are cumulative for the three-year period. With respect to the RSUs issued in 2013 to officers and executive officers, unless earlier vested under the terms of the RSU agreement, the RSUs issued vest evenly over a three-year period and are not subject to performance-based criteria. Shares of restricted stock and RSUs issued to other employees, unless earlier vested under the terms of the agreements, “cliff” vest on the third anniversary of the award, while RSUs issued to non-employee directors vest one year from the date of award. Nonvested restricted common stock transactions as of December 31, 2015 and for the year then ended are summarized below (in thousands, except per share amounts). Shares of restricted Weighted average Nonvested at December 31, 2014 1,020 $ 32.93 Granted 438 $ 40.04 Cancelled (43 ) $ 35.52 Vested (440 ) $ 31.51 Nonvested at December 31, 2015 975 $ 36.65 During 2015, 2014, and 2013, CCA expensed $14.7 million ($1.5 million of which was recorded in operating expenses and $13.2 million of which was recorded in general and administrative expenses), $12.1 million ($1.4 million of which was recorded in operating expenses and $10.7 million of which was recorded in general and administrative expenses), and $9.8 million ($1.2 million of which was recorded in operating expenses and $8.6 million of which was recorded in general and administrative expenses), net of forfeitures, relating to the restricted common stock and RSUs, respectively. As of December 31, 2015, CCA had $17.4 million of total unrecognized compensation cost related to restricted common stock and RSUs that is expected to be recognized over a remaining weighted-average period of 1.7 years . Preferred Stock CCA has the authority to issue 50.0 million shares of $0.01 par value per share preferred stock (the “Preferred Stock”). The Preferred Stock may be issued from time to time upon authorization by the Board of Directors, in such series and with such preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or other provisions as may be fixed by CCA’s Board of Directors. Stock Option Plans CCA has equity incentive plans under which, among other things, incentive and non-qualified stock options are granted to certain employees and non-employee directors of CCA by the compensation committee of CCA’s Board of Directors. The options are granted with exercise prices equal to the fair market value on the date of grant. Vesting periods for options granted to employees generally range from three to four years. Options granted to non-employee directors vest on a date approximately following the first anniversary of the grant date. The term of such options is ten years from the date of grant. In 2015, 2014, and 2013, CCA elected not to issue stock options to its non-employee directors, officers, and executive officers as it had in the past and instead elected to issue all of its equity compensation in the form of restricted common stock and RSUs as previously described herein. During 2015, 2014, and 2013, CCA expensed $0.7 million, $1.9 million, and $3.1 million, respectively, net of estimated forfeitures relating to its outstanding stock options, all of which was charged to general and administrative expenses. Stock option transactions relating to CCA’s non-qualified stock option plans are summarized below (in thousands, except exercise prices): No. of Weighted- Weighted- Aggregate Outstanding at December 31, 2014 1,884 $ 20.00 Granted — — Exercised (413 ) 18.65 Cancelled (4 ) 22.34 Outstanding at December 31, 2015 1,467 $ 20.37 4.0 $ 9,044 Exercisable at December 31, 2015 1,416 $ 20.28 4.0 $ 8,846 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between CCA’s stock price as of December 31, 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2015. This amount changes based on the fair market value of CCA’s stock. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014, and 2013 was $7.3 million, $12.3 million, and $36.9 million, respectively. Nonvested stock option transactions relating to CCA’s non-qualified stock option plans as of December 31, 2015 and changes during the year ended December 31, 2015 are summarized below (in thousands, except grant date fair values): Number of Weighted Nonvested at December 31, 2014 282 $ 6.66 Granted — $ — Cancelled (4 ) $ 6.34 Vested (227 ) $ 6.70 Nonvested at December 31, 2015 51 $ 6.50 As of December 31, 2015, CCA had $0.1 million of total unrecognized compensation cost related to stock options that is expected to be recognized over a remaining weighted-average period of 0.4 years. At CCA’s 2011 annual meeting of stockholders held in May 2011, CCA’s stockholders approved an amendment to the 2008 Stock Incentive Plan that increased the authorized limit on issuance of new awards to an aggregate of up to 18.0 million shares. In addition, during the 2003 annual meeting the stockholders approved the adoption of CCA’s Non-Employee Directors’ Compensation Plan, authorizing CCA to issue up to 225,000 shares of common stock pursuant to the plan. As of December 31, 2015, CCA had 10.3 million shares available for issuance under the Amended and Restated 2008 Stock Incentive Plan and 0.2 million shares available for issuance under the Non-Employee Directors’ Compensation Plan. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
EARNINGS PER SHARE | 15. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For CCA, diluted earnings per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to restricted share grants and stock options. A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data): For the Years Ended December 31, 2015 2014 2013 NUMERATOR Basic: Income from continuing operations $ 221,854 $ 195,022 $ 304,592 Loss from discontinued operations, net of taxes — — (3,757 ) Net income $ 221,854 $ 195,022 $ 300,835 Diluted: Income from continuing operations $ 221,854 $ 195,022 $ 304,592 Loss from discontinued operations, net of taxes — — (3,757 ) Diluted net income $ 221,854 $ 195,022 $ 300,835 DENOMINATOR Basic: Weighted average common shares outstanding 116,949 116,109 109,617 Diluted: Weighted average common shares outstanding 116,949 116,109 109,617 Effect of dilutive securities: Stock options 631 895 1,279 Restricted stock-based compensation 205 308 354 Weighted average shares and assumed conversions 117,785 117,312 111,250 BASIC EARNINGS PER SHARE: Income from continuing operations $ 1.90 $ 1.68 $ 2.77 Loss from discontinued operations, net of taxes — — (0.03 ) Net income $ 1.90 $ 1.68 $ 2.74 DILUTED EARNINGS PER SHARE: Income from continuing operations $ 1.88 $ 1.66 $ 2.73 Loss from discontinued operations, net of taxes — — (0.03 ) Net income $ 1.88 $ 1.66 $ 2.70 As discussed in Note 14, on May 20, 2013, CCA paid a special dividend in connection with its conversion to a REIT. The stockholders were allowed to elect to receive their payment of the special dividend either in all cash, all shares of CCA common stock, or a combination of cash and CCA common stock, except that CCA placed a limit on the aggregate amount of cash payable to the stockholders. Under ASC 505, “Equity” and ASU 2010-01, “Accounting for Distributions to Shareholders with Components of Stock and Cash, a consensus of the FASB Emerging Issues Task Force”, a distribution that allows shareholders to elect to receive cash or stock with a potential limitation on the total amount of cash that all shareholders can elect to receive in the aggregate is considered a share issuance that is reflected in earnings per share prospectively. As such, the stock portion of the special dividend, totaling 13.9 million shares, is presented prospectively in basic and diluted earnings per share as presented above and was not presented retroactively for all periods presented. Approximately 8,000, 12,000, and 15,000 stock options were excluded from the computations of diluted earnings per share for the years ended December 31, 2015, 2014, and 2013, respectively, because they were anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES Legal Proceedings General. CCA records litigation reserves related to certain matters for which it is probable that a loss has been incurred and the range of such loss can be estimated. Based upon management’s review of the potential claims and outstanding litigation and based upon management’s experience and history of estimating losses, and taking into consideration CCA’s self-insured retention amounts, management believes a loss in excess of amounts already recognized would not be material to CCA’s financial statements. In the opinion of management, there are no pending legal proceedings that would have a material effect on CCA’s consolidated financial position, results of operations, or cash flows. Any receivable for insurance recoveries is recorded separately from the corresponding litigation reserve, and only if recovery is determined to be probable. Adversarial proceedings and litigation are, however, subject to inherent uncertainties, and unfavorable decisions and rulings resulting from legal proceedings could occur which could have a material adverse impact on CCA’s consolidated financial position, results of operations, or cash flows for the period in which such decisions or rulings occur, or future periods. Expenses associated with legal proceedings may also fluctuate from quarter to quarter based on changes in CCA’s assumptions, new developments, or by the effectiveness of CCA’s litigation and settlement strategies. Insurance Contingencies Each of CCA’s management contracts and the statutes of certain states require the maintenance of insurance. CCA maintains various insurance policies including employee health, workers’ compensation, automobile liability, and general liability insurance. These policies are fixed premium policies with various deductible amounts that are self-funded by CCA. Reserves are provided for estimated incurred claims for which it is probable that a loss has been incurred and the range of such loss can be estimated. Guarantees Hardeman County Correctional Facilities Corporation (“HCCFC”) is a nonprofit, mutual benefit corporation organized under the Tennessee Nonprofit Corporation Act to purchase, construct, improve, equip, finance, own and manage a detention facility located in Hardeman County, Tennessee. HCCFC was created as an instrumentality of Hardeman County to implement the County’s incarceration agreement with the state of Tennessee to house certain inmates. During 1997, HCCFC issued $72.7 million of revenue bonds, which were primarily used for the construction of a 2,016-bed medium security correctional facility. In addition, HCCFC entered into a construction and management agreement with CCA in order to assure the timely and coordinated acquisition, construction, development, marketing and operation of the correctional facility. HCCFC leases the correctional facility to Hardeman County in exchange for all revenue from the operation of the facility. HCCFC has, in turn, entered into a management agreement with CCA for the correctional facility. In connection with the issuance of the revenue bonds, CCA is obligated, under a debt service deficit agreement, to pay the trustee of the bond’s trust indenture (the “Trustee”) amounts necessary to pay any debt service deficits consisting of principal and interest requirements (outstanding principal balance of $12.8 million at December 31, 2015 plus future interest payments). In the event the state of Tennessee, which is currently utilizing the facility to house certain inmates, exercises its option to purchase the correctional facility, CCA is also obligated to pay the difference between principal and interest owed on the bonds on the date set for the redemption of the bonds and amounts paid by the state of Tennessee for the facility plus all other funds on deposit with the Trustee and available for redemption of the bonds. Ownership of the facility reverts to the state of Tennessee in 2017 at no cost. Therefore, CCA does not currently believe the state of Tennessee will exercise its option to purchase the facility. At December 31, 2015, the outstanding principal balance of the bonds exceeded the purchase price option by $6.0 million. Retirement Plan All employees of CCA are eligible to participate in the Corrections Corporation of America 401(k) Savings and Retirement Plan (the “Plan”) upon reaching age 18 and completing one year of qualified service. Eligible employees may contribute up to 90% of their eligible compensation, subject to IRS limitations. For the years ended December 31, 2015, 2014, and 2013, CCA provided a discretionary matching contribution equal to 100% of the employee’s contributions up to 5% of the employee’s eligible compensation to employees with at least one thousand hours of employment in the plan year. Prior to January 1, 2012, employer contributions were made to those who were employed by CCA on the last day of the plan year, and investment earnings or losses thereon become vested 20% after two years of service, 40% after three years of service, 80% after four years of service, and 100% after five or more years of service. Effective January 1, 2012, the Plan adopted a safe harbor provision that provides, among other changes, future employer matching contributions to be paid into the Plan each pay period and vest immediately. During the years ended December 31, 2015, 2014, and 2013, CCA’s discretionary contributions to the Plan, net of forfeitures, were $12.0 million, $11.1 million, and $11.8 million, respectively. Deferred Compensation Plans During 2002, the compensation committee of the board of directors approved CCA’s adoption of two non-qualified deferred compensation plans (the “Deferred Compensation Plans”) for non-employee directors and for certain senior executives. The Deferred Compensation Plans are unfunded plans maintained for the purpose of providing CCA’s directors and certain of its senior executives the opportunity to defer a portion of their compensation. Under the terms of the Deferred Compensation Plans, certain senior executives may elect to contribute on a pre-tax basis up to 50% of their base salary and up to 100% of their cash bonus, and non-employee directors may elect to contribute on a pre-tax basis up to 100% of their director retainer and meeting fees. During the years ended December 31, 2015, 2014, and 2013, CCA matched 100% of employee contributions up to 5% of total cash compensation. CCA also contributes a fixed rate of return on balances in the Deferred Compensation Plans, determined at the beginning of each plan year. Matching contributions and investment earnings thereon become vested 20% after two years of service, 40% after three years of service, 80% after four years of service, and 100% after five or more years of service. Distributions are generally payable no earlier than five years subsequent to the date an individual becomes a participant in the Plan, or upon termination of employment (or the date a director ceases to serve as a director of CCA), at the election of the participant. Distributions to senior executives must commence on or before the later of 60 days after the participant’s separation from service or the fifteenth day of the month following the month the individual attains age 65. During each of the years 2015, 2014, and 2013, CCA provided a fixed return of 5.6% to participants in the Deferred Compensation Plans. CCA has purchased life insurance policies on the lives of certain employees of CCA, which are intended to fund distributions from the Deferred Compensation Plans. CCA is the sole beneficiary of such policies. At the inception of the Deferred Compensation Plans, CCA established an irrevocable Rabbi Trust to secure the plans’ obligations. However, assets in the Deferred Compensation Plans are subject to creditor claims in the event of bankruptcy. During 2015, 2014, and 2013, CCA recorded $0.3 million, $0.2 million, and $0.2 million, respectively, of matching contributions as general and administrative expense associated with the Deferred Compensation Plans. Assets in the Rabbi Trust were $16.9 million and $17.9 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015 and 2014, CCA’s liability related to the Deferred Compensation Plans was $15.1 million and $15.7 million, respectively, which was reflected in accounts payable and accrued expenses and other liabilities in the accompanying balance sheets. Employment and Severance Agreements CCA currently has employment agreements with several of its executive officers, which provide for the payment of certain severance amounts upon termination of employment under certain circumstances or a change of control, as defined in the agreements. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT REPORTING | 17. SEGMENT REPORTING As of December 31, 2015, CCA owned and managed 60 correctional and detention facilities, and managed 11 correctional and detention facilities it did not own. In addition, CCA owned six facilities that it leased to third-party operators. Management views CCA’s operating results in one operating segment. However, the Company has chosen to report financial performance segregated for (1) owned and managed correctional and detention facilities and (2) managed-only correctional and detention facilities as the Company believes this information is useful to users of the financial statements. Owned and managed facilities include the operating results of those facilities placed into service that were owned or controlled via a long-term lease and managed by CCA. Managed-only facilities include the operating results of those facilities owned by a third party and managed by CCA. The operating performance of the owned and managed and the managed-only correctional and detention facilities can be measured based on their net operating income. CCA defines facility net operating income as a facility’s operating income or loss from operations before interest, taxes, asset impairments, depreciation, and amortization. The revenue and net operating income for the owned and managed and the managed-only facilities and a reconciliation to CCA’s operating income is as follows for the three years ended December 31, 2015, 2014, and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 Revenue: Owned and managed $ 1,543,750 $ 1,379,986 $ 1,386,355 Managed-only 211,995 232,685 301,454 Total management revenue 1,755,745 1,612,671 1,687,809 Operating expenses: Owned and managed 1,038,070 928,857 941,638 Managed-only 190,010 207,355 261,903 Total operating expenses 1,228,080 1,136,212 1,203,541 Facility net operating income Owned and managed 505,680 451,129 444,717 Managed-only 21,985 25,330 39,551 Total facility net operating income 527,665 476,459 484,268 Other revenue (expense): Rental and other revenue 37,342 34,196 6,488 Other operating expense (28,048 ) (19,923 ) (16,810 ) General and administrative expense (103,936 ) (106,429 ) (103,590 ) Depreciation and amortization (151,514 ) (113,925 ) (112,692 ) Asset impairments (955 ) (30,082 ) (6,513 ) Operating income $ 280,554 $ 240,296 $ 251,151 The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2015, 2014, and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 Capital expenditures: Owned and managed $ 382,781 $ 246,333 $ 96,975 Managed-only 4,049 3,171 3,719 Corporate and other 28,611 13,056 10,852 Discontinued operations — — 72 Total capital expenditures $ 415,441 $ 262,560 $ 111,618 The total assets are as follows (in thousands): December 31, 2015 2014 Assets: Owned and managed $ 2,966,762 $ 2,745,905 Managed-only 54,491 68,146 Corporate and other 334,765 303,595 Total assets $ 3,356,018 $ 3,117,646 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
SUBSEQUENT EVENTS | 18. SUBSEQUENT EVENTS During February 2016, CCA issued approximately 0.6 million RSUs to certain of CCA’s employees and non-employee directors, with an aggregate value of $17.3 million. Unless earlier vested under the terms of the RSU agreement, approximately 0.4 million RSUs were issued to officers and executive officers and are subject to vesting over a three-year period based upon satisfaction of certain annual performance criteria for the fiscal years ending December 31, 2016, 2017, and 2018. Approximately 0.2 million RSUs issued to other employees vest evenly on the first, second, and third anniversary of the award. Shares of RSUs issued to non-employee directors vest on the first anniversary of the award. Any RSUs that become vested will be settled in shares of CCA’s common stock. On February 19, 2016, the Company’s Board of Directors declared a quarterly dividend of $0.54 per common share payable April 15, 2016 to stockholders of record on April 1, 2016. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CCA AND SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2015 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CCA AND SUBSIDIARIES | 19. