Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 16, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CXW | ||
Entity Registrant Name | CORECIVIC, INC. | ||
Entity Central Index Key | 0001070985 | ||
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 Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 119,637,734 | ||
Entity Public Float | $ 1,109,062,984 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-16109 | ||
Entity Tax Identification Number | 62-1763875 | ||
Entity Address, Address Line One | 5501 VIRGINIA WAY | ||
Entity Address, City or Town | BRENTWOOD | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37027 | ||
City Area Code | 615 | ||
Local Phone Number | 263-3000 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | MD | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement for the 2021 Annual Meeting of Stockholders, currently scheduled to be held on May 13, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 113,219 | $ 92,120 |
Restricted cash | 23,549 | 26,973 |
Accounts receivable, net of credit loss reserve of $6,103 and $3,217, respectively | 267,705 | 280,785 |
Prepaid expenses and other current assets | 33,243 | 35,507 |
Assets held for sale | 279,406 | |
Total current assets | 717,122 | 435,385 |
Real estate and related assets: | ||
Property and equipment, net of accumulated depreciation of $1,559,388 and $1,510,117, respectively | 2,350,272 | 2,700,107 |
Other real estate assets | 228,243 | 238,637 |
Goodwill | 5,902 | 50,537 |
Non-current deferred tax assets | 11,113 | 16,058 |
Other assets | 396,663 | 350,907 |
Total assets | 3,709,315 | 3,791,631 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued expenses | 274,318 | 337,462 |
Current portion of long-term debt | 39,087 | 31,349 |
Total current liabilities | 313,405 | 368,811 |
Long-term debt, net | 1,747,664 | 1,928,023 |
Deferred revenue | 18,336 | 12,469 |
Other liabilities | 216,468 | 105,579 |
Total liabilities | 2,295,873 | 2,414,882 |
Commitments and contingencies | ||
Preferred stock – $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2020 and 2019, respectively | 0 | 0 |
Common stock – $0.01 par value; 300,000 shares authorized; 119,638 and 119,096 shares issued and outstanding at December 31, 2020 and 2019, respectively | 1,196 | 1,191 |
Additional paid-in capital | 1,835,494 | 1,821,810 |
Accumulated deficit | (446,519) | (446,252) |
Total stockholders' equity | 1,390,171 | 1,376,749 |
Non-controlling interest - operating partnership | 23,271 | |
Total equity | 1,413,442 | 1,376,749 |
Total liabilities and stockholders' equity | $ 3,709,315 | $ 3,791,631 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, credit loss reserve | $ 6,103 | $ 3,217 |
Accumulated depreciation | $ 1,559,388 | $ 1,510,117 |
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 | 119,638,000 | 119,096,000 |
Common stock, shares outstanding | 119,638,000 | 119,096,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES | $ 1,905,485 | $ 1,980,689 | $ 1,835,766 |
EXPENSES: | |||
Operating | 1,406,376 | 1,422,769 | 1,315,250 |
General and administrative | 124,338 | 127,078 | 106,865 |
Depreciation and amortization | 150,861 | 144,572 | 156,501 |
Contingent consideration for acquisition of businesses | 620 | 6,085 | |
Asset impairments | 60,628 | 4,706 | 1,580 |
Costs and Expenses, Total | 1,742,823 | 1,699,125 | 1,586,281 |
OPERATING INCOME | 162,662 | 281,564 | 249,485 |
OTHER (INCOME) EXPENSE: | |||
Interest expense, net | 83,299 | 84,401 | 80,753 |
Expenses associated with debt repayments and refinancing transactions | 7,141 | 602 | 1,016 |
Loss (gain) on sale of real estate assets | 13,023 | (287) | |
Other (income) expense | (525) | 123 | 156 |
Total non-operating expense (income) | 102,938 | 84,839 | 81,925 |
INCOME BEFORE INCOME TAXES | 59,724 | 196,725 | 167,560 |
Income tax expense | (4,386) | (7,839) | (8,353) |
NET INCOME | 55,338 | 188,886 | 159,207 |
Net income attributable to non-controlling interest | (1,181) | ||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 54,157 | $ 188,886 | $ 159,207 |
BASIC EARNINGS PER SHARE | $ 0.45 | $ 1.59 | $ 1.34 |
DILUTED EARNINGS PER SHARE | 0.45 | 1.59 | 1.34 |
DIVIDENDS DECLARED PER SHARE | $ 0.44 | $ 1.76 | $ 1.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 55,338 | $ 188,886 | $ 159,207 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 150,861 | 144,572 | 156,501 |
Asset impairments | 60,628 | 4,706 | 1,580 |
Amortization of debt issuance costs and other non-cash interest | 5,519 | 3,351 | 3,419 |
Expenses associated with debt repayments and refinancing transactions | 7,141 | 602 | 1,016 |
Deferred income taxes | 4,945 | (1,162) | (4,436) |
Loss (gain) on sale of real estate assets | 13,023 | (287) | |
Other expenses and non-cash items | 13,616 | 13,320 | 7,909 |
Non-cash revenue and other income | (7,301) | (11,292) | (14,509) |
Non-cash equity compensation | 17,264 | 17,267 | 13,132 |
Changes in assets and liabilities, net: | |||
Accounts receivable, prepaid expenses and other assets | 16,769 | (16,938) | (19,470) |
Accounts payable, accrued expenses and other liabilities | 17,727 | 11,359 | 18,531 |
Net cash provided by operating activities | 355,530 | 354,384 | 322,880 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Expenditures for facility development and expansions | (27,591) | (136,128) | (58,239) |
Expenditures for other capital improvements | (56,196) | (57,192) | (63,438) |
Acquisitions, net of cash acquired | (8,849) | (48,396) | (175,588) |
Net proceeds from sale of assets | 113,602 | 4,295 | 12,911 |
Increase in other assets | (7,998) | (7,168) | (6,703) |
Net cash provided by (used in) investing activities | 12,968 | (244,589) | (291,057) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt and borrowings from credit facility | 374,000 | 1,146,691 | 809,831 |
Scheduled principal repayments | (32,254) | (14,121) | (7,816) |
Principal repayments of credit facility | (520,000) | (648,000) | (603,500) |
Defeasance of non-recourse mortgage notes | (51,311) | ||
Satisfaction and discharge of senior notes | (325,000) | ||
Payment of debt defeasance, issuance and other refinancing and related costs | (11,162) | (4,296) | (6,087) |
Payment of lease obligations for financing leases | (543) | (538) | (3,744) |
Contingent consideration for acquisition of businesses | (7,398) | (1,500) | |
Proceeds from exercise of stock options | 876 | 2,367 | |
Proceeds from sale/leaseback | 7,783 | ||
Purchase and retirement of common stock | (3,575) | (3,531) | (3,005) |
Dividends paid | (105,978) | (209,522) | (204,198) |
Net cash used in financing activities | (350,823) | (64,839) | (9,869) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 17,675 | 44,956 | 21,954 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 119,093 | 74,137 | 52,183 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 136,768 | 119,093 | 74,137 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Debt assumed on acquisition of property | 52,217 | 157,280 | |
Establishment of right of use assets and lease liabilities | 116,263 | 137,946 | |
Cash paid during the period for: | |||
Interest (net of amounts capitalized of $0.5 million, $6.0 million, and $1.0 million in 2020, 2019, and 2018, respectively) | 88,132 | 85,698 | 71,787 |
Income taxes paid | $ 1,322 | $ 16,437 | $ 13,303 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest, capitalized interest | $ 0.5 | $ 6 | $ 1 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect Period of Adoption Adjustment | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated DeficitCumulative Effect Period of Adoption Adjustment | Total Stockholders' Equity | Total Stockholders' EquityCumulative Effect Period of Adoption Adjustment | Non-controlling Interest-Operating Partnership |
Balance at Dec. 31, 2017 | $ 1,451,608 | $ 1,182 | $ 1,794,713 | $ (344,287) | $ 1,451,608 | ||||
Balance (in shares) at Dec. 31, 2017 | 118,204 | ||||||||
Net income | 159,207 | 159,207 | 159,207 | ||||||
Retirement of common stock | (3,005) | $ (1) | (3,004) | (3,005) | |||||
Retirement of common stock (in shares) | (139) | ||||||||
Dividends declared on common stock | (205,675) | (205,675) | (205,675) | ||||||
Restricted stock compensation, net of forfeitures | 13,132 | 13,132 | 13,132 | ||||||
Restricted stock grants | $ 5 | (5) | |||||||
Restricted stock grants (in shares) | 462 | ||||||||
Stock options exercised | 2,367 | $ 1 | 2,366 | 2,367 | |||||
Stock options exercised (in shares) | 147 | ||||||||
Balance at Dec. 31, 2018 | 1,415,059 | $ (2,575) | $ 1,187 | 1,807,202 | (393,330) | $ (2,575) | 1,415,059 | $ (2,575) | |
Balance (in shares) at Dec. 31, 2018 | 118,674 | ||||||||
Net income | 188,886 | 188,886 | 188,886 | ||||||
Retirement of common stock | (3,531) | $ (2) | (3,529) | (3,531) | |||||
Retirement of common stock (in shares) | (164) | ||||||||
Dividends declared on common stock | (211,868) | (211,868) | (211,868) | ||||||
Restricted stock compensation, net of forfeitures | 17,267 | 17,267 | 17,267 | ||||||
Restricted stock grants | $ 5 | (5) | |||||||
Restricted stock grants (in shares) | 524 | ||||||||
Stock options exercised | 876 | $ 1 | 875 | 876 | |||||
Stock options exercised (in shares) | 62 | ||||||||
Balance at Dec. 31, 2019 | 1,376,749 | (29,940) | $ 1,191 | 1,821,810 | (446,252) | (29,940) | 1,376,749 | (29,940) | |
Balance (in shares) at Dec. 31, 2019 | 119,096 | ||||||||
Net income | 55,338 | 54,157 | 54,157 | $ 1,181 | |||||
Retirement of common stock | (3,575) | $ (2) | (3,573) | (3,575) | |||||
Retirement of common stock (in shares) | (209) | ||||||||
Dividends declared on common stock | (53,415) | (53,415) | (53,415) | ||||||
Reductions in dividends on RSUs | 27 | 27 | 27 | ||||||
Restricted stock compensation, net of forfeitures | 17,264 | 17,264 | 17,264 | ||||||
Restricted stock grants | $ 7 | (7) | |||||||
Restricted stock grants (in shares) | 751 | ||||||||
Contributions to operating partnership | 23,271 | 23,271 | |||||||
Distributions to non-controlling interest | (1,181) | (1,181) | |||||||
Balance at Dec. 31, 2020 | $ 1,413,442 | $ (1,036) | $ 1,196 | $ 1,835,494 | $ (446,519) | $ (1,036) | $ 1,390,171 | $ (1,036) | $ 23,271 |
Balance (in shares) at Dec. 31, 2020 | 119,638 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends declared on common stock, per share | $ 0.44 | $ 1.76 | $ 1.72 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
ORGANIZATION AND OPERATIONS | 1. ORGANIZATION AND OPERATIONS CoreCivic, Inc. (together with its subsidiaries, the "Company" or "CoreCivic") is the nation's largest owner of partnership correctional, detention, and residential reentry facilities and one of the largest prison operators in the United States. The Company also believes it is the largest private owner of real estate used by U.S. government agencies. Through three segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties, the Company provides a broad range of solutions to government partners that serve the public good through corrections and detention management, a network of residential reentry centers to help address America's recidivism crisis, and government real estate solutions. As of December 31, 2020, through its CoreCivic Safety segment, the Company operated 47 correctional and detention facilities, 42 of which the Company owned, with a total design capacity of approximately 70,000 beds. Through its CoreCivic Community segment, the Company owned and operated 27 residential reentry centers with a total design capacity of approximately 5,000 beds. In addition, through its CoreCivic Properties segment, the Company owned 15 properties for lease to third parties and used by government agencies, totaling 2.7 million 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 has operated as a real estate investment trust ("REIT") from January 1, 2013 through December 31, 2020. As a REIT, the Company has provided services and conducted 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 has permitted 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 of 1986, as amended, and has enabled 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. On June 17, 2020, the Company announced that its Board of Directors ("BOD") was evaluating corporate structure and capital allocation alternatives. Concurrently, the BOD suspended the Company's quarterly dividend while it assessed how best to use its free cash flow to build shareholder value, maintain service excellence, and offer and implement unique solutions for its government partners and the communities in which it serves. On August 5, 2020, the Company announced that the BOD concluded its analysis and unanimously approved a plan to revoke the Company's REIT election and become a taxable C Corporation, effective January 1, 2021. As a result, the Company will no longer be required to operate under REIT rules, including the requirement to distribute at least 90% of its taxable income to its stockholders, which will provide the Company with greater flexibility to use its free cash flow. Beginning January 1, 2021, the Company will be subject to federal and state income taxes on its taxable income at applicable tax rates, and will no longer be entitled to a tax deduction for dividends paid. The Company continued to operate as a REIT for the 2020 tax year, and existing REIT requirements and limitations, including those established by the Company’s organizational documents, remained in place until January 1, 2021. The BOD also voted unanimously to discontinue the Company's quarterly dividend and prioritize allocating the Company’s free cash flow to reduce debt. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
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 have been made to the consolidated statement of operations and the consolidated statement of cash flows in 2019 to conform to the current year presentation. Cash and Cash Equivalents CoreCivic considers all liquid deposits and investments with a maturity of three months or less at the time of purchase to be cash equivalents. Restricted Cash Restricted cash at December 31, 2020 and 2019 included deposit accounts totaling $10.3 million and $27.0 million, respectively, to ensure the timely payment of certain operating expenses, capital expenditures and debt service associated with the SSA-Baltimore property and the Lansing Correctional Facility, as further discussed in Notes 6 and 11. The restricted cash accounts are required under the terms of the indebtedness securing such properties. Restricted cash at December 31, 2020 also included $13.2 million for deposits primarily associated with Government Real Estate Solutions, LLC ("GRES") as further discussed in Note 6. Accounts Receivable and Credit Loss Reserve At December 31, 2020 and 2019, accounts receivable of $267.7 million and $280.8 million, respectively, were net of credit loss reserve totaling $6.1 million and $3.2 million, respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CoreCivic's properties. Accounts receivable also consist of amounts due for operating and managing the Company's correctional, detention, and residential reentry facilities, as well as its electronic monitoring and case management services operations. 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 using an expected loss model based on a variety of factors, including the nature of the accounts receivable, risks of loss, length of time receivables are past due, 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 real estate properties. Construction costs directly associated with the development of a property 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 Other Real Estate Assets Other real estate assets are accounted for in accordance with Accounting Standards Codification ("ASC") 853, "Service Concession Arrangements". ASC 853 stipulates that the facilities subject to the standard may not be accounted for as a lease, nor should the infrastructure used in the service concession arrangement be recognized as property and equipment by the operating entity. Instead, the contracts should be accounted for under the applicable revenue standards. The Company owns four facilities that are accounted for as service concession arrangements. The facilities accounted for under ASC 853 were constructed in periods prior to 2013. On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" and its subsequent corresponding update, ASC 606. For facilities which CoreCivic constructed for the public entity, two separate and distinct performance obligations exist. Service revenue is recognized as provided. All revenues and costs related to the construction of the facilities were recognized upon adoption of ASC 606. Revenue recognized related to the construction of the facilities for which cash has not yet been received is recorded as a contract asset and is amortized and evaluated for impairment on an on-going basis. For facilities contributed to a service contract, the cost of the facility is accounted for as costs to fulfill the service contract and the cost is recognized over the term of the service contract. The costs related to contract assets and costs to fulfill the service contracts are recoverable if the contract is terminated or not renewed due to the existence of residual interest options. Prior to the adoption of ASC 606, other real estate assets were stated at cost, net of accumulated amortization. These assets represent the cost of all infrastructure to be transferred to the public entity grantors should the grantors exercise their residual interest. The costs related to the facilities constructed for a governmental entity were deferred as an other real estate asset, and the deferred costs were amortized in proportion to revenue recognized over the term of the related services arrangement. The costs related to the facilities that were constructed before entering into the service concession arrangement were amortized in proportion to revenue recognized over the term of the related service contract as an investment in the service contract. 