Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | 118,204,246 | ||
Entity Public Float | $ 3,239,937,829 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 52,183 | $ 37,711 |
Accounts receivable, net of allowance of $782 and $1,580, respectively | 254,188 | 229,885 |
Prepaid expenses and other current assets | 21,119 | 31,228 |
Total current assets | 327,490 | 298,824 |
Property and equipment, net of accumulated depreciation of $1,475,951 and $1,352,323, respectively | 2,802,449 | 2,837,657 |
Goodwill | 40,927 | 38,386 |
Non-current deferred tax assets | 12,814 | 13,735 |
Other assets | 88,718 | 83,002 |
Total assets | 3,272,398 | 3,271,604 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued expenses | 277,804 | 260,107 |
Income taxes payable | 3,034 | 2,086 |
Current portion of long-term debt | 10,000 | 10,000 |
Total current liabilities | 290,838 | 272,193 |
Long-term debt, net | 1,437,187 | 1,435,169 |
Deferred revenue | 39,735 | 53,437 |
Other liabilities | 53,030 | 51,842 |
Total liabilities | 1,820,790 | 1,812,641 |
Commitments and contingencies | ||
Preferred stock – $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2017 and 2016, respectively | 0 | 0 |
Common stock – $0.01 par value; 300,000 shares authorized; 118,204 and 117,554 shares issued and outstanding at December 31, 2017 and 2016, respectively | 1,182 | 1,176 |
Additional paid-in capital | 1,794,713 | 1,780,350 |
Accumulated deficit | (344,287) | (322,563) |
Total stockholders' equity | 1,451,608 | 1,458,963 |
Total liabilities and stockholders' equity | $ 3,272,398 | $ 3,271,604 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, allowance | $ 782 | $ 1,580 |
Accumulated depreciation | $ 1,475,951 | $ 1,352,323 |
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 | 118,204,000 | 117,554,000 |
Common stock, shares outstanding | 118,204,000 | 117,554,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES | $ 440,576 | $ 442,845 | $ 436,393 | $ 445,684 | $ 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 1,765,498 | $ 1,849,785 | $ 1,793,087 |
EXPENSES: | |||||||||||
Operating | 1,249,537 | 1,275,586 | 1,256,128 | ||||||||
General and administrative | 107,822 | 107,027 | 103,936 | ||||||||
Depreciation and amortization | 147,129 | 166,746 | 151,514 | ||||||||
Restructuring charges | 4,010 | ||||||||||
Asset impairments | 614 | 955 | |||||||||
Costs and Expenses, Total | 1,505,102 | 1,553,369 | 1,512,533 | ||||||||
OPERATING INCOME | 65,263 | 60,815 | 65,279 | 69,039 | 80,359 | 73,953 | 77,176 | 64,928 | 260,396 | 296,416 | 280,554 |
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 68,535 | 67,755 | 49,696 | ||||||||
Expenses associated with debt refinancing transactions | 701 | ||||||||||
Other (income) expense | (90) | 489 | (58) | ||||||||
Total non-operating expense (income) | 68,445 | 68,244 | 50,339 | ||||||||
INCOME BEFORE INCOME TAXES | 191,951 | 228,172 | 230,215 | ||||||||
Income tax expense | (13,911) | (8,253) | (8,361) | ||||||||
NET INCOME | $ 41,340 | $ 41,178 | $ 45,475 | $ 50,047 | $ 60,689 | $ 55,340 | $ 57,583 | $ 46,307 | $ 178,040 | $ 219,919 | $ 221,854 |
BASIC EARNINGS PER SHARE | $ 0.35 | $ 0.35 | $ 0.38 | $ 0.42 | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 1.51 | $ 1.87 | $ 1.90 |
DILUTED EARNINGS PER SHARE | $ 0.35 | $ 0.35 | $ 0.38 | $ 0.42 | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | 1.50 | 1.87 | 1.88 |
DIVIDENDS DECLARED PER SHARE | $ 1.68 | $ 2.04 | $ 2.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 178,040 | $ 219,919 | $ 221,854 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 147,129 | 166,746 | 151,514 |
Asset impairments | 614 | 955 | |
Amortization of debt issuance costs and other non-cash interest | 3,222 | 3,147 | 2,973 |
Expenses associated with debt refinancing transactions | 701 | ||
Deferred income taxes | 921 | (3,911) | 5,706 |
Other expenses and non-cash items | 4,267 | 5,265 | 3,732 |
Non-cash revenue and other income | (14,528) | (8,518) | (2,639) |
Income tax benefit of equity compensation | (1,479) | (525) | |
Non-cash equity compensation | 13,286 | 17,903 | 15,394 |
Changes in assets and liabilities, net: | |||
Accounts receivable, prepaid expenses and other assets | (13,913) | 14,059 | 1,266 |
Accounts payable, accrued expenses and other liabilities | 21,339 | (39,403) | (2,210) |
Income taxes payable | 948 | 1,645 | 1,077 |
Net cash provided by operating activities | 341,325 | 375,373 | 399,798 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Expenditures for facility development and expansions | (17,576) | (41,816) | (164,880) |
Expenditures for other capital improvements | (56,168) | (51,647) | (59,414) |
Capitalized lease payments | (34,470) | ||
Acquisitions, net of cash acquired | (48,867) | (43,769) | (158,366) |
Decrease in restricted cash | 240 | 1,350 | |
Proceeds from sale of assets | 970 | 8,412 | 563 |
(Increase) decrease in other assets | (3,605) | 3,853 | 3,686 |
Payments received on direct financing lease and notes receivable | 684 | 2,539 | 2,250 |
Net cash used in investing activities | (124,562) | (122,188) | (409,281) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt and borrowings from credit facility | 475,500 | 389,000 | 807,000 |
Scheduled principal repayments | (10,000) | (5,000) | |
Other principal repayments of debt | (461,500) | (393,000) | (543,000) |
Payment of debt issuance and other refinancing and related costs | (4,169) | (68) | (5,727) |
Payment of lease obligations | (2,483) | (11,789) | (6,468) |
Contingent consideration for acquisition of businesses | (5,073) | ||
Proceeds from exercise of stock options | 6,534 | 2,638 | 7,700 |
Purchase and retirement of common stock | (5,847) | (4,006) | (9,454) |
Income tax benefit of equity compensation | 1,479 | 525 | |
Decrease in restricted cash for dividends | 550 | 500 | |
Dividends paid | (200,326) | (255,496) | (250,695) |
Net cash provided by (used in) financing activities | (202,291) | (280,765) | 381 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 14,472 | (27,580) | (9,102) |
CASH AND CASH EQUIVALENTS, beginning of period | 37,711 | 65,291 | 74,393 |
CASH AND CASH EQUIVALENTS, end of period | 52,183 | 37,711 | 65,291 |
Cash paid during the period for: | |||
Interest (net of amounts capitalized of $0, $552, and $5,478 in 2017, 2016, and 2015, respectively) | 57,485 | 55,966 | 36,992 |
Income taxes paid (refunded), net | $ 8,089 | $ (2,137) | $ 9,966 |
Consolidated Statements of Cas6
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest, capitalized interest | $ 0 | $ 552 | $ 5,478 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2014 | $ 1,481,500 | $ 1,168 | $ 1,748,303 | $ (267,971) |
Balance (in shares) at Dec. 31, 2014 | 116,764 | |||
Net income | 221,854 | 221,854 | ||
Retirement of common stock | (9,454) | $ (3) | (9,451) | |
Retirement of common stock (in shares) | (237) | |||
Dividends declared on common stock | (254,774) | (254,774) | ||
Restricted stock compensation, net of forfeitures | 14,712 | 14,639 | 73 | |
Restricted stock compensation, net of forfeitures (in shares) | (11) | |||
Stock option compensation expense, net of forfeitures | 682 | 682 | ||
Income tax benefit of equity compensation | 525 | 525 | ||
Restricted stock grants | 3 | $ 3 | ||
Restricted stock grants (in shares) | 303 | |||
Stock options exercised | 7,700 | $ 4 | 7,696 | |
Stock options exercised (in shares) | 413 | |||
Balance at Dec. 31, 2015 | 1,462,748 | $ 1,172 | 1,762,394 | (300,818) |
Balance (in shares) at Dec. 31, 2015 | 117,232 | |||
Net income | 219,919 | 219,919 | ||
Retirement of common stock | (4,006) | $ (1) | (4,005) | |
Retirement of common stock (in shares) | (135) | |||
Dividends declared on common stock | (241,721) | (241,721) | ||
Restricted stock compensation, net of forfeitures | 17,792 | 17,735 | 57 | |
Restricted stock compensation, net of forfeitures (in shares) | (1) | |||
Stock option compensation expense, net of forfeitures | 111 | 111 | ||
Income tax benefit of equity compensation | 1,479 | 1,479 | ||
Restricted stock grants | 3 | $ 3 | ||
Restricted stock grants (in shares) | 318 | |||
Stock options exercised | 2,638 | $ 2 | 2,636 | |
Stock options exercised (in shares) | 140 | |||
Balance at Dec. 31, 2016 | 1,458,963 | $ 1,176 | 1,780,350 | (322,563) |
Balance (in shares) at Dec. 31, 2016 | 117,554 | |||
Net income | 178,040 | 178,040 | ||
Retirement of common stock | (5,847) | $ (2) | (5,845) | |
Retirement of common stock (in shares) | (176) | |||
Dividends declared on common stock | (199,764) | (199,764) | ||
Restricted stock compensation, net of forfeitures | 13,286 | 13,286 | ||
Restricted stock grants | $ 5 | (5) | ||
Restricted stock grants (in shares) | 513 | |||
Stock options exercised | 6,930 | $ 3 | 6,927 | |
Stock options exercised (in shares) | 313 | |||
Balance at Dec. 31, 2017 | $ 1,451,608 | $ 1,182 | $ 1,794,713 | $ (344,287) |
Balance (in shares) at Dec. 31, 2017 | 118,204 |
Consolidated Statements of Sto8
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends declared on common stock, per share | $ 1.68 | $ 2.04 | $ 2.16 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
ORGANIZATION AND OPERATIONS | 1. ORGANIZATION AND OPERATIONS CoreCivic, Inc. (together with its subsidiaries, the "Company" or "CoreCivic") is one of the nation's largest owners of partnership correctional, detention, and residential reentry facilities and one of the largest prison operators in the United States. The Company also believes it is the largest private owner of real estate used by government agencies. Through three business offerings, CoreCivic Safety, CoreCivic Properties, and CoreCivic Community, the Company provides a broad range of solutions to government partners that serve the public good through corrections and detention management, government real estate solutions, and a growing network of residential reentry centers to help address America's recidivism crisis. As of December 31, 2017, CoreCivic owned and managed 70 correctional, detention, and residential reentry facilities, and managed an additional seven correctional and detention facilities owned by its government partners, with a total design capacity of approximately 78,000 beds in 19 states. In addition, as of December 31, 2017, CoreCivic owned 12 properties leased to third parties and used by government agencies, totaling 1.1 million square feet in five states. In addition to providing fundamental residential services, CoreCivic's correctional, detention, and reentry 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. CoreCivic began operating as a real estate investment trust ("REIT") effective January 1, 2013. The Company provides 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 permits 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, and enable CoreCivic to, among other things, provide correctional services at facilities it owns and at facilities owned by its government partners. 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, 2017 | |
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. Certain reclassifications of 2016 and 2015 amounts have been made to conform to the 2017 presentation. 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, 2017 and 2016, accounts receivable of $254.2 million and $229.9 million, respectively, were net of allowances for doubtful accounts totaling $0.8 million and $1.6 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 events, and historical experience. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. Property and Equipment Property and equipment are carried at cost. Assets acquired by 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 to expense whenever a project is abandoned. The cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in income. Depreciation is computed over the estimated useful lives of depreciable assets using the straight-line method. Useful lives for property and equipment are as follows: Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 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 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, excluding those costs incurred related to CoreCivic's revolving credit facility, are presented as a direct deduction from the face amount of the related liability in the consolidated balance sheets. Debt issuance costs related to the Company's revolving credit facility are included in other assets in the consolidated balance sheets. Generally, 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, "Modifications and Extinguishments". 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. In these instances, the amounts required to be returned to the customer are reflected as operating expenses. Upon adoption of Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers", as further described in "Recent Accounting Pronouncements" hereafter, these amounts will be classified as reductions to revenue. 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 11. 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. 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 in compliance with REIT requirements 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. CoreCivic's deferred tax assets and liabilities are classified as non-current in the consolidated balance sheets. See Note 12 for further discussion of the significant components of CoreCivic's deferred tax assets and liabilities and the impact on deferred tax assets and liabilities that resulted from the lower corporate tax rates enacted under the Tax Cuts and Jobs Act ("the TCJA") in December 2017. 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, 2017 and 2016, 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, 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,059 $ 4,511 $ 2,920 $ 4,647 Debt $ (1,459,000 ) $ (1,490,063 ) $ (1,455,000 ) $ (1,459,625 ) Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. Concentration of Credit Risks CoreCivic's credit risks relate primarily to cash and cash equivalents and accounts receivable. Cash and cash equivalents 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 represents 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, 2017, 2016, and 2015, federal correctional and detention authorities represented 48%, 52%, and 51%, 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 7%, 9%, and 11% of total revenue for 2017, 2016, and 2015, respectively. The USMS accounted for 16%, 15%, and 16% of total revenue for 2017, 2016, and 2015, respectively. ICE accounted for 25%, 28%, and 24% of total revenue for 2017, 2016, and 2015, respectively, with the decrease in 2017 resulting in part from the amended contract at the South Texas Family Residential Center, as further described in Note 11. 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 41%, 38%, and 40% of total revenue during the years ended December 31, 2017, 2016, and 2015, respectively. Approximately 6%, 6%, and 10% of total revenue for the years ended December 31, 2017, 2016, and 2015, 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 10% or more of total revenue during 2017, 2016, or 2015. 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. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers", which establishes a single, comprehensive revenue recognition standard for all contracts with customers. For public reporting entities such as CoreCivic, ASU 2014-09 was originally effective for interim and annual periods beginning after December 15, 2016 and early adoption of the ASU was not permitted. In July 2015, the FASB agreed to defer the effective date of the ASU for public reporting entities by one year, or to interim and annual periods beginning after December 15, 2017. Early adoption is now allowed as of the original effective date for public companies. In summary, the core principle of ASU 2014-09 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a modified retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. CoreCivic will adopt the standard when effective in its fiscal year 2018 and will utilize the modified retrospective transition method upon adoption of the ASU. CoreCivic completed its analysis of the various contracts and revenue streams and does not currently expect the adoption of the ASU to have a material impact on the Company's results of operations or financial position and its related financial statement disclosure. In February 2016, the FASB issued ASU 2016-02, "Leases (ASC 842)", which requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to current accounting requirements. ASU 2016-02 also eliminates current real estate-specific provisions for all entities. For lessors, the ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. For public reporting entities such as CoreCivic, guidance in ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption of the ASU is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. CoreCivic is currently planning to adopt the ASU when effective in its fiscal year 2019. CoreCivic does not currently expect that the new standard will have a material impact on its financial statements, but expects that it will result in an increase in its long-term assets and liabilities for leases where the Company is the lessee. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting", that changes certain aspects of accounting for share-based payments to employees. ASU 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. The new ASU also allows an employer to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting, and to make a policy election to account for forfeitures. Companies are required to elect whether to account for forfeitures of share-based payments by (1) recognizing forfeitures of awards as they occur, or (2) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as previously required. For public reporting entities such as CoreCivic, guidance in ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption of the ASU is permitted. All of the guidance in the ASU must be adopted in the same period. CoreCivic adopted the ASU in the first quarter of 2017, opting to estimate the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as was previously required. The amendments in ASU 2016-09 were applied prospectively and the Company's financial statements for prior periods were not adjusted. Adoption of the ASU resulted in a $1.0 million income tax benefit recognized by the Company in the year ended December 31, 2017. The new standard will continue to have an impact on the Company's financial statements whenever the vested value of the awards differs from the grant-date fair value of such awards. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business", that provides guidance to assist entities with evaluating when a set of transferred assets and activities ("set") is a business. Under the new guidance, an entity first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If the threshold is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new ASU provides a more robust framework to use in determining when a set of assets and activities is a business. For public reporting entities such as CoreCivic, guidance in ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those years, and is to be applied prospectively to any transactions occurring within the period of adoption. Early adoption of the ASU is allowed for transactions that occur before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. CoreCivic early adopted ASU 2017-01 in the first quarter of 2017. In January 2017, the FASB issued ASU 2017-04, "Intangibles–Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment", that eliminates the requirement to calculate the implied fair value of goodwill by performing a hypothetical application of the acquisition method as of the date of the impairment test to measure a goodwill impairment charge. This requirement is the second step in the annual two-step quantitative impairment test that is currently required under Accounting Standards Codification ("ASC") 350, "Intangibles-Goodwill and Other". Instead, entities will recognize an impairment charge based on the first step of the quantitative impairment test currently required, which is the measurement of the excess of a reporting unit's carrying amount over its fair value. Entities will still have the option to perform a qualitative assessment to determine if the quantitative impairment test is necessary. For public reporting entities such as CoreCivic, guidance in ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Early adoption of the ASU is allowed for interim or annual goodwill impairment tests performed on testing dates on or after January 1, 2017. CoreCivic is reviewing the ASU to determine the potential impact it might have on the methodology for evaluating goodwill for impairment subsequent to the adoption of the standard. In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory", which requires companies to recognize the income tax effects of intercompany sales or transfers of assets, other than inventory, in the income statement as income tax expense when the sale or transfer occurs. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The guidance requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. In the period of adoption, companies will write off any income tax effects that had been deferred from past intercompany transactions involving non-inventory assets to opening retained earnings. CoreCivic expects to adopt the new standard upon the effective date of January 1, 2018 and will write off approximately $2.6 million of prepaid taxes to accumulated deficit as a result of intercompany transactions between the REIT and one of its TRSs. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2017 | |
GOODWILL | 3. GOODWILL ASC 350, "Intangibles-Goodwill and Other", establishes accounting and reporting requirements for goodwill and other intangible assets. Goodwill was $40.9 million and $38.4 million as of December 31, 2017 and 2016, respectively. This goodwill was established in connection with multiple business combination transactions. Under the provisions of ASC 350, CoreCivic performs a qualitative assessment that may allow it to skip the annual two-step impairment test. Under ASC 350, a company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. If the two-step impairment test is required, CoreCivic determines the fair value of a reporting unit using a collaboration of various common valuation techniques, including market multiples and discounted cash flows. These impairment tests are required to be performed at least annually. CoreCivic performed its impairment tests during the fourth quarter, in connection with CoreCivic's annual budgeting process, and concluded no impairments had occurred. CoreCivic will perform these impairment tests at least annually and whenever circumstances indicate the carrying value of goodwill may not be recoverable. In March 2017, the Texas Department of Criminal Justice ("TDCJ") notified CoreCivic that, in light of the current economic climate, as well as the fiscal constraints and budget outlook for the next biennium, the TDCJ would not be awarding the contract for the Bartlett State Jail. The TDCJ had previously solicited proposals for the rebid of the Bartlett facility, along with three other facilities that CoreCivic managed for the state of Texas. The managed-only contracts at the four facilities were scheduled to expire in August 2017. However, in collaboration with the TDCJ, the decision was made to close the Bartlett facility on June 24, 2017. In anticipation of the termination of the contract and closing of the Bartlett facility, CoreCivic recorded an asset impairment of $0.3 million during the first quarter of 2017 for the write-off of goodwill associated with the facility. During the third quarter of 2017, CoreCivic was notified that the TDCJ selected other operators for the three remaining facilities the Company managed for the state of Texas. CoreCivic had no goodwill associated with these three facilities. 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 of goodwill associated with the Winn facility. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