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CCA AND SUBSIDIARIES The following condensed consolidating financial statements of CCA 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 December 31, 2015 (in thousands) ASSETS Parent Combined Consolidating Total Cash and cash equivalents $ 15,666 $ 49,625 $ — $ 65,291 Restricted cash 637 240 — 877 Accounts receivable, net of allowance 300,632 159,286 (225,462 ) 234,456 Prepaid expenses and other current assets 3,760 43,706 (6,032 ) 41,434 Total current assets 320,695 252,857 (231,494 ) 342,058 Property and equipment, net 2,526,278 356,782 — 2,883,060 Restricted cash 131 — — 131 Investment in direct financing lease 684 — — 684 Goodwill 20,402 15,155 — 35,557 Non-current deferred tax assets — 10,217 (393 ) 9,824 Other assets 241,510 57,120 (213,926 ) 84,704 Total assets $ 3,109,700 $ 692,131 $ (445,813 ) $ 3,356,018 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 191,600 $ 357,569 $ (231,494 ) $ 317,675 Income taxes payable — 1,920 — 1,920 Current portion of long-term debt 5,000 — — 5,000 Total current liabilities 196,600 359,489 (231,494 ) 324,595 Long-term debt, net of current portion 1,448,316 113,761 (115,000 ) 1,447,077 Non-current deferred tax liabilities 393 — (393 ) — Deferred revenue — 63,289 — 63,289 Other liabilities 1,643 56,666 — 58,309 Total liabilities 1,646,952 593,205 (346,887 ) 1,893,270 Total stockholders’ equity 1,462,748 98,926 (98,926 ) 1,462,748 Total liabilities and stockholders’ equity $ 3,109,700 $ 692,131 $ (445,813 ) $ 3,356,018 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2014 (in thousands) ASSETS Parent Combined Consolidating Total Cash and cash equivalents $ 12,337 $ 62,056 $ — $ 74,393 Accounts receivable, net of allowance 167,626 178,911 (97,949 ) 248,588 Prepaid expenses and other current assets 17,060 34,705 (21,990 ) 29,775 Total current assets 197,023 275,672 (119,939 ) 352,756 Property and equipment, net 2,459,053 199,575 — 2,658,628 Restricted cash 1,267 1,591 — 2,858 Investment in direct financing lease 3,223 — — 3,223 Goodwill — 16,110 — 16,110 Non-current deferred tax assets — 16,019 (489 ) 15,530 Other assets 233,607 45,584 (210,650 ) 68,541 Total assets $ 2,894,173 $ 554,551 $ (331,078 ) $ 3,117,646 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 218,403 $ 205,213 $ (106,050 ) $ 317,566 Income taxes payable 195 1,173 — 1,368 Note payable to an affiliate — 13,854 (13,854 ) — Current liabilities of discontinued operations — 54 — 54 Total current liabilities 218,598 220,294 (119,904 ) 318,988 Long-term debt 1,191,917 113,538 (115,000 ) 1,190,455 Non-current deferred tax liabilities 490 — (490 ) — Deferred revenue — 87,227 — 87,227 Other liabilities 1,668 37,808 — 39,476 Total liabilities 1,412,673 458,867 (235,394 ) 1,636,146 Total stockholders’ equity 1,481,500 95,684 (95,684 ) 1,481,500 Total liabilities and stockholders’ equity $ 2,894,173 $ 554,551 $ (331,078 ) $ 3,117,646 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2015 (in thousands) Parent Combined Consolidating Total REVENUES $ 1,184,878 $ 1,469,105 $ (860,896 ) $ 1,793,087 EXPENSES: Operating 889,203 1,227,821 (860,896 ) 1,256,128 General and administrative 33,248 70,688 — 103,936 Depreciation and amortization 82,745 68,769 — 151,514 Asset impairments — 955 — 955 1,005,196 1,368,233 (860,896 ) 1,512,533 OPERATING INCOME 179,682 100,872 — 280,554 OTHER (INCOME) EXPENSE: Interest expense, net 35,919 13,777 — 49,696 Expenses associated with debt refinancing transactions 701 — — 701 Other (income) expense 232 (414 ) 124 (58 ) 36,852 13,363 124 50,339 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 142,830 87,509 (124 ) 230,215 Income tax expense (1,541 ) (6,820 ) — (8,361 ) INCOME FROM CONTINUING OPERATIONS 141,289 80,689 (124 ) 221,854 Income from equity in subsidiaries 80,565 — (80,565 ) — NET INCOME $ 221,854 $ 80,689 $ (80,689 ) $ 221,854 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2014 (in thousands) Parent Combined Consolidating Total REVENUES $ 1,250,199 $ 1,268,654 $ (871,986 ) $ 1,646,867 EXPENSES: Operating 896,470 1,131,651 (871,986 ) 1,156,135 General and administrative 33,508 72,921 — 106,429 Depreciation and amortization 80,820 33,105 — 113,925 Asset impairments 29,915 167 — 30,082 1,040,713 1,237,844 (871,986 ) 1,406,571 OPERATING INCOME 209,486 30,810 — 240,296 OTHER (INCOME) EXPENSE: Interest expense, net 35,138 4,397 — 39,535 Other (income) expense 302 (786 ) (720 ) (1,204 ) 35,440 3,611 (720 ) 38,331 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 174,046 27,199 720 201,965 Income tax expense (552 ) (6,391 ) — (6,943 ) INCOME FROM CONTINUING OPERATIONS 173,494 20,808 720 195,022 Income from equity in subsidiaries 21,528 — (21,528 ) — NET INCOME $ 195,022 $ 20,808 $ (20,808 ) $ 195,022 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2013 (in thousands) Parent Combined Consolidating Total REVENUES $ 1,268,763 $ 1,351,695 $ (926,161 ) $ 1,694,297 EXPENSES: Operating 945,750 1,200,762 (926,161 ) 1,220,351 General and administrative 31,290 72,300 — 103,590 Depreciation and amortization 76,112 36,580 — 112,692 Asset impairments — 6,513 — 6,513 1,053,152 1,316,155 (926,161 ) 1,443,146 OPERATING INCOME 215,611 35,540 — 251,151 OTHER (INCOME) EXPENSE: Interest expense, net 38,319 6,807 — 45,126 Expenses associated with debt refinancing transactions 28,563 7,965 — 36,528 Other (income) expense (45 ) 23 (78 ) (100 ) 66,837 14,795 (78 ) 81,554 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 148,774 20,745 78 169,597 Income tax benefit (expense) 143,590 (8,595 ) — 134,995 INCOME FROM CONTINUING OPERATIONS 292,364 12,150 78 304,592 Income from equity in subsidiaries 8,471 — (8,471 ) — Loss from discontinued operations, net of taxes — (3,757 ) — (3,757 ) NET INCOME $ 300,835 $ 8,393 $ (8,393 ) $ 300,835 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in thousands) Parent Combined Consolidating And Other Total Net cash provided by operating activities $ 102,371 $ 297,427 $ — $ 399,798 Net cash used in investing activities (93,891 ) (212,215 ) (103,175 ) (409,281 ) Net cash provided by (used in) financing activities (5,151 ) (97,643 ) 103,175 381 Net (decrease) increase in cash and cash equivalents 3,329 (12,431 ) — (9,102 ) CASH AND CASH EQUIVALENTS, beginning of year 12,337 62,056 — 74,393 CASH AND CASH EQUIVALENTS, end of year $ 15,666 $ 49,625 $ — $ 65,291 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (in thousands) Parent Combined Consolidating And Other Total Net cash provided by operating activities $ 296,087 $ 127,494 $ — $ 423,581 Net cash used in investing activities (73,404 ) (102,337 ) (21,146 ) (196,887 ) Net cash used in financing activities (241,993 ) (9,373 ) 21,146 (230,220 ) Net (decrease) increase in cash and cash equivalents (19,310 ) 15,784 — (3,526 ) CASH AND CASH EQUIVALENTS, beginning of year 31,647 46,272 — 77,919 CASH AND CASH EQUIVALENTS, end of year $ 12,337 $ 62,056 $ — $ 74,393 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2013 (in thousands) Parent Combined Consolidating And Other Total Net cash provided by operating activities $ 211,247 $ 158,257 $ — $ 369,504 Net cash used in investing activities (83,895 ) (56,617 ) 15,000 (125,512 ) Net cash used in financing activities (95,705 ) (118,265 ) (15,000 ) (228,970 ) Net increase (decrease) in cash and cash equivalents 31,647 (16,625 ) — 15,022 CASH AND CASH EQUIVALENTS, beginning of year — 62,897 — 62,897 CASH AND CASH EQUIVALENTS, end of year $ 31,647 $ 46,272 $ — $ 77,919 |
SELECTED QUARTERLY FINANCIAL IN
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 20. SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Selected quarterly financial information for each of the quarters in the years ended December 31, 2015 and 2014 is as follows (in thousands, except per share data): March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenue $ 426,000 $ 459,295 $ 459,957 $ 447,835 Operating income 68,826 79,753 65,436 66,539 Net income 57,277 65,303 50,676 48,598 Basic earnings per share: Net income $ 0.49 $ 0.56 $ 0.43 $ 0.41 Diluted earnings per share: Net income $ 0.49 $ 0.55 $ 0.43 $ 0.41 March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenue $ 404,222 $ 410,694 $ 408,474 $ 423,477 Operating income 63,066 65,535 69,850 41,845 (1) Net income 51,738 55,732 57,546 30,006 (1) Basic earnings per share: Net income $ 0.45 $ 0.48 $ 0.50 $ 0.26 (1) Diluted earnings per share: Net income $ 0.44 $ 0.48 $ 0.49 $ 0.25 (1) (1) The earnings amounts in the fourth quarter of 2014 were unfavorably impacted by $27.8 million of non-cash impairments recorded to write down the book values of two of CCA’s non-core facilities to the estimated fair values, as discussed in Note 5. |
SCHEDULE III - REAL ESTATE ASSE
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | CORRECTIONS CORPORATION OF AMERICA AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2015 (in thousands) Description Location Initial Cost to Company Cost Gross Amount at Which Carried at Close of Period Accumulated Date Land Buildings and Land and Land Buildings and Total (A) Adams County Correctional Center Adams $ 874 $ 119,565 $ 2,859 $ 1,084 $ 122,214 $ 123,298 $ (17,556 ) 2008 Austin Residential Re-entry Center Del Valle, 4,190 1,058 300 4,190 1,358 5,548 (12 ) 2015 Austin Transitional Center Del Valle, 19,488 4,607 850 19,488 5,457 24,945 (40 ) 2015 Bent County Correctional Facility Las Animas, 550 13,115 66,601 1,212 79,054 80,266 (20,146 ) 1992 Bridgeport Pre-Parole Transfer Facility Bridgeport, 70 291 588 209 740 949 (516 ) 1995 Broad Street Residential Re-entry Center Philadelphia, 663 2,700 — 663 2,700 3,363 (28 ) 2015 CAI - Boston Avenue San Diego, 800 11,440 29 834 11,435 12,269 (935 ) 2013 California City Correctional Center California 1,785 125,337 8,663 2,484 133,301 135,785 (42,414 ) 1999 Carver Transitional Center Oklahoma 8,562 4,631 810 8,562 5,441 14,003 (39 ) 2015 Central Arizona Detention Center Florence, 1,298 57,857 32,064 3,090 88,129 91,219 (30,515 ) 1994 Chester Residential Re-entry Center Chester, 657 2,679 — 657 2,679 3,336 (28 ) 2015 Cheyenne Transitional Center Cheyenne, 5,567 2,092 380 5,567 2,472 8,039 (18 ) 2015 Cibola County Corrections Center Milan, New 444 16,215 29,857 1,319 45,197 46,516 (16,173 ) 1994 Cimarron Correctional Facility Cushing, 250 71,303 43,035 581 114,007 114,588 (31,418 ) 1997 Coffee Correctional Facility Nicholls, 194 28,361 46,150 853 73,852 74,705 (18,959 ) 1998 Corpus Christi Transitional Center Corpus — 1,886 352 — 2,238 2,238 (40 ) 2015 Crossroads Correctional Center Shelby, 413 33,196 7,295 867 40,037 40,904 (30,419 ) 1999 Crowley County Correctional Facility Olney 211 46,845 27,920 2,174 72,802 74,976 (19,646 ) 2003 D.C. Correctional Treatment Facility Washington, — — 6,131 71 6,060 6,131 (4,876 ) 1997 Dallas Transitional Center Hutchins, — 3,852 1,569 — 5,421 5,421 (53 ) 2015 Davis Correctional Facility Holdenville, 250 66,701 40,336 890 106,397 107,287 (29,715 ) 1996 Diamondback Correctional Facility Watonga, 208 41,677 22,585 567 63,903 64,470 (21,440 ) 1998 Eden Detention Facility Eden, Texas 925 27,645 33,401 5,459 56,512 61,971 (19,397 ) 1995 El Paso Multi-Use Facility El Paso, 14,936 4,536 948 14,936 5,484 20,420 (40 ) 2015 El Paso Transitional Center El Paso, 10,325 4,198 700 10,325 4,898 15,223 (34 ) 2015 Eloy Detention Center Eloy, 498 33,308 14,652 1,851 46,607 48,458 (16,432 ) 1995 Florence Correctional Center Florence, — 75,674 10,763 1,042 85,395 86,437 (27,107 ) 1999 Fort Worth Transitional Center Fort Worth, 3,251 334 221 3,251 555 3,806 (31 ) 2015 Houston Processing Center Houston, 2,250 53,373 37,619 3,332 89,910 93,242 (29,222 ) 1984 Huerfano County Correctional Center Walsenburg, 124 26,358 4,095 984 29,593 30,577 (12,301 ) 1997 Jenkins Correctional Center Millen, 208 48,158 43 237 48,172 48,409 (3,708 ) 2012 Kit Carson Correctional Center Burlington, 432 35,980 42,929 960 78,381 79,341 (19,302 ) 1998 La Palma Correctional Center Eloy, 283 183,155 12,068 482 195,024 195,506 (31,077 ) 2008 Lake Erie Correctional Institution Conneaut, 2,871 69,779 2,715 3,669 71,696 75,365 (5,990 ) 2011 Laredo Processing Center Laredo, 788 26,737 2,169 968 28,726 29,694 (10,336 ) 1985 Leavenworth Detention Center Leavenworth, 130 44,970 42,549 464 87,185 87,649 (25,013 ) 1992 Lee Adjustment Center Beattyville, 500 515 16,090 1,217 15,888 17,105 (6,265 ) 1998 Leo Chesney Correctional Center Live Oak, 250 4,774 1,577 250 6,351 6,601 (2,609 ) 1989 Marion Adjustment Center St. Mary, 250 9,994 8,277 915 17,606 18,521 (5,985 ) 1998 McRae Correctional Facility McRae, 462 60,396 17,601 992 77,467 78,459 (17,668 ) 2000 Mineral Wells Pre-Parole Transfer Facility Mineral 176 22,589 — 100 — 100 (C) — 1995 Nevada Southern Detention Center Pahrump, 7,548 64,362 9,306 8,330 72,886 81,216 (9,275 ) 2010 New Mexico Women’s Correctional Facility Grants, New 142 15,888 14,237 816 29,451 30,267 (11,622 ) 1989 North Fork Correctional Facility Sayre, — 42,166 59,153 458 100,861 101,319 (26,514 ) 1998 Northeast Ohio Correctional Center Youngstown, 750 39,583 8,305 1,675 46,963 48,638 (16,860 ) 1997 Otay Mesa Detention Center San Diego, 28,845 114,411 8,160 37,005 114,411 151,416 (1,424 ) 2015 Otter Creek Correctional Center Wheelwright, 500 24,487 11,336 1,447 34,876 36,323 (13,054 ) 1998 Prairie Correctional Facility Appleton, 100 22,306 8,700 1,065 30,041 31,106 (13,145 ) 1991 Queensgate Correctional Facility Cincinnati, 750 15,221 498 340 498 838 (C) (15 ) 1998 Red Rock Correctional Center Eloy, 10 78,456 21,240 255 99,451 99,706 (20,878 ) 2006 Roth Hall Residential Re-entry Center Philadelphia, 654 2,693 — 654 2,693 3,347 (28 ) 2015 Saguaro Correctional Facility Eloy, 193 98,903 402 471 99,027 99,498 (17,191 ) 2007 San Diego Correctional Facility San Diego, — 92,458 — — — — (D) — 1999 Shelby Training Center Memphis, 150 6,393 3,076 275 9,344 9,619 (9,403 ) 1986 South Texas Family Residential Center Dilley, Texas — 146,974 8,290 35 155,229 155,264 (E) (31,655 ) 2015 Stewart Detention Center Lumpkin, 143 70,560 14,555 743 84,515 85,258 (17,383 ) 2004 T. Don Hutto Residential Center Taylor, 183 13,418 4,147 591 17,157 17,748 (6,701 ) 1997 Tallahatchie County Correctional Facility Tutwiler, — 44,638 94,194 1,539 137,293 138,832 (38,115 ) 2000 Torrance County Detention Facility Estancia, 511 52,599 7,666 1,704 59,072 60,776 (21,293 ) 1990 Trousdale Turner Correctional Center Hartsville, 649 135,412 — 649 135,412 136,061 (230 ) 2015 Tulsa Transitional Center Tulsa, OK 8,206 4,061 710 8,206 4,771 12,977 (34 ) 2015 Turley Residential Center Tulsa, OK 421 4,105 810 421 4,915 5,336 (36 ) 2015 Walker Hall Residential Re-entry Center Philadelphia, 654 2,693 — 654 2,693 3,347 (28 ) 2015 Webb County Detention Center Laredo, 498 20,160 5,961 2,101 24,518 26,619 (9,360 ) 1998 West Tennessee Detention Facility Mason, 538 31,931 5,685 2,040 36,114 38,154 (14,467 ) 1990 Wheeler Correctional Facility Alamo, 117 30,781 42,184 423 72,659 73,082 (18,901 ) 1998 Whiteville Correctional Facility Whiteville, 303 51,694 6,139 1,667 56,469 58,136 (19,443 ) 1998 Totals $ 136,998 $ 2,614,234 $ 921,545 $ 180,360 $ 3,361,663 $ 3,542,023 $ (834,558 ) NOTES TO SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (A) The aggregate cost of properties for federal income tax purposes is approximately $3.4 billion at December 31, 2015. (B) Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. (C) CCA recorded non-cash impairments during the fourth quarter of 2014 to write down the book values of the Queensgate and Mineral Wells facilities to the estimated fair values assuming asset sales for uses other than correctional facilities. (D) We transitioned operations from the 1,154-bed San Diego Correctional Facility to the newly constructed 1,482-bed Otay Mesa Detention Center in the fourth quarter of 2015. The San Diego Correctional Facility was subject to a ground lease with the County of San Diego. Upon expiration of the lease on December 31, 2015, ownership of the facility automatically reverted to the County of San Diego. (E) The South Texas Family Residential Center is subject to a lease agreement with a third-party lessor. This agreement resulted in CCA being deemed the owner of the newly constructed assets for accounting purposes, in accordance with ASC 840-40-55, formerly Emerging Issues Task Force No. 97-10, “The Effect of Lessee Involvement in Asset Construction.” CORRECTIONS CORPORATION OF AMERICA AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION FOR THE YEARS ENDED DECEMBER 31, 2015, 2014, AND 2013 (in thousands) For the Years Ended December 31, 2015 2014 2013 Investment in Real Estate: Balance at beginning of period $ 3,071,094 $ 3,078,902 $ 3,049,672 Additions through Capital Expenditures 433,481 45,929 18,106 Acquisitions 131,348 — 12,270 Sale of real estate for cash — (4,368 ) (554 ) Asset Impairments — (49,247 ) — Reclassifications and other (93,900 ) (122 ) (592 ) Balance at end of period $ 3,542,023 $ 3,071,094 $ 3,078,902 Accumulated Depreciation: Balance at beginning of period $ (815,980 ) $ (755,761 ) $ (680,965 ) Depreciation (113,611 ) (79,745 ) (75,069 ) Disposals/Other 95,033 118 273 Asset Impairments — 19,408 — Balance at end of period $ (834,558 ) $ (815,980 ) $ (755,761 ) |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include the accounts of CCA on a consolidated basis with its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents CCA considers all liquid debt instruments with a maturity of three months or less at the time of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash at December 31, 2015 and 2014 of $1.0 million and $2.9 million, respectively, is restricted for a capital improvements, replacements, and repairs reserve fund required by one of CCA’s contracts, and for the payment of dividends on unvested restricted stock. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2015 and 2014, accounts receivable of $234.5 million and $248.6 million were net of allowances for doubtful accounts totaling $0.5 million and $0.7 million, respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CCA’s correctional and detention facilities, as well as for operating and managing prisons and other correctional facilities and providing offender residential and prisoner transportation services to such government agencies. Accounts receivable are stated at estimated net realizable value. CCA recognizes allowances for doubtful accounts to ensure receivables are not overstated due to uncollectibility. Bad debt reserves are maintained for customers based on a variety of factors, including the length of time receivables are past due, significant one-time events, and historical experience. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost. Assets acquired by CCA in conjunction with acquisitions are recorded at estimated fair market value at the time of purchase. Betterments, renewals and significant repairs that extend the life of an asset are capitalized; other repair and maintenance costs are expensed. Interest is capitalized to the asset to which it relates in connection with the construction or expansion of facilities. Construction costs directly associated with the development of a correctional facility are capitalized as part of the cost of the development project. Such costs are written-off to general and administrative expense whenever a project is abandoned. The cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in income. Depreciation is computed over the estimated useful lives of depreciable assets using the straight-line method. Useful lives for property and equipment are as follows: Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 5 years Office furniture and fixtures 5 years |
Accounting for the Impairment of Long-Lived Assets Other Than Goodwill | Accounting for the Impairment of Long-Lived Assets Other Than Goodwill Long-lived assets other than goodwill are reviewed for impairment when circumstances indicate the carrying value of an asset may not be recoverable. When circumstances indicate an asset may not be recoverable, impairment is recognized when the estimated undiscounted cash flows associated with the asset or group of assets is less than their carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Fair values are determined based on quoted market values, comparable sales data, discounted cash flows or internal and external appraisals, as applicable. |
Goodwill | Goodwill Goodwill represents the cost in excess of the net assets of businesses acquired. As further discussed in Note 3, goodwill is tested for impairment at least annually using a fair-value based approach. |
Investment in Direct Financing Lease | Investment in Direct Financing Lease Investment in direct financing lease represents the portion of CCA’s management contract with a governmental agency that represents lease payments on buildings and equipment. The lease is accounted for using the financing method and, accordingly, the minimum lease payments to be received over the term of the lease less unearned income are capitalized as CCA’s investment in the lease. Unearned income is recognized as income over the term of the lease using the interest method. |
Investment in Affiliates | Investment in Affiliates Investments in affiliates that are equal to or less than 50%-owned over which CCA can exercise significant influence are accounted for using the equity method of accounting. Investments under the equity method are recorded at cost and subsequently adjusted for contributions, distributions, and net income attributable to the Company’s ownership based on the governing agreement. |
Debt Issuance Costs | Debt Issuance Costs In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. The new standard was further amended by ASU 2015–15 issued in August 2015. Under the new standard, debt issuance costs, excluding those costs incurred related to revolving credit facilities, are to be presented as a direct deduction from the face amount of the related liability, rather than as a deferred charge, or asset, on the balance sheet as previously required. For public reporting entities such as CCA, the new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption of the new standard is permitted and retrospective application is required. CCA elected to early adopt the new standard in the fourth quarter of 2015. The unamortized balance of debt issuance costs, excluding those costs related to the $900.0 Million Revolving Credit Facility, as defined hereafter, amounted to $11.9 million and $9.5 million as of December 31, 2015 and 2014, respectively. In retrospectively applying the new standard, CCA reclassified the December 31, 2014 consolidated balance sheet, as previously presented, by reducing other assets and long-term debt by $9.5 million. Debt issuance costs are capitalized and amortized into interest expense using the interest method, or on a straight-line basis over the term of the related debt, if not materially different than the interest method. However, certain debt issuance costs incurred in connection with debt refinancings are charged to expense in accordance with Accounting Standards Codification (“ASC”) 470-50, |
Revenue Recognition | Revenue Recognition CCA maintains contracts with certain governmental entities to manage their facilities for fixed per diem rates. CCA also maintains contracts with various federal, state, and local governmental entities for the housing of offenders in company-owned facilities at fixed per diem rates or monthly fixed rates. These contracts usually contain expiration dates with renewal options ranging from annual to multi-year renewals. Most of these contracts have current terms that require renewal every two to five years. Additionally, most facility management contracts contain clauses that allow the government agency to terminate a contract without cause, and are generally subject to legislative appropriations. CCA generally expects to renew these contracts for periods consistent with the remaining renewal options allowed by the contracts or other reasonable extensions; however, no assurance can be given that such renewals will be obtained. Fixed monthly rate revenue is recorded in the month earned and fixed per diem revenue, including revenue under those contracts that include guaranteed minimum populations, is recorded based on the per diem rate multiplied by the number of offenders housed or guaranteed during the respective period. CCA recognizes any additional management service revenues upon completion of services provided to the customer. Certain of the government agencies also have the authority to audit and investigate CCA’s contracts with them. If the agency determines that CCA has improperly allocated costs to a specific contract or otherwise was unable to perform certain contractual services, CCA may not be reimbursed for those costs and could be required to refund the amount of any such costs that have been reimbursed. Rental revenue is recognized in accordance with ASC 840, “Leases”. In accordance with ASC 840, minimum rental revenue is recognized on a straight-line basis over the term of the related lease. Leasehold incentives are recognized as a reduction to rental revenue on a straight-line basis over the term of the related lease. Rental revenue associated with expense reimbursements from tenants are recognized in the period that the related expenses are incurred based upon the tenant lease provision. In September 2014, CCA agreed under an expansion of an existing inter-governmental service agreement (“IGSA”) between the city of Eloy, Arizona and U.S. Immigration and Customs Enforcement (“ICE”) to provide residential space and services at the South Texas Family Residential Center. The amended IGSA qualifies as a multiple-element arrangement under the guidance in ASC 605, “Revenue Recognition”. CCA evaluates each deliverable in an arrangement to determine whether it represents a separate unit of accounting. A deliverable constitutes a separate unit of accounting when it has standalone value to the customer. ASC 605 requires revenue to be allocated to each unit of accounting based on a selling price hierarchy. The selling price for a deliverable is based on its vendor specific objective evidence (“VSOE”) of selling price, if available, third party evidence (“TPE”) if VSOE of selling price is not available, or estimated selling price (“ESP”) if neither VSOE of selling price nor TPE is available. CCA establishes VSOE of selling price using the price charged for a deliverable when sold separately. CCA establishes TPE of selling price by evaluating similar products or services in standalone sales to similarly situated customers. CCA establishes ESP based on management judgment considering internal factors such as margin objectives, pricing practices and controls, and market conditions. In arrangements with multiple elements, CCA allocates the transaction price to the individual units of accounting at inception of the arrangement based on their relative selling price. Other revenue consists primarily of ancillary revenues associated with operating correctional and detention facilities, such as commissary, phone, and vending sales, and are recorded in the period the goods and services are provided. Revenues generated from prisoner transportation services for governmental agencies are recorded in the period the inmates have been transported to their destination. |
