Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 16, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CXW | ||
Entity Registrant Name | CoreCivic, Inc. | ||
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 | 117,666,948 | ||
Entity Public Float | $ 4,092,088,786 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 37,711 | $ 65,291 |
Restricted cash | 877 | |
Accounts receivable, net of allowance of $1,580 and $459, respectively | 229,885 | 234,456 |
Prepaid expenses and other current assets | 31,228 | 41,434 |
Total current assets | 298,824 | 342,058 |
Property and equipment, net of accumulated depreciation of $1,352,323 and $1,193,723, respectively | 2,837,657 | 2,883,060 |
Restricted cash | 218 | 131 |
Investment in direct financing lease | 684 | |
Goodwill | 38,386 | 35,557 |
Non-current deferred tax assets | 13,735 | 9,824 |
Other assets | 82,784 | 84,704 |
Total assets | 3,271,604 | 3,356,018 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued expenses | 260,107 | 317,675 |
Income taxes payable | 2,086 | 1,920 |
Current portion of long-term debt | 10,000 | 5,000 |
Total current liabilities | 272,193 | 324,595 |
Long-term debt, net | 1,435,169 | 1,447,077 |
Deferred revenue | 53,437 | 63,289 |
Other liabilities | 51,842 | 58,309 |
Total liabilities | 1,812,641 | 1,893,270 |
Commitments and contingencies | ||
Preferred stock - $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2016 and 2015, respectively | 0 | 0 |
Common stock - $0.01 par value; 300,000 shares authorized; 117,554 and 117,232 shares issued and outstanding at December 31, 2016 and 2015, respectively | 1,176 | 1,172 |
Additional paid-in capital | 1,780,350 | 1,762,394 |
Accumulated deficit | (322,563) | (300,818) |
Total stockholders' equity | 1,458,963 | 1,462,748 |
Total liabilities and stockholders' equity | $ 3,271,604 | $ 3,356,018 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance | $ 1,580 | $ 459 |
Accumulated depreciation | $ 1,352,323 | $ 1,193,723 |
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 | 117,554,000 | 117,232,000 |
Common stock, shares outstanding | 117,554,000 | 117,232,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | $ 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 447,835 | $ 459,957 | $ 459,295 | $ 426,000 | $ 1,849,785 | $ 1,793,087 | $ 1,646,867 |
EXPENSES: | |||||||||||
Operating | 1,275,586 | 1,256,128 | 1,156,135 | ||||||||
General and administrative | 107,027 | 103,936 | 106,429 | ||||||||
Depreciation and amortization | 166,746 | 151,514 | 113,925 | ||||||||
Restructuring charges | 4,010 | 0 | 0 | ||||||||
Asset impairments | 955 | 30,082 | |||||||||
Costs and Expenses, Total | 1,553,369 | 1,512,533 | 1,406,571 | ||||||||
OPERATING INCOME | 80,359 | 73,953 | 77,176 | 64,928 | 66,539 | 65,436 | 79,753 | 68,826 | 296,416 | 280,554 | 240,296 |
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 67,755 | 49,696 | 39,535 | ||||||||
Expenses associated with debt refinancing transactions | 0 | 701 | 0 | ||||||||
Other (income) expense | 489 | (58) | (1,204) | ||||||||
Total non-operating expense (income) | 68,244 | 50,339 | 38,331 | ||||||||
INCOME BEFORE INCOME TAXES | 228,172 | 230,215 | 201,965 | ||||||||
Income tax expense | (8,253) | (8,361) | (6,943) | ||||||||
NET INCOME | $ 60,689 | $ 55,340 | $ 57,583 | $ 46,307 | $ 48,598 | $ 50,676 | $ 65,303 | $ 57,277 | $ 219,919 | $ 221,854 | $ 195,022 |
BASIC EARNINGS PER SHARE | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 0.41 | $ 0.43 | $ 0.56 | $ 0.49 | $ 1.87 | $ 1.90 | $ 1.68 |
DILUTED EARNINGS PER SHARE | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 0.41 | $ 0.43 | $ 0.55 | $ 0.49 | 1.87 | 1.88 | 1.66 |
DIVIDENDS DECLARED PER SHARE | $ 2.04 | $ 2.16 | $ 2.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 219,919 | $ 221,854 | $ 195,022 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 166,746 | 151,514 | 113,925 |
Asset impairments | 0 | 955 | 30,082 |
Amortization of debt issuance costs and other non-cash interest | 3,147 | 2,973 | 3,102 |
Expenses associated with debt refinancing transactions | 0 | 701 | 0 |
Deferred income taxes | (3,911) | 5,706 | (3,211) |
Other expenses and non-cash items | 5,265 | 3,732 | 4,594 |
Non-cash revenue and other income | (8,518) | (2,639) | (3,880) |
Income tax benefit of equity compensation | (1,479) | (525) | (665) |
Non-cash equity compensation | 17,903 | 15,394 | 13,975 |
Changes in assets and liabilities, net: | |||
Accounts receivable, prepaid expenses and other assets | 14,059 | 1,266 | (12,549) |
Accounts payable, accrued expenses and other liabilities | (39,403) | (2,210) | 82,396 |
Income taxes payable | 1,645 | 1,077 | 790 |
Net cash provided by operating activities | 375,373 | 399,798 | 423,581 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Expenditures for facility development and expansions | (41,816) | (164,880) | (85,791) |
Expenditures for other capital improvements | (51,647) | (59,414) | (49,315) |
Capitalized lease payments | 0 | (34,470) | (70,793) |
Acquisition of businesses, net of cash acquired | (43,769) | (158,366) | 0 |
Decrease in restricted cash | 240 | 1,350 | 2,983 |
Proceeds from sale of assets | 8,412 | 563 | 5,136 |
Decrease (increase) in other assets | 3,853 | 3,686 | (1,101) |
Payments received on direct financing lease and notes receivable | 2,539 | 2,250 | 1,994 |
Net cash used in investing activities | (122,188) | (409,281) | (196,887) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 389,000 | 807,000 | 250,000 |
Scheduled principal repayments | (5,000) | 0 | 0 |
Other principal repayments of debt | (393,000) | (543,000) | (255,000) |
Payment of debt issuance and other refinancing and related costs | (68) | (5,727) | 0 |
Payment of lease obligations | (11,789) | (6,468) | 0 |
Contingent consideration for acquisition of businesses | (5,073) | 0 | 0 |
Proceeds from exercise of stock options | 2,638 | 7,700 | 12,450 |
Purchase and retirement of common stock | (4,006) | (9,454) | (4,036) |
Income tax benefit of equity compensation | 1,479 | 525 | 665 |
Decrease (increase) in restricted cash for dividends | 550 | 500 | (251) |
Dividends paid | (255,496) | (250,695) | (234,048) |
Net cash provided by (used in) financing activities | (280,765) | 381 | (230,220) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (27,580) | (9,102) | (3,526) |
CASH AND CASH EQUIVALENTS, beginning of year | 65,291 | 74,393 | 77,919 |
CASH AND CASH EQUIVALENTS, end of year | 37,711 | 65,291 | 74,393 |
Cash paid during the period for: | |||
Interest (net of amounts capitalized of $552, $5,478, and $2,525 in 2016, 2015, and 2014, respectively) | 55,966 | 36,992 | 39,928 |
Income taxes paid (refunded), net | $ (2,137) | $ 9,966 | $ 19,717 |
Consolidated Statements of Cas6
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest, capitalized interest | $ 552 | $ 5,478 | $ 2,525 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | (Accumulated Deficit) Retained Earnings |
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) | |
Dividends declared 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 grants (in shares) | 267 | |||
Restricted stock grants | 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) | |
Dividends declared 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 grants (in shares) | 303 | |||
Restricted stock grants | 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) |
Net income | 219,919 | 219,919 | ||
Retirement of common stock (in shares) | (135) | |||
Retirement of common stock | (4,006) | $ (1) | (4,005) | |
Dividends declared on common stock | (241,721) | (241,721) | ||
Restricted stock compensation, net of forfeitures (in shares) | (1) | |||
Restricted stock compensation, net of forfeitures | 17,792 | 17,735 | 57 | |
Stock option compensation expense, net of forfeitures | 111 | 111 | ||
Income tax benefit of equity compensation | 1,479 | 1,479 | ||
Restricted stock grants (in shares) | 318 | |||
Restricted stock grants | 3 | $ 3 | ||
Stock options exercised (in shares) | 140 | |||
Stock options exercised | 2,638 | $ 2 | 2,636 | |
BALANCE (in shares) at Dec. 31, 2016 | 117,554 | |||
BALANCE at Dec. 31, 2016 | $ 1,458,963 | $ 1,176 | $ 1,780,350 | $ (322,563) |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends declared on common stock, per share | $ 2.04 | $ 2.16 | $ 2.04 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2016 | |
ORGANIZATION AND OPERATIONS | 1. ORGANIZATION AND OPERATIONS CoreCivic, Inc. (together with its subsidiaries, the “Company” or “CoreCivic”) is the nation’s largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest prison operators in the United States. As of December 31, 2016, CoreCivic owned or controlled 49 correctional and detention facilities, owned or controlled 25 residential reentry facilities, and managed an additional 11 correctional and detention facilities owned by its government partners, with a total design capacity of approximately 89,700 beds in 20 states and the District of Columbia. In addition to providing fundamental residential services, CoreCivic’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 reentry into society upon their release. CoreCivic also provides or makes available to offenders certain health care (including medical, dental, and mental health services), food services, and work and recreational programs. Over the past several years, the Company has successfully executed strategies to diversify its business and offer a broader range of solutions to government partners. To reflect this transformation, management announced in October 2016, its decision to rename and rebrand the Company from Corrections Corporation of America to CoreCivic. The decision to rename the Company was the result of an intense research, brand strategy, and creative process that began in mid-2015. CoreCivic began operating as a real estate investment trust (“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 CoreCivic 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, 2016 | |
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 CoreCivic on a consolidated basis with its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Cash and Cash Equivalents CoreCivic considers all liquid debt instruments with a maturity of three months or less at the time of purchase to be cash equivalents. Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2016 and 2015, accounts receivable of $229.9 million and $234.5 million were net of allowances for doubtful accounts totaling $1.6 million and $0.5 million, respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CoreCivic’s correctional, detention, and residential reentry facilities, as well as for operating and managing such facilities. Accounts receivable are stated at estimated net realizable value. CoreCivic 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 Property and Equipment Property and equipment are carried at cost. Assets acquired by CoreCivic 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 Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 10 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 CoreCivic’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 CoreCivic’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 CoreCivic 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, 835-30): 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 CoreCivic maintains contracts with certain governmental entities to manage their facilities for fixed per diem rates. CoreCivic 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. CoreCivic 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. CoreCivic 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 CoreCivic’s contracts with them. If the agency determines that CoreCivic has improperly allocated costs to a specific contract or otherwise was unable to perform certain contractual services, CoreCivic 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 is recognized in the period that the related expenses are incurred based upon the tenant lease provision. In September 2014, CoreCivic 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 IGSA was further amended in October 2016, as described in Note 5. The IGSA qualifies as a multiple-element arrangement under the guidance in ASC 605, “Revenue Recognition”. CoreCivic 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. CoreCivic establishes VSOE of selling price using the price charged for a deliverable when sold separately. CoreCivic establishes TPE of selling price by evaluating similar products or services in standalone sales to similarly situated customers. CoreCivic 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, CoreCivic 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, detention and residential reentry 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 CoreCivic is significantly self-insured for employee health, workers’ compensation, automobile liability claims, and general liability claims. As such, CoreCivic’s insurance expense is largely dependent on claims experience and CoreCivic’s ability to control its claims experience. CoreCivic 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 CoreCivic. CoreCivic 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. CoreCivic 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 CoreCivic 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 CoreCivic 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, CoreCivic 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 CoreCivic 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 CoreCivic’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, non-current non-current 2015-17 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 CoreCivic 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 CoreCivic. The working capital loan is denominated in British pounds; consequently, CoreCivic 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 CoreCivic’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, CoreCivic 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, 2016 and 2015, there were no material differences between the carrying amounts and the estimated fair values of CoreCivic’s financial instruments, other than as follows (in thousands): December 31, 2016 2015 Carrying Fair Value Carrying Fair Value Investment in direct financing lease $ 684 $ 694 $ 3,223 $ 3,408 Note receivable from APM $ 2,920 $ 4,647 $ 3,504 $ 5,864 Debt $ (1,455,000 ) $ (1,459,625 ) $ (1,464,000 ) $ (1,452,719 ) 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 CoreCivic’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. CoreCivic maintains deposits of cash in excess of federally insured limits with certain financial institutions. CoreCivic’s accounts receivable and investment in direct financing lease represent amounts due primarily from governmental agencies. CoreCivic’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. CoreCivic derives its revenues primarily from amounts earned under federal, state, and local government contracts. For each of the years ended December 31, 2016, 2015, and 2014, federal correctional and detention authorities represented 52%, 51%, and 44%, respectively, of CoreCivic’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 9%, 11%, and 13% of total revenue for 2016, 2015, and 2014, respectively. The USMS accounted for 15%, 16%, and 17% of total revenue for 2016, 2015, and 2014, respectively. ICE accounted for 28%, 24%, and 13% of total revenue for 2016, 2015, and 2014, respectively, with the increases in 2016 and 2015 resulting in part from the contract at the South Texas Family Residential Center, as further described in Note 5. These federal customers have management contracts at facilities CoreCivic owns and at facilities CoreCivic manages but does not own. State revenues from contracts at correctional, detention, and residential reentry facilities that CoreCivic operates represented 38%, 40%, and 46% of total revenue during the years ended December 31, 2016, 2015, and 2014, respectively. Approximately 6%, 10%, and 12% of total revenue for the years ended December 31, 2016, 2015, and 2014, respectively, was generated from the State of California Department of Corrections and Rehabilitation (the “CDCR”) in facilities housing inmates outside the state of California. No other customer generated more than 10% of total revenue during 2016, 2015, or 2014. 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 CoreCivic’s financial condition and results of operations. Accounting for Stock-Based Compensation Restricted Stock and Units CoreCivic accounts for restricted stock-based compensation under the recognition and measurement principles of ASC 718, “Compensation-Stock Compensation”. CoreCivic amortizes the fair market value as of the grant date of restricted stock and unit awards over the vesting period using the straight-line method. The fair market value of performance-based restricted stock units is amortized over the vesting period as long as CoreCivic 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 CoreCivic’s stock option plans are described more fully in Note 12. CoreCivic 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, 2014-09 2014-09 In February 2016, the FASB issued ASU 2016-02, 2016-02 2016-02 In March 2016, the FASB issued ASU 2016-09, 2016-09 2016-09 In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01 In January 2017, the FASB issued ASU 2017-04, two-step 2017-04 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2016 | |
GOODWILL | 3. GOODWILL ASC 350, “Intangibles-Goodwill and Other”, establishes accounting and reporting requirements for goodwill and other intangible assets. Goodwill was $38.4 million and $35.6 million as of December 31, 2016 and 2015, respectively. This goodwill was established in connection with the acquisitions of Correctional Management, Inc. (“CMI”) in the second quarter of 2016 and Avalon Correctional Services, Inc. (“Avalon”) in the fourth quarter of 2015, both as further described in Note 6, the acquisition of Correctional Alternatives, Inc. (“CAI”) during 2013, and the acquisitions of two service companies during 2000. Under the provisions of ASC 350, CoreCivic performs a qualitative assessment that may allow it to skip the annual two-step two-step two-step In April 2015, CoreCivic 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, CoreCivic recorded an asset impairment of $1.0 million during the first quarter of 2015 for the write-off |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT At December 31, 2016, CoreCivic owned 76 real estate properties, including 49 correctional and detention facilities, three of which CoreCivic leased to third-party operators, 25 residential reentry facilities, five of which CoreCivic leased to third-party operators, and two corporate office buildings. At December 31, 2016, CoreCivic also managed 11 correctional and detention facilities owned by governmental agencies. Property and equipment, at cost, consists of the following (in thousands): December 31, 2016 2015 Land and improvements $ 234,862 $ 207,405 Buildings and improvements 3,509,825 3,443,791 Equipment and software 379,811 360,168 Office furniture and fixtures 35,651 35,018 Construction in progress 29,831 30,401 4,189,980 4,076,783 Less: Accumulated depreciation (1,352,323 ) (1,193,723 ) $ 2,837,657 $ 2,883,060 Construction in progress primarily consists of correctional facilities under construction or expansion. Interest is capitalized on construction in progress and amounted to $0.6 million, $5.5 million, and $2.5 million in 2016, 2015, and 2014, respectively. Depreciation expense was $165.8 million, $151.4 million, and $114.0 million for the years ended December 31, 2016, 2015, and 2014, respectively. Eleven of the facilities owned by CoreCivic 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 CoreCivic leases from a governmental agency under a ground lease. Under the terms of the ground lease, the facility becomes the property of the governmental agency upon expiration of the ground lease in 2017. CoreCivic depreciates this property over the shorter of the term of the applicable ground lease or the estimated useful life of the property. CoreCivic leases land and building at the Elizabeth Detention Center under operating leases that expire in June 2022. CoreCivic 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 CoreCivic and the County of San Diego in January 2010. During December 2013, CoreCivic elected to terminate the lease of land and building at the North Georgia Detention Center effective during the first quarter of 2014. CoreCivic leases the South Texas Family Residential Center and the site upon which it was constructed from a third-party lessor. CoreCivic’s lease agreement with the lessor is over a base period concurrent with an IGSA with ICE which was amended in October 2016, as further described in Note 5. However, ICE can terminate the agreement for convenience or non-appropriation 60-day CoreCivic’s original lease agreement with the third-party lessor required CoreCivic to pay $70.0 million in September 2014, which resulted in CoreCivic being deemed the owner of the constructed assets for accounting purposes, in accordance with ASC 840-40-55, No. 97-10, pre-existing pre-existing pre-existing The expense incurred for the leases at these four facilities, inclusive of the expenses recognized for the South Texas lease, as described above, was $103.0 million, $85.9 million, and $9.1 million for the years ended December 31, 2016, 2015, and 2014, respectively. Future minimum lease payments as of December 31, 2016 under these and other operating leases, inclusive of $242.3 million of payments expected to be made under the cancelable lease at the South Texas facility, are as follows (in thousands): 2017 $ 51,397 2018 51,413 2019 51,423 2020 51,510 2021 39,550 Thereafter 290 In June 2013, CoreCivic entered into an Economic Development Agreement (“EDA”) with the Development Authority of Telfair County (“Telfair County”) in Telfair County, Georgia to implement a tax abatement plan related to CoreCivic’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 the EDA, legal title of CoreCivic’s real property was transferred to Telfair County. Pursuant to the EDA, the bonds were issued to CoreCivic, so no cash exchanged hands. Telfair County then leased the real property back to CoreCivic. The lease payments are equal to the amount of the payments on the bonds. At any time, CoreCivic has the option to purchase the real property by paying off the bonds, plus $100. Due to the form of the transactions, CoreCivic has not recorded the bonds or the capital lease associated with the sale lease-back transaction. The original cost of CoreCivic’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, 2016 | |