PROPERTY AND EQUIPMENT | 4. PROPERTY AND EQUIPMENT At December 31, 2017, CoreCivic owned 70 correctional, detention, and residential reentry real estate properties, 12 properties leased to third parties, and two corporate office buildings. At December 31, 2017, CoreCivic also managed seven correctional and detention facilities owned by governmental agencies. Property and equipment, at cost, consists of the following (in thousands): December 31, 2017 2016 Land and improvements $ 260,038 $ 234,862 Buildings and improvements 3,556,118 3,509,825 Equipment and software 399,630 379,811 Office furniture and fixtures 34,510 35,651 Construction in progress 28,104 29,831 4,278,400 4,189,980 Less: Accumulated depreciation (1,475,951 ) (1,352,323 ) $ 2,802,449 $ 2,837,657 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 and $5.5 million in 2016 and 2015, respectively. There was no interest capitalized on construction in progress in 2017. Depreciation expense was $145.7 million, $165.8 million, and $151.4 million for the years ended December 31, 2017, 2016, and 2015, respectively. Ten 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. CoreCivic leases land and building at the Elizabeth Detention Center under operating leases that expire in June 2022. Further, CoreCivic leases three residential reentry centers under operating leases that expire over varying dates through 2019. 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 11. However, ICE can terminate the agreement for convenience or non-appropriation of funds, without penalty, by providing CoreCivic with at least a 60-day notice. In the event CoreCivic cancels the lease with the third-party lessor prior to its expiration as a result of the termination of the IGSA by ICE for convenience, and if CoreCivic is unable to reach an agreement for the continued use of the facility within 90 days from the termination date, CoreCivic is required to pay a termination fee based on the termination date, currently equal to $10.0 million and declining to zero by October 2020. 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, formerly Emerging Issues Task Force No. 97-10, "The Effect of Lessee Involvement in Asset Construction". Accordingly, CoreCivic recorded an asset representing the costs incurred attributable to the building assets constructed by the third-party lessor and a related financing liability. CoreCivic is depreciating the asset over the term of the lease, as amended and extended through September 2021, and is imputing interest on the financing liability. Additionally, CoreCivic determined that the lease with the third-party lessor also included separate units of account for the land and pre-existing cottages as well as food services provided by the third-party lessor. The amount of consideration allocated to each of these separate deliverables was determined based on the relative selling price of the lessor-financing, the land lease, the lease of pre-existing cottages, and the food services. The operating lease term for the land is equivalent to the term of the lease and is recognized on a straight-line basis over the lease term. The operating lease term for the pre-existing cottages was the four-month period in which CoreCivic used the cottages for housing residents. The food services provided by the third-party lessor are recognized proportionally based on the number of beds available to ICE. The expense incurred for operating leases, inclusive of the expenses recognized for the South Texas lease, as described above, was $66.3 million, $103.5 million, and $85.9 million for the years ended December 31, 2017, 2016, and 2015, respectively. Future minimum lease payments as of December 31, 2017 under operating leases, inclusive of $189.5 million of payments expected to be made under the cancelable lease at the South Texas facility, are as follows (in thousands): 2018 $ 51,552 2019 51,466 2020 51,554 2021 37,508 2022 313 Thereafter — 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% |
REAL ESTATE TRANSACTIONS
REAL ESTATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
REAL ESTATE TRANSACTIONS | 5. REAL ESTATE TRANSACTIONS 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 The GEO Group, Inc. ("GEO") under triple net lease agreements that extend through July 2019 and include multiple five-year lease extension options. GEO 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 facility is leased to GEO under a triple net lease agreement that extends through June 2020 and includes one five-year lease extension option. GEO separately contracts with the CDCR to provide rehabilitative and reentry services to residents at the leased facility. CoreCivic acquired the facility in the real estate–only transaction as a strategic investment that expands the Company's investment in the residential reentry market. On January 1, 2017, CoreCivic acquired the Arapahoe Community Treatment Center, a 135-bed residential reentry center in Englewood, Colorado, for $5.5 million in cash, excluding transaction-related expenses. The acquisition included a contract with Arapahoe County whereby CoreCivic provides residential reentry services for up to 135 residents. On February 10, 2017, CoreCivic acquired the Stockton Female Community Corrections Facility, a 100-bed residential reentry center in Stockton, California, in a real estate-only transaction for $1.6 million, excluding transaction-related expenses. The 100-bed Stockton facility is leased to a third-party operator pursuant to a lease agreement that extends through April 2021 and includes one five-year lease extension option. The lessee separately contracts with the CDCR to provide rehabilitative and reentry services to female residents at the leased facility. On August 1, 2017, CoreCivic acquired New Beginnings Treatment Center, Inc. ("NBTC"), an Arizona-based community corrections company, along with the real estate used in the operation of NBTC's business from an affiliate of NBTC, for an aggregate purchase price of $6.4 million, excluding transaction related expenses. In connection with the acquisition, CoreCivic assumed a contract with the BOP to provide reentry services to male and female adults at the 92-bed Oracle Transitional Center located in Tucson, Arizona. On September 15, 2017, CoreCivic acquired a portfolio of four properties for an aggregate purchase price of $8.7 million, excluding transaction related expenses. The acquisition included a 230-bed residential reentry center leased to the state of Georgia, and three properties in North Carolina and Georgia leased to the General Services Administration, an independent agency of the United States government, two of which are occupied by the Social Security Administration, and one of which is occupied by the Internal Revenue Service ("IRS"). In allocating the purchase price of the four acquisitions in 2017, CoreCivic recorded $20.1 million of net tangible assets, $1.8 million of identifiable intangible assets, and $0.3 million of tenant improvements associated with one of the North Carolina leased properties which was recognized as a receivable and will be recovered by payments from the lessee. CoreCivic acquired the properties as strategic investments that further expand the Company's network of residential reentry centers and further diversify the Company's cash flows through government-leased properties. Leasing Transactions In May 2016, CoreCivic entered into a lease with the Oklahoma Department of Corrections ("ODOC") for its previously idled 2,400-bed North Fork Correctional Facility. The lease agreement commenced on July 1, 2016, and includes a five-year base term with unlimited two-year renewal options. However, the lease agreement permitted the ODOC to utilize the facility for certain activation activities and, therefore, revenue recognition began upon execution of the lease. The average annual rent to be recognized during the base term is $7.3 million, including annual rent in the fifth year of $12.0 million. After the five-year base term, the annual rent will be equal to the rent due during the prior lease year, adjusted for increases in the Consumer Price Index ("CPI"). CoreCivic is responsible for repairs and maintenance, property taxes and property insurance, while all other aspects and costs of facility operations are the responsibility of the ODOC. Idle Facilities On April 30, 2017, the contract with the BOP at the Company's 1,422-bed Eden Detention Center expired and was not renewed. CoreCivic idled the Eden facility following the transfer of the offender population, and has begun to market the facility. The Company can provide no assurance that it will be successful in securing a replacement contract. CoreCivic performed an impairment analysis of the Eden facility, which had a net carrying value of $39.7 million as of December 31, 2017, and concluded that this asset has a recoverable value in excess of the carrying value. As a result of declines in federal populations at the Company's 910-bed Torrance County Detention Facility and 1,129-bed Cibola County Corrections Center, during the third quarter of 2017, CoreCivic made the decision to consolidate offender populations into its Cibola facility in order to take advantage of efficiencies gained by consolidating populations into one facility. CoreCivic idled the Torrance facility in the fourth quarter of 2017 following the transfer of the offender population, and has begun to market the facility to other potential customers. The Company can provide no assurance that it will be successful in securing a replacement contract. CoreCivic performed an impairment analysis of the Torrance facility, which had a net carrying value of $36.9 million as of December 31, 2017, and concluded that this asset has a recoverable value in excess of the carrying value. As of December 31, 2017, CoreCivic had eight idled facilities, including the Eden and Torrance 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 2017 2016 Prairie Correctional Facility 1,600 2010 $ 16,118 $ 17,071 Huerfano County Correctional Center 752 2010 16,980 17,542 Diamondback Correctional Facility 2,160 2010 41,370 41,539 Southeast Kentucky Correctional Facility 656 2012 21,864 22,618 Marion Adjustment Center 826 2013 12,058 12,135 Kit Carson Correctional Center 1,488 2016 57,095 58,819 Eden Detention Center 1,422 2017 39,707 41,269 Torrance County Detention Facility 910 2017 36,882 38,109 9,814 $ 242,074 $ 249,102 CoreCivic also has two idled non-core facilities containing 440 beds with an aggregate net book value of $4.0 million. CoreCivic incurred approximately $10.8 million, $8.1 million, and $7.2 million in operating expenses at the idled facilities for the years ended December 31, 2017, 2016, and 2015, respectively. CoreCivic considers the cancellation of a contract as an indicator of impairment and tested each of the idled 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. On November 16, 2017, CoreCivic announced that it had entered into a new contract with the Commonwealth of Kentucky Department of Corrections to house medium and close-security offenders at the Company's previously idled 816-bed Lee Adjustment Center in Beattyville, Kentucky. The new management contract commenced on November 19, 2017, and has an initial term expiring June 30, 2019, with two additional one-year extension options. CoreCivic expects to begin receiving offender populations under the new contract at the Lee facility toward the end of the first quarter of 2018, following a 120-day period to staff and prepare the facility to care for the offender population. The Lee facility had a net carrying value of $10.4 million as of December 31, 2017, and had previously been idle since 2015. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2017 | |
BUSINESS COMBINATIONS | 6. BUSINESS COMBINATIONS During the fourth quarter of 2015, CoreCivic closed on the acquisition of 100% of the stock of Avalon Correctional Services, Inc. ("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 for $5.5 million, which was based on the completion of and transition to a newly constructed facility that delivers the contracted services provided at the Dallas Transitional Center, was paid in the second quarter of 2016. The second earn-out for up to $2.0 million was based on the achievement of certain utilization milestones over 12 months following the acquisition. The utilization milestones were not achieved resulting in a $2.0 million gain recognized in the third quarter of 2016. The gain is reported as revenue in the accompanying statement of operations for the year ended December 31, 2016. The acquisition was funded utilizing cash from CoreCivic's $900.0 Million Revolving Credit Facility, as defined hereafter. 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 On April 8, 2016, CoreCivic closed on the acquisition of 100% of the stock of Correctional Management, Inc. ("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 partner of CoreCivic's. CoreCivic acquired CMI as a strategic investment that continues to expand the reentry assets CoreCivic owns and the services the Company provides. The aggregate purchase price of the transaction was $35.0 million, excluding transaction-related expenses. The transaction was funded utilizing cash from CoreCivic's $900.0 Million Revolving Credit Facility. 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 On June 1, 2017, CoreCivic acquired the real estate operated by Center Point, Inc. ("Center Point"), a California-based non-profit organization, for $5.3 million in cash, excluding transaction-related expenses and a potential earn-out of up to $1.7 million. CoreCivic consolidated a portion of Center Point's operations into the Company's preexisting residential reentry center portfolio and assumed ownership and operations of the Oklahoma City Transitional Center, a 200-bed residential reentry center in Oklahoma City, Oklahoma. On November 1, 2017, CoreCivic completed the acquisition of Time to Change, Inc. ("TTC"), a Colorado-based community corrections company, for an aggregate purchase price of $22.0 million, excluding transaction related expenses, but inclusive of the current estimate of future cash contingent consideration, which is subject to change based upon future financial performance of the acquisition over the two-year period following the acquisition. In connection with the acquisition, CoreCivic assumed contracts with Adams County, Colorado to provide residential reentry services to male and female adults in three facilities located in Colorado containing a total of 422 beds. In allocating the purchase price for the two transactions in 2017, CoreCivic recorded the following (in millions): Tangible current assets and liabilities, net $ 0.9 Property and equipment 19.7 Intangible assets 3.9 Total identifiable assets 24.5 Goodwill 2.8 Total consideration $ 27.3 Several factors gave rise to the goodwill recorded in the acquisitions of Avalon, CMI, Center Point and TTC, such as the expected benefit from synergies of the business combinations 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 these business combinations have been included in the Company's consolidated financial statements from the dates of the acquisitions. |
INVESTMENT IN AFFILIATE
INVESTMENT IN AFFILIATE | 12 Months Ended |
Dec. 31, 2017 | |
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 prison management contract with an agency of the United Kingdom government. CoreCivic has determined that its joint venture investment in APM represents a variable interest entity ("VIE") in accordance with ASC 810, "Consolidation" of which CoreCivic is not the primary beneficiary. The Forest Bank facility, located in Salford, England, was previously constructed and owned by a wholly-owned subsidiary of CoreCivic, which was sold in April 2001. All gains and losses under the joint venture are accounted for using the equity method of accounting. During 2000, CoreCivic extended a working capital loan to APM, which has an outstanding balance of $3.1 million as of December 31, 2017. For the years ended December 31, 2017, 2016, and 2015, equity in losses of the joint venture was $62,000, $41,000, and $126,000, respectively. The equity in losses and earnings of the joint venture is included in other (income) expense in the consolidated statements of operations. As of December 31, 2017, CoreCivic's equity investment in APM was $0.2 million and is reported in other assets in the accompanying consolidated balance sheets. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
OTHER ASSETS | 8. OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2017 2016 Debt issuance costs, less accumulated amortization of $2,711 and $1,633, respectively $ 2,518 $ 3,526 Intangible lease value, less accumulated amortization of $6,920 and $4,990, respectively 34,668 36,598 Other intangible assets, less accumulated amortization of $2,625 and $1,421, respectively 8,585 4,434 Deferred leasing costs 6,738 7,380 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 13,537 13,110 Straight-line rent receivable 9,335 9,229 Other 13,337 8,725 $ 88,718 $ 83,002 The gross carrying amount of intangible assets amounted to $52.8 million and $47.4 million at December 31, 2017 and 2016, respectively. Of these amounts, $41.6 million was related to intangible lease values at both December 31, 2017 and 2016. Amortization expense related to intangible assets was $3.4 million, $2.9 million, and $1.5 million for 2017, 2016, and 2015, 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, 2017, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2018 $ 4,307 2019 4,014 2020 3,423 2021 2,562 2022 1,687 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Trade accounts payable $ 53,230 $ 49,866 Accrued salaries and wages 39,411 29,766 Accrued dividends 51,156 51,496 Accrued workers' compensation and auto liability 6,737 6,652 Accrued litigation 7,822 9,290 Accrued employee medical insurance 6,506 8,413 Accrued property taxes 28,473 27,707 Accrued interest 11,949 9,526 Deferred revenue 13,633 14,332 Construction payable 3,903 7,845 Lease financing obligation 11,612 11,785 Other 43,372 33,429 $ 277,804 $ 260,107 The total liability for workers' compensation and auto liability was $26.3 million and $21.4 million as of December 31, 2017 and 2016, 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 2017 and 2016. These liabilities amounted to $29.4 million and $23.9 million on an undiscounted basis as of December 31, 2017 and 2016, respectively. Other long-term liabilities consist of the following (in thousands): December 31, 2017 2016 Intangible lease liability $ 6,191 $ 6,578 Accrued workers' compensation 19,518 14,726 Accrued deferred compensation 10,208 9,850 Lease financing obligation 15,530 18,832 Other 1,583 1,856 $ 53,030 $ 51,842 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2017 | |
DEBT | 10. DEBT Debt outstanding consists of the following (in thousands): December 31, 2017 2016 $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, 2017 and 2016 was 3.1% and 2.2%, respectively. $ 199,000 $ 435,000 Term Loan, scheduled principal payments through maturity in July 2020; interest payable periodically at variable interest rates. The rate at December 31, 2017 and 2016 was 3.1% and 2.3%, respectively. Unamortized debt issuance costs amounted to $0.3 million and $0.4 million at December 31, 2017 and 2016, respectively. 85,000 95,000 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 $3.3 million and $3.9 million at December 31, 2017 and 2016, 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 $1.9 million and $2.7 million at December 31, 2017 and 2016, 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 $2.3 million and $2.8 million at December 31, 2017 and 2016, respectively. 250,000 250,000 4.75% Senior Notes, principal due at maturity in October 2027; interest payable semi-annually in April and October at 4.75%. Unamortized debt issuance costs amounted to $4.0 million at December 31, 2017. 250,000 — Total debt 1,459,000 1,455,000 Unamortized debt issuance costs (11,813 ) (9,831 ) Current portion of long-term debt (10,000 ) (10,000 ) Long-term debt, net $ 1,437,187 $ 1,435,169 Revolving Credit Facility. During July 2015, CoreCivic entered into an amended and restated $900.0 million senior secured revolving credit facility (the "$900.0 Million Revolving Credit Facility"). The $900.0 Million Revolving Credit Facility has an aggregate principal capacity of $900.0 million and a maturity of July 2020. The $900.0 Million Revolving Credit Facility also has an "accordion" feature that provides for uncommitted incremental extensions of credit in the form of increases in the revolving commitments or incremental term loans in an aggregate principal amount up to an additional $350.0 million as requested by CoreCivic, subject to bank approval. 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 the London Interbank Offered Rate ("LIBOR") plus a margin ranging from 1.00% to 1.75% based on CoreCivic's then-current leverage ratio. The $900.0 Million Revolving Credit Facility includes a $30.0 million sublimit for swing line loans that enables CoreCivic to borrow at the base rate from the Administrative Agent without advance notice. Based on CoreCivic's current total 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, 2017, CoreCivic had $199.0 million in borrowings outstanding under the $900.0 Million Revolving Credit Facility as well as $6.9 million in letters of credit outstanding resulting in $694.1 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, 2017, 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. On October 6, 2015, CoreCivic obtained a $100.0 million Incremental Term Loan ("Term Loan") under the "accordion" feature of the $900.0 Million Revolving Credit Facility. Interest rates under the Term Loan are the same as the interest rates under the $900.0 Million Revolving Credit Facility. The Term Loan also has the same collateral requirements, financial and certain other covenants, and cross-default provisions as the $900.0 Million Revolving Credit Facility. The Term Loan, which is pre-payable, also has a maturity concurrent with the $900.0 Million Revolving Credit Facility due July 2020, with scheduled quarterly principal payments through 2020. As of December 31, 2017, the outstanding balance of the Term Loan was $85.0 million. Senior Notes. Interest on the $325.0 million aggregate principal amount of CoreCivic's 4.125% senior notes issued in April 2013 (the "4.125% Senior Notes") accrues at the stated rate and is payable in April and October of each year. The 4.125% Senior Notes are scheduled to mature on April 1, 2020. Interest on the $350.0 million aggregate principal amount of CoreCivic's 4.625% senior notes issued in April 2013 (the "4.625% Senior Notes") accrues at the stated rate and is payable in May and November of each year. The 4.625% Senior Notes are scheduled to mature on May 1, 2023. Interest on the $250.0 million aggregate principal amount of CoreCivic's 5.0% senior notes issued in September 2015 (the "5.0% Senior Notes") accrues at the stated rate and is payable in April and October of each year. The 5.0% Senior Notes are scheduled to mature on October 15, 2022. On October 13, 2017, CoreCivic completed the offering of $250.0 million aggregate principal amount of 4.75% senior notes due October 15, 2027 (the "4.75% Senior Notes"). Interest on the 4.75% Senior Notes accrues at the stated rate and is payable in April and October of each year. CoreCivic capitalized $4.1 million for costs associated with the new issuance of the 4.75% Senior Notes. CoreCivic used net proceeds from the offering to pay down a portion of the $900.0 Million Revolving Credit Facility and to pay related fees and expenses. The 4.125% Senior Notes, the 4.625% Senior Notes, the 5.0% Senior Notes, and the 4.75% 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. All of the domestic subsidiaries of CoreCivic (as the parent corporation) have provided full and unconditional guarantees of the Senior Notes. Each of CoreCivic's subsidiaries guaranteeing the Senior Notes are 100% owned subsidiaries of CoreCivic; the subsidiary guarantees are full and unconditional and are joint and several obligations of the guarantors; and all non-guarantor subsidiaries are minor (as defined in Rule 3-10(h)(6) of Regulation S-X). As of December 31, 2017, 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. At December 31, 2017 and 2016, CoreCivic had $6.9 million and $9.1 million, respectively, in outstanding letters of credit. The letters of credit were issued to secure CoreCivic's workers' compensation and general liability insurance policies, performance bonds, and utility deposits. The letters of credit outstanding at December 31, 2017 and 2016 were provided by a sub-facility under the $900.0 Million Revolving Credit Facility. Debt Maturities Scheduled principal payments as of December 31, 2017 for the next five years and thereafter were as follows (in thousands): 2018 $ 10,000 2019 15,000 2020 584,000 2021 — 2022 250,000 Thereafter 600,000 Total debt $ 1,459,000 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. |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2017 | |