Self-Funded Insurance Reserves | Self-Funded Insurance Reserves CCA is significantly self-insured for employee health, workers’ compensation, automobile liability claims, and general liability claims. As such, CCA’s insurance expense is largely dependent on claims experience and CCA’s ability to control its claims experience. CCA has consistently accrued the estimated liability for employee health insurance based on its history of claims experience and time lag between the incident date and the date the cost is paid by CCA. CCA has accrued the estimated liability for workers’ compensation claims based on an actuarially determined liability, discounted to the net present value of the outstanding liabilities, using a combination of actuarial methods used to project ultimate losses, and the Company’s automobile insurance claims based on estimated development factors on claims incurred. The liability for employee health, workers’ compensation, and automobile insurance includes estimates for both claims incurred and for claims incurred but not reported. CCA records litigation reserves related to general liability matters for which it is probable that a loss has been incurred and the range of such loss can be estimated. These estimates could change in the future. |
Income Taxes | Income Taxes CCA began operating as a REIT for federal income tax purposes effective January 1, 2013. As a REIT, the Company generally is not subject to corporate level federal income tax on taxable income it distributes to its stockholders as long as it meets the organizational and operational requirements under the REIT rules. However, certain subsidiaries have made an election with the Company to be treated as TRSs in conjunction with the Company’s REIT election. The TRS elections permit CCA to engage in certain business activities in which the REIT may not engage directly, so long as these activities are conducted in entities that elect to be treated as TRSs under the Internal Revenue Code. A TRS is subject to federal and state income taxes on the income from these activities and therefore, CCA includes a provision for taxes in its consolidated financial statements. Income taxes are accounted for under the provisions of ASC 740, “Income Taxes”. ASC 740 generally requires CCA to record deferred income taxes for the tax effect of differences between book and tax bases of its assets and liabilities. Deferred income taxes reflect the available net operating losses and the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. Realization of the future tax benefits related to deferred tax assets is dependent on many factors, including CCA’s past earnings history, expected future earnings, the character and jurisdiction of such earnings, unsettled circumstances that, if unfavorably resolved, would adversely affect utilization of its deferred tax assets, carryback and carryforward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which requires that all deferred tax assets and liabilities be classified as non-current on the balance sheet rather than separating deferred taxes into current and non-current amounts, as previously required. For public reporting entities such as CCA, the new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption of the new standard is permitted and the guidance may be adopted on either a prospective or retrospective basis. CCA elected to early adopt ASU 2015-17 in the fourth quarter of 2015 and to apply the new standard retrospectively. In retrospectively applying the new standard, CCA reclassified $13.2 million from current deferred tax assets, as previously presented, to non-current deferred tax assets on the December 31, 2014 consolidated balance sheet. See Note 12 for further discussion of the significant components of CCA’s deferred tax assets and liabilities. Income tax contingencies are accounted for under the provisions of ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance prescribed in ASC 740 establishes a recognition threshold of more likely than not that a tax position will be sustained upon examination. The measurement attribute requires that a tax position be measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
Foreign Currency Transactions | Foreign Currency Transactions CCA has extended a working capital loan to Agecroft Prison Management, Ltd. (“APM”), the operator of a correctional facility in Salford, England previously owned by a subsidiary of CCA. The working capital loan is denominated in British pounds; consequently, CCA adjusts these receivables to the current exchange rate at each balance sheet date and recognizes the unrealized currency gain or loss in current period earnings. See Note 7 for further discussion of CCA’s relationship with APM. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments To meet the reporting requirements of ASC 825, “Financial Instruments”, regarding fair value of financial instruments, CCA calculates the estimated fair value of financial instruments using market interest rates, quoted market prices of similar instruments, or discounted cash flow techniques with observable Level 1 inputs for publicly traded debt and Level 2 inputs for all other financial instruments, as defined in ASC 820, “Fair Value Measurement”. At December 31, 2015 and 2014, there were no material differences between the carrying amounts and the estimated fair values of CCA’s financial instruments, other than as follows (in thousands): December 31, 2015 2014 Carrying Amount Fair Value Carrying Fair Value Investment in direct financing lease $ 3,223 $ 3,408 $ 5,473 $ 6,048 Note receivable from APM $ 3,504 $ 5,864 $ 3,677 $ 6,539 Debt $ (1,464,000 ) $ (1,452,719 ) $ (1,200,000 ) $ (1,179,625 ) |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. |
Concentration of Credit Risks | Concentration of Credit Risks CCA’s credit risks relate primarily to cash and cash equivalents, restricted cash, accounts receivable, and an investment in a direct financing lease. Cash and cash equivalents and restricted cash are primarily held in bank accounts and overnight investments. CCA maintains deposits of cash in excess of federally insured limits with certain financial institutions. CCA’s accounts receivable and investment in direct financing lease represent amounts due primarily from governmental agencies. CCA’s financial instruments are subject to the possibility of loss in carrying value as a result of either the failure of other parties to perform according to their contractual obligations or changes in market prices that make the instruments less valuable. CCA derives its revenues primarily from amounts earned under federal, state, and local government contracts. For each of the years ended December 31, 2015, 2014, and 2013, federal correctional and detention authorities represented 51%, 44%, and 44%, respectively, of CCA’s total revenue. Federal correctional and detention authorities consist primarily of the Federal Bureau of Prisons (“BOP”), the United States Marshals Service (“USMS”), and ICE. The BOP accounted for 11%, 13%, and 13% of total revenue for 2015, 2014, and 2013, respectively. The USMS accounted for 16%, 17%, and 19% of total revenue for 2015, 2014, and 2013, respectively. ICE accounted for 24%, 13%, and 12% of total revenue for 2015, 2014, and 2013, respectively, with the increase in 2015 resulting from a new contract at the South Texas Family Residential Center, as further described in Note 5. These federal customers have management contracts at facilities CCA owns and at facilities CCA manages but does not own. Additionally, CCA’s management contracts with state correctional authorities represented 42%, 48%, and 49% of total revenue during the years ended December 31, 2015, 2014, and 2013, respectively. The State of California Department of Corrections and Rehabilitation (the “CDCR”) accounted for 11%, 14%, and 12% of total revenue for the years ended December 31, 2015, 2014, and 2013, respectively, including revenue generated under an operating lease that commenced December 1, 2013, at a facility we own in California. No other customer generated more than 10% of total revenue during 2015, 2014, or 2013. Although the revenue generated from each of these agencies is derived from numerous management contracts, the loss of one or more of such contracts could have a material adverse impact on CCA’s financial condition and results of operations. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation Restricted Stock CCA accounts for restricted stock-based compensation under the recognition and measurement principles of ASC 718, “Compensation-Stock Compensation”. CCA amortizes the fair market value as of the grant date of restricted stock awards over the vesting period using the straight-line method. The fair market value of performance-based restricted stock is amortized over the vesting period as long as CCA expects to meet the performance criteria. If achievement of the performance criteria becomes improbable, an adjustment is made to reverse the expense previously recognized. Stock Options CCA’s stock option plans are described more fully in Note 14. CCA accounts for those plans under the recognition and measurement principles of ASC 718. All options granted under those plans had an exercise price equal to the market value of the underlying common stock on the date of grant. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers”, which establishes a single, comprehensive revenue recognition standard for all contracts with customers. For public reporting entities such as CCA, ASU 2014-09 was originally effective for interim and annual periods beginning after December 15, 2016 and early adoption of the ASU was not permitted. In July 2015, the FASB agreed to defer the effective date of the ASU for public reporting entities by one year, or to interim and annual periods beginning after December 15, 2017. Early adoption is now allowed as of the original effective date for public companies. In summary, the core principle of ASU 2014-09 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a modified retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. CCA is currently planning to adopt the standard when effective in its fiscal year 2018. CCA is reviewing the ASU to determine the potential impact it might have on the Company’s results of operations or financial position and its related financial statement disclosures, along with evaluating which transition method will be utilized upon adoption. In September 2015, the FASB issued ASU 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments”, which eliminates the requirement for an acquirer in a business combination to account for measurement-period adjustments retrospectively. Instead, under the new standard, acquirers must recognize measurement-period adjustments during the period in which they determine the amounts, including the effect on earnings of any amounts they would have recorded in previous periods if the accounting had been completed at the acquisition date. For public reporting entities such as CCA, guidance in ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. CCA does not currently expect that the new standard will have a material impact on its financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Useful Life of Property and Equipment | Useful lives for property and equipment are as follows: Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 5 years Office furniture and fixtures 5 years |
Schedule of Financial Instruments Having Difference Between Carrying Amount and Fair Value | At December 31, 2015 and 2014, there were no material differences between the carrying amounts and the estimated fair values of CCA’s financial instruments, other than as follows (in thousands): December 31, 2015 2014 Carrying Amount Fair Value Carrying Fair Value Investment in direct financing lease $ 3,223 $ 3,408 $ 5,473 $ 6,048 Note receivable from APM $ 3,504 $ 5,864 $ 3,677 $ 6,539 Debt $ (1,464,000 ) $ (1,452,719 ) $ (1,200,000 ) $ (1,179,625 ) |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property and Equipment | Property and equipment, at cost, consists of the following (in thousands): December 31, 2015 2014 Land and improvements $ 207,405 $ 127,221 Buildings and improvements 3,443,791 3,048,836 Equipment and software 360,168 326,603 Office furniture and fixtures 35,018 30,884 Construction in progress 30,401 276,508 4,076,783 3,810,052 Less: Accumulated depreciation (1,193,723 ) (1,151,424 ) $ 2,883,060 $ 2,658,628 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of December 31, 2015 under these and other operating leases, inclusive of $206.7 million of payments expected to be made under the cancelable lease at the South Texas facility, are as follows (in thousands): 2016 $ 80,109 2017 73,993 2018 54,337 2019 615 2020 563 Thereafter 864 |
REAL ESTATE TRANSACTIONS (Table
REAL ESTATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summary of Idled Facilities and Respective Carrying Values | The following table summarizes each of the idled core facilities and their respective carrying values, excluding equipment and other assets that could generally be transferred and used at other facilities CCA owns without significant cost (dollars in thousands): Design Date Net Carrying Values at December 31, Facility Capacity Idled 2015 2014 Prairie Correctional Facility 1,600 2010 $ 17,961 $ 18,748 Huerfano County Correctional Center 752 2010 18,276 19,033 Diamondback Correctional Facility 2,160 2010 43,030 44,480 Otter Creek Correctional Center 656 2012 23,270 24,089 Marion Adjustment Center 826 2013 12,536 12,978 Lee Adjustment Center 816 2015 10,840 11,365 North Fork Correctional Facility 2,400 2015 74,805 76,544 9,210 $ 200,718 $ 207,237 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the transaction, CCA recorded the following (in millions): Property and equipment $ 119.2 Intangible assets 17.9 Total identifiable assets 137.1 Goodwill 20.4 Total consideration $ 157.5 |
INVESTMENT IN DIRECT FINANCIN35
INVESTMENT IN DIRECT FINANCING LEASE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Minimum Rentals to be Received Under the Direct Financing Lease in Future Years | A schedule of minimum rentals to be received under the direct financing lease in future years is as follows (in thousands): 2016 $ 2,793 2017 694 Total minimum obligation 3,487 Less unearned interest income (264 ) Less current portion of direct financing lease (2,539 ) Investment in direct financing lease $ 684 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2015 2014 Debt issuance costs, less accumulated amortization of $542 and $2,844, respectively $ 4,879 $ 4,760 Intangible lease value 37,430 24,289 Other intangible assets 4,191 555 Deferred leasing costs 8,021 8,338 Notes receivable, net 7,891 8,285 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 16,946 17,918 Deposits 2,020 1,982 Straight-line rent receivable 3,324 1,729 Other 2 685 $ 84,704 $ 68,541 |
ACCOUNTS PAYABLE, ACCRUED EXP37
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2015 2014 Trade accounts payable $ 72,689 $ 49,825 Accrued salaries and wages 28,871 58,173 Accrued dividends 65,232 61,129 Accrued workers’ compensation and auto liability 6,978 7,727 Accrued litigation 4,176 4,323 Accrued employee medical insurance 7,911 8,530 Accrued property taxes 24,796 24,522 Accrued interest 9,780 6,435 Deferred revenue 31,844 5,725 Construction payable 8,483 64,995 Lease financing obligation 19,775 — Other 37,140 26,182 $ 317,675 $ 317,566 |
Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands): December 31, 2015 2014 Intangible lease liability $ 6,965 7,352 Accrued workers’ compensation 15,188 15,732 Accrued deferred compensation 13,253 13,036 Lease financing obligation 21,047 — Other 1,856 3,356 $ 58,309 $ 39,476 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Debt Outstanding | Debt outstanding consists of the following (in thousands): December 31, 2015 2014 $900.0 Million Revolving Credit Facility, principal due at maturity in July 2020; interest payable periodically at variable interest rates. The weighted average rate at both December 31, 2015 and 2014 was 1.9%. $ 439,000 $ 525,000 Term Loan, scheduled principal payments through maturity in July 2020; interest payable periodically at variable interest rates. The rate at December 31, 2015 was 2.0%. Unamortized debt issuance costs amounted to $0.6 million at December 31, 2015. 100,000 — 4.625% Senior Notes, principal due at maturity in May 2023; interest payable semi-annually in May and November at 4.625%. Unamortized debt issuance costs amounted to $4.5 million and $5.2 million at December 31, 2015 and 2014, respectively. 350,000 350,000 4.125% Senior Notes, principal due at maturity in April 2020; interest payable semi-annually in April and October at 4.125%. Unamortized debt issuance costs amounted to $3.5 million and $4.3 million at December 31, 2015 and 2014, respectively. 325,000 325,000 5.0% Senior Notes, principal due at maturity in October 2022; interest payable semi-annually in April and October at 5.0%. Unamortized debt issuance costs amounted to $3.3 million at December 31, 2015. 250,000 — Total debt 1,464,000 1,200,000 Unamortized debt issuance costs (11,923 ) (9,545 ) Current portion of long-term debt (5,000 ) — Long-term debt, net of current portion $ 1,447,077 $ 1,190,455 |
Schedule of Principal Payments | Scheduled principal payments as of December 31, 2015 for the next five years and thereafter were as follows (in thousands): 2016 $ 5,000 2017 10,000 2018 10,000 2019 15,000 2020 824,000 Thereafter 600,000 Total debt $ 1,464,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components Of Income Tax Expense | Income tax expense (benefit) is comprised of the following components (in thousands): For the Years Ended December 31, 2015 2014 2013 Current income tax expense (benefit) Federal $ 2,519 $ 9,326 $ 13,674 State 136 828 2,368 2,655 10,154 16,042 Deferred income tax expense (benefit) Federal 5,589 (2,280 ) (144,771 ) State 117 (931 ) (6,266 ) 5,706 (3,211 ) (151,037 ) Income tax expense (benefit) $ 8,361 $ 6,943 $ (134,995 ) |
Components of Deferred Tax Assets and Liabilities | Significant components of CCA’s deferred tax assets and liabilities as of December 31, 2015 and 2014, are as follows (in thousands): December 31, 2015 2014 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 28,589 $ 31,634 Tax over book basis of certain assets 893 924 Net operating loss and tax credit carryforwards 5,287 5,008 Intangible contract value 2,717 2,877 Other 460 579 Total noncurrent deferred tax assets 37,946 41,022 Less valuation allowance (3,780 ) (4,065 ) Total noncurrent deferred tax assets 34,166 36,957 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (15,238 ) (11,332 ) Intangible lease value (8,862 ) (9,431 ) Other (242 ) (664 ) Total noncurrent deferred tax liabilities (24,342 ) (21,427 ) Net total noncurrent deferred tax assets $ 9,824 $ 15,530 |
Reconciliation of Income Tax Provision at Statutory Income Tax Rate and Effective Tax Rate | A reconciliation of the income tax provision at the statutory income tax rate and the effective tax rate as a percentage of income from continuing operations before income taxes for the years ended December 31, 2015, 2014, and 2013 is as follows: 2015 2014 2013 Statutory federal rate 35.0 % 35.0 % 35.0 % Dividends paid deduction (31.9 ) (31.1 ) (30.7 ) State taxes, net of federal tax benefit 0.9 0.8 1.1 Permanent differences 0.4 0.1 3.0 Impact of REIT election — — (87.0 ) Other items, net (0.8 ) (1.4 ) (1.0 ) 3.6 % 3.4 % (79.6 )% |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Summarized Results of Operations for Discontinued Facilities | The following table summarizes the results of operations for these two facilities for the year ended December 31, 2013 (in thousands): 2013 REVENUE: Managed-only $ 19,984 19,984 EXPENSES: Managed-only 22,529 Depreciation and amortization 799 Asset impairments 2,637 25,965 OPERATING LOSS (5,981 ) Other (expense) income (17 ) LOSS BEFORE INCOME TAXES (5,998 ) Income tax benefit 2,241 LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES $ (3,757 ) |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Tax Characterization of Dividends per Share on Common Shares | Dividends on Common Stock The tax characterization of dividends per share on common shares as reported to stockholders was as follows for the years ended December 31, 2015, 2014, and 2013: Declaration Date Record Date Payable Date Ordinary Return of Total February 22, 2013 April 3, 2013 April 15, 2013 0.346119 0.183881 $ 0.53 May 16, 2013 July 3, 2013 July 15, 2013 0.313466 0.166534 $ 0.48 August 16, 2013 October 2, 2013 October 15, 2013 0.313466 0.166534 $ 0.48 December 12, 2013 January 2, 2014 January 15, 2014 0.48 (1) — $ 0.48 February 20, 2014 April 2, 2014 April 15, 2014 0.51 (2) — $ 0.51 May 15, 2014 July 2, 2014 July 15, 2014 0.51 (2) — $ 0.51 August 14, 2014 October 2, 2014 October 15, 2014 0.51 (2) — $ 0.51 December 11, 2014 January 2, 2015 January 15, 2015 0.382836 (3) 0.127164 $ 0.51 February 20, 2015 April 2, 2015 April 15, 2015 0.405355 (4) 0.134645 $ 0.54 May 14, 2015 July 2, 2015 July 15, 2015 0.405355 (4) 0.134645 $ 0.54 August 13, 2015 October 2, 2015 October 15, 2015 0.405355 (4) 0.134645 $ 0.54 December 10, 2015 January 4, 2016 January 15, 2016 — (5) — (5) $ 0.54 (1) $0.072069 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (2) $0.076573 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (3) $0.048357 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (4) $0.051202 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (5) Taxable in 2016. |