REAL ESTATE TRANSACTIONS | 5. REAL ESTATE TRANSACTIONS Activations In September 2014, CoreCivic 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 CoreCivic in Dilley, Texas. Services provided under the original amended IGSA commenced in the fourth quarter of 2014, had an original term of up to four years, and could be extended by bi-lateral bi-lateral non-appropriation 60-day Under the fixed monthly payment schedule of the original amended IGSA, ICE agreed to pay CoreCivic $70.0 million in two $35.0 million installments during the fourth quarter of 2014 and graduated fixed monthly payments over the remaining months of the contract. As described in Note 2, CoreCivic 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. CoreCivic 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 CoreCivic 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 CoreCivic’s site development and construction management services, was valued based on the estimated selling price of similar services CoreCivic 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, 2016, 2015, and 2014, CoreCivic recognized $266.8 million, $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. As of December 31, 2016 and 2015, total deferred revenue associated with this agreement amounted to $67.0 million and $94.6 million, respectively. In June 2015, ICE announced a policy change regarding family unit detention that has shortened the duration of ICE detention for those who are awaiting further process before immigration courts. Public policies and views regarding family detention, as well as proposals pertaining to the most effective means to address families crossing the border illegally, continue to evolve. In addition, numerous lawsuits, to which CoreCivic is not a party, have challenged the government’s policy of detaining migrant families. One such lawsuit in the United States District Court for the Central District of California concerns a settlement agreement between ICE and a plaintiffs’ class consisting of detained minors, whereby the court issued an order on August 21, 2015, enforcing the settlement agreement and requiring compliance by October 23, 2015. The court’s order clarified that the government has the flexibility to hold class members for longer periods of time in unlicensed and secure facilities 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. In July 2016, the U.S. Court of Appeals for the Ninth Circuit affirmed most aspects of the District Court’s order, but ruled that ICE is not required to release a parent simply because the settlement agreement might require release of that parent’s minor child. The impact of these rulings on family residential programs is not yet known. In December 2016, a Texas state court judge blocked efforts by Texas state officials to license the South Texas Family Residential Center as a child care center, ruling that the state officials lacked authority to license such facilities. The state of Texas has appealed this ruling, and the impact of the judge’s decision on family residential detention programs is not yet known. Any court decision or government action that impacts CoreCivic’s existing contract for the South Texas Family Residential Center could materially affect the Company’s cash flows, financial condition, and results of operations. In December 2015, CoreCivic announced it was awarded a new contract from the Arizona Department of Corrections to house up to an additional 1,000 medium-security inmates at its 1,596-bed Pursuant to an agreement with Trousdale County, Tennessee, CoreCivic agreed to finance, design, construct, and operate a 2,552-bed In April 2016, CoreCivic was awarded a contract to continue providing residential reentry services for the BOP, which was a rebid of existing contracts at both of CoreCivic’s CAI facilities, CAI-Boston CAI-Ocean 483-bed CAI-Ocean CAI-Boston 120-bed CAI-Boston one-year Leasing Transactions In May 2016, CoreCivic entered into a lease with the Oklahoma Department of Corrections (“ODOC”) for its previously idled 2,400-bed two-year Acquisitions On August 27, 2015, CoreCivic 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 reentry services to residents and inmates at the leased facilities. CoreCivic acquired the four facilities in the real estate-only transaction as a strategic investment that expands the Company’s investment in the residential reentry market. The consideration paid for the asset portfolio consisted of approximately $13.8 million in cash, excluding transaction related expenses. In allocating the purchase price, CoreCivic recorded $13.4 million of net tangible assets and $0.4 million of identifiable intangible assets. On June 10, 2016, CoreCivic acquired a residential reentry facility in Long Beach, California from a privately held owner for approximately $7.7 million in cash, excluding transaction-related expenses. In allocating the purchase price, CoreCivic recorded $7.4 million of net tangible assets and $0.3 million of identifiable intangible assets. The 112-bed Real Estate Closures and Idle Facilities On July 29, 2016, the BOP elected not to renew its contract at CoreCivic’s owned and managed 1,129-bed Based on a decline in offender populations within the state of Colorado and available capacity at other facilities CoreCivic owns in Colorado, CoreCivic idled its 1,488-bed CoreCivic also has six additional idled facilities that are currently available and being actively marketed to potential customers. The following table summarizes each of the idled facilities and their respective carrying values, excluding equipment and other assets that could generally be transferred and used at other facilities CoreCivic owns without significant cost (dollars in thousands): Design Date Net Carrying Values at December 31, Facility Capacity Idled 2016 2015 Prairie Correctional Facility 1,600 2010 $ 17,071 $ 17,961 Huerfano County Correctional Center 752 2010 17,542 18,276 Diamondback Correctional Facility 2,160 2010 41,539 43,030 Southeast Kentucky Correctional Facility (1) 656 2012 22,618 23,270 Marion Adjustment Center 826 2013 12,135 12,536 Lee Adjustment Center 816 2015 10,342 10,840 Kit Carson Correctional Center 1,488 2016 58,819 60,039 8,298 $ 180,066 $ 185,952 (1) Formerly known as the Otter Creek Correctional Center. From the date each of the aforementioned seven facilities became idle, CoreCivic incurred approximately $8.5 million, $7.3 million, and $6.5 million in operating expenses for the years ended December 31, 2016, 2015, and 2014, respectively. The operating expenses incurred in 2014 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. CoreCivic 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. CoreCivic 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 CoreCivic to reconsider its most recent assumptions. As a result of CoreCivic’s analyses, CoreCivic determined each of the idled facilities to have recoverable values in excess of the corresponding carrying values. In the fourth quarter of 2014, CoreCivic made the decision to actively pursue the sale of the Queensgate Correctional Facility, idle since 2009, and the Mineral Wells Pre-Parole non-cash Sales In the third quarter of 2014, CoreCivic 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 an asset that was previously leased to a charter school operator. CoreCivic 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, CoreCivic recorded a non-cash |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2016 | |
BUSINESS COMBINATIONS | 6. BUSINESS COMBINATIONS During the fourth quarter of 2015, CoreCivic closed on the acquisition of 100% of the stock of Avalon, along with two additional facilities operated by Avalon. The acquisition included 11 community corrections facilities with approximately 3,000 beds in Oklahoma, Texas, and Wyoming. CoreCivic acquired Avalon, which specializes in community correctional services, drug and alcohol treatment services, and residential reentry services, as a strategic investment that continues to expand the reentry assets CoreCivic owns and the services the Company provides. The aggregate purchase price of $157.5 million, excluding transaction-related expenses, includes two earn-outs. One earn-out earn-out In allocating the purchase price for the transaction, CoreCivic recorded the following (in millions): Property and equipment $ 119.2 Intangible assets 18.5 Total identifiable assets 137.7 Goodwill 19.8 Total consideration $ 157.5 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 continue to broaden the scope of solutions CoreCivic 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. On April 8, 2016, CoreCivic closed on the acquisition of 100% of the stock of CMI, along with the real estate used in the operation of CMI’s business from two entities affiliated with CMI. CMI, a privately held community corrections company that operates seven community corrections facilities, including six owned and one leased, with approximately 600 beds in Colorado, specializes in community correctional services, drug and alcohol treatment services, and residential reentry services. CMI provides these services through multiple contracts with three counties in Colorado, as well as the Colorado Department of Corrections, a pre-existing In allocating the purchase price for the transaction, CoreCivic recorded the following (in millions): Tangible current assets and liabilities, net $ 1.0 Property and equipment 29.2 Intangible assets 1.5 Total identifiable assets 31.7 Goodwill 3.3 Total consideration $ 35.0 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 CoreCivic provides, from incarceration through release. The results of operations for CMI 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, 2016 | |
Agecroft Prison Management Ltd | |
INVESTMENT IN AFFILIATE | 7. INVESTMENT IN AFFILIATE CoreCivic 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 For the years ended December 31, 2016 and 2015, equity in losses of the joint venture was $41,000 and $126,000, respectively. For the year ended December 31, 2014, equity in earnings of the joint venture was $720,000. 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, 2016, CoreCivic’s equity investment in APM was $0.5 million and is reported in other assets in the accompanying consolidated balance sheets. The outstanding working capital loan of $2.9 million, combined with the $0.5 million investment in APM, represents CoreCivic’s maximum exposure to loss in connection with APM. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
OTHER ASSETS | 8. OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2016 2015 Debt issuance costs, less accumulated amortization of $1,633 and $542, respectively $ 3,526 $ 4,879 Intangible lease value, less accumulated amortization of $4,990 and $3,118, respectively 36,598 37,430 Other intangible assets, less accumulated amortization of $1,421 and $363, respectively 4,434 4,191 Deferred leasing costs 7,380 8,021 Notes receivable, net 5,858 7,743 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 13,110 16,946 Deposits 2,117 2,020 Straight-line rent receivable 9,229 3,324 Other 532 150 $ 82,784 $ 84,704 The gross carrying amount of intangible assets amounted to $47.4 million and $45.1 million at December 31, 2016 and 2015, respectively. Of these amounts, $41.6 million and $40.5 million, respectively, was related to intangible lease values. Amortization expense related to intangible assets was $2.9 million, $1.5 million, and $1.4 million for 2016, 2015, and 2014, respectively, and depending upon the nature of the asset, was either reported as operating expense or depreciation and amortization in the accompanying statement of operations for the respective periods. As of December 31, 2016, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2017 $ 3,010 2018 3,010 2019 2,718 2020 2,181 2021 1,483 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 9. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2016 2015 Trade accounts payable $ 49,866 $ 72,689 Accrued salaries and wages 29,766 28,871 Accrued dividends 51,496 65,232 Accrued workers’ compensation and auto liability 6,652 6,978 Accrued litigation 9,290 4,176 Accrued employee medical insurance 8,413 7,911 Accrued property taxes 27,707 24,796 Accrued interest 9,526 9,780 Deferred revenue 14,332 31,844 Construction payable 7,845 8,483 Lease financing obligation 11,785 19,775 Other 33,429 37,140 $ 260,107 $ 317,675 The total liability for workers’ compensation and auto liability was $21.4 million and $22.2 million as of December 31, 2016 and 2015, 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 2016 and 2015. These liabilities amounted to $23.9 million and $25.0 million on an undiscounted basis as of December 31, 2016 and 2015, respectively. Other long-term liabilities consist of the following (in thousands): December 31, 2016 2015 Intangible lease liability $ 6,578 $ 6,965 Accrued workers’ compensation 14,726 15,188 Accrued deferred compensation 9,850 13,253 Lease financing obligation 18,832 21,047 Other 1,856 1,856 $ 51,842 $ 58,309 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2016 | |
DEBT | 10. DEBT Debt outstanding consists of the following (in thousands): December 31, 2016 2015 $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 December 31, 2016 and 2015 was 2.2% and 1.9%, respectively. $ 435,000 $ 439,000 Term Loan, scheduled principal payments through maturity in July 2020; interest payable periodically at variable interest rates. The rate at December 31, 2016 and 2015 was 2.3% and 2.0%, respectively. Unamortized debt issuance costs amounted to $0.4 million and $0.6 million at December 31, 2016 and 2015, respectively. 95,000 100,000 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 $3.9 million and $4.5 million at December 31, 2016 and 2015, 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 $2.7 million and $3.5 million at December 31, 2016 and 2015, 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 $2.8 million and $3.3 million at December 31, 2016 and 2015, respectively. 250,000 250,000 Total debt 1,455,000 1,464,000 Unamortized debt issuance costs (9,831 ) (11,923 ) Current portion of long-term debt (10,000 ) (5,000 ) Long-term debt, net $ 1,435,169 $ 1,447,077 Revolving Credit Facility. Based on CoreCivic’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, 2016, CoreCivic had $435.0 million in borrowings under the $900.0 Million Revolving Credit Facility as well as $9.1 million in letters of credit outstanding resulting in $455.9 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 CoreCivic’s domestic subsidiaries, 65% of the capital stock of CoreCivic’s foreign subsidiaries, all of CoreCivic’s accounts receivable, and all of CoreCivic’s deposit accounts. The $900.0 Million Revolving Credit Facility requires CoreCivic 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, 2016, CoreCivic 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, 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 CoreCivic’s other indebtedness, and is subject to acceleration upon the occurrence of a change of control. Incremental Term Loan. pre-payable, Senior Notes. 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. CoreCivic 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 CoreCivic’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. CoreCivic may also seek 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. non-guarantor 3-10(h)(6) S-X). As of December 31, 2016, neither CoreCivic nor any of its subsidiary guarantors had any material or significant restrictions on CoreCivic’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 CoreCivic’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 CoreCivic’s assets; and enter into transactions with affiliates. In addition, if CoreCivic 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, CoreCivic 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 CoreCivic’s $900.0 Million Revolving Credit Facility, as more fully described hereafter. Other Debt Transactions Letters of Credit. sub-facility Debt Maturities Scheduled principal payments as of December 31, 2016 for the next five years and thereafter were as follows (in thousands): 2017 $ 10,000 2018 10,000 2019 15,000 2020 820,000 2021 — Thereafter 600,000 Total debt $ 1,455,000 Cross-Default Provisions The provisions of CoreCivic’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 CoreCivic 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 CoreCivic’s obligations under the $900.0 Million Revolving Credit Facility, such events could result in the acceleration of all or a portion of CoreCivic’s Senior Notes, which would have a material adverse effect on CoreCivic’s liquidity and financial position. CoreCivic does not have sufficient working capital to satisfy its debt obligations in the event of an acceleration of all or a substantial portion of CoreCivic’s outstanding indebtedness. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
INCOME TAXES | 11. 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. 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 CoreCivic 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 CoreCivic 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, CoreCivic includes a provision for taxes in its consolidated financial statements. Income tax expense is comprised of the following components (in thousands): For the Years Ended December 31, 2016 2015 2014 Current income tax expense Federal $ 10,181 $ 2,519 $ 9,326 State 1,983 136 828 12,164 2,655 10,154 Deferred income tax expense (benefit) Federal (3,400 ) 5,589 (2,280 ) State (511 ) 117 (931 ) (3,911 ) 5,706 (3,211 ) Income tax expense $ 8,253 $ 8,361 $ 6,943 Significant components of CoreCivic’s deferred tax assets and liabilities as of December 31, 2016 and 2015, are as follows (in thousands): December 31, 2016 2015 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 29,198 $ 28,589 Tax over book basis of certain assets 866 893 Net operating loss and tax credit carryforwards 5,487 5,287 Intangible contract value 2,570 2,717 Other 346 460 Total noncurrent deferred tax assets 38,467 37,946 Less valuation allowance (3,436 ) (3,780 ) Total noncurrent deferred tax assets 35,031 34,166 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (9,386 ) (15,238 ) Intangible lease value (8,368 ) (8,862 ) Other (3,542 ) (242 ) Total noncurrent deferred tax liabilities (21,296 ) (24,342 ) Net total noncurrent deferred tax assets $ 13,735 $ 9,824 The tax benefits associated with equity-based compensation reduced income taxes payable by $1.5 million, $0.5 million, and $0.7 million during 2016, 2015, and 2014, 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, 2016, 2015, and 2014 is as follows: 2016 2015 2014 Statutory federal rate 35.0 % 35.0 % 35.0 % Dividends paid deduction (32.5 ) (31.9 ) (31.1 ) State taxes, net of federal tax benefit 1.1 0.9 0.8 Permanent differences 0.3 0.4 0.1 Other items, net (0.3 ) (0.8 ) (1.4 ) 3.6 % 3.6 % 3.4 % CoreCivic’s effective tax rate was 3.6%, 3.6%, and 3.4% during 2016, 2015, and 2014, respectively. As a REIT, CoreCivic 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 CoreCivic’s income tax expense is incurred based on the earnings generated by its TRSs. CoreCivic’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. CoreCivic had no liabilities for uncertain tax positions as of December 31, 2016 and 2015. CoreCivic recognizes interest and penalties related to unrecognized tax positions in income tax expense. CoreCivic does not currently anticipate that the total amount of unrecognized tax positions will significantly change in the next twelve months. CoreCivic had an income tax receivable of $8.8 million and $21.2 million as of December 31, 2016 and 2015, respectively, representing overpayment of federal income tax, which is included in prepaid expenses and other current assets in the accompanying consolidated balance sheets. CoreCivic’s U.S. federal income tax returns for tax years 2013 through 2015 remain subject to examination by the Internal Revenue Service (“IRS”). The IRS completed an audit during the first quarter of 2016 of one of the Company’s TRSs for the year ended December 31, 2013 with no material adjustments. All states in which CoreCivic files income tax returns follow the same statute of limitations as federal, with the exception of the following states whose open tax years include 2012 through 2015: Arizona, California, Colorado, Kentucky, Minnesota, New Jersey, Texas, and Wisconsin. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