DEFERRED REVENUE | 11. DEFERRED REVENUE 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 and had an original term of up to four years. The agreement provided for a fixed monthly payment in accordance with a graduated schedule. In October 2016, CoreCivic entered into an amended IGSA that provided for a new, lower fixed monthly payment commencing in November 2016, and extended the term of the contract through September 2021. The agreement can be further extended by bi-lateral modification. 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 third-party evidence ("TPE") of the contracted outsourced service and is recognized proportionately based on the number of beds available. CoreCivic established TPE of selling price by evaluating similar products or services in standalone sales to similarly situated customers. 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, 2017, 2016, and 2015, CoreCivic recognized $170.1 million, $266.8 million, and $244.2 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, 2017 and 2016, total deferred revenue associated with this agreement amounted to $53.4 million and $67.0 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
INCOME TAXES | 12. INCOME TAXES As discussed in Note 1, the Company began operating in compliance with REIT requirements for federal income tax purposes effective January 1, 2013. As a REIT, the Company must distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) and will not pay federal income taxes on the amount distributed to its stockholders. 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. The TCJA was enacted on December 22, 2017. The TCJA reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and creates new taxes on certain foreign-sourced earnings. However, the TCJA does not change the dividends paid deduction applicable to REITs and, therefore, CoreCivic generally will not be subject to federal income taxes on the Company's REIT taxable income and gains that it distributes to its stockholders. At December 31, 2017, the Company has recorded, in accordance with ASC 740, the tax effects of enactment of the TCJA on existing deferred tax balances and the Company estimates there is no one-time transition tax on foreign earnings. The Company re-measured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The Company recognized a charge of $4.5 million, which is included as a component of income tax expense, for the revaluation of deferred tax assets and liabilities and other taxes associated with the TCJA . However, the Company is still analyzing certain aspects of the TCJA, including research on historical earnings of certain foreign subsidiaries among others, and refining its calculations which could potentially affect the measurement of these balances or potentially give rise to new deferred tax amounts. Income tax expense is comprised of the following components (in thousands): For the Years Ended December 31, 2017 2016 2015 Current income tax expense Federal $ 10,202 $ 10,181 $ 2,519 State 2,788 1,983 136 12,990 12,164 2,655 Deferred income tax expense (benefit) Federal 1,088 (3,400 ) 5,589 State (167 ) (511 ) 117 921 (3,911 ) 5,706 Income tax expense $ 13,911 $ 8,253 $ 8,361 Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2017 and 2016, are as follows (in thousands): December 31, 2017 2016 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 19,045 $ 29,198 Tax over book basis of certain assets 40 866 Net operating loss and tax credit carryforwards 5,040 5,487 Intangible contract value — 2,570 Other 172 346 Total noncurrent deferred tax assets 24,297 38,467 Less valuation allowance (3,308 ) (3,436 ) Total noncurrent deferred tax assets 20,989 35,031 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (5,959 ) (9,386 ) Intangible lease value — (8,368 ) Other (2,216 ) (3,542 ) Total noncurrent deferred tax liabilities (8,175 ) (21,296 ) Net total noncurrent deferred tax assets $ 12,814 $ 13,735 The tax benefits associated with equity-based 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, 2017, 2016, and 2015 is as follows: 2017 2016 2015 Statutory federal rate 35.0 % 35.0 % 35.0 % Dividends paid deduction (31.3 ) (32.5 ) (31.9 ) State taxes, net of federal tax benefit 1.2 1.1 0.9 Permanent differences 0.6 0.3 0.4 Charges associated with adoption of tax reform 2.4 — — Tax benefit of equity-based compensation (0.5 ) — — Other items, net (0.2 ) (0.3 ) (0.8 ) 7.2 % 3.6 % 3.6 % CoreCivic's effective tax rate was 7.2%, 3.6%, and 3.6% during 2017, 2016, and 2015, 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 by 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, 2017 and 2016. 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's U.S. federal income tax returns for tax years 2014 through 2016 remain subject to examination by the IRS. 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 2013 through 2016: Arizona, California, Colorado, Kentucky, Minnesota, New Jersey, Texas, and Wisconsin. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
STOCKHOLDERS' EQUITY | 13. 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, 2017, 2016, and 2015: Ordinary Return of Total Declaration Date Record Date Payable Date Income Capital Per Share February 20, 2015 April 2, 2015 April 15, 2015 0.405355 (1) 0.134645 $ 0.54 May 14, 2015 July 2, 2015 July 15, 2015 0.405355 (1) 0.134645 $ 0.54 August 13, 2015 October 2, 2015 October 15, 2015 0.405355 (1) 0.134645 $ 0.54 December 10, 2015 January 4, 2016 January 15, 2016 0.487167 (2) 0.052833 $ 0.54 February 19, 2016 April 1, 2016 April 15, 2016 0.487167 (2) 0.052833 $ 0.54 May 12, 2016 July 1, 2016 July 15, 2016 0.487167 (2) 0.052833 $ 0.54 August 11, 2016 October 3, 2016 October 17, 2016 0.487167 (2) 0.052833 $ 0.54 December 8, 2016 January 3, 2017 January 13, 2017 0.363660 (3) 0.056340 $ 0.42 February 17, 2017 April 3, 2017 April 17, 2017 0.363660 (3) 0.056340 $ 0.42 May 11, 2017 July 3, 2017 July 17, 2017 0.363660 (3) 0.056340 $ 0.42 August 10, 2017 October 2, 2017 October 16, 2017 0.363660 (3) 0.056340 $ 0.42 December 7, 2017 January 2, 2018 January 15, 2018 — (4) — (4) $ 0.42 (1) (2) (3) (4) Future dividends will depend on CoreCivic's distribution requirements as a REIT, future earnings, capital requirements, financial condition, limitations under debt covenants, 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. During 2017, CoreCivic issued approximately 554,000 shares of restricted common stock units ("RSUs") to certain of its employees and non-employee directors, with an aggregate value of $18.1 million, including 487,000 RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 67,000 RSUs to employees whose compensation is charged to operating expense. During 2016, CoreCivic issued approximately 635,000 RSUs to certain of its employees and non-employee directors, with an aggregate value of $18.5 million, including 562,000 RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 73,000 RSUs to employees whose compensation is charged to operating expense. CoreCivic established performance-based vesting conditions on the RSUs awarded to its officers and executive officers in years 2015 through 2017. Unless earlier vested under the terms of the agreements, performance-based RSUs issued to officers and executive officers in those years are subject to vesting over a three-year period based upon the satisfaction of certain annual performance criteria, and no more than one-third of the RSUs may vest in any one performance period. Time-based RSUs issued to other employees in 2016 and 2017, unless earlier vested under the terms of the agreements, generally vest equally on the first, second, and third anniversary of the award. Time-based RSUs issued to other employees in 2015, unless earlier vested under the terms of the agreements, "cliff" vest on the third anniversary of the award. RSUs issued to non-employee directors vest one year from the date of award. Nonvested RSU transactions as of December 31, 2017 and for the year then ended are summarized below (in thousands, except per share amounts). Shares of RSUs Weighted average grant date fair value Nonvested at December 31, 2016 1,044 $ 32.84 Granted 554 $ 32.60 Cancelled (131 ) $ 37.71 Vested (513 ) $ 32.43 Nonvested at December 31, 2017 954 $ 32.26 During 2017, 2016, and 2015, CoreCivic expensed $13.3 million ($1.9 million of which was recorded in operating expenses and $11.4 million of which was recorded in general and administrative expenses), $17.8 million ($1.7 million of which was recorded in operating expenses and $14.4 million of which was recorded in general and administrative expenses, and $1.7 million of which was recorded in restructuring charges), and $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), net of forfeitures, relating to the restricted common stock and RSUs, respectively. As of December 31, 2017, CoreCivic had $16.8 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a remaining weighted-average period of 1.8 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. 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 stock options are granted to certain employees and non-employee directors of CoreCivic by the compensation committee of CoreCivic's Board of Directors. The options are granted with exercise prices equal to the fair market value on the date of grant. Vesting periods for options granted to employees generally range from three to four years. Options granted to non-employee directors vest on a date approximately following the first anniversary of the grant date. The term of such options is ten years from the date of grant. Since 2012, CoreCivic has elected not to issue stock options to its non-employee directors, officers, and executive officers as it had in prior years, and instead elected to issue all of its equity compensation in the form of restricted common stock and RSUs as previously described herein. However, CoreCivic continued to recognize stock option expense during the vesting period of stock options awarded in prior years. All outstanding stock options were fully vested as of December 31, 2016. As of December 31, 2017, CoreCivic had no unrecognized compensation cost related to stock options. Stock option transactions relating to CoreCivic's non-qualified stock option plans are summarized below (in thousands, except exercise prices): No. of options Weighted- Average Exercise Price of options Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2016 1,327 $ 20.53 Granted — — Exercised (313 ) 22.18 Cancelled — — Outstanding at December 31, 2017 1,014 $ 20.03 2.6 $ 2,669 Exercisable at December 31, 2017 1,014 $ 20.03 2.6 $ 2,669 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between CoreCivic's stock price as of December 31, 2017 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2017. This amount changes based on the fair market value of CoreCivic's stock. The total intrinsic value of options exercised during the years ended December 31, 2017, 2016, and 2015 was $2.9 million, $1.7 million, and $7.3 million, respectively. 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 Directors' Compensation Plan, authorizing CoreCivic to issue up to 225,000 shares of common stock pursuant to the plan. As of December 31, 2017, CoreCivic had 8.2 million shares available for issuance under the Amended and Restated 2008 Stock Incentive Plan and 0.2 million shares available for issuance under the Non-Employee Directors' Compensation Plan. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 NUMERATOR Basic: Net income $ 178,040 $ 219,919 $ 221,854 Diluted: Net income $ 178,040 $ 219,919 $ 221,854 DENOMINATOR Basic: Weighted average common shares outstanding 118,084 117,384 116,949 Diluted: Weighted average common shares outstanding 118,084 117,384 116,949 Effect of dilutive securities: Stock options 310 306 631 Restricted stock-based awards 71 101 205 Weighted average shares and assumed conversions 118,465 117,791 117,785 BASIC EARNINGS PER SHARE $ 1.51 $ 1.87 $ 1.90 DILUTED EARNINGS PER SHARE $ 1.50 $ 1.87 $ 1.88 Approximately 8,000, 268,000, and 8,000 stock options were excluded from the computations of diluted earnings per share for the years ended December 31, 2017, 2016, and 2015, respectively, because they were anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES Legal Proceedings General. The nature of CoreCivic's business results in claims and litigation alleging that it is liable for damages arising from the conduct of its employees, offenders or others. The nature of such claims includes, but is not limited to, claims arising from employee or offender misconduct, medical malpractice, employment matters, property loss, contractual claims, including claims regarding compliance with contract performance requirements, and personal injury or other damages resulting from contact with CoreCivic's facilities, personnel or offenders, including damages arising from an offender's escape or from a disturbance at a facility. CoreCivic maintains insurance to cover many of these claims, which may mitigate the risk that any single claim would have a material effect on CoreCivic's consolidated financial position, results of operations, or cash flows, provided the claim is one for which coverage is available. The combination of self-insured retentions and deductible amounts means that, in the aggregate, CoreCivic is subject to substantial self-insurance risk. 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. 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, 2017, 2016, and 2015, 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. During 2017, 2016, and 2015, CoreCivic's discretionary contributions to the Plan, net of forfeitures, were $12.3 million, $12.0 million, and $12.0 million, respectively. Deferred Compensation Plans During 2002, the compensation committee of the board of directors approved CoreCivic's adoption of two non-qualified deferred compensation plans (the "Deferred Compensation Plans") for non-employee directors and for certain senior executives. The Deferred Compensation Plans are unfunded plans maintained for the purpose of providing CoreCivic's directors and certain of its senior executives the opportunity to defer a portion of their compensation. Under the terms of the Deferred Compensation Plans, certain senior executives may elect to contribute on a pre-tax basis up to 50% of their base salary and up to 100% of their cash bonus, and non-employee directors may elect to contribute on a pre-tax basis up to 100% of their director retainer and meeting fees. During the years ended December 31, 2017, 2016, and 2015, CoreCivic matched 100% of employee contributions up to 5% of total cash compensation. CoreCivic also contributes a fixed rate of return on balances in the Deferred Compensation Plans, determined at the beginning of each plan year. Matching contributions and investment earnings thereon become vested 20% after two years of service, 40% after three years of service, 80% after four years of service, and 100% after five or more years of service. Distributions are generally payable no earlier than five years subsequent to the date an individual becomes a participant in the Plan, or upon termination of employment (or the date a director ceases to serve as a director of CoreCivic), at the election of the participant. Distributions to senior executives must commence on or before the later of 60 days after the participant's separation from service or the fifteenth day of the month following the month the individual attains age 65. During 2017, 2016, and 2015, CoreCivic provided a fixed return of 5.0%, 5.45%, 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 2017, 2016, and 2015, CoreCivic recorded $0.1 million, $0.2 million, and $0.3 million, respectively, of matching contributions as general and administrative expense associated with the Deferred Compensation Plans. Assets in the Rabbi Trust were $13.5 million and $13.1 million as of December 31, 2017 and 2016, respectively. As of December 31, 2017 and 2016, CoreCivic's liability related to the Deferred Compensation Plans was $11.0 million and $10.6 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, 2017 | |
SEGMENT REPORTING | 16. SEGMENT REPORTING As of 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, 2017, 2016, and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Revenue: Owned and managed $ 1,529,987 $ 1,603,671 $ 1,543,750 Managed-only 190,246 205,420 211,995 Total management revenue 1,720,233 1,809,091 1,755,745 Operating expenses: Owned and managed 1,048,219 1,068,031 1,038,070 Managed-only 173,237 183,643 190,010 Total operating expenses 1,221,456 1,251,674 1,228,080 Facility net operating income: Owned and managed 481,768 535,640 505,680 Managed-only 17,009 21,777 21,985 Total facility net operating income 498,777 557,417 527,665 Other revenue (expense): Rental and other revenue 45,265 40,694 37,342 Other operating expense (28,081 ) (23,912 ) (28,048 ) General and administrative (107,822 ) (107,027 ) (103,936 ) Depreciation and amortization (147,129 ) (166,746 ) (151,514 ) Restructuring charges — (4,010 ) — Asset impairments (614 ) — (955 ) Operating income $ 260,396 $ 296,416 $ 280,554 The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2017, 2016, and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Capital expenditures: Owned and managed $ 83,757 $ 108,241 $ 382,781 Managed-only 5,238 5,749 4,049 Corporate and other 25,752 20,541 28,611 Total capital expenditures $ 114,747 $ 134,531 $ 415,441 The total assets are as follows (in thousands): December 31, 2017 2016 Assets: Owned and managed $ 2,827,928 $ 2,841,799 Managed-only 59,805 62,292 Corporate and other 384,665 367,513 Total assets $ 3,272,398 $ 3,271,604 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
SUBSEQUENT EVENTS | 17. SUBSEQUENT EVENTS Effective January 1, 2018, CoreCivic closed on the acquisition of Rocky Mountain Offender Management Systems, LLC, which provides non-residential correctional alternatives, including electronic monitoring and case management services, to municipal, county, and state governments in eight states. The aggregate purchase price was $7.0 million, excluding transaction-related expenses. On January 19, 2018, CoreCivic acquired the 261,000 square-foot Capital Commerce Center, located in Tallahassee, Florida for a purchase price of $44.7 million, excluding transaction-related costs and certain closing credits. Capital Commerce Center is 98% leased, and 87% leased to the state of Florida on behalf of the Florida Department of Business and Professional Regulation. The acquisition was financed with a $24.5 million non-recourse mortgage note, which is fully-secured by the Capital Commerce Center property, with an interest rate of 4.5%, maturing in 2033, and cash from CoreCivic's $900.0 Million Revolving Credit Facility. On January 24, 2018, CoreCivic entered into a 20-year lease agreement with the Kansas Department of Corrections for a 2,432-bed correctional facility the Company will construct in Lansing, Kansas. The new facility will replace the Lansing Correctional Facility, the State's largest correctional complex for adult male inmates, originally constructed in 1863. CoreCivic will be responsible for facility maintenance throughout the 20-year term of the lease, at which time ownership will revert to the State. Construction of the new facility is expected to commence in the first quarter of 2018 with a timeline for completion of approximately 24 months. During February 2018, CoreCivic issued approximately 0.9 million RSUs to certain of CoreCivic's employees and non-employee directors, with an aggregate value of $19.8 million. Unless earlier vested under the terms of the RSU agreement, approximately 0.6 million RSUs were issued to officers and executive officers and are subject to vesting over a three-year period based upon satisfaction of certain annual performance criteria for the fiscal years ending December 31, 2018, 2019, and 2020. Approximately 0.3 million RSUs issued to other employees vest evenly on the first, second, and third anniversary of the award. Shares of RSUs issued to non-employee directors vest on the first anniversary of the award. Any RSUs that become vested will be settled in shares of CoreCivic's common stock. On February 22, 2018, the Company's Board of Directors declared a quarterly dividend of $0.43 per common share payable April 16, 2018 to stockholders of record on April 2, 2018. |
CONDENSED CONSOLIDATING FINANCI
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES | 12 Months Ended |
Dec. 31, 2017 | |
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 of Regulation S-X. These condensed consolidating financial statements have been prepared from the Company's financial information on the same basis of accounting as the consolidated financial statements. CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2017 (in thousands) ASSETS Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts Cash and cash equivalents $ 25,745 $ 26,438 $ — $ 52,183 Accounts receivable, net of allowance 211,673 372,755 (330,240 ) 254,188 Prepaid expenses and other current assets 1,835 24,986 (5,702 ) 21,119 Total current assets 239,253 424,179 (335,942 ) 327,490 Property and equipment, net 2,467,166 335,283 — 2,802,449 Goodwill 26,031 14,896 — 40,927 Non-current deferred tax assets — 13,193 (379 ) 12,814 Other assets 421,474 69,117 (401,873 ) 88,718 Total assets $ 3,153,924 $ 856,668 $ (738,194 ) $ 3,272,398 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 251,011 $ 362,701 $ (335,908 ) $ 277,804 Income taxes payable 1,443 1,591 — 3,034 Current portion of long-term debt 10,000 — — 10,000 Total current liabilities 262,454 364,292 (335,908 ) 290,838 Long-term debt, net 1,437,982 114,205 (115,000 ) 1,437,187 Non-current deferred tax liabilities 379 — (379 ) — Deferred revenue — 39,735 — 39,735 Other liabilities 1,501 51,529 — 53,030 Total liabilities 1,702,316 569,761 (451,287 ) 1,820,790 Total stockholders' equity 1,451,608 286,907 (286,907 ) 1,451,608 Total liabilities and stockholders' equity $ 3,153,924 $ 856,668 $ (738,194 ) $ 3,272,398 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (in thousands) ASSETS Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts 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 Goodwill 23,231 15,155 — 38,386 Non-current deferred tax assets — 14,056 (321 ) 13,735 Other assets 339,391 57,873 (314,262 ) 83,002 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 deferred tax liabilities 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 STATEMENT OF OPERATIONS For the year ended December 31, 2017 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts REVENUES $ 1,194,690 $ 1,454,194 $ (883,386 ) $ 1,765,498 EXPENSES: Operating 914,443 1,218,480 (883,386 ) 1,249,537 General and administrative 36,964 70,858 — 107,822 Depreciation and amortization 87,694 59,435 — 147,129 Asset impairments 300 314 — 614 1,039,401 1,349,087 (883,386 ) 1,505,102 OPERATING INCOME 155,289 105,107 — 260,396 OTHER (INCOME) EXPENSE: Interest expense, net 56,712 11,823 — 68,535 Other (income) expense (255 ) 103 62 (90 ) 56,457 11,926 62 68,445 INCOME BEFORE INCOME TAXES 98,832 93,181 (62 ) 191,951 Income tax expense (1,765 ) (12,146 ) — (13,911 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 97,067 81,035 (62 ) 178,040 Income from equity in subsidiaries 80,973 — (80,973 ) — NET INCOME $ 178,040 $ 81,035 $ (81,035 ) $ 178,040 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2016 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts 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 Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts 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 CASH FLOWS For the year ended December 31, 2017 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments And Other Total Consolidated Amounts Net cash provided by operating activities $ 276,055 $ 65,270 $ — $ 341,325 Net cash used in investing activities (55,242 ) (69,320 ) — (124,562 ) Net cash provided by (used in) financing activities (206,446 ) 4,155 — (202,291 ) Net increase in cash and cash equivalents 14,367 105 — 14,472 CASH AND CASH EQUIVALENTS, beginning of year 11,378 26,333 — 37,711 CASH AND CASH EQUIVALENTS, end of year $ 25,745 $ 26,438 $ — 52,183 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments And Other Total Consolidated Amounts 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 Subsidiary Guarantors Consolidating Adjustments And Other Total Consolidated Amounts 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 |