Summary of Nonvested Restricted Common Stock Transactions | Nonvested restricted common stock transactions as of December 31, 2015 and for the year then ended are summarized below (in thousands, except per share amounts). Shares of restricted Weighted average Nonvested at December 31, 2014 1,020 $ 32.93 Granted 438 $ 40.04 Cancelled (43 ) $ 35.52 Vested (440 ) $ 31.51 Nonvested at December 31, 2015 975 $ 36.65 |
Summary of Stock Option Transactions Relating to Non-Qualified Stock Option Plans | Stock option transactions relating to CCA’s non-qualified stock option plans are summarized below (in thousands, except exercise prices): No. of Weighted- Weighted- Aggregate Outstanding at December 31, 2014 1,884 $ 20.00 Granted — — Exercised (413 ) 18.65 Cancelled (4 ) 22.34 Outstanding at December 31, 2015 1,467 $ 20.37 4.0 $ 9,044 Exercisable at December 31, 2015 1,416 $ 20.28 4.0 $ 8,846 |
Summary of Nonvested Stock Option Transactions Relating to Non-Qualified Stock Option Plans | Nonvested stock option transactions relating to CCA’s non-qualified stock option plans as of December 31, 2015 and changes during the year ended December 31, 2015 are summarized below (in thousands, except grant date fair values): Number of Weighted Nonvested at December 31, 2014 282 $ 6.66 Granted — $ — Cancelled (4 ) $ 6.34 Vested (227 ) $ 6.70 Nonvested at December 31, 2015 51 $ 6.50 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | A reconciliation of the numerator and denominator of the basic earnings per share computation to the numerator and denominator of the diluted earnings per share computation is as follows (in thousands, except per share data): For the Years Ended December 31, 2015 2014 2013 NUMERATOR Basic: Income from continuing operations $ 221,854 $ 195,022 $ 304,592 Loss from discontinued operations, net of taxes — — (3,757 ) Net income $ 221,854 $ 195,022 $ 300,835 Diluted: Income from continuing operations $ 221,854 $ 195,022 $ 304,592 Loss from discontinued operations, net of taxes — — (3,757 ) Diluted net income $ 221,854 $ 195,022 $ 300,835 DENOMINATOR Basic: Weighted average common shares outstanding 116,949 116,109 109,617 Diluted: Weighted average common shares outstanding 116,949 116,109 109,617 Effect of dilutive securities: Stock options 631 895 1,279 Restricted stock-based compensation 205 308 354 Weighted average shares and assumed conversions 117,785 117,312 111,250 BASIC EARNINGS PER SHARE: Income from continuing operations $ 1.90 $ 1.68 $ 2.77 Loss from discontinued operations, net of taxes — — (0.03 ) Net income $ 1.90 $ 1.68 $ 2.74 DILUTED EARNINGS PER SHARE: Income from continuing operations $ 1.88 $ 1.66 $ 2.73 Loss from discontinued operations, net of taxes — — (0.03 ) Net income $ 1.88 $ 1.66 $ 2.70 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Revenue and Net Operating Income of Owned and Managed and the Managed-Only Facilities and Reconciliation to CCA's Operating Income | The revenue and net operating income for the owned and managed and the managed-only facilities and a reconciliation to CCA’s operating income is as follows for the three years ended December 31, 2015, 2014, and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 Revenue: Owned and managed $ 1,543,750 $ 1,379,986 $ 1,386,355 Managed-only 211,995 232,685 301,454 Total management revenue 1,755,745 1,612,671 1,687,809 Operating expenses: Owned and managed 1,038,070 928,857 941,638 Managed-only 190,010 207,355 261,903 Total operating expenses 1,228,080 1,136,212 1,203,541 Facility net operating income Owned and managed 505,680 451,129 444,717 Managed-only 21,985 25,330 39,551 Total facility net operating income 527,665 476,459 484,268 Other revenue (expense): Rental and other revenue 37,342 34,196 6,488 Other operating expense (28,048 ) (19,923 ) (16,810 ) General and administrative expense (103,936 ) (106,429 ) (103,590 ) Depreciation and amortization (151,514 ) (113,925 ) (112,692 ) Asset impairments (955 ) (30,082 ) (6,513 ) Operating income $ 280,554 $ 240,296 $ 251,151 |
Summary of Capital Expenditures Including Accrued Amounts | The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2015, 2014, and 2013 (in thousands): For the Years Ended December 31, 2015 2014 2013 Capital expenditures: Owned and managed $ 382,781 $ 246,333 $ 96,975 Managed-only 4,049 3,171 3,719 Corporate and other 28,611 13,056 10,852 Discontinued operations — — 72 Total capital expenditures $ 415,441 $ 262,560 $ 111,618 |
Schedule of Total Assets | The total assets are as follows (in thousands): December 31, 2015 2014 Assets: Owned and managed $ 2,966,762 $ 2,745,905 Managed-only 54,491 68,146 Corporate and other 334,765 303,595 Total assets $ 3,356,018 $ 3,117,646 |
CONDENSED CONSOLIDATING FINAN44
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CCA AND SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2015 (in thousands) ASSETS Parent Combined Consolidating Total Cash and cash equivalents $ 15,666 $ 49,625 $ — $ 65,291 Restricted cash 637 240 — 877 Accounts receivable, net of allowance 300,632 159,286 (225,462 ) 234,456 Prepaid expenses and other current assets 3,760 43,706 (6,032 ) 41,434 Total current assets 320,695 252,857 (231,494 ) 342,058 Property and equipment, net 2,526,278 356,782 — 2,883,060 Restricted cash 131 — — 131 Investment in direct financing lease 684 — — 684 Goodwill 20,402 15,155 — 35,557 Non-current deferred tax assets — 10,217 (393 ) 9,824 Other assets 241,510 57,120 (213,926 ) 84,704 Total assets $ 3,109,700 $ 692,131 $ (445,813 ) $ 3,356,018 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 191,600 $ 357,569 $ (231,494 ) $ 317,675 Income taxes payable — 1,920 — 1,920 Current portion of long-term debt 5,000 — — 5,000 Total current liabilities 196,600 359,489 (231,494 ) 324,595 Long-term debt, net of current portion 1,448,316 113,761 (115,000 ) 1,447,077 Non-current deferred tax liabilities 393 — (393 ) — Deferred revenue — 63,289 — 63,289 Other liabilities 1,643 56,666 — 58,309 Total liabilities 1,646,952 593,205 (346,887 ) 1,893,270 Total stockholders’ equity 1,462,748 98,926 (98,926 ) 1,462,748 Total liabilities and stockholders’ equity $ 3,109,700 $ 692,131 $ (445,813 ) $ 3,356,018 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2014 (in thousands) ASSETS Parent Combined Consolidating Total Cash and cash equivalents $ 12,337 $ 62,056 $ — $ 74,393 Accounts receivable, net of allowance 167,626 178,911 (97,949 ) 248,588 Prepaid expenses and other current assets 17,060 34,705 (21,990 ) 29,775 Total current assets 197,023 275,672 (119,939 ) 352,756 Property and equipment, net 2,459,053 199,575 — 2,658,628 Restricted cash 1,267 1,591 — 2,858 Investment in direct financing lease 3,223 — — 3,223 Goodwill — 16,110 — 16,110 Non-current deferred tax assets — 16,019 (489 ) 15,530 Other assets 233,607 45,584 (210,650 ) 68,541 Total assets $ 2,894,173 $ 554,551 $ (331,078 ) $ 3,117,646 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 218,403 $ 205,213 $ (106,050 ) $ 317,566 Income taxes payable 195 1,173 — 1,368 Note payable to an affiliate — 13,854 (13,854 ) — Current liabilities of discontinued operations — 54 — 54 Total current liabilities 218,598 220,294 (119,904 ) 318,988 Long-term debt 1,191,917 113,538 (115,000 ) 1,190,455 Non-current deferred tax liabilities 490 — (490 ) — Deferred revenue — 87,227 — 87,227 Other liabilities 1,668 37,808 — 39,476 Total liabilities 1,412,673 458,867 (235,394 ) 1,636,146 Total stockholders’ equity 1,481,500 95,684 (95,684 ) 1,481,500 Total liabilities and stockholders’ equity $ 2,894,173 $ 554,551 $ (331,078 ) $ 3,117,646 |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2015 (in thousands) Parent Combined Consolidating Total REVENUES $ 1,184,878 $ 1,469,105 $ (860,896 ) $ 1,793,087 EXPENSES: Operating 889,203 1,227,821 (860,896 ) 1,256,128 General and administrative 33,248 70,688 — 103,936 Depreciation and amortization 82,745 68,769 — 151,514 Asset impairments — 955 — 955 1,005,196 1,368,233 (860,896 ) 1,512,533 OPERATING INCOME 179,682 100,872 — 280,554 OTHER (INCOME) EXPENSE: Interest expense, net 35,919 13,777 — 49,696 Expenses associated with debt refinancing transactions 701 — — 701 Other (income) expense 232 (414 ) 124 (58 ) 36,852 13,363 124 50,339 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 142,830 87,509 (124 ) 230,215 Income tax expense (1,541 ) (6,820 ) — (8,361 ) INCOME FROM CONTINUING OPERATIONS 141,289 80,689 (124 ) 221,854 Income from equity in subsidiaries 80,565 — (80,565 ) — NET INCOME $ 221,854 $ 80,689 $ (80,689 ) $ 221,854 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2014 (in thousands) Parent Combined Consolidating Total REVENUES $ 1,250,199 $ 1,268,654 $ (871,986 ) $ 1,646,867 EXPENSES: Operating 896,470 1,131,651 (871,986 ) 1,156,135 General and administrative 33,508 72,921 — 106,429 Depreciation and amortization 80,820 33,105 — 113,925 Asset impairments 29,915 167 — 30,082 1,040,713 1,237,844 (871,986 ) 1,406,571 OPERATING INCOME 209,486 30,810 — 240,296 OTHER (INCOME) EXPENSE: Interest expense, net 35,138 4,397 — 39,535 Other (income) expense 302 (786 ) (720 ) (1,204 ) 35,440 3,611 (720 ) 38,331 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 174,046 27,199 720 201,965 Income tax expense (552 ) (6,391 ) — (6,943 ) INCOME FROM CONTINUING OPERATIONS 173,494 20,808 720 195,022 Income from equity in subsidiaries 21,528 — (21,528 ) — NET INCOME $ 195,022 $ 20,808 $ (20,808 ) $ 195,022 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2013 (in thousands) Parent Combined Consolidating Total REVENUES $ 1,268,763 $ 1,351,695 $ (926,161 ) $ 1,694,297 EXPENSES: Operating 945,750 1,200,762 (926,161 ) 1,220,351 General and administrative 31,290 72,300 — 103,590 Depreciation and amortization 76,112 36,580 — 112,692 Asset impairments — 6,513 — 6,513 1,053,152 1,316,155 (926,161 ) 1,443,146 OPERATING INCOME 215,611 35,540 — 251,151 OTHER (INCOME) EXPENSE: Interest expense, net 38,319 6,807 — 45,126 Expenses associated with debt refinancing transactions 28,563 7,965 — 36,528 Other (income) expense (45 ) 23 (78 ) (100 ) 66,837 14,795 (78 ) 81,554 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 148,774 20,745 78 169,597 Income tax benefit (expense) 143,590 (8,595 ) — 134,995 INCOME FROM CONTINUING OPERATIONS 292,364 12,150 78 304,592 Income from equity in subsidiaries 8,471 — (8,471 ) — Loss from discontinued operations, net of taxes — (3,757 ) — (3,757 ) NET INCOME $ 300,835 $ 8,393 $ (8,393 ) $ 300,835 |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2015 (in thousands) Parent Combined Consolidating And Other Total Net cash provided by operating activities $ 102,371 $ 297,427 $ — $ 399,798 Net cash used in investing activities (93,891 ) (212,215 ) (103,175 ) (409,281 ) Net cash provided by (used in) financing activities (5,151 ) (97,643 ) 103,175 381 Net (decrease) increase in cash and cash equivalents 3,329 (12,431 ) — (9,102 ) CASH AND CASH EQUIVALENTS, beginning of year 12,337 62,056 — 74,393 CASH AND CASH EQUIVALENTS, end of year $ 15,666 $ 49,625 $ — $ 65,291 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2014 (in thousands) Parent Combined Consolidating And Other Total Net cash provided by operating activities $ 296,087 $ 127,494 $ — $ 423,581 Net cash used in investing activities (73,404 ) (102,337 ) (21,146 ) (196,887 ) Net cash used in financing activities (241,993 ) (9,373 ) 21,146 (230,220 ) Net (decrease) increase in cash and cash equivalents (19,310 ) 15,784 — (3,526 ) CASH AND CASH EQUIVALENTS, beginning of year 31,647 46,272 — 77,919 CASH AND CASH EQUIVALENTS, end of year $ 12,337 $ 62,056 $ — $ 74,393 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2013 (in thousands) Parent Combined Consolidating And Other Total Net cash provided by operating activities $ 211,247 $ 158,257 $ — $ 369,504 Net cash used in investing activities (83,895 ) (56,617 ) 15,000 (125,512 ) Net cash used in financing activities (95,705 ) (118,265 ) (15,000 ) (228,970 ) Net increase (decrease) in cash and cash equivalents 31,647 (16,625 ) — 15,022 CASH AND CASH EQUIVALENTS, beginning of year — 62,897 — 62,897 CASH AND CASH EQUIVALENTS, end of year $ 31,647 $ 46,272 $ — $ 77,919 |
SELECTED QUARTERLY FINANCIAL 45
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Selected Quarterly Financial Information | Selected quarterly financial information for each of the quarters in the years ended December 31, 2015 and 2014 is as follows (in thousands, except per share data): March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenue $ 426,000 $ 459,295 $ 459,957 $ 447,835 Operating income 68,826 79,753 65,436 66,539 Net income 57,277 65,303 50,676 48,598 Basic earnings per share: Net income $ 0.49 $ 0.56 $ 0.43 $ 0.41 Diluted earnings per share: Net income $ 0.49 $ 0.55 $ 0.43 $ 0.41 March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 Revenue $ 404,222 $ 410,694 $ 408,474 $ 423,477 Operating income 63,066 65,535 69,850 41,845 (1) Net income 51,738 55,732 57,546 30,006 (1) Basic earnings per share: Net income $ 0.45 $ 0.48 $ 0.50 $ 0.26 (1) Diluted earnings per share: Net income $ 0.44 $ 0.48 $ 0.49 $ 0.25 (1) (1) The earnings amounts in the fourth quarter of 2014 were unfavorably impacted by $27.8 million of non-cash impairments recorded to write down the book values of two of CCA’s non-core facilities to the estimated fair values, as discussed in Note 5. |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) | Dec. 31, 2015BedFacilityState | Aug. 27, 2015Bed |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of facilities owned by government partners, managed | 11 | |
Number of facilities owned or controlled by company | 66 | |
Number of beds at the facility | Bed | 88,500 | 600 |
Number of states in which company facilities are located | State | 20 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Organization And Operations [Line Items] | |||
Restricted cash | $ 1,000,000 | $ 2,900,000 | |
Accounts receivable, net of allowances for doubtful accounts | 234,456,000 | 248,588,000 | |
Accounts receivable, allowances for doubtful accounts | 459,000 | 748,000 | |
Reducing other assets and long-term debt | 9,500,000 | ||
Unamortized debt issuance costs | 11,923,000 | 9,545,000 | |
Non-current deferred tax assets | $ 34,166,000 | 36,957,000 | |
Percentage of likelihood required for a tax position to be measured | 50.00% | ||
Other assets | |||
Organization And Operations [Line Items] | |||
Unamortized debt issuance costs | $ 11,900,000 | $ 9,500,000 | |
Amended Revolving Credit Facility | |||
Organization And Operations [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | ||
Government Contracts Concentration Risk | Sales Revenue, Net | Federal Correctional And Detention Authorities | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 51.00% | 44.00% | 44.00% |
Government Contracts Concentration Risk | Sales Revenue, Net | Federal Bureau Of Prisons | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 11.00% | 13.00% | 13.00% |
Government Contracts Concentration Risk | Sales Revenue, Net | United States Marshals Service | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 16.00% | 17.00% | 19.00% |
Government Contracts Concentration Risk | Sales Revenue, Net | United States Immigration And Customs Enforcement | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 24.00% | 13.00% | 12.00% |
Government Contracts Concentration Risk | Sales Revenue, Net | State Correctional Authorities | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 42.00% | 48.00% | 49.00% |
Government Contracts Concentration Risk | Sales Revenue, Net | State of California Department of Corrections and Rehabilitation | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 11.00% | 14.00% | 12.00% |
Previously Reported | |||
Organization And Operations [Line Items] | |||
Current deferred tax assets | $ 13,200,000 | ||
Scenario, Adjustment | |||
Organization And Operations [Line Items] | |||
Non-current deferred tax assets | $ 13,200,000 | ||
Minimum | |||
Organization And Operations [Line Items] | |||
Renewal of contract terms | 2 years | ||
Maximum | |||
Organization And Operations [Line Items] | |||
Renewal of contract terms | 5 years |
Schedule of Useful Life of Prop
Schedule of Useful Life of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 20 years |
Building and Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 5 years |
Building and Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 50 years |
Equipment And Software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 3 years |
Equipment And Software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 5 years |
Office Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Average number of useful life in years | 5 years |
Schedule of Financial Instrumen
Schedule of Financial Instruments Having Difference Between Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Investment in direct financing lease, Carrying Amount | $ 3,223 | $ 5,473 |
Note receivable from APM, Carrying Amount | 3,504 | 3,677 |
Debt, Carrying Amount | (1,464,000) | (1,200,000) |
Investment in direct financing lease, Fair Value | 3,408 | 6,048 |
Note receivable from APM, Fair Value | 5,864 | 6,539 |
Debt, Fair Value | $ (1,452,719) | $ (1,179,625) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ||||||||
Establishment of goodwill | This goodwill was established in connection with the acquisition of Avalon Correctional Services, Inc. ("Avalon") in the fourth quarter of 2015, as further described in Note 6, the acquisition of Correctional Alternatives, Inc. during the third quarter of 2013, and the acquisitions of two service companies during 2000. | |||||||
Goodwill | $ 16,110 | $ 35,557 | $ 16,110 | |||||
Asset impairment charges | $ 27,800 | $ 955 | $ 30,082 | $ 6,513 | ||||
Winn Correctional Center | ||||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||||||
Goodwill impairment charges | $ 1,000 | |||||||
Bay Correctional Facility in Florida | ||||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||||||
Goodwill impairment charges | $ 1,100 | |||||||
Idaho Correctional Center | ||||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||||||
Goodwill impairment charges | $ 1,000 | |||||||
Wilkinson County Correctional Facility | ||||||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||||||
Goodwill impairment charges | $ 800 | |||||||
Asset impairment charges | 2,600 | |||||||
Other assets impairment charges | $ 1,800 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2015USD ($)FacilityPropertyBuilding | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2009USD ($) | |
Number of real estate properties owned | Property | 68 | |||||
Number of correctional and detention facilities | Facility | 66 | |||||
Number of real estate properties leased | Facility | 6 | |||||
Number of corporate office buildings | Building | 2 | |||||
Number of facilities owned by government partners, managed | Facility | 11 | |||||
Interest capitalization cost on construction in progress | $ 5,500,000 | $ 2,500,000 | $ 800,000 | |||
Depreciation expense | $ 151,400,000 | 114,000,000 | 112,800,000 | |||
Number of facilities subject to options | Facility | 11 | |||||
Number of facilities subject to options that are constructed on land which is leased from governmental agencies | Facility | 1 | |||||
Ground Lease expiration year | 2,017 | |||||
Expenses incurred on lease property | $ 85,900,000 | $ 9,100,000 | $ 5,900,000 | |||
Purchase price paid for real property in addition to bonds value | $ 100 | |||||
Third Party Lessor | ||||||
Agreement notice period for termination | 90 days | |||||
Payment amount | $ 70,000,000 | |||||
Depreciation of assets | 4 years | |||||
Third Party Lessor | Minimum | ||||||
Operating leases agreement renewal term | 1 year | |||||
Third Party Lessor | Preexisting Cottages | ||||||
Operating lease term | 4 months | |||||
South Texas Family Residential Center | ||||||
Payments expected to be made under the cancelable lease | $ 206,700,000 | |||||
South Texas Family Residential Center | Minimum | ||||||
Agreement notice period for termination | 90 days | |||||
Non-appropriation of fund | Third Party Lessor | ||||||
Agreement notice period for termination | 60 days | |||||
Lease termination penalty | $ 13,300,000 | |||||
Elizabeth Detention Center | ||||||
Operating lease, expire date | Jun. 30, 2022 | |||||
San Diego Correctional Facility | ||||||
Operating lease, expire date | Dec. 31, 2015 | |||||
Wheeler County Development Authority | ||||||
Percentage of property tax abatement | 50.00% | |||||
Principal amount of bond issued | $ 30,000,000 | |||||
Number of years of tax abatement | 6 years | |||||
Douglas-Coffee County Industrial Authority | ||||||
Percentage of property tax abatement | 100.00% | |||||
Principal amount of bond issued | $ 33,000,000 | |||||
Number of years of tax abatement | 5 years | |||||
Development Authority Of Telfair County | ||||||
Percentage of property tax abatement | 90.00% | |||||
Principal amount of bond issued | $ 15,000,000 | |||||
Number of years of tax abatement | 9 years | |||||
Percentage of property tax abatement, decrease in percentage | (10.00%) |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 207,405 | $ 127,221 |
Buildings and improvements | 3,443,791 | 3,048,836 |
Equipment and software | 360,168 | 326,603 |
Office furniture and fixtures | 35,018 | 30,884 |
Construction in progress | 30,401 | 276,508 |
Property and equipment, gross | 4,076,783 | 3,810,052 |
Less: Accumulated depreciation | (1,193,723) | (1,151,424) |
Property, and Equipment, total | $ 2,883,060 | $ 2,658,628 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases Future Minimum Payments [Line Items] | |
2,016 | $ 80,109 |
2,017 | 73,993 |
2,018 | 54,337 |
2,019 | 615 |
2,020 | 563 |
Thereafter | $ 864 |
Real Estate Transactions - Addi
Real Estate Transactions - Additional Information (Detail) $ in Thousands | Aug. 27, 2015USD ($)BedFacility | Sep. 30, 2014USD ($)Facility | Oct. 31, 2013USD ($) | Dec. 31, 2014USD ($)Installment | Sep. 30, 2014USD ($)Facility | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2015BedPerson | Jun. 30, 2014Person | Dec. 31, 2015USD ($)BedBusiness-Combination | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2014USD ($) | Nov. 30, 2013Bed |
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of beds at the facility | Bed | 600 | 88,500 | ||||||||||||
Operating Expense | $ 1,256,128 | $ 1,156,135 | $ 1,220,351 | |||||||||||
Asset impairments | $ 27,800 | 955 | 30,082 | 6,513 | ||||||||||
Amount invested to acquire property | 276,508 | 30,401 | 276,508 | |||||||||||
Deferred Revenue - Noncurrent | 87,227 | 63,289 | 87,227 | |||||||||||
Revenue | 1,755,745 | 1,612,671 | 1,687,809 | |||||||||||
Straight-line rent receivable | 1,729 | 3,324 | 1,729 | |||||||||||
Consideration paid | $ 13,800 | |||||||||||||
Business acquisition transaction related expenses | 200 | |||||||||||||
Purchase price, net tangible assets | 13,400 | |||||||||||||