STOCKHOLDERS' EQUITY | 12. 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, 2016, 2015, and 2014: Declaration Date Record Date Payable Date Ordinary Return of Total February 20, 2014 April 2, 2014 April 15, 2014 0.51 (1) — $ 0.51 May 15, 2014 July 2, 2014 July 15, 2014 0.51 (1) — $ 0.51 August 14, 2014 October 2, 2014 October 15, 2014 0.51 (1) — $ 0.51 December 11, 2014 January 2, 2015 January 15, 2015 0.382836 (2) 0.127164 $ 0.51 February 20, 2015 April 2, 2015 April 15, 2015 0.405355 (3) 0.134645 $ 0.54 May 14, 2015 July 2, 2015 July 15, 2015 0.405355 (3) 0.134645 $ 0.54 August 13, 2015 October 2, 2015 October 15, 2015 0.405355 (3) 0.134645 $ 0.54 December 10, 2015 January 4, 2016 January 15, 2016 0.487167 (4) 0.052833 $ 0.54 February 19, 2016 April 1, 2016 April 15, 2016 0.487167 (4) 0.052833 $ 0.54 May 12, 2016 July 1, 2016 July 15, 2016 0.487167 (4) 0.052833 $ 0.54 August 11, 2016 October 3, 2016 October 17, 2016 0.487167 (4) 0.052833 $ 0.54 December 8, 2016 January 3, 2017 January 13, 2017 — (5) — (5) $ 0.42 (1) $0.076573 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (2) $0.048357 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (3) $0.051202 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (4) $0.030979 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (5) Taxable in 2017. Future dividends will depend on CoreCivic’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 CoreCivic may consider relevant. Common Stock Restricted shares. non-employee non-employee non-employee non-employee CoreCivic established performance-based vesting conditions on the RSUs awarded to its officers and executive officers in years 2014 through 2016. Unless earlier vested under the terms of the agreements, RSUs issued to officers and executive officers in 2015 and 2016 are subject to vesting over a three-year period based upon the satisfaction of certain annual performance criteria, and no more than one-third one-third non-employee Nonvested restricted common stock transactions as of December 31, 2016 and for the year then ended are summarized below (in thousands, except per share amounts). Shares of restricted Weighted average Nonvested at December 31, 2015 975 $ 36.65 Granted 635 $ 29.08 Cancelled (152 ) $ 31.53 Vested (414 ) $ 36.52 Nonvested at December 31, 2016 1,044 $ 32.84 During 2016, 2015, and 2014, CoreCivic expensed $17.8 million ($1.7 million of which was recorded in operating expenses, $14.4 million of which was recorded in general and administrative expenses, and $1.7 million of which was recorded in restructuring charges), $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), and $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), net of forfeitures, relating to the restricted common stock and RSUs, respectively. As of December 31, 2016, CoreCivic had $16.5 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a remaining weighted-average period of 1.7 years . Restricted stock-based compensation expense of $1.7 million for the year ended December 31, 2016 included in restructuring charges in the consolidated statement of operations reflects the voluntary forfeiture of RSUs awarded in February 2016 to CoreCivic’s chief executive officer, in connection with a restructuring and cost reduction plan implemented during the third quarter of 2016, as further described in Note 13. Preferred Stock CoreCivic 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 CoreCivic’s Board of Directors. Stock Option Plans CoreCivic has equity incentive plans under which, among other things, incentive and non-qualified non-employee non-employee In years after 2012, CoreCivic elected not to issue stock options to its non-employee Stock option transactions relating to CoreCivic’s non-qualified No. of Weighted- Weighted- Average Aggregate Outstanding at December 31, 2015 1,467 $ 20.37 Granted — — Exercised (140 ) 18.81 Cancelled — — Outstanding at December 31, 2016 1,327 $ 20.53 3.2 $ 5,442 Exercisable at December 31, 2016 1,327 $ 20.53 3.2 $ 5,442 The aggregate intrinsic value in the table above represents the total pre-tax in-the-money Nonvested stock option transactions relating to CoreCivic’s non-qualified Number of Weighted Nonvested at December 31, 2015 51 $ 6.50 Granted — $ — Cancelled — $ — Vested (51 ) $ 6.50 Nonvested at December 31, 2016 — $ — As of December 31, 2016, CoreCivic had no unrecognized compensation cost related to stock options. At CoreCivic’s 2011 annual meeting of stockholders held in May 2011, CoreCivic’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 CoreCivic’s Non-Employee Non-Employee |
RESTRUCTURING AND COST REDUCTIO
RESTRUCTURING AND COST REDUCTION PLAN | 12 Months Ended |
Dec. 31, 2016 | |
RESTRUCTURING AND COST REDUCTION PLAN | 13. RESTRUCTURING AND COST REDUCTION PLAN During the third quarter of 2016, CoreCivic announced a restructuring of its corporate operations and implementation of a cost reduction plan, resulting in the elimination of approximately 12% of the corporate workforce at its headquarters. The restructuring realigns the corporate structure to more effectively serve facility operations and support the progression of CoreCivic’s business diversification strategy. CoreCivic reported a charge in the third quarter of 2016 of $4.0 million associated with this restructuring. This charge primarily consists of cash payments for severance and related benefits to terminated employees and a non-cash |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2016 | |
EARNINGS PER SHARE | 14. 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 CoreCivic, 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, 2016 2015 2014 NUMERATOR Basic: Net income $ 219,919 $ 221,854 $ 195,022 Diluted: Net income $ 219,919 $ 221,854 $ 195,022 DENOMINATOR Basic: Weighted average common shares outstanding 117,384 116,949 116,109 Diluted: Weighted average common shares outstanding 117,384 116,949 116,109 Effect of dilutive securities: Stock options 306 631 895 Restricted stock-based awards 101 205 308 Weighted average shares and assumed conversions 117,791 117,785 117,312 BASIC EARNINGS PER SHARE $ 1.87 $ 1.90 $ 1.68 DILUTED EARNINGS PER SHARE $ 1.87 $ 1.88 $ 1.66 Approximately 268,000, 8,000, and 12,000 stock options were excluded from the computations of diluted earnings per share for the years ended December 31, 2016, 2015, and 2014, respectively, because they were anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES Legal Proceedings General. CoreCivic 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 CoreCivic’s self-insured retention amounts, management believes a loss in excess of amounts already recognized would not be material to CoreCivic’s financial statements. In the opinion of management, there are no pending legal proceedings that would have a material effect on CoreCivic’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 CoreCivic’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 CoreCivic’s assumptions, new developments, or by the effectiveness of CoreCivic’s litigation and settlement strategies. Insurance Contingencies Each of CoreCivic’s management contracts and the statutes of certain states require the maintenance of insurance. CoreCivic 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 CoreCivic. 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 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 CoreCivic for the correctional facility. In connection with the issuance of the revenue bonds, CoreCivic 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 $6.6 million at December 31, 2016 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, CoreCivic 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. At the option of the state of Tennessee, ownership of the facility would revert to the State in August 2017 at no cost. Therefore, CoreCivic does not currently believe the state of Tennessee will exercise its option to purchase the facility. At December 31, 2016, the outstanding principal balance of the bonds exceeded the purchase price option by $4.6 million. Retirement Plan All employees of CoreCivic 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, 2016, 2015, and 2014, CoreCivic 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 CoreCivic 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 2016, 2015, and 2014, CoreCivic’s discretionary contributions to the Plan, net of forfeitures, were $12.0 million, $12.0 million, and $11.1 million, respectively. Deferred Compensation Plans During 2002, the compensation committee of the board of directors approved CoreCivic’s adoption of two non-qualified non-employee pre-tax non-employee pre-tax During 2016, 2015, and 2014, CoreCivic provided a fixed return of 5.45%, 5.6%, and 5.6%, respectively, to participants in the Deferred Compensation Plans. CoreCivic has purchased life insurance policies on the lives of certain employees of CoreCivic, which are intended to fund distributions from the Deferred Compensation Plans. CoreCivic is the sole beneficiary of such policies. At the inception of the Deferred Compensation Plans, CoreCivic 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 2016, 2015, and 2014, CoreCivic recorded $0.2 million, $0.3 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 $13.1 million and $16.9 million as of December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015, CoreCivic’s liability related to the Deferred Compensation Plans was $10.6 million and $15.1 million, respectively, which was reflected in accounts payable and accrued expenses and other liabilities in the accompanying balance sheets. Employment and Severance Agreements CoreCivic 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, 2016 | |
SEGMENT REPORTING | 16. SEGMENT REPORTING As of December 31, 2016, CoreCivic owned and managed 66 facilities, and managed 11 facilities it did not own. In addition, CoreCivic owned eight facilities that it leased to third-party operators. Management views CoreCivic’s operating results in one operating segment. However, the Company has chosen to report financial performance segregated for (1) owned and managed facilities and (2) managed-only 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 CoreCivic. Managed-only facilities include the operating results of those facilities owned by a third party and managed by CoreCivic. The operating performance of the owned and managed and the managed-only facilities can be measured based on their net operating income. CoreCivic 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 CoreCivic’s operating income is as follows for the three years ended December 31, 2016, 2015, and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Revenue: Owned and managed $ 1,603,671 $ 1,543,750 $ 1,379,986 Managed-only 205,420 211,995 232,685 Total management revenue 1,809,091 1,755,745 1,612,671 Operating expenses: Owned and managed 1,068,031 1,038,070 928,857 Managed-only 183,643 190,010 207,355 Total operating expenses 1,251,674 1,228,080 1,136,212 Facility net operating income Owned and managed 535,640 505,680 451,129 Managed-only 21,777 21,985 25,330 Total facility net operating income 557,417 527,665 476,459 Other revenue (expense): Rental and other revenue 40,694 37,342 34,196 Other operating expense (23,912 ) (28,048 ) (19,923 ) General and administrative (107,027 ) (103,936 ) (106,429 ) Depreciation and amortization (166,746 ) (151,514 ) (113,925 ) Restructuring charges (4,010 ) — — Asset impairments — (955 ) (30,082 ) Operating income $ 296,416 $ 280,554 $ 240,296 The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2016, 2015, and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Capital expenditures: Owned and managed $ 108,241 $ 382,781 $ 246,333 Managed-only 5,749 4,049 3,171 Corporate and other 20,541 28,611 13,056 Total capital expenditures $ 134,531 $ 415,441 $ 262,560 The total assets are as follows (in thousands): December 31, 2016 2015 Assets: Owned and managed $ 2,841,799 $ 2,966,762 Managed-only 62,292 54,491 Corporate and other 367,513 334,765 Total assets $ 3,271,604 $ 3,356,018 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2016 | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS During February 2017, CoreCivic issued approximately 0.5 million RSUs to certain of CoreCivic’s employees and non-employee non-employee On February 17, 2017, the Company’s Board of Directors declared a quarterly dividend of $0.42 per common share payable April 17, 2017 to stockholders of record on April 3, 2017. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2016 | |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES | 18. CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES The following condensed consolidating financial statements of CoreCivic and subsidiaries have been prepared pursuant to Rule 3-10 S-X. CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (in thousands) Parent Combined Consolidating Total ASSETS Cash and cash equivalents $ 11,378 $ 26,333 $ — $ 37,711 Accounts receivable, net of allowance 237,495 270,952 (278,562 ) 229,885 Prepaid expenses and other current assets 7,582 30,123 (6,477 ) 31,228 Total current assets 256,455 327,408 (285,039 ) 298,824 Property and equipment, net 2,493,025 344,632 — 2,837,657 Restricted cash 218 — — 218 Goodwill 23,231 15,155 — 38,386 Non-current — 14,056 (321 ) 13,735 Other assets 339,173 57,873 (314,262 ) 82,784 Total assets $ 3,112,102 $ 759,124 $ (599,622 ) $ 3,271,604 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 203,074 $ 342,072 $ (285,039 ) $ 260,107 Income taxes payable 1,850 236 — 2,086 Current portion of long-term debt 10,000 — — 10,000 Total current liabilities 214,924 342,308 (285,039 ) 272,193 Long-term debt, net 1,436,186 113,983 (115,000 ) 1,435,169 Non-current 321 — (321 ) — Deferred revenue — 53,437 — 53,437 Other liabilities 1,708 50,134 — 51,842 Total liabilities 1,653,139 559,862 (400,360 ) 1,812,641 Total stockholders’ equity 1,458,963 199,262 (199,262 ) 1,458,963 Total liabilities and stockholders’ equity $ 3,112,102 $ 759,124 $ (599,622 ) $ 3,271,604 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2015 (in thousands) Parent Combined Consolidating Total ASSETS 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 — 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 1,448,316 113,761 (115,000 ) 1,447,077 Non-current 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 STATEMENT OF OPERATIONS For the year ended December 31, 2016 (in thousands) Parent Combined Consolidating Total REVENUES $ 1,182,765 $ 1,542,231 $ (875,211 ) $ 1,849,785 EXPENSES: Operating 904,750 1,246,047 (875,211 ) 1,275,586 General and administrative 35,440 71,587 — 107,027 Depreciation and amortization 84,842 81,904 — 166,746 Restructuring charges 197 3,813 — 4,010 1,025,229 1,403,351 (875,211 ) 1,553,369 OPERATING INCOME 157,536 138,880 — 296,416 OTHER (INCOME) EXPENSE: Interest expense, net 51,928 15,827 — 67,755 Other (income) expense 995 (548 ) 42 489 52,923 15,279 42 68,244 INCOME BEFORE INCOME TAXES 104,613 123,601 (42 ) 228,172 Income tax expense (1,896 ) (6,357 ) — (8,253 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 102,717 117,244 (42 ) 219,919 Income from equity in subsidiaries 117,202 — (117,202 ) — NET INCOME $ 219,919 $ 117,244 $ (117,244 ) $ 219,919 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 BEFORE INCOME TAXES 142,830 87,509 (124 ) 230,215 Income tax expense (1,541 ) (6,820 ) — (8,361 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 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 BEFORE INCOME TAXES 174,046 27,199 720 201,965 Income tax expense (552 ) (6,391 ) — (6,943 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 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 CASH FLOWS For the year ended December 31, 2016 (in thousands) Parent Combined Consolidating And Other Total Net cash provided by operating activities $ 295,366 $ 80,007 $ — $ 375,373 Net cash used in investing activities (19,317 ) (69,571 ) (33,300 ) (122,188 ) Net cash provided by (used in) financing activities (280,337 ) (33,728 ) 33,300 (280,765 ) Net decrease in cash and cash equivalents (4,288 ) (23,292 ) — (27,580 ) CASH AND CASH EQUIVALENTS, beginning of year 15,666 49,625 — 65,291 CASH AND CASH EQUIVALENTS, end of year $ 11,378 $ 26,333 $ — $ 37,711 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 provided by (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 |
SELECTED QUARTERLY FINANCIAL IN
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2016 | |
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 19. SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Selected quarterly financial information for each of the quarters in the years ended December 31, 2016 and 2015 is as follows (in thousands, except per share data): March 31, 2016 June 30, September 30, December 31, Revenue $ 447,385 $ 463,331 $ 474,935 $ 464,134 Operating income 64,928 77,176 73,953 80,359 Net income 46,307 57,583 55,340 60,689 Basic earnings per share: Net income $ 0.39 $ 0.49 $ 0.47 $ 0.52 Diluted earnings per share: Net income $ 0.39 $ 0.49 $ 0.47 $ 0.52 March 31, 2015 June 30, September 30, December 31, 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 |
SCHEDULE III - REAL ESTATE ASSE
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2016 | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | CORECIVIC, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 (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 County, $ 874 $ 119,565 $ 2,876 $ 1,084 $ 122,231 $ 123,315 $ (20,086 ) 2008 Austin Residential Reentry Center Del Valle, 4,190 1,058 $ 301 $ 4,191 $ 1,358 $ 5,549 $ (81 ) 2015 Austin Transitional Center Del Valle, 19,488 4,607 $ 868 $ 19,497 $ 5,466 $ 24,963 $ (279 ) 2015 Bent County Correctional Facility Las Animas, 550 13,115 $ 67,054 $ 1,331 $ 79,388 $ 80,719 $ (22,024 ) 1992 Bridgeport Pre-Parole Bridgeport, 70 291 $ 588 $ 209 $ 740 $ 949 $ (552 ) 1995 Broad Street Residential Reentry Center Philadelphia, 663 2,700 $ — $ 663 $ 2,700 $ 3,363 $ (96 ) 2015 CAI Boston Avenue San Diego, 800 11,440 $ 674 $ 834 $ 12,080 $ 12,914 $ (1,330 ) 2013 California City Correctional Center California 1,785 125,337 $ 9,192 $ 2,542 $ 133,772 $ 136,314 $ (45,442 ) 1999 Carver Transitional Center Oklahoma 8,562 4,631 $ 980 $ 8,563 $ 5,610 $ 14,173 $ (274 ) 2015 Centennial Community Transition Center Englewood, 4,905 1,256 $ 131 $ 4,907 $ 1,385 $ 6,292 $ (37 ) 2016 Central Arizona Detention Center Florence, 1,298 57,857 $ 32,720 $ 3,091 $ 88,784 $ 91,875 $ (32,861 ) 1994 Chester Residential Reentry Center Chester, 657 2,679 $ — $ 657 $ 2,679 $ 3,336 $ (95 ) 2015 Cheyenne Transitional Center Cheyenne, 5,567 2,092 $ 405 $ 5,567 $ 2,497 $ 8,064 $ (130 ) 2015 Cibola County Corrections Center Milan, New 444 16,215 $ 30,204 $ 1,323 $ 45,540 $ 46,863 $ (17,433 ) 1994 Cimarron Correctional Facility Cushing, 250 71,303 $ 43,179 $ 598 $ 114,134 $ 114,732 $ (33,999 ) 1997 Coffee Correctional Facility Nicholls, 194 28,361 $ 49,191 $ 848 $ 76,898 $ 77,746 $ (20,721 ) 1998 Columbine Facility Denver, 1,414 488 $ 99 $ 1,415 $ 586 $ 2,001 $ (16 ) 2016 Corpus Christi Transitional Center Corpus Christi, — 1,886 $ 407 $ — $ 2,293 $ 2,293 $ (279 ) 2015 Crossroads Correctional Center Shelby, 413 33,196 $ 8,525 $ 1,173 $ 40,961 $ 42,134 $ (33,236 ) 1999 Crowley County Correctional Facility Olney Springs, 211 46,845 $ 28,846 $ 2,481 $ 73,421 $ 75,902 $ (21,483 ) 2003 D.C. Correctional Treatment Facility Washington, — — $ 6,131 $ 71 $ 6,060 $ 6,131 $ (6,022 ) 2001 Dahlia Facility Denver, 6,788 727 $ 86 $ 6,788 $ 813 $ 7,601 $ (22 ) 2016 Dallas Transitional Center Hutchins, — 3,852 $ 1,699 $ — $ 5,551 $ 5,551 $ (377 ) 2015 Davis Correctional Facility Holdenville, 250 66,701 $ 40,340 $ 890 $ 106,401 $ 107,291 $ (32,059 ) 1996 Diamondback Correctional Facility Watonga, 208 41,677 $ 22,585 $ 567 $ 63,903 $ 64,470 $ (22,931 ) 1998 Eden Detention Center Eden, Texas 925 27,645 $ 33,793 $ 5,502 $ 56,861 $ 62,363 $ (21,094 ) 1995 El Paso Multi-Use El Paso, Texas 14,936 4,536 $ 1,005 $ 14,936 $ 5,541 $ 20,477 $ (287 ) 2015 El Paso Transitional Center El Paso, Texas 10,325 4,198 $ 700 $ 10,325 $ 4,898 $ 15,223 $ (240 ) 2015 Eloy Detention Center Eloy, Arizona 498 33,308 $ 14,784 $ 1,851 $ 46,739 $ 48,590 $ (18,207 ) 1995 Florence Correctional Center Florence, — 75,674 $ 11,783 $ 1,043 $ 86,414 $ 87,457 $ (29,198 ) 1999 Fort Worth Transitional Center Fort Worth, 3,251 334 $ 244 $ 3,252 $ 577 $ 3,829 $ (217 ) 2015 Fox Facility and Training Center Denver, 3,038 1,203 $ 143 $ 3,038 $ 1,346 $ 4,384 $ (36 ) 2016 Houston Processing Center Houston, Texas 2,250 53,373 $ 39,307 $ 3,429 $ 91,501 $ 94,930 $ (31,768 ) 1984 Huerfano County Correctional Center Walsenburg, 124 26,358 $ 4,095 $ 984 $ 29,593 $ 30,577 $ (13,034 ) 1997 Jenkins Correctional Center Millen, 208 48,158 $ 122 $ 237 $ 48,251 $ 48,488 $ (4,687 ) 2012 Kit Carson Correctional Center Burlington, 432 35,980 $ 43,439 $ 1,048 $ 78,803 $ 79,851 $ (21,032 ) 1998 La Palma