SELECTED QUARTERLY FINANCIAL IN
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 is as follows (in thousands, except per share data): March 31, 2017 June 30, 2017 September 2017 December 31, 2017 Revenue $ 445,684 $ 436,393 $ 442,845 $ 440,576 Operating income 69,039 65,279 60,815 65,263 Net income 50,047 45,475 41,178 $ 41,340 Basic earnings per share: Net income $ 0.42 $ 0.38 $ 0.35 $ 0.35 Diluted earnings per share: Net income $ 0.42 $ 0.38 $ 0.35 $ 0.35 March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 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 |
SCHEDULE III - REAL ESTATE ASSE
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2017 | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | CORECIVIC, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2017 (in thousands) Initial Cost to Company Gross Amount at Which Carried at Close of Period Description Location Land Buildings and Improvements Cost Capitalized Subsequent to Acquisition Land and Land Improvements Buildings and Leasehold Improvements Total (A) Accumulated Depreciation (B) Date Constructed/ Acquired Adams County Correctional Center Adams County, Mississippi $ 874 $ 119,565 $ 2,911 $ 1,089 $ 122,261 $ 123,350 $ (22,611 ) 2008 Adams Transitional Center Denver, Colorado 6,090 853 85 6,090 938 7,028 (6 ) 2017 Arapahoe Community Treatment Center Englewood, Colorado 3,760 1,239 148 3,760 1,387 5,147 (40 ) 2017 Augusta Transitional Center Augusta, Georgia 1,281 2,674 - 1,281 2,674 3,955 (22 ) 2017 Austin Residential Reentry Center Del Valle, Texas 4,190 1,058 301 4,191 1,358 5,549 (151 ) 2015 Austin Transitional Center Del Valle, Texas 19,488 4,607 872 19,497 5,470 24,967 (518 ) 2015 Bent County Correctional Facility Las Animas, Colorado 550 13,115 67,576 1,375 79,866 81,241 (23,896 ) 1992 Bridgeport Pre-Parole Transfer Facility Bridgeport, Texas 70 291 - 70 - 70 (C) - 1995 Broad Street Residential Reentry Center Philadelphia, Pennsylvania 663 2,700 57 663 2,757 3,420 (169 ) 2015 CAI Boston Avenue San Diego, California 800 11,440 677 834 12,083 12,917 (1,782 ) 2013 California City Correctional Center California City, California 1,785 125,337 12,154 2,569 136,707 139,276 (48,586 ) 1999 Carver Transitional Center Oklahoma City, Oklahoma 8,562 4,631 1,060 8,599 5,654 14,253 (525 ) 2015 Centennial Community Transition Center Englewood, Colorado 4,905 1,256 184 4,908 1,437 6,345 (91 ) 2016 Central Arizona Florence Correctional Complex Florence, Arizona 1,298 133,531 47,822 4,167 178,484 182,651 (66,707 ) 1994/1999 Chester Residential Reentry Center Chester, Pennsylvania 657 2,679 - 657 2,679 3,336 (162 ) 2015 Cheyenne Transitional Center Cheyenne, Wyoming 5,567 2,092 405 5,567 2,497 8,064 (241 ) 2015 Cibola County Corrections Center Milan, New Mexico 444 16,215 31,081 1,368 46,372 47,740 (18,678 ) 1994 Cimarron Correctional Facility Cushing, Oklahoma 250 71,303 44,054 602 115,005 115,607 (36,615 ) 1997 Coffee Correctional Facility Nicholls, Georgia 194 28,361 50,251 853 77,953 78,806 (22,611 ) 1998 Columbine Facility Denver, Colorado 1,414 488 162 1,415 649 2,064 (45 ) 2016 Commerce Transitional Center Commerce City, Colorado 5,166 1,758 176 5,166 1,934 7,100 (12 ) 2017 Corpus Christi Transitional Center Corpus Christi, Texas — 1,886 438 - 2,324 2,324 (525 ) 2015 Crossroads Correctional Center Shelby, Montana 413 33,196 9,085 1,388 41,306 42,694 (36,507 ) 1999 Crowley County Correctional Facility Olney Springs, Colorado 211 46,845 29,541 2,488 74,109 76,597 (23,406 ) 2003 Dahlia Facility Denver, Colorado 6,788 727 207 6,788 934 7,722 (58 ) 2016 Dallas Transitional Center Hutchins, Texas — 3,852 1,703 - 5,555 5,555 (700 ) 2015 Davis Correctional Facility Holdenville, Oklahoma 250 66,701 41,165 961 107,155 108,116 (34,426 ) 1996 Diamondback Correctional Facility Watonga, Oklahoma 208 41,677 23,922 1,313 64,494 65,807 (24,436 ) 1998 Eden Detention Center Eden, Texas 925 27,645 33,825 5,506 56,889 62,395 (22,689 ) 1995 El Paso Multi-Use Facility El Paso, Texas 14,936 4,536 1,005 14,936 5,541 20,477 (535 ) 2015 El Paso Transitional Center El Paso, Texas 10,325 4,198 700 10,325 4,898 15,223 (444 ) 2015 Eloy Detention Center Eloy, Arizona 498 33,308 15,945 1,855 47,896 49,751 (19,996 ) 1995 Fort Worth Transitional Center Fort Worth, Texas 3,251 334 257 3,252 590 3,842 (404 ) 2015 Fox Facility and Training Center Denver, Colorado 3,038 1,203 258 3,038 1,461 4,499 (88 ) 2016 Greenville Greenville, North Carolina 361 1,387 8 361 1,395 1,756 (12 ) 2017 Houston Processing Center Houston, Texas 2,250 53,373 39,944 3,560 92,007 95,567 (34,397 ) 1984 Huerfano County Correctional Center Walsenburg, Colorado 124 26,358 4,220 1,019 29,683 30,702 (13,722 ) 1997 Jenkins Correctional Center Millen, Georgia 208 48,158 403 258 48,511 48,769 (5,685 ) 2012 Kit Carson Correctional Center Burlington, Colorado 432 35,980 43,472 1,051 78,833 79,884 (22,789 ) 1998 La Palma Correctional Center Eloy, Arizona 283 183,155 13,354 486 196,306 196,792 (39,900 ) 2008 Lake Erie Correctional Institution Conneaut, Ohio 2,871 69,779 5,256 3,818 74,088 77,906 (9,543 ) 2011 Laredo Processing Center Laredo, Texas 788 26,737 2,665 986 29,204 30,190 (11,748 ) 1985 Leavenworth Detention Center Leavenworth, Kansas 130 44,970 43,278 491 87,887 88,378 (28,981 ) 1992 Lee Adjustment Center Beattyville, Kentucky 500 515 16,708 1,220 16,503 17,723 (7,283 ) 1998 Leo Chesney Correctional Center Live Oak, California 250 4,774 1,577 250 6,351 6,601 (2,992 ) 1989 Long Beach Community Corrections Center Long Beach, California 5,038 2,413 - 5,038 2,413 7,451 (96 ) 2016 Longmont Community Treatment Center Longmont, Colorado 3,364 582 98 3,363 681 4,044 (44 ) 2016 Marion Adjustment Center St. Mary, Kentucky 250 9,994 8,632 918 17,958 18,876 (6,818 ) 1998 McRae Correctional Facility McRae, Georgia 462 60,396 18,116 1,099 77,875 78,974 (21,175 ) 2000 Milledgeville Milledgeville, Georgia 120 714 - 120 714 834 (6 ) 2017 Mineral Wells Pre-Parole Transfer Facility Mineral Wells, Texas 176 22,589 - 100 - 100 (C) - 1995 Nevada Southern Detention Center Pahrump, Nevada 7,548 64,362 10,093 8,374 73,629 82,003 (12,953 ) 2010 North Fork Correctional Facility Sayre, Oklahoma — 42,166 60,351 356 102,161 102,517 (31,541 ) 1998 Northeast Ohio Correctional Center Youngstown, Ohio 750 39,583 10,583 1,858 49,058 50,916 (19,465 ) 1997 Northwest New Mexico Correctional Center Grants, New Mexico 142 15,888 18,319 879 33,470 34,349 (13,703 ) 1989 Oklahoma City Transitional Center Oklahoma City, Oklahoma 1,114 2,626 257 1,114 2,883 3,997 (41 ) 2017 Oracle Transitional Center Tucson, Arizona 4,544 1,220 8 4,552 1,220 5,772 (13 ) 2017 Otay Mesa Detention Center San Diego, California 28,845 114,411 8,782 37,009 115,029 152,038 (D) (6,356 ) 2015 Prairie Correctional Facility Appleton, Minnesota 100 22,306 9,126 1,068 30,464 31,532 (15,414 ) 1991 Queensgate Correctional Facility Cincinnati, Ohio 750 15,221 498 340 498 838 (C) (45 ) 1998 Red Rock Correctional Center Eloy, Arizona 10 78,456 56,306 256 134,516 134,772 (31,958 ) 2006 Rockingham Rockingham, North Carolina 95 1,070 - 95 1,070 1,165 (9 ) 2017 Roth Hall Residential Reentry Center Philadelphia, Pennsylvania 654 2,693 - 654 2,693 3,347 (163 ) 2015 Saguaro Correctional Facility Eloy, Arizona 193 98,903 1,228 486 99,838 100,324 (21,272 ) 2007 San Diego Correctional Facility San Diego, California — 92,458 - - - - (D) - 1999 Shelby Training Center Memphis, Tennessee 150 6,393 3,317 279 9,581 9,860 (9,448 ) 1986 South Texas Family Residential Center Dilley, Texas — 146,974 8,714 35 155,653 155,688 (E) (89,972 ) 2015 Southeast Kentucky Correctional Facility Wheelwright, Kentucky 500 24,487 11,615 1,590 35,012 36,602 (14,738 ) 1998 Stewart Detention Center Lumpkin, Georgia 143 70,560 17,048 1,234 86,517 87,751 (22,374 ) 2004 Stockton Female Community Corrections Facility Stockton, California 692 788 - 692 788 1,480 (18 ) 2017 T. Don Hutto Residential Center Taylor, Texas 183 13,418 4,320 594 17,327 17,921 (7,759 ) 1997 Tallahatchie County Correctional Facility Tutwiler, Mississippi — 44,638 96,539 1,586 139,591 141,177 (44,636 ) 2000 Torrance County Detention Facility Estancia, New Mexico 511 52,599 8,286 1,719 59,677 61,396 (24,514 ) 1990 Trousdale Turner Correctional Center Hartsville, TN 649 135,412 4,452 1,619 138,894 140,513 (5,844 ) 2015 Tulsa Transitional Center Tulsa, OK 8,206 4,061 768 8,206 4,829 13,035 (447 ) 2015 Tulsa Women's Residential Program Tulsa, OK 200 75 - 200 75 275 (2 ) 2017 Turley Residential Center Tulsa, OK 421 4,105 839 421 4,944 5,365 (478 ) 2015 Ulster Facility Denver, Colorado 4,068 442 120 4,068 562 4,630 (34 ) 2016 Walker Hall Residential Reentry Center Philadelphia, PA 654 2,693 1 654 2,694 3,348 (163 ) 2015 Webb County Detention Center Laredo, Texas 498 20,160 6,119 2,129 24,648 26,777 (10,962 ) 1998 West Tennessee Detention Facility Mason, Tennessee 538 31,931 6,103 2,007 36,565 38,572 (16,522 ) 1990 Wheeler Correctional Facility Alamo, Georgia 117 30,781 45,246 428 75,716 76,144 (22,631 ) 1998 Whiteville Correctional Facility Whiteville, Tennessee 303 51,694 7,312 1,671 57,638 59,309 (22,658 ) 1998 Totals $ 189,036 $ 2,635,749 $ 1,012,108 $ 236,882 $ 3,468,966 $ 3,705,848 $ (1,059,006 ) 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, 2017. (B) Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. (C) CoreCivic recorded non-cash impairments during the fourth quarter of 2014 to write down the book values of the Queensgate and Mineral Wells facilities, and during the third quarter of 2017 to write down the book value of the Bridgeport facility, to the estimated fair values assuming asset sales for uses other than correctional facilities. (D) We transitioned operations from the 1,154-bed San Diego Correctional Facility to the newly constructed 1,482-bed Otay Mesa Detention Center in the fourth quarter of 2015. The San Diego Correctional Facility was subject to a ground lease with the County of San Diego. Upon expiration of the lease on December 31, 2015, ownership of the facility automatically reverted to the County of San Diego. (E) The South Texas Family Residential Center is subject to a lease agreement with a third-party lessor. This agreement resulted in 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." CORECIVIC, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION FOR THE YEARS ENDED DECEMBER 31, 2017, 2016, AND 2015 (in thousands) For the Years Ended December 31, 2017 2016 2015 Investment in Real Estate: Balance at beginning of period $ 3,636,935 $ 3,542,023 $ 3,071,094 Additions through capital expenditures 38,181 54,678 433,481 Acquisitions 37,827 36,199 131,348 Asset Impairments (879 ) — — Reclassifications and other (6,216 ) 4,035 (93,900 ) Balance at end of period $ 3,705,848 $ 3,636,935 $ 3,542,023 Accumulated Depreciation: Balance at beginning of period $ (960,354 ) $ (834,558 ) $ (815,980 ) Depreciation (105,392 ) (125,913 ) (113,611 ) Disposals/Other 6,162 117 95,033 Asset Impairments 578 — — Balance at end of period $ (1,059,006 ) $ (960,354 ) $ (834,558 ) |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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. Certain reclassifications of 2016 and 2015 amounts have been made to conform to the 2017 presentation. |
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, 2017 and 2016, accounts receivable of $254.2 million and $229.9 million, respectively, were net of allowances for doubtful accounts totaling $0.8 million and $1.6 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 events, and historical experience. If circumstances related to customers change, estimates of the recoverability of receivables would be further adjusted. |
Property and Equipment | Property and Equipment Property and equipment are carried at cost. Assets acquired by 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 to expense whenever a project is abandoned. The cost and accumulated depreciation applicable to assets retired are removed from the accounts and the gain or loss on disposition is recognized in income. Depreciation is computed over the estimated useful lives of depreciable assets using the straight-line method. Useful lives for property and equipment are as follows: Land improvements 5 – 20 years Buildings and improvements 5 – 50 years Equipment and software 3 – 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 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 Debt issuance costs, excluding those costs incurred related to CoreCivic's revolving credit facility, are presented as a direct deduction from the face amount of the related liability in the consolidated balance sheets. Debt issuance costs related to the Company's revolving credit facility are included in other assets in the consolidated balance sheets. Generally, 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, "Modifications and Extinguishments". |
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. In these instances, the amounts required to be returned to the customer are reflected as operating expenses. Upon adoption of Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers", as further described in "Recent Accounting Pronouncements" hereafter, these amounts will be classified as reductions to revenue. 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 11. 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. 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 in compliance with REIT requirements 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. CoreCivic's deferred tax assets and liabilities are classified as non-current in the consolidated balance sheets. See Note 12 for further discussion of the significant components of CoreCivic's deferred tax assets and liabilities and the impact on deferred tax assets and liabilities that resulted from the lower corporate tax rates enacted under the Tax Cuts and Jobs Act ("the TCJA") in December 2017. 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, 2017 and 2016, 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, 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,059 $ 4,511 $ 2,920 $ 4,647 Debt $ (1,459,000 ) $ (1,490,063 ) $ (1,455,000 ) $ (1,459,625 ) |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. |
Concentration of Credit Risks | Concentration of Credit Risks CoreCivic's credit risks relate primarily to cash and cash equivalents and accounts receivable. Cash and cash equivalents 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 represents 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, 2017, 2016, and 2015, federal correctional and detention authorities represented 48%, 52%, and 51%, 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 7%, 9%, and 11% of total revenue for 2017, 2016, and 2015, respectively. The USMS accounted for 16%, 15%, and 16% of total revenue for 2017, 2016, and 2015, respectively. ICE accounted for 25%, 28%, and 24% of total revenue for 2017, 2016, and 2015, respectively, with the decrease in 2017 resulting in part from the amended contract at the South Texas Family Residential Center, as further described in Note 11. 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 41%, 38%, and 40% of total revenue during the years ended December 31, 2017, 2016, and 2015, respectively. Approximately 6%, 6%, and 10% of total revenue for the years ended December 31, 2017, 2016, and 2015, 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 10% or more of total revenue during 2017, 2016, or 2015. 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers", which establishes a single, comprehensive revenue recognition standard for all contracts with customers. For public reporting entities such as CoreCivic, ASU 2014-09 was originally effective for interim and annual periods beginning after December 15, 2016 and early adoption of the ASU was not permitted. In July 2015, the FASB agreed to defer the effective date of the ASU for public reporting entities by one year, or to interim and annual periods beginning after December 15, 2017. Early adoption is now allowed as of the original effective date for public companies. In summary, the core principle of ASU 2014-09 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Companies are allowed to select between two transition methods: (1) a full retrospective transition method with the application of the new guidance to each prior reporting period presented, or (2) a modified retrospective transition method that recognizes the cumulative effect on prior periods at the date of adoption together with additional footnote disclosures. CoreCivic will adopt the standard when effective in its fiscal year 2018 and will utilize the modified retrospective transition method upon adoption of the ASU. CoreCivic completed its analysis of the various contracts and revenue streams and does not currently expect the adoption of the ASU to have a material impact on the Company's results of operations or financial position and its related financial statement disclosure. In February 2016, the FASB issued ASU 2016-02, "Leases (ASC 842)", which requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to current accounting requirements. ASU 2016-02 also eliminates current real estate-specific provisions for all entities. For lessors, the ASU modifies the classification criteria and the accounting for sales-type and direct financing leases. For public reporting entities such as CoreCivic, guidance in ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, and early adoption of the ASU is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. CoreCivic is currently planning to adopt the ASU when effective in its fiscal year 2019. CoreCivic does not currently expect that the new standard will have a material impact on its financial statements, but expects that it will result in an increase in its long-term assets and liabilities for leases where the Company is the lessee. In March 2016, the FASB issued ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting", that changes certain aspects of accounting for share-based payments to employees. ASU 2016-09 requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. The new ASU also allows an employer to repurchase more of an employee's shares for tax withholding purposes without triggering liability accounting, and to make a policy election to account for forfeitures. Companies are required to elect whether to account for forfeitures of share-based payments by (1) recognizing forfeitures of awards as they occur, or (2) estimating the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as previously required. For public reporting entities such as CoreCivic, guidance in ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption of the ASU is permitted. All of the guidance in the ASU must be adopted in the same period. CoreCivic adopted the ASU in the first quarter of 2017, opting to estimate the number of awards expected to be forfeited and adjusting the estimate when it is likely to change, as was previously required. The amendments in ASU 2016-09 were applied prospectively and the Company's financial statements for prior periods were not adjusted. Adoption of the ASU resulted in a $1.0 million income tax benefit recognized by the Company in the year ended December 31, 2017. The new standard will continue to have an impact on the Company's financial statements whenever the vested value of the awards differs from the grant-date fair value of such awards. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business", that provides guidance to assist entities with evaluating when a set of transferred assets and activities ("set") is a business. Under the new guidance, an entity first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If the threshold is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The new ASU provides a more robust framework to use in determining when a set of assets and activities is a business. For public reporting entities such as CoreCivic, guidance in ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those years, and is to be applied prospectively to any transactions occurring within the period of adoption. Early adoption of the ASU is allowed for transactions that occur before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. CoreCivic early adopted ASU 2017-01 in the first quarter of 2017. In January 2017, the FASB issued ASU 2017-04, "Intangibles–Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment", that eliminates the requirement to calculate the implied fair value of goodwill by performing a hypothetical application of the acquisition method as of the date of the impairment test to measure a goodwill impairment charge. This requirement is the second step in the annual two-step quantitative impairment test that is currently required under Accounting Standards Codification ("ASC") 350, "Intangibles-Goodwill and Other". Instead, entities will recognize an impairment charge based on the first step of the quantitative impairment test currently required, which is the measurement of the excess of a reporting unit's carrying amount over its fair value. Entities will still have the option to perform a qualitative assessment to determine if the quantitative impairment test is necessary. For public reporting entities such as CoreCivic, guidance in ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. Early adoption of the ASU is allowed for interim or annual goodwill impairment tests performed on testing dates on or after January 1, 2017. CoreCivic is reviewing the ASU to determine the potential impact it might have on the methodology for evaluating goodwill for impairment subsequent to the adoption of the standard. In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory", which requires companies to recognize the income tax effects of intercompany sales or transfers of assets, other than inventory, in the income statement as income tax expense when the sale or transfer occurs. The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, and interim periods within those annual periods. The guidance requires companies to apply a modified retrospective approach with a cumulative catch-up adjustment to opening retained earnings in the period of adoption. In the period of adoption, companies will write off any income tax effects that had been deferred from past intercompany transactions involving non-inventory assets to opening retained earnings. CoreCivic expects to adopt the new standard upon the effective date of January 1, 2018 and will write off approximately $2.6 million of prepaid taxes to accumulated deficit as a result of intercompany transactions between the REIT and one of its TRSs. |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016, 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, 2017 2016 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,059 $ 4,511 $ 2,920 $ 4,647 Debt $ (1,459,000 ) $ (1,490,063 ) $ (1,455,000 ) $ (1,459,625 ) |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property and Equipment | Property and equipment, at cost, consists of the following (in thousands): December 31, 2017 2016 Land and improvements $ 260,038 $ 234,862 Buildings and improvements 3,556,118 3,509,825 Equipment and software 399,630 379,811 Office furniture and fixtures 34,510 35,651 Construction in progress 28,104 29,831 4,278,400 4,189,980 Less: Accumulated depreciation (1,475,951 ) (1,352,323 ) $ 2,802,449 $ 2,837,657 |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of December 31, 2017 under operating leases, inclusive of $189.5 million of payments expected to be made under the cancelable lease at the South Texas facility, are as follows (in thousands): 2018 $ 51,552 2019 51,466 2020 51,554 2021 37,508 2022 313 Thereafter — |
REAL ESTATE TRANSACTIONS (Table