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 on the consolidated balance sheets. Debt issuance costs related to the Company's revolving credit facility are included in other assets on 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 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, or to pay liquidated damages. In these instances, the amounts required to be returned to the customer are classified as reductions to revenue. Lease revenue is recognized in accordance with ASC 842, "Leases". In accordance with ASC 842, minimum lease revenue is recognized on a straight-line basis over the term of the related lease. Leasehold incentives are recognized as a reduction to lease revenue on a straight-line basis over the term of the related lease. Lease revenue associated with expense reimbursements from tenants is recognized in the period that the related expenses are incurred based upon the tenant lease provision. Other revenue consists primarily of ancillary revenues associated with operating correctional, detention and residential reentry facilities, such as commissary, phone, and vending sales, and is 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 and Litigation 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 its best estimate of the probable costs for the resolution of certain claims and legal proceedings in which it is involved, if estimable. In addition, the Company is subject to current and potential future claims and legal proceedings for which little or no accrual has been reflected because the Company's current assessment of the potential exposure is nominal. These estimates have been developed in consultation with CoreCivic's General Counsel's office and, as appropriate, outside counsel handling these matters, and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. These estimates could change in the future. Income Taxes CoreCivic operated in compliance with REIT requirements for federal income tax purposes from January 1, 2013 through December 31, 2020. As a REIT, the Company generally has not been 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 to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections have permitted 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 of 1986, as amended. 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 on the consolidated balance sheets. See Note 13 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 this receivable to the current exchange rate at each balance sheet date and recognizes the unrealized currency gain or loss in current period earnings. See Note 8 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, 2020 and 2019, 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, 2020 2019 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,094 $ 3,896 $ 2,989 $ 3,949 Debt $ (1,809,517 ) $ (1,774,016 ) $ (1,986,865 ) $ (1,964,366 ) Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. Concentration of Credit Risks CoreCivic's credit risks relate primarily to cash and cash equivalents, restricted cash, and accounts receivable. Cash and cash equivalents and restricted cash are primarily held in bank accounts and overnight investments. CoreCivic maintains deposits of cash in excess of federally insured limits with certain financial institutions. CoreCivic's accounts receivable 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, 2020, 2019, and 2018, federal correctional and detention authorities represented 52%, 51%, and 48%, respectively, of CoreCivic's total revenue. Federal correctional and detention authorities consist primarily of U.S. Immigration and Customs Enforcement ("ICE"), the United States Marshals Service ("USMS"), and the Federal Bureau of Prisons ("BOP"). ICE accounted for 28%, 29%, and 25% of total revenue for 2020, 2019, and 2018, respectively. The USMS accounted for 21%, 17%, and 17% of total revenue for 2020, 2019, and 2018, respectively. The BOP accounted for 3%, 5%, and 6% of total revenue for 2020, 2019, and 2018, respectively. 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 33%, 34%, and 39% of total revenue during the years ended December 31, 2020, 2019, and 2018, respectively. ICE and the USMS each generated 10% or more of total revenue during 2020, 2019, and 2018. Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, reentry, and leased, the loss of one or more of such contracts could have a material impact on CoreCivic's financial condition and results of operations. Accounting for Stock-Based Compensation 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 unit ("RSU") 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. To the extent performance-based RSUs are expected to increase or decrease based on revised estimates of performance, the related expense is adjusted accordingly. If achievement of the performance criteria becomes improbable, an adjustment is made to reverse the expense previously recognized. The Company estimates the number of awards expected to be forfeited and adjusts the estimate when it is likely to change. Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Leases (Topic 842)", which requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to previous accounting requirements. ASU 2016-02 also eliminated previous 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 finance leases and operating leases, a lessee should recognize on the balance sheet a liability to make lease payments and a right-of-use ("ROU") asset representing its right to use the underlying asset for the lease term, with each initially measured at the present value of the lease payments. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements – Leases (Topic 842)", which permits entities to adopt a new transition method whereby the modified retrospective transition method would allow companies to recognize the cumulative-effect adjustment in the period of adoption rather than the earliest period presented and continue to apply the legacy guidance in ASC 840, "Leases", in the comparative periods presented. Further, ASU 2018-11 also allows entities to elect, by class of underlying asset, to not separate non-lease components from the associated lease components when certain criteria are met. Adoption results in an increase in long-term assets and liabilities for leases where the Company is the lessee. CoreCivic adopted ASU 2016-02 and ASU 2018-11, cumulatively ("ASC 842"), on January 1, 2019. The Company elected the modified retrospective transition method and recognized the cumulative-effect adjustment resulting from adoption of ASC 842 in the first quarter of 2019. CoreCivic also elected to adopt the package of available practical expedients that permits lessees and lessors to not reassess certain items, including whether any expired or existing contracts are or contain leases, lease classification of any expired or existing leases, and initial direct costs for any expired or existing leases. In addition, the Company made an accounting policy election to apply the "short-term lease exception" permitted by ASC 842 for all classes of underlying assets. With the exception of the South Texas Family Residential Center lease, as further described in Note 5, the Company also elected the practical expedient that permits lessees to make an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component. Prior to the adoption of ASC 842, a portion of the rental payments for the South Texas Family Residential Center was classified as depreciation and interest expense in accordance with ASC 840-40-55, formerly Emerging Issues Task Force No. 97-10, "The Effect of Lessee Involvement in Asset Construction." Upon adoption of ASC 842, all rental payments associated with this lease are classified as operating expenses. Upon adoption of ASC 842, CoreCivic recognized a ROU asset of $115.6 million and a lease liability of $82.9 million for all operating leases identified by the Company as applicable under the guidance of ASC 842, including the lease for the South Texas Family Residential Center. For those operating leases that contain renewal options, the Company included the renewal period in the lease terms, and the related payments are reflected in the ROU asset and lease liability, when it is reasonably certain that a renewal option will be exercised. The ROU asset is included in other assets on the consolidated balance sheets, while the current portion of the lease liability is included in accounts payable and accrued expenses, and the long-term portion of the liability is included in other liabilities on the consolidated balance sheets. The Company also recognized a net charge of approximately $29.9 million to accumulated deficit upon adoption of ASC 842. For leases where the Company is the lessor, upon adoption of ASC 842, the Company elected to also apply the practical expedient to not separate non-lease components from the associated lease component if certain criteria are met for each class of underlying assets. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Non-lease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance ("CAM") and service income associated with tenant work orders to be non-lease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company’s business, the identified asset would be the leased real estate. The Company assessed and concluded that the timing and pattern of transfer for non-lease components and the associated lease component are the same. The Company determined that the predominant component was the lease component and as such its leases continue to qualify as operating leases. The Company made a policy election to account for and present the lease component and the non-lease component as a single component in revenue. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments," which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU replaces the "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, contract assets, loans and other instruments, entities are now required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowances for losses. Upon its effective date, CoreCivic adopted the ASU in the first quarter of 2020. The Company recognized a charge of $1.0 million to accumulated deficit upon adoption of ASU 2016-13. Based principally on the fact that the largest portion of the Company's accounts receivable is with governmental agencies with high credit ratings, the adoption of ASU 2016-13 did not have a material impact on its financial statements Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the Securities and Exchange Commission ("SEC") did not, or are not expected to, have a material effect on the Company's results of operations or financial position. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2020 | |
GOODWILL | 3. GOODWILL ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment", establishes accounting and reporting requirements for goodwill and other intangible assets. Goodwill was $5.9 million and $50.5 million as of December 31, 2020 and 2019, respectively. Of these amounts, goodwill was $5.9 million and $7.9 million as of December 31, 2020 and 2019, respectively, for the Company's CoreCivic Safety segment, and was $42.6 million as of December 31, 2019, for its CoreCivic Community segment. This goodwill was established in connection with multiple business combination transactions. Under the provisions of ASU 2017-04, CoreCivic performs a qualitative assessment 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, the Company determines it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company performs a quantitative impairment test. If a quantitative test is required, CoreCivic performs an assessment to identify the existence of impairment and to measure the excess of a reporting unit's carrying amount over its fair value by using a combination of various common valuation techniques, including market multiples and discounted cash flows under valuation methodologies that include an income approach and a market approach. The income valuation approach includes certain significant assumptions impacting projected future cash flows, such as projected revenue, projected operating costs, and the weighted average cost of capital, which are affected by expectations about future market or economic conditions. These impairment tests are required to be performed at least annually. CoreCivic performs its impairment tests during the fourth quarter, in connection with its annual budgeting process, and whenever circumstances indicate the carrying value of goodwill may not be recoverable. In connection with the Company's annual impairment test for the goodwill associated with the Community reporting unit, during the fourth quarter of 2020, the Company performed a quantitative goodwill impairment test and concluded to record an impairment charge of $42.6 million, representing the full value of goodwill allocated to this reporting unit. The Company's analysis considered numerous factors, with the impairment predominantly driven by the Company's consideration of the broad-based declines in the market capitalization of publicly-traded companies in the Company's industry, primarily during the second half of 2020, as well as the reduction in cash flows from the COVID-19 pandemic and the anticipated change in tax structure effective January 1, 2021. The Company intends to continue to pursue investments in this segment, which could generate additional goodwill from business combinations transacted in this segment in the future, which could result in additional charges if the goodwill becomes impaired under the requirements of ASU 2017-04. The Company also performed qualitative assessments of goodwill recorded in its Safety reporting units in the fourth quarter of 2020, concluding there was no impairment for such goodwill. The Company recorded certain interim event-driven impairment charges in 2020. During the third quarter of 2020, the Company provided notice to the local county customers at two managed-only facilities of its intent to terminate the contracts. The Company transitioned operations of the 1,046-bed Silverdale Detention Center in December 2020 and transitioned operations at the 1,348-bed Metro-Davidson County Detention Facility in October 2020. As a result of these expected contract terminations, during the second quarter of 2020, the Company recognized goodwill impairments of $2.0 million associated with these two managed-only facilities' reporting units. |
REAL ESTATE AND RELATED ASSETS
REAL ESTATE AND RELATED ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
REAL ESTATE AND RELATED ASSETS | 4. REAL ESTATE AND RELATED ASSETS At December 31, 2020, CoreCivic owned 69 correctional, detention, and residential reentry real estate properties, and 15 properties for lease to third parties. At December 31, 2020, CoreCivic also managed five correctional and detention facilities owned by governmental agencies. Property and equipment, at cost, consists of the following (in thousands): December 31, 2020 2019 Land and improvements $ 253,289 $ 295,214 Buildings and improvements 3,171,307 3,411,583 Equipment and software 420,894 435,628 Office furniture and fixtures 37,704 38,278 Construction in progress 26,466 29,521 3,909,660 4,210,224 Less: Accumulated depreciation (1,559,388 ) (1,510,117 ) $ 2,350,272 $ 2,700,107 Construction in progress primarily consists of property improvements in process. Interest is capitalized on construction in progress and amounted to $0.5 million, $6.0 million, and $1.0 million in 2020, 2019, and 2018, respectively. Depreciation expense was $141.7 million, $137.7 million, and $152.0 million for the years ended December 31, 2020, 2019, and 2018, 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. Four of the facilities that are subject to options are accounted for in accordance with ASC 853 and are recorded in other real estate assets on the consolidated balance sheets, as further described in Note 2. As of December 31, 2020, CoreCivic had $228.2 million in other real estate assets, including $143.6 million accounted for as a contract cost and $84.6 million accounted for as costs of fulfilling the related service contract. As of December 31, 2019, CoreCivic had $238.6 million in other real estate assets, including $147.8 million accounted for as a contract cost and $90.8 million accounted for as costs of fulfilling the related service contract. 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% |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