Purchase price, identifiable intangible assets | $ 400 | |||||||||||||
Number of facilities acquired | Facility | 4 | |||||||||||||
Lease expiration date | 2019-07 | |||||||||||||
Lease extension period | 5 years | |||||||||||||
Leo Chesney Correctional Center | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net carrying value | 4,000 | |||||||||||||
Idle Facilities | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Operating Expense | 7,300 | 6,500 | $ 5,600 | |||||||||||
Noncore Business | Idle Facilities | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net carrying value | 5,500 | 5,100 | 5,500 | |||||||||||
Lee Adjustment Center | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of offender | Person | 308 | 458 | ||||||||||||
Net carrying value | 11,365 | $ 10,840 | 11,365 | |||||||||||
Number of beds at the facility | Bed | 816 | 816 | ||||||||||||
North Fork Correctional Facility | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net carrying value | 76,544 | $ 74,805 | 76,544 | |||||||||||
Number of beds at the facility | Bed | 2,400 | |||||||||||||
Queensgate Correctional And Mineral Wells Pre Parole Transfer Facility | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net carrying value | $ 28,800 | $ 28,800 | ||||||||||||
Asset impairments | 27,800 | |||||||||||||
Houston Educational Facility | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Net carrying value | $ 6,400 | |||||||||||||
Asset impairments | $ 2,200 | |||||||||||||
Offer from third party | $ 4,500 | $ 4,500 | ||||||||||||
Sale, closing date | 2014-12 | |||||||||||||
San Diego Correctional Facility | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of beds at the facility | Bed | 1,154 | |||||||||||||
Lease expiration date | Dec. 31, 2015 | |||||||||||||
Otay Mesa Detention Center | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of beds at the facility | Bed | 1,482 | |||||||||||||
Amount invested to acquire property | $ 157,000 | |||||||||||||
Trousdale Turner Correctional Center | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of beds at the facility | Bed | 2,552 | |||||||||||||
Amount invested to acquire property | $ 144,000 | |||||||||||||
Percentage of guaranteed occupancy under management contract | 90.00% | |||||||||||||
ICE | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Deferred Revenue - Noncurrent | $ 70,000 | 70,000 | ||||||||||||
Number of distinct multiple element arrangements | Business-Combination | 5 | |||||||||||||
Revenue | $ 244,200 | 21,000 | ||||||||||||
ICE | Installment Payment | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of installments | Installment | 2 | |||||||||||||
Installments due | Dec. 31, 2014 | |||||||||||||
Amount to be settled as an installment | $ 35,000 | $ 35,000 | ||||||||||||
State of California Department of Corrections and Rehabilitation | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Lease agreement commencing date | Dec. 1, 2013 | |||||||||||||
Lease term | 3 years | |||||||||||||
Renewal options term | 2 years | |||||||||||||
Annual rent | $ 28,500 | |||||||||||||
Rent increase percentage | 2.00% | |||||||||||||
Tenant improvements expenses | $ 10,000 | |||||||||||||
North Georgia Facility | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Asset impairments | $ 3,800 | |||||||||||||
Lease termination expenses | $ 1,000 | |||||||||||||
Maximum | South Texas Family Residential Center | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Number of beds at the facility | Facility | 2,400 | 2,400 | ||||||||||||
Management contract, initial term | 4 years | |||||||||||||
Minimum | South Texas Family Residential Center | ||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||
Agreement notice period for termination | 90 days |
Idled Facilities and Respective
Idled Facilities and Respective Carrying Values Excluding Equipment and Other Assets (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)Bed | Aug. 27, 2015Bed | Jun. 30, 2015Bed | Dec. 31, 2014USD ($) | |
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 88,500 | 600 | ||
Prairie Correctional Facility | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 1,600 | |||
Date Idled | 2,010 | |||
Net carrying value | $ | $ 17,961 | $ 18,748 | ||
Huerfano County Correctional Center | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 752 | |||
Date Idled | 2,010 | |||
Net carrying value | $ | $ 18,276 | 19,033 | ||
Diamondback Correctional Facility | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 2,160 | |||
Date Idled | 2,010 | |||
Net carrying value | $ | $ 43,030 | 44,480 | ||
Otter Creek Correctional Center | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 656 | |||
Date Idled | 2,012 | |||
Net carrying value | $ | $ 23,270 | 24,089 | ||
Marion Adjustment Center | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 826 | |||
Date Idled | 2,013 | |||
Net carrying value | $ | $ 12,536 | 12,978 | ||
Lee Adjustment Center | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 816 | 816 | ||
Date Idled | 2,015 | |||
Net carrying value | $ | $ 10,840 | 11,365 | ||
North Fork Correctional Facility | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 2,400 | |||
Date Idled | 2,015 | |||
Net carrying value | $ | $ 74,805 | 76,544 | ||
Idle Facilities | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 9,210 | |||
Net carrying value | $ | $ 200,718 | $ 207,237 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Aug. 27, 2015BedFacility | Dec. 31, 2015USD ($)BedFacility | Dec. 31, 2015USD ($)Bed | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||
Number of beds at the facility | Bed | 600 | 88,500 | 88,500 | |
Number of facilities acquired | Facility | 4 | |||
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | ||||
Business Acquisition [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 | $ 900,000,000 | |
Avalon Correctional Services, Inc | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, percentage of acquired stock | 100.00% | 100.00% | ||
Number of beds at the facility | Bed | 3,000 | 3,000 | ||
Number of facilities acquired | Facility | 11 | |||
Aggregate purchase price | $ 157,500,000 | |||
Business acquisition, transaction related expenses | $ 3,000,000 | |||
Avalon Correctional Services, Inc | The achievement of certain utilization milestones 12 months following the acquisition | ||||
Business Acquisition [Line Items] | ||||
Amounts due under earn-outs business combinations | 2,000,000 | 2,000,000 | ||
Avalon Correctional Services, Inc | The completion of and transition to a newly constructed facility that will deliver the contracted services provided at the Dallas Transitional Center | ||||
Business Acquisition [Line Items] | ||||
Amounts due under earn-outs business combinations | $ 5,500,000 | $ 5,500,000 |
Business Combination Purchase P
Business Combination Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Aug. 27, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Property and equipment | $ 13,400 | ||
Goodwill | $ 35,557 | $ 16,110 | |
Avalon Correctional Services, Inc | |||
Business Acquisition [Line Items] | |||
Property and equipment | 119,200 | ||
Intangible assets | 17,900 | ||
Total identifiable assets | 137,100 | ||
Goodwill | 20,400 | ||
Total consideration | $ 157,500 |
Investment in Affiliate - Addit
Investment in Affiliate - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investments in and Advances to Affiliates [Line Items] | |||
Duration of prison management contract with an agency of the United Kingdom government | 25 years | ||
Working capital loan to APM | $ 3,500,000 | ||
Equity earnings (losses) of joint venture | $ (126,000) | $ 720,000 | $ 78,000 |
Agecroft Prison Management Ltd | |||
Investments in and Advances to Affiliates [Line Items] | |||
Variable interest entity, ownership percentage | 50.00% | ||
Other assets | |||
Investments in and Advances to Affiliates [Line Items] | |||
Equity in net earnings of Affiliate | $ 100,000 |
Investment in Direct Financin59
Investment in Direct Financing Lease (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Finance Lease Obligations [Line Items] | ||
2,016 | $ 2,793 | |
2,017 | 694 | |
Total minimum obligation | 3,487 | |
Less unearned interest income | (264) | |
Less current portion of direct financing lease | (2,539) | |
Investment in direct financing lease | $ 684 | $ 3,223 |
Investment in Direct Financin60
Investment in Direct Financing Lease - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Finance Lease Obligations [Line Items] | |||
Interest income of direct financing lease | $ 0.5 | $ 0.8 | $ 1 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Other Assets [Line Items] | ||
Debt issuance costs, less accumulated amortization of $542 and $2,844, respectively | $ 4,879 | $ 4,760 |
Intangible lease value | 37,430 | 24,289 |
Other intangible assets | 4,191 | 555 |
Deferred leasing costs | 8,021 | 8,338 |
Notes receivable, net | 7,891 | 8,285 |
Cash equivalents and cash surrender value of life insurance held in Rabbi trust | 16,946 | 17,918 |
Deposits | 2,020 | 1,982 |
Straight-line rent receivable | 3,324 | 1,729 |
Other | 2 | 685 |
Other assets, total | $ 84,704 | $ 68,541 |
Schedule of Other Assets (Paren
Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Other Assets [Line Items] | ||
Debt issuance costs, accumulated amortization | $ 542 | $ 2,844 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Trade accounts payable | $ 72,689 | $ 49,825 |
Accrued salaries and wages | 28,871 | 58,173 |
Accrued dividends | 65,232 | 61,129 |
Accrued workers' compensation and auto liability | 6,978 | 7,727 |
Accrued litigation | 4,176 | 4,323 |
Accrued employee medical insurance | 7,911 | 8,530 |
Accrued property taxes | 24,796 | 24,522 |
Accrued interest | 9,780 | 6,435 |
Deferred revenue | 31,844 | 5,725 |
Construction payable | 8,483 | 64,995 |
Lease financing obligation | 19,775 | |
Other | 37,140 | 26,182 |
Accounts payable and accrued expenses, total | $ 317,675 | $ 317,566 |
Accounts Payable, Accrued Exp64
Accounts Payable, Accrued Expenses and Other Long-Term Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Workers' compensation and auto liability | $ 22.2 | $ 23.5 |
Workers' compensation discount rate | 3.00% | 3.00% |
Workers compensation and auto liability, undiscounted basis | $ 25 | $ 26.4 |
Other Long Term Liabilities (De
Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Long Term Liabilities [Line Items] | ||
Intangible lease liability | $ 6,965 | $ 7,352 |
Accrued workers' compensation | 15,188 | 15,732 |
Accrued deferred compensation | 13,253 | 13,036 |
Lease financing obligation | 21,047 | |
Other | 1,856 | 3,356 |
Other liabilities | $ 58,309 | $ 39,476 |
Schedule of Debt Outstanding (D
Schedule of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,464,000 | $ 1,200,000 |
Unamortized debt issuance costs | (11,923) | (9,545) |
Current portion of long-term debt | (5,000) | |
Long-term debt, net of current portion | 1,447,077 | 1,190,455 |
Senior Notes 4.625% Due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | 350,000 | 350,000 |
Unamortized debt issuance costs | (4,500) | (5,200) |
Senior Notes 4.125% Due 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 325,000 | 325,000 |
Unamortized debt issuance costs | (3,500) | (4,300) |
Senior Notes 5.0% Due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | 250,000 | |
Unamortized debt issuance costs | (3,300) | |
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | 439,000 | $ 525,000 |
Term Loan Due in July 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 100,000 | |
Unamortized debt issuance costs | $ (600) |
Schedule of Debt Outstanding (P
Schedule of Debt Outstanding (Parenthetical) (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 11,923,000 | $ 9,545,000 |
Senior Notes 4.625% Due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.625% | |
Debt maturity date | May 1, 2023 | |
Interest payable dates | interest payable semi-annually in May and November at 4.625%. | |
Unamortized debt issuance costs | $ 4,500,000 | 5,200,000 |
Senior Notes 4.125% Due 2020 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.125% | |
Debt maturity date | Apr. 1, 2020 | |
Interest payable dates | interest payable semi-annually in April and October at 4.125%. | |
Unamortized debt issuance costs | $ 3,500,000 | 4,300,000 |
Senior Notes 5.0% Due 2022 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.00% | |
Debt maturity date | Oct. 15, 2022 | |
Interest payable dates | interest payable semi-annually in April and October at 5.0%. | |
Unamortized debt issuance costs | $ 3,300,000 | |
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 |
Revolving Credit Facility maturity date | Jul. 31, 2020 | |
Weighted average rate | 1.90% | 1.90% |
Interest payable dates | interest payable periodically at variable interest rates. | |
Term Loan Due in July 2020 | ||
Debt Instrument [Line Items] | ||
Debt interest rate | 2.00% | |
Debt maturity date | Jul. 31, 2020 | |
Interest payable dates | interest payable periodically at variable interest rates. | |
Unamortized debt issuance costs | $ 600,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Oct. 06, 2015 | Jul. 31, 2015 | Apr. 30, 2013 | Sep. 30, 2015 | Dec. 31, 2015 | Sep. 25, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||||
Borrowings under credit facility | $ 439,000,000 | ||||||
Revolving Credit Facility letters of credit outstanding | $ 14,500,000 | $ 16,300,000 | |||||
Percentage of Senior Notes offer price in connection with an asset sale | 100.00% | ||||||
Percentage of Senior Notes offer price in connection with change in control | 101.00% | ||||||
Combined Subsidiary Guarantors | |||||||
Debt Instrument [Line Items] | |||||||
Ownership percentage of subsidiaries | 100.00% | ||||||
Senior Notes 5.0% Due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ 3,400,000 | ||||||
Aggregate principal amount | $ 250,000,000 | ||||||
Debt maturity date | Oct. 15, 2022 | ||||||
Stated interest rate | 5.00% | ||||||
Long-term debt payment description | Interest on the 5.0% Senior Notes accrues at the stated rate and is payable in April and October of each year. | ||||||
Debt instrument redemption percentage of par | 100.00% | ||||||
Senior Notes 4.125% Due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Debt maturity date | Apr. 1, 2020 | ||||||
Stated interest rate | 4.125% | ||||||
Debt instrument redemption percentage of par | 100.00% | ||||||
Senior Notes 4.625% Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt maturity date | May 1, 2023 | ||||||
Stated interest rate | 4.625% | ||||||
Debt instrument redemption percentage of par | 100.00% | ||||||
Senior Notes Due 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 325,000,000 | ||||||
Debt maturity date | Apr. 1, 2020 | ||||||
Stated interest rate | 4.125% | ||||||
Senior Notes Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 350,000,000 | ||||||
Debt maturity date | May 1, 2023 | ||||||
Stated interest rate | 4.625% | ||||||
Amended Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | ||||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | ||||||
Reduction in applicable margin of base rate | 0.25% | ||||||
Reduction in applicable margin of LIBOR rate | 0.25% | ||||||
Debt issuance costs | $ 2,100,000 | ||||||
Charge against write-off of loan costs | $ 700,000 | ||||||
Line of credit interest on outstanding borrowings | At CCA's option, interest on outstanding borrowings under the $900.0 Million Revolving Credit Facility is based on either a base rate plus a margin ranging from 0.00% to 0.75% or at LIBOR plus a margin ranging from 1.00% to 1.75% based on CCA's leverage ratio. | ||||||
Base rate plus a margin | 0.50% | ||||||
LIBOR plus a margin | 1.50% | ||||||
Line of credit facility, aggregate principal amount of additional borrowing | 350,000,000 | ||||||
Sublimit swing line loans | 30,000,000 | ||||||
Percentage of commitment fee to unfunded balance | 0.35% | ||||||
Line of credit facility, remaining borrowing capacity | $ 446,500,000 | ||||||
Sublimit for issuance of standby letters of credit | $ 50,000,000 | ||||||
Percentage of capital stock of foreign subsidiary secured by pledge under Revolving Credit Facilities | 65.00% | ||||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Base rate plus a margin | 0.00% | ||||||
LIBOR plus a margin | 1.00% | ||||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Base rate plus a margin | 0.75% | ||||||
LIBOR plus a margin | 1.75% | ||||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | Extended Maturity | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility maturity date | Jul. 31, 2020 | ||||||
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 | |||||
Revolving Credit Facility maturity date | Jul. 31, 2020 | ||||||
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | Term Loan Due in July 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs | $ 600,000 | ||||||
Base rate plus a margin | 0.50% | ||||||
LIBOR plus a margin | 1.75% | ||||||
Aggregate principal amount | $ 100,000,000 |
Schedule of Principal Payments
Schedule of Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 5,000 | |
2,017 | 10,000 | |
2,018 | 10,000 | |
2,019 | 15,000 | |
2,020 | 824,000 | |
Thereafter | 600,000 | |
Total debt | $ 1,464,000 | $ 1,200,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | ||||
Minimum Distribution Percentage of Taxable Income to Qualify for Real Estate Investment Trust | 90.00% | |||
Minimum distribution Percentage of Taxable Income to avoid Federal Income Taxes | 100.00% | |||
Tax benefits associated with equity-based compensation | $ 525,000 | $ 665,000 | $ 351,000 | |
Effective tax rate | 3.60% | 3.40% | (79.60%) | |
Expected net tax benefit | $ 137,700,000 | |||
Liabilities for uncertain tax positions | $ 0 | $ 0 | ||
Income tax receivable | $ 21,200,000 | $ 12,800,000 |
Components of Income Tax Expens
Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Expenses [Line Items] | |||
Current income tax expense (benefit), Federal | $ 2,519 | $ 9,326 | $ 13,674 |
Current income tax expense (benefit), State | 136 | 828 | 2,368 |
Current income tax expense (benefit), Total | 2,655 | 10,154 | 16,042 |
Deferred income tax expense (benefit), Federal | 5,589 | (2,280) | (144,771) |
Deferred income tax expense (benefit), State | 117 | (931) | (6,266) |
Deferred income tax expense (benefit), Total | 5,706 | (3,211) | (151,037) |
Income tax expense (benefit) | $ 8,361 | $ 6,943 | $ (134,995) |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Asset reserves and liabilities not yet deductible for tax | $ 28,589 | $ 31,634 |
Tax over book basis of certain assets | 893 | 924 |
Net operating loss and tax credit carryforwards | 5,287 | 5,008 |
Intangible contract value | 2,717 | 2,877 |
Noncurrent deferred tax assets, Other | 460 | 579 |
Total noncurrent deferred tax assets | 37,946 | 41,022 |
Less valuation allowance | (3,780) | (4,065) |
Total noncurrent deferred tax assets | 34,166 | 36,957 |
Book over tax basis of certain assets | (15,238) | (11,332) |
Intangible lease value | (8,862) | (9,431) |
Deferred tax liabilities, other | (242) | (664) |
Total noncurrent deferred tax liabilities | (24,342) | (21,427) |
Non-current deferred tax assets | $ 9,824 | $ 15,530 |
Reconciliation of Income Tax Pr
Reconciliation of Income Tax Provision at Statutory Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Provision of Income Taxes [Line Items] | |||
Statutory federal rate | 35.00% | 35.00% | 35.00% |
Dividends paid deduction | (31.90%) | (31.10%) | (30.70%) |
State taxes, net of federal tax benefit | 0.90% | 0.80% | 1.10% |
Permanent differences | 0.40% | 0.10% | 3.00% |
Impact of REIT election | (87.00%) | ||
Other items, net | (0.80%) | (1.40%) | (1.00%) |
Effective income tax rate, Total | 3.60% | 3.40% | (79.60%) |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2013Facility |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Assets of discontinued operations | $ | $ 0 | $ 0 | |
Current liabilities of discontinued operations | $ | $ 54,000 | ||
Dawson State Jail | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Housing capacity of terminated facility, in beds | Facility | 2,216 | ||
Wilkinson County Correctional Facility | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Housing capacity of terminated facility, in beds | Facility | 1,000 |
Summarized Results of Operation
Summarized Results of Operations for Discontinued Facilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Discontinued Operations [Line Items] | |
Managed-only, Revenue | $ 19,984 |
Managed-only, Revenue | 19,984 |
Managed-only, Expenses | 22,529 |
Depreciation and amortization, Expenses | 799 |
Asset impairments | 2,637 |
Disposal Group, Including Discontinued Operation, Operating Expense, Total | 25,965 |
OPERATING LOSS | (5,981) |
Other (expense) income | (17) |
LOSS BEFORE INCOME TAXES | (5,998) |
Income tax benefit | 2,241 |
LOSS FROM DISCONTINUED OPERATIONS, NET OF TAXES | $ (3,757) |
Declared Common Stock Dividends
Declared Common Stock Dividends (Detail) | 12 Months Ended | |
Dec. 31, 2015$ / shares | ||
Dividend Payment 1st | ||
Dividends Payable [Line Items] | ||
Declaration Date | Feb. 22, 2013 | |
Record Date | Apr. 3, 2013 | |
Payable Date | Apr. 15, 2013 | |
Ordinary Income | $ 0.346119 | |
Return of Capital | 0.183881 | |
Total Per Share | $ 0.53 | |
Dividend Payment 2nd | ||
Dividends Payable [Line Items] | ||
Declaration Date | May 16, 2013 | |
Record Date | Jul. 3, 2013 | |
Payable Date | Jul. 15, 2013 | |
Ordinary Income | $ 0.313466 | |
Return of Capital | 0.166534 | |
Total Per Share | $ 0.48 | |
Dividend Payment 3rd | ||
Dividends Payable [Line Items] | ||
Declaration Date | Aug. 16, 2013 | |
Record Date | Oct. 2, 2013 | |
Payable Date | Oct. 15, 2013 | |
Ordinary Income | $ 0.313466 | |
Return of Capital | 0.166534 | |
Total Per Share | $ 0.48 | |
Dividend Payment 4th | ||
Dividends Payable [Line Items] | ||
Declaration Date | Dec. 12, 2013 | |
Record Date | Jan. 2, 2014 | |
Payable Date | Jan. 15, 2014 | |
Ordinary Income | $ 0.480000 | [1] |
Total Per Share | $ 0.48 | |
Dividend Payment 5th | ||
Dividends Payable [Line Items] | ||
Declaration Date | Feb. 20, 2014 | |
Record Date | Apr. 2, 2014 | |
Payable Date | Apr. 15, 2014 | |
Ordinary Income | $ 0.510000 | [2] |
Total Per Share | $ 0.51 | |
Dividend Payment 6th | ||
Dividends Payable [Line Items] | ||
Declaration Date | May 15, 2014 | |
Record Date | Jul. 2, 2014 | |
Payable Date | Jul. 15, 2014 | |
Ordinary Income | $ 0.510000 | [2] |
Total Per Share | $ 0.51 | |
Dividend Payment 7th | ||
Dividends Payable [Line Items] | ||
Declaration Date | Aug. 14, 2014 | |
Record Date | Oct. 2, 2014 | |
Payable Date | Oct. 15, 2014 | |
Ordinary Income | $ 0.510000 | [2] |
Total Per Share | $ 0.51 | |
Dividend Payment 8th | ||
Dividends Payable [Line Items] | ||
Declaration Date | Dec. 11, 2014 | |
Record Date | Jan. 2, 2015 | |
Payable Date | Jan. 15, 2015 | |
Ordinary Income | $ 0.382836 | [3] |
Return of Capital | 0.127164 | |
Total Per Share | $ 0.51 | |
Dividend Payment 9th | ||
Dividends Payable [Line Items] | ||
Declaration Date | Feb. 20, 2015 | |
Record Date | Apr. 2, 2015 | |