REAL ESTATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 2016 Prairie Correctional Facility 1,600 2010 $ 16,118 $ 17,071 Huerfano County Correctional Center 752 2010 16,980 17,542 Diamondback Correctional Facility 2,160 2010 41,370 41,539 Southeast Kentucky Correctional Facility 656 2012 21,864 22,618 Marion Adjustment Center 826 2013 12,058 12,135 Kit Carson Correctional Center 1,488 2016 57,095 58,819 Eden Detention Center 1,422 2017 39,707 41,269 Torrance County Detention Facility 910 2017 36,882 38,109 9,814 $ 242,074 $ 249,102 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 |
Time to Change, Inc. and Center Point, Inc. | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the two transactions in 2017, CoreCivic recorded the following (in millions): Tangible current assets and liabilities, net $ 0.9 Property and equipment 19.7 Intangible assets 3.9 Total identifiable assets 24.5 Goodwill 2.8 Total consideration $ 27.3 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2017 2016 Debt issuance costs, less accumulated amortization of $2,711 and $1,633, respectively $ 2,518 $ 3,526 Intangible lease value, less accumulated amortization of $6,920 and $4,990, respectively 34,668 36,598 Other intangible assets, less accumulated amortization of $2,625 and $1,421, respectively 8,585 4,434 Deferred leasing costs 6,738 7,380 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 13,537 13,110 Straight-line rent receivable 9,335 9,229 Other 13,337 8,725 $ 88,718 $ 83,002 |
Estimated Amortization Expense Related to Intangible Assets | As of December 31, 2017, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2018 $ 4,307 2019 4,014 2020 3,423 2021 2,562 2022 1,687 |
ACCOUNTS PAYABLE, ACCRUED EXP35
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2017 2016 Trade accounts payable $ 53,230 $ 49,866 Accrued salaries and wages 39,411 29,766 Accrued dividends 51,156 51,496 Accrued workers' compensation and auto liability 6,737 6,652 Accrued litigation 7,822 9,290 Accrued employee medical insurance 6,506 8,413 Accrued property taxes 28,473 27,707 Accrued interest 11,949 9,526 Deferred revenue 13,633 14,332 Construction payable 3,903 7,845 Lease financing obligation 11,612 11,785 Other 43,372 33,429 $ 277,804 $ 260,107 |
Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands): December 31, 2017 2016 Intangible lease liability $ 6,191 $ 6,578 Accrued workers' compensation 19,518 14,726 Accrued deferred compensation 10,208 9,850 Lease financing obligation 15,530 18,832 Other 1,583 1,856 $ 53,030 $ 51,842 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Debt Outstanding | Debt outstanding consists of the following (in thousands): December 31, 2017 2016 $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, 2017 and 2016 was 3.1% and 2.2%, respectively. $ 199,000 $ 435,000 Term Loan, scheduled principal payments through maturity in July 2020; interest payable periodically at variable interest rates. The rate at December 31, 2017 and 2016 was 3.1% and 2.3%, respectively. Unamortized debt issuance costs amounted to $0.3 million and $0.4 million at December 31, 2017 and 2016, respectively. 85,000 95,000 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 $3.3 million and $3.9 million at December 31, 2017 and 2016, 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 $1.9 million and $2.7 million at December 31, 2017 and 2016, 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 $2.3 million and $2.8 million at December 31, 2017 and 2016, respectively. 250,000 250,000 4.75% Senior Notes, principal due at maturity in October 2027; interest payable semi-annually in April and October at 4.75%. Unamortized debt issuance costs amounted to $4.0 million at December 31, 2017. 250,000 — Total debt 1,459,000 1,455,000 Unamortized debt issuance costs (11,813 ) (9,831 ) Current portion of long-term debt (10,000 ) (10,000 ) Long-term debt, net $ 1,437,187 $ 1,435,169 |
Schedule of Principal Payments | Scheduled principal payments as of December 31, 2017 for the next five years and thereafter were as follows (in thousands): 2018 $ 10,000 2019 15,000 2020 584,000 2021 — 2022 250,000 Thereafter 600,000 Total debt $ 1,459,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Components of Income Tax Expense | Income tax expense is comprised of the following components (in thousands): For the Years Ended December 31, 2017 2016 2015 Current income tax expense Federal $ 10,202 $ 10,181 $ 2,519 State 2,788 1,983 136 12,990 12,164 2,655 Deferred income tax expense (benefit) Federal 1,088 (3,400 ) 5,589 State (167 ) (511 ) 117 921 (3,911 ) 5,706 Income tax expense $ 13,911 $ 8,253 $ 8,361 |
Components of Deferred Tax Assets and Liabilities | Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2017 and 2016, are as follows (in thousands): December 31, 2017 2016 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 19,045 $ 29,198 Tax over book basis of certain assets 40 866 Net operating loss and tax credit carryforwards 5,040 5,487 Intangible contract value — 2,570 Other 172 346 Total noncurrent deferred tax assets 24,297 38,467 Less valuation allowance (3,308 ) (3,436 ) Total noncurrent deferred tax assets 20,989 35,031 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (5,959 ) (9,386 ) Intangible lease value — (8,368 ) Other (2,216 ) (3,542 ) Total noncurrent deferred tax liabilities (8,175 ) (21,296 ) Net total noncurrent deferred tax assets $ 12,814 $ 13,735 |
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, 2017, 2016, and 2015 is as follows: 2017 2016 2015 Statutory federal rate 35.0 % 35.0 % 35.0 % Dividends paid deduction (31.3 ) (32.5 ) (31.9 ) State taxes, net of federal tax benefit 1.2 1.1 0.9 Permanent differences 0.6 0.3 0.4 Charges associated with adoption of tax reform 2.4 — — Tax benefit of equity-based compensation (0.5 ) — — Other items, net (0.2 ) (0.3 ) (0.8 ) 7.2 % 3.6 % 3.6 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016, and 2015: Ordinary Return of Total Declaration Date Record Date Payable Date Income Capital Per Share February 20, 2015 April 2, 2015 April 15, 2015 0.405355 (1) 0.134645 $ 0.54 May 14, 2015 July 2, 2015 July 15, 2015 0.405355 (1) 0.134645 $ 0.54 August 13, 2015 October 2, 2015 October 15, 2015 0.405355 (1) 0.134645 $ 0.54 December 10, 2015 January 4, 2016 January 15, 2016 0.487167 (2) 0.052833 $ 0.54 February 19, 2016 April 1, 2016 April 15, 2016 0.487167 (2) 0.052833 $ 0.54 May 12, 2016 July 1, 2016 July 15, 2016 0.487167 (2) 0.052833 $ 0.54 August 11, 2016 October 3, 2016 October 17, 2016 0.487167 (2) 0.052833 $ 0.54 December 8, 2016 January 3, 2017 January 13, 2017 0.363660 (3) 0.056340 $ 0.42 February 17, 2017 April 3, 2017 April 17, 2017 0.363660 (3) 0.056340 $ 0.42 May 11, 2017 July 3, 2017 July 17, 2017 0.363660 (3) 0.056340 $ 0.42 August 10, 2017 October 2, 2017 October 16, 2017 0.363660 (3) 0.056340 $ 0.42 December 7, 2017 January 2, 2018 January 15, 2018 — (4) — (4) $ 0.42 (1) (2) (3) (4) |
Summary of Nonvested Restricted Common Stock and RSU Transactions | Nonvested RSU transactions as of December 31, 2017 and for the year then ended are summarized below (in thousands, except per share amounts). Shares of RSUs Weighted average grant date fair value Nonvested at December 31, 2016 1,044 $ 32.84 Granted 554 $ 32.60 Cancelled (131 ) $ 37.71 Vested (513 ) $ 32.43 Nonvested at December 31, 2017 954 $ 32.26 |
Summary of Stock Option Transactions Relating to Non-Qualified Stock Option Plans | Stock option transactions relating to CoreCivic's non-qualified stock option plans are summarized below (in thousands, except exercise prices): No. of options Weighted- Average Exercise Price of options Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2016 1,327 $ 20.53 Granted — — Exercised (313 ) 22.18 Cancelled — — Outstanding at December 31, 2017 1,014 $ 20.03 2.6 $ 2,669 Exercisable at December 31, 2017 1,014 $ 20.03 2.6 $ 2,669 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 NUMERATOR Basic: Net income $ 178,040 $ 219,919 $ 221,854 Diluted: Net income $ 178,040 $ 219,919 $ 221,854 DENOMINATOR Basic: Weighted average common shares outstanding 118,084 117,384 116,949 Diluted: Weighted average common shares outstanding 118,084 117,384 116,949 Effect of dilutive securities: Stock options 310 306 631 Restricted stock-based awards 71 101 205 Weighted average shares and assumed conversions 118,465 117,791 117,785 BASIC EARNINGS PER SHARE $ 1.51 $ 1.87 $ 1.90 DILUTED EARNINGS PER SHARE $ 1.50 $ 1.87 $ 1.88 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016, and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Revenue: Owned and managed $ 1,529,987 $ 1,603,671 $ 1,543,750 Managed-only 190,246 205,420 211,995 Total management revenue 1,720,233 1,809,091 1,755,745 Operating expenses: Owned and managed 1,048,219 1,068,031 1,038,070 Managed-only 173,237 183,643 190,010 Total operating expenses 1,221,456 1,251,674 1,228,080 Facility net operating income: Owned and managed 481,768 535,640 505,680 Managed-only 17,009 21,777 21,985 Total facility net operating income 498,777 557,417 527,665 Other revenue (expense): Rental and other revenue 45,265 40,694 37,342 Other operating expense (28,081 ) (23,912 ) (28,048 ) General and administrative (107,822 ) (107,027 ) (103,936 ) Depreciation and amortization (147,129 ) (166,746 ) (151,514 ) Restructuring charges — (4,010 ) — Asset impairments (614 ) — (955 ) Operating income $ 260,396 $ 296,416 $ 280,554 |
Summary of Capital Expenditures Including Accrued Amounts | The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2017, 2016, and 2015 (in thousands): For the Years Ended December 31, 2017 2016 2015 Capital expenditures: Owned and managed $ 83,757 $ 108,241 $ 382,781 Managed-only 5,238 5,749 4,049 Corporate and other 25,752 20,541 28,611 Total capital expenditures $ 114,747 $ 134,531 $ 415,441 |
Schedule of Total Assets | The total assets are as follows (in thousands): December 31, 2017 2016 Assets: Owned and managed $ 2,827,928 $ 2,841,799 Managed-only 59,805 62,292 Corporate and other 384,665 367,513 Total assets $ 3,272,398 $ 3,271,604 |
CONDENSED CONSOLIDATING FINAN41
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS OF CORECIVIC AND SUBSIDIARIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
CONDENSED CONSOLIDATING BALANCE SHEET | CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2017 (in thousands) ASSETS Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts Cash and cash equivalents $ 25,745 $ 26,438 $ — $ 52,183 Accounts receivable, net of allowance 211,673 372,755 (330,240 ) 254,188 Prepaid expenses and other current assets 1,835 24,986 (5,702 ) 21,119 Total current assets 239,253 424,179 (335,942 ) 327,490 Property and equipment, net 2,467,166 335,283 — 2,802,449 Goodwill 26,031 14,896 — 40,927 Non-current deferred tax assets — 13,193 (379 ) 12,814 Other assets 421,474 69,117 (401,873 ) 88,718 Total assets $ 3,153,924 $ 856,668 $ (738,194 ) $ 3,272,398 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable and accrued expenses $ 251,011 $ 362,701 $ (335,908 ) $ 277,804 Income taxes payable 1,443 1,591 — 3,034 Current portion of long-term debt 10,000 — — 10,000 Total current liabilities 262,454 364,292 (335,908 ) 290,838 Long-term debt, net 1,437,982 114,205 (115,000 ) 1,437,187 Non-current deferred tax liabilities 379 — (379 ) — Deferred revenue — 39,735 — 39,735 Other liabilities 1,501 51,529 — 53,030 Total liabilities 1,702,316 569,761 (451,287 ) 1,820,790 Total stockholders' equity 1,451,608 286,907 (286,907 ) 1,451,608 Total liabilities and stockholders' equity $ 3,153,924 $ 856,668 $ (738,194 ) $ 3,272,398 CONDENSED CONSOLIDATING BALANCE SHEET As of December 31, 2016 (in thousands) ASSETS Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts 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 Goodwill 23,231 15,155 — 38,386 Non-current deferred tax assets — 14,056 (321 ) 13,735 Other assets 339,391 57,873 (314,262 ) 83,002 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 deferred tax liabilities 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 STATEMENT OF OPERATIONS | CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2017 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts REVENUES $ 1,194,690 $ 1,454,194 $ (883,386 ) $ 1,765,498 EXPENSES: Operating 914,443 1,218,480 (883,386 ) 1,249,537 General and administrative 36,964 70,858 — 107,822 Depreciation and amortization 87,694 59,435 — 147,129 Asset impairments 300 314 — 614 1,039,401 1,349,087 (883,386 ) 1,505,102 OPERATING INCOME 155,289 105,107 — 260,396 OTHER (INCOME) EXPENSE: Interest expense, net 56,712 11,823 — 68,535 Other (income) expense (255 ) 103 62 (90 ) 56,457 11,926 62 68,445 INCOME BEFORE INCOME TAXES 98,832 93,181 (62 ) 191,951 Income tax expense (1,765 ) (12,146 ) — (13,911 ) INCOME BEFORE EQUITY IN SUBSIDIARIES 97,067 81,035 (62 ) 178,040 Income from equity in subsidiaries 80,973 — (80,973 ) — NET INCOME $ 178,040 $ 81,035 $ (81,035 ) $ 178,040 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS For the year ended December 31, 2016 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts 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 Subsidiary Guarantors Consolidating Adjustments and Other Total Consolidated Amounts 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 CASH FLOWS | CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2017 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments And Other Total Consolidated Amounts Net cash provided by operating activities $ 276,055 $ 65,270 $ — $ 341,325 Net cash used in investing activities (55,242 ) (69,320 ) — (124,562 ) Net cash provided by (used in) financing activities (206,446 ) 4,155 — (202,291 ) Net increase in cash and cash equivalents 14,367 105 — 14,472 CASH AND CASH EQUIVALENTS, beginning of year 11,378 26,333 — 37,711 CASH AND CASH EQUIVALENTS, end of year $ 25,745 $ 26,438 $ — 52,183 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the year ended December 31, 2016 (in thousands) Parent Combined Subsidiary Guarantors Consolidating Adjustments And Other Total Consolidated Amounts 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 Subsidiary Guarantors Consolidating Adjustments And Other Total Consolidated Amounts 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 |
SELECTED QUARTERLY FINANCIAL 42
SELECTED QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Selected Quarterly Financial Information | Selected quarterly financial information for each of the quarters in the years ended December 31, 2017 and 2016 is as follows (in thousands, except per share data): March 31, 2017 June 30, 2017 September 2017 December 31, 2017 Revenue $ 445,684 $ 436,393 $ 442,845 $ 440,576 Operating income 69,039 65,279 60,815 65,263 Net income 50,047 45,475 41,178 $ 41,340 Basic earnings per share: Net income $ 0.42 $ 0.38 $ 0.35 $ 0.35 Diluted earnings per share: Net income $ 0.42 $ 0.38 $ 0.35 $ 0.35 March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 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 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) ft² in Millions | Dec. 31, 2017ft²FacilityPropertyBedState | Jun. 10, 2016Bed | Aug. 27, 2015Bed |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of facilities owned by government partners, managed | 7 | ||
Number of beds at the facility | Bed | 112 | 600 | |
Number of properties leased to third parties and used by government agencies | 12 | ||
Correctional, Detention, and Residential Reentry Facility | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of facilities owned by government partners, managed | 7 | ||
Number of facilities owned and managed by the company | 70 | ||
Number of beds at the facility | Bed | 78,000 | ||
Number of states in which company facilities are located | State | 19 | ||
Leased to Third-Parties | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of states in which company facilities are located | State | 5 | ||
Number of properties leased to third parties and used by government agencies | Property | 12 | ||
Number of square feet | ft² | 1.1 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2018 | |
Organization And Operations [Line Items] | ||||
Accounts receivable, net of allowances for doubtful accounts | $ 254,188 | $ 229,885 | ||
Accounts receivable, allowances for doubtful accounts | $ 782 | 1,580 | ||
Equity method investment description | 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. | |||
Percentage of likelihood required for a tax position to be measured | 50.00% | |||
Income tax (expense) benefit | $ (13,911) | $ (8,253) | $ (8,361) | |
Accounting Standards Update 2016-09 | ||||
Organization And Operations [Line Items] | ||||
Income tax (expense) benefit | $ 1,000 | |||
Accounting Standards Update 2016-16 | Subsequent Event | ||||
Organization And Operations [Line Items] | ||||
Prepaid taxes to be written off to accumulated deficit | $ 2,600 | |||
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 | 48.00% | 52.00% | 51.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | Federal Bureau Of Prisons | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 7.00% | 9.00% | 11.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | United States Marshals Service | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 16.00% | 15.00% | 16.00% | |
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 | 25.00% | 28.00% | 24.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | State Correctional Authorities | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 41.00% | 38.00% | 40.00% | |
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% | 6.00% | 10.00% | |
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, 2017 | |
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, 2017 | Dec. 31, 2016 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Note receivable from APM, Carrying Amount | $ 3,059 | $ 2,920 |
Debt, Carrying Amount | (1,459,000) | (1,455,000) |
Note receivable from APM, Fair Value | 4,511 | 4,647 |
Debt, Fair Value | $ (1,490,063) | $ (1,459,625) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017Facility | Mar. 31, 2017USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2017USD ($)Facility | Dec. 31, 2016USD ($) | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Establishment of goodwill | This goodwill was established in connection with multiple business combination transactions. | ||||
Goodwill | $ 40,927,000 | $ 38,386,000 | |||
Goodwill impairment charges | 0 | ||||
State of Texas | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill | $ 0 | ||||
Number of facilities scheduled to expire in August 2017 | Facility | 4 | ||||
Number of facilities for which TDCJ selected other operators | Facility | 3 | ||||
Bartlett State Jail | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill impairment charges | $ 300,000 | ||||
Closing date of Bartlett facility | Jun. 24, 2017 | ||||
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 ($) | Dec. 31, 2017USD ($)FacilityPropertyBuilding | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Number of real estate properties owned | Property | 70 | ||||
Number of properties leased to third parties and used by government agencies | Facility | 12 | ||||
Number of corporate office buildings | Building | 2 | ||||
Number of facilities owned by government partners, managed | Facility | 7 | ||||
Interest capitalization cost on construction in progress | $ 0 | $ 600,000 | $ 5,500,000 | ||
Depreciation expense | $ 145,700,000 | 165,800,000 | 151,400,000 | ||
Number of facilities subject to options | Facility | 10 | ||||
Expenses incurred on operating lease property | $ 66,300,000 | $ 103,500,000 | $ 85,900,000 | ||
Purchase price paid for real property in addition to bonds value | $ 100 | ||||
ICE | |||||
Property, Plant and Equipment [Line Items] | |||||
Agreement notice period for termination | 60 days | ||||
Third Party Lessor | |||||
Property, Plant and Equipment [Line Items] | |||||
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 | |||||
Property, Plant and Equipment [Line Items] | |||||
Operating lease term | 4 months | ||||
South Texas Family Residential Center | |||||
Property, Plant and Equipment [Line Items] | |||||
Payments expected to be made under the cancelable lease | $ 189,500,000 | ||||
Declining to zero by October 2020 | Third Party Lessor | |||||
Property, Plant and Equipment [Line Items] | |||||
Lease termination penalty | $ 0 | ||||
Residential Reentry Centers | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of real estate properties under operating leases | Property | 3 | ||||
Operating leases latest expiration year | 2,019 | ||||
Elizabeth Detention Center | |||||
Property, Plant and Equipment [Line Items] | |||||
Operating lease, expiration date | Jun. 30, 2022 | ||||
Development Authority Of Telfair County | |||||
Property, Plant and Equipment [Line Items] | |||||
Percentage of property tax abatement | 90.00% | ||||
Percentage of property tax abatement, decrease in percentage | (10.00%) | ||||
Principal amount of bond issued | $ 15,000,000 | ||||
Number of years of tax abatement | 9 years |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 260,038 | $ 234,862 |
Buildings and improvements | 3,556,118 | 3,509,825 |
Equipment and software | 399,630 | 379,811 |
Office furniture and fixtures | 34,510 | 35,651 |
Construction in progress | 28,104 | 29,831 |
Property and equipment, gross | 4,278,400 | 4,189,980 |
Less: Accumulated depreciation | (1,475,951) | (1,352,323) |
Property, and Equipment, total | $ 2,802,449 | $ 2,837,657 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases Future Minimum Payments [Line Items] | |
2,018 | $ 51,552 |
2,019 | 51,466 |
2,020 | 51,554 |
2,021 | 37,508 |
2,022 | 313 |
Thereafter | $ 0 |
Real Estate Transactions - Addi
Real Estate Transactions - Additional Information (Detail) $ in Thousands | Dec. 31, 2017USD ($)FacilityBed | Nov. 16, 2017BedOption | Sep. 15, 2017USD ($)BedProperty | Aug. 01, 2017USD ($)Bed | Feb. 10, 2017USD ($)Bed | Jan. 02, 2017USD ($) | Jun. 10, 2016USD ($)Bed | Aug. 27, 2015USD ($)FacilityBed | May 31, 2016USD ($)Bed | Sep. 30, 2017FacilityBed | Dec. 31, 2017USD ($)FacilityBedAcquisition | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Apr. 30, 2017Bed | Jan. 01, 2017Bed |
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of facilities acquired | Facility | 4 | ||||||||||||||
Number of beds at the facility | Bed | 112 | 600 | |||||||||||||
Lease expiration date | 2020-06 | 2019-07 | |||||||||||||
Lease extension period | 5 years | 5 years | |||||||||||||
Consideration paid | $ 8,700 | $ 7,700 | $ 13,800 | ||||||||||||
Purchase price, net tangible assets | 7,400 | 13,400 | $ 20,100 | ||||||||||||
Purchase price, identifiable intangible assets | $ 300 | $ 400 | $ 1,800 | ||||||||||||
Number of properties acquired in portfolio | Property | 4 | ||||||||||||||
Number of acquisitions | Acquisition | 4 | ||||||||||||||
Operating Expense | $ 1,249,537 | $ 1,275,586 | $ 1,256,128 | ||||||||||||
Idle Facilities | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of facility | Facility | 8 | ||||||||||||||
Operating Expense | $ 10,800 | $ 8,100 | $ 7,200 | ||||||||||||
Idled Non-Core Facilities | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of beds at the facility | Bed | 440 | 440 | |||||||||||||
Net Carrying Value | $ 4,000 | $ 4,000 | |||||||||||||
Number of facility | Facility | 2 | ||||||||||||||
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 | ||||||||||||||
Lee Adjustment Center | New Contracts | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of beds at the facility | Bed | 816 | ||||||||||||||
Management agreement commencing date | Nov. 19, 2017 | ||||||||||||||
Management contract expiration date | Jun. 30, 2019 | ||||||||||||||
Management contract, number of additional one-year extension options | Option | 2 | ||||||||||||||
Management contract extension term | 1 year | ||||||||||||||
Number of days required to staff and prepare the facility | 120 days | ||||||||||||||
Net carrying value of facility | 10,400 | $ 10,400 | |||||||||||||
North Carolina and Georgia | Internal Revenue Service ("IRS") | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of properties leased | Property | 1 | ||||||||||||||
North Carolina and Georgia | General Services Administration | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of properties leased | Property | 3 | ||||||||||||||
North Carolina and Georgia | Social Security Administration | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of properties leased | Property | 2 | ||||||||||||||
North Carolina | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Purchase price, tenant improvements | 300 | 300 | |||||||||||||