LEASES | 5. LEASES As further described in Note 2, CoreCivic accounts for leases in accordance with ASC 842. CoreCivic leases land and buildings from third-party lessors for multiple properties under operating leases that expire over varying dates through 2032. 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 inter-governmental service agreement ("IGSA") with ICE, which was amended in September 2020 to extend the term of the agreement through September 2026. ICE's termination rights, which permit ICE to terminate the agreement for convenience or non-appropriation of funds, without penalty, by providing CoreCivic with at least a 60-day notice, were unchanged under the extension. Concurrent with the extension of the amended IGSA, the lease with the third-party lessor for the site was also extended through September 2026. Other terms of the extended lease agreement were unchanged and provide us with the ability to terminate the lease if ICE terminates the amended IGSA associated with the facility. As a result of the lease modification, the Company re-measured the lease liability at the effective date of the modification, and recognized a corresponding adjustment to increase the ROU asset amounting to $116.0 million. Under provisions of ASC 842, CoreCivic determined that the South Texas Family Residential Center lease with the third-party lessor includes a non-lease component for food services representing approximately 44% of the consideration paid under the lease. The expense incurred for all operating leases, inclusive of short-term and variable leases, but exclusive of the non-lease food services component of the South Texas Family Residential Center lease, was $34.9 million, $34.8 million, and $30.7 million for the years ended December 31, 2020, 2019, and 2018, respectively. The cash payments for operating leases are reflected as cash flows from operating activities on the accompanying consolidated statements of cash flows and cash payments for financing leases are reflected as cash flows from financing activities. Future minimum lease payments as of December 31, 2020 for the Company's operating lease liabilities, inclusive of $165.3 million of payments expected to be made under the cancelable lease at the South Texas facility (excluding the non-lease food services component), are as follows (in thousands): 2021 $ 33,220 2022 32,476 2023 32,068 2024 31,994 2025 31,967 Thereafter 39,290 Total future minimum lease payments 201,015 Less amount representing interest (34,600 ) Total present value of minimum lease payments $ 166,415 In addition, through its CoreCivic Properties segment, as of December 31, 2020, the Company owned $449.6 million in property and equipment at 15 properties for lease to third parties and used by government agencies under operating and finance leases that expire over varying dates through 2040, some of which contain renewal options. In accordance with ASC 842, minimum lease revenue is recognized on a straight-line basis over the term of the related lease. Leasehold incentives are recognized as a reduction to lease revenue on a straight-line basis over the term of the related lease. Lease revenue associated with expense reimbursements from tenants is recognized in the period that the related expenses are incurred based upon the tenant lease provision. See Note 6 for further discussion regarding a 20-year lease agreement with the Kansas Department of Corrections ("KDOC"). Future undiscounted cash flows to be received from third-party lessees as of December 31, 2020 for the Company's operating and finance leases, including those associated with the three properties held for sale at December 31, 2020, as further described in Note 6, are as follows (in thousands): 2021 $ 85,783 2022 80,306 2023 80,734 2024 81,235 2025 81,262 Thereafter 588,364 |
REAL ESTATE TRANSACTIONS
REAL ESTATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate Transactions Text Block | 6 . REAL ESTATE TRANSACTIONS Acquisitions, Dispositions, and Assets Held for Sale 2018 Acquisitions and Dispositions. 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, including 87% leased to the state of Florida on behalf of the Florida Department of Business and Professional Regulation. In allocating the purchase price of this transaction, CoreCivic recorded $40.6 million of net tangible assets and $3.2 million of identifiable intangible assets. On July 17, 2018, CoreCivic acquired a portfolio of twelve properties for $12.0 million, excluding transaction-related costs, 100% leased to the U.S. Federal Government through the General Services Administration ("GSA"), an independent agency of the United States government, on behalf of the Social Security Administration ("SSA"), the Department of Homeland Security, and ICE. In allocating the purchase price of this transaction, CoreCivic recorded $11.1 million of net tangible assets and $1.9 million of identifiable intangible assets. On August 23, 2018, CoreCivic acquired a 541,000 square-foot SSA office building in Baltimore, Maryland ("SSA-Baltimore") for a purchase price of $242.0 million, excluding transaction-related costs and certain closing credits. The office building was purpose built to SSA specifications in 2014 under a 20-year firm term lease expiring in January 2034 On September 21, 2018, CoreCivic acquired a 217,000 square-foot, steel frame property in Dayton, Ohio for $6.9 million, excluding transaction-related costs and certain closing credits, that was built-to-suit for the National Archives and Records Administration ("NARA") in 2002. The building is 100% leased to the GSA on behalf of NARA through January 2023 CoreCivic acquired the 15 properties in 2018 as strategic investments that further diversify the Company's cash flows through government-leased properties and broaden the solutions it provides to its government partners. In the second quarter of 2018, CoreCivic entered into an agreement to sell its former corporate headquarters for $12.6 million. In connection with the agreement, the Company wrote-down the value of the property to its net realizable value, recognizing an asset impairment charge of $1.6 million in the second quarter of 2018. CoreCivic closed on the sale during the third quarter of 2018 and used the net proceeds from the sale to pay-down a portion of the amounts outstanding under the Company's revolving credit facility. 2019 Acquisitions and Dispositions . On February 20, 2019, CoreCivic acquired the South Raleigh Reentry Center, a 60-bed residential reentry center in Raleigh, North Carolina, for $0.9 million, excluding transaction-related expenses. In connection with the acquisition, CoreCivic provides reentry services for both male and female residents under custody of the BOP. On May 6, 2019, CoreCivic acquired a 36,520-square foot office building in Detroit, Michigan, for $7.2 million, excluding transaction-related expenses, that was built-to-suit for the state of Michigan's Department of Health and Human Services ("MDHHS") in 2002. This property was acquired through GRES. The property was 100% leased to the Michigan Department of Technology, Management and Budget ("MDTMB") on behalf of MDHHS through June 2028 and included one six-year In allocating the purchase price of the acquisitions in 2019, CoreCivic recorded $7.4 million of net tangible assets and $0.8 million of identifiable intangible assets. CoreCivic acquired the properties as strategic investments that further expand the Company's network of residential reentry centers and enable the continued delivery of critical services that help people reintegrate into the community, and also further diversify the Company's cash flows through the acquisition of a government-leased property. On June 24, 2019, CoreCivic sold a property which was leased to a third-party and located in Chester, Pennsylvania for $3.4 million. The property had a net carrying value of $3.1 million at the time of the sale, with the gain on the sale of $0.3 million recognized in the second quarter of 2019 and reflected in loss (gain) on sale of real estate assets on the consolidated statement of operations. 2020 Acquisitions and Dispositions . On January 2, 2020, CoreCivic completed the acquisition of a portfolio of 28 properties, 24 of which the counter-party contributed to GRES, for total consideration of $83.2 million, excluding transaction-related expenses. All of the properties are leased to the federal government through the GSA. CoreCivic financed the acquisition with $7.7 million of cash, assumed debt of $52.2 million, as further described in Note 11, and the balance with the issuance of 1.3 million shares of Class A Common Interests in GRES, an unrestricted subsidiary controlled by the Company, that are convertible into cash or, at the Company's option, shares of the Company's common stock following a two-year On December 23, 2020, CoreCivic completed the sale of 42 government-leased properties, including the portfolio of 28 properties acquired in 2020 and 11 of the 12 properties acquired July 17, 2018 described above, in a single transaction to a third party for an aggregate price of $106.5 million, generating net proceeds of $27.8 million after the repayment of the debt related to GRES, and other transaction-related costs. Net cash proceeds were used to pay-down the Company's revolving credit facility and are available to recycle into projects generating higher returns. In accordance with a Tax Protection Agreement, the Company agreed to provide certain tax protection payments to the contributing partners of GRES, limited to the cash and certain other resources held by GRES. After considering the tax protection payments in connection with this sale, the Company reported a net loss on sale of $17.9 million. Assets Held for Sale . The Company intends to pursue the sale of additional assets in the Properties segment, utilizing any net proceeds, after the repayment of non-recourse mortgage notes associated with such properties, in furtherance of the Company’s revised capital allocation strategy. As of December 31, 2020, CoreCivic had three real estate assets held for sale. The aggregate net book value of the property and equipment of these three properties, amounting to $241.8 million, and the other assets associated with the properties, consisting of deferred leasing costs and other assets amounting to $37.6 million, are reflected as assets held for sale on the Company's consolidated balance sheet as of December 31, 2020. Although the Company can provide no assurance, based on interest expressed to-date, CoreCivic expects to close on the sale of these assets during 2021. Financing Leasing Transactions On January 24, 2018, CoreCivic entered into a 20-year lease agreement with the KDOC for a 2,432-bed correctional facility to be constructed by the Company in Lansing, Kansas. The new facility replaces the Lansing Correctional Facility, Kansas' 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 of Kansas. Construction of the facility commenced in the first quarter of 2018, and construction was completed in January 2020, at which time the lease commenced. CoreCivic accounts for the lease with the KDOC partially as a financing receivable under ASU 2016-02, "Leases (Topic 842)", with the remaining portion of the lease payments attributable to maintenance services and capital expenditures as revenue streams under ASC 606, "Revenue from Contracts with Customers". As of December 31, 2020, the financing receivable was $147.5 million recognized in Other Assets on the consolidated balance sheet. Prior to commencement of the lease, the costs incurred to construct the facility were reflected as a construction receivable and, as of December 31, 2019, $137.7 million was recognized in Other Assets on the consolidated balance sheet. The cash payments associated with the construction of the project were reported as expenditures for facility development and expansions on the consolidated statements of cash flows. During 2020, the Lansing Correctional Facility generated $2.6 million of revenue associated with the non-lease services components of the arrangement, and $8.4 million of interest income. Idle Facilities As of December 31, 2020, CoreCivic had five idled CoreCivic Safety correctional facilities that are currently available and being actively marketed as solutions to meet the needs of 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) Net Carrying Values at December 31, Facility 2020 2019 Prairie Correctional Facility $ 14,646 $ 14,863 Huerfano County Correctional Center 15,895 16,266 Diamondback Correctional Facility 38,346 39,729 Marion Adjustment Center 11,047 11,351 Kit Carson Correctional Center 52,757 54,041 $ 132,691 $ 136,250 As of December 31, 2020, Two of the three idled facilities in the CoreCivic Community segment are located in Oklahoma. As a result of the lower resident populations from the state of Oklahoma and the impact of COVID-19, CoreCivic Community transferred the remaining resident populations at its 390-bed Tulsa Transitional Center to Oklahoma's system, idling the Tulsa facility during the third quarter of 2020. Closure of the Tulsa facility followed the closure of the 200-bed Oklahoma City Transitional Center during the second quarter of 2020, and the 289-bed Turley Residential Center in Oklahoma in 2019. During the fourth quarter of 2020, the BOP awarded a new contract to CoreCivic for residential reentry and home confinement services pursuant to a solicitation for capacity and services to be provided in the state of Oklahoma. As a result, CoreCivic reactivated the Turley Residential Center during the first quarter of 2021, and provides the BOP additional reentry services at its owned and operated Oklahoma Reentry Opportunity Center (formerly known as the Carver Transitional Center), which supplements the existing utilization by the state of Oklahoma. During the third quarter of 2020, Adams County, Colorado, notified the Company that, pursuant to a re-bid of the managed-only contract at the 184-bed Henderson Transitional Center, a facility in the Community segment the Company leased from Adams County, it awarded the contract to another operator. CoreCivic transitioned operations to the other operator upon expiration of the contract in January 2021. On April 15, 2020, CoreCivic sold an idled facility in its Community segment, containing 92 beds, for a gross sales price of $1.6 million. In anticipation of the sale, CoreCivic reported an impairment charge of $0.5 million in the first quarter of 2020 based on the realizable value resulting from the sale. On May 26, 2020, CoreCivic sold an idled non-core facility in its Safety segment, containing 200 beds with a net book value of $0.5 million at the time of the sale, for net proceeds of $3.3 million. The gain on the sale of $2.8 million was recognized in the second quarter of 2020. On September 15, 2020, CoreCivic announced that it had entered into a new contract under an IGSA between the city of Cushing, Oklahoma and the USMS to utilize the Company's 1,600-bed Cimarron Correctional Facility in the CoreCivic Safety segment. The Company had previously announced its intention to idle the Cimarron facility during the third quarter of 2020, predominantly due to a lower number of inmate populations from the state of Oklahoma resulting from COVID-19, combined with the consequential impact of COVID-19 on the State's budget. The new management contract commenced on September 15, 2020, and has an initial term of three years, with unlimited 24-month extension options thereafter upon mutual agreement. CoreCivic considers the cancellation of a contract or an expiration and non-renewal of a lease agreement in its CoreCivic Properties segment as an indicator of impairment, and tested each of the idled properties for impairment when it was notified by the respective customers or tenants that they would no longer be utilizing such property. CoreCivic evaluates on a quarterly basis market developments for the potential utilization of each of these properties in order to identify events that may cause CoreCivic to reconsider its most recent assumptions, such as the agreement to sell a property at less than its carrying value. The fair value measurement for the Oklahoma residential reentry facility was estimated using unobservable Level 3 inputs, as defined in ASC 820, using market comparable data for similar properties in the local markets . |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2020 | |