Correctional Center Eloy, 283 183,155 $ 13,241 $ 483 $ 196,196 $ 196,679 $ (35,449 ) 2008 Lake Erie Correctional Institution Conneaut, 2,871 69,779 $ 3,909 $ 3,669 $ 72,890 $ 76,559 $ (7,702 ) 2011 Laredo Processing Center Laredo, 788 26,737 $ 2,263 $ 968 $ 28,820 $ 29,788 $ (11,050 ) 1985 Leavenworth Detention Center Leavenworth, 130 44,970 $ 43,100 $ 487 $ 87,713 $ 88,200 $ (26,984 ) 1992 Lee Adjustment Center Beattyville, 500 515 $ 16,089 $ 1,217 $ 15,887 $ 17,104 $ (6,763 ) 1998 Leo Chesney Correctional Center Live Oak, 250 4,774 $ 1,577 $ 250 $ 6,351 $ 6,601 $ (2,801 ) 1989 Long Beach Community Corrections Center Long Beach, 5,038 2,413 $ — $ 5,038 $ 2,413 $ 7,451 $ (35 ) 2016 Longmont Community Treatment Center Longmont, 3,364 582 $ 71 $ 3,363 $ 654 $ 4,017 $ (18 ) 2016 Marion Adjustment Center St. Mary, 250 9,994 $ 8,302 $ 915 $ 17,631 $ 18,546 $ (6,411 ) 1998 McRae Correctional Facility McRae, 462 60,396 $ 18,088 $ 1,095 $ 77,851 $ 78,946 $ (19,407 ) 2000 Mineral Wells Pre-Parole Mineral 176 22,589 $ — $ 100 $ — $ 100 (C ) $ — 1995 Nevada Southern Detention Center Pahrump, 7,548 64,362 $ 10,011 $ 8,330 $ 73,591 $ 81,921 $ (11,086 ) 2010 North Fork Correctional Facility Sayre, — 42,166 $ 59,619 $ 355 $ 101,430 $ 101,785 $ (29,000 ) 1998 Northeast Ohio Correctional Center Youngstown, 750 39,583 $ 8,776 $ 1,854 $ 47,255 $ 49,109 $ (18,145 ) 1997 Northwest New Mexico Correctional Center Grants, New 142 15,888 $ 14,706 $ 816 $ 29,920 $ 30,736 $ (12,590 ) 1989 Otay Mesa Detention Center San Diego, 28,845 114,411 $ 8,779 $ 37,005 $ 115,030 $ 152,035 (D ) $ (3,893 ) 2015 Prairie Correctional Facility Appleton, 100 22,306 $ 9,008 $ 1,065 $ 30,349 $ 31,414 $ (14,343 ) 1991 Queensgate Correctional Facility Cincinnati, 750 15,221 $ 498 $ 340 $ 498 $ 838 (C ) $ (30 ) 1998 Red Rock Correctional Center Eloy, 10 78,456 $ 49,875 $ 256 $ 128,085 $ 128,341 $ (25,469 ) 2006 Roth Hall Residential Reentry Center Philadelphia, 654 2,693 $ — $ 654 $ 2,693 $ 3,347 $ (96 ) 2015 Saguaro Correctional Facility Eloy, 193 98,903 $ 585 $ 483 $ 99,198 $ 99,681 $ (19,218 ) 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 $ (9,422 ) 1986 South Texas Family Residential Center Dilley, Texas — 146,974 $ 8,714 $ 35 $ 155,653 $ 155,688 (E ) $ (72,525 ) 2015 Southeast Kentucky Correctional Facility Wheelwright, 500 24,487 $ 11,525 $ 1,586 $ 34,926 $ 36,512 $ (13,894 ) 1998 Stewart Detention Center Lumpkin, 143 70,560 $ 15,710 $ 1,125 $ 85,288 $ 86,413 $ (19,838 ) 2004 T. Don Hutto Residential Center Taylor, 183 13,418 $ 4,171 $ 591 $ 17,181 $ 17,772 $ (7,254 ) 1997 Tallahatchie County Correctional Facility Tutwiler, — 44,638 $ 95,307 $ 1,538 $ 138,407 $ 139,945 $ (41,313 ) 2000 Torrance County Detention Facility Estancia, 511 52,599 $ 7,923 $ 1,704 $ 59,329 $ 61,033 $ (22,923 ) 1990 Trousdale Turner Correctional Center Hartsville, 649 135,412 $ 4,191 $ 1,617 $ 138,635 $ 140,252 $ (3,021 ) 2015 Tulsa Transitional Center Tulsa, OK 8,206 4,061 $ 738 $ 8,206 $ 4,799 $ 13,005 $ (239 ) 2015 Turley Residential Center Tulsa, OK 421 4,105 $ 835 $ 421 $ 4,940 $ 5,361 $ (256 ) 2015 Ulster Facility Denver, 4,068 442 $ 44 $ 4,068 $ 486 $ 4,554 $ (13 ) 2016 Walker Hall Residential Reentry Center Philadelphia, PA 654 2,693 $ 1 $ 654 $ 2,694 $ 3,348 $ (96 ) 2015 Webb County Detention Center Laredo, Texas 498 20,160 $ 5,985 $ 2,126 $ 24,517 $ 26,643 $ (10,159 ) 1998 West Tennessee Detention Facility Mason, Tennessee 538 31,931 $ 5,905 $ 2,003 $ 36,371 $ 38,374 $ (15,493 ) 1990 Wheeler Correctional Facility Alamo, Georgia 117 30,781 $ 44,564 $ 423 $ 75,039 $ 75,462 $ (20,732 ) 1998 Whiteville Correctional Facility Whiteville, 303 51,694 $ 7,049 $ 1,667 $ 57,379 $ 59,046 $ (21,021 ) 1998 Totals $ 165,613 $ 2,621,345 $ 980,731 $ 211,717 $ 3,425,218 $ 3,636,935 $ (960,354 ) NOTES TO SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (A) The aggregate cost of properties for federal income tax purposes is approximately $3.6 billion at December 31, 2016. (B) Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. (C) CoreCivic recorded non-cash (D) We transitioned operations from the 1,154-bed 1,482-bed (E) The South Texas Family Residential Center is subject to a lease agreement with a third-party lessor. This agreement resulted in CoreCivic being deemed the owner of the newly constructed assets for accounting purposes, in accordance with ASC 840-40-55, No. 97-10, CORECIVIC, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION FOR THE YEARS ENDED DECEMBER 31, 2016, 2015, AND 2014 (in thousands) For the Years Ended December 31, 2016 2015 2014 Investment in Real Estate: Balance at beginning of period $ 3,542,023 $ 3,071,094 $ 3,078,902 Additions through capital expenditures 54,678 433,481 45,929 Acquisitions 36,199 131,348 — Sale of real estate for cash — — (4,368 ) Asset Impairments — — (49,247 ) Reclassifications and other 4,035 (93,900 ) (122 ) Balance at end of period $ 3,636,935 $ 3,542,023 $ 3,071,094 Accumulated Depreciation: Balance at beginning of period $ (834,558 ) $ (815,980 ) $ (755,761 ) Depreciation (125,913 ) (113,611 ) (79,745 ) Disposals/Other 117 95,033 118 Asset Impairments — — 19,408 Balance at end of period $ (960,354 ) $ (834,558 ) $ (815,980 ) |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 CoreCivic 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 CoreCivic considers all liquid debt instruments with a maturity of three months or less at the time of purchase to be cash equivalents. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts At December 31, 2016 and 2015, accounts receivable of $229.9 million and $234.5 million were net of allowances for doubtful accounts totaling $1.6 million and $0.5 million, respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CoreCivic’s correctional, detention, and residential reentry facilities, as well as for operating and managing such facilities. Accounts receivable are stated at estimated net realizable value. CoreCivic 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 |
Property and Equipment | Property and Equipment Property and equipment are carried at cost. Assets acquired by CoreCivic 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 Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 10 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 CoreCivic’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 CoreCivic’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 CoreCivic 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, 835-30): 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 CoreCivic maintains contracts with certain governmental entities to manage their facilities for fixed per diem rates. CoreCivic 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. CoreCivic 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. CoreCivic 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 CoreCivic’s contracts with them. If the agency determines that CoreCivic has improperly allocated costs to a specific contract or otherwise was unable to perform certain contractual services, CoreCivic 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 is recognized in the period that the related expenses are incurred based upon the tenant lease provision. In September 2014, CoreCivic 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 IGSA was further amended in October 2016, as described in Note 5. The IGSA qualifies as a multiple-element arrangement under the guidance in ASC 605, “Revenue Recognition”. CoreCivic 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. CoreCivic establishes VSOE of selling price using the price charged for a deliverable when sold separately. CoreCivic establishes TPE of selling price by evaluating similar products or services in standalone sales to similarly situated customers. CoreCivic 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, CoreCivic 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, detention and residential reentry 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 CoreCivic is significantly self-insured for employee health, workers’ compensation, automobile liability claims, and general liability claims. As such, CoreCivic’s insurance expense is largely dependent on claims experience and CoreCivic’s ability to control its claims experience. CoreCivic 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 CoreCivic. CoreCivic 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. CoreCivic 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 CoreCivic 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 CoreCivic 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, CoreCivic 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 CoreCivic 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 CoreCivic’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, non-current non-current 2015-17 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 CoreCivic 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 CoreCivic. The working capital loan is denominated in British pounds; consequently, CoreCivic 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 CoreCivic’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, CoreCivic 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, 2016 and 2015, there were no material differences between the carrying amounts and the estimated fair values of CoreCivic’s financial instruments, other than as follows (in thousands): December 31, 2016 2015 Carrying Fair Value Carrying Fair Value Investment in direct financing lease $ 684 $ 694 $ 3,223 $ 3,408 Note receivable from APM $ 2,920 $ 4,647 $ 3,504 $ 5,864 Debt $ (1,455,000 ) $ (1,459,625 ) $ (1,464,000 ) $ (1,452,719 ) |
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 CoreCivic’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. CoreCivic maintains deposits of cash in excess of federally insured limits with certain financial institutions. CoreCivic’s accounts receivable and investment in direct financing lease represent amounts due primarily from governmental agencies. CoreCivic’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. CoreCivic derives its revenues primarily from amounts earned under federal, state, and local government contracts. For each of the years ended December 31, 2016, 2015, and 2014, federal correctional and detention authorities represented 52%, 51%, and 44%, respectively, of CoreCivic’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 9%, 11%, and 13% of total revenue for 2016, 2015, and 2014, respectively. The USMS accounted for 15%, 16%, and 17% of total revenue for 2016, 2015, and 2014, respectively. ICE accounted for 28%, 24%, and 13% of total revenue for 2016, 2015, and 2014, respectively, with the increases in 2016 and 2015 resulting in part from the contract at the South Texas Family Residential Center, as further described in Note 5. These federal customers have management contracts at facilities CoreCivic owns and at facilities CoreCivic manages but does not own. State revenues from contracts at correctional, detention, and residential reentry facilities that CoreCivic operates represented 38%, 40%, and 46% of total revenue during the years ended December 31, 2016, 2015, and 2014, respectively. Approximately 6%, 10%, and 12% of total revenue for the years ended December 31, 2016, 2015, and 2014, respectively, was generated from the State of California Department of Corrections and Rehabilitation (the “CDCR”) in facilities housing inmates outside the state of California. No other customer generated more than 10% of total revenue during 2016, 2015, or 2014. 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 CoreCivic’s financial condition and results of operations. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation Restricted Stock and Units CoreCivic accounts for restricted stock-based compensation under the recognition and measurement principles of ASC 718, “Compensation-Stock Compensation”. CoreCivic amortizes the fair market value as of the grant date of restricted stock and unit awards over the vesting period using the straight-line method. The fair market value of performance-based restricted stock units is amortized over the vesting period as long as CoreCivic 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 CoreCivic’s stock option plans are described more fully in Note 12. CoreCivic 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, 2014-09 2014-09 In February 2016, the FASB issued ASU 2016-02, 2016-02 2016-02 In March 2016, the FASB issued ASU 2016-09, 2016-09 2016-09 In January 2017, the FASB issued ASU 2017-01, 2017-01 2017-01 In January 2017, the FASB issued ASU 2017-04, two-step 2017-04 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 – 10 years Office furniture and fixtures 5 years |
Schedule of Financial Instruments Having Difference Between Carrying Amount and Fair Value | At December 31, 2016 and 2015, there were no material differences between the carrying amounts and the estimated fair values of CoreCivic’s financial instruments, other than as follows (in thousands): December 31, 2016 2015 Carrying Fair Value Carrying Fair Value Investment in direct financing lease $ 684 $ 694 $ 3,223 $ 3,408 Note receivable from APM $ 2,920 $ 4,647 $ 3,504 $ 5,864 Debt $ (1,455,000 ) $ (1,459,625 ) $ (1,464,000 ) $ (1,452,719 ) |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property and Equipment | Property and equipment, at cost, consists of the following (in thousands): December 31, 2016 2015 Land and improvements $ 234,862 $ 207,405 Buildings and improvements 3,509,825 3,443,791 Equipment and software 379,811 360,168 Office furniture and fixtures 35,651 35,018 Construction in progress 29,831 30,401 4,189,980 4,076,783 Less: Accumulated depreciation (1,352,323 ) (1,193,723 ) $ 2,837,657 $ 2,883,060 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of December 31, 2016 under these and other operating leases, inclusive of $242.3 million of payments expected to be made under the cancelable lease at the South Texas facility, are as follows (in thousands): 2017 $ 51,397 2018 51,413 2019 51,423 2020 51,510 2021 39,550 Thereafter 290 |
REAL ESTATE TRANSACTIONS (Table
REAL ESTATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Idled Facilities and Respective Carrying Values | The following table summarizes each of the idled facilities and their respective carrying values, excluding equipment and other assets that could generally be transferred and used at other facilities CoreCivic owns without significant cost (dollars in thousands): Design Date Net Carrying Values at December 31, Facility Capacity Idled 2016 2015 Prairie Correctional Facility 1,600 2010 $ 17,071 $ 17,961 Huerfano County Correctional Center 752 2010 17,542 18,276 Diamondback Correctional Facility 2,160 2010 41,539 43,030 Southeast Kentucky Correctional Facility (1) 656 2012 22,618 23,270 Marion Adjustment Center 826 2013 12,135 12,536 Lee Adjustment Center 816 2015 10,342 10,840 Kit Carson Correctional Center 1,488 2016 58,819 60,039 8,298 $ 180,066 $ 185,952 (1) Formerly known as the Otter Creek Correctional Center. |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Avalon Correctional Services, Inc | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the transaction, CoreCivic recorded the following (in millions): Property and equipment $ 119.2 Intangible assets 18.5 Total identifiable assets 137.7 Goodwill 19.8 Total consideration $ 157.5 |
Correctional Management, Inc | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the transaction, CoreCivic recorded the following (in millions): Tangible current assets and liabilities, net $ 1.0 Property and equipment 29.2 Intangible assets 1.5 Total identifiable assets 31.7 Goodwill 3.3 Total consideration $ 35.0 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2016 2015 Debt issuance costs, less accumulated amortization of $1,633 and $542, respectively $ 3,526 $ 4,879 Intangible lease value, less accumulated amortization of $4,990 and $3,118, respectively 36,598 37,430 Other intangible assets, less accumulated amortization of $1,421 and $363, respectively 4,434 4,191 Deferred leasing costs 7,380 8,021 Notes receivable, net 5,858 7,743 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 13,110 16,946 Deposits 2,117 2,020 Straight-line rent receivable 9,229 3,324 Other 532 150 $ 82,784 $ 84,704 |
Estimated Amortization Expense Related to Intangible Assets | As of December 31, 2016, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2017 $ 3,010 2018 3,010 2019 2,718 2020 2,181 2021 1,483 |
ACCOUNTS PAYABLE, ACCRUED EXP35
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2016 2015 Trade accounts payable $ 49,866 $ 72,689 Accrued salaries and wages 29,766 28,871 Accrued dividends 51,496 65,232 Accrued workers’ compensation and auto liability 6,652 6,978 Accrued litigation 9,290 4,176 Accrued employee medical insurance 8,413 7,911 Accrued property taxes 27,707 24,796 Accrued interest 9,526 9,780 Deferred revenue 14,332 31,844 Construction payable 7,845 8,483 Lease financing obligation 11,785 19,775 Other 33,429 37,140 $ 260,107 $ 317,675 |
Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands): December 31, 2016 2015 Intangible lease liability $ 6,578 $ 6,965 Accrued workers’ compensation 14,726 15,188 Accrued deferred compensation 9,850 13,253 Lease financing obligation 18,832 21,047 Other 1,856 1,856 $ 51,842 $ 58,309 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Debt Outstanding | Debt outstanding consists of the following (in thousands): December 31, 2016 2015 $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 December 31, 2016 and 2015 was 2.2% and 1.9%, respectively. $ 435,000 $ 439,000 Term Loan, scheduled principal payments through maturity in July 2020; interest payable periodically at variable interest rates. The rate at December 31, 2016 and 2015 was 2.3% and 2.0%, respectively. Unamortized debt issuance costs amounted to $0.4 million and $0.6 million at December 31, 2016 and 2015, respectively. 95,000 100,000 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 $3.9 million and $4.5 million at December 31, 2016 and 2015, 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 $2.7 million and $3.5 million at December 31, 2016 and 2015, 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 $2.8 million and $3.3 million at December 31, 2016 and 2015, respectively. 250,000 250,000 Total debt 1,455,000 1,464,000 Unamortized debt issuance costs (9,831 ) (11,923 ) Current portion of long-term debt (10,000 ) (5,000 ) Long-term debt, net $ 1,435,169 $ 1,447,077 |
Schedule of Principal Payments | Scheduled principal payments as of December 31, 2016 for the next five years and thereafter were as follows (in thousands): 2017 $ 10,000 2018 10,000 2019 15,000 2020 820,000 2021 — Thereafter 600,000 Total debt $ 1,455,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Components of Income Tax Expense | Income tax expense is comprised of the following components (in thousands): For the Years Ended December 31, 2016 2015 2014 Current income tax expense Federal $ 10,181 $ 2,519 $ 9,326 State 1,983 136 828 12,164 2,655 10,154 Deferred income tax expense (benefit) Federal (3,400 ) 5,589 (2,280 ) State (511 ) 117 (931 ) (3,911 ) 5,706 (3,211 ) Income tax expense $ 8,253 $ 8,361 $ 6,943 |
Components of Deferred Tax Assets and Liabilities | Significant components of CoreCivic’s deferred tax assets and liabilities as of December 31, 2016 and 2015, are as follows (in thousands): December 31, 2016 2015 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 29,198 $ 28,589 Tax over book basis of certain assets 866 893 Net operating loss and tax credit carryforwards 5,487 5,287 Intangible contract value 2,570 2,717 Other 346 460 Total noncurrent deferred tax assets 38,467 37,946 Less valuation allowance (3,436 ) (3,780 ) Total noncurrent deferred tax assets 35,031 34,166 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (9,386 ) (15,238 ) Intangible lease value (8,368 ) (8,862 ) Other (3,542 ) (242 ) Total noncurrent deferred tax liabilities (21,296 ) (24,342 ) Net total noncurrent deferred tax assets $ 13,735 $ 9,824 |
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, 2016, 2015, and 2014 is as follows: 2016 2015 2014 Statutory federal rate 35.0 % 35.0 % 35.0 % Dividends paid deduction (32.5 ) (31.9 ) (31.1 ) State taxes, net of federal tax benefit 1.1 0.9 0.8 Permanent differences 0.3 0.4 0.1 Other items, net (0.3 ) (0.8 ) (1.4 ) 3.6 % 3.6 % 3.4 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Tax Characterization of Dividends per Share on Common Shares | The tax characterization of dividends per share on common shares as reported to stockholders was as follows for the years ended December 31, 2016, 2015, and 2014: Declaration Date Record Date Payable Date Ordinary Return of Total February 20, 2014 April 2, 2014 April 15, 2014 0.51 (1) — $ 0.51 May 15, 2014 July 2, 2014 July 15, 2014 0.51 (1) — $ 0.51 August 14, 2014 October 2, 2014 October 15, 2014 0.51 (1) — $ 0.51 December 11, 2014 January 2, 2015 January 15, 2015 0.382836 (2) 0.127164 $ 0.51 February 20, 2015 April 2, 2015 April 15, 2015 0.405355 (3) 0.134645 $ 0.54 May 14, 2015 July 2, 2015 July 15, 2015 0.405355 (3) 0.134645 $ 0.54 August 13, 2015 October 2, 2015 October 15, 2015 0.405355 (3) 0.134645 $ 0.54 December 10, 2015 January 4, 2016 January 15, 2016 0.487167 (4) 0.052833 $ 0.54 February 19, 2016 April 1, 2016 April 15, 2016 0.487167 (4) 0.052833 $ 0.54 May 12, 2016 July 1, 2016 July 15, 2016 0.487167 (4) 0.052833 $ 0.54 August 11, 2016 October 3, 2016 October 17, 2016 0.487167 (4) 0.052833 $ 0.54 December 8, 2016 January 3, 2017 January 13, 2017 — (5) — (5) $ 0.42 (1) $0.076573 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (2) $0.048357 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (3) $0.051202 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (4) $0.030979 of this amount constitutes a “Qualified Dividend”, as defined by the IRS. (5) Taxable in 2017. |