Residential Reentry Centers | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of beds at the center | Bed | 230 | ||||||||||||||
Eden Detention Center | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of beds at the facility | Bed | 1,422 | ||||||||||||||
Net Carrying Value | 39,700 | 39,700 | |||||||||||||
Torrance County Detention | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of beds at the facility | Bed | 910 | ||||||||||||||
Net Carrying Value | $ 36,900 | $ 36,900 | |||||||||||||
Cibola County Corrections Center | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Number of beds at the facility | Bed | 1,129 | ||||||||||||||
Number of facility | Facility | 1 | ||||||||||||||
Arapahoe Community Treatment Center | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Consideration paid | $ 5,500 | ||||||||||||||
Number of beds at the center | Bed | 135 | ||||||||||||||
Stockton Female Community Corrections Facility | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Lease expiration date | 2021-04 | ||||||||||||||
Lease extension period | 5 years | ||||||||||||||
Consideration paid | $ 1,600 | ||||||||||||||
Number of beds at the center | Bed | 100 | ||||||||||||||
New Beginnings Treatment Center, Inc. | |||||||||||||||
Facility Activations Developments And Closures [Line Items] | |||||||||||||||
Consideration paid | $ 6,400 | ||||||||||||||
Number of beds at the center | Bed | 92 |
Idled Facilities and Respective
Idled Facilities and Respective Carrying Values Excluding Equipment and Other Assets (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)Bed | Dec. 31, 2016USD ($) | Jun. 10, 2016Bed | Aug. 27, 2015Bed | |
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 112 | 600 | ||
Prairie Correctional Facility | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 1,600 | |||
Date Idled | 2,010 | |||
Net Carrying Value | $ | $ 16,118 | $ 17,071 | ||
Huerfano County Correctional Center | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 752 | |||
Date Idled | 2,010 | |||
Net Carrying Value | $ | $ 16,980 | 17,542 | ||
Diamondback Correctional Facility | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 2,160 | |||
Date Idled | 2,010 | |||
Net Carrying Value | $ | $ 41,370 | 41,539 | ||
Southeast Kentucky Correctional Facility | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 656 | |||
Date Idled | 2,012 | |||
Net Carrying Value | $ | $ 21,864 | 22,618 | ||
Marion Adjustment Center | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 826 | |||
Date Idled | 2,013 | |||
Net Carrying Value | $ | $ 12,058 | 12,135 | ||
Kit Carson Correctional Center | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 1,488 | |||
Date Idled | 2,016 | |||
Net Carrying Value | $ | $ 57,095 | 58,819 | ||
Eden Detention Center | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 1,422 | |||
Date Idled | 2,017 | |||
Net Carrying Value | $ | $ 39,707 | 41,269 | ||
Torrance County Detention Facility | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 910 | |||
Date Idled | 2,017 | |||
Net Carrying Value | $ | $ 36,882 | 38,109 | ||
Idle Facilities | ||||
Facility Activations Developments And Closures [Line Items] | ||||
Design Capacity | 9,814 | |||
Net Carrying Value | $ | $ 242,074 | $ 249,102 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Nov. 01, 2017USD ($)FacilityBed | Jun. 01, 2017USD ($)Bed | Apr. 08, 2016USD ($)FacilityBedEntityLease | Aug. 27, 2015Facility | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)FacilityBed | Dec. 31, 2017USD ($)Transaction | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Bed |
Business Acquisition [Line Items] | ||||||||||||||||
Number of facilities acquired | Facility | 4 | |||||||||||||||
Revenue | $ 440,576,000 | $ 442,845,000 | $ 436,393,000 | $ 445,684,000 | $ 464,134,000 | $ 474,935,000 | $ 463,331,000 | $ 447,385,000 | $ 1,765,498,000 | $ 1,849,785,000 | $ 1,793,087,000 | |||||
Number of purchase price transactions | Transaction | 2 | |||||||||||||||
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 | ||||||||||||
Avalon Correctional Services, Inc | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, percentage of acquired stock | 100.00% | 100.00% | ||||||||||||||
Number of additional facilities | Facility | 2 | |||||||||||||||
Number of facilities acquired | Facility | 11 | |||||||||||||||
Number of beds at the center | Bed | 3,000 | 3,000 | ||||||||||||||
Aggregate purchase price | $ 157,500,000 | |||||||||||||||
Revenue | $ 2,000,000 | |||||||||||||||
Avalon Correctional Services, Inc | 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 | ||||||||||||||
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 facilities acquired | Facility | 6 | |||||||||||||||
Number of beds at the center | Bed | 600 | |||||||||||||||
Aggregate purchase price | $ 35,000,000 | |||||||||||||||
Number of entities affiliated | Entity | 2 | |||||||||||||||
Number of facilities | Facility | 7 | |||||||||||||||
Number of facilities leased | Lease | 1 | |||||||||||||||
Correctional Management, Inc | Revolving Credit Facility | $900.0 Million Revolving Credit Facility | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | |||||||||||||||
Center Point, Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of beds at the center | Bed | 200 | |||||||||||||||
Aggregate purchase price | $ 5,300,000 | |||||||||||||||
Center Point, Inc. | Maximum | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business combination consideration excluding transaction related expense and potential earn-out | $ 1,700,000 | |||||||||||||||
Time to Change, Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of beds at the center | Bed | 422 | |||||||||||||||
Aggregate purchase price | $ 22,000,000 | |||||||||||||||
Number of facilities | Facility | 3 |
Business Combination Purchase P
Business Combination Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Nov. 01, 2017 | Dec. 31, 2016 | Apr. 08, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 40,927 | $ 38,386 | |||
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 | ||||
Time to Change, Inc. and Center Point, Inc. | |||||
Business Acquisition [Line Items] | |||||
Tangible current assets and liabilities, net | $ 900 | ||||
Property and equipment | 19,700 | ||||
Intangible assets | 3,900 | ||||
Total identifiable assets | 24,500 | ||||
Goodwill | 2,800 | ||||
Total consideration | $ 27,300 |
Investment in Affiliate - Addit
Investment in Affiliate - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments In And Advances To Affiliates [Line Items] | |||
Duration of prison management contract with an agency of the United Kingdom government | 25 years | ||
Working capital loan to APM | $ 3,100,000 | ||
Equity earnings (losses) of joint venture | (62,000) | $ (41,000) | $ (126,000) |
Other assets | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity in net earnings of Affiliate | $ 200,000 | ||
Agecroft Prison Management Ltd | |||
Investments In And Advances To Affiliates [Line Items] | |||
Variable interest entity, ownership percentage | 50.00% |
Schedule of Other Assets (Detai
Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Other Assets [Line Items] | ||
Debt issuance costs, less accumulated amortization of $2,711 and $1,633, respectively | $ 2,518 | $ 3,526 |
Intangible lease value, less accumulated amortization of $6,920 and $4,990, respectively | 34,668 | 36,598 |
Other intangible assets, less accumulated amortization of $2,625 and $1,421, respectively | 8,585 | 4,434 |
Deferred leasing costs | 6,738 | 7,380 |
Cash equivalents and cash surrender value of life insurance held in Rabbi trust | 13,537 | 13,110 |
Straight-line rent receivable | 9,335 | 9,229 |
Other | 13,337 | 8,725 |
Other assets, total | $ 88,718 | $ 83,002 |
Schedule of Other Assets (Paren
Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Other Assets [Line Items] | ||
Debt issuance costs, accumulated amortization | $ 2,711 | $ 1,633 |
Intangible lease value | ||
Schedule of Other Assets [Line Items] | ||
Intangible assets, accumulated amortization | 6,920 | 4,990 |
Other intangible assets | ||
Schedule of Other Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ 2,625 | $ 1,421 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Other Assets [Line Items] | |||
Gross carrying amount of intangible assets | $ 52.8 | $ 47.4 | |
Amortization expense related to intangible assets | 3.4 | 2.9 | $ 1.5 |
Intangible lease value | |||
Schedule of Other Assets [Line Items] | |||
Gross carrying amount of intangible assets | $ 41.6 | $ 41.6 |
Estimated Amortization Expense
Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,018 | $ 4,307 |
2,019 | 4,014 |
2,020 | 3,423 |
2,021 | 2,562 |
2,022 | $ 1,687 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Trade accounts payable | $ 53,230 | $ 49,866 |
Accrued salaries and wages | 39,411 | 29,766 |
Accrued dividends | 51,156 | 51,496 |
Accrued workers' compensation and auto liability | 6,737 | 6,652 |
Accrued litigation | 7,822 | 9,290 |
Accrued employee medical insurance | 6,506 | 8,413 |
Accrued property taxes | 28,473 | 27,707 |
Accrued interest | 11,949 | 9,526 |
Deferred revenue | 13,633 | 14,332 |
Construction payable | 3,903 | 7,845 |
Lease financing obligation | 11,612 | 11,785 |
Other | 43,372 | 33,429 |
Accounts payable and accrued expenses, total | $ 277,804 | $ 260,107 |
Accounts Payable, Accrued Exp61
Accounts Payable, Accrued Expenses and Other Long-Term Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Workers' compensation and auto liability | $ 26.3 | $ 21.4 |
Workers' compensation discount rate | 3.00% | 3.00% |
Workers compensation and auto liability, undiscounted basis | $ 29.4 | $ 23.9 |
Other Long Term Liabilities (De
Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Long Term Liabilities [Line Items] | ||
Intangible lease liability | $ 6,191 | $ 6,578 |
Accrued workers' compensation | 19,518 | 14,726 |
Accrued deferred compensation | 10,208 | 9,850 |
Lease financing obligation | 15,530 | 18,832 |
Other | 1,583 | 1,856 |
Other liabilities | $ 53,030 | $ 51,842 |
Schedule of Debt Outstanding (D
Schedule of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 1,459,000 | $ 1,455,000 |
Unamortized debt issuance costs | (11,813) | (9,831) |
Current portion of long-term debt | (10,000) | (10,000) |
Long-term debt, net | 1,437,187 | 1,435,169 |
Term Loan Due in July 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 85,000 | 95,000 |
Unamortized debt issuance costs | (300) | (400) |
Senior Notes 4.625% Due 2023 | ||
Debt Instrument [Line Items] | ||
Total debt | 350,000 | 350,000 |
Unamortized debt issuance costs | (3,300) | (3,900) |
Senior Notes 4.125% Due 2020 | ||
Debt Instrument [Line Items] | ||
Total debt | 325,000 | 325,000 |
Unamortized debt issuance costs | (1,900) | (2,700) |
Senior Notes 5.0% Due 2022 | ||
Debt Instrument [Line Items] | ||
Total debt | 250,000 | 250,000 |
Unamortized debt issuance costs | (2,300) | (2,800) |
Senior Notes 4.75% Due 2027 | ||
Debt Instrument [Line Items] | ||
Total debt | 250,000 | |
Unamortized debt issuance costs | (4,000) | |
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Total debt | $ 199,000 | $ 435,000 |
Schedule of Debt Outstanding (P
Schedule of Debt Outstanding (Parenthetical) (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Apr. 30, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Unamortized debt issuance costs | $ 11,813,000 | $ 9,831,000 | ||
Term Loan Due in July 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest payable dates | interest payable periodically at variable interest rates. | |||
Debt interest rate | 3.10% | 2.30% | ||
Debt maturity date | Jul. 31, 2020 | |||
Unamortized debt issuance costs | $ 300,000 | $ 400,000 | ||
Senior Notes 4.625% Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest payable dates | interest payable semi-annually in May and November at 4.625%. | |||
Debt maturity date | May 1, 2023 | May 1, 2023 | ||
Unamortized debt issuance costs | $ 3,300,000 | 3,900,000 | ||
Stated interest rate | 4.625% | 4.625% | ||
Senior Notes 4.125% Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest payable dates | interest payable semi-annually in April and October at 4.125%. | |||
Debt maturity date | Apr. 1, 2020 | Apr. 1, 2020 | ||
Unamortized debt issuance costs | $ 1,900,000 | 2,700,000 | ||
Stated interest rate | 4.125% | 4.125% | ||
Senior Notes 5.0% Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest payable dates | interest payable semi-annually in April and October at 5.0%. | |||
Debt maturity date | Oct. 15, 2022 | Oct. 15, 2022 | ||
Unamortized debt issuance costs | $ 2,300,000 | 2,800,000 | ||
Stated interest rate | 5.00% | 5.00% | ||
Senior Notes 4.75% Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Interest payable dates | interest payable semi-annually in April and October at 4.75%. | |||
Debt maturity date | Oct. 15, 2027 | |||
Unamortized debt issuance costs | $ 4,000,000 | |||
Stated interest rate | 4.75% | |||
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 | ||
Revolving Credit Facility maturity date | Jul. 31, 2020 | |||
Weighted average rate | 3.10% | 2.20% | ||
Interest payable dates | interest payable periodically at variable interest rates. |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Oct. 13, 2017 | Oct. 13, 2017 | Sep. 30, 2015 | Jul. 31, 2015 | Apr. 30, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 06, 2015 |
Debt Instrument [Line Items] | ||||||||
Borrowings outstanding under credit facility | $ 199,000,000 | |||||||
Revolving Credit Facility letters of credit outstanding | 6,900,000 | $ 9,100,000 | ||||||
Total debt | $ 1,459,000,000 | $ 1,455,000,000 | ||||||
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 | $ 85,000,000 | |||||||
Debt maturity date | Jul. 31, 2020 | |||||||
Senior Notes 4.125% Due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 325,000,000 | |||||||
Debt maturity date | Apr. 1, 2020 | Apr. 1, 2020 | ||||||
Stated interest rate | 4.125% | 4.125% | ||||||
Debt instrument redemption percentage of par | 100.00% | |||||||
Senior Notes 4.625% Due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 350,000,000 | |||||||
Debt maturity date | May 1, 2023 | May 1, 2023 | ||||||
Stated interest rate | 4.625% | 4.625% | ||||||
Debt instrument redemption percentage of par | 100.00% | |||||||
Senior Notes 5.0% Due 2022 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 250,000,000 | |||||||
Debt maturity date | Oct. 15, 2022 | Oct. 15, 2022 | ||||||
Stated interest rate | 5.00% | 5.00% | ||||||
Debt instrument redemption percentage of par | 100.00% | |||||||
4.75% Senior Notes Due October 15, 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 250,000,000 | $ 250,000,000 | ||||||
Debt maturity date | Oct. 15, 2027 | |||||||
Stated interest rate | 4.75% | 4.75% | ||||||
Costs associated with new issuance | $ 4,100,000 | $ 4,100,000 | ||||||
Senior Notes 4.75% Due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt maturity date | Oct. 15, 2027 | |||||||
Stated interest rate | 4.75% | |||||||
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 the London Interbank Offered Rate ("LIBOR") plus a margin ranging from 1.00% to 1.75% based on CoreCivic's then-current 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 | $ 694,100,000 | |||||||
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, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
2,018 | $ 10,000 | |
2,019 | 15,000 | |
2,020 | 584,000 | |
2,021 | 0 | |
2,022 | 250,000 | |
Thereafter | 600,000 | |
Total debt | $ 1,459,000 | $ 1,455,000 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2016 | Sep. 30, 2014Facility | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2014USD ($)Installment | Dec. 31, 2017USD ($)Agreement | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 10, 2016Bed | Aug. 27, 2015Bed | |
Deferred Revenue Arrangement [Line Items] | ||||||||||||||||
Number of beds at the facility | Bed | 112 | 600 | ||||||||||||||
Deferred Revenue - Noncurrent | $ 39,735 | $ 53,437 | $ 39,735 | $ 53,437 | ||||||||||||
Revenue | 440,576 | $ 442,845 | $ 436,393 | $ 445,684 | 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 1,765,498 | 1,849,785 | $ 1,793,087 | |||||
South Texas Family Residential Center | ||||||||||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||||||||||
Management contract, expiration date | 2021-09 | |||||||||||||||
ICE | ||||||||||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||||||||||
Deferred Revenue - Noncurrent | $ 70,000 | |||||||||||||||
Number of distinct multiple element arrangements | Agreement | 5 | |||||||||||||||
Revenue | $ 170,100 | 266,800 | $ 244,200 | |||||||||||||
Deferred revenue | $ 53,400 | $ 67,000 | $ 53,400 | $ 67,000 | ||||||||||||
ICE | Installment Payment | ||||||||||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||||||||||
Amount to be settled as an installment | $ 35,000 | |||||||||||||||
Number of installments | Installment | 2 | |||||||||||||||
Installments due | Dec. 31, 2014 | |||||||||||||||
Maximum | South Texas Family Residential Center | ||||||||||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||||||||||
Number of beds at the facility | Facility | 2,400 | |||||||||||||||
Management contract, initial term | 4 years | |||||||||||||||
Minimum | South Texas Family Residential Center | ||||||||||||||||
Deferred Revenue Arrangement [Line Items] | ||||||||||||||||
Agreement notice period for termination | 60 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||
Minimum Distribution Percentage of Taxable Income to Qualify for Real Estate Investment Trust | 90.00% | |||
TCJA enacted date | Dec. 22, 2017 | |||
U.S. federal corporate tax rate | 35.00% | 35.00% | 35.00% | |
TCJA one time transition tax | $ 0 | |||
Effect of change in income tax associated with the ACT | 4,500,000 | |||
Tax benefits associated with equity-based compensation | $ 1,479,000 | $ 525,000 | ||
Reduction in income taxes payable | $ (948,000) | $ (1,645,000) | $ (1,077,000) | |
Effective tax rate | 7.20% | 3.60% | 3.60% | |
Liabilities for uncertain tax positions | $ 0 | $ 0 | ||
Accounting Standards Update 2016-09 | ||||
Income Taxes [Line Items] | ||||
Reduction in income taxes payable | $ 1,000,000 | |||
Scenario Forecast | ||||
Income Taxes [Line Items] | ||||
U.S. federal corporate tax rate | 21.00% |
Components of Income Tax Expens
Components of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Expenses [Line Items] | |||
Current income tax expense, Federal | $ 10,202 | $ 10,181 | $ 2,519 |
Current income tax expense, State | 2,788 | 1,983 | 136 |
Current income tax expense, Total | 12,990 | 12,164 | 2,655 |
Deferred income tax expense (benefit), Federal | 1,088 | (3,400) | 5,589 |
Deferred income tax expense (benefit), State | (167) | (511) | 117 |
Deferred income tax expense (benefit), Total | 921 | (3,911) | 5,706 |
Income tax expense | $ 13,911 | $ 8,253 | $ 8,361 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Asset reserves and liabilities not yet deductible for tax | $ 19,045 | $ 29,198 |
Tax over book basis of certain assets | 40 | 866 |
Net operating loss and tax credit carryforwards | 5,040 | 5,487 |
Intangible contract value | 2,570 | |
Other | 172 | 346 |
Total noncurrent deferred tax assets | 24,297 | 38,467 |
Less valuation allowance | (3,308) | (3,436) |
Total noncurrent deferred tax assets | 20,989 | 35,031 |
Book over tax basis of certain assets | (5,959) | (9,386) |
Intangible lease value | (8,368) | |
Other | (2,216) | (3,542) |
Total noncurrent deferred tax liabilities | (8,175) | (21,296) |
Net total noncurrent deferred tax assets | $ 12,814 | $ 13,735 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation Of Provision Of Income Taxes [Line Items] | |||
Statutory federal rate | 35.00% | 35.00% | 35.00% |
Dividends paid deduction | (31.30%) | (32.50%) | (31.90%) |
State taxes, net of federal tax benefit | 1.20% | 1.10% | 0.90% |
Permanent differences | 0.60% | 0.30% | 0.40% |
Charges associated with adoption of tax reform | 2.40% | ||
Tax benefit of equity-based compensation | (0.50%) | ||
Other items, net | (0.20%) | (0.30%) | (0.80%) |
Effective income tax rate, Total | 7.20% | 3.60% | 3.60% |
Declared Common Stock Dividends
Declared Common Stock Dividends (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Dividends Payable [Line Items] | ||||
Total Per Share | $ 1.68 | $ 2.04 | $ 2.16 | |
Dividend Payment 1st | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 20, 2015 | |||
Record Date | Apr. 2, 2015 | |||
Payable Date | Apr. 15, 2015 | |||
Ordinary Income | [1] | $ 0.405355 | ||
Return of Capital | 0.134645 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 2nd | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 14, 2015 | |||
Record Date | Jul. 2, 2015 | |||
Payable Date | Jul. 15, 2015 | |||
Ordinary Income | [1] | $ 0.405355 | ||
Return of Capital | 0.134645 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 3rd | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 13, 2015 | |||
Record Date | Oct. 2, 2015 | |||
Payable Date | Oct. 15, 2015 | |||
Ordinary Income | [1] | $ 0.405355 | ||
Return of Capital | 0.134645 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 4th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 10, 2015 | |||
Record Date | Jan. 4, 2016 | |||
Payable Date | Jan. 15, 2016 | |||
Ordinary Income | [2] | $ 0.487167 | ||
Return of Capital | 0.052833 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 5th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 19, 2016 | |||
Record Date | Apr. 1, 2016 | |||
Payable Date | Apr. 15, 2016 | |||
Ordinary Income | [2] | $ 0.487167 | ||
Return of Capital | 0.052833 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 6th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 12, 2016 | |||
Record Date | Jul. 1, 2016 | |||
Payable Date | Jul. 15, 2016 | |||
Ordinary Income | [2] | $ 0.487167 | ||
Return of Capital | 0.052833 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 7th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 11, 2016 | |||
Record Date | Oct. 3, 2016 | |||
Payable Date | Oct. 17, 2016 | |||
Ordinary Income | [2] | $ 0.487167 | ||
Return of Capital | 0.052833 | |||
Total Per Share | $ 0.54 | |||
Dividend Payment 8th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 8, 2016 | |||
Record Date | Jan. 3, 2017 | |||
Payable Date | Jan. 13, 2017 | |||
Ordinary Income | [3] | $ 0.363660 | ||
Return of Capital | 0.056340 | |||
Total Per Share | $ 0.42 | |||
Dividend Payment 9th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 17, 2017 | |||
Record Date | Apr. 3, 2017 | |||
Payable Date | Apr. 17, 2017 | |||
Ordinary Income | [3] | $ 0.363660 | ||
Return of Capital | 0.056340 | |||
Total Per Share | $ 0.42 | |||
Dividend Payment 10th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 11, 2017 | |||
Record Date | Jul. 3, 2017 | |||
Payable Date | Jul. 17, 2017 | |||
Ordinary Income | [3] | $ 0.363660 | ||
Return of Capital | 0.056340 | |||
Total Per Share | $ 0.42 | |||
Dividend Payment 11th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 10, 2017 | |||
Record Date | Oct. 2, 2017 | |||
Payable Date | Oct. 16, 2017 | |||
Ordinary Income | [3] | $ 0.363660 | ||
Return of Capital | 0.056340 | |||
Total Per Share | $ 0.42 | |||
Dividend Payment 12th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 7, 2017 | |||
Record Date | Jan. 2, 2018 | |||
Payable Date | Jan. 15, 2018 | |||
Total Per Share | $ 0.42 | |||
[1] | $0.051202 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[2] | $0.030979 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[3] | $0.000000 of this amount constitutes a "Qualified Dividend", as defined by the IRS. |
Declared Common Stock Dividen73
Declared Common Stock Dividends (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||
Dividend declared per share | $ 1.68 | $ 2.04 | $ 2.16 |
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 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | 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 | $ 2,900,000 | $ 1,700,000 | $ 7,300,000 | ||
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 | 8,200,000 | ||||
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 | $ 18,100,000 | 18,500,000 | |||
Allocated share-based compensation expense | 13,300,000 | 17,800,000 | 14,700,000 | ||
Unrecognized compensation cost | $ 16,800,000 | ||||
Remaining period for recognizing the unrecognized compensation cost, in years | 1 year 9 months 18 days | ||||