BUSINESS COMBINATIONS | 7 . BUSINESS COMBINATIONS Effective January 1, 2018, CoreCivic closed on the acquisition of Rocky Mountain Offender Management Systems, LLC ("RMOMS"), which provides non-residential correctional alternatives, including electronic monitoring and case management services, to municipal, county, and state governments in seven states. The aggregate purchase price was $7.0 million, excluding transaction-related expenses. Effective December 1, 2018, CoreCivic closed on the acquisition of Recovery Monitoring Solutions Corporation ("RMSC"), which provides non-residential correctional alternatives, including electronic monitoring and case management services, to municipal, county, and state governments in four states. The aggregate purchase price was $15.9 million, excluding transaction-related expenses. In allocating the purchase price for the two transactions in 2018, CoreCivic recorded the following (in millions): Property and equipment $ 6.1 Intangible assets 12.4 Tangible assets and liabilities, net (2.8 ) Total identifiable assets, net 15.7 Goodwill 7.2 Total consideration $ 22.9 On December 7, 2019, CoreCivic completed the acquisition of certain assets of Rehabilitation Services, Inc. ("RSI") for $4.4 million, excluding transaction related expenses. As a result of better than estimated financial performance of the acquisition, during the third quarter of 2020, the Company recognized a loss of $0.6 million for additional contingent consideration associated with the acquisition. The acquisition resulted in the addition of two residential reentry centers in Virginia. The Ghent Residential Reentry Center, a 36-bed residential reentry center in Norfolk, Virginia and the James River Residential Reentry Center, an 84-bed residential reentry center in Newport News, Virginia provide reentry services for residents under custody of the BOP. The residential reentry facilities can also serve an additional 34 home confinement clients on behalf of the BOP. In allocating the purchase price for the acquisition of certain assets of RSI in 2019, CoreCivic recorded the following (in millions): Property and equipment $ 1.3 Intangible assets 0.7 Total identifiable assets 2.0 Goodwill 2.4 Total consideration $ 4.4 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, 2020 | |
Agecroft Prison Management Ltd | |
INVESTMENT IN AFFILIATE | 8 . 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, 2020. For the years ended December 31, 2020, 2019, and 2018, equity in losses of the joint venture was $192,000, $128,000, and $100,000, respectively. The equity in losses of the joint venture is included in other (income) expense in the consolidated statements of operations. As of December 31, 2020, the equity in the net deficit of APM was $0.2 million and is applied as a reduction in the carrying value of the outstanding working capital loan of $3.1 million, which is reported in other assets on the accompanying consolidated balance sheets. CoreCivic has determined that its joint venture investment in GRES also represents a VIE. CoreCivic has 100% voting control in GRES. Accordingly, CoreCivic concluded that it is the primary beneficiary of GRES and consolidates the VIE. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
OTHER ASSETS | 9 . OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2020 2019 Intangible assets: Deferred leasing assets, less accumulated amortization of $1,132 and $5,647, respectively $ 146 $ 41,129 Other intangible assets, less accumulated amortization of $9,219 and $8,182, respectively 10,720 14,517 Construction receivable - Kansas lease — 137,665 Financing receivable - Kansas lease 147,481 — ROU lease assets 194,080 108,118 Lease incentive assets 4,813 5,454 Debt issuance costs, less accumulated amortization of $2,332 and $1,475, respectively 1,855 2,628 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 14,940 14,448 Straight-line rent receivable 2,196 7,836 Insurance receivable 14,353 13,179 Other 6,079 5,933 $ 396,663 $ 350,907 The gross carrying amount of intangible assets amounted to $21.2 million and $69.5 million at December 31, 2020 and 2019, respectively. Amortization expense related to intangible assets, including those associated with the three properties held for sale at December 31, 2020, as previously described in Note 6, was $9.1 million, $6.8 million, and $6.5 million for 2020, 2019, and 2018, 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, 2020, the estimated amortization expense related to intangible assets, including the expense associated with the three properties held for sale at December 31, 2020, for each of the next five years is as follows (in thousands): 2021 $ 4,853 2022 4,253 2023 3,308 2024 3,272 2025 3,268 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 10 . ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2020 2019 Trade accounts payable $ 85,359 $ 75,152 Accrued salaries and wages 43,564 51,845 Accrued dividends 3,148 54,843 Accrued workers' compensation and auto liability 7,379 7,062 Accrued litigation 5,861 14,134 Accrued employee medical insurance 7,035 6,110 Accrued property taxes 27,780 27,900 Accrued interest 9,516 10,142 ROU lease liability 21,646 26,914 Deferred revenue 8,693 15,387 Construction payable 1,821 7,504 Lease obligation 4,400 8,603 Deferred employer payroll taxes 14,795 — Other 33,321 31,866 $ 274,318 $ 337,462 Other long-term liabilities consist of the following (in thousands): December 31, 2020 2019 Intangible contract liability $ 5,030 $ 5,417 Accrued workers' compensation 31,868 28,769 Accrued deferred compensation 11,802 10,919 Lease financing obligation 7,508 7,634 ROU lease liability 144,769 51,247 Deferred employer payroll taxes 14,795 — Other 696 1,593 $ 216,468 $ 105,579 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2020 | |
DEBT | 11 . DEBT Debt outstanding consists of the following (in thousands): December 31, 2020 2019 Revolving Credit Facility maturing April 2023 periodically at variable interest rates. The weighted average rate at December 31, 2020 and 2019 was 1.7% and 3.3%, respectively. $ 219,000 $ 365,000 Term Loan A maturing April 2023 variable interest rates. The rate at December 31, 2020 and 2019 was 1.6% and 3.3%, respectively. Unamortized debt issuance costs amounted to $0.1 million at both December 31, 2020 and 2019. 180,000 190,000 Term Loan B maturing December 2024 at variable interest rates. The rate at December 31, 2020 and 2019 was 5.5% and 6.3%, respectively. Unamortized debt issuance costs amounted to $4.1 million and $4.6 million at December 31, 2020 and 2019, respectively. 237,500 250,000 4.625% Senior Notes maturing May 2023 issuance costs amounted to $1.5 million and $2.1 million at December 31, 2020 and 2019, respectively. 350,000 350,000 5.0% Senior Notes maturing October 2022 issuance costs amounted to $0.8 million and $1.3 million at December 31, 2020 and 2019, respectively. 250,000 250,000 4.75% Senior Notes maturing October 2027 issuance costs amounted to $2.7 million and $3.1 million at December 31, 2020 and 2019, respectively. 250,000 250,000 4.5% Capital Commerce Center Non-Recourse Mortgage Note maturing January 2033 amounted to $0.3 20,934 22,209 4.43% Lansing Correctional Center Non-Recourse Mortgage Note maturing January 2040 to $3.1 million and $3.3 million at December 31, 2020 and 2019, respectively. 157,607 159,522 4.5% SSA- Baltimore Non-Recourse Mortgage Note maturing February 2034 $0.2 144,476 150,134 Total debt 1,809,517 1,986,865 Unamortized debt issuance costs (12,766 ) (14,993 ) Unamortized original issue discount (10,000 ) (12,500 ) Current portion of long-term debt (39,087 ) (31,349 ) Long-term debt, net $ 1,747,664 $ 1,928,023 Revolving Credit Facility. On April 17, 2018, CoreCivic entered into the Second Amended and Restated Credit Agreement (referred to herein as the "Bank Credit Facility") in an aggregate principal amount of up to $1.0 billion. The Bank Credit Facility provides for a term loan of $200.0 million (the "Term Loan A") and a revolving credit facility in an aggregate principal amount of up to $800.0 million (the "Revolving Credit Facility"). The Bank Credit Facility has a maturity of April 2023 Based on CoreCivic's total leverage ratio, loans under the Revolving Credit Facility currently 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 Revolving Credit Facility also has a $50.0 million sublimit for the issuance of standby letters of credit. As of December 31, 2020, CoreCivic had $219.0 million in borrowings outstanding under the Revolving Credit Facility as well as $14.8 million in letters of credit outstanding resulting in $566.2 million available under the Revolving Credit Facility. The Bank Credit Facility is secured by a pledge of all of the capital stock of CoreCivic's domestic restricted 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 Bank 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, 2020, CoreCivic was in compliance with all such covenants. In addition, the Bank Credit Facility contains certain covenants that, among other things, limit the incurrence of additional indebtedness, payment of dividends and other customary restricted payments, permitted investments, 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 Bank Credit Facility is subject to certain cross-default provisions with terms of CoreCivic's other unsecured indebtedness, and is subject to acceleration upon the occurrence of a change of control. As a result of opposition to immigration policies and the association of private companies with the enforcement of such policies, some banks, including several that are currently parties to the Bank Credit Facility, have announced that they do not expect to continue providing credit or financial services to private entities that operate correctional and detention April 2023 Incremental Term Loan A. Interest rate margins under the Term Loan A are the same as the interest rate margins under the Revolving Credit Facility. The Term Loan A also has the same collateral requirements, financial and certain other covenants, and cross-default provisions as the Revolving Credit Facility. The Term Loan A, which is pre-payable without penalty, also has a maturity concurrent with the Revolving Credit Facility due April 2023 Senior Secured Term Loan B. On December 18, 2019, CoreCivic entered into a new $250.0 million Senior Secured Term Loan B ("Term Loan B" and, together with the Bank Credit Facility, the "Credit Agreements"). The Term Loan B bears interest at a rate of LIBOR plus 4.50%, with a 1.00% LIBOR floor (or, at CoreCivic's option, a base rate plus 3.50%), and has a five-year December 2024 $325.0 million in aggregate principal amount of 4.125% senior notes originally due 2020, transaction fees and expenses, and to provide for general corporate purposes. CoreCivic capitalized approximately $5.1 million of costs associated with the issuance of the Term Loan B. As of December 31, 2020, the outstanding balance of the Term Loan B was $237.5 million. Senior Notes. 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. Interest on the $250.0 million aggregate principal amount of CoreCivic's 4.75% senior notes issued in October 2017 (the "4.75% Senior Notes") accrues at the stated rate and is payable in April and October of each year. The 4.75% Senior Notes are scheduled to mature on October 15, 2027. 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 Bank 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. Non-Recourse Mortgage Notes : Capital Commerce Center. As previously discussed in Note 6, 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. The acquisition was partially financed with a $24.5 million non-recourse mortgage note (the "Capital Commerce Note"), which is fully-secured by the Capital Commerce Center property, with an interest rate of 4.5%, maturing in January 2033. Principal and interest on the Capital Commerce Note are payable in equal monthly payments over the 15-year term of the note. The Capital Commerce Note is pre-payable at any time with a prepayment charge, if any, equal to an amount so as to maintain the same yield on the Capital Commerce Note as if it had been carried through to its full term using Treasury instruments having a term equal to the remaining term of the Capital Commerce Note as of the prepayment date. CoreCivic capitalized approximately $0.4 million of costs associated with the Capital Commerce Note. As of December 31, 2020, the outstanding balance of the mortgage note was $20.9 million. Lansing Correctional Facility. On April 20, 2018, CoreCivic of Kansas, LLC (the "Issuer"), a wholly-owned unrestricted subsidiary of the Company, priced $159.5 million in aggregate principal amount of non-recourse senior secured notes of the Issuer (the "Kansas Notes"), in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The private placement closed on June 1, 2018. The Company used the proceeds of the private placement, which were drawn on quarterly funding dates beginning in the second quarter of 2018, to fund construction of the Lansing Correctional Facility, along with costs and expenses of the project. The Kansas Notes have a yield to maturity of 4.43% and are scheduled to mature in January 2040, 20 years following completion of the project, which occurred in January 2020. Principal and interest on the Kansas Notes will be payable in quarterly payments beginning in July 2020 until maturity. CoreCivic may redeem all or part of the Kansas Notes at any time upon written notice of not less than 30 days and not more than 60 days prior to the date fixed for such prepayment, with a "make-whole" amount, together with interest on the Kansas Notes accrued to, but not including, the redemption date. CoreCivic capitalized approximately $3.4 million of costs associated with the private placement. Because the Issuer has been designated as an unrestricted subsidiary of the Company under terms of the Company's Credit Agreements, the issuance and service of the Kansas Notes, and the revenues and expenses associated with the facility lease, do not impact the financial covenants associated with the Company's Credit Agreements. As of December 31, 2020, the outstanding balance of the Kansas Notes was $157.6 million. SSA-Baltimore. As previously discussed in Note 6, on August 23, 2018, CoreCivic acquired the 541,000 square-foot SSA-Baltimore office building for a purchase price of $242.0 million. In connection with the acquisition, a wholly-owned unrestricted subsidiary of the Company assumed $157.3 million of in-place financing that was used to fund the initial construction of the property in 2014. The assumed non-recourse mortgage note (the "SSA-Baltimore Note") carries a fixed interest rate of 4.5% and requires monthly principal and interest payments, with a balloon payment of $40.0 million due at maturity in February 2034 Government Real Estate Solutions . As previously described in Note 6, on January 2, 2020, CoreCivic acquired a portfolio of 28 properties, 24 of which the counter-party contributed to GRES, for total consideration of $83.2 million. In connection with the acquisition, a wholly-owned subsidiary of GRES assumed $52.2 million of in-place financing. The assumed non-recourse mortgage notes (collectively the "GRES Note") carried a fixed interest rate of 4.91% and required monthly principal and interest payments, with a balloon payment of $46.2 million due at maturity in November 2025 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. G uarantees and Covenants. All of the restricted domestic subsidiaries of CoreCivic (as the parent corporation) have provided full and unconditional guarantees of the Senior Notes. All of CoreCivic's subsidiaries guaranteeing the Senior Notes are 100% owned subsidiaries of CoreCivic; and the subsidiary guarantees are full and unconditional and are joint and several obligations of the guarantors. As of December 31, 2020 , 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 Bank Credit Facility, as well as the credit agreement governing the Term Loan B. Other Debt Transactions Letters of Credit. At December 31, 2020 and 2019, CoreCivic had $14.8 million and $22.3 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. Debt Maturities Scheduled principal payments as of December 31, 2020 for the next five years and thereafter were as follows (in thousands): 2021 $ 39,087 2022 292,981 2023 758,110 2024 194,937 2025 14,556 Thereafter 509,846 Total debt $ 1,809,517 Cross-Default Provisions The provisions of CoreCivic's debt agreements relating to the Credit Agreements and the Senior Notes contain certain cross-default provisions. Any events of default under the Credit Agreements that result 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 Credit Agreements. If CoreCivic were to be in default under the Credit Agreements, and if the lenders under the Credit Agreements elected to exercise their rights to accelerate CoreCivic's obligations under the Credit Agreements, such events could result in the acceleration of all or a portion of CoreCivic's Senior Notes, which would have a material impact 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, 2020 | |