Summary of Nonvested Restricted Common Stock Transactions | Nonvested restricted common stock transactions as of December 31, 2016 and for the year then ended are summarized below (in thousands, except per share amounts). Shares of restricted Weighted average Nonvested at December 31, 2015 975 $ 36.65 Granted 635 $ 29.08 Cancelled (152 ) $ 31.53 Vested (414 ) $ 36.52 Nonvested at December 31, 2016 1,044 $ 32.84 |
Summary of Stock Option Transactions Relating to Non-Qualified Stock Option Plans | Stock option transactions relating to CoreCivic’s non-qualified No. of Weighted- Weighted- Average Aggregate Outstanding at December 31, 2015 1,467 $ 20.37 Granted — — Exercised (140 ) 18.81 Cancelled — — Outstanding at December 31, 2016 1,327 $ 20.53 3.2 $ 5,442 Exercisable at December 31, 2016 1,327 $ 20.53 3.2 $ 5,442 |
Summary of Nonvested Stock Option Transactions Relating to Non-Qualified Stock Option Plans | Nonvested stock option transactions relating to CoreCivic’s non-qualified Number of Weighted Nonvested at December 31, 2015 51 $ 6.50 Granted — $ — Cancelled — $ — Vested (51 ) $ 6.50 Nonvested at December 31, 2016 — $ — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 NUMERATOR Basic: Net income $ 219,919 $ 221,854 $ 195,022 Diluted: Net income $ 219,919 $ 221,854 $ 195,022 DENOMINATOR Basic: Weighted average common shares outstanding 117,384 116,949 116,109 Diluted: Weighted average common shares outstanding 117,384 116,949 116,109 Effect of dilutive securities: Stock options 306 631 895 Restricted stock-based awards 101 205 308 Weighted average shares and assumed conversions 117,791 117,785 117,312 BASIC EARNINGS PER SHARE $ 1.87 $ 1.90 $ 1.68 DILUTED EARNINGS PER SHARE $ 1.87 $ 1.88 $ 1.66 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Revenue and Net Operating Income of Owned and Managed and the Managed-Only Facilities and Reconciliation to CoreCivic's Operating Income | The revenue and net operating income for the owned and managed and the managed-only facilities and a reconciliation to CoreCivic’s operating income is as follows for the three years ended December 31, 2016, 2015, and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Revenue: Owned and managed $ 1,603,671 $ 1,543,750 $ 1,379,986 Managed-only 205,420 211,995 232,685 Total management revenue 1,809,091 1,755,745 1,612,671 Operating expenses: Owned and managed 1,068,031 1,038,070 928,857 Managed-only 183,643 190,010 207,355 Total operating expenses 1,251,674 1,228,080 1,136,212 Facility net operating income Owned and managed 535,640 505,680 451,129 Managed-only 21,777 21,985 25,330 Total facility net operating income 557,417 527,665 476,459 Other revenue (expense): Rental and other revenue 40,694 37,342 34,196 Other operating expense (23,912 ) (28,048 ) (19,923 ) General and administrative (107,027 ) (103,936 ) (106,429 ) Depreciation and amortization (166,746 ) (151,514 ) (113,925 ) Restructuring charges (4,010 ) — — Asset impairments — (955 ) (30,082 ) Operating income $ 296,416 $ 280,554 $ 240,296 |
Summary of Capital Expenditures Including Accrued Amounts | The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2016, 2015, and 2014 (in thousands): For the Years Ended December 31, 2016 2015 2014 Capital expenditures: Owned and managed $ 108,241 $ 382,781 $ 246,333 Managed-only 5,749 4,049 3,171 Corporate and other 20,541 28,611 13,056 Total capital expenditures $ 134,531 $ 415,441 $ 262,560 |
Schedule of Total Assets | The total assets are as follows (in thousands): December 31, 2016 2015 Assets: Owned and managed $ 2,841,799 $ 2,966,762 Managed-only 62,292 54,491 Corporate and other 367,513 334,765 Total assets $ 3,271,604 $ 3,356,018 |
CONDENSED CONSOLIDATING FINAN41
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (in thousands) Parent Combined Consolidating Total ASSETS Cash and cash equivalents $ 11,378 $ 26,333 $ — $ 37,711 Accounts receivable, net of allowance 237,495 270,952 (278,562 ) 229,885 Prepaid expenses and other current assets 7,582 30,123 (6,477 ) 31,228 Total current assets 256,455 327,408 (285,039 ) 298,824 Property and equipment, net 2,493,025 344,632 — 2,837,657 Restricted cash 218 — — 218 Goodwill 23,231 15,155 — 38,386 Non-current — 14,056 (321 ) 13,735 Other assets 339,173 57,873 (314,262 ) 82,784 Total assets $ 3,112,102 $ 759,124 $ (599,622 ) $ 3,271,604 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable and accrued expenses $ 203,074 $ 342,072 $ (285,039 ) $ 260,107 Income taxes payable 1,850 236 — 2,086 Current portion of long-term debt 10,000 — — 10,000 Total current liabilities 214,924 342,308 (285,039 ) 272,193 Long-term debt, net 1,436,186 113,983 (115,000 ) 1,435,169 Non-current 321 — (321 ) — Deferred revenue — 53,437 — 53,437 Other liabilities 1,708 50,134 — 51,842 Total liabilities 1,653,139 559,862 (400,360 ) 1,812,641 Total stockholders’ equity 1,458,963 199,262 (199,262 ) 1,458,963 Total liabilities and stockholders’ equity $ 3,112,102 $ 759,124 $ (599,622 ) $ 3,271,604 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2015 (in thousands) Parent Combined Consolidating Total ASSETS 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 — 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 1,448,316 113,761 (115,000 ) 1,447,077 Non-current 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 STATEMENT OF OPERATIONS | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2016 (in thousands) Parent Combined Consolidating Total REVENUES $ 1,182,765 $ 1,542,231 $ (875,211 ) $ 1,849,785 EXPENSES: Operating 904,750 1,246,047 (875,211 ) 1,275,586 General and administrative 35,440 71,587 — 107,027 Depreciation and amortization 84,842 81,904 — 166,746 Restructuring charges 197 3,813 — 4,010 1,025,229 1,403,351 (875,211 ) 1,553,369 OPERATING INCOME 157,536 138,880 — 296,416 OTHER (INCOME) EXPENSE: Interest expense, net 51,928 15,827 — 67,755 Other (income) expense 995 (548 ) 42 489 52,923 15,279 42 68,244 INCOME BEFORE INCOME TAXES 104,613 123,601 (42 ) 228,172 Income tax expense (1,896 ) (6,357 ) — (8,253 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 102,717 117,244 (42 ) 219,919 Income from equity in subsidiaries 117,202 — (117,202 ) — NET INCOME $ 219,919 $ 117,244 $ (117,244 ) $ 219,919 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 BEFORE INCOME TAXES 142,830 87,509 (124 ) 230,215 Income tax expense (1,541 ) (6,820 ) — (8,361 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 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 BEFORE INCOME TAXES 174,046 27,199 720 201,965 Income tax expense (552 ) (6,391 ) — (6,943 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 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 CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in thousands) Parent Combined Consolidating And Other Total Net cash provided by operating activities $ 295,366 $ 80,007 $ — $ 375,373 Net cash used in investing activities (19,317 ) (69,571 ) (33,300 ) (122,188 ) Net cash provided by (used in) financing activities (280,337 ) (33,728 ) 33,300 (280,765 ) Net decrease in cash and cash equivalents (4,288 ) (23,292 ) — (27,580 ) CASH AND CASH EQUIVALENTS, beginning of year 15,666 49,625 — 65,291 CASH AND CASH EQUIVALENTS, end of year $ 11,378 $ 26,333 $ — $ 37,711 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 provided by (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 |
SELECTED QUARTERLY FINANCIAL 42
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Selected Quarterly Financial Information | Selected quarterly financial information for each of the quarters in the years ended December 31, 2016 and 2015 is as follows (in thousands, except per share data): March 31, 2016 June 30, September 30, December 31, Revenue $ 447,385 $ 463,331 $ 474,935 $ 464,134 Operating income 64,928 77,176 73,953 80,359 Net income 46,307 57,583 55,340 60,689 Basic earnings per share: Net income $ 0.39 $ 0.49 $ 0.47 $ 0.52 Diluted earnings per share: Net income $ 0.39 $ 0.49 $ 0.47 $ 0.52 March 31, 2015 June 30, September 30, December 31, 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 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016BedFacilityStateBusiness | Jun. 10, 2016Bed | Aug. 27, 2015Bed | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of facilities owned by government partners, managed | 11 | ||
Number of beds at the facility | Bed | 89,700 | 112 | 600 |
Number of states in which company facilities are located | State | 20 | ||
Number of business offerings | Business | 3 | ||
Correctional And Detention Facility | |||
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 | 49 | ||
Residential Reentry Facility | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of facilities owned or controlled by company | 25 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Organization And Operations [Line Items] | |||
Accounts receivable, net of allowances for doubtful accounts | $ 229,885 | $ 234,456 | |
Accounts receivable, allowances for doubtful accounts | $ 1,580 | $ 459 | |
Percentage of likelihood required for a tax position to be measured | 50.00% | ||
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 | 52.00% | 51.00% | 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 | 9.00% | 11.00% | 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 | 15.00% | 16.00% | 17.00% |
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 | 28.00% | 24.00% | 13.00% |
Government Contracts Concentration Risk | Sales Revenue, Net | State Correctional Authorities | |||
Organization And Operations [Line Items] | |||
Percentage of revenues generated from government management contracts | 38.00% | 40.00% | 46.00% |
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 | 6.00% | 10.00% | 12.00% |
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, 2016 | |
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 | 10 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, 2016 | Dec. 31, 2015 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Investment in direct financing lease, Carrying Amount | $ 684 | $ 3,223 |
Note receivable from APM, Carrying Amount | 2,920 | 3,504 |
Debt, Carrying Amount | (1,455,000) | (1,464,000) |
Investment in direct financing lease, Fair Value | 694 | 3,408 |
Note receivable from APM, Fair Value | 4,647 | 5,864 |
Debt, Fair Value | $ (1,459,625) | $ (1,452,719) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Establishment of goodwill | This goodwill was established in connection with the acquisitions of Correctional Management, Inc. ("CMI") in the second quarter of 2016 and Avalon Correctional Services, Inc. ("Avalon") in the fourth quarter of 2015, both as further described in Note 6, the acquisition of Correctional Alternatives, Inc. ("CAI") during 2013, and the acquisitions of two service companies during 2000. | ||
Goodwill | $ 38,386,000 | $ 35,557,000 | |
Goodwill impairment charges | $ 0 | ||
Winn Correctional Center | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill impairment charges | $ 1,000,000 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2013USD ($) | Dec. 31, 2016USD ($)FacilityPropertyBuilding | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | |
Number of real estate properties owned | Property | 76 | ||||
Number of correctional and detention facilities | Facility | 49 | ||||
Number of real estate properties leased | Facility | 8 | ||||
Number of corporate office buildings | Building | 2 | ||||
Number of facilities owned by government partners, managed | Facility | 11 | ||||
Number of residential reentry facilities | Facility | 25 | ||||
Interest capitalization cost on construction in progress | $ 600,000 | $ 5,500,000 | $ 2,500,000 | ||
Depreciation expense | $ 165,800,000 | 151,400,000 | 114,000,000 | ||
Number of facilities subject to options | Facility | 11 | ||||
Number of facilities subject to options that are constructed on land which is leased from governmental agency | Facility | 1 | ||||
Ground Lease expiration year | 2,017 | ||||
Expenses incurred on lease property | $ 103,000,000 | $ 85,900,000 | $ 9,100,000 | ||
Purchase price paid for real property in addition to bonds value | $ 100 | ||||
ICE | |||||
Agreement notice period for termination | 60 days | ||||
Third Party Lessor | |||||
Period to reach an agreement for continued use of facility from termination date | 90 days | ||||
Lease termination penalty | $ 10,000,000 | ||||
Payment amount | $ 70,000,000 | ||||
Third Party Lessor | Preexisting Cottages | |||||
Operating lease term | 4 months | ||||
South Texas Family Residential Center | |||||
Payments expected to be made under the cancelable lease | $ 242,300,000 | ||||
Declining to zero by October 2020 | Third Party Lessor | |||||
Lease termination penalty | $ 0 | ||||
Correctional And Detention Facility | |||||
Number of real estate properties leased | Facility | 3 | ||||
Residential Reentry Facility | |||||
Number of real estate properties leased | Facility | 5 | ||||
Elizabeth Detention Center | |||||
Operating lease, expiration date | Jun. 30, 2022 | ||||
San Diego Correctional Facility | |||||
Operating lease, expiration date | Dec. 31, 2015 | ||||
Development Authority Of Telfair County | |||||
Percentage of property tax abatement | 90.00% | ||||
Percentage of property tax abatement, decrease in percentage | (10.00%) | ||||
Number of years of tax abatement | 9 years | ||||
Principal amount of bond issued | $ 15,000,000 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 234,862 | $ 207,405 |
Buildings and improvements | 3,509,825 | 3,443,791 |
Equipment and software | 379,811 | 360,168 |
Office furniture and fixtures | 35,651 | 35,018 |
Construction in progress | 29,831 | 30,401 |
Property and equipment, gross | 4,189,980 | 4,076,783 |
Less: Accumulated depreciation | (1,352,323) | (1,193,723) |
Property, and Equipment, total | $ 2,837,657 | $ 2,883,060 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Leases Future Minimum Payments [Line Items] | |
2,017 | $ 51,397 |
2,018 | 51,413 |
2,019 | 51,423 |
2,020 | 51,510 |
2,021 | 39,550 |
Thereafter | $ 290 |
Real Estate Transactions - Addi
Real Estate Transactions - Additional Information (Detail) $ in Thousands | Oct. 31, 2016Person | Jul. 18, 2016OptionPerson | Jun. 10, 2016USD ($)Bed | Aug. 27, 2015USD ($)BedFacility | Oct. 31, 2016 | May 31, 2016USD ($)Bed | Dec. 31, 2015USD ($)BedPerson | Sep. 30, 2014USD ($)Facility | Dec. 31, 2016USD ($)Bed | Sep. 30, 2016USD ($)BedFacility | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)Bed | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)Installment | Sep. 30, 2014USD ($)Facility | Jun. 30, 2014USD ($) | Dec. 31, 2016USD ($)BedPersonBusiness-Combination | Dec. 31, 2015USD ($)Bed | Dec. 31, 2014USD ($) | Jul. 29, 2016Bed | Apr. 30, 2016Bed | Mar. 31, 2014USD ($) |
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of beds at the facility | Bed | 112 | 600 | 89,700 | 89,700 | |||||||||||||||||||||
Deferred Revenue - Noncurrent | $ 63,289 | $ 53,437 | $ 63,289 | $ 53,437 | $ 63,289 | ||||||||||||||||||||
Revenue | 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | 447,835 | $ 459,957 | $ 459,295 | $ 426,000 | 1,849,785 | 1,793,087 | $ 1,646,867 | ||||||||||||||
Expenditures for facility development and expansions | 41,816 | 164,880 | 85,791 | ||||||||||||||||||||||
Amount invested to acquire property | 30,401 | $ 29,831 | 30,401 | 29,831 | 30,401 | ||||||||||||||||||||
Consideration paid | $ 13,800 | ||||||||||||||||||||||||
Purchase price, net tangible assets | $ 7,400 | 13,400 | |||||||||||||||||||||||
Purchase price, identifiable intangible assets | $ 300 | $ 400 | |||||||||||||||||||||||
Number of facilities acquired | Facility | 4 | ||||||||||||||||||||||||
Lease expiration date | 2020-06 | 2019-07 | |||||||||||||||||||||||
Lease extension period | 5 years | 5 years | |||||||||||||||||||||||
Payment made to acquire residential reentry facility | $ 7,700 | ||||||||||||||||||||||||
Operating Expense | 1,275,586 | 1,256,128 | 1,156,135 | ||||||||||||||||||||||
Asset impairments | 955 | 30,082 | |||||||||||||||||||||||
CAI - Boston Avenue | New Contracts | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Lease expiration date | Jun. 30, 2018 | ||||||||||||||||||||||||
Operating leases agreement renewal term | 1 year | ||||||||||||||||||||||||
Number of one-year renewal options | Option | 3 | ||||||||||||||||||||||||
Lease agreement commencing date | Aug. 1, 2016 | ||||||||||||||||||||||||
CAI-Ocean View | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of beds at the facility | Bed | 483 | ||||||||||||||||||||||||
Idle Facilities | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Operating Expense | $ 8,500 | $ 7,300 | 6,500 | ||||||||||||||||||||||
Trousdale Turner Correctional Center | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of beds at the facility | Bed | 2,552 | 2,552 | |||||||||||||||||||||||
Number of inmates | Person | 2,300 | ||||||||||||||||||||||||
Percentage of guaranteed occupancy under management contract | 90.00% | ||||||||||||||||||||||||
Amount invested to acquire property | 144,000 | 144,000 | $ 144,000 | ||||||||||||||||||||||
Oklahoma Department Of Corrections | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of beds at the facility | Bed | 2,400 | ||||||||||||||||||||||||
Operating leases agreement renewal term | 2 years | ||||||||||||||||||||||||
Lease agreement commencing date | Jul. 1, 2016 | ||||||||||||||||||||||||
Lease term | 5 years | ||||||||||||||||||||||||
Average annual rent | $ 7,300 | ||||||||||||||||||||||||
Annual rent year five | $ 12,000 | ||||||||||||||||||||||||
Cibola County Corrections Center | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of beds at the facility | Bed | 1,129 | ||||||||||||||||||||||||
Net carrying value | $ 29,400 | $ 29,400 | |||||||||||||||||||||||
Cibola County Corrections Center | ICE | New Contracts | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Contract term | 5 years | ||||||||||||||||||||||||
Kit Carson Correctional Center | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of beds at the facility | Bed | 1,488 | 1,488 | 1,488 | ||||||||||||||||||||||
Net carrying value | 60,039 | $ 58,819 | 60,039 | $ 58,819 | 60,039 | ||||||||||||||||||||
Number of facilities inmates were transferred to | Facility | 2 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
South Texas Family Residential Center | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Management contract, expiration date | 2021-09 | ||||||||||||||||||||||||
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 | $ 266,800 | 244,200 | 21,000 | ||||||||||||||||||||||
Deferred revenue | $ 94,600 | $ 67,000 | $ 94,600 | $ 67,000 | $ 94,600 | ||||||||||||||||||||
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 | |||||||||||||||||||||||
Red Rock Correctional Center | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of beds at the facility | Bed | 1,596 | 1,596 | 1,596 | ||||||||||||||||||||||
Expected additional number of offenders to be managed by the company | Person | 1,000 | ||||||||||||||||||||||||
Number of inmates | Person | 1,700 | ||||||||||||||||||||||||
Total number of offenders to be managed by the company | Person | 2,000 | ||||||||||||||||||||||||
Expenditures for facility development and expansions | $ 37,000 | ||||||||||||||||||||||||
Red Rock Correctional Center | New Contracts | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of beds at the facility | Bed | 2,024 | 2,024 | 2,024 | ||||||||||||||||||||||
Maximum | CAI - Boston Avenue | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of residents to be housed | Person | 120 | ||||||||||||||||||||||||
Maximum | Cibola County Corrections Center | ICE | New Contracts | |||||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||||||||||||
Number of detainees to be housed | Person | 1,116 | ||||||||||||||||||||||||
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 | 60 days |
Idled Facilities and Respective
Idled Facilities and Respective Carrying Values Excluding Equipment and Other Assets (Detail) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016USD ($)Bed | Sep. 30, 2016Bed | Jun. 10, 2016Bed | Dec. 31, 2015USD ($) | Aug. 27, 2015Bed | ||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | 89,700 | 112 | 600 | |||
Prairie Correctional Facility | ||||||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | 1,600 | |||||
Date Idled | 2,010 | |||||
Net carrying value | $ | $ 17,071 | $ 17,961 | ||||
Huerfano County Correctional Center | ||||||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | 752 | |||||
Date Idled | 2,010 | |||||
Net carrying value | $ | $ 17,542 | 18,276 | ||||
Diamondback Correctional Facility | ||||||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | 2,160 | |||||
Date Idled | 2,010 | |||||
Net carrying value | $ | $ 41,539 | 43,030 | ||||
Southeast Kentucky Correctional Facility | ||||||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | [1] | 656 | ||||