Total fair value of restricted common stock and common stock units that vested | $ 16,600,000 | 15,100,000 | 13,900,000 | ||
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 | 11,400,000 | 14,400,000 | 13,200,000 | ||
Restricted stock based awards | Operating | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Allocated share-based compensation expense | $ 1,900,000 | 1,700,000 | 1,500,000 | ||
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 | ||||
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 | 554,000 | 635,000 | |||
Restricted stock based awards | Employees And Non Employee Directors | General and Administrative | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Restricted common stock units issued by CoreCivic | 487,000 | 562,000 | |||
Restricted stock based awards | Employee | Operating | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Restricted common stock units issued by CoreCivic | 67,000 | 73,000 | |||
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 | ||||
Percent of awards eligible to vest | 33.33% | ||||
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 | Other Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Vesting period, continuous service requirement | 3 years | ||||
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 | 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 | ||||
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 |
Summary of Nonvested RSU Transa
Summary of Nonvested RSU Transactions (Detail) - Restricted stock based awards shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of RSUs, Nonvested at December 31, 2016 | shares | 1,044 |
Shares of RSUs, Granted | shares | 554 |
Shares of RSUs, Cancelled | shares | (131) |
Shares of RSUs, Vested | shares | (513) |
Shares of RSUs, Nonvested at December 31, 2017 | shares | 954 |
Weighted average grant date fair value, Nonvested at December 31, 2016 | $ / shares | $ 32.84 |
Weighted average grant date fair value, Granted | $ / shares | 32.60 |
Weighted average grant date fair value, Cancelled | $ / shares | 37.71 |
Weighted average grant date fair value, Vested | $ / shares | 32.43 |
Weighted average grant date fair value, Nonvested at December 31, 2017 | $ / shares | $ 32.26 |
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, 2017USD ($)$ / sharesshares | |
Number of Shares | |
No. of options, Outstanding at December 31, 2016 | shares | 1,327 |
No. of options, Granted | shares | 0 |
No. of options, Exercised | shares | (313) |
No. of options, Cancelled | shares | 0 |
No. of options, Outstanding at December 31, 2017 | shares | 1,014 |
No. of options, Exercisable at December 31, 2017 | shares | 1,014 |
Weighted-Average Exercise Price per Share | |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2016 | $ / shares | $ 20.53 |
Weighted-Average Exercise Price of options, Granted | $ / shares | 0 |
Weighted-Average Exercise Price of options, Exercised | $ / shares | 22.18 |
Weighted-Average Exercise Price of options, Cancelled | $ / shares | 0 |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2017 | $ / shares | 20.03 |
Weighted-Average Exercise Price of options, Exercisable at December 31, 2017 | $ / shares | $ 20.03 |
Weighted Average Remaining Contractual Term (in years) | |
Outstanding at December 31, 2017 | 2 years 7 months 6 days |
Exercisable at December 31, 2017 | 2 years 7 months 6 days |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2017 | $ | $ 2,669 |
Exercisable at December 31, 2017 | $ | $ 2,669 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net income, Basic | $ 178,040 | $ 219,919 | $ 221,854 | ||||||||
Net income, Diluted | $ 178,040 | $ 219,919 | $ 221,854 | ||||||||
Weighted average common shares outstanding, Basic | 118,084 | 117,384 | 116,949 | ||||||||
Weighted average common shares outstanding, Basic | 118,084 | 117,384 | 116,949 | ||||||||
Weighted average shares and assumed conversions | 118,465 | 117,791 | 117,785 | ||||||||
BASIC EARNINGS PER SHARE | $ 0.35 | $ 0.35 | $ 0.38 | $ 0.42 | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 1.51 | $ 1.87 | $ 1.90 |
DILUTED EARNINGS PER SHARE | $ 0.35 | $ 0.35 | $ 0.38 | $ 0.42 | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 1.50 | $ 1.87 | $ 1.88 |
Stock options | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Effect of dilutive securities | 310 | 306 | 631 | ||||||||
Restricted stock based awards | |||||||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Effect of dilutive securities | 71 | 101 | 205 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Stock options excluded from computation of earnings per share because they were anti-dilutive | 8,000 | 268,000 | 8,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)LegalMatterCompensationPlan | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
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 | ||
Total cash compensation under Deferred Compensation Plans | 5.00% | 5.00% | 5.00% |
Percentage of fixed return from Deferred Compensation Plans to participants | 5.00% | 5.45% | 5.60% |
Deferred Compensation Plans | |||
Loss Contingencies [Line Items] | |||
Employer discretionary matching contribution equal to employee's 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 | ||
Matching contributions as general and administrative expense associated with the Deferred Compensation Plans | $ 0.1 | $ 0.2 | $ 0.3 |
Deferred Compensation Plans assets | 13.5 | 13.1 | |
Deferred Compensation Plans liability | $ 11 | $ 10.6 | |
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% | ||
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% | ||
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's contribution | 100.00% | 100.00% | 100.00% |
Maximum percentage of employer discretionary matching contribution of employee's 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 | $ 12.3 | $ 12 | $ 12 |
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 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017FacilitySegment | |
Segment Reporting Information [Line Items] | |
Number of facilities owned by government partners, managed | 7 |
Number of Operating segments | Segment | 1 |
Number of properties leased to third parties and used by government agencies | 12 |
Correctional, Detention, and Residential Reentry Facility | |
Segment Reporting Information [Line Items] | |
Number of facilities owned and managed | 70 |
Number of facilities owned by government partners, managed | 7 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 440,576 | $ 442,845 | $ 436,393 | $ 445,684 | $ 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 1,765,498 | $ 1,849,785 | $ 1,793,087 |
Operating expenses | 1,249,537 | 1,275,586 | 1,256,128 | ||||||||
Operating income | $ 65,263 | $ 60,815 | $ 65,279 | $ 69,039 | $ 80,359 | $ 73,953 | $ 77,176 | $ 64,928 | 260,396 | 296,416 | 280,554 |
General and administrative | (107,822) | (107,027) | (103,936) | ||||||||
Depreciation and amortization | (147,129) | (166,746) | (151,514) | ||||||||
Restructuring charges | (4,010) | ||||||||||
Asset impairments | (614) | (955) | |||||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,720,233 | 1,809,091 | 1,755,745 | ||||||||
Operating expenses | 1,221,456 | 1,251,674 | 1,228,080 | ||||||||
Operating income | 498,777 | 557,417 | 527,665 | ||||||||
Operating Segments | Owned and managed | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,529,987 | 1,603,671 | 1,543,750 | ||||||||
Operating expenses | 1,048,219 | 1,068,031 | 1,038,070 | ||||||||
Operating income | 481,768 | 535,640 | 505,680 | ||||||||
Operating Segments | Managed-only | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 190,246 | 205,420 | 211,995 | ||||||||
Operating expenses | 173,237 | 183,643 | 190,010 | ||||||||
Operating income | 17,009 | 21,777 | 21,985 | ||||||||
Segment Reconciling Items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Rental and other revenue | 45,265 | 40,694 | 37,342 | ||||||||
Other operating expense | (28,081) | (23,912) | (28,048) | ||||||||
General and administrative | (107,822) | (107,027) | (103,936) | ||||||||
Depreciation and amortization | (147,129) | (166,746) | (151,514) | ||||||||
Restructuring charges | $ (4,010) | ||||||||||
Asset impairments | $ (614) | $ (955) |
Summary of Capital Expenditures
Summary of Capital Expenditures Including Accrued Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 114,747 | $ 134,531 | $ 415,441 |
Owned and managed | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 83,757 | 108,241 | 382,781 |
Managed-only | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 5,238 | 5,749 | 4,049 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 25,752 | $ 20,541 | $ 28,611 |
Schedule of Total Assets (Detai
Schedule of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,272,398 | $ 3,271,604 |
Owned and managed | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,827,928 | 2,841,799 |
Managed-only | ||
Segment Reporting Information [Line Items] | ||
Total assets | 59,805 | 62,292 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 384,665 | $ 367,513 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, shares in Millions | Feb. 22, 2018$ / shares | Jan. 24, 2018Bed | Jan. 19, 2018USD ($)ft² | Jan. 02, 2018USD ($)State | Sep. 15, 2017USD ($) | Jun. 10, 2016USD ($)Bed | Aug. 27, 2015USD ($)Bed | Feb. 28, 2018USD ($)shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015$ / shares |
Subsequent Event [Line Items] | |||||||||||
Purchase price of real estate | $ 8,700,000 | $ 7,700,000 | $ 13,800,000 | ||||||||
Number of beds at the facility | Bed | 112 | 600 | |||||||||
Dividend declared per common share | $ / shares | $ 1.68 | $ 2.04 | $ 2.16 | ||||||||
Revolving Credit Facility | $900.0 Million Revolving Credit Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | $ 900,000,000 | |||||||||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Dividend declared per common share | $ / shares | $ 0.43 | ||||||||||
Dividend payable date | Apr. 16, 2018 | ||||||||||
Dividend declared, record date | Apr. 2, 2018 | ||||||||||
Subsequent Event | Restricted Stock Units (RSUs) | CoreCivic's employees and non-employee directors | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of shares issued | shares | 0.9 | ||||||||||
Aggregate value of shares issued | $ 19,800,000 | ||||||||||
Subsequent Event | Restricted Stock Units (RSUs) | Officers And Executive Officers | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of shares issued | shares | 0.6 | ||||||||||
Vesting period | 3 years | ||||||||||
Subsequent Event | Restricted Stock Units (RSUs) | Other Employees | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of shares issued | shares | 0.3 | ||||||||||
Vesting period | 3 years | ||||||||||
Subsequent Event | Kansas Department Of Corrections | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Lease term | 20 years | ||||||||||
Number of beds at the facility | Bed | 2,432 | ||||||||||
Construction of new facility expected commencement description | Construction of the new facility is expected to commence in the first quarter of 2018 with a timeline for completion of approximately 24 months. | ||||||||||
Construction of new facility approximate completion term | 24 months | ||||||||||
Rocky Mountain Offender Management Systems, LLC | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of states in which company facilities are located | State | 8 | ||||||||||
Aggregate purchase price | $ 7,000,000 | ||||||||||
Capital Commerce Center | Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Area of building acquired | ft² | 261,000 | ||||||||||
Purchase price of real estate | $ 44,700,000 | ||||||||||
Percentage of building leased | 98.00% | ||||||||||
Capital Commerce Center | Subsequent Event | Revolving Credit Facility | $900.0 Million Revolving Credit Facility | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Line of credit facility maximum borrowing capacity | $ 900,000,000 | ||||||||||
Capital Commerce Center | Subsequent Event | Non-Recourse Mortgage Note | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Amount of acquisition financed with non-recourse mortgage note | $ 24,500,000 | ||||||||||
Stated interest rate | 4.50% | ||||||||||
Mortgage note maturity period | 2,033 | ||||||||||
Capital Commerce Center | Subsequent Event | Florida | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Percentage of building leased | 87.00% |
Condensed Consolidating Balance
Condensed Consolidating Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 52,183 | $ 37,711 | $ 65,291 | $ 74,393 |
Accounts receivable, net of allowance | 254,188 | 229,885 | ||
Prepaid expenses and other current assets | 21,119 | 31,228 | ||
Total current assets | 327,490 | 298,824 | ||
Property and equipment, net | 2,802,449 | 2,837,657 | ||
Goodwill | 40,927 | 38,386 | ||
Non-current deferred tax assets | 12,814 | 13,735 | ||
Other assets | 88,718 | 83,002 | ||
Total assets | 3,272,398 | 3,271,604 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 277,804 | 260,107 | ||
Income taxes payable | 3,034 | 2,086 | ||
Current portion of long-term debt | 10,000 | 10,000 | ||
Total current liabilities | 290,838 | 272,193 | ||
Long-term debt, net | 1,437,187 | 1,435,169 | ||
Deferred revenue | 39,735 | 53,437 | ||
Other liabilities | 53,030 | 51,842 | ||
Total liabilities | 1,820,790 | 1,812,641 | ||
Total stockholders' equity | 1,451,608 | 1,458,963 | $ 1,462,748 | $ 1,481,500 |
Total liabilities and stockholders' equity | 3,272,398 | 3,271,604 | ||
Reportable Legal Entities | Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 25,745 | 11,378 | ||
Accounts receivable, net of allowance | 211,673 | 237,495 | ||
Prepaid expenses and other current assets | 1,835 | 7,582 | ||
Total current assets | 239,253 | 256,455 | ||
Property and equipment, net | 2,467,166 | 2,493,025 | ||
Goodwill | 26,031 | 23,231 | ||
Other assets | 421,474 | 339,391 | ||
Total assets | 3,153,924 | 3,112,102 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 251,011 | 203,074 | ||
Income taxes payable | 1,443 | 1,850 | ||
Current portion of long-term debt | 10,000 | 10,000 | ||
Total current liabilities | 262,454 | 214,924 | ||
Long-term debt, net | 1,437,982 | 1,436,186 | ||
Non-current deferred tax liabilities | 379 | 321 | ||
Other liabilities | 1,501 | 1,708 | ||
Total liabilities | 1,702,316 | 1,653,139 | ||
Total stockholders' equity | 1,451,608 | 1,458,963 | ||
Total liabilities and stockholders' equity | 3,153,924 | 3,112,102 | ||
Reportable Legal Entities | Combined Subsidiary Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 26,438 | 26,333 | ||
Accounts receivable, net of allowance | 372,755 | 270,952 | ||
Prepaid expenses and other current assets | 24,986 | 30,123 | ||
Total current assets | 424,179 | 327,408 | ||
Property and equipment, net | 335,283 | 344,632 | ||
Goodwill | 14,896 | 15,155 | ||
Non-current deferred tax assets | 13,193 | 14,056 | ||
Other assets | 69,117 | 57,873 | ||
Total assets | 856,668 | 759,124 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | 362,701 | 342,072 | ||
Income taxes payable | 1,591 | 236 | ||
Total current liabilities | 364,292 | 342,308 | ||
Long-term debt, net | 114,205 | 113,983 | ||
Deferred revenue | 39,735 | 53,437 | ||
Other liabilities | 51,529 | 50,134 | ||
Total liabilities | 569,761 | 559,862 | ||
Total stockholders' equity | 286,907 | 199,262 | ||
Total liabilities and stockholders' equity | 856,668 | 759,124 | ||
Consolidating Adjustments and Other | ||||
ASSETS | ||||
Accounts receivable, net of allowance | (330,240) | (278,562) | ||
Prepaid expenses and other current assets | (5,702) | (6,477) | ||
Total current assets | (335,942) | (285,039) | ||
Non-current deferred tax assets | (379) | (321) | ||
Other assets | (401,873) | (314,262) | ||
Total assets | (738,194) | (599,622) | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Accounts payable and accrued expenses | (335,908) | (285,039) | ||
Total current liabilities | (335,908) | (285,039) | ||
Long-term debt, net | (115,000) | (115,000) | ||
Non-current deferred tax liabilities | (379) | (321) | ||
Total liabilities | (451,287) | (400,360) | ||
Total stockholders' equity | (286,907) | (199,262) | ||
Total liabilities and stockholders' equity | $ (738,194) | $ (599,622) |
Condensed Consolidating Stateme
Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | $ 440,576 | $ 442,845 | $ 436,393 | $ 445,684 | $ 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 1,765,498 | $ 1,849,785 | $ 1,793,087 |
EXPENSES: | |||||||||||
Operating | 1,249,537 | 1,275,586 | 1,256,128 | ||||||||
General and administrative | 107,822 | 107,027 | 103,936 | ||||||||
Depreciation and amortization | 147,129 | 166,746 | 151,514 | ||||||||
Asset impairments | 614 | 955 | |||||||||
Restructuring charges | 4,010 | ||||||||||
Costs and Expenses, Total | 1,505,102 | 1,553,369 | 1,512,533 | ||||||||
OPERATING INCOME | 65,263 | 60,815 | 65,279 | 69,039 | 80,359 | 73,953 | 77,176 | 64,928 | 260,396 | 296,416 | 280,554 |
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 68,535 | 67,755 | 49,696 | ||||||||
Expenses associated with debt refinancing transactions | 701 | ||||||||||
Other (income) expense | (90) | 489 | (58) | ||||||||
Total non-operating expense (income) | 68,445 | 68,244 | 50,339 | ||||||||
INCOME BEFORE INCOME TAXES | 191,951 | 228,172 | 230,215 | ||||||||
Income tax expense | (13,911) | (8,253) | (8,361) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 178,040 | 219,919 | 221,854 | ||||||||
NET INCOME | $ 41,340 | $ 41,178 | $ 45,475 | $ 50,047 | $ 60,689 | $ 55,340 | $ 57,583 | $ 46,307 | 178,040 | 219,919 | 221,854 |
Reportable Legal Entities | Parent | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | 1,194,690 | 1,182,765 | 1,184,878 | ||||||||
EXPENSES: | |||||||||||
Operating | 914,443 | 904,750 | 889,203 | ||||||||
General and administrative | 36,964 | 35,440 | 33,248 | ||||||||
Depreciation and amortization | 87,694 | 84,842 | 82,745 | ||||||||
Asset impairments | 300 | ||||||||||
Restructuring charges | 197 | ||||||||||
Costs and Expenses, Total | 1,039,401 | 1,025,229 | 1,005,196 | ||||||||
OPERATING INCOME | 155,289 | 157,536 | 179,682 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 56,712 | 51,928 | 35,919 | ||||||||
Expenses associated with debt refinancing transactions | 701 | ||||||||||
Other (income) expense | (255) | 995 | 232 | ||||||||
Total non-operating expense (income) | 56,457 | 52,923 | 36,852 | ||||||||
INCOME BEFORE INCOME TAXES | 98,832 | 104,613 | 142,830 | ||||||||
Income tax expense | (1,765) | (1,896) | (1,541) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 97,067 | 102,717 | 141,289 | ||||||||
Income from equity in subsidiaries | 80,973 | 117,202 | 80,565 | ||||||||
NET INCOME | 178,040 | 219,919 | 221,854 | ||||||||
Reportable Legal Entities | Combined Subsidiary Guarantors | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | 1,454,194 | 1,542,231 | 1,469,105 | ||||||||
EXPENSES: | |||||||||||
Operating | 1,218,480 | 1,246,047 | 1,227,821 | ||||||||
General and administrative | 70,858 | 71,587 | 70,688 | ||||||||
Depreciation and amortization | 59,435 | 81,904 | 68,769 | ||||||||
Asset impairments | 314 | 955 | |||||||||
Restructuring charges | 3,813 | ||||||||||
Costs and Expenses, Total | 1,349,087 | 1,403,351 | 1,368,233 | ||||||||
OPERATING INCOME | 105,107 | 138,880 | 100,872 | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Interest expense, net | 11,823 | 15,827 | 13,777 | ||||||||
Other (income) expense | 103 | (548) | (414) | ||||||||
Total non-operating expense (income) | 11,926 | 15,279 | 13,363 | ||||||||
INCOME BEFORE INCOME TAXES | 93,181 | 123,601 | 87,509 | ||||||||
Income tax expense | (12,146) | (6,357) | (6,820) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | 81,035 | 117,244 | 80,689 | ||||||||
NET INCOME | 81,035 | 117,244 | 80,689 | ||||||||
Consolidating Adjustments and Other | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
REVENUES | (883,386) | (875,211) | (860,896) | ||||||||
EXPENSES: | |||||||||||
Operating | (883,386) | (875,211) | (860,896) | ||||||||
Costs and Expenses, Total | (883,386) | (875,211) | (860,896) | ||||||||
OTHER (INCOME) EXPENSE: | |||||||||||
Other (income) expense | 62 | 42 | 124 | ||||||||
Total non-operating expense (income) | 62 | 42 | 124 | ||||||||
INCOME BEFORE INCOME TAXES | (62) | (42) | (124) | ||||||||
INCOME BEFORE EQUITY IN SUBSIDIARIES | (62) | (42) | (124) | ||||||||
Income from equity in subsidiaries | (80,973) | (117,202) | (80,565) | ||||||||
NET INCOME | $ (81,035) | $ (117,244) | $ (80,689) |
Condensed Consolidating State87
Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 341,325 | $ 375,373 | $ 399,798 |
Net cash used in investing activities | (124,562) | (122,188) | (409,281) |
Net cash provided by (used in) financing activities | (202,291) | (280,765) | 381 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 14,472 | (27,580) | (9,102) |
CASH AND CASH EQUIVALENTS, beginning of year | 37,711 | 65,291 | 74,393 |
CASH AND CASH EQUIVALENTS, end of year | 52,183 | 37,711 | 65,291 |
Reportable Legal Entities | Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 276,055 | 295,366 | 102,371 |
Net cash used in investing activities | (55,242) | (19,317) | (93,891) |
Net cash provided by (used in) financing activities | (206,446) | (280,337) | (5,151) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 14,367 | (4,288) | 3,329 |
CASH AND CASH EQUIVALENTS, beginning of year | 11,378 | 15,666 | 12,337 |
CASH AND CASH EQUIVALENTS, end of year | 25,745 | 11,378 | 15,666 |
Reportable Legal Entities | Combined Subsidiary Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 65,270 | 80,007 | 297,427 |
Net cash used in investing activities | (69,320) | (69,571) | (212,215) |
Net cash provided by (used in) financing activities | 4,155 | (33,728) | (97,643) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 105 | (23,292) | (12,431) |
CASH AND CASH EQUIVALENTS, beginning of year | 26,333 | 49,625 | 62,056 |
CASH AND CASH EQUIVALENTS, end of year | $ 26,438 | 26,333 | 49,625 |
Consolidating Adjustments and Other | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash used in investing activities | (33,300) | (103,175) | |
Net cash provided by (used in) financing activities | $ 33,300 | $ 103,175 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenue | $ 440,576 | $ 442,845 | $ 436,393 | $ 445,684 | $ 464,134 | $ 474,935 | $ 463,331 | $ 447,385 | $ 1,765,498 | $ 1,849,785 | $ 1,793,087 |
Operating income | 65,263 | 60,815 | 65,279 | 69,039 | 80,359 | 73,953 | 77,176 | 64,928 | 260,396 | 296,416 | 280,554 |
Net income | $ 41,340 | $ 41,178 | $ 45,475 | $ 50,047 | $ 60,689 | $ 55,340 | $ 57,583 | $ 46,307 | $ 178,040 | $ 219,919 | $ 221,854 |
Basic earnings per share: Net income | $ 0.35 | $ 0.35 | $ 0.38 | $ 0.42 | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 1.51 | $ 1.87 | $ 1.90 |
Diluted earnings per share: Net income | $ 0.35 | $ 0.35 | $ 0.38 | $ 0.42 | $ 0.52 | $ 0.47 | $ 0.49 | $ 0.39 | $ 1.50 | $ 1.87 | $ 1.88 |
Schedule III - Real Estate As89
Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Land, Initial Cost to Company | $ 189,036 | |||||
Buildings and Improvements, Initial Cost to Company | 2,635,749 | |||||
Cost Capitalized Subsequent to Acquisition | 1,012,108 | |||||
Land and Land Improvements, Gross Amount | 236,882 | |||||
Buildings and Leasehold Improvements, Gross Amount | 3,468,966 | |||||
Total Gross Amount | 3,705,848 | [1] | $ 3,636,935 | $ 3,542,023 | $ 3,071,094 | |
Accumulated Depreciation | $ (1,059,006) | [2] | $ (960,354) | $ (834,558) | $ (815,980) | |
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 | 2,911 | |||||
Land and Land Improvements, Gross Amount | 1,089 | |||||
Buildings and Leasehold Improvements, Gross Amount | 122,261 | |||||
Total Gross Amount | [1] | 123,350 | ||||
Accumulated Depreciation | [2] | $ (22,611) | ||||
Constructed/Acquired Date | 2,008 | |||||
Adams Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Denver, Colorado | |||||
Land, Initial Cost to Company | $ 6,090 | |||||
Buildings and Improvements, Initial Cost to Company | 853 | |||||
Cost Capitalized Subsequent to Acquisition | 85 | |||||
Land and Land Improvements, Gross Amount | 6,090 | |||||
Buildings and Leasehold Improvements, Gross Amount | 938 | |||||
Total Gross Amount | [1] | 7,028 | ||||
Accumulated Depreciation | [2] | $ (6) | ||||
Constructed/Acquired Date | 2,017 | |||||