DEFERRED REVENUE | 12 . 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 care for up to 2,400 individuals at the South Texas Family Residential Center, a facility leased by CoreCivic in Dilley, Texas. In September 2018, the city of Dilley, Texas assumed the amended IGSA with ICE. 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. In September 2020, the term of the amended IGSA was extended from September 2021 to September 2026. 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 a result of extending the amortization period for the deferred revenue associated with the 2020 amended IGSA over the extended term of the agreement, CoreCivic's non-cash revenue associated with the amended IGSA decreased by approximately $2.7 million per quarter, from $3.4 million to $0.7 million, effective beginning in the fourth quarter of 2020. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | 13 . INCOME TAXES As discussed in Note 1, the Company has operated in compliance with REIT requirements for federal income tax purposes from January 1, 2013 through December 31, 2020. During the years the Company elected REIT status, the Company was required to distribute at least 90 percent of its taxable income (including dividends paid to it by its TRSs) and did not pay federal income taxes on the amount distributed to its stockholders. In addition, the Company was required to meet a number of other organizational and operational requirements, which the Company continued to meet through the year ending December 31, 2020. 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 has included a provision for taxes in its consolidated financial statements. The TCJA was enacted on December 22, 2017. The TCJA reduced the U.S. federal corporate tax rate from 35% to 21%, required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign-sourced earnings. However, the TCJA did not change the dividends paid deduction applicable to REITs and, therefore, CoreCivic generally was not subject to federal income taxes on the Company's REIT taxable income and gains that it distributed to its stockholders. In the fourth quarter of 2017, the Company recorded, in accordance with ASC 740, the tax effects of enactment of the TCJA on existing deferred tax balances and there was 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%. In the fourth quarter of 2017, the Company recognized a charge of $4.5 million, which was included as a component of income tax expense, for the revaluation of deferred tax assets and liabilities and other taxes associated with the TCJA . During the third quarter of 2018, the Company completed its accounting for the TCJA and revised its estimates of the revaluation of deferred tax assets and liabilities resulting in the recognition of an additional charge of $1.0 million, which was also included as a component of income tax expense. Income tax expense (benefit) is comprised of the following components (in thousands): For the Years Ended December 31, 2020 2019 2018 Current income tax expense (benefit) Federal $ (1,928 ) $ 5,324 $ 10,481 State 1,369 3,677 2,308 (559 ) 9,001 12,789 Deferred income tax expense (benefit) Federal 3,878 (489 ) (3,422 ) State 1,067 (673 ) (1,014 ) 4,945 (1,162 ) (4,436 ) Income tax expense $ 4,386 $ 7,839 $ 8,353 Income tax expense during 2020 included $3.1 million, recorded in the first quarter of 2020, that had been deferred during the construction period of the Lansing Correctional Facility, which was owned by a TRS of the Company until it converted to a qualified REIT subsidiary ("QRS") upon completion of construction in the first quarter of 2020. Because ownership of this facility reverts to the state of Kansas upon expiration of the twenty-year Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2020 and 2019, are as follows (in thousands): December 31, 2020 2019 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 21,482 $ 28,247 Tax over book basis of certain assets 1,001 1,451 Net operating loss and tax credit carryforwards 3,782 5,130 Intangible contract value 699 262 Other 68 103 Total noncurrent deferred tax assets 27,032 35,193 Less valuation allowance (848 ) (3,865 ) Total noncurrent deferred tax assets 26,184 31,328 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (11,305 ) (11,478 ) Intangible value (2,149 ) (2,264 ) Other (1,617 ) (1,528 ) Total noncurrent deferred tax liabilities (15,071 ) (15,270 ) Net total noncurrent deferred tax assets $ 11,113 $ 16,058 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, 2020, 2019, and 2018 is as follows: 2020 2019 2018 Statutory federal rate 21.0 % 21.0 % 21.0 % Dividends paid deduction (24.9 ) (18.9 ) (18.6 ) State taxes, net of federal tax benefit 1.9 1.2 1.0 Permanent differences 2.2 1.2 1.0 Charges associated with adoption of tax reform — — 0.6 Deferred tax expense on Kansas lease structure 5.2 — — Tax benefit of equity-based compensation 1.1 0.1 0.5 Other items, net 0.8 (0.6 ) (0.5 ) 7.3 % 4.0 % 5.0 % CoreCivic's effective tax rate was 7.3%, 4.0%, and 5.0% during 2020, 2019, and 2018, respectively. During the years the Company elected REIT status, CoreCivic was 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 during the years the Company elected REIT status was incurred based on the earnings generated by its TRSs. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferral of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The accelerated depreciation methods for qualified improvement property significantly reduced the Company's taxable income and, therefore, its distribution requirement as a REIT for 2020. Additionally, as of December 31, 2020, the Company has deferred payment of $29.6 million of employer-side social security payments. Half of these deferrals will be due December 31, 2021, with the other half due December 31, 2022. On August 5, 2020, the Company announced that the BOD unanimously approved a plan to revoke its REIT election and become a taxable C Corporation, effective January 1, 2021. As a result, the Company will no longer be required to operate under REIT rules, including the requirement to distribute at least 90% of its taxable income to its stockholders, which will provide the Company with greater flexibility to use its free cash flow. Beginning January 1, 2021, the Company will be subject to federal and state income taxes on its taxable income at applicable tax rates, and will no longer be entitled to a tax deduction for dividends paid . The Company's consolidated effective tax rate could fluctuate in the future based on changes in estimates of taxable income, 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, 2020 and 2019. 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 2017 through 2019 remain subject to examination by the IRS. All states in which CoreCivic files income tax returns follow the same statute of limitations as the federal government, with the exception of the following states whose open tax years include 2016 through 2019: Arizona, California, Colorado, Kentucky, Minnesota, New Jersey, Texas, and Wisconsin. In October 2019, the Company received notification that the Internal Revenue Service ("IRS") intended to commence an audit of the federal income tax return of the Company's REIT for the year ended December 31, 2017. The IRS also conducted audit procedures related to the Company's TRSs for the same year. The Company received notice in January 2021 that the audit was complete with no material findings. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
STOCKHOLDERS' EQUITY | 14 . STOCKHOLDERS' EQUITY Dividends on Common Stock The tax characterization of dividends per share on common shares as reported to stockholders was as follows for the years ended December 31, 2020, 2019, and 2018: Ordinary Return of Total Declaration Date Record Date Payable Date Income Capital Per Share February 22, 2018 April 2, 2018 April 16, 2018 0.396671 (1) 0.033329 $ 0.43 May 11, 2018 July 2, 2018 July 16, 2018 0.396671 (1) 0.033329 $ 0.43 August 16, 2018 October 1, 2018 October 15, 2018 0.396671 (1) 0.033329 $ 0.43 December 13, 2018 January 2, 2019 January 15, 2019 0.374927 (2) 0.055073 $ 0.43 February 21, 2019 April 1, 2019 April 15, 2019 0.383646 (3) 0.056354 $ 0.44 May 16, 2019 July 1, 2019 July 16, 2019 0.383646 (3) 0.056354 $ 0.44 August 15, 2019 October 1, 2019 October 15, 2019 0.383646 (3) 0.056354 $ 0.44 December 12, 2019 January 6, 2020 January 15, 2020 0.440000 (4) — $ 0.44 February 20, 2020 April 1, 2020 April 15, 2020 0.440000 (4) — $ 0.44 (1) (2) (3) (4) As further discussed in Note 1, the Company announced on June 17, 2020 that the BOD suspended the Company's quarterly dividend while it evaluated corporate structure and capital allocation alternatives. On August 5, 2020, the BOD voted unanimously to approve a plan to revoke the Company’s REIT election and become a taxable C Corporation, effective January 1, 2021; the BOD also voted unanimously to discontinue the quarterly dividend and prioritize allocating the Company's free cash flow to reduce debt levels. Future dividends will depend on CoreCivic's future cash flows and earnings, capital requirements, financial condition, limitations under debt covenants, opportunities for alternative uses of capital, and on such other factors as the BOD of CoreCivic may consider relevant. Common Stock Restricted shares. During 2020, CoreCivic issued approximately 1.2 million RSUs to certain of its employees and non-employee directors, with an aggregate value of $20.9 million, including 1.1 million RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 0.1 million RSUs to employees whose compensation is charged to operating expense. During 2019, CoreCivic issued approximately 0.9 million RSUs to certain of its employees and non-employee directors, with an aggregate value of $20.1 million, including 0.8 million RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 0.1 million RSUs to employees whose compensation is charged to operating expense. Since 2015, CoreCivic has three-year one-third . Nonvested RSU transactions as of December 31, 2020 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, 2019 1,562 $ 22.52 Granted 1,245 $ 16.80 Cancelled (47 ) $ 19.42 Vested (739 ) $ 23.55 Nonvested at December 31, 2020 2,021 $ 18.40 During 2020, 2019, and 2018, CoreCivic expensed $17.3 million ($1.7 million of which was recorded in operating expenses and $15.6 million of which was recorded in general and administrative expenses), $17.3 million ($1.8 million of which was recorded in operating expenses and $15.5 million of which was recorded in general and administrative expenses), and $13.1 million ($1.8 million of which was recorded in operating expenses and $11.3 million of which was recorded in general and administrative expenses), net of forfeitures, relating to RSUs, respectively. As of December 31, 2020, CoreCivic had $15.0 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a remaining weighted-average period of 1.7 years. On August 28, 2018, CoreCivic entered into an Amended and Restated ATM Equity Offering Sales Agreement, or ATM Agreement, with multiple sales agents, pursuant to which the Company may offer and sell to or through the agents, from time to time, shares of the Company's common stock, par value $0.01 per share, having an aggregate gross sales price of up to $200.0 million. Sales, if any, of the Company's shares of common stock will be made primarily in “at-the-market” offerings, as defined in Rule 415 under the Securities Act of 1933, as amended. The shares of common stock will be offered and sold pursuant to CoreCivic's registration statement on Form S-3 and a related prospectus supplement, both filed with the SEC on August 28, 2018. CoreCivic intends to use substantially all of the net proceeds from any sale of shares of the Company's common stock to repay outstanding borrowings or for working capital and other general corporate purposes, which may include investments. There were no shares of the Company's common stock sold under the ATM Agreement during 2018, 2019 and 2020. 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 BOD. 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 RSUs as previously described herein. All outstanding stock options were fully vested as of December 31, 2016 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, 2019 644 $ 20.91 Granted — — Exercised — — Cancelled (172 ) 17.58 Outstanding at December 31, 2020 472 $ 22.13 0.9 $ — Exercisable at December 31, 2020 472 $ 22.13 0.9 $ — 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, 2020 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, 2020. 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, 2019 and 2018 was $0.5 million and $1.3 million, respectively. There were no options exercised during 2020. At CoreCivic's 2020 annual meeting of stockholders held in May 2020, CoreCivic's stockholders approved the CoreCivic, Inc. 2020 Stock incentive Plan that authorized the issuance of new awards to an aggregate of up to 4.7 million shares. As of December 31, 2020, CoreCivic had 4.7 million shares available for issuance under the 2020 Stock Incentive Plan. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
EARNINGS PER SHARE | 15 . EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For 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 stock-based awards, stock options, and Operating Partnership Units. 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, 2020 2019 2018 NUMERATOR Basic: Net income attributable to common stockholders $ 54,157 $ 188,886 $ 159,207 Diluted: Net income attributable to common stockholders $ 54,157 $ 188,886 $ 159,207 Net income attributable to non-controlling interest 1,181 — — Diluted net income attributable to common stockholders $ 55,338 $ 188,886 $ 159,207 DENOMINATOR Basic: Weighted average common shares outstanding 119,559 119,028 118,544 Diluted: Weighted average common shares outstanding 119,559 119,028 118,544 Effect of dilutive securities: Stock options — 22 111 Restricted stock-based awards 28 114 61 Non-controlling interest - Operating Partnership Units 1,342 — — Weighted average shares and assumed conversions 120,929 119,164 118,716 BASIC EARNINGS PER SHARE $ 0.45 $ 1.59 $ 1.34 DILUTED EARNINGS PER SHARE $ 0.45 $ 1.59 $ 1.34 Approximately 502,000, 486,000, and 317,000 stock options were excluded from the computations of diluted earnings per share for the years ended December 31, 2020, 2019, and 2018, respectively, because they were anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | 16 . COMMITMENTS AND CONTINGENCIES Legal Proceedings 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. 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. 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 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. CoreCivic records a liability in the consolidated financial statements for loss contingencies when a loss is known or considered probable, and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. When determining the estimated loss or range of loss, significant judgment is required to estimate the amount and timing of a loss to be recorded. Any receivable for insurance recoveries is recorded separately from the corresponding litigation reserve, and only if recovery is determined to be probable and the amount of payment can be determined. CoreCivic does not accrue for anticipated legal fees and costs but expenses those items as incurred. CoreCivic was named as a defendant in the lawsuits detailed below. Due to the stage of these proceedings, the Company cannot reasonably predict the outcome, nor can it estimate the amount of loss or range of loss, if any, that may result. As a result, the Company has not recorded an accrual relating to these matters at this time, as losses are not considered probable or reasonably estimable at this stage of these lawsuits. ICE Detainee Labor and Related Matters. On May 31, 2017, two former ICE detainees, who were detained at the Company's Otay Mesa Detention Center (“OMDC”) in San Diego, California, filed a class action lawsuit against the Company in the United States District Court for the Southern District of California. The complaint alleged that the Company forces detainees to perform labor under threat of punishment in violation of state and federal anti-trafficking laws and that OMDC’s Voluntary Work Program (“VWP”) violates state labor laws including state minimum wage law. ICE requires that CoreCivic offer and operate the VWP in conformance with ICE standards and ICE prescribes the minimum rate of pay for VWP participants. The Plaintiffs seek compensatory damages, exemplary damages, restitution, penalties, and interest as well as declaratory and injunctive relief on behalf of former and current detainees. On April 1, 2020, the district court certified a nationwide anti-trafficking claims class of former and current detainees at all CoreCivic ICE detention facilities. It also certified a state law class of former and current detainees at the Company’s ICE detention facilities in California. The court did not certify any claims for injunctive or declaratory relief. Since this case was initially filed, four similar lawsuits have been filed in other courts in California, Texas, Maryland and Georgia. The Company disputes these allegations and intends to take all necessary steps to vigorously defend itself against all claims. Shareholder Litigation. In a memorandum to the BOP dated August 18, 2016, the Department of Justice ("DOJ") directed that, as each contract with privately operated prisons reaches the end of its term, the BOP should either decline to renew that contract or substantially reduce its scope in a manner consistent with law and the overall decline of the BOP's inmate population. In addition to the decline in the BOP's inmate population, the DOJ memorandum cites purported operational, programming, and cost efficiency factors as reasons for the DOJ directive. On February 21, 2017, the newly appointed U.S. Attorney General issued a memorandum rescinding the DOJ's prior directive stating the memorandum changed long-standing policy and practice and impaired the BOP's ability to meet the future needs of the federal correctional system. Following the release of the August 18, 2016 DOJ memorandum, a purported securities class action lawsuit was filed on August 23, 2016 against the Company and certain of its current and former officers in the United States District Court for the Middle District of Tennessee (the "District Court"), captioned Grae v. Corrections Corporation of America et al. , Case No. 3:16-cv-02267. The lawsuit is brought on behalf of a putative class of shareholders who purchased or acquired the Company's securities between February 27, 2012 and August 17, 2016. The Plaintiffs seek compensatory damages and costs incurred in connection with the lawsuit. In general, the lawsuit alleges that, during this timeframe, the Company's public statements were false and/or misleading regarding the purported operational, programming, and cost efficiency factors cited in the DOJ memorandum and, as a result, the Company's stock price was artificially inflated. The lawsuit alleges that the publication of the DOJ memorandum on August 18, 2016 revealed the alleged fraud, causing the per share price of the Company's stock to decline, thereby causing harm to the putative class of shareholders. On December 18, 2017, the District Court denied the Company's motion to dismiss. On March 26, 2019, the District Court certified the class proposed by the plaintiff. The United States Court of Appeals for the Sixth Circuit denied the Company's appeal of the class certification order on August 23, 2019. A trial before United States District Judge Aleta Trauger is scheduled for May 2021 in the Middle District of Tennessee. CoreCivic believes the lawsuit is entirely without merit and intends to vigorously defend against it. 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 CoreCivic 401(k) Savings and Retirement Plan (the "Plan") upon reaching age 18 and completing six months of qualified service. Eligible employees may contribute up to 90% of their eligible compensation, subject to IRS limitations. For the years ended December 31, 2020, 2019, and 2018, CoreCivic provided a discretionary matching contribution equal to 100% 5% Deferred Compensation Plans CoreCivic provides two 100% 5% During 2020, 2019, and 2018, CoreCivic provided a fixed return of 5.0% in each year 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 2020, 2019, and 2018, CoreCivic recorded $0.3 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 $14.9 million and $14.4 million as of December 31, 2020 and 2019, respectively, and were reflected in other assets on the accompanying consolidated balance sheets. As of December 31, 2020 and 2019, CoreCivic's liability related to the Deferred Compensation Plans was $12.5 million and $12.9 million, respectively, which was reflected in accounts payable and accrued expenses and other liabilities on the accompanying consolidated 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, 2020 | |