Date Idled | [1] | 2,012 | ||||
Net carrying value | $ | [1] | $ 22,618 | 23,270 | |||
Marion Adjustment Center | ||||||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | 826 | |||||
Date Idled | 2,013 | |||||
Net carrying value | $ | $ 12,135 | 12,536 | ||||
Lee Adjustment Center | ||||||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | 816 | |||||
Date Idled | 2,015 | |||||
Net carrying value | $ | $ 10,342 | 10,840 | ||||
Kit Carson Correctional Center | ||||||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | 1,488 | 1,488 | ||||
Date Idled | 2,016 | |||||
Net carrying value | $ | $ 58,819 | 60,039 | ||||
Idle Facilities | ||||||
Facility Activations Developments And Closures [Line Items] | ||||||
Design Capacity | 8,298 | |||||
Net carrying value | $ | $ 180,066 | $ 185,952 | ||||
[1] | Formerly known as the Otter Creek Correctional Center. |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Apr. 08, 2016USD ($)BedLeasesEntityFacility | Aug. 27, 2015BedFacility | Dec. 31, 2016USD ($)Bed | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)BedFacility | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Bed | Dec. 31, 2015USD ($)Bed | Dec. 31, 2014USD ($) | Jun. 10, 2016Bed |
Business Acquisition [Line Items] | ||||||||||||||
Number of beds at the facility | Bed | 600 | 89,700 | 89,700 | 112 | ||||||||||
Number of facilities acquired | Facility | 4 | |||||||||||||
Revenue | $ 464,134,000 | $ 474,935,000 | $ 463,331,000 | $ 447,385,000 | $ 447,835,000 | $ 459,957,000 | $ 459,295,000 | $ 426,000,000 | $ 1,849,785,000 | $ 1,793,087,000 | $ 1,646,867,000 | |||
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 | 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 | |||||||||||||
Revenue | $ 2,000,000 | $ 2,000,000 | ||||||||||||
Avalon Correctional Services, Inc | The achievement of certain utilization milestones over 12 months following the acquisition | Maximum | ||||||||||||||
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 delivers 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 | ||||||||||||
Correctional Management, Inc | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Business acquisition, percentage of acquired stock | 100.00% | |||||||||||||
Number of beds at the facility | Bed | 600 | |||||||||||||
Number of facilities acquired | Facility | 6 | |||||||||||||
Aggregate purchase price | $ 35,000,000 | |||||||||||||
Number of entities affiliated | Entity | 2 | |||||||||||||
Number of facilities | Facility | 7 | |||||||||||||
Number of facilities leased | Leases | 1 |
Business Combination Purchase P
Business Combination Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 10, 2016 | Apr. 08, 2016 | Dec. 31, 2015 | Aug. 27, 2015 |
Business Acquisition [Line Items] | |||||
Property and equipment | $ 7,400 | $ 13,400 | |||
Goodwill | $ 38,386 | $ 35,557 | |||
Avalon Correctional Services, Inc | |||||
Business Acquisition [Line Items] | |||||
Property and equipment | 119,200 | ||||
Intangible assets | 18,500 | ||||
Total identifiable assets | 137,700 | ||||
Goodwill | 19,800 | ||||
Total consideration | $ 157,500 | ||||
Correctional Management, Inc | |||||
Business Acquisition [Line Items] | |||||
Tangible current assets and liabilities, net | $ 1,000 | ||||
Property and equipment | 29,200 | ||||
Intangible assets | 1,500 | ||||
Total identifiable assets | 31,700 | ||||
Goodwill | 3,300 | ||||
Total consideration | $ 35,000 |
Investment in Affiliate - Addit
Investment in Affiliate - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 2,900,000 | ||
Equity earnings (losses) of joint venture | $ (41,000) | $ (126,000) | $ 720,000 |
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 | $ 500,000 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Other Assets [Line Items] | ||
Debt issuance costs, less accumulated amortization of $1,633 and $542, respectively | $ 3,526 | $ 4,879 |
Intangible lease value, less accumulated amortization of $4,990 and $3,118, respectively | 36,598 | 37,430 |
Other intangible assets, less accumulated amortization of $1,421 and $363, respectively | 4,434 | 4,191 |
Deferred leasing costs | 7,380 | 8,021 |
Notes receivable, net | 5,858 | 7,743 |
Cash equivalents and cash surrender value of life insurance held in Rabbi trust | 13,110 | 16,946 |
Deposits | 2,117 | 2,020 |
Straight-line rent receivable | 9,229 | 3,324 |
Other | 532 | 150 |
Other assets, total | $ 82,784 | $ 84,704 |
Schedule of Other Assets (Paren
Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Other Assets [Line Items] | ||
Debt issuance costs, accumulated amortization | $ 1,633 | $ 542 |
Intangible lease value | ||
Schedule of Other Assets [Line Items] | ||
Intangible assets, accumulated amortization | 4,990 | 3,118 |
Other intangible assets | ||
Schedule of Other Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ 1,421 | $ 363 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Other Assets [Line Items] | |||
Gross carrying amount of intangible assets | $ 47.4 | $ 45.1 | |
Amortization expense related to intangible assets | 2.9 | 1.5 | $ 1.4 |
Intangible lease value | |||
Schedule of Other Assets [Line Items] | |||
Gross carrying amount of intangible assets | $ 41.6 | $ 40.5 |
Estimated Amortization Expense
Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,017 | $ 3,010 |
2,018 | 3,010 |
2,019 | 2,718 |
2,020 | 2,181 |
2,021 | $ 1,483 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Trade accounts payable | $ 49,866 | $ 72,689 |
Accrued salaries and wages | 29,766 | 28,871 |
Accrued dividends | 51,496 | 65,232 |
Accrued workers' compensation and auto liability | 6,652 | 6,978 |
Accrued litigation | 9,290 | 4,176 |
Accrued employee medical insurance | 8,413 | 7,911 |
Accrued property taxes | 27,707 | 24,796 |
Accrued interest | 9,526 | 9,780 |
Deferred revenue | 14,332 | 31,844 |
Construction payable | 7,845 | 8,483 |
Lease financing obligation | 11,785 | 19,775 |
Other | 33,429 | 37,140 |
Accounts payable and accrued expenses, total | $ 260,107 | $ 317,675 |
Accounts Payable, Accrued Exp61
Accounts Payable, Accrued Expenses and Other Long-Term Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Workers' compensation and auto liability | $ 21.4 | $ 22.2 |
Workers' compensation discount rate | 3.00% | 3.00% |
Workers compensation and auto liability, undiscounted basis | $ 23.9 | $ 25 |
Other Long Term Liabilities (De
Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Long Term Liabilities [Line Items] | ||
Intangible lease liability | $ 6,578 | $ 6,965 |
Accrued workers' compensation | 14,726 | 15,188 |
Accrued deferred compensation | 9,850 | 13,253 |
Lease financing obligation | 18,832 | 21,047 |
Other | 1,856 | 1,856 |
Other liabilities | $ 51,842 | $ 58,309 |
Schedule of Debt Outstanding (D
Schedule of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,455,000 | $ 1,464,000 |
Unamortized debt issuance costs | (9,831) | (11,923) |
Current portion of long-term debt | (10,000) | (5,000) |
Long-term debt, net | 1,435,169 | 1,447,077 |
Term Loan Due in July 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 95,000 | 100,000 |
Unamortized debt issuance costs | (400) | (600) |
Senior Notes 4.625% Due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | 350,000 | 350,000 |
Unamortized debt issuance costs | (3,900) | (4,500) |
Senior Notes 4.125% Due 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 325,000 | 325,000 |
Unamortized debt issuance costs | (2,700) | (3,500) |
Senior Notes 5.0% Due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | 250,000 | 250,000 |
Unamortized debt issuance costs | (2,800) | (3,300) |
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 435,000 | $ 439,000 |
Schedule of Debt Outstanding (P
Schedule of Debt Outstanding (Parenthetical) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Apr. 08, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 9,831,000 | $ 11,923,000 | |
Term Loan Due in July 2020 | |||
Debt Instrument [Line Items] | |||
Debt interest rate | 2.30% | 2.00% | |
Debt maturity date | Jul. 31, 2020 | ||
Interest payable dates | interest payable periodically at variable interest rates. | ||
Unamortized debt issuance costs | $ 400,000 | $ 600,000 | |
Senior Notes 4.625% Due 2023 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.625% | ||
Debt maturity date | May 31, 2023 | ||
Interest payable dates | interest payable semi-annually in May and November at 4.625%. | ||
Unamortized debt issuance costs | $ 3,900,000 | 4,500,000 | |
Senior Notes 4.125% Due 2020 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.125% | ||
Debt maturity date | Apr. 30, 2020 | ||
Interest payable dates | interest payable semi-annually in April and October at 4.125%. | ||
Unamortized debt issuance costs | $ 2,700,000 | 3,500,000 | |
Senior Notes 5.0% Due 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.00% | ||
Debt maturity date | Oct. 31, 2022 | ||
Interest payable dates | interest payable semi-annually in April and October at 5.0%. | ||
Unamortized debt issuance costs | $ 2,800,000 | 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 | $ 900,000,000 |
Revolving Credit Facility maturity date | Jul. 31, 2020 | ||
Weighted average rate | 2.20% | 1.90% | |
Interest payable dates | interest payable periodically at variable interest rates. |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Oct. 06, 2015 | Sep. 30, 2015 | Jul. 31, 2015 | Apr. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||
Borrowings under credit facility | $ 435,000,000 | |||||
Revolving Credit Facility letters of credit outstanding | 9,100,000 | $ 14,500,000 | ||||
Total debt | $ 1,455,000,000 | 1,464,000,000 | ||||
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% | |||||
Term Loan Due in July 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 100,000,000 | |||||
Total debt | $ 95,000,000 | 100,000,000 | ||||
Debt maturity date | Jul. 31, 2020 | |||||
Term Loan Due in July 2020 | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage points added to reference rate | 0.50% | |||||
Term Loan Due in July 2020 | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage points added to reference rate | 1.75% | |||||
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% | |||||
Senior Notes Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 250,000,000 | |||||
Debt maturity date | Oct. 15, 2022 | |||||
Stated interest rate | 5.00% | |||||
Senior Notes 4.125% Due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 325,000,000 | 325,000,000 | ||||
Debt maturity date | Apr. 30, 2020 | |||||
Stated interest rate | 4.125% | |||||
Debt instrument redemption percentage of par | 100.00% | |||||
Senior Notes 4.625% Due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 350,000,000 | 350,000,000 | ||||
Debt maturity date | May 31, 2023 | |||||
Stated interest rate | 4.625% | |||||
Debt instrument redemption percentage of par | 100.00% | |||||
Senior Notes 5.0% Due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | $ 250,000,000 | $ 250,000,000 | ||||
Debt maturity date | Oct. 31, 2022 | |||||
Stated interest rate | 5.00% | |||||
Debt instrument redemption percentage of par | 100.00% | |||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit interest on outstanding borrowings | At CoreCivic'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 CoreCivic's leverage ratio. | |||||
Line of credit facility, maximum borrowing capacity | $ 900,000,000 | |||||
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 | $ 455,900,000 | |||||
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 | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage points added to reference rate | 0.50% | |||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage points added to reference rate | 0.00% | |||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage points added to reference rate | 0.75% | |||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage points added to reference rate | 1.50% | |||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage points added to reference rate | 1.00% | |||||
Amended Revolving Credit Facility | $900.0 Million Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, percentage points added to reference rate | 1.75% |
Schedule of Principal Payments
Schedule of Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,017 | $ 10,000 | |
2,018 | 10,000 | |
2,019 | 15,000 | |
2,020 | 820,000 | |
2,021 | 0 | |
Thereafter | 600,000 | |
Total debt | $ 1,455,000 | $ 1,464,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||
Minimum Distribution Percentage of Taxable Income to Qualify for Real Estate Investment Trust | 90.00% | ||
Tax benefits associated with equity-based compensation | $ 1,479,000 | $ 525,000 | $ 665,000 |
Effective tax rate | 3.60% | 3.60% | 3.40% |
Liabilities for uncertain tax positions | $ 0 | $ 0 | |
Income tax receivable | $ 8,800,000 | $ 21,200,000 |
Components of Income Tax Expens
Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Expenses [Line Items] | |||
Current income tax expense, Federal | $ 10,181 | $ 2,519 | $ 9,326 |
Current income tax expense, State | 1,983 | 136 | 828 |
Current income tax expense, Total | 12,164 | 2,655 | 10,154 |
Deferred income tax expense (benefit), Federal | (3,400) | 5,589 | (2,280) |
Deferred income tax expense (benefit), State | (511) | 117 | (931) |
Deferred income tax expense (benefit), Total | (3,911) | 5,706 | (3,211) |
Income tax expense | $ 8,253 | $ 8,361 | $ 6,943 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Asset reserves and liabilities not yet deductible for tax | $ 29,198 | $ 28,589 |
Tax over book basis of certain assets | 866 | 893 |
Net operating loss and tax credit carryforwards | 5,487 | 5,287 |
Intangible contract value | 2,570 | 2,717 |
Noncurrent deferred tax assets, Other | 346 | 460 |
Total noncurrent deferred tax assets | 38,467 | 37,946 |
Less valuation allowance | (3,436) | (3,780) |
Total noncurrent deferred tax assets | 35,031 | 34,166 |
Book over tax basis of certain assets | (9,386) | (15,238) |
Intangible lease value | (8,368) | (8,862) |
Deferred tax liabilities, other | (3,542) | (242) |
Total noncurrent deferred tax liabilities | (21,296) | (24,342) |
Non-current deferred tax assets | $ 13,735 | $ 9,824 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Provision of Income Taxes [Line Items] | |||
Statutory federal rate | 35.00% | 35.00% | 35.00% |
Dividends paid deduction | (32.50%) | (31.90%) | (31.10%) |
State taxes, net of federal tax benefit | 1.10% | 0.90% | 0.80% |
Permanent differences | 0.30% | 0.40% | 0.10% |
Other items, net | (0.30%) | (0.80%) | (1.40%) |
Effective income tax rate, Total | 3.60% | 3.60% | 3.40% |
Declared Common Stock Dividends
Declared Common Stock Dividends (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Dividends Payable [Line Items] | ||||
Total Per Share | $ 2.04 | $ 2.16 | $ 2.04 | |
Dividend Payment 1st | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 20, 2014 | |||
Record Date | Apr. 2, 2014 | |||
Payable Date | Apr. 15, 2014 | |||
Ordinary Income | [1] | $ 0.510000 | ||
Total Per Share | $ 0.51 | |||
Dividend Payment 2nd | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 15, 2014 | |||
Record Date | Jul. 2, 2014 | |||
Payable Date | Jul. 15, 2014 | |||
Ordinary Income | [1] | $ 0.510000 | ||
Total Per Share | $ 0.51 | |||
Dividend Payment 3rd | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 14, 2014 | |||
Record Date | Oct. 2, 2014 | |||
Payable Date | Oct. 15, 2014 | |||
Ordinary Income | [1] | $ 0.510000 | ||
Total Per Share | $ 0.51 | |||
Dividend Payment 4th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 11, 2014 | |||
Record Date | Jan. 2, 2015 | |||
Payable Date | Jan. 15, 2015 | |||
Ordinary Income | [2] | $ 0.382836 | ||
Return of Capital | 0.127164 | |||
Total Per Share | $ 0.51 | |||
Dividend Payment 5th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 20, 2015 | |||
Record Date | Apr. 2, 2015 | |||
Payable Date | Apr. 15, 2015 | |||
Ordinary Income | [3] | $ 0.405355 | ||
Return of Capital | 0.134645 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 6th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 14, 2015 | |||
Record Date | Jul. 2, 2015 | |||
Payable Date | Jul. 15, 2015 | |||
Ordinary Income | [3] | $ 0.405355 | ||
Return of Capital | 0.134645 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 7th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 13, 2015 | |||
Record Date | Oct. 2, 2015 | |||
Payable Date | Oct. 15, 2015 | |||
Ordinary Income | [3] | $ 0.405355 | ||
Return of Capital | 0.134645 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 8th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 10, 2015 | |||
Record Date | Jan. 4, 2016 | |||
Payable Date | Jan. 15, 2016 | |||
Ordinary Income | [4] | $ 0.487167 | ||
Return of Capital | 0.052833 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 9th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 19, 2016 | |||
Record Date | Apr. 1, 2016 | |||
Payable Date | Apr. 15, 2016 | |||
Ordinary Income | [4] | $ 0.487167 | ||
Return of Capital | 0.052833 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 10th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 12, 2016 | |||
Record Date | Jul. 1, 2016 | |||
Payable Date | Jul. 15, 2016 | |||
Ordinary Income | [4] | $ 0.487167 | ||
Return of Capital | 0.052833 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 11th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 11, 2016 | |||
Record Date | Oct. 3, 2016 | |||
Payable Date | Oct. 17, 2016 | |||
Ordinary Income | [4] | $ 0.487167 | ||
Return of Capital | 0.052833 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 12th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 8, 2016 | |||
Record Date | Jan. 3, 2017 | |||
Payable Date | Jan. 13, 2017 | |||
Ordinary Income | [5] | |||
Return of Capital | [5] | |||
Total Per Share | $ 0.42 | |||
[1] | $0.076573 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[2] | $0.048357 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[3] | $0.051202 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[4] | $0.030979 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[5] | Taxable in 2017. |
Declared Common Stock Dividen72
Declared Common Stock Dividends (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | |||
Dividend declared per share | $ 2.04 | $ 2.16 | $ 2.04 |
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.076573 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.048357 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.051202 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | $ 0.030979 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2003 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
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 | $ 1,700,000 | $ 7,300,000 | $ 12,300,000 | ||
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 | 9,200,000 | ||||
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 | ||||
Restricted stock based awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Fair value of restricted common stock units issued by CoreCivic to certain of its employees and non-employee directors | $ 18,500,000 | 17,500,000 | |||
Unrecognized compensation cost | $ 16,500,000 | ||||
Remaining period for recognizing the unrecognized compensation cost, in years | 1 year 8 months 12 days | ||||
Allocated share-based compensation expense | $ 17,800,000 | 14,700,000 | 12,100,000 | ||
Total fair value of restricted common stock and common stock units that vested | $ 15,100,000 | $ 13,900,000 | 9,800,000 | ||
Restricted stock based awards | Employees And Non Employee Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Restricted common stock units issued by CoreCivic | 635,000 | 438,000 | |||
Restricted stock based awards | 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 awards | 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 awards | Non Employee Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Vesting period | 1 year | ||||
Restricted stock based awards | General and Administrative | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Allocated share-based compensation expense | $ 14,400,000 | $ 13,200,000 | 10,700,000 | ||
Restricted stock based awards | General and Administrative | Employees And Non Employee Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Restricted common stock units issued by CoreCivic | 562,000 | 385,000 | |||
Restricted stock based awards | Operating | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Allocated share-based compensation expense | $ 1,700,000 | $ 1,500,000 | 1,400,000 | ||
Restricted stock based awards | Operating | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Restricted common stock units issued by CoreCivic | 73,000 | 53,000 | |||
Restricted stock based awards | Restructuring Charges | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Allocated share-based compensation expense | $ 1,700,000 | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Unrecognized compensation cost | $ 0 | ||||
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 | $ 100,000 | $ 700,000 | $ 1,900,000 | ||
Stock options | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Vesting period | 3 years | ||||
Stock options | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Vesting period | 4 years |
Summary of Nonvested Restricted