Arapahoe Community Treatment Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Englewood, Colorado | |||||
Land, Initial Cost to Company | $ 3,760 | |||||
Buildings and Improvements, Initial Cost to Company | 1,239 | |||||
Cost Capitalized Subsequent to Acquisition | 148 | |||||
Land and Land Improvements, Gross Amount | 3,760 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,387 | |||||
Total Gross Amount | [1] | 5,147 | ||||
Accumulated Depreciation | [2] | $ (40) | ||||
Constructed/Acquired Date | 2,017 | |||||
Augusta Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Augusta, Georgia | |||||
Land, Initial Cost to Company | $ 1,281 | |||||
Buildings and Improvements, Initial Cost to Company | 2,674 | |||||
Land and Land Improvements, Gross Amount | 1,281 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,674 | |||||
Total Gross Amount | [1] | 3,955 | ||||
Accumulated Depreciation | [2] | $ (22) | ||||
Constructed/Acquired Date | 2,017 | |||||
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] | $ (151) | ||||
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 | 872 | |||||
Land and Land Improvements, Gross Amount | 19,497 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,470 | |||||
Total Gross Amount | [1] | 24,967 | ||||
Accumulated Depreciation | [2] | $ (518) | ||||
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 | 67,576 | |||||
Land and Land Improvements, Gross Amount | 1,375 | |||||
Buildings and Leasehold Improvements, Gross Amount | 79,866 | |||||
Total Gross Amount | [1] | 81,241 | ||||
Accumulated Depreciation | [2] | $ (23,896) | ||||
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 | |||||
Land and Land Improvements, Gross Amount | 70 | |||||
Total Gross Amount | [1],[3] | $ 70 | ||||
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 | |||||
Cost Capitalized Subsequent to Acquisition | 57 | |||||
Land and Land Improvements, Gross Amount | 663 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,757 | |||||
Total Gross Amount | [1] | 3,420 | ||||
Accumulated Depreciation | [2] | $ (169) | ||||
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 | 677 | |||||
Land and Land Improvements, Gross Amount | 834 | |||||
Buildings and Leasehold Improvements, Gross Amount | 12,083 | |||||
Total Gross Amount | [1] | 12,917 | ||||
Accumulated Depreciation | [2] | $ (1,782) | ||||
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 | 12,154 | |||||
Land and Land Improvements, Gross Amount | 2,569 | |||||
Buildings and Leasehold Improvements, Gross Amount | 136,707 | |||||
Total Gross Amount | [1] | 139,276 | ||||
Accumulated Depreciation | [2] | $ (48,586) | ||||
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 | 1,060 | |||||
Land and Land Improvements, Gross Amount | 8,599 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,654 | |||||
Total Gross Amount | [1] | 14,253 | ||||
Accumulated Depreciation | [2] | $ (525) | ||||
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 | 184 | |||||
Land and Land Improvements, Gross Amount | 4,908 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,437 | |||||
Total Gross Amount | [1] | 6,345 | ||||
Accumulated Depreciation | [2] | $ (91) | ||||
Constructed/Acquired Date | 2,016 | |||||
Central Arizona Florence Correctional Complex | ||||||
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 | 133,531 | |||||
Cost Capitalized Subsequent to Acquisition | 47,822 | |||||
Land and Land Improvements, Gross Amount | 4,167 | |||||
Buildings and Leasehold Improvements, Gross Amount | 178,484 | |||||
Total Gross Amount | [1] | 182,651 | ||||
Accumulated Depreciation | [2] | $ (66,707) | ||||
Central Arizona Florence Correctional Complex | Minimum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 1,994 | |||||
Central Arizona Florence Correctional Complex | Maximum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 1,999 | |||||
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] | $ (162) | ||||
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] | $ (241) | ||||
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 | 31,081 | |||||
Land and Land Improvements, Gross Amount | 1,368 | |||||
Buildings and Leasehold Improvements, Gross Amount | 46,372 | |||||
Total Gross Amount | [1] | 47,740 | ||||
Accumulated Depreciation | [2] | $ (18,678) | ||||
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 | 44,054 | |||||
Land and Land Improvements, Gross Amount | 602 | |||||
Buildings and Leasehold Improvements, Gross Amount | 115,005 | |||||
Total Gross Amount | [1] | 115,607 | ||||
Accumulated Depreciation | [2] | $ (36,615) | ||||
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 | 50,251 | |||||
Land and Land Improvements, Gross Amount | 853 | |||||
Buildings and Leasehold Improvements, Gross Amount | 77,953 | |||||
Total Gross Amount | [1] | 78,806 | ||||
Accumulated Depreciation | [2] | $ (22,611) | ||||
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 | 162 | |||||
Land and Land Improvements, Gross Amount | 1,415 | |||||
Buildings and Leasehold Improvements, Gross Amount | 649 | |||||
Total Gross Amount | [1] | 2,064 | ||||
Accumulated Depreciation | [2] | $ (45) | ||||
Constructed/Acquired Date | 2,016 | |||||
Commerce Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Commerce City, Colorado | |||||
Land, Initial Cost to Company | $ 5,166 | |||||
Buildings and Improvements, Initial Cost to Company | 1,758 | |||||
Cost Capitalized Subsequent to Acquisition | 176 | |||||
Land and Land Improvements, Gross Amount | 5,166 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,934 | |||||
Total Gross Amount | [1] | 7,100 | ||||
Accumulated Depreciation | [2] | $ (12) | ||||
Constructed/Acquired Date | 2,017 | |||||
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 | 438 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,324 | |||||
Total Gross Amount | [1] | 2,324 | ||||
Accumulated Depreciation | [2] | $ (525) | ||||
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 | 9,085 | |||||
Land and Land Improvements, Gross Amount | 1,388 | |||||
Buildings and Leasehold Improvements, Gross Amount | 41,306 | |||||
Total Gross Amount | [1] | 42,694 | ||||
Accumulated Depreciation | [2] | $ (36,507) | ||||
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 | 29,541 | |||||
Land and Land Improvements, Gross Amount | 2,488 | |||||
Buildings and Leasehold Improvements, Gross Amount | 74,109 | |||||
Total Gross Amount | [1] | 76,597 | ||||
Accumulated Depreciation | [2] | $ (23,406) | ||||
Constructed/Acquired Date | 2,003 | |||||
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 | 207 | |||||
Land and Land Improvements, Gross Amount | 6,788 | |||||
Buildings and Leasehold Improvements, Gross Amount | 934 | |||||
Total Gross Amount | [1] | 7,722 | ||||
Accumulated Depreciation | [2] | $ (58) | ||||
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 | 1,703 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,555 | |||||
Total Gross Amount | [1] | 5,555 | ||||
Accumulated Depreciation | [2] | $ (700) | ||||
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 | 41,165 | |||||
Land and Land Improvements, Gross Amount | 961 | |||||
Buildings and Leasehold Improvements, Gross Amount | 107,155 | |||||
Total Gross Amount | [1] | 108,116 | ||||
Accumulated Depreciation | [2] | $ (34,426) | ||||
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 | 23,922 | |||||
Land and Land Improvements, Gross Amount | 1,313 | |||||
Buildings and Leasehold Improvements, Gross Amount | 64,494 | |||||
Total Gross Amount | [1] | 65,807 | ||||
Accumulated Depreciation | [2] | $ (24,436) | ||||
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 | 33,825 | |||||
Land and Land Improvements, Gross Amount | 5,506 | |||||
Buildings and Leasehold Improvements, Gross Amount | 56,889 | |||||
Total Gross Amount | [1] | 62,395 | ||||
Accumulated Depreciation | [2] | $ (22,689) | ||||
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] | $ (535) | ||||
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] | $ (444) | ||||
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 | 15,945 | |||||
Land and Land Improvements, Gross Amount | 1,855 | |||||
Buildings and Leasehold Improvements, Gross Amount | 47,896 | |||||
Total Gross Amount | [1] | 49,751 | ||||
Accumulated Depreciation | [2] | $ (19,996) | ||||
Constructed/Acquired Date | 1,995 | |||||
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 | 257 | |||||
Land and Land Improvements, Gross Amount | 3,252 | |||||
Buildings and Leasehold Improvements, Gross Amount | 590 | |||||
Total Gross Amount | [1] | 3,842 | ||||
Accumulated Depreciation | [2] | $ (404) | ||||
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 | 258 | |||||
Land and Land Improvements, Gross Amount | 3,038 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,461 | |||||
Total Gross Amount | [1] | 4,499 | ||||
Accumulated Depreciation | [2] | $ (88) | ||||
Constructed/Acquired Date | 2,016 | |||||
Greenville | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Greenville, North Carolina | |||||
Land, Initial Cost to Company | $ 361 | |||||
Buildings and Improvements, Initial Cost to Company | 1,387 | |||||
Cost Capitalized Subsequent to Acquisition | 8 | |||||
Land and Land Improvements, Gross Amount | 361 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,395 | |||||
Total Gross Amount | [1] | 1,756 | ||||
Accumulated Depreciation | [2] | $ (12) | ||||
Constructed/Acquired Date | 2,017 | |||||
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 | 39,944 | |||||
Land and Land Improvements, Gross Amount | 3,560 | |||||
Buildings and Leasehold Improvements, Gross Amount | 92,007 | |||||
Total Gross Amount | [1] | 95,567 | ||||
Accumulated Depreciation | [2] | $ (34,397) | ||||
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 | 4,220 | |||||
Land and Land Improvements, Gross Amount | 1,019 | |||||
Buildings and Leasehold Improvements, Gross Amount | 29,683 | |||||
Total Gross Amount | [1] | 30,702 | ||||
Accumulated Depreciation | [2] | $ (13,722) | ||||
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 | 403 | |||||
Land and Land Improvements, Gross Amount | 258 | |||||
Buildings and Leasehold Improvements, Gross Amount | 48,511 | |||||
Total Gross Amount | [1] | 48,769 | ||||
Accumulated Depreciation | [2] | $ (5,685) | ||||
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 | 43,472 | |||||
Land and Land Improvements, Gross Amount | 1,051 | |||||
Buildings and Leasehold Improvements, Gross Amount | 78,833 | |||||
Total Gross Amount | [1] | 79,884 | ||||
Accumulated Depreciation | [2] | $ (22,789) | ||||
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 | 13,354 | |||||
Land and Land Improvements, Gross Amount | 486 | |||||
Buildings and Leasehold Improvements, Gross Amount | 196,306 | |||||
Total Gross Amount | [1] | 196,792 | ||||
Accumulated Depreciation | [2] | $ (39,900) | ||||
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 | 5,256 | |||||
Land and Land Improvements, Gross Amount | 3,818 | |||||
Buildings and Leasehold Improvements, Gross Amount | 74,088 | |||||
Total Gross Amount | [1] | 77,906 | ||||
Accumulated Depreciation | [2] | $ (9,543) | ||||
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 | 2,665 | |||||
Land and Land Improvements, Gross Amount | 986 | |||||
Buildings and Leasehold Improvements, Gross Amount | 29,204 | |||||
Total Gross Amount | [1] | 30,190 | ||||
Accumulated Depreciation | [2] | $ (11,748) | ||||
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 | 43,278 | |||||
Land and Land Improvements, Gross Amount | 491 | |||||
Buildings and Leasehold Improvements, Gross Amount | 87,887 | |||||
Total Gross Amount | [1] | 88,378 | ||||
Accumulated Depreciation | [2] | $ (28,981) | ||||
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 | 16,708 | |||||
Land and Land Improvements, Gross Amount | 1,220 | |||||
Buildings and Leasehold Improvements, Gross Amount | 16,503 | |||||
Total Gross Amount | [1] | 17,723 | ||||
Accumulated Depreciation | [2] | $ (7,283) | ||||
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] | $ (2,992) | ||||
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] | $ (96) | ||||
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 | 98 | |||||
Land and Land Improvements, Gross Amount | 3,363 | |||||
Buildings and Leasehold Improvements, Gross Amount | 681 | |||||
Total Gross Amount | [1] | 4,044 | ||||
Accumulated Depreciation | [2] | $ (44) | ||||
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 | 8,632 | |||||
Land and Land Improvements, Gross Amount | 918 | |||||
Buildings and Leasehold Improvements, Gross Amount | 17,958 | |||||
Total Gross Amount | [1] | 18,876 | ||||
Accumulated Depreciation | [2] | $ (6,818) | ||||
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 | 18,116 | |||||
Land and Land Improvements, Gross Amount | 1,099 | |||||
Buildings and Leasehold Improvements, Gross Amount | 77,875 | |||||
Total Gross Amount | [1] | 78,974 | ||||
Accumulated Depreciation | [2] | $ (21,175) | ||||
Constructed/Acquired Date | 2,000 | |||||
Milledgeville | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Milledgeville, Georgia | |||||
Land, Initial Cost to Company | $ 120 | |||||
Buildings and Improvements, Initial Cost to Company | 714 | |||||
Land and Land Improvements, Gross Amount | 120 | |||||
Buildings and Leasehold Improvements, Gross Amount | 714 | |||||
Total Gross Amount | [1] | 834 | ||||
Accumulated Depreciation | [2] | $ (6) | ||||
Constructed/Acquired Date | 2,017 | |||||
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 | 10,093 | |||||
Land and Land Improvements, Gross Amount | 8,374 | |||||
Buildings and Leasehold Improvements, Gross Amount | 73,629 | |||||
Total Gross Amount | [1] | 82,003 | ||||
Accumulated Depreciation | [2] | $ (12,953) | ||||
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 | 60,351 | |||||
Land and Land Improvements, Gross Amount | 356 | |||||
Buildings and Leasehold Improvements, Gross Amount | 102,161 | |||||
Total Gross Amount | [1] | 102,517 | ||||
Accumulated Depreciation | [2] | $ (31,541) | ||||
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 | 10,583 | |||||
Land and Land Improvements, Gross Amount | 1,858 | |||||
Buildings and Leasehold Improvements, Gross Amount | 49,058 | |||||
Total Gross Amount | [1] | 50,916 | ||||
Accumulated Depreciation | [2] | $ (19,465) | ||||
Constructed/Acquired Date | 1,997 | |||||
Northwest New Mexico Correctional Center | ||||||
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 | 18,319 | |||||
Land and Land Improvements, Gross Amount | 879 | |||||
Buildings and Leasehold Improvements, Gross Amount | 33,470 | |||||
Total Gross Amount | [1] | 34,349 | ||||
Accumulated Depreciation | [2] | $ (13,703) | ||||
Constructed/Acquired Date | 1,989 | |||||
Oklahoma City Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Oklahoma City, Oklahoma | |||||
Land, Initial Cost to Company | $ 1,114 | |||||
Buildings and Improvements, Initial Cost to Company | 2,626 | |||||
Cost Capitalized Subsequent to Acquisition | 257 | |||||
Land and Land Improvements, Gross Amount | 1,114 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,883 | |||||
Total Gross Amount | [1] | 3,997 | ||||
Accumulated Depreciation | [2] | $ (41) | ||||
Constructed/Acquired Date | 2,017 | |||||
Oracle Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tucson, Arizona | |||||
Land, Initial Cost to Company | $ 4,544 | |||||
Buildings and Improvements, Initial Cost to Company | 1,220 | |||||
Cost Capitalized Subsequent to Acquisition | 8 | |||||
Land and Land Improvements, Gross Amount | 4,552 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,220 | |||||
Total Gross Amount | [1] | 5,772 | ||||
Accumulated Depreciation | [2] | $ (13) | ||||
Constructed/Acquired Date | 2,017 | |||||
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 | 8,782 | |||||
Land and Land Improvements, Gross Amount | 37,009 | |||||
Buildings and Leasehold Improvements, Gross Amount | 115,029 | |||||
Total Gross Amount | [1],[4] | 152,038 | ||||
Accumulated Depreciation | [2] | $ (6,356) | ||||
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 | 9,126 | |||||
Land and Land Improvements, Gross Amount | 1,068 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,464 | |||||
Total Gross Amount | [1] | 31,532 | ||||
Accumulated Depreciation | [2] | $ (15,414) | ||||
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] | $ (45) | ||||
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 | 56,306 | |||||
Land and Land Improvements, Gross Amount | 256 | |||||
Buildings and Leasehold Improvements, Gross Amount | 134,516 | |||||
Total Gross Amount | [1] | 134,772 | ||||
Accumulated Depreciation | [2] | $ (31,958) | ||||
Constructed/Acquired Date | 2,006 | |||||
Rockingham | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Rockingham, North Carolina | |||||
Land, Initial Cost to Company | $ 95 | |||||
Buildings and Improvements, Initial Cost to Company | 1,070 | |||||
Land and Land Improvements, Gross Amount | 95 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,070 | |||||
Total Gross Amount | [1] | 1,165 | ||||
Accumulated Depreciation | [2] | $ (9) | ||||
Constructed/Acquired Date | 2,017 | |||||
Roth Hall Residential Reentry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Philadelphia, Pennsylvania | |||||
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] | $ (163) | ||||
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 | 1,228 | |||||
Land and Land Improvements, Gross Amount | 486 | |||||
Buildings and Leasehold Improvements, Gross Amount | 99,838 | |||||
Total Gross Amount | [1] | 100,324 | ||||
Accumulated Depreciation | [2] | $ (21,272) | ||||
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 | |||||
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 | 3,317 | |||||
Land and Land Improvements, Gross Amount | 279 | |||||
Buildings and Leasehold Improvements, Gross Amount | 9,581 | |||||
Total Gross Amount | [1] | 9,860 | ||||
Accumulated Depreciation | [2] | $ (9,448) | ||||
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] | $ (89,972) | ||||
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 | 11,615 | |||||
Land and Land Improvements, Gross Amount | 1,590 | |||||
Buildings and Leasehold Improvements, Gross Amount | 35,012 | |||||
Total Gross Amount | [1] | 36,602 | ||||
Accumulated Depreciation | [2] | $ (14,738) | ||||
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 | 17,048 | |||||
Land and Land Improvements, Gross Amount | 1,234 | |||||
Buildings and Leasehold Improvements, Gross Amount | 86,517 | |||||
Total Gross Amount | [1] | 87,751 | ||||
Accumulated Depreciation | [2] | $ (22,374) | ||||
Constructed/Acquired Date | 2,004 | |||||
Stockton Female Community Corrections Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Stockton, California | |||||
Land, Initial Cost to Company | $ 692 | |||||
Buildings and Improvements, Initial Cost to Company | 788 | |||||
Land and Land Improvements, Gross Amount | 692 | |||||
Buildings and Leasehold Improvements, Gross Amount | 788 | |||||
Total Gross Amount | [1] | 1,480 | ||||
Accumulated Depreciation | [2] | $ (18) | ||||
Constructed/Acquired Date | 2,017 | |||||
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 | 4,320 | |||||
Land and Land Improvements, Gross Amount | 594 | |||||
Buildings and Leasehold Improvements, Gross Amount | 17,327 | |||||
Total Gross Amount | [1] | 17,921 | ||||
Accumulated Depreciation | [2] | $ (7,759) | ||||
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 | 96,539 | |||||
Land and Land Improvements, Gross Amount | 1,586 | |||||
Buildings and Leasehold Improvements, Gross Amount | 139,591 | |||||
Total Gross Amount | [1] | 141,177 | ||||
Accumulated Depreciation | [2] | $ (44,636) | ||||
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 | 8,286 | |||||
Land and Land Improvements, Gross Amount | 1,719 | |||||
Buildings and Leasehold Improvements, Gross Amount | 59,677 | |||||
Total Gross Amount | [1] | 61,396 | ||||
Accumulated Depreciation | [2] | $ (24,514) | ||||
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 | 4,452 | |||||
Land and Land Improvements, Gross Amount | 1,619 | |||||
Buildings and Leasehold Improvements, Gross Amount | 138,894 | |||||
Total Gross Amount | [1] | 140,513 | ||||
Accumulated Depreciation | [2] | $ (5,844) | ||||
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 | 768 | |||||
Land and Land Improvements, Gross Amount | 8,206 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,829 | |||||
Total Gross Amount | [1] | 13,035 | ||||
Accumulated Depreciation | [2] | $ (447) | ||||
Constructed/Acquired Date | 2,015 | |||||
Tulsa Women's Residential Program | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, OK | |||||
Land, Initial Cost to Company | $ 200 | |||||
Buildings and Improvements, Initial Cost to Company | 75 | |||||
Land and Land Improvements, Gross Amount | 200 | |||||
Buildings and Leasehold Improvements, Gross Amount | 75 | |||||
Total Gross Amount | [1] | 275 | ||||
Accumulated Depreciation | [2] | $ (2) | ||||
Constructed/Acquired Date | 2,017 | |||||
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 | 839 | |||||
Land and Land Improvements, Gross Amount | 421 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,944 | |||||
Total Gross Amount | [1] | 5,365 | ||||
Accumulated Depreciation | [2] | $ (478) | ||||
Constructed/Acquired Date | 2,015 | |||||
Ulster Facility | ||||||
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 | 120 | |||||
Land and Land Improvements, Gross Amount | 4,068 | |||||
Buildings and Leasehold Improvements, Gross Amount | 562 | |||||
Total Gross Amount | [1] | 4,630 | ||||
Accumulated Depreciation | [2] | $ (34) | ||||
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] | $ (163) | ||||
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 | 6,119 | |||||
Land and Land Improvements, Gross Amount | 2,129 | |||||
Buildings and Leasehold Improvements, Gross Amount | 24,648 | |||||
Total Gross Amount | [1] | 26,777 | ||||
Accumulated Depreciation | [2] | $ (10,962) | ||||
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 | 6,103 | |||||
Land and Land Improvements, Gross Amount | 2,007 | |||||
Buildings and Leasehold Improvements, Gross Amount | 36,565 | |||||
Total Gross Amount | [1] | 38,572 | ||||
Accumulated Depreciation | [2] | $ (16,522) | ||||
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 | 45,246 | |||||
Land and Land Improvements, Gross Amount | 428 | |||||
Buildings and Leasehold Improvements, Gross Amount | 75,716 | |||||
Total Gross Amount | [1] | 76,144 | ||||
Accumulated Depreciation | [2] | $ (22,631) | ||||
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 | 7,312 | |||||
Land and Land Improvements, Gross Amount | 1,671 | |||||
Buildings and Leasehold Improvements, Gross Amount | 57,638 | |||||
Total Gross Amount | [1] | 59,309 | ||||
Accumulated Depreciation | [2] | $ (22,658) | ||||
Constructed/Acquired Date | 1,998 | |||||
[1] | The aggregate cost of properties for federal income tax purposes is approximately $3.6 billion at December 31, 2017. | |||||
[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, and during the third quarter of 2017 to write down the book value of the Bridgeport facility, 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 As90
Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2015Bed | 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 | 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 As91
Schedule III - Real Estate Assets and Accumulated Depreciation Summary of Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||
Investment in Real Estate, balance at beginning of period | $ 3,636,935 | $ 3,542,023 | $ 3,071,094 | |
Additions through capital expenditures | 38,181 | 54,678 | 433,481 | |
Acquisitions | 37,827 | 36,199 | 131,348 | |
Asset Impairments | (879) | |||
Reclassifications and other | (6,216) | 4,035 | (93,900) | |
Investment in Real Estate, balance at end of period | 3,705,848 | [1] | 3,636,935 | 3,542,023 |
Accumulated Depreciation, balance at beginning of period | (960,354) | (834,558) | (815,980) | |
Depreciation | (105,392) | (125,913) | (113,611) | |
Disposals/Other | 6,162 | 117 | 95,033 | |
Asset Impairments | 578 | |||
Accumulated Depreciation, balance at end of period | $ (1,059,006) | [2] | $ (960,354) | $ (834,558) |
[1] | The aggregate cost of properties for federal income tax purposes is approximately $3.6 billion at December 31, 2017. | |||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. |