SEGMENT REPORTING | 17 . SEGMENT REPORTING As of The revenue and net operating income for each of the three segments and a reconciliation to CoreCivic's operating income is as follows for the three years ended December 31, 2020, 2019, and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Revenue: Safety $ 1,706,232 $ 1,779,958 $ 1,675,998 Community 105,990 123,265 101,841 Properties 93,098 77,307 57,899 Total segment revenue 1,905,320 1,980,530 1,835,738 Operating expenses: Safety 1,288,938 1,304,121 1,222,418 Community 88,903 95,159 76,898 Properties 28,128 22,803 15,420 Total segment operating expenses 1,405,969 1,422,083 1,314,736 Facility net operating income: Safety 417,294 475,837 453,580 Community 17,087 28,106 24,943 Properties 64,970 54,504 42,479 Total facility net operating income 499,351 558,447 521,002 Other revenue (expense): Other revenue 165 159 28 Other operating expense (407 ) (686 ) (514 ) General and administrative (124,338 ) (127,078 ) (106,865 ) Depreciation and amortization (150,861 ) (144,572 ) (156,501 ) Contingent consideration for acquisition of businesses (620 ) — (6,085 ) Asset impairments (60,628 ) (4,706 ) (1,580 ) Operating income $ 162,662 $ 281,564 $ 249,485 The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2020, 2019, and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Capital expenditures: Safety $ 42,577 $ 77,662 $ 94,559 Community 2,548 5,859 15,689 Properties 107,487 95,109 365,628 Corporate and other 6,877 12,111 11,260 Total capital expenditures $ 159,489 $ 190,741 $ 487,136 The total assets are as follows (in thousands): December 31, 2020 2019 Assets: Safety $ 2,589,622 $ 2,606,127 Community 234,475 275,882 Properties 676,374 682,249 Corporate and other 208,844 227,373 Total assets $ 3,709,315 $ 3,791,631 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS | 18 . SUBSEQUENT EVENTS During February 2021, CoreCivic issued approximately 2.0 million RSUs to certain of CoreCivic's employees and non-employee directors, with an aggregate value of $15.4 million. Unless earlier vested under the terms of the RSU agreement, approximately 1.0 million RSUs were issued to officers and executive officers which vest evenly on the first, second, and third anniversary of the award. CoreCivic expects to issue additional RSUs before the end of the second quarter of 2021, which will be subject to vesting over a three-year |
SCHEDULE III - REAL ESTATE ASSE
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | CORECIVIC, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2020 (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 $ 3,827 $ 1,092 $ 123,174 $ 124,266 $ (30,364 ) 2008 Adams Transitional Center Denver, Colorado 6,090 853 340 6,090 1,193 7,283 (134 ) 2017 Arapahoe Community Treatment Center Englewood, Colorado 3,760 1,239 709 3,760 1,948 5,708 (260 ) 2017 Augusta Transitional Center Augusta, Georgia 1,281 2,674 80 1,281 2,754 4,035 (238 ) 2017 Austin Residential Reentry Center Del Valle, Texas 4,190 1,058 371 4,201 1,418 5,619 (370 ) 2015 Austin Transitional Center Del Valle, Texas 19,488 4,607 983 19,500 5,578 25,078 (1,238 ) 2015 Bent County Correctional Facility Las Animas, Colorado 550 13,115 68,425 1,587 80,503 82,090 (29,674 ) 1992 Bridgeport Pre-Parole Transfer Facility Bridgeport, Texas 70 291 — 70 — 70 (E) - 1995 Broad Street Residential Reentry Center Philadelphia, Pennsylvania 663 2,700 197 663 2,897 3,560 (426 ) 2015 CAI Boston Avenue San Diego, California 800 11,440 1,244 845 12,639 13,484 (3,251 ) 2013 California City Correctional Center California City, California 1,785 125,337 15,581 2,409 140,294 142,703 (58,301 ) 1999 Capital Commerce Center (C) Tallahassee, Florida 2,255 38,362 636 2,262 38,991 41,253 (2,891 ) 2018 Centennial Community Transition Center Englewood, Colorado 4,905 1,256 390 5,021 1,530 6,551 (284 ) 2016 Central Arizona Florence Correctional Complex Florence, Arizona 1,298 133,531 51,793 4,395 182,227 186,622 (81,229 ) 1994/1999 Cheyenne Transitional Center Cheyenne, Wyoming 5,567 2,092 874 5,567 2,966 8,533 (635 ) 2015 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 Cibola County Corrections Center Milan, New Mexico 444 16,215 33,148 1,368 48,439 49,807 (22,763 ) 1994 Cimarron Correctional Facility Cushing, Oklahoma 250 71,303 46,023 776 116,800 117,576 (44,872 ) 1997 Coffee Correctional Facility (D) Nicholls, Georgia — — — — — — — 1998 Columbine Facility Denver, Colorado 1,414 488 230 1,438 694 2,132 (148 ) 2016 Commerce Transitional Center Commerce City, Colorado 5,166 1,758 235 5,166 1,993 7,159 (225 ) 2017 Corpus Christi Transitional Center Corpus Christi, Texas — 1,886 530 5 2,411 2,416 (1,257 ) 2015 Crossroads Correctional Center Shelby, Montana 413 33,196 44,128 1,614 76,123 77,737 (43,477 ) 1999 Crowley County Correctional Facility Olney Springs, Colorado 211 46,845 31,191 2,680 75,567 78,247 (29,512 ) 2003 Dahlia Facility Denver, Colorado 6,788 727 292 6,835 972 7,807 (211 ) 2016 Dallas Transitional Center Hutchins, Texas — 3,852 1,732 1 5,583 5,584 (1,658 ) 2015 Davis Correctional Facility Holdenville, Oklahoma 250 66,701 42,551 1,209 108,293 109,502 (41,793 ) 1996 Diamondback Correctional Facility Watonga, Oklahoma 208 41,677 26,053 1,361 66,577 67,938 (29,591 ) 1998 Eden Detention Center Eden, Texas 925 27,645 34,926 5,552 57,944 63,496 (27,355 ) 1995 El Paso Multi-Use Facility El Paso, Texas 14,936 4,536 1,607 14,965 6,114 21,079 (1,324 ) 2015 El Paso Transitional Center El Paso, Texas 10,325 4,198 842 10,389 4,976 15,365 (1,075 ) 2015 Eloy Detention Center Eloy, Arizona 498 33,308 18,148 2,296 49,658 51,954 (25,657 ) 1995 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 Fort Worth Transitional Center Fort Worth, Texas 3,251 334 301 3,266 620 3,886 (576 ) 2015 Fox Facility and Training Center Denver, Colorado 3,038 1,203 727 3,180 1,788 4,968 (379 ) 2016 Houston Processing Center Houston, Texas 2,250 53,373 41,100 3,587 93,136 96,723 (42,273 ) 1984 Huerfano County Correctional Center Walsenburg, Colorado 124 26,358 5,053 1,116 30,419 31,535 (15,640 ) 1997 James River Residential Center Newport News, Virginia 800 501 24 804 521 1,325 (14 ) 2019 Jenkins Correctional Center (D) Millen, Georgia — — — — — — — 2012 Kit Carson Correctional Center Burlington, Colorado 432 35,978 44,462 1,051 79,821 80,872 (28,115 ) 1998 La Palma Correctional Center Eloy, Arizona 283 183,155 13,895 486 196,847 197,333 (53,313 ) 2008 Lake Erie Correctional Institution Conneaut, Ohio 2,871 69,779 6,376 4,031 74,995 79,026 (15,528 ) 2011 Laredo Processing Center Laredo, Texas 788 26,737 3,657 986 30,196 31,182 (13,988 ) 1985 Leavenworth Detention Center Leavenworth, Kansas 130 44,970 45,397 765 89,732 90,497 (34,899 ) 1992 Lee Adjustment Center Beattyville, Kentucky 500 515 18,349 1,277 18,087 19,364 (9,083 ) 1998 Leo Chesney Correctional Center Live Oak, California 250 4,774 1,622 265 6,381 6,646 (3,573 ) 1989 Long Beach Community Corrections Center Long Beach, California 5,038 2,413 — 5,038 2,413 7,451 (277 ) 2016 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 Longmont Community Treatment Center Longmont, Colorado 3,364 582 125 3,363 708 4,071 (130 ) 2016 Marion Adjustment Center St. Mary, Kentucky 250 9,994 8,891 925 18,210 19,135 (8,088 ) 1998 McRae Correctional Facility McRae, Georgia 462 60,396 20,689 1,099 80,448 81,547 (26,795 ) 2000 MDHHS-Detroit Detroit, Michigan 830 5,739 113 943 5,739 6,682 (278 ) 2019 Mineral Wells Pre-Parole Transfer Facility Mineral Wells, Texas 176 22,589 — 100 — 100 (E) - 1995 NARA-Dayton (C) Dayton, Ohio 548 6,439 817 597 7,207 7,804 (486 ) 2018 Nevada Southern Detention Center Pahrump, Nevada 7,548 64,362 10,287 8,421 73,776 82,197 (18,592 ) 2010 North Fork Correctional Facility Sayre, Oklahoma — 42,166 63,253 664 104,755 105,419 (38,791 ) 1998 Northeast Ohio Correctional Center Youngstown, Ohio 750 39,583 14,158 1,901 52,590 54,491 (24,517 ) 1997 Northwest New Mexico Correctional Center Grants, New Mexico 142 15,888 19,930 879 35,081 35,960 (17,552 ) 1989 Oklahoma City Transitional Center Oklahoma City, Oklahoma 1,114 2,626 1,654 1,144 4,250 5,394 (609 ) 2017 Oklahoma Reentry Opportunity Center Oklahoma City, Oklahoma 8,562 4,631 1,198 8,599 5,792 14,391 (1,294 ) 2015 Otay Mesa Detention Center San Diego, California 28,845 114,411 47,512 37,114 153,654 190,768 (14,867 ) 2015/2019 Prairie Correctional Facility Appleton, Minnesota 100 22,306 10,520 1,068 31,858 32,926 (18,281 ) 1991 Recovery Monitoring Solutions Dallas, Texas 1,152 1,979 687 1,280 2,538 3,818 (305 ) 2018 Red Rock Correctional Center (D) Eloy, Arizona — — — — — — — 2006 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 Roth Hall Residential Reentry Center Philadelphia, Pennsylvania 654 2,693 — 654 2,693 3,347 (365 ) 2015 Saguaro Correctional Facility Eloy, Arizona 193 98,903 2,418 486 101,028 101,514 (27,711 ) 2007 South Raleigh Reentry Center Raleigh, North Carolina 277 663 26 277 689 966 (33 ) 2019 Southeast Kentucky Correctional Facility Wheelwright, Kentucky 500 24,487 12,489 1,630 35,846 37,476 (17,278 ) 1998 SSA-Baltimore (C) Baltimore, Maryland 27,987 179,424 — 29,717 177,694 207,411 (11,841 ) 2018 SSA-Florissant St Louis, Missouri 245 553 19 245 572 817 (31 ) 2018 Stewart Detention Center Lumpkin, Georgia 143 70,560 22,400 1,629 91,474 93,103 (31,069 ) 2004 Stockton Female Community Corrections Facility Stockton, California 692 788 — 692 788 1,480 (77 ) 2017 T. Don Hutto Residential Center Taylor, Texas 183 13,418 5,469 627 18,443 19,070 (9,232 ) 1997 Tallahatchie County Correctional Facility Tutwiler, Mississippi — 44,638 107,561 1,650 150,549 152,199 (55,829 ) 2000 Torrance County Detention Facility Estancia, New Mexico 511 52,599 8,733 1,842 60,001 61,843 (29,185 ) 1990 Trousdale Turner Correctional Center Hartsville, Tennessee 649 135,412 5,356 1,871 139,546 141,417 (14,497 ) 2015 Tulsa Transitional Center Tulsa, Oklahoma 8,206 4,061 658 606 2,766 3,372 (E) (948 ) 2015 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 Turley Residential Center Tulsa, Oklahoma 421 4,105 956 421 5,061 5,482 (1,149 ) 2015 Ulster Facility Denver, Colorado 4,068 441 212 4,126 595 4,721 (130 ) 2016 Walker Hall Residential Reentry Center Philadelphia, Pennsylvania 654 2,692 2 654 2,694 3,348 (366 ) 2015 Webb County Detention Center Laredo, Texas 498 20,161 6,514 2,206 24,967 27,173 (13,241 ) 1998 West Tennessee Detention Facility Mason, Tennessee 538 31,931 7,746 2,174 38,041 40,215 (19,374 ) 1990 Wheeler Correctional Facility (D) Alamo, Georgia — — — — — — — 1998 Whiteville Correctional Facility Whiteville, Tennessee 303 51,694 8,162 1,671 58,488 60,159 (27,751 ) 1998 Totals $ 215,724 $ 2,415,459 $ 996,604 $ 261,525 $ 3,333,753 $ 3,595,278 $ (1,128,563 ) NOTES TO SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (A) The aggregate cost of properties for federal income tax purposes is approximately $4.0 billion at December 31, 2020. (B) Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. (C) Held for Sale. (D ) CoreCivic retains title to this asset, which is classified under other real estate assets on the Company's consolidated balance sheets in accordance with ASC 853. (E ) CoreCivic recorded non-cash impairments during the fourth quarter of 2014 to write down the book value of the Mineral Wells facility, during the third quarter of 2017 to write down the book value of the Bridgeport facility, and during the second quarter of 2020 to write down the book value of the Tulsa Transitional Center to the estimated fair values assuming uses other than correctional or residential reentry facilities. CORECIVIC, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION FOR THE YEARS ENDED DECEMBER 31, 2020, 2019, AND 2018 (in thousands) For the Years Ended December 31, 2020 2019 2018 Investment in Real Estate: Balance at beginning of period $ 3,605,137 $ 3,697,160 $ 3,367,358 Additions through capital expenditures 29,142 64,423 26,547 Acquisitions 82,324 8,809 269,271 Asset impairments (10,154 ) (4,040 ) — Reclassifications and other (111,171 ) (161,215 ) 33,984 Balance at end of period $ 3,595,278 $ 3,605,137 $ 3,697,160 Accumulated Depreciation: Balance at beginning of period $ (1,053,670 ) $ (1,075,389 ) $ (976,121 ) Depreciation (89,008 ) (87,492 ) (99,361 ) Disposals/Other 14,115 109,211 93 Balance at end of period $ (1,128,563 ) $ (1,053,670 ) $ (1,075,389 ) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 have been made to the consolidated statement of operations and the consolidated statement of cash flows in 2019 to conform to the current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents CoreCivic considers all liquid deposits and investments with a maturity of three months or less at the time of purchase to be cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash at December 31, 2020 and 2019 included deposit accounts totaling $10.3 million and $27.0 million, respectively, to ensure the timely payment of certain operating expenses, capital expenditures and debt service associated with the SSA-Baltimore property and the Lansing Correctional Facility, as further discussed in Notes 6 and 11. The restricted cash accounts are required under the terms of the indebtedness securing such properties. Restricted cash at December 31, 2020 also included $13.2 million for deposits primarily associated with Government Real Estate Solutions, LLC ("GRES") as further discussed in Note 6. |
Accounts Receivable and Credit Loss Reserve | Accounts Receivable and Credit Loss Reserve At December 31, 2020 and 2019, accounts receivable of $267.7 million and $280.8 million, respectively, were net of credit loss reserve totaling $6.1 million and $3.2 million, respectively. Accounts receivable consist primarily of amounts due from federal, state, and local government agencies for the utilization of CoreCivic's properties. Accounts receivable also consist of amounts due for operating and managing the Company's correctional, detention, and residential reentry facilities, as well as its electronic monitoring and case management services operations. 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 using an expected loss model based on a variety of factors, including the nature of the accounts receivable, risks of loss, length of time receivables are past due, 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 real estate properties. Construction costs directly associated with the development of a property 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 |