Payable Date | Apr. 15, 2015 | |
Ordinary Income | $ 0.405355 | [4] |
Return of Capital | 0.134645 | |
Total Per Share | $ 0.54 | |
Dividend Payment 10th | ||
Dividends Payable [Line Items] | ||
Declaration Date | May 14, 2015 | |
Record Date | Jul. 2, 2015 | |
Payable Date | Jul. 15, 2015 | |
Ordinary Income | $ 0.405355 | [4] |
Return of Capital | 0.134645 | |
Total Per Share | $ 0.54 | |
Dividend Payment 11th | ||
Dividends Payable [Line Items] | ||
Declaration Date | Aug. 13, 2015 | |
Record Date | Oct. 2, 2015 | |
Payable Date | Oct. 15, 2015 | |
Ordinary Income | $ 0.405355 | [4] |
Return of Capital | 0.134645 | |
Total Per Share | $ 0.54 | |
Dividend Payment 12th | ||
Dividends Payable [Line Items] | ||
Declaration Date | Dec. 10, 2015 | |
Record Date | Jan. 4, 2016 | |
Payable Date | Jan. 15, 2016 | |
Ordinary Income | [5] | |
Return of Capital | [5] | |
Total Per Share | $ 0.54 | |
[1] | $0.072069 of this amount constitutes a "Qualified Dividend", as defined by the IRS | |
[2] | $0.076573 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |
[3] | $0.048357 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |
[4] | $0.051202 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |
[5] | Taxable in 2016. |
Declared Common Stock Dividen77
Declared Common Stock Dividends (Parenthetical) (Detail) - Qualified dividend as defined by the IRS | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Dividends Payable [Line Items] | |
Dividend declared per share | $ 0.072069 |
Dividend declared per share | 0.076573 |
Dividend declared per share | 0.048357 |
Dividend declared per share | $ 0.051202 |
Stockholders Equity - Additiona
Stockholders Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Apr. 08, 2013 | Apr. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 09, 2013 | Dec. 31, 2011 | Dec. 31, 2003 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Closing price of common stock | $ 38.90 | |||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||||||
Preferred stock, shares par value | $ 0.01 | $ 0.01 | ||||||
Total intrinsic value of options exercised | $ 7,300 | $ 12,300 | $ 36,900 | |||||
Ordinary Income | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Dividend declared per share | $ 6.647357 | |||||||
Return of Capital | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Dividend declared per share | $ 0.012643 | |||||||
2008 Stock Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Number of shares authorized for issuance of awards | 18,000,000 | |||||||
Number of shares available for issuance | 10,300,000 | |||||||
Non-Employee Directors' Compensation Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Number of shares authorized for issuance of awards | 225,000 | |||||||
Number of shares available for issuance | 200,000 | |||||||
Dividend Declared | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Dividend declared | $ 675,000 | |||||||
Dividend declared per share | $ 6.66 | |||||||
Dividend declared payment date | May 20, 2013 | |||||||
Dividend declared record date | Apr. 19, 2013 | |||||||
Special Dividend | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Dividend declared | $ 135,546 | |||||||
Dividend declared per share | $ 6.66 | |||||||
Number of shares of CCA common stock distributed pursuant to the special dividend | 13,900,000 | |||||||
Maximum | Special Dividend | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Dividend declared, maximum percentage of cash dividend | 20.00% | |||||||
Dividend declared, cash | $ 135,000 | |||||||
Restricted stock based compensation | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Restricted common stock and common stock units and stock options issued by CCA to certain of its employees | 438,000 | 548,000 | ||||||
Fair value of restricted common stock and common stock units and stock options issued by CCA to certain of its employees | $ 17,500 | $ 17,800 | ||||||
Unrecognized compensation cost | $ 17,400 | |||||||
Remaining period for recognizing the unrecognized compensation cost, in years | 1 year 8 months 12 days | |||||||
Allocated share-based compensation expense | $ 14,700 | 12,100 | $ 9,800 | |||||
Total fair value of restricted common stock and common stock units that vested | $ 13,900 | $ 9,800 | 10,500 | |||||
Restricted stock based compensation | Officers And Executive Officers | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Performance criteria, cumulative period | 3 years | |||||||
Percent of awards eligible to vest | 33.33% | |||||||
Restricted stock based compensation | Other Employees | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Vesting period, continuous service requirement | 3 years | |||||||
Restricted stock based compensation | General and Administrative | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Restricted common stock and common stock units and stock options issued by CCA to certain of its employees | 385,000 | 478,000 | ||||||
Allocated share-based compensation expense | $ 13,200 | $ 10,700 | 8,600 | |||||
Restricted stock based compensation | Operating | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Restricted common stock and common stock units and stock options issued by CCA to certain of its employees | 53,000 | 70,000 | ||||||
Allocated share-based compensation expense | $ 1,500 | $ 1,400 | 1,200 | |||||
Stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Unrecognized compensation cost | $ 100 | |||||||
Remaining period for recognizing the unrecognized compensation cost, in years | 4 months 24 days | |||||||
Term of options | 10 years | |||||||
Stock options | General and Administrative | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Expense net of estimated forfeitures, relating to common stock options | $ 700 | $ 1,900 | $ 3,100 | |||||
Stock options | Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Vesting period | 4 years | |||||||
Stock options | Minimum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||
Vesting period | 3 years |
Summary of Nonvested Restricted
Summary of Nonvested Restricted Common Stock Transactions (Detail) - Restricted stock based compensation shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of restricted common stock and RSUs, Nonvested at December 31, 2014 | shares | 1,020 |
Shares of restricted common stock and RSUs, Granted | shares | 438 |
Shares of restricted common stock and RSUs, Cancelled | shares | (43) |
Shares of restricted common stock and RSUs, Vested | shares | (440) |
Shares of restricted common stock and RSUs, Nonvested at December 31, 2015 | shares | 975 |
Weighted average grant date fair value, Nonvested at December 31, 2014 | $ / shares | $ 32.93 |
Weighted average grant date fair value, Granted | $ / shares | 40.04 |
Weighted average grant date fair value, Cancelled | $ / shares | 35.52 |
Weighted average grant date fair value, Vested | $ / shares | 31.51 |
Weighted average grant date fair value, Nonvested at December 31, 2015 | $ / shares | $ 36.65 |
Summary of Stock Option Transac
Summary of Stock Option Transactions Relating to Non-Qualified Stock Option Plans (Detail) - Stock options $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding at December 31, 2014 | shares | 1,884 |
No. of options, Granted | shares | 0 |
No. of options, Exercised | shares | (413) |
No. of options, Cancelled | shares | (4) |
No. of options, Outstanding at December 31, 2015 | shares | 1,467 |
No. of options, Exercisable at December 31, 2015 | shares | 1,416 |
Weighted-Average Exercise Price per Share | |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2014 | $ / shares | $ 20 |
Weighted-Average Exercise Price of options, Granted | $ / shares | 0 |
Weighted-Average Exercise Price of options, Exercised | $ / shares | 18.65 |
Weighted-Average Exercise Price of options, Cancelled | $ / shares | 22.34 |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2015 | $ / shares | 20.37 |
Weighted-Average Exercise Price of options, Exercisable at December 31, 2015 | $ / shares | $ 20.28 |
Weighted Average Remaining Contractual Term (in years) | |
Outstanding at December 31, 2015 | 4 years |
Exercisable at December 31, 2015 | 4 years |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2015 | $ | $ 9,044 |
Exercisable at December 31, 2015 | $ | $ 8,846 |
Summary of Nonvested Stock Opti
Summary of Nonvested Stock Option Transactions (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Nonvested at December 31, 2014 | shares | 282 |
Number of options, Granted | shares | 0 |
Number of options, Cancelled | shares | (4) |
Number of options, Vested | shares | (227) |
Number of options, Nonvested at December 31, 2015 | shares | 51 |
Weighted average grant date fair value, Nonvested at December 31, 2014 | $ / shares | $ 6.66 |
Weighted average grant date fair value, Granted | $ / shares | 0 |
Weighted average grant date fair value, Cancelled | $ / shares | 6.34 |
Weighted average grant date fair value, Vested | $ / shares | 6.70 |
Weighted average grant date fair value, Nonvested at December 31, 2015 | $ / shares | $ 6.50 |
Schedule of Calculation of Nume
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | $ 221,854 | $ 195,022 | $ 304,592 | |||||||||
Loss from discontinued operations, net of taxes | (3,757) | |||||||||||
Net income | $ 48,598 | $ 50,676 | $ 65,303 | $ 57,277 | $ 30,006 | $ 57,546 | $ 55,732 | $ 51,738 | $ 221,854 | $ 195,022 | $ 300,835 | |
Weighted average shares and assumed conversions | 117,785 | 117,312 | 111,250 | |||||||||
Income from continuing operations | $ 1.90 | $ 1.68 | $ 2.77 | |||||||||
Loss from discontinued operations, net of taxes | (0.03) | |||||||||||
Net income | $ 0.41 | $ 0.43 | $ 0.56 | $ 0.49 | $ 0.26 | $ 0.50 | $ 0.48 | $ 0.45 | 1.90 | 1.68 | 2.74 | |
Income from continuing operations | 1.88 | 1.66 | 2.73 | |||||||||
Loss from discontinued operations, net of taxes | (0.03) | |||||||||||
Net income | $ 0.41 | $ 0.43 | $ 0.55 | $ 0.49 | $ 0.25 | $ 0.49 | $ 0.48 | $ 0.44 | $ 1.88 | $ 1.66 | $ 2.70 | |
Basic Earnings Per Share | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | $ 221,854 | $ 195,022 | $ 304,592 | |||||||||
Loss from discontinued operations, net of taxes | (3,757) | |||||||||||
Net income | $ 221,854 | $ 195,022 | $ 300,835 | |||||||||
Weighted average common shares outstanding, basic | 116,949 | 116,109 | 109,617 | |||||||||
Diluted Earnings Per Share | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
INCOME FROM CONTINUING OPERATIONS | $ 221,854 | $ 195,022 | $ 304,592 | |||||||||
Loss from discontinued operations, net of taxes | (3,757) | |||||||||||
Net income | $ 221,854 | $ 195,022 | $ 300,835 | |||||||||
Weighted average common shares outstanding, diluted | 116,949 | 116,109 | 109,617 | |||||||||
Stock options | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Effect of dilutive securities | 631 | 895 | 1,279 | |||||||||
Restricted stock based compensation | ||||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Effect of dilutive securities | 205 | 308 | 354 | |||||||||
[1] | The earnings amounts in the fourth quarter of 2014 were unfavorably impacted by $27.8 million of non-cash impairments recorded to write down the book values of two of CCA's non-core facilities to the estimated fair values, as discussed in Note 5. |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Stock options excluded from computation of earnings per share because they were anti-dilutive | 8,000 | 12,000 | 15,000 | |
Special Dividend | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Number of shares of CCA common stock distributed pursuant to the special dividend | 13,900,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2015USD ($)BedLegalMatterCompensationPlan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Aug. 27, 2015Bed | Dec. 31, 1997USD ($)Facility | |
Loss Contingencies [Line Items] | |||||
Number of pending legal proceedings that would have an effect on consolidated financial position, results of operations, or cash flows | LegalMatter | 0 | ||||
Number of beds at the facility | Bed | 88,500 | 600 | |||
Total cash compensation under Deferred Compensation Plans | 5.00% | 5.00% | 5.00% | ||
Percentage of fixed return from Deferred Compensation Plans to participants | 5.60% | 5.60% | 5.60% | ||
Deferred Compensation Plans | |||||
Loss Contingencies [Line Items] | |||||
Employer discretionary matching contribution equal to employee contribution | 100.00% | 100.00% | 100.00% | ||
Number of qualified deferred compensation plans | CompensationPlan | 2 | ||||
Time period when distributions are paid, minimum years subsequent to the date an individual becomes a participant in the Plan | 5 years | ||||
Distributions to senior executives commencement period, days after participant's separation from service | 60 days | ||||
Distributions to senior executives commencement period following individual attains age sixty five | 15 days | ||||
Deferred Compensation Plans assets | $ 16.9 | $ 17.9 | |||
Matching contributions as general and administrative expense associated with the Deferred Compensation Plans | 0.3 | 0.2 | $ 0.2 | ||
Deferred Compensation Plans liability | $ 15.1 | $ 15.7 | |||
Deferred Compensation Plans | After two years of service | |||||
Loss Contingencies [Line Items] | |||||
Vested percentage of employer contributions and investment earnings or losses | 20.00% | ||||
Deferred Compensation Plans | After three years of service | |||||
Loss Contingencies [Line Items] | |||||
Vested percentage of employer contributions and investment earnings or losses | 40.00% | ||||
Deferred Compensation Plans | After four years of service | |||||
Loss Contingencies [Line Items] | |||||
Vested percentage of employer contributions and investment earnings or losses | 80.00% | ||||
Deferred Compensation Plans | After five or more years of service | |||||
Loss Contingencies [Line Items] | |||||
Vested percentage of employer contributions and investment earnings or losses | 100.00% | ||||
Deferred Compensation Plans | Executive Officer | |||||
Loss Contingencies [Line Items] | |||||
Contribution as percentage of salary | 50.00% | ||||
Contribution as percentage of cash bonus | 100.00% | ||||
Deferred Compensation Plans | Non Employee Directors | |||||
Loss Contingencies [Line Items] | |||||
Contribution as percentage of retainer and meeting fees | 100.00% | ||||
401(k) Savings and Retirement Plan (the "Plan") | |||||
Loss Contingencies [Line Items] | |||||
Minimum qualified service required to participate in the Savings and Retirement Plan, years | 1 year | ||||
Eligible employee contribution on eligible compensation | 90.00% | ||||
Employer discretionary matching contribution equal to employee contribution | 100.00% | 100.00% | 100.00% | ||
Maximum percentage of employer discretionary matching contribution of employee eligible compensation | 5.00% | 5.00% | 5.00% | ||
Minimum number of hours of employment in the plan year for discretionary matching contribution | One thousand | ||||
Discretionary contribution plan forfeitures, net | $ 12 | $ 11.1 | $ 11.8 | ||
401(k) Savings and Retirement Plan (the "Plan") | Minimum | |||||
Loss Contingencies [Line Items] | |||||
Age limit for participating in the Savings and Retirement Plan, years | 18 years | ||||
401(k) Savings and Retirement Plan (the "Plan") | Prior to January 1, 2012 | After two years of service | |||||
Loss Contingencies [Line Items] | |||||
Vested percentage of employer contributions and investment earnings or losses | 20.00% | ||||
401(k) Savings and Retirement Plan (the "Plan") | Prior to January 1, 2012 | After three years of service | |||||
Loss Contingencies [Line Items] | |||||
Vested percentage of employer contributions and investment earnings or losses | 40.00% | ||||
401(k) Savings and Retirement Plan (the "Plan") | Prior to January 1, 2012 | After four years of service | |||||
Loss Contingencies [Line Items] | |||||
Vested percentage of employer contributions and investment earnings or losses | 80.00% | ||||
401(k) Savings and Retirement Plan (the "Plan") | Prior to January 1, 2012 | After five or more years of service | |||||
Loss Contingencies [Line Items] | |||||
Vested percentage of employer contributions and investment earnings or losses | 100.00% | ||||
Hardeman County Correctional Facilities Corporation | |||||
Loss Contingencies [Line Items] | |||||
Issuance of revenue bonds | $ 72.7 | ||||
Number of beds at the facility | Facility | 2,016 | ||||
Outstanding principal balance of revenue bonds | $ 12.8 | ||||
Outstanding principal balance of the bonds exceeded the purchase price option | $ 6 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015FacilitySegment | |
Segment Reporting Information [Line Items] | |
Number of facilities owned and managed | 60 |
Number of facilities owned by government partners, managed | 11 |
Number of Operating segments | Segment | 1 |
Number of facilities leased to third party operators | 6 |
Schedule of Revenue and Net Ope
Schedule of Revenue and Net Operating Income of Owned and Managed and the Managed-Only Facilities and Reconciliation to CCA's Operating Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||||||||||
Total management revenue | $ 1,755,745 | $ 1,612,671 | $ 1,687,809 | |||||||||
Total operating expenses | 1,228,080 | 1,136,212 | 1,203,541 | |||||||||
Rental and other revenue | 37,342 | 34,196 | 6,488 | |||||||||
Other operating expense | (28,048) | (19,923) | (16,810) | |||||||||
General and administrative | (103,936) | (106,429) | (103,590) | |||||||||
Depreciation and amortization | (151,514) | (113,925) | (112,692) | |||||||||
Asset impairments | $ (27,800) | (955) | (30,082) | (6,513) | ||||||||
OPERATING INCOME | $ 66,539 | $ 65,436 | $ 79,753 | $ 68,826 | $ 41,845 | [1] | $ 69,850 | $ 65,535 | $ 63,066 | 280,554 | 240,296 | 251,151 |
Owned and managed | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total management revenue | 1,543,750 | 1,379,986 | 1,386,355 | |||||||||
Total operating expenses | 1,038,070 | 928,857 | 941,638 | |||||||||
OPERATING INCOME | 505,680 | 451,129 | 444,717 | |||||||||
Managed-only | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total management revenue | 211,995 | 232,685 | 301,454 | |||||||||
Total operating expenses | 190,010 | 207,355 | 261,903 | |||||||||
OPERATING INCOME | 21,985 | 25,330 | 39,551 | |||||||||
Facility | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
OPERATING INCOME | $ 527,665 | $ 476,459 | $ 484,268 | |||||||||
[1] | The earnings amounts in the fourth quarter of 2014 were unfavorably impacted by $27.8 million of non-cash impairments recorded to write down the book values of two of CCA's non-core facilities to the estimated fair values, as discussed in Note 5. |
Summary of Capital Expenditures
Summary of Capital Expenditures Including Accrued Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 415,441 | $ 262,560 | $ 111,618 |
Discontinued operations | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 72 | ||
Owned and managed | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 382,781 | 246,333 | 96,975 |
Managed-only | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 4,049 | 3,171 | 3,719 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 28,611 | $ 13,056 | $ 10,852 |
Schedule of Total Assets (Detai
Schedule of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,356,018 | $ 3,117,646 |
Owned and managed | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,966,762 | 2,745,905 |
Managed-only | ||
Segment Reporting Information [Line Items] | ||
Total assets | 54,491 | 68,146 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 334,765 | $ 303,595 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 19, 2016 | Feb. 29, 2016 |
Subsequent Event [Line Items] | ||
Dividend declared per common share | $ 0.54 | |
Dividend declared payment date | Apr. 15, 2016 | |
Dividend declared record date | Apr. 1, 2016 | |
Restricted Stock Units (RSUs) | CCA's employees and non-employee directors | ||
Subsequent Event [Line Items] | ||
Number of shares issued | 0.6 | |
Aggregate value of shares issued | $ 17.3 | |
Restricted Stock Units (RSUs) | Officers And Executive Officers | ||
Subsequent Event [Line Items] | ||
Number of shares issued | 0.4 | |
Vesting period | 3 years | |
Restricted Stock Units (RSUs) | Other Employees | ||
Subsequent Event [Line Items] | ||
Number of shares issued | 0.2 | |
Vesting period | 3 years |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Cash and cash equivalents | $ 65,291 | $ 74,393 | ||
Restricted cash | 877 | |||
Accounts receivable, net of allowance | 234,456 | 248,588 | ||
Prepaid expenses and other current assets | 41,434 | 29,775 | ||
Total current assets | 342,058 | 352,756 | ||
Property and equipment, net | 2,883,060 | 2,658,628 | ||
Restricted cash | 131 | 2,858 | ||
Investment in direct financing lease | 684 | 3,223 | ||
Goodwill | 35,557 | 16,110 | ||
Non-current deferred tax assets | 9,824 | 15,530 | ||
Other assets | 84,704 | 68,541 | ||
Total assets | 3,356,018 | 3,117,646 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 317,675 | 317,566 | ||
Income taxes payable | 1,920 | 1,368 | ||
Current portion of long-term debt | 5,000 | |||
Current liabilities of discontinued operations | 54 | |||
Total current liabilities | 324,595 | 318,988 | ||
Long-term debt, net of current portion | 1,447,077 | 1,190,455 | ||
Deferred revenue | 63,289 | 87,227 | ||
Other liabilities | 58,309 | 39,476 | ||
Total liabilities | 1,893,270 | 1,636,146 | ||
Total stockholders' equity | 1,462,748 | 1,481,500 | $ 1,502,507 | $ 1,521,620 |
Total liabilities and stockholders' equity | 3,356,018 | 3,117,646 | ||
Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 15,666 | 12,337 | ||
Restricted cash | 637 | |||
Accounts receivable, net of allowance | 300,632 | 167,626 | ||
Prepaid expenses and other current assets | 3,760 | 17,060 | ||
Total current assets | 320,695 | 197,023 | ||
Property and equipment, net | 2,526,278 | 2,459,053 | ||
Restricted cash | 131 | 1,267 | ||
Investment in direct financing lease | 684 | 3,223 | ||
Goodwill | 20,402 | |||
Other assets | 241,510 | 233,607 | ||
Total assets | 3,109,700 | 2,894,173 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 191,600 | 218,403 | ||
Income taxes payable | 195 | |||
Current portion of long-term debt | 5,000 | |||
Total current liabilities | 196,600 | 218,598 | ||
Long-term debt, net of current portion | 1,448,316 | 1,191,917 | ||
Non-current deferred tax liabilities | 393 | 490 | ||
Other liabilities | 1,643 | 1,668 | ||
Total liabilities | 1,646,952 | 1,412,673 | ||
Total stockholders' equity | 1,462,748 | 1,481,500 | ||
Total liabilities and stockholders' equity | 3,109,700 | 2,894,173 | ||
Combined Subsidiary Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 49,625 | 62,056 | ||
Restricted cash | 240 | |||
Accounts receivable, net of allowance | 159,286 | 178,911 | ||
Prepaid expenses and other current assets | 43,706 | 34,705 | ||
Total current assets | 252,857 | 275,672 | ||
Property and equipment, net | 356,782 | 199,575 | ||
Restricted cash | 1,591 | |||
Goodwill | 15,155 | 16,110 | ||
Non-current deferred tax assets | 10,217 | 16,019 | ||
Other assets | 57,120 | 45,584 | ||
Total assets | 692,131 | 554,551 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 357,569 | 205,213 | ||