Summary of Nonvested Restricted Common Stock Transactions (Detail) - Restricted stock based awards shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of restricted common stock and RSUs, Nonvested at December 31, 2015 | shares | 975 |
Shares of restricted common stock and RSUs, Granted | shares | 635 |
Shares of restricted common stock and RSUs, Cancelled | shares | (152) |
Shares of restricted common stock and RSUs, Vested | shares | (414) |
Shares of restricted common stock and RSUs, Nonvested at December 31, 2016 | shares | 1,044 |
Weighted average grant date fair value, Nonvested at December 31, 2015 | $ / shares | $ 36.65 |
Weighted average grant date fair value, Granted | $ / shares | 29.08 |
Weighted average grant date fair value, Cancelled | $ / shares | 31.53 |
Weighted average grant date fair value, Vested | $ / shares | 36.52 |
Weighted average grant date fair value, Nonvested at December 31, 2016 | $ / shares | $ 32.84 |
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, 2016USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding at December 31, 2015 | shares | 1,467 |
No. of options, Granted | shares | 0 |
No. of options, Exercised | shares | (140) |
No. of options, Cancelled | shares | 0 |
No. of options, Outstanding at December 31, 2016 | shares | 1,327 |
No. of options, Exercisable at December 31, 2016 | shares | 1,327 |
Weighted-Average Exercise Price per Share | |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2015 | $ / shares | $ 20.37 |
Weighted-Average Exercise Price of options, Granted | $ / shares | 0 |
Weighted-Average Exercise Price of options, Exercised | $ / shares | 18.81 |
Weighted-Average Exercise Price of options, Cancelled | $ / shares | 0 |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2016 | $ / shares | 20.53 |
Weighted-Average Exercise Price of options, Exercisable at December 31, 2016 | $ / shares | $ 20.53 |
Weighted Average Remaining Contractual Term (in years) | |
Outstanding at December 31, 2016 | 3 years 2 months 12 days |
Exercisable at December 31, 2016 | 3 years 2 months 12 days |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2016 | $ | $ 5,442 |
Exercisable at December 31, 2016 | $ | $ 5,442 |
Summary of Nonvested Stock Opti
Summary of Nonvested Stock Option Transactions (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of options, Nonvested at December 31, 2015 | shares | 51 |
Number of options, Granted | shares | 0 |
Number of options, Cancelled | shares | 0 |
Number of options, Vested | shares | (51) |
Number of options, Nonvested at December 31, 2016 | shares | 0 |
Weighted average grant date fair value, Nonvested at December 31, 2015 | $ / shares | $ 6.50 |
Weighted average grant date fair value, Granted | $ / shares | 0 |
Weighted average grant date fair value, Cancelled | $ / shares | 0 |
Weighted average grant date fair value, Vested | $ / shares | 6.50 |
Weighted average grant date fair value, Nonvested at December 31, 2016 | $ / shares | $ 0 |
Restructuring and Cost Reduct77
Restructuring and Cost Reduction Plan - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 4,010 | $ 0 | $ 0 | |
Restructuring and cost reduction plan | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Percentage of corporate workforce eliminated due to restructuring | 12.00% | |||
Restructuring charges | $ 4,000 | |||
Expected future annual expense savings | $ 9,000 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income, Basic | $ 219,919 | $ 221,854 | $ 195,022 | ||||||||
Net income, Diluted | $ 219,919 | $ 221,854 | $ 195,022 | ||||||||
Weighted average common shares outstanding, Basic | 117,384 | 116,949 | 116,109 | ||||||||
Weighted average common shares outstanding, Basic | 117,384 | 116,949 | 116,109 | ||||||||
Weighted average shares and assumed conversions | 117,791 | 117,785 | 117,312 | ||||||||
BASIC EARNINGS PER SHARE | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 0.41 | $ 0.43 | $ 0.56 | $ 0.49 | $ 1.87 | $ 1.90 | $ 1.68 |
DILUTED EARNINGS PER SHARE | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 0.41 | $ 0.43 | $ 0.55 | $ 0.49 | $ 1.87 | $ 1.88 | $ 1.66 |
Stock options | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Effect of dilutive securities | 306 | 631 | 895 | ||||||||
Restricted stock based awards | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Effect of dilutive securities | 101 | 205 | 308 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options excluded from computations of earnings per share because they were anti-dilutive | 268,000 | 8,000 | 12,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016USD ($)BedLegalMatterCompensationPlan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 10, 2016Bed | Aug. 27, 2015Bed | Dec. 31, 1997USD ($)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 | 89,700 | 112 | 600 | |||
Total cash compensation under Deferred Compensation Plans | 5.00% | 5.00% | 5.00% | |||
Percentage of fixed return from Deferred Compensation Plans to participants | 5.45% | 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 | $ 13.1 | $ 16.9 | ||||
Matching contributions as general and administrative expense associated with the Deferred Compensation Plans | 0.2 | 0.3 | $ 0.2 | |||
Deferred Compensation Plans liability | $ 10.6 | $ 15.1 | ||||
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 contributions to the plan, net of forfeitures | $ 12 | $ 12 | $ 11.1 | |||
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 | $ 6.6 | |||||
Outstanding principal balance of the bonds exceeded the purchase price option | $ 4.6 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016FacilitySegment | |
Segment Reporting Information [Line Items] | |
Number of facilities owned and managed | 66 |
Number of facilities owned by government partners, managed | 11 |
Number of Operating segments | Segment | 1 |
Number of facilities leased to third party operators | 8 |
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 CoreCivic's Operating Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
REVENUES | $ 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 447,835 | $ 459,957 | $ 459,295 | $ 426,000 | $ 1,849,785 | $ 1,793,087 | $ 1,646,867 |
Operating expenses | 1,275,586 | 1,256,128 | 1,156,135 | ||||||||
Operating income | $ 80,359 | $ 73,953 | $ 77,176 | $ 64,928 | $ 66,539 | $ 65,436 | $ 79,753 | $ 68,826 | 296,416 | 280,554 | 240,296 |
General and administrative | (107,027) | (103,936) | (106,429) | ||||||||
Depreciation and amortization | (166,746) | (151,514) | (113,925) | ||||||||
Restructuring charges | (4,010) | 0 | 0 | ||||||||
Asset impairments | (955) | (30,082) | |||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
REVENUES | 1,809,091 | 1,755,745 | 1,612,671 | ||||||||
Operating expenses | 1,251,674 | 1,228,080 | 1,136,212 | ||||||||
Operating income | 557,417 | 527,665 | 476,459 | ||||||||
Operating Segments | Owned and managed | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
REVENUES | 1,603,671 | 1,543,750 | 1,379,986 | ||||||||
Operating expenses | 1,068,031 | 1,038,070 | 928,857 | ||||||||
Operating income | 535,640 | 505,680 | 451,129 | ||||||||
Operating Segments | Managed-only | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
REVENUES | 205,420 | 211,995 | 232,685 | ||||||||
Operating expenses | 183,643 | 190,010 | 207,355 | ||||||||
Operating income | 21,777 | 21,985 | 25,330 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental and other revenue | 40,694 | 37,342 | 34,196 | ||||||||
Other operating expense | (23,912) | (28,048) | (19,923) | ||||||||
General and administrative | (107,027) | (103,936) | (106,429) | ||||||||
Depreciation and amortization | (166,746) | (151,514) | (113,925) | ||||||||
Restructuring charges | (4,010) | 0 | 0 | ||||||||
Asset impairments | $ 0 | $ (955) | $ (30,082) |
Summary of Capital Expenditures
Summary of Capital Expenditures Including Accrued Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 134,531 | $ 415,441 | $ 262,560 |
Owned and managed | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 108,241 | 382,781 | 246,333 |
Managed-only | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 5,749 | 4,049 | 3,171 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 20,541 | $ 28,611 | $ 13,056 |
Schedule of Total Assets (Detai
Schedule of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,271,604 | $ 3,356,018 |
Owned and managed | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,841,799 | 2,966,762 |
Managed-only | ||
Segment Reporting Information [Line Items] | ||
Total assets | 62,292 | 54,491 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 367,513 | $ 334,765 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Feb. 17, 2017 | Feb. 23, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||||
Dividend declared per common share | $ 2.04 | $ 2.16 | $ 2.04 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividend declared per common share | $ 0.42 | ||||
Dividend payable date | Apr. 17, 2017 | ||||
Dividend declared, record date | Apr. 3, 2017 | ||||
Subsequent Event | Restricted Stock Units (RSUs) | CoreCivic's employees and non-employee directors | |||||
Subsequent Event [Line Items] | |||||
Number of shares issued | 0.5 | ||||
Aggregate value of shares issued | $ 17.7 | ||||
Subsequent Event | Restricted Stock Units (RSUs) | Officers And Executive Officers | |||||
Subsequent Event [Line Items] | |||||
Number of shares issued | 0.3 | ||||
Vesting period | 3 years | ||||
Subsequent Event | 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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 37,711 | $ 65,291 | ||
Restricted cash | 877 | |||
Accounts receivable, net of allowance | 229,885 | 234,456 | ||
Prepaid expenses and other current assets | 31,228 | 41,434 | ||
Total current assets | 298,824 | 342,058 | ||
Property and equipment, net | 2,837,657 | 2,883,060 | ||
Restricted cash | 218 | 131 | ||
Investment in direct financing lease | 684 | |||
Goodwill | 38,386 | 35,557 | ||
Non-current deferred tax assets | 13,735 | 9,824 | ||
Other assets | 82,784 | 84,704 | ||
Total assets | 3,271,604 | 3,356,018 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 260,107 | 317,675 | ||
Income taxes payable | 2,086 | 1,920 | ||
Current portion of long-term debt | 10,000 | 5,000 | ||
Total current liabilities | 272,193 | 324,595 | ||
Long-term debt, net | 1,435,169 | 1,447,077 | ||
Deferred revenue | 53,437 | 63,289 | ||
Other liabilities | 51,842 | 58,309 | ||
Total liabilities | 1,812,641 | 1,893,270 | ||
Total stockholders' equity | 1,458,963 | 1,462,748 | $ 1,481,500 | $ 1,502,507 |
Total liabilities and stockholders' equity | 3,271,604 | 3,356,018 | ||
Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 11,378 | 15,666 | ||
Restricted cash | 637 | |||
Accounts receivable, net of allowance | 237,495 | 300,632 | ||
Prepaid expenses and other current assets | 7,582 | 3,760 | ||
Total current assets | 256,455 | 320,695 | ||
Property and equipment, net | 2,493,025 | 2,526,278 | ||
Restricted cash | 218 | 131 | ||
Investment in direct financing lease | 684 | |||
Goodwill | 23,231 | 20,402 | ||
Other assets | 339,173 | 241,510 | ||
Total assets | 3,112,102 | 3,109,700 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 203,074 | 191,600 | ||
Income taxes payable | 1,850 | |||
Current portion of long-term debt | 10,000 | 5,000 | ||
Total current liabilities | 214,924 | 196,600 | ||
Long-term debt, net | 1,436,186 | 1,448,316 | ||
Non-current deferred tax liabilities | 321 | 393 | ||
Other liabilities | 1,708 | 1,643 | ||
Total liabilities | 1,653,139 | 1,646,952 | ||
Total stockholders' equity | 1,458,963 | 1,462,748 | ||
Total liabilities and stockholders' equity | 3,112,102 | 3,109,700 | ||
Combined Subsidiary Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 26,333 | 49,625 | ||
Restricted cash | 240 | |||
Accounts receivable, net of allowance | 270,952 | 159,286 | ||
Prepaid expenses and other current assets | 30,123 | 43,706 | ||
Total current assets | 327,408 | 252,857 | ||
Property and equipment, net | 344,632 | 356,782 | ||
Goodwill | 15,155 | 15,155 | ||
Non-current deferred tax assets | 14,056 | 10,217 | ||
Other assets | 57,873 | 57,120 | ||
Total assets | 759,124 | 692,131 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 342,072 | 357,569 | ||
Income taxes payable | 236 | 1,920 | ||
Total current liabilities | 342,308 | 359,489 | ||
Long-term debt, net | 113,983 | 113,761 | ||
Deferred revenue | 53,437 | 63,289 | ||
Other liabilities | 50,134 | 56,666 | ||
Total liabilities | 559,862 | 593,205 | ||
Total stockholders' equity | 199,262 | 98,926 | ||
Total liabilities and stockholders' equity | 759,124 | 692,131 | ||
Consolidating Adjustments and Other | ||||
ASSETS | ||||
Accounts receivable, net of allowance | (278,562) | (225,462) | ||
Prepaid expenses and other current assets | (6,477) | (6,032) | ||
Total current assets | (285,039) | (231,494) | ||
Non-current deferred tax assets | (321) | (393) | ||
Other assets | (314,262) | (213,926) | ||
Total assets | (599,622) | (445,813) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | (285,039) | (231,494) | ||
Total current liabilities | (285,039) | (231,494) | ||
Long-term debt, net | (115,000) | (115,000) | ||
Non-current deferred tax liabilities | (321) | (393) | ||
Total liabilities | (400,360) | (346,887) | ||
Total stockholders' equity | (199,262) | (98,926) | ||
Total liabilities and stockholders' equity | $ (599,622) | $ (445,813) |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | $ 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 447,835 | $ 459,957 | $ 459,295 | $ 426,000 | $ 1,849,785 | $ 1,793,087 | $ 1,646,867 |
EXPENSES: | |||||||||||
Operating | 1,275,586 | 1,256,128 | 1,156,135 | ||||||||
General and administrative | 107,027 | 103,936 | 106,429 | ||||||||
Depreciation and amortization | 166,746 | 151,514 | 113,925 | ||||||||
Asset impairments | 955 | 30,082 | |||||||||
Restructuring charges | 4,010 | 0 | 0 | ||||||||
Costs and Expenses | 1,553,369 | 1,512,533 | 1,406,571 | ||||||||
Operating income | 80,359 | 73,953 | 77,176 | 64,928 | 66,539 | 65,436 | 79,753 | 68,826 | 296,416 | 280,554 | 240,296 |
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 67,755 | 49,696 | 39,535 | ||||||||
Expenses associated with debt refinancing transactions | 0 | 701 | 0 | ||||||||
Other (income) expense | 489 | (58) | (1,204) | ||||||||
Total non-operating expense (income) | 68,244 | 50,339 | 38,331 | ||||||||
INCOME BEFORE INCOME TAXES | 228,172 | 230,215 | 201,965 | ||||||||
Income tax expense | (8,253) | (8,361) | (6,943) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 219,919 | 221,854 | 195,022 | ||||||||
NET INCOME | $ 60,689 | $ 55,340 | $ 57,583 | $ 46,307 | $ 48,598 | $ 50,676 | $ 65,303 | $ 57,277 | 219,919 | 221,854 | 195,022 |
Parent | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | 1,182,765 | 1,184,878 | 1,250,199 | ||||||||
EXPENSES: | |||||||||||
Operating | 904,750 | 889,203 | 896,470 | ||||||||
General and administrative | 35,440 | 33,248 | 33,508 | ||||||||
Depreciation and amortization | 84,842 | 82,745 | 80,820 | ||||||||
Asset impairments | 29,915 | ||||||||||
Restructuring charges | 197 | ||||||||||
Costs and Expenses | 1,025,229 | 1,005,196 | 1,040,713 | ||||||||
Operating income | 157,536 | 179,682 | 209,486 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 51,928 | 35,919 | 35,138 | ||||||||
Expenses associated with debt refinancing transactions | 701 | ||||||||||
Other (income) expense | 995 | 232 | 302 | ||||||||
Total non-operating expense (income) | 52,923 | 36,852 | 35,440 | ||||||||
INCOME BEFORE INCOME TAXES | 104,613 | 142,830 | 174,046 | ||||||||
Income tax expense | (1,896) | (1,541) | (552) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 102,717 | 141,289 | 173,494 | ||||||||
Income from equity in subsidiaries | 117,202 | 80,565 | 21,528 | ||||||||
NET INCOME | 219,919 | 221,854 | 195,022 | ||||||||
Combined Subsidiary Guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | 1,542,231 | 1,469,105 | 1,268,654 | ||||||||
EXPENSES: | |||||||||||
Operating | 1,246,047 | 1,227,821 | 1,131,651 | ||||||||
General and administrative | 71,587 | 70,688 | 72,921 | ||||||||
Depreciation and amortization | 81,904 | 68,769 | 33,105 | ||||||||
Asset impairments | 955 | 167 | |||||||||
Restructuring charges | 3,813 | ||||||||||
Costs and Expenses | 1,403,351 | 1,368,233 | 1,237,844 | ||||||||
Operating income | 138,880 | 100,872 | 30,810 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 15,827 | 13,777 | 4,397 | ||||||||
Other (income) expense | (548) | (414) | (786) | ||||||||
Total non-operating expense (income) | 15,279 | 13,363 | 3,611 | ||||||||
INCOME BEFORE INCOME TAXES | 123,601 | 87,509 | 27,199 | ||||||||
Income tax expense | (6,357) | (6,820) | (6,391) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 117,244 | 80,689 | 20,808 | ||||||||
NET INCOME | 117,244 | 80,689 | 20,808 | ||||||||
Consolidating Adjustments and Other | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | (875,211) | (860,896) | (871,986) | ||||||||
EXPENSES: | |||||||||||
Operating | (875,211) | (860,896) | (871,986) | ||||||||
Costs and Expenses | (875,211) | (860,896) | (871,986) | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Other (income) expense | 42 | 124 | (720) | ||||||||
Total non-operating expense (income) | 42 | 124 | (720) | ||||||||
INCOME BEFORE INCOME TAXES | (42) | (124) | 720 | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | (42) | (124) | 720 | ||||||||
Income from equity in subsidiaries | (117,202) | (80,565) | (21,528) | ||||||||
NET INCOME | $ (117,244) | $ (80,689) | $ (20,808) |
Condensed Consolidating State88
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 375,373 | $ 399,798 | $ 423,581 |
Net cash used in investing activities | (122,188) | (409,281) | (196,887) |
Net cash provided by (used in) financing activities | (280,765) | 381 | (230,220) |
Net (decrease) increase in cash and cash equivalents | (27,580) | (9,102) | (3,526) |
CASH AND CASH EQUIVALENTS, beginning of year | 65,291 | 74,393 | 77,919 |
CASH AND CASH EQUIVALENTS, end of year | 37,711 | 65,291 | 74,393 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 295,366 | 102,371 | 296,087 |
Net cash used in investing activities | (19,317) | (93,891) | (73,404) |
Net cash provided by (used in) financing activities | (280,337) | (5,151) | (241,993) |
Net (decrease) increase in cash and cash equivalents | (4,288) | 3,329 | (19,310) |
CASH AND CASH EQUIVALENTS, beginning of year | 15,666 | 12,337 | 31,647 |
CASH AND CASH EQUIVALENTS, end of year | 11,378 | 15,666 | 12,337 |
Combined Subsidiary Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 80,007 | 297,427 | 127,494 |
Net cash used in investing activities | (69,571) | (212,215) | (102,337) |
Net cash provided by (used in) financing activities | (33,728) | (97,643) | (9,373) |
Net (decrease) increase in cash and cash equivalents | (23,292) | (12,431) | 15,784 |
CASH AND CASH EQUIVALENTS, beginning of year | 49,625 | 62,056 | 46,272 |
CASH AND CASH EQUIVALENTS, end of year | 26,333 | 49,625 | 62,056 |
Consolidating Adjustments and Other | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash used in investing activities | (33,300) | (103,175) | (21,146) |
Net cash provided by (used in) financing activities | $ 33,300 | $ 103,175 | $ 21,146 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenue | $ 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 447,835 | $ 459,957 | $ 459,295 | $ 426,000 | $ 1,849,785 | $ 1,793,087 | $ 1,646,867 |
Operating income | 80,359 | 73,953 | 77,176 | 64,928 | 66,539 | 65,436 | 79,753 | 68,826 | 296,416 | 280,554 | 240,296 |
Net income | $ 60,689 | $ 55,340 | $ 57,583 | $ 46,307 | $ 48,598 | $ 50,676 | $ 65,303 | $ 57,277 | $ 219,919 | $ 221,854 | $ 195,022 |
Basic earnings per share: Net income | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 0.41 | $ 0.43 | $ 0.56 | $ 0.49 | $ 1.87 | $ 1.90 | $ 1.68 |
Diluted earnings per share: Net income | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 0.41 | $ 0.43 | $ 0.55 | $ 0.49 | $ 1.87 | $ 1.88 | $ 1.66 |
Schedule III - Real Estate As90
Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Land, Initial Cost to Company | $ 165,613 | |||||
Buildings and Improvements, Initial Cost to Company | 2,621,345 | |||||
Cost Capitalized Subsequent to Acquisition | 980,731 | |||||
Land and Land Improvements, Gross Amount | 211,717 | |||||
Buildings and Leasehold Improvements, Gross Amount | 3,425,218 | |||||
Total Gross Amount | 3,636,935 | [1] | $ 3,542,023 | $ 3,071,094 | $ 3,078,902 | |
Accumulated Depreciation | $ (960,354) | [2] | $ (834,558) | $ (815,980) | $ (755,761) | |
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 | 2,876 | |||||
Land and Land Improvements, Gross Amount | 1,084 | |||||
Buildings and Leasehold Improvements, Gross Amount | 122,231 | |||||
Total Gross Amount | [1] | 123,315 | ||||
Accumulated Depreciation | [2] | $ (20,086) | ||||
Constructed/Acquired Date | 2,008 | |||||
Austin Residential Reentry 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 | 301 | |||||
Land and Land Improvements, Gross Amount | 4,191 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,358 | |||||
Total Gross Amount | [1] | 5,549 | ||||
Accumulated Depreciation | [2] | $ (81) | ||||
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 | 868 | |||||
Land and Land Improvements, Gross Amount | 19,497 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,466 | |||||
Total Gross Amount | [1] | 24,963 | ||||