Other Real Estate Assets | Other Real Estate Assets Other real estate assets are accounted for in accordance with Accounting Standards Codification ("ASC") 853, "Service Concession Arrangements". ASC 853 stipulates that the facilities subject to the standard may not be accounted for as a lease, nor should the infrastructure used in the service concession arrangement be recognized as property and equipment by the operating entity. Instead, the contracts should be accounted for under the applicable revenue standards. The Company owns four facilities that are accounted for as service concession arrangements. The facilities accounted for under ASC 853 were constructed in periods prior to 2013. On January 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" and its subsequent corresponding update, ASC 606. For facilities which CoreCivic constructed for the public entity, two separate and distinct performance obligations exist. Service revenue is recognized as provided. All revenues and costs related to the construction of the facilities were recognized upon adoption of ASC 606. Revenue recognized related to the construction of the facilities for which cash has not yet been received is recorded as a contract asset and is amortized and evaluated for impairment on an on-going basis. For facilities contributed to a service contract, the cost of the facility is accounted for as costs to fulfill the service contract and the cost is recognized over the term of the service contract. The costs related to contract assets and costs to fulfill the service contracts are recoverable if the contract is terminated or not renewed due to the existence of residual interest options. Prior to the adoption of ASC 606, other real estate assets were stated at cost, net of accumulated amortization. These assets represent the cost of all infrastructure to be transferred to the public entity grantors should the grantors exercise their residual interest. The costs related to the facilities constructed for a governmental entity were deferred as an other real estate asset, and the deferred costs were amortized in proportion to revenue recognized over the term of the related services arrangement. The costs related to the facilities that were constructed before entering into the service concession arrangement were amortized in proportion to revenue recognized over the term of the related service contract as an investment in the service contract. |
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 on the consolidated balance sheets. Debt issuance costs related to the Company's revolving credit facility are included in other assets on 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 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, or to pay liquidated damages. In these instances, the amounts required to be returned to the customer are classified as reductions to revenue. Lease revenue is recognized in accordance with ASC 842, "Leases". In accordance with ASC 842, minimum lease revenue is recognized on a straight-line basis over the term of the related lease. Leasehold incentives are recognized as a reduction to lease revenue on a straight-line basis over the term of the related lease. Lease revenue associated with expense reimbursements from tenants is recognized in the period that the related expenses are incurred based upon the tenant lease provision. Other revenue consists primarily of ancillary revenues associated with operating correctional, detention and residential reentry facilities, such as commissary, phone, and vending sales, and is 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 and Litigation Reserves | Self-Funded Insurance and Litigation 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 its best estimate of the probable costs for the resolution of certain claims and legal proceedings in which it is involved, if estimable. In addition, the Company is subject to current and potential future claims and legal proceedings for which little or no accrual has been reflected because the Company's current assessment of the potential exposure is nominal. These estimates have been developed in consultation with CoreCivic's General Counsel's office and, as appropriate, outside counsel handling these matters, and are based upon an analysis of potential results, assuming a combination of litigation and settlement strategies. These estimates could change in the future. |
Income Taxes | Income Taxes CoreCivic operated in compliance with REIT requirements for federal income tax purposes from January 1, 2013 through December 31, 2020. As a REIT, the Company generally has not been 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 to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections have permitted 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 of 1986, as amended. 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 on the consolidated balance sheets. See Note 13 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 this receivable to the current exchange rate at each balance sheet date and recognizes the unrealized currency gain or loss in current period earnings. See Note 8 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, 2020 and 2019, 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, 2020 2019 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,094 $ 3,896 $ 2,989 $ 3,949 Debt $ (1,809,517 ) $ (1,774,016 ) $ (1,986,865 ) $ (1,964,366 ) |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates and those differences could be material. |
Concentration of Credit Risks | Concentration of Credit Risks CoreCivic's credit risks relate primarily to cash and cash equivalents, restricted cash, and accounts receivable. Cash and cash equivalents and restricted cash are primarily held in bank accounts and overnight investments. CoreCivic maintains deposits of cash in excess of federally insured limits with certain financial institutions. CoreCivic's accounts receivable 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, 2020, 2019, and 2018, federal correctional and detention authorities represented 52%, 51%, and 48%, respectively, of CoreCivic's total revenue. Federal correctional and detention authorities consist primarily of U.S. Immigration and Customs Enforcement ("ICE"), the United States Marshals Service ("USMS"), and the Federal Bureau of Prisons ("BOP"). ICE accounted for 28%, 29%, and 25% of total revenue for 2020, 2019, and 2018, respectively. The USMS accounted for 21%, 17%, and 17% of total revenue for 2020, 2019, and 2018, respectively. The BOP accounted for 3%, 5%, and 6% of total revenue for 2020, 2019, and 2018, respectively. 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 33%, 34%, and 39% of total revenue during the years ended December 31, 2020, 2019, and 2018, respectively. ICE and the USMS each generated 10% or more of total revenue during 2020, 2019, and 2018. Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, reentry, and leased, the loss of one or more of such contracts could have a material impact on CoreCivic's financial condition and results of operations. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation 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 unit ("RSU") 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. To the extent performance-based RSUs are expected to increase or decrease based on revised estimates of performance, the related expense is adjusted accordingly. If achievement of the performance criteria becomes improbable, an adjustment is made to reverse the expense previously recognized. The Company estimates the number of awards expected to be forfeited and adjusts the estimate when it is likely to change. |
Leases | Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Leases (Topic 842)", which requires lessees to put most leases on their balance sheets but recognize expenses on their income statements in a manner similar to previous accounting requirements. ASU 2016-02 also eliminated previous 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 finance leases and operating leases, a lessee should recognize on the balance sheet a liability to make lease payments and a right-of-use ("ROU") asset representing its right to use the underlying asset for the lease term, with each initially measured at the present value of the lease payments. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements – Leases (Topic 842)", which permits entities to adopt a new transition method whereby the modified retrospective transition method would allow companies to recognize the cumulative-effect adjustment in the period of adoption rather than the earliest period presented and continue to apply the legacy guidance in ASC 840, "Leases", in the comparative periods presented. Further, ASU 2018-11 also allows entities to elect, by class of underlying asset, to not separate non-lease components from the associated lease components when certain criteria are met. Adoption results in an increase in long-term assets and liabilities for leases where the Company is the lessee. CoreCivic adopted ASU 2016-02 and ASU 2018-11, cumulatively ("ASC 842"), on January 1, 2019. The Company elected the modified retrospective transition method and recognized the cumulative-effect adjustment resulting from adoption of ASC 842 in the first quarter of 2019. CoreCivic also elected to adopt the package of available practical expedients that permits lessees and lessors to not reassess certain items, including whether any expired or existing contracts are or contain leases, lease classification of any expired or existing leases, and initial direct costs for any expired or existing leases. In addition, the Company made an accounting policy election to apply the "short-term lease exception" permitted by ASC 842 for all classes of underlying assets. With the exception of the South Texas Family Residential Center lease, as further described in Note 5, the Company also elected the practical expedient that permits lessees to make an accounting policy election to account for each separate lease component of a contract and its associated non-lease components as a single lease component. Prior to the adoption of ASC 842, a portion of the rental payments for the South Texas Family Residential Center was classified as depreciation and interest expense in accordance with ASC 840-40-55, formerly Emerging Issues Task Force No. 97-10, "The Effect of Lessee Involvement in Asset Construction." Upon adoption of ASC 842, all rental payments associated with this lease are classified as operating expenses. Upon adoption of ASC 842, CoreCivic recognized a ROU asset of $115.6 million and a lease liability of $82.9 million for all operating leases identified by the Company as applicable under the guidance of ASC 842, including the lease for the South Texas Family Residential Center. For those operating leases that contain renewal options, the Company included the renewal period in the lease terms, and the related payments are reflected in the ROU asset and lease liability, when it is reasonably certain that a renewal option will be exercised. The ROU asset is included in other assets on the consolidated balance sheets, while the current portion of the lease liability is included in accounts payable and accrued expenses, and the long-term portion of the liability is included in other liabilities on the consolidated balance sheets. The Company also recognized a net charge of approximately $29.9 million to accumulated deficit upon adoption of ASC 842. For leases where the Company is the lessor, upon adoption of ASC 842, the Company elected to also apply the practical expedient to not separate non-lease components from the associated lease component if certain criteria are met for each class of underlying assets. Lease components are elements of an arrangement that provide the customer with the right to use an identified asset. Non-lease components are distinct elements of a contract that are not related to securing the use of the leased asset and revenue is recognized in accordance with ASC 606. The Company considers common area maintenance ("CAM") and service income associated with tenant work orders to be non-lease components because they represent delivery of a separate service but are not considered a cost of securing the identified asset. In the case of the Company’s business, the identified asset would be the leased real estate. The Company assessed and concluded that the timing and pattern of transfer for non-lease components and the associated lease component are the same. The Company determined that the predominant component was the lease component and as such its leases continue to qualify as operating leases. The Company made a policy election to account for and present the lease component and the non-lease component as a single component in revenue. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments," which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The ASU replaces the "incurred loss" approach with an "expected loss" model for instruments measured at amortized cost. For trade and other receivables, held-to-maturity debt securities, contract assets, loans and other instruments, entities are now required to use a new forward-looking "expected loss" model that generally will result in the earlier recognition of allowances for losses. Upon its effective date, CoreCivic adopted the ASU in the first quarter of 2020. The Company recognized a charge of $1.0 million to accumulated deficit upon adoption of ASU 2016-13. Based principally on the fact that the largest portion of the Company's accounts receivable is with governmental agencies with high credit ratings, the adoption of ASU 2016-13 did not have a material impact on its financial statements Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the Securities and Exchange Commission ("SEC") did not, or are not expected to, have a material effect on the Company's results of operations or financial position. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, 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, 2020 2019 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,094 $ 3,896 $ 2,989 $ 3,949 Debt $ (1,809,517 ) $ (1,774,016 ) $ (1,986,865 ) $ (1,964,366 ) |
REAL ESTATE AND RELATED ASSETS
REAL ESTATE AND RELATED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property and Equipment | Property and equipment, at cost, consists of the following (in thousands): December 31, 2020 2019 Land and improvements $ 253,289 $ 295,214 Buildings and improvements 3,171,307 3,411,583 Equipment and software 420,894 435,628 Office furniture and fixtures 37,704 38,278 Construction in progress 26,466 29,521 3,909,660 4,210,224 Less: Accumulated depreciation (1,559,388 ) (1,510,117 ) $ 2,350,272 $ 2,700,107 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Lease Description [Line Items] | |
Schedule of Future Minimum Lease Payments | The expense incurred for all operating leases, inclusive of short-term and variable leases, but exclusive of the non-lease food services component of the South Texas Family Residential Center lease, was $34.9 million, $34.8 million, and $30.7 million for the years ended December 31, 2020, 2019, and 2018, respectively. The cash payments for operating leases are reflected as cash flows from operating activities on the accompanying consolidated statements of cash flows and cash payments for financing leases are reflected as cash flows from financing activities. Future minimum lease payments as of December 31, 2020 for the Company's operating lease liabilities, inclusive of $165.3 million of payments expected to be made under the cancelable lease at the South Texas facility (excluding the non-lease food services component), are as follows (in thousands): 2021 $ 33,220 2022 32,476 2023 32,068 2024 31,994 2025 31,967 Thereafter 39,290 Total future minimum lease payments 201,015 Less amount representing interest (34,600 ) Total present value of minimum lease payments $ 166,415 |
Schedule of Future Undiscounted Cash Flows to be Received from Third-Party Lessees for Company's Operating Leases and Finance Leases | Future undiscounted cash flows to be received from third-party lessees as of December 31, 2020 for the Company's operating and finance leases, including those associated with the three properties held for sale at December 31, 2020, as further described in Note 6, are as follows (in thousands) 2021 $ 85,783 2022 80,306 2023 80,734 2024 81,235 2025 81,262 Thereafter 588,364 |
REAL ESTATE TRANSACTIONS (Table
REAL ESTATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) Net Carrying Values at December 31, Facility 2020 2019 Prairie Correctional Facility $ 14,646 $ 14,863 Huerfano County Correctional Center 15,895 16,266 Diamondback Correctional Facility 38,346 39,729 Marion Adjustment Center 11,047 11,351 Kit Carson Correctional Center 52,757 54,041 $ 132,691 $ 136,250 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Rocky Mountain Offender Management Systems LLC and Recovery Monitoring Solutions Corporation | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the two transactions in 2018, CoreCivic recorded the following (in millions): Property and equipment $ 6.1 Intangible assets 12.4 Tangible assets and liabilities, net (2.8 ) Total identifiable assets, net 15.7 Goodwill 7.2 Total consideration $ 22.9 |
Rehabilitation Services Inc | |