Income taxes payable | 1,920 | 1,173 | ||
Note payable to an affiliate | 13,854 | |||
Current liabilities of discontinued operations | 54 | |||
Total current liabilities | 359,489 | 220,294 | ||
Long-term debt, net of current portion | 113,761 | 113,538 | ||
Deferred revenue | 63,289 | 87,227 | ||
Other liabilities | 56,666 | 37,808 | ||
Total liabilities | 593,205 | 458,867 | ||
Total stockholders' equity | 98,926 | 95,684 | ||
Total liabilities and stockholders' equity | 692,131 | 554,551 | ||
Consolidating Adjustments and Other | ||||
ASSETS | ||||
Accounts receivable, net of allowance | (225,462) | (97,949) | ||
Prepaid expenses and other current assets | (6,032) | (21,990) | ||
Total current assets | (231,494) | (119,939) | ||
Non-current deferred tax assets | (393) | (489) | ||
Other assets | (213,926) | (210,650) | ||
Total assets | (445,813) | (331,078) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | (231,494) | (106,050) | ||
Note payable to an affiliate | (13,854) | |||
Total current liabilities | (231,494) | (119,904) | ||
Long-term debt, net of current portion | (115,000) | (115,000) | ||
Non-current deferred tax liabilities | (393) | (490) | ||
Total liabilities | (346,887) | (235,394) | ||
Total stockholders' equity | (98,926) | (95,684) | ||
Total liabilities and stockholders' equity | $ (445,813) | $ (331,078) |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
REVENUES | $ 447,835 | $ 459,957 | $ 459,295 | $ 426,000 | $ 423,477 | $ 408,474 | $ 410,694 | $ 404,222 | $ 1,793,087 | $ 1,646,867 | $ 1,694,297 | |
EXPENSES: | ||||||||||||
Operating | 1,256,128 | 1,156,135 | 1,220,351 | |||||||||
General and administrative | 103,936 | 106,429 | 103,590 | |||||||||
Depreciation and amortization | 151,514 | 113,925 | 112,692 | |||||||||
Asset impairments | 27,800 | 955 | 30,082 | 6,513 | ||||||||
Costs and Expenses | 1,512,533 | 1,406,571 | 1,443,146 | |||||||||
OPERATING INCOME | 66,539 | 65,436 | 79,753 | 68,826 | 41,845 | [1] | 69,850 | 65,535 | 63,066 | 280,554 | 240,296 | 251,151 |
OTHER (INCOME) EXPENSE: | ||||||||||||
Interest expense, net | 49,696 | 39,535 | 45,126 | |||||||||
Expenses associated with debt refinancing transactions | 701 | 36,528 | ||||||||||
Other (income) expense | (58) | (1,204) | (100) | |||||||||
Total non-operating expense (income) | 50,339 | 38,331 | 81,554 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 230,215 | 201,965 | 169,597 | |||||||||
Income tax benefit (expense) | (8,361) | (6,943) | 134,995 | |||||||||
INCOME FROM CONTINUING OPERATIONS | 221,854 | 195,022 | 304,592 | |||||||||
Loss from discontinued operations, net of taxes | (3,757) | |||||||||||
NET INCOME | $ 48,598 | $ 50,676 | $ 65,303 | $ 57,277 | $ 30,006 | [1] | $ 57,546 | $ 55,732 | $ 51,738 | 221,854 | 195,022 | 300,835 |
Parent | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
REVENUES | 1,184,878 | 1,250,199 | 1,268,763 | |||||||||
EXPENSES: | ||||||||||||
Operating | 889,203 | 896,470 | 945,750 | |||||||||
General and administrative | 33,248 | 33,508 | 31,290 | |||||||||
Depreciation and amortization | 82,745 | 80,820 | 76,112 | |||||||||
Asset impairments | 29,915 | |||||||||||
Costs and Expenses | 1,005,196 | 1,040,713 | 1,053,152 | |||||||||
OPERATING INCOME | 179,682 | 209,486 | 215,611 | |||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||
Interest expense, net | 35,919 | 35,138 | 38,319 | |||||||||
Expenses associated with debt refinancing transactions | 701 | 28,563 | ||||||||||
Other (income) expense | 232 | 302 | (45) | |||||||||
Total non-operating expense (income) | 36,852 | 35,440 | 66,837 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 142,830 | 174,046 | 148,774 | |||||||||
Income tax benefit (expense) | (1,541) | (552) | 143,590 | |||||||||
INCOME FROM CONTINUING OPERATIONS | 141,289 | 173,494 | 292,364 | |||||||||
Income from equity in subsidiaries | 80,565 | 21,528 | 8,471 | |||||||||
NET INCOME | 221,854 | 195,022 | 300,835 | |||||||||
Combined Subsidiary Guarantors | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
REVENUES | 1,469,105 | 1,268,654 | 1,351,695 | |||||||||
EXPENSES: | ||||||||||||
Operating | 1,227,821 | 1,131,651 | 1,200,762 | |||||||||
General and administrative | 70,688 | 72,921 | 72,300 | |||||||||
Depreciation and amortization | 68,769 | 33,105 | 36,580 | |||||||||
Asset impairments | 955 | 167 | 6,513 | |||||||||
Costs and Expenses | 1,368,233 | 1,237,844 | 1,316,155 | |||||||||
OPERATING INCOME | 100,872 | 30,810 | 35,540 | |||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||
Interest expense, net | 13,777 | 4,397 | 6,807 | |||||||||
Expenses associated with debt refinancing transactions | 7,965 | |||||||||||
Other (income) expense | (414) | (786) | 23 | |||||||||
Total non-operating expense (income) | 13,363 | 3,611 | 14,795 | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 87,509 | 27,199 | 20,745 | |||||||||
Income tax benefit (expense) | (6,820) | (6,391) | (8,595) | |||||||||
INCOME FROM CONTINUING OPERATIONS | 80,689 | 20,808 | 12,150 | |||||||||
Loss from discontinued operations, net of taxes | (3,757) | |||||||||||
NET INCOME | 80,689 | 20,808 | 8,393 | |||||||||
Consolidating Adjustments and Other | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
REVENUES | (860,896) | (871,986) | (926,161) | |||||||||
EXPENSES: | ||||||||||||
Operating | (860,896) | (871,986) | (926,161) | |||||||||
Costs and Expenses | (860,896) | (871,986) | (926,161) | |||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||
Other (income) expense | 124 | (720) | (78) | |||||||||
Total non-operating expense (income) | 124 | (720) | (78) | |||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (124) | 720 | 78 | |||||||||
INCOME FROM CONTINUING OPERATIONS | (124) | 720 | 78 | |||||||||
Income from equity in subsidiaries | (80,565) | (21,528) | (8,471) | |||||||||
NET INCOME | $ (80,689) | $ (20,808) | $ (8,393) | |||||||||
[1] | The earnings amounts in the fourth quarter of 2014 were unfavorably impacted by $27.8 million of non-cash impairments recorded to write down the book values of two of CCA's non-core facilities to the estimated fair values, as discussed in Note 5. |
Condensed Consolidating State92
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 399,798 | $ 423,581 | $ 369,504 |
Net cash used in investing activities | (409,281) | (196,887) | (125,512) |
Net cash provided by (used in) financing activities | 381 | (230,220) | (228,970) |
Net (decrease) increase in cash and cash equivalents | (9,102) | (3,526) | 15,022 |
CASH AND CASH EQUIVALENTS, beginning of year | 74,393 | 77,919 | 62,897 |
CASH AND CASH EQUIVALENTS, end of year | 65,291 | 74,393 | 77,919 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 102,371 | 296,087 | 211,247 |
Net cash used in investing activities | (93,891) | (73,404) | (83,895) |
Net cash provided by (used in) financing activities | (5,151) | (241,993) | (95,705) |
Net (decrease) increase in cash and cash equivalents | 3,329 | (19,310) | 31,647 |
CASH AND CASH EQUIVALENTS, beginning of year | 12,337 | 31,647 | |
CASH AND CASH EQUIVALENTS, end of year | 15,666 | 12,337 | 31,647 |
Combined Subsidiary Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 297,427 | 127,494 | 158,257 |
Net cash used in investing activities | (212,215) | (102,337) | (56,617) |
Net cash provided by (used in) financing activities | (97,643) | (9,373) | (118,265) |
Net (decrease) increase in cash and cash equivalents | (12,431) | 15,784 | (16,625) |
CASH AND CASH EQUIVALENTS, beginning of year | 62,056 | 46,272 | 62,897 |
CASH AND CASH EQUIVALENTS, end of year | 49,625 | 62,056 | 46,272 |
Consolidating Adjustments and Other | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash used in investing activities | (103,175) | (21,146) | 15,000 |
Net cash provided by (used in) financing activities | $ 103,175 | $ 21,146 | $ (15,000) |
Schedule of Selected Quarterly
Schedule of Selected Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Quarterly Financial Information [Line Items] | ||||||||||||
Revenue | $ 447,835 | $ 459,957 | $ 459,295 | $ 426,000 | $ 423,477 | $ 408,474 | $ 410,694 | $ 404,222 | $ 1,793,087 | $ 1,646,867 | $ 1,694,297 | |
OPERATING INCOME | 66,539 | 65,436 | 79,753 | 68,826 | 41,845 | [1] | 69,850 | 65,535 | 63,066 | 280,554 | 240,296 | 251,151 |
Net income | $ 48,598 | $ 50,676 | $ 65,303 | $ 57,277 | $ 30,006 | [1] | $ 57,546 | $ 55,732 | $ 51,738 | $ 221,854 | $ 195,022 | $ 300,835 |
Basic earnings per share: Net income | $ 0.41 | $ 0.43 | $ 0.56 | $ 0.49 | $ 0.26 | [1] | $ 0.50 | $ 0.48 | $ 0.45 | $ 1.90 | $ 1.68 | $ 2.74 |
Diluted earnings per share: Net income | $ 0.41 | $ 0.43 | $ 0.55 | $ 0.49 | $ 0.25 | [1] | $ 0.49 | $ 0.48 | $ 0.44 | $ 1.88 | $ 1.66 | $ 2.70 |
[1] | The earnings amounts in the fourth quarter of 2014 were unfavorably impacted by $27.8 million of non-cash impairments recorded to write down the book values of two of CCA's non-core facilities to the estimated fair values, as discussed in Note 5. |
Schedule of Selected Quarterl94
Schedule of Selected Quarterly Financial Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information [Line Items] | ||||
Asset impairments | $ 27,800 | $ 955 | $ 30,082 | $ 6,513 |
Schedule III - Real Estate As95
Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Land, Initial Cost to Company | $ 136,998 | |||||
Buildings and Improvements, Initial Cost to Company | 2,614,234 | |||||
Cost Capitalized Subsequent to Acquisition | 921,545 | |||||
Land and Land Improvements, Gross Amount | 180,360 | |||||
Buildings and Leasehold Improvements, Gross Amount | 3,361,663 | |||||
Total Gross Amount | 3,542,023 | [1] | $ 3,071,094 | $ 3,078,902 | $ 3,049,672 | |
Accumulated Depreciation | $ (834,558) | [2] | $ (815,980) | $ (755,761) | $ (680,965) | |
Adams County Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Adams County, Mississippi | |||||
Land, Initial Cost to Company | $ 874 | |||||
Buildings and Improvements, Initial Cost to Company | 119,565 | |||||
Cost Capitalized Subsequent to Acquisition | 2,859 | |||||
Land and Land Improvements, Gross Amount | 1,084 | |||||
Buildings and Leasehold Improvements, Gross Amount | 122,214 | |||||
Total Gross Amount | [1] | 123,298 | ||||
Accumulated Depreciation | [2] | $ (17,556) | ||||
Constructed/Acquired Date | 2,008 | |||||
Austin Residential Re-entry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Del Valle, Texas | |||||
Land, Initial Cost to Company | $ 4,190 | |||||
Buildings and Improvements, Initial Cost to Company | 1,058 | |||||
Cost Capitalized Subsequent to Acquisition | 300 | |||||
Land and Land Improvements, Gross Amount | 4,190 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,358 | |||||
Total Gross Amount | [1] | 5,548 | ||||
Accumulated Depreciation | [2] | $ (12) | ||||
Constructed/Acquired Date | 2,015 | |||||
Austin Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Del Valle, Texas | |||||
Land, Initial Cost to Company | $ 19,488 | |||||
Buildings and Improvements, Initial Cost to Company | 4,607 | |||||
Cost Capitalized Subsequent to Acquisition | 850 | |||||
Land and Land Improvements, Gross Amount | 19,488 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,457 | |||||
Total Gross Amount | [1] | 24,945 | ||||
Accumulated Depreciation | [2] | $ (40) | ||||
Constructed/Acquired Date | 2,015 | |||||
Bent County Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Las Animas, Colorado | |||||
Land, Initial Cost to Company | $ 550 | |||||
Buildings and Improvements, Initial Cost to Company | 13,115 | |||||
Cost Capitalized Subsequent to Acquisition | 66,601 | |||||
Land and Land Improvements, Gross Amount | 1,212 | |||||
Buildings and Leasehold Improvements, Gross Amount | 79,054 | |||||
Total Gross Amount | [1] | 80,266 | ||||
Accumulated Depreciation | [2] | $ (20,146) | ||||
Constructed/Acquired Date | 1,992 | |||||
Bridgeport Pre-Parole Transfer Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Bridgeport, Texas | |||||
Land, Initial Cost to Company | $ 70 | |||||
Buildings and Improvements, Initial Cost to Company | 291 | |||||
Cost Capitalized Subsequent to Acquisition | 588 | |||||
Land and Land Improvements, Gross Amount | 209 | |||||
Buildings and Leasehold Improvements, Gross Amount | 740 | |||||
Total Gross Amount | [1] | 949 | ||||
Accumulated Depreciation | [2] | $ (516) | ||||
Constructed/Acquired Date | 1,995 | |||||
Broad Street Residential Re Entry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Philadelphia, Pennsylvania | |||||
Land, Initial Cost to Company | $ 663 | |||||
Buildings and Improvements, Initial Cost to Company | 2,700 | |||||
Land and Land Improvements, Gross Amount | 663 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,700 | |||||
Total Gross Amount | [1] | 3,363 | ||||
Accumulated Depreciation | [2] | $ (28) | ||||
Constructed/Acquired Date | 2,015 | |||||
CAI - Boston Avenue | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | San Diego, California | |||||
Land, Initial Cost to Company | $ 800 | |||||
Buildings and Improvements, Initial Cost to Company | 11,440 | |||||
Cost Capitalized Subsequent to Acquisition | 29 | |||||
Land and Land Improvements, Gross Amount | 834 | |||||
Buildings and Leasehold Improvements, Gross Amount | 11,435 | |||||
Total Gross Amount | [1] | 12,269 | ||||
Accumulated Depreciation | [2] | $ (935) | ||||
Constructed/Acquired Date | 2,013 | |||||
California City Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | California City, California | |||||
Land, Initial Cost to Company | $ 1,785 | |||||
Buildings and Improvements, Initial Cost to Company | 125,337 | |||||
Cost Capitalized Subsequent to Acquisition | 8,663 | |||||
Land and Land Improvements, Gross Amount | 2,484 | |||||
Buildings and Leasehold Improvements, Gross Amount | 133,301 | |||||
Total Gross Amount | [1] | 135,785 | ||||
Accumulated Depreciation | [2] | $ (42,414) | ||||
Constructed/Acquired Date | 1,999 | |||||
Carver Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Oklahoma City, Oklahoma | |||||
Land, Initial Cost to Company | $ 8,562 | |||||
Buildings and Improvements, Initial Cost to Company | 4,631 | |||||
Cost Capitalized Subsequent to Acquisition | 810 | |||||
Land and Land Improvements, Gross Amount | 8,562 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,441 | |||||
Total Gross Amount | [1] | 14,003 | ||||
Accumulated Depreciation | [2] | $ (39) | ||||
Constructed/Acquired Date | 2,015 | |||||
Central Arizona Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Florence, Arizona | |||||
Land, Initial Cost to Company | $ 1,298 | |||||
Buildings and Improvements, Initial Cost to Company | 57,857 | |||||
Cost Capitalized Subsequent to Acquisition | 32,064 | |||||
Land and Land Improvements, Gross Amount | 3,090 | |||||
Buildings and Leasehold Improvements, Gross Amount | 88,129 | |||||
Total Gross Amount | [1] | 91,219 | ||||
Accumulated Depreciation | [2] | $ (30,515) | ||||
Constructed/Acquired Date | 1,994 | |||||
Chester Residential Re-Entry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Chester, Pennsylvania | |||||
Land, Initial Cost to Company | $ 657 | |||||
Buildings and Improvements, Initial Cost to Company | 2,679 | |||||
Land and Land Improvements, Gross Amount | 657 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,679 | |||||
Total Gross Amount | [1] | 3,336 | ||||
Accumulated Depreciation | [2] | $ (28) | ||||
Constructed/Acquired Date | 2,015 | |||||
Cheyenne Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Cheyenne, Wyoming | |||||
Land, Initial Cost to Company | $ 5,567 | |||||
Buildings and Improvements, Initial Cost to Company | 2,092 | |||||
Cost Capitalized Subsequent to Acquisition | 380 | |||||
Land and Land Improvements, Gross Amount | 5,567 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,472 | |||||
Total Gross Amount | [1] | 8,039 | ||||
Accumulated Depreciation | [2] | $ (18) | ||||
Constructed/Acquired Date | 2,015 | |||||
Cibola County Corrections Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Milan, New Mexico | |||||
Land, Initial Cost to Company | $ 444 | |||||
Buildings and Improvements, Initial Cost to Company | 16,215 | |||||
Cost Capitalized Subsequent to Acquisition | 29,857 | |||||
Land and Land Improvements, Gross Amount | 1,319 | |||||
Buildings and Leasehold Improvements, Gross Amount | 45,197 | |||||
Total Gross Amount | [1] | 46,516 | ||||
Accumulated Depreciation | [2] | $ (16,173) | ||||
Constructed/Acquired Date | 1,994 | |||||
Cimarron Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Cushing, Oklahoma | |||||
Land, Initial Cost to Company | $ 250 | |||||
Buildings and Improvements, Initial Cost to Company | 71,303 | |||||
Cost Capitalized Subsequent to Acquisition | 43,035 | |||||
Land and Land Improvements, Gross Amount | 581 | |||||
Buildings and Leasehold Improvements, Gross Amount | 114,007 | |||||
Total Gross Amount | [1] | 114,588 | ||||
Accumulated Depreciation | [2] | $ (31,418) | ||||
Constructed/Acquired Date | 1,997 | |||||
Coffee Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Nicholls, Georgia | |||||
Land, Initial Cost to Company | $ 194 | |||||
Buildings and Improvements, Initial Cost to Company | 28,361 | |||||
Cost Capitalized Subsequent to Acquisition | 46,150 | |||||
Land and Land Improvements, Gross Amount | 853 | |||||
Buildings and Leasehold Improvements, Gross Amount | 73,852 | |||||
Total Gross Amount | [1] | 74,705 | ||||
Accumulated Depreciation | [2] | $ (18,959) | ||||
Constructed/Acquired Date | 1,998 | |||||
Corpus Christi Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Corpus Christi, Texas | |||||
Buildings and Improvements, Initial Cost to Company | $ 1,886 | |||||
Cost Capitalized Subsequent to Acquisition | 352 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,238 | |||||
Total Gross Amount | [1] | 2,238 | ||||
Accumulated Depreciation | [2] | $ (40) | ||||
Constructed/Acquired Date | 2,015 | |||||
Crossroads Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Shelby, Montana | |||||
Land, Initial Cost to Company | $ 413 | |||||
Buildings and Improvements, Initial Cost to Company | 33,196 | |||||
Cost Capitalized Subsequent to Acquisition | 7,295 | |||||
Land and Land Improvements, Gross Amount | 867 | |||||
Buildings and Leasehold Improvements, Gross Amount | 40,037 | |||||
Total Gross Amount | [1] | 40,904 | ||||
Accumulated Depreciation | [2] | $ (30,419) | ||||
Constructed/Acquired Date | 1,999 | |||||
Crowley County Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Olney Springs, Colorado | |||||
Land, Initial Cost to Company | $ 211 | |||||
Buildings and Improvements, Initial Cost to Company | 46,845 | |||||
Cost Capitalized Subsequent to Acquisition | 27,920 | |||||
Land and Land Improvements, Gross Amount | 2,174 | |||||
Buildings and Leasehold Improvements, Gross Amount | 72,802 | |||||
Total Gross Amount | [1] | 74,976 | ||||
Accumulated Depreciation | [2] | $ (19,646) | ||||
Constructed/Acquired Date | 2,003 | |||||
D.C. Correctional Treatment Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Washington, D.C. | |||||
Cost Capitalized Subsequent to Acquisition | $ 6,131 | |||||
Land and Land Improvements, Gross Amount | 71 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,060 | |||||
Total Gross Amount | [1] | 6,131 | ||||
Accumulated Depreciation | [2] | $ (4,876) | ||||
Constructed/Acquired Date | 1,997 | |||||
Dallas Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Hutchins, Texas | |||||
Buildings and Improvements, Initial Cost to Company | $ 3,852 | |||||
Cost Capitalized Subsequent to Acquisition | 1,569 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,421 | |||||
Total Gross Amount | [1] | 5,421 | ||||
Accumulated Depreciation | [2] | $ (53) | ||||
Constructed/Acquired Date | 2,015 | |||||
Davis Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Holdenville, Oklahoma | |||||
Land, Initial Cost to Company | $ 250 | |||||
Buildings and Improvements, Initial Cost to Company | 66,701 | |||||
Cost Capitalized Subsequent to Acquisition | 40,336 | |||||
Land and Land Improvements, Gross Amount | 890 | |||||
Buildings and Leasehold Improvements, Gross Amount | 106,397 | |||||
Total Gross Amount | [1] | 107,287 | ||||
Accumulated Depreciation | [2] | $ (29,715) | ||||
Constructed/Acquired Date | 1,996 | |||||
Diamondback Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Watonga, Oklahoma | |||||
Land, Initial Cost to Company | $ 208 | |||||
Buildings and Improvements, Initial Cost to Company | 41,677 | |||||
Cost Capitalized Subsequent to Acquisition | 22,585 | |||||
Land and Land Improvements, Gross Amount | 567 | |||||
Buildings and Leasehold Improvements, Gross Amount | 63,903 | |||||
Total Gross Amount | [1] | 64,470 | ||||
Accumulated Depreciation | [2] | $ (21,440) | ||||
Constructed/Acquired Date | 1,998 | |||||
Eden Detention Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eden, Texas | |||||
Land, Initial Cost to Company | $ 925 | |||||
Buildings and Improvements, Initial Cost to Company | 27,645 | |||||
Cost Capitalized Subsequent to Acquisition | 33,401 | |||||
Land and Land Improvements, Gross Amount | 5,459 | |||||
Buildings and Leasehold Improvements, Gross Amount | 56,512 | |||||
Total Gross Amount | [1] | 61,971 | ||||
Accumulated Depreciation | [2] | $ (19,397) | ||||
Constructed/Acquired Date | 1,995 | |||||
El Paso Multi Use Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | El Paso, Texas | |||||
Land, Initial Cost to Company | $ 14,936 | |||||
Buildings and Improvements, Initial Cost to Company | 4,536 | |||||
Cost Capitalized Subsequent to Acquisition | 948 | |||||
Land and Land Improvements, Gross Amount | 14,936 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,484 | |||||
Total Gross Amount | [1] | 20,420 | ||||
Accumulated Depreciation | [2] | $ (40) | ||||
Constructed/Acquired Date | 2,015 | |||||
El Paso Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | El Paso, Texas | |||||
Land, Initial Cost to Company | $ 10,325 | |||||
Buildings and Improvements, Initial Cost to Company | 4,198 | |||||
Cost Capitalized Subsequent to Acquisition | 700 | |||||
Land and Land Improvements, Gross Amount | 10,325 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,898 | |||||
Total Gross Amount | [1] | 15,223 | ||||
Accumulated Depreciation | [2] | $ (34) | ||||
Constructed/Acquired Date | 2,015 | |||||
Eloy Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eloy, Arizona | |||||
Land, Initial Cost to Company | $ 498 | |||||
Buildings and Improvements, Initial Cost to Company | 33,308 | |||||
Cost Capitalized Subsequent to Acquisition | 14,652 | |||||
Land and Land Improvements, Gross Amount | 1,851 | |||||
Buildings and Leasehold Improvements, Gross Amount | 46,607 | |||||
Total Gross Amount | [1] | 48,458 | ||||
Accumulated Depreciation | [2] | $ (16,432) | ||||
Constructed/Acquired Date | 1,995 | |||||
Florence Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Florence, Arizona | |||||
Buildings and Improvements, Initial Cost to Company | $ 75,674 | |||||
Cost Capitalized Subsequent to Acquisition | 10,763 | |||||
Land and Land Improvements, Gross Amount | 1,042 | |||||
Buildings and Leasehold Improvements, Gross Amount | 85,395 | |||||
Total Gross Amount | [1] | 86,437 | ||||