Accumulated Depreciation | [2] | $ (279) | ||||
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 | 67,054 | |||||
Land and Land Improvements, Gross Amount | 1,331 | |||||
Buildings and Leasehold Improvements, Gross Amount | 79,388 | |||||
Total Gross Amount | [1] | 80,719 | ||||
Accumulated Depreciation | [2] | $ (22,024) | ||||
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] | $ (552) | ||||
Constructed/Acquired Date | 1,995 | |||||
Broad Street Residential Reentry 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] | $ (96) | ||||
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 | 674 | |||||
Land and Land Improvements, Gross Amount | 834 | |||||
Buildings and Leasehold Improvements, Gross Amount | 12,080 | |||||
Total Gross Amount | [1] | 12,914 | ||||
Accumulated Depreciation | [2] | $ (1,330) | ||||
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 | 9,192 | |||||
Land and Land Improvements, Gross Amount | 2,542 | |||||
Buildings and Leasehold Improvements, Gross Amount | 133,772 | |||||
Total Gross Amount | [1] | 136,314 | ||||
Accumulated Depreciation | [2] | $ (45,442) | ||||
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 | 980 | |||||
Land and Land Improvements, Gross Amount | 8,563 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,610 | |||||
Total Gross Amount | [1] | 14,173 | ||||
Accumulated Depreciation | [2] | $ (274) | ||||
Constructed/Acquired Date | 2,015 | |||||
Centennial Community Transition Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Englewood, Colorado | |||||
Land, Initial Cost to Company | $ 4,905 | |||||
Buildings and Improvements, Initial Cost to Company | 1,256 | |||||
Cost Capitalized Subsequent to Acquisition | 131 | |||||
Land and Land Improvements, Gross Amount | 4,907 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,385 | |||||
Total Gross Amount | [1] | 6,292 | ||||
Accumulated Depreciation | [2] | $ (37) | ||||
Constructed/Acquired Date | 2,016 | |||||
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 | 32,720 | |||||
Land and Land Improvements, Gross Amount | 3,091 | |||||
Buildings and Leasehold Improvements, Gross Amount | 88,784 | |||||
Total Gross Amount | [1] | 91,875 | ||||
Accumulated Depreciation | [2] | $ (32,861) | ||||
Constructed/Acquired Date | 1,994 | |||||
Chester Residential Reentry 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] | $ (95) | ||||
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 | 405 | |||||
Land and Land Improvements, Gross Amount | 5,567 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,497 | |||||
Total Gross Amount | [1] | 8,064 | ||||
Accumulated Depreciation | [2] | $ (130) | ||||
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 | 30,204 | |||||
Land and Land Improvements, Gross Amount | 1,323 | |||||
Buildings and Leasehold Improvements, Gross Amount | 45,540 | |||||
Total Gross Amount | [1] | 46,863 | ||||
Accumulated Depreciation | [2] | $ (17,433) | ||||
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 | 43,179 | |||||
Land and Land Improvements, Gross Amount | 598 | |||||
Buildings and Leasehold Improvements, Gross Amount | 114,134 | |||||
Total Gross Amount | [1] | 114,732 | ||||
Accumulated Depreciation | [2] | $ (33,999) | ||||
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 | 49,191 | |||||
Land and Land Improvements, Gross Amount | 848 | |||||
Buildings and Leasehold Improvements, Gross Amount | 76,898 | |||||
Total Gross Amount | [1] | 77,746 | ||||
Accumulated Depreciation | [2] | $ (20,721) | ||||
Constructed/Acquired Date | 1,998 | |||||
Columbine Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 1,414 | |||||
Buildings and Improvements, Initial Cost to Company | 488 | |||||
Cost Capitalized Subsequent to Acquisition | 99 | |||||
Land and Land Improvements, Gross Amount | 1,415 | |||||
Buildings and Leasehold Improvements, Gross Amount | 586 | |||||
Total Gross Amount | [1] | 2,001 | ||||
Accumulated Depreciation | [2] | $ (16) | ||||
Constructed/Acquired Date | 2,016 | |||||
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 | 407 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,293 | |||||
Total Gross Amount | [1] | 2,293 | ||||
Accumulated Depreciation | [2] | $ (279) | ||||
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 | 8,525 | |||||
Land and Land Improvements, Gross Amount | 1,173 | |||||
Buildings and Leasehold Improvements, Gross Amount | 40,961 | |||||
Total Gross Amount | [1] | 42,134 | ||||
Accumulated Depreciation | [2] | $ (33,236) | ||||
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 | 28,846 | |||||
Land and Land Improvements, Gross Amount | 2,481 | |||||
Buildings and Leasehold Improvements, Gross Amount | 73,421 | |||||
Total Gross Amount | [1] | 75,902 | ||||
Accumulated Depreciation | [2] | $ (21,483) | ||||
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] | $ (6,022) | ||||
Constructed/Acquired Date | 2,001 | |||||
Dahlia Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 6,788 | |||||
Buildings and Improvements, Initial Cost to Company | 727 | |||||
Cost Capitalized Subsequent to Acquisition | 86 | |||||
Land and Land Improvements, Gross Amount | 6,788 | |||||
Buildings and Leasehold Improvements, Gross Amount | 813 | |||||
Total Gross Amount | [1] | 7,601 | ||||
Accumulated Depreciation | [2] | $ (22) | ||||
Constructed/Acquired Date | 2,016 | |||||
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 | 1,699 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,551 | |||||
Total Gross Amount | [1] | 5,551 | ||||
Accumulated Depreciation | [2] | $ (377) | ||||
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 | 40,340 | |||||
Land and Land Improvements, Gross Amount | 890 | |||||
Buildings and Leasehold Improvements, Gross Amount | 106,401 | |||||
Total Gross Amount | [1] | 107,291 | ||||
Accumulated Depreciation | [2] | $ (32,059) | ||||
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] | $ (22,931) | ||||
Constructed/Acquired Date | 1,998 | |||||
Eden Detention Center | ||||||
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 | 33,793 | |||||
Land and Land Improvements, Gross Amount | 5,502 | |||||
Buildings and Leasehold Improvements, Gross Amount | 56,861 | |||||
Total Gross Amount | [1] | 62,363 | ||||
Accumulated Depreciation | [2] | $ (21,094) | ||||
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 | 1,005 | |||||
Land and Land Improvements, Gross Amount | 14,936 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,541 | |||||
Total Gross Amount | [1] | 20,477 | ||||
Accumulated Depreciation | [2] | $ (287) | ||||
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] | $ (240) | ||||
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 | 14,784 | |||||
Land and Land Improvements, Gross Amount | 1,851 | |||||
Buildings and Leasehold Improvements, Gross Amount | 46,739 | |||||
Total Gross Amount | [1] | 48,590 | ||||
Accumulated Depreciation | [2] | $ (18,207) | ||||
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 | 11,783 | |||||
Land and Land Improvements, Gross Amount | 1,043 | |||||
Buildings and Leasehold Improvements, Gross Amount | 86,414 | |||||
Total Gross Amount | [1] | 87,457 | ||||
Accumulated Depreciation | [2] | $ (29,198) | ||||
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 | 244 | |||||
Land and Land Improvements, Gross Amount | 3,252 | |||||
Buildings and Leasehold Improvements, Gross Amount | 577 | |||||
Total Gross Amount | [1] | 3,829 | ||||
Accumulated Depreciation | [2] | $ (217) | ||||
Constructed/Acquired Date | 2,015 | |||||
Fox Facility and Training Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 3,038 | |||||
Buildings and Improvements, Initial Cost to Company | 1,203 | |||||
Cost Capitalized Subsequent to Acquisition | 143 | |||||
Land and Land Improvements, Gross Amount | 3,038 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,346 | |||||
Total Gross Amount | [1] | 4,384 | ||||
Accumulated Depreciation | [2] | $ (36) | ||||
Constructed/Acquired Date | 2,016 | |||||
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 | 39,307 | |||||
Land and Land Improvements, Gross Amount | 3,429 | |||||
Buildings and Leasehold Improvements, Gross Amount | 91,501 | |||||
Total Gross Amount | [1] | 94,930 | ||||
Accumulated Depreciation | [2] | $ (31,768) | ||||
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] | $ (13,034) | ||||
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 | 122 | |||||
Land and Land Improvements, Gross Amount | 237 | |||||
Buildings and Leasehold Improvements, Gross Amount | 48,251 | |||||
Total Gross Amount | [1] | 48,488 | ||||
Accumulated Depreciation | [2] | $ (4,687) | ||||
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 | 43,439 | |||||
Land and Land Improvements, Gross Amount | 1,048 | |||||
Buildings and Leasehold Improvements, Gross Amount | 78,803 | |||||
Total Gross Amount | [1] | 79,851 | ||||
Accumulated Depreciation | [2] | $ (21,032) | ||||
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 | 13,241 | |||||
Land and Land Improvements, Gross Amount | 483 | |||||
Buildings and Leasehold Improvements, Gross Amount | 196,196 | |||||
Total Gross Amount | [1] | 196,679 | ||||
Accumulated Depreciation | [2] | $ (35,449) | ||||
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 | 3,909 | |||||
Land and Land Improvements, Gross Amount | 3,669 | |||||
Buildings and Leasehold Improvements, Gross Amount | 72,890 | |||||
Total Gross Amount | [1] | 76,559 | ||||
Accumulated Depreciation | [2] | $ (7,702) | ||||
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 | 2,263 | |||||
Land and Land Improvements, Gross Amount | 968 | |||||
Buildings and Leasehold Improvements, Gross Amount | 28,820 | |||||
Total Gross Amount | [1] | 29,788 | ||||
Accumulated Depreciation | [2] | $ (11,050) | ||||
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 | 43,100 | |||||
Land and Land Improvements, Gross Amount | 487 | |||||
Buildings and Leasehold Improvements, Gross Amount | 87,713 | |||||
Total Gross Amount | [1] | 88,200 | ||||
Accumulated Depreciation | [2] | $ (26,984) | ||||
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 | 16,089 | |||||
Land and Land Improvements, Gross Amount | 1,217 | |||||
Buildings and Leasehold Improvements, Gross Amount | 15,887 | |||||
Total Gross Amount | [1] | 17,104 | ||||
Accumulated Depreciation | [2] | $ (6,763) | ||||
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] | $ (2,801) | ||||
Constructed/Acquired Date | 1,989 | |||||
Long Beach Community Corrections Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Long Beach, California | |||||
Land, Initial Cost to Company | $ 5,038 | |||||
Buildings and Improvements, Initial Cost to Company | 2,413 | |||||
Land and Land Improvements, Gross Amount | 5,038 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,413 | |||||
Total Gross Amount | [1] | 7,451 | ||||
Accumulated Depreciation | [2] | $ (35) | ||||
Constructed/Acquired Date | 2,016 | |||||
Longmont Community Treatment Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Longmont, Colorado | |||||
Land, Initial Cost to Company | $ 3,364 | |||||
Buildings and Improvements, Initial Cost to Company | 582 | |||||
Cost Capitalized Subsequent to Acquisition | 71 | |||||
Land and Land Improvements, Gross Amount | 3,363 | |||||
Buildings and Leasehold Improvements, Gross Amount | 654 | |||||
Total Gross Amount | [1] | 4,017 | ||||
Accumulated Depreciation | [2] | $ (18) | ||||
Constructed/Acquired Date | 2,016 | |||||
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 | 8,302 | |||||
Land and Land Improvements, Gross Amount | 915 | |||||
Buildings and Leasehold Improvements, Gross Amount | 17,631 | |||||
Total Gross Amount | [1] | 18,546 | ||||
Accumulated Depreciation | [2] | $ (6,411) | ||||
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 | 18,088 | |||||
Land and Land Improvements, Gross Amount | 1,095 | |||||
Buildings and Leasehold Improvements, Gross Amount | 77,851 | |||||
Total Gross Amount | [1] | 78,946 | ||||
Accumulated Depreciation | [2] | $ (19,407) | ||||
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 | 10,011 | |||||
Land and Land Improvements, Gross Amount | 8,330 | |||||
Buildings and Leasehold Improvements, Gross Amount | 73,591 | |||||
Total Gross Amount | [1] | 81,921 | ||||
Accumulated Depreciation | [2] | $ (11,086) | ||||
Constructed/Acquired Date | 2,010 | |||||
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 | 59,619 | |||||
Land and Land Improvements, Gross Amount | 355 | |||||
Buildings and Leasehold Improvements, Gross Amount | 101,430 | |||||
Total Gross Amount | [1] | 101,785 | ||||
Accumulated Depreciation | [2] | $ (29,000) | ||||
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 | 8,776 | |||||
Land and Land Improvements, Gross Amount | 1,854 | |||||
Buildings and Leasehold Improvements, Gross Amount | 47,255 | |||||
Total Gross Amount | [1] | 49,109 | ||||
Accumulated Depreciation | [2] | $ (18,145) | ||||
Constructed/Acquired Date | 1,997 | |||||
Northwest New Mexico Correctional Center [Member] | ||||||
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 | 14,706 | |||||
Land and Land Improvements, Gross Amount | 816 | |||||
Buildings and Leasehold Improvements, Gross Amount | 29,920 | |||||
Total Gross Amount | [1] | 30,736 | ||||
Accumulated Depreciation | [2] | $ (12,590) | ||||
Constructed/Acquired Date | 1,989 | |||||
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 | 8,779 | |||||
Land and Land Improvements, Gross Amount | 37,005 | |||||
Buildings and Leasehold Improvements, Gross Amount | 115,030 | |||||
Total Gross Amount | [1],[4] | 152,035 | ||||
Accumulated Depreciation | [2] | $ (3,893) | ||||
Constructed/Acquired Date | 2,015 | |||||
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 | 9,008 | |||||
Land and Land Improvements, Gross Amount | 1,065 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,349 | |||||
Total Gross Amount | [1] | 31,414 | ||||
Accumulated Depreciation | [2] | $ (14,343) | ||||
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] | $ (30) | ||||
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 | 49,875 | |||||
Land and Land Improvements, Gross Amount | 256 | |||||
Buildings and Leasehold Improvements, Gross Amount | 128,085 | |||||
Total Gross Amount | [1] | 128,341 | ||||
Accumulated Depreciation | [2] | $ (25,469) | ||||
Constructed/Acquired Date | 2,006 | |||||
Roth Hall Residential Reentry 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] | $ (96) | ||||
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 | 585 | |||||
Land and Land Improvements, Gross Amount | 483 | |||||
Buildings and Leasehold Improvements, Gross Amount | 99,198 | |||||
Total Gross Amount | [1] | 99,681 | ||||
Accumulated Depreciation | [2] | $ (19,218) | ||||
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] | $ 0 | ||||
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] | $ (9,422) | ||||
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 | 8,714 | |||||
Land and Land Improvements, Gross Amount | 35 | |||||
Buildings and Leasehold Improvements, Gross Amount | 155,653 | |||||
Total Gross Amount | [1],[5] | 155,688 | ||||
Accumulated Depreciation | [2] | $ (72,525) | ||||
Constructed/Acquired Date | 2,015 | |||||
Southeast Kentucky Correctional Facility | ||||||
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 | 11,525 | |||||
Land and Land Improvements, Gross Amount | 1,586 | |||||
Buildings and Leasehold Improvements, Gross Amount | 34,926 | |||||
Total Gross Amount | [1] | 36,512 | ||||
Accumulated Depreciation | [2] | $ (13,894) | ||||
Constructed/Acquired Date | 1,998 | |||||
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 | 15,710 | |||||
Land and Land Improvements, Gross Amount | 1,125 | |||||
Buildings and Leasehold Improvements, Gross Amount | 85,288 | |||||
Total Gross Amount | [1] | 86,413 | ||||
Accumulated Depreciation | [2] | $ (19,838) | ||||
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 | 4,171 | |||||
Land and Land Improvements, Gross Amount | 591 | |||||
Buildings and Leasehold Improvements, Gross Amount | 17,181 | |||||
Total Gross Amount | [1] | 17,772 | ||||
Accumulated Depreciation | [2] | $ (7,254) | ||||
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 | 95,307 | |||||
Land and Land Improvements, Gross Amount | 1,538 | |||||
Buildings and Leasehold Improvements, Gross Amount | 138,407 | |||||
Total Gross Amount | [1] | 139,945 | ||||
Accumulated Depreciation | [2] | $ (41,313) | ||||
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 | 7,923 | |||||
Land and Land Improvements, Gross Amount | 1,704 | |||||
Buildings and Leasehold Improvements, Gross Amount | 59,329 | |||||
Total Gross Amount | [1] | 61,033 | ||||
Accumulated Depreciation | [2] | $ (22,923) | ||||
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 | |||||
Cost Capitalized Subsequent to Acquisition | 4,191 | |||||
Land and Land Improvements, Gross Amount | 1,617 | |||||
Buildings and Leasehold Improvements, Gross Amount | 138,635 | |||||
Total Gross Amount | [1] | 140,252 | ||||
Accumulated Depreciation | [2] | $ (3,021) | ||||
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 | 738 | |||||
Land and Land Improvements, Gross Amount | 8,206 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,799 | |||||
Total Gross Amount | [1] | 13,005 | ||||
Accumulated Depreciation | [2] | $ (239) | ||||
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 | 835 | |||||
Land and Land Improvements, Gross Amount | 421 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,940 | |||||
Total Gross Amount | [1] | 5,361 | ||||
Accumulated Depreciation | [2] | $ (256) | ||||
Constructed/Acquired Date | 2,015 | |||||
Ulster Facility [Member] | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 4,068 | |||||
Buildings and Improvements, Initial Cost to Company | 442 | |||||
Cost Capitalized Subsequent to Acquisition | 44 | |||||
Land and Land Improvements, Gross Amount | 4,068 | |||||
Buildings and Leasehold Improvements, Gross Amount | 486 | |||||
Total Gross Amount | [1] | 4,554 | ||||
Accumulated Depreciation | [2] | $ (13) | ||||
Constructed/Acquired Date | 2,016 | |||||
Walker Hall Residential Reentry 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 | |||||
Cost Capitalized Subsequent to Acquisition | 1 | |||||
Land and Land Improvements, Gross Amount | 654 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,694 | |||||
Total Gross Amount | [1] | 3,348 | ||||
Accumulated Depreciation | [2] | $ (96) | ||||
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 | 5,985 | |||||
Land and Land Improvements, Gross Amount | 2,126 | |||||
Buildings and Leasehold Improvements, Gross Amount | 24,517 | |||||
Total Gross Amount | [1] | 26,643 | ||||
Accumulated Depreciation | [2] | $ (10,159) | ||||
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 | 5,905 | |||||
Land and Land Improvements, Gross Amount | 2,003 | |||||
Buildings and Leasehold Improvements, Gross Amount | 36,371 | |||||
Total Gross Amount | [1] | 38,374 | ||||
Accumulated Depreciation | [2] | $ (15,493) | ||||
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 | 44,564 | |||||
Land and Land Improvements, Gross Amount | 423 | |||||
Buildings and Leasehold Improvements, Gross Amount | 75,039 | |||||
Total Gross Amount | [1] | 75,462 | ||||
Accumulated Depreciation | [2] | $ (20,732) | ||||
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 | 7,049 | |||||
Land and Land Improvements, Gross Amount | 1,667 | |||||
Buildings and Leasehold Improvements, Gross Amount | 57,379 | |||||
Total Gross Amount | [1] | 59,046 | ||||
Accumulated Depreciation | [2] | $ (21,021) | ||||
Constructed/Acquired Date | 1,998 | |||||
[1] | The aggregate cost of properties for federal income tax purposes is approximately $3.6 billion at December 31, 2016. | |||||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. | |||||
[3] | CoreCivic 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 CoreCivic 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 As91
Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Bed | Jun. 10, 2016Bed | Aug. 27, 2015Bed | |
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |||
Aggregate cost of properties for federal Income Tax purposes | $ | $ 3.6 | ||
Number of beds at the facility | Bed | 89,700 | 112 | 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 As92
Schedule III - Real Estate Assets and Accumulated Depreciation Summary of Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||
Investment in Real Estate, balance at beginning of period | $ 3,542,023 | $ 3,071,094 | $ 3,078,902 | |
Additions through capital expenditures | 54,678 | 433,481 | 45,929 | |
Acquisitions | 36,199 | 131,348 | ||
Sale of real estate for cash | (4,368) | |||
Asset impairments | (49,247) | |||
Reclassifications and other | 4,035 | (93,900) | (122) | |
Investment in Real Estate, balance at end of period | 3,636,935 | [1] | 3,542,023 | 3,071,094 |
Accumulated Depreciation, balance at beginning of period | (834,558) | (815,980) | (755,761) | |
Depreciation | (125,913) | (113,611) | (79,745) | |
Disposals/Other | 117 | 95,033 | 118 | |
Asset impairments | 19,408 | |||
Accumulated Depreciation, balance at end of period | $ (960,354) | [2] | $ (834,558) | $ (815,980) |
[1] | The aggregate cost of properties for federal income tax purposes is approximately $3.6 billion at December 31, 2016. | |||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. |