Accumulated Depreciation | [2] | $ (27,107) | ||||
Constructed/Acquired Date | 1,999 | |||||
Fort Worth Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Fort Worth, Texas | |||||
Land, Initial Cost to Company | $ 3,251 | |||||
Buildings and Improvements, Initial Cost to Company | 334 | |||||
Cost Capitalized Subsequent to Acquisition | 221 | |||||
Land and Land Improvements, Gross Amount | 3,251 | |||||
Buildings and Leasehold Improvements, Gross Amount | 555 | |||||
Total Gross Amount | [1] | 3,806 | ||||
Accumulated Depreciation | [2] | $ (31) | ||||
Constructed/Acquired Date | 2,015 | |||||
Houston Processing Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Houston, Texas | |||||
Land, Initial Cost to Company | $ 2,250 | |||||
Buildings and Improvements, Initial Cost to Company | 53,373 | |||||
Cost Capitalized Subsequent to Acquisition | 37,619 | |||||
Land and Land Improvements, Gross Amount | 3,332 | |||||
Buildings and Leasehold Improvements, Gross Amount | 89,910 | |||||
Total Gross Amount | [1] | 93,242 | ||||
Accumulated Depreciation | [2] | $ (29,222) | ||||
Constructed/Acquired Date | 1,984 | |||||
Huerfano County Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Walsenburg, Colorado | |||||
Land, Initial Cost to Company | $ 124 | |||||
Buildings and Improvements, Initial Cost to Company | 26,358 | |||||
Cost Capitalized Subsequent to Acquisition | 4,095 | |||||
Land and Land Improvements, Gross Amount | 984 | |||||
Buildings and Leasehold Improvements, Gross Amount | 29,593 | |||||
Total Gross Amount | [1] | 30,577 | ||||
Accumulated Depreciation | [2] | $ (12,301) | ||||
Constructed/Acquired Date | 1,997 | |||||
Jenkins Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Millen, Georgia | |||||
Land, Initial Cost to Company | $ 208 | |||||
Buildings and Improvements, Initial Cost to Company | 48,158 | |||||
Cost Capitalized Subsequent to Acquisition | 43 | |||||
Land and Land Improvements, Gross Amount | 237 | |||||
Buildings and Leasehold Improvements, Gross Amount | 48,172 | |||||
Total Gross Amount | [1] | 48,409 | ||||
Accumulated Depreciation | [2] | $ (3,708) | ||||
Constructed/Acquired Date | 2,012 | |||||
Kit Carson Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Burlington, Colorado | |||||
Land, Initial Cost to Company | $ 432 | |||||
Buildings and Improvements, Initial Cost to Company | 35,980 | |||||
Cost Capitalized Subsequent to Acquisition | 42,929 | |||||
Land and Land Improvements, Gross Amount | 960 | |||||
Buildings and Leasehold Improvements, Gross Amount | 78,381 | |||||
Total Gross Amount | [1] | 79,341 | ||||
Accumulated Depreciation | [2] | $ (19,302) | ||||
Constructed/Acquired Date | 1,998 | |||||
La Palma Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eloy, Arizona | |||||
Land, Initial Cost to Company | $ 283 | |||||
Buildings and Improvements, Initial Cost to Company | 183,155 | |||||
Cost Capitalized Subsequent to Acquisition | 12,068 | |||||
Land and Land Improvements, Gross Amount | 482 | |||||
Buildings and Leasehold Improvements, Gross Amount | 195,024 | |||||
Total Gross Amount | [1] | 195,506 | ||||
Accumulated Depreciation | [2] | $ (31,077) | ||||
Constructed/Acquired Date | 2,008 | |||||
Lake Erie Correctional Institution | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Conneaut, Ohio | |||||
Land, Initial Cost to Company | $ 2,871 | |||||
Buildings and Improvements, Initial Cost to Company | 69,779 | |||||
Cost Capitalized Subsequent to Acquisition | 2,715 | |||||
Land and Land Improvements, Gross Amount | 3,669 | |||||
Buildings and Leasehold Improvements, Gross Amount | 71,696 | |||||
Total Gross Amount | [1] | 75,365 | ||||
Accumulated Depreciation | [2] | $ (5,990) | ||||
Constructed/Acquired Date | 2,011 | |||||
Laredo Processing Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Laredo, Texas | |||||
Land, Initial Cost to Company | $ 788 | |||||
Buildings and Improvements, Initial Cost to Company | 26,737 | |||||
Cost Capitalized Subsequent to Acquisition | 2,169 | |||||
Land and Land Improvements, Gross Amount | 968 | |||||
Buildings and Leasehold Improvements, Gross Amount | 28,726 | |||||
Total Gross Amount | [1] | 29,694 | ||||
Accumulated Depreciation | [2] | $ (10,336) | ||||
Constructed/Acquired Date | 1,985 | |||||
Leavenworth Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Leavenworth, Kansas | |||||
Land, Initial Cost to Company | $ 130 | |||||
Buildings and Improvements, Initial Cost to Company | 44,970 | |||||
Cost Capitalized Subsequent to Acquisition | 42,549 | |||||
Land and Land Improvements, Gross Amount | 464 | |||||
Buildings and Leasehold Improvements, Gross Amount | 87,185 | |||||
Total Gross Amount | [1] | 87,649 | ||||
Accumulated Depreciation | [2] | $ (25,013) | ||||
Constructed/Acquired Date | 1,992 | |||||
Lee Adjustment Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Beattyville, Kentucky | |||||
Land, Initial Cost to Company | $ 500 | |||||
Buildings and Improvements, Initial Cost to Company | 515 | |||||
Cost Capitalized Subsequent to Acquisition | 16,090 | |||||
Land and Land Improvements, Gross Amount | 1,217 | |||||
Buildings and Leasehold Improvements, Gross Amount | 15,888 | |||||
Total Gross Amount | [1] | 17,105 | ||||
Accumulated Depreciation | [2] | $ (6,265) | ||||
Constructed/Acquired Date | 1,998 | |||||
Leo Chesney Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Live Oak, California | |||||
Land, Initial Cost to Company | $ 250 | |||||
Buildings and Improvements, Initial Cost to Company | 4,774 | |||||
Cost Capitalized Subsequent to Acquisition | 1,577 | |||||
Land and Land Improvements, Gross Amount | 250 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,351 | |||||
Total Gross Amount | [1] | 6,601 | ||||
Accumulated Depreciation | [2] | $ (2,609) | ||||
Constructed/Acquired Date | 1,989 | |||||
Marion Adjustment Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | St. Mary, Kentucky | |||||
Land, Initial Cost to Company | $ 250 | |||||
Buildings and Improvements, Initial Cost to Company | 9,994 | |||||
Cost Capitalized Subsequent to Acquisition | 8,277 | |||||
Land and Land Improvements, Gross Amount | 915 | |||||
Buildings and Leasehold Improvements, Gross Amount | 17,606 | |||||
Total Gross Amount | [1] | 18,521 | ||||
Accumulated Depreciation | [2] | $ (5,985) | ||||
Constructed/Acquired Date | 1,998 | |||||
McRae Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | McRae, Georgia | |||||
Land, Initial Cost to Company | $ 462 | |||||
Buildings and Improvements, Initial Cost to Company | 60,396 | |||||
Cost Capitalized Subsequent to Acquisition | 17,601 | |||||
Land and Land Improvements, Gross Amount | 992 | |||||
Buildings and Leasehold Improvements, Gross Amount | 77,467 | |||||
Total Gross Amount | [1] | 78,459 | ||||
Accumulated Depreciation | [2] | $ (17,668) | ||||
Constructed/Acquired Date | 2,000 | |||||
Mineral Wells Pre-Parole Transfer Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Mineral Wells, Texas | |||||
Land, Initial Cost to Company | $ 176 | |||||
Buildings and Improvements, Initial Cost to Company | 22,589 | |||||
Land and Land Improvements, Gross Amount | 100 | |||||
Total Gross Amount | [1],[3] | $ 100 | ||||
Constructed/Acquired Date | 1,995 | |||||
Nevada Southern Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Pahrump, Nevada | |||||
Land, Initial Cost to Company | $ 7,548 | |||||
Buildings and Improvements, Initial Cost to Company | 64,362 | |||||
Cost Capitalized Subsequent to Acquisition | 9,306 | |||||
Land and Land Improvements, Gross Amount | 8,330 | |||||
Buildings and Leasehold Improvements, Gross Amount | 72,886 | |||||
Total Gross Amount | [1] | 81,216 | ||||
Accumulated Depreciation | [2] | $ (9,275) | ||||
Constructed/Acquired Date | 2,010 | |||||
New Mexico Women's Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Grants, New Mexico | |||||
Land, Initial Cost to Company | $ 142 | |||||
Buildings and Improvements, Initial Cost to Company | 15,888 | |||||
Cost Capitalized Subsequent to Acquisition | 14,237 | |||||
Land and Land Improvements, Gross Amount | 816 | |||||
Buildings and Leasehold Improvements, Gross Amount | 29,451 | |||||
Total Gross Amount | [1] | 30,267 | ||||
Accumulated Depreciation | [2] | $ (11,622) | ||||
Constructed/Acquired Date | 1,989 | |||||
North Fork Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Sayre, Oklahoma | |||||
Buildings and Improvements, Initial Cost to Company | $ 42,166 | |||||
Cost Capitalized Subsequent to Acquisition | 59,153 | |||||
Land and Land Improvements, Gross Amount | 458 | |||||
Buildings and Leasehold Improvements, Gross Amount | 100,861 | |||||
Total Gross Amount | [1] | 101,319 | ||||
Accumulated Depreciation | [2] | $ (26,514) | ||||
Constructed/Acquired Date | 1,998 | |||||
Northeast Ohio Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Youngstown, Ohio | |||||
Land, Initial Cost to Company | $ 750 | |||||
Buildings and Improvements, Initial Cost to Company | 39,583 | |||||
Cost Capitalized Subsequent to Acquisition | 8,305 | |||||
Land and Land Improvements, Gross Amount | 1,675 | |||||
Buildings and Leasehold Improvements, Gross Amount | 46,963 | |||||
Total Gross Amount | [1] | 48,638 | ||||
Accumulated Depreciation | [2] | $ (16,860) | ||||
Constructed/Acquired Date | 1,997 | |||||
Otay Mesa Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | San Diego, California | |||||
Land, Initial Cost to Company | $ 28,845 | |||||
Buildings and Improvements, Initial Cost to Company | 114,411 | |||||
Cost Capitalized Subsequent to Acquisition | 8,160 | |||||
Land and Land Improvements, Gross Amount | 37,005 | |||||
Buildings and Leasehold Improvements, Gross Amount | 114,411 | |||||
Total Gross Amount | [1] | 151,416 | ||||
Accumulated Depreciation | [2] | $ (1,424) | ||||
Constructed/Acquired Date | 2,015 | |||||
Otter Creek Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Wheelwright, Kentucky | |||||
Land, Initial Cost to Company | $ 500 | |||||
Buildings and Improvements, Initial Cost to Company | 24,487 | |||||
Cost Capitalized Subsequent to Acquisition | 11,336 | |||||
Land and Land Improvements, Gross Amount | 1,447 | |||||
Buildings and Leasehold Improvements, Gross Amount | 34,876 | |||||
Total Gross Amount | [1] | 36,323 | ||||
Accumulated Depreciation | [2] | $ (13,054) | ||||
Constructed/Acquired Date | 1,998 | |||||
Prairie Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Appleton, Minnesota | |||||
Land, Initial Cost to Company | $ 100 | |||||
Buildings and Improvements, Initial Cost to Company | 22,306 | |||||
Cost Capitalized Subsequent to Acquisition | 8,700 | |||||
Land and Land Improvements, Gross Amount | 1,065 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,041 | |||||
Total Gross Amount | [1] | 31,106 | ||||
Accumulated Depreciation | [2] | $ (13,145) | ||||
Constructed/Acquired Date | 1,991 | |||||
Queensgate Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Cincinnati, Ohio | |||||
Land, Initial Cost to Company | $ 750 | |||||
Buildings and Improvements, Initial Cost to Company | 15,221 | |||||
Cost Capitalized Subsequent to Acquisition | 498 | |||||
Land and Land Improvements, Gross Amount | 340 | |||||
Buildings and Leasehold Improvements, Gross Amount | 498 | |||||
Total Gross Amount | [1],[3] | 838 | ||||
Accumulated Depreciation | [2] | $ (15) | ||||
Constructed/Acquired Date | 1,998 | |||||
Red Rock Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eloy, Arizona | |||||
Land, Initial Cost to Company | $ 10 | |||||
Buildings and Improvements, Initial Cost to Company | 78,456 | |||||
Cost Capitalized Subsequent to Acquisition | 21,240 | |||||
Land and Land Improvements, Gross Amount | 255 | |||||
Buildings and Leasehold Improvements, Gross Amount | 99,451 | |||||
Total Gross Amount | [1] | 99,706 | ||||
Accumulated Depreciation | [2] | $ (20,878) | ||||
Constructed/Acquired Date | 2,006 | |||||
Roth Hall Residential Re-entry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Philadelphia, PA | |||||
Land, Initial Cost to Company | $ 654 | |||||
Buildings and Improvements, Initial Cost to Company | 2,693 | |||||
Land and Land Improvements, Gross Amount | 654 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,693 | |||||
Total Gross Amount | [1] | 3,347 | ||||
Accumulated Depreciation | [2] | $ (28) | ||||
Constructed/Acquired Date | 2,015 | |||||
Saguaro Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Eloy, Arizona | |||||
Land, Initial Cost to Company | $ 193 | |||||
Buildings and Improvements, Initial Cost to Company | 98,903 | |||||
Cost Capitalized Subsequent to Acquisition | 402 | |||||
Land and Land Improvements, Gross Amount | 471 | |||||
Buildings and Leasehold Improvements, Gross Amount | 99,027 | |||||
Total Gross Amount | [1] | 99,498 | ||||
Accumulated Depreciation | [2] | $ (17,191) | ||||
Constructed/Acquired Date | 2,007 | |||||
San Diego Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | San Diego, California | |||||
Buildings and Improvements, Initial Cost to Company | $ 92,458 | |||||
Total Gross Amount | [1],[4] | |||||
Constructed/Acquired Date | 1,999 | |||||
Shelby Training Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Memphis, Tennessee | |||||
Land, Initial Cost to Company | $ 150 | |||||
Buildings and Improvements, Initial Cost to Company | 6,393 | |||||
Cost Capitalized Subsequent to Acquisition | 3,076 | |||||
Land and Land Improvements, Gross Amount | 275 | |||||
Buildings and Leasehold Improvements, Gross Amount | 9,344 | |||||
Total Gross Amount | [1] | 9,619 | ||||
Accumulated Depreciation | [2] | $ (9,403) | ||||
Constructed/Acquired Date | 1,986 | |||||
South Texas Family Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Dilley, Texas | |||||
Buildings and Improvements, Initial Cost to Company | $ 146,974 | |||||
Cost Capitalized Subsequent to Acquisition | 8,290 | |||||
Land and Land Improvements, Gross Amount | 35 | |||||
Buildings and Leasehold Improvements, Gross Amount | 155,229 | |||||
Total Gross Amount | [1],[5] | 155,264 | ||||
Accumulated Depreciation | [2] | $ (31,655) | ||||
Constructed/Acquired Date | 2,015 | |||||
Stewart Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Lumpkin, Georgia | |||||
Land, Initial Cost to Company | $ 143 | |||||
Buildings and Improvements, Initial Cost to Company | 70,560 | |||||
Cost Capitalized Subsequent to Acquisition | 14,555 | |||||
Land and Land Improvements, Gross Amount | 743 | |||||
Buildings and Leasehold Improvements, Gross Amount | 84,515 | |||||
Total Gross Amount | [1] | 85,258 | ||||
Accumulated Depreciation | [2] | $ (17,383) | ||||
Constructed/Acquired Date | 2,004 | |||||
T.Don Hutto Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Taylor, Texas | |||||
Land, Initial Cost to Company | $ 183 | |||||
Buildings and Improvements, Initial Cost to Company | 13,418 | |||||
Cost Capitalized Subsequent to Acquisition | 4,147 | |||||
Land and Land Improvements, Gross Amount | 591 | |||||
Buildings and Leasehold Improvements, Gross Amount | 17,157 | |||||
Total Gross Amount | [1] | 17,748 | ||||
Accumulated Depreciation | [2] | $ (6,701) | ||||
Constructed/Acquired Date | 1,997 | |||||
Tallahatchie County Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tutwiler, Mississippi | |||||
Buildings and Improvements, Initial Cost to Company | $ 44,638 | |||||
Cost Capitalized Subsequent to Acquisition | 94,194 | |||||
Land and Land Improvements, Gross Amount | 1,539 | |||||
Buildings and Leasehold Improvements, Gross Amount | 137,293 | |||||
Total Gross Amount | [1] | 138,832 | ||||
Accumulated Depreciation | [2] | $ (38,115) | ||||
Constructed/Acquired Date | 2,000 | |||||
Torrance County Detention Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Estancia, New Mexico | |||||
Land, Initial Cost to Company | $ 511 | |||||
Buildings and Improvements, Initial Cost to Company | 52,599 | |||||
Cost Capitalized Subsequent to Acquisition | 7,666 | |||||
Land and Land Improvements, Gross Amount | 1,704 | |||||
Buildings and Leasehold Improvements, Gross Amount | 59,072 | |||||
Total Gross Amount | [1] | 60,776 | ||||
Accumulated Depreciation | [2] | $ (21,293) | ||||
Constructed/Acquired Date | 1,990 | |||||
Trousdale Turner Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Hartsville, TN | |||||
Land, Initial Cost to Company | $ 649 | |||||
Buildings and Improvements, Initial Cost to Company | 135,412 | |||||
Land and Land Improvements, Gross Amount | 649 | |||||
Buildings and Leasehold Improvements, Gross Amount | 135,412 | |||||
Total Gross Amount | [1] | 136,061 | ||||
Accumulated Depreciation | [2] | $ (230) | ||||
Constructed/Acquired Date | 2,015 | |||||
Tulsa Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, OK | |||||
Land, Initial Cost to Company | $ 8,206 | |||||
Buildings and Improvements, Initial Cost to Company | 4,061 | |||||
Cost Capitalized Subsequent to Acquisition | 710 | |||||
Land and Land Improvements, Gross Amount | 8,206 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,771 | |||||
Total Gross Amount | [1] | 12,977 | ||||
Accumulated Depreciation | [2] | $ (34) | ||||
Constructed/Acquired Date | 2,015 | |||||
Turley Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, OK | |||||
Land, Initial Cost to Company | $ 421 | |||||
Buildings and Improvements, Initial Cost to Company | 4,105 | |||||
Cost Capitalized Subsequent to Acquisition | 810 | |||||
Land and Land Improvements, Gross Amount | 421 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,915 | |||||
Total Gross Amount | [1] | 5,336 | ||||
Accumulated Depreciation | [2] | $ (36) | ||||
Constructed/Acquired Date | 2,015 | |||||
Walker Hall Residential Re-entry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Philadelphia, PA | |||||
Land, Initial Cost to Company | $ 654 | |||||
Buildings and Improvements, Initial Cost to Company | 2,693 | |||||
Land and Land Improvements, Gross Amount | 654 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,693 | |||||
Total Gross Amount | [1] | 3,347 | ||||
Accumulated Depreciation | [2] | $ (28) | ||||
Constructed/Acquired Date | 2,015 | |||||
Webb County Detention Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Laredo, Texas | |||||
Land, Initial Cost to Company | $ 498 | |||||
Buildings and Improvements, Initial Cost to Company | 20,160 | |||||
Cost Capitalized Subsequent to Acquisition | 5,961 | |||||
Land and Land Improvements, Gross Amount | 2,101 | |||||
Buildings and Leasehold Improvements, Gross Amount | 24,518 | |||||
Total Gross Amount | [1] | 26,619 | ||||
Accumulated Depreciation | [2] | $ (9,360) | ||||
Constructed/Acquired Date | 1,998 | |||||
West Tennessee Detention Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Mason, Tennessee | |||||
Land, Initial Cost to Company | $ 538 | |||||
Buildings and Improvements, Initial Cost to Company | 31,931 | |||||
Cost Capitalized Subsequent to Acquisition | 5,685 | |||||
Land and Land Improvements, Gross Amount | 2,040 | |||||
Buildings and Leasehold Improvements, Gross Amount | 36,114 | |||||
Total Gross Amount | [1] | 38,154 | ||||
Accumulated Depreciation | [2] | $ (14,467) | ||||
Constructed/Acquired Date | 1,990 | |||||
Wheeler Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Alamo, Georgia | |||||
Land, Initial Cost to Company | $ 117 | |||||
Buildings and Improvements, Initial Cost to Company | 30,781 | |||||
Cost Capitalized Subsequent to Acquisition | 42,184 | |||||
Land and Land Improvements, Gross Amount | 423 | |||||
Buildings and Leasehold Improvements, Gross Amount | 72,659 | |||||
Total Gross Amount | [1] | 73,082 | ||||
Accumulated Depreciation | [2] | $ (18,901) | ||||
Constructed/Acquired Date | 1,998 | |||||
Whiteville Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Whiteville, Tennessee | |||||
Land, Initial Cost to Company | $ 303 | |||||
Buildings and Improvements, Initial Cost to Company | 51,694 | |||||
Cost Capitalized Subsequent to Acquisition | 6,139 | |||||
Land and Land Improvements, Gross Amount | 1,667 | |||||
Buildings and Leasehold Improvements, Gross Amount | 56,469 | |||||
Total Gross Amount | [1] | 58,136 | ||||
Accumulated Depreciation | [2] | $ (19,443) | ||||
Constructed/Acquired Date | 1,998 | |||||
[1] | The aggregate cost of properties for federal income tax purposes is approximately $3.4 billion at December 31, 2015. | |||||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. | |||||
[3] | CCA recorded non-cash impairments during the fourth quarter of 2014 to write down the book values of the Queensgate and Mineral Wells facilities to the estimated fair values assuming asset sales for uses other than correctional facilities. | |||||
[4] | We transitioned operations from the 1,154-bed San Diego Correctional Facility to the newly constructed 1,482-bed Otay Mesa Detention Center in the fourth quarter of 2015. The San Diego Correctional Facility was subject to a ground lease with the County of San Diego. Upon expiration of the lease on December 31, 2015, ownership of the facility automatically reverted to the County of San Diego. | |||||
[5] | The South Texas Family Residential Center is subject to a lease agreement with a third-party lessor. This agreement resulted in CCA being deemed the owner of the newly constructed assets for accounting purposes, in accordance with ASC 840-40-55, formerly Emerging Issues Task Force No. 97-10, "The Effect of Lessee Involvement in Asset Construction." |
Schedule III - Real Estate As96
Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended | |
Dec. 31, 2015USD ($)Bed | Aug. 27, 2015Bed | |
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||
Aggregate cost of properties for federal Income Tax purposes | $ | $ 3.4 | |
Number of beds at the facility | 88,500 | 600 |
San Diego Correctional Facility | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||
Number of beds at the facility | 1,154 | |
Lease expiration date | Dec. 31, 2015 | |
Otay Mesa Detention Center | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||
Number of beds at the facility | 1,482 | |
Maximum | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||
Prison facilities, estimated useful lives of depreciable assets | 50 years |
Schedule III - Real Estate As97
Schedule III - Real Estate Assets and Accumulated Depreciation Summary of Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||
Investment in Real Estate, balance at beginning of period | $ 3,071,094 | $ 3,078,902 | $ 3,049,672 | |
Additions through Capital Expenditures | 433,481 | 45,929 | 18,106 | |
Acquisitions | 131,348 | 12,270 | ||
Sale of real estate for cash | (4,368) | (554) | ||
Asset impairments | (49,247) | |||
Reclassifications and other | (93,900) | (122) | (592) | |
Investment in Real Estate, balance at end of period | 3,542,023 | [1] | 3,071,094 | 3,078,902 |
Accumulated Depreciation, balance at beginning of period | (815,980) | (755,761) | (680,965) | |
Depreciation | (113,611) | (79,745) | (75,069) | |
Disposals/Other | 95,033 | 118 | 273 | |
Asset impairments | 19,408 | |||
Accumulated Depreciation, balance at end of period | $ (834,558) | [2] | $ (815,980) | $ (755,761) |
[1] | The aggregate cost of properties for federal income tax purposes is approximately $3.4 billion at December 31, 2015. | |||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. |