Business Combination Purchase Price Allocation | In allocating the purchase price for the acquisition of certain assets of RSI in 2019, CoreCivic recorded the following (in millions): Property and equipment $ 1.3 Intangible assets 0.7 Total identifiable assets 2.0 Goodwill 2.4 Total consideration $ 4.4 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2020 2019 Intangible assets: Deferred leasing assets, less accumulated amortization of $1,132 and $5,647, respectively $ 146 $ 41,129 Other intangible assets, less accumulated amortization of $9,219 and $8,182, respectively 10,720 14,517 Construction receivable - Kansas lease — 137,665 Financing receivable - Kansas lease 147,481 — ROU lease assets 194,080 108,118 Lease incentive assets 4,813 5,454 Debt issuance costs, less accumulated amortization of $2,332 and $1,475, respectively 1,855 2,628 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 14,940 14,448 Straight-line rent receivable 2,196 7,836 Insurance receivable 14,353 13,179 Other 6,079 5,933 $ 396,663 $ 350,907 |
Estimated Amortization Expense Related to Intangible Assets | As of December 31, 2020, the estimated amortization expense related to intangible assets, including the expense associated with the three properties held for sale at December 31, 2020, for each of the next five years is as follows (in thousands): 2021 $ 4,853 2022 4,253 2023 3,308 2024 3,272 2025 3,268 |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2020 2019 Trade accounts payable $ 85,359 $ 75,152 Accrued salaries and wages 43,564 51,845 Accrued dividends 3,148 54,843 Accrued workers' compensation and auto liability 7,379 7,062 Accrued litigation 5,861 14,134 Accrued employee medical insurance 7,035 6,110 Accrued property taxes 27,780 27,900 Accrued interest 9,516 10,142 ROU lease liability 21,646 26,914 Deferred revenue 8,693 15,387 Construction payable 1,821 7,504 Lease obligation 4,400 8,603 Deferred employer payroll taxes 14,795 — Other 33,321 31,866 $ 274,318 $ 337,462 |
Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands): December 31, 2020 2019 Intangible contract liability $ 5,030 $ 5,417 Accrued workers' compensation 31,868 28,769 Accrued deferred compensation 11,802 10,919 Lease financing obligation 7,508 7,634 ROU lease liability 144,769 51,247 Deferred employer payroll taxes 14,795 — Other 696 1,593 $ 216,468 $ 105,579 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Debt Outstanding | Debt outstanding consists of the following (in thousands): December 31, 2020 2019 Revolving Credit Facility maturing April 2023 periodically at variable interest rates. The weighted average rate at December 31, 2020 and 2019 was 1.7% and 3.3%, respectively. $ 219,000 $ 365,000 Term Loan A maturing April 2023 variable interest rates. The rate at December 31, 2020 and 2019 was 1.6% and 3.3%, respectively. Unamortized debt issuance costs amounted to $0.1 million at both December 31, 2020 and 2019. 180,000 190,000 Term Loan B maturing December 2024 at variable interest rates. The rate at December 31, 2020 and 2019 was 5.5% and 6.3%, respectively. Unamortized debt issuance costs amounted to $4.1 million and $4.6 million at December 31, 2020 and 2019, respectively. 237,500 250,000 4.625% Senior Notes maturing May 2023 issuance costs amounted to $1.5 million and $2.1 million at December 31, 2020 and 2019, respectively. 350,000 350,000 5.0% Senior Notes maturing October 2022 issuance costs amounted to $0.8 million and $1.3 million at December 31, 2020 and 2019, respectively. 250,000 250,000 4.75% Senior Notes maturing October 2027 issuance costs amounted to $2.7 million and $3.1 million at December 31, 2020 and 2019, respectively. 250,000 250,000 4.5% Capital Commerce Center Non-Recourse Mortgage Note maturing January 2033 amounted to $0.3 20,934 22,209 4.43% Lansing Correctional Center Non-Recourse Mortgage Note maturing January 2040 to $3.1 million and $3.3 million at December 31, 2020 and 2019, respectively. 157,607 159,522 4.5% SSA- Baltimore Non-Recourse Mortgage Note maturing February 2034 $0.2 144,476 150,134 Total debt 1,809,517 1,986,865 Unamortized debt issuance costs (12,766 ) (14,993 ) Unamortized original issue discount (10,000 ) (12,500 ) Current portion of long-term debt (39,087 ) (31,349 ) Long-term debt, net $ 1,747,664 $ 1,928,023 |
Schedule of Principal Payments | Scheduled principal payments as of December 31, 2020 for the next five years and thereafter were as follows (in thousands): 2021 $ 39,087 2022 292,981 2023 758,110 2024 194,937 2025 14,556 Thereafter 509,846 Total debt $ 1,809,517 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Components of Income Tax Expense (Benefit) | Income tax expense (benefit) is comprised of the following components (in thousands): For the Years Ended December 31, 2020 2019 2018 Current income tax expense (benefit) Federal $ (1,928 ) $ 5,324 $ 10,481 State 1,369 3,677 2,308 (559 ) 9,001 12,789 Deferred income tax expense (benefit) Federal 3,878 (489 ) (3,422 ) State 1,067 (673 ) (1,014 ) 4,945 (1,162 ) (4,436 ) Income tax expense $ 4,386 $ 7,839 $ 8,353 |
Components of Deferred Tax Assets and Liabilities | Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2020 and 2019, are as follows (in thousands): December 31, 2020 2019 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 21,482 $ 28,247 Tax over book basis of certain assets 1,001 1,451 Net operating loss and tax credit carryforwards 3,782 5,130 Intangible contract value 699 262 Other 68 103 Total noncurrent deferred tax assets 27,032 35,193 Less valuation allowance (848 ) (3,865 ) Total noncurrent deferred tax assets 26,184 31,328 Noncurrent deferred tax liabilities: Book over tax basis of certain assets (11,305 ) (11,478 ) Intangible value (2,149 ) (2,264 ) Other (1,617 ) (1,528 ) Total noncurrent deferred tax liabilities (15,071 ) (15,270 ) Net total noncurrent deferred tax assets $ 11,113 $ 16,058 |
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, 2020, 2019, and 2018 is as follows: 2020 2019 2018 Statutory federal rate 21.0 % 21.0 % 21.0 % Dividends paid deduction (24.9 ) (18.9 ) (18.6 ) State taxes, net of federal tax benefit 1.9 1.2 1.0 Permanent differences 2.2 1.2 1.0 Charges associated with adoption of tax reform — — 0.6 Deferred tax expense on Kansas lease structure 5.2 — — Tax benefit of equity-based compensation 1.1 0.1 0.5 Other items, net 0.8 (0.6 ) (0.5 ) 7.3 % 4.0 % 5.0 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018: Ordinary Return of Total Declaration Date Record Date Payable Date Income Capital Per Share February 22, 2018 April 2, 2018 April 16, 2018 0.396671 (1) 0.033329 $ 0.43 May 11, 2018 July 2, 2018 July 16, 2018 0.396671 (1) 0.033329 $ 0.43 August 16, 2018 October 1, 2018 October 15, 2018 0.396671 (1) 0.033329 $ 0.43 December 13, 2018 January 2, 2019 January 15, 2019 0.374927 (2) 0.055073 $ 0.43 February 21, 2019 April 1, 2019 April 15, 2019 0.383646 (3) 0.056354 $ 0.44 May 16, 2019 July 1, 2019 July 16, 2019 0.383646 (3) 0.056354 $ 0.44 August 15, 2019 October 1, 2019 October 15, 2019 0.383646 (3) 0.056354 $ 0.44 December 12, 2019 January 6, 2020 January 15, 2020 0.440000 (4) — $ 0.44 February 20, 2020 April 1, 2020 April 15, 2020 0.440000 (4) — $ 0.44 (1) (2) (3) (4) |
Summary of Nonvested Restricted Common Stock and RSU Transactions | Nonvested RSU transactions as of December 31, 2020 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, 2019 1,562 $ 22.52 Granted 1,245 $ 16.80 Cancelled (47 ) $ 19.42 Vested (739 ) $ 23.55 Nonvested at December 31, 2020 2,021 $ 18.40 |
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, 2019 644 $ 20.91 Granted — — Exercised — — Cancelled (172 ) 17.58 Outstanding at December 31, 2020 472 $ 22.13 0.9 $ — Exercisable at December 31, 2020 472 $ 22.13 0.9 $ — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 NUMERATOR Basic: Net income attributable to common stockholders $ 54,157 $ 188,886 $ 159,207 Diluted: Net income attributable to common stockholders $ 54,157 $ 188,886 $ 159,207 Net income attributable to non-controlling interest 1,181 — — Diluted net income attributable to common stockholders $ 55,338 $ 188,886 $ 159,207 DENOMINATOR Basic: Weighted average common shares outstanding 119,559 119,028 118,544 Diluted: Weighted average common shares outstanding 119,559 119,028 118,544 Effect of dilutive securities: Stock options — 22 111 Restricted stock-based awards 28 114 61 Non-controlling interest - Operating Partnership Units 1,342 — — Weighted average shares and assumed conversions 120,929 119,164 118,716 BASIC EARNINGS PER SHARE $ 0.45 $ 1.59 $ 1.34 DILUTED EARNINGS PER SHARE $ 0.45 $ 1.59 $ 1.34 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Revenue and Net Operating Income for Each of the Three Segments and a Reconciliation to CoreCivic's Operating Income | The revenue and net operating income for each of the three segments and a reconciliation to CoreCivic's operating income is as follows for the three years ended December 31, 2020, 2019, and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Revenue: Safety $ 1,706,232 $ 1,779,958 $ 1,675,998 Community 105,990 123,265 101,841 Properties 93,098 77,307 57,899 Total segment revenue 1,905,320 1,980,530 1,835,738 Operating expenses: Safety 1,288,938 1,304,121 1,222,418 Community 88,903 95,159 76,898 Properties 28,128 22,803 15,420 Total segment operating expenses 1,405,969 1,422,083 1,314,736 Facility net operating income: Safety 417,294 475,837 453,580 Community 17,087 28,106 24,943 Properties 64,970 54,504 42,479 Total facility net operating income 499,351 558,447 521,002 Other revenue (expense): Other revenue 165 159 28 Other operating expense (407 ) (686 ) (514 ) General and administrative (124,338 ) (127,078 ) (106,865 ) Depreciation and amortization (150,861 ) (144,572 ) (156,501 ) Contingent consideration for acquisition of businesses (620 ) — (6,085 ) Asset impairments (60,628 ) (4,706 ) (1,580 ) Operating income $ 162,662 $ 281,564 $ 249,485 |
Summary of Capital Expenditures Including Accrued Amounts | The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2020, 2019, and 2018 (in thousands): For the Years Ended December 31, 2020 2019 2018 Capital expenditures: Safety $ 42,577 $ 77,662 $ 94,559 Community 2,548 5,859 15,689 Properties 107,487 95,109 365,628 Corporate and other 6,877 12,111 11,260 Total capital expenditures $ 159,489 $ 190,741 $ 487,136 |
Schedule of Total Assets | The total assets are as follows (in thousands): December 31, 2020 2019 Assets: Safety $ 2,589,622 $ 2,606,127 Community 234,475 275,882 Properties 676,374 682,249 Corporate and other 208,844 227,373 Total assets $ 3,709,315 $ 3,791,631 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) ft² in Millions | 12 Months Ended |
Dec. 31, 2020ft²PropertySegmentFacilityBed | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of Operating segments | Segment | 3 |
Number of properties for lease to third parties and used by government agencies | Property | 15 |
Minimum distribution percentage of taxable income to qualify for real estate investment trust | 90.00% |
CoreCivic Safety | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of facilities operated by the company | 47 |
Number of facilities owned by the company | 42 |
Number of beds at the facility | Bed | 70,000 |
CoreCivic Community | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of centers owned and operated by company | 27 |
Number of beds at the center | Bed | 5,000 |
CoreCivic Properties | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of properties for lease to third parties and used by government agencies | Property | 15 |
Number of square feet | ft² | 2.7 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Facility | Dec. 31, 2019USD ($) | Dec. 31, 2018 | Jan. 01, 2019USD ($) | |
Organization And Operations [Line Items] | ||||
Restricted cash | $ 23,549 | $ 26,973 | ||
Accounts receivable, net of credit loss reserve | 267,705 | 280,785 | ||
Accounts receivable, credit loss reserve | $ 6,100 | 3,200 | ||
Number of facilities accounted for as service concession arrangements | Facility | 4 | |||
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% | |||
ROU asset | $ 194,080 | 108,118 | ||
Lease liability | 166,415 | |||
Net charge to accumulated deficit | $ (446,519) | (446,252) | ||
Weighted average discount rate associated with the operating leases | 6.20% | |||
Accounting Standards Update 2016-02 | ||||
Organization And Operations [Line Items] | ||||
ROU asset | $ 194,100 | $ 108,100 | $ 115,600 | |
Lease liability | $ 82,900 | |||
Weighted average discount rate associated with the operating leases | 5.30% | |||
Revision of Prior Period Accounting Standards Update Adjustment | Accounting Standards Update 2016-02 | ||||
Organization And Operations [Line Items] | ||||
Net charge to accumulated deficit | $ 29,900 | |||
Revision of Prior Period Accounting Standards Update Adjustment | Accounting Standards Update 2016-13 | ||||
Organization And Operations [Line Items] | ||||
Net charge to accumulated deficit | $ 1,000 | |||
Government Contracts Concentration Risk | Sales Revenue, Net | Federal Correctional And Detention Authorities | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 52.00% | 51.00% | 48.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | United States Immigration And Customs Enforcement | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 28.00% | 29.00% | 25.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | United States Marshals Service | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 21.00% | 17.00% | 17.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | Federal Bureau Of Prisons | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 3.00% | 5.00% | 6.00% | |
Government Contracts Concentration Risk | Sales Revenue, Net | State Correctional Authorities | ||||
Organization And Operations [Line Items] | ||||
Percentage of revenues generated from government management contracts | 33.00% | 34.00% | 39.00% | |
Minimum | ||||
Organization And Operations [Line Items] | ||||
Renewal of contract terms | 2 years | |||
Maximum | ||||
Organization And Operations [Line Items] | ||||
Renewal of contract terms | 5 years | |||
SSA Baltimore Property and Lansing Correctional Facility | ||||
Organization And Operations [Line Items] | ||||
Restricted cash | $ 10,300 | $ 27,000 | ||
GRES | ||||
Organization And Operations [Line Items] | ||||
Restricted cash | $ 13,200 |
Schedule of Useful Life of Prop
Schedule of Useful Life of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 | Dec. 31, 2019 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Note receivable from APM, Carrying Amount | $ 3,094 | $ 2,989 |
Debt, Carrying Amount | (1,809,517) | (1,986,865) |
Note receivable from APM, Fair Value | 3,896 | 3,949 |
Debt, Fair Value | $ (1,774,016) | $ (1,964,366) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($)Bed | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)Bed | Oct. 31, 2020Bed | Dec. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Establishment of goodwill | This goodwill was established in connection with multiple business combination transactions. | ||||
Goodwill | $ 5,902,000 | $ 5,902,000 | $ 50,537,000 | ||
Goodwill Impairment Loss | $ 0 | ||||
Two Managed-only Facilities | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill Impairment Loss | $ 2,000,000 | ||||
Silverdale Detention Center | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Number of beds at the facility | Bed | 1,046 | 1,046 | |||
Metro Davidson County Detention Facility | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Number of beds at the facility | Bed | 1,348 | ||||
Community Reporting Unit | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill Impairment Loss | $ 42,600,000 | ||||
CoreCivic Safety | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill | $ 5,900,000 | $ 5,900,000 | 7,900,000 | ||
Number of beds at the facility | Bed | 70,000 | 70,000 | |||
CoreCivic Community | |||||
Goodwill and Intangible Assets Disclosure [Line Items] | |||||
Goodwill | $ 42,600,000 |
Real Estate and Related Asset_2
Real Estate and Related Assets - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2013USD ($) | Dec. 31, 2020USD ($)PropertyFacility | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Number of real estate properties owned | Property | 69 | |||
Number of properties for lease to third parties and used by government agencies | Property | 15 | |||
Number of facilities owned by government partners, managed | Facility | 5 | |||
Interest capitalization cost on construction in progress | $ 500,000 | $ 6,000,000 | $ 1,000,000 | |
Depreciation expense | $ 141,700,000 | 137,700,000 | $ 152,000,000 | |
Number of facilities subject to options | Facility | 10 | |||
Number of facilities accounting for as service concession arrangements | Facility | 4 | |||
Other real estate assets | $ 228,243,000 | 238,637,000 | ||
Purchase price paid for real property in addition to bonds value | $ 100 | |||
Contract Cost | ||||
Property, Plant and Equipment [Line Items] | ||||
Other real estate assets | 143,600,000 | 147,800,000 | ||
Service Contract | ||||
Property, Plant and Equipment [Line Items] | ||||
Other real estate assets | $ 84,600,000 | $ 90,800,000 | ||
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, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 253,289 | $ 295,214 |
Buildings and improvements | 3,171,307 | 3,411,583 |
Equipment and software | 420,894 | 435,628 |
Office furniture and fixtures | 37,704 | 38,278 |
Construction in progress | 26,466 | 29,521 |
Property and equipment, gross | 3,909,660 | 4,210,224 |
Less: Accumulated depreciation | (1,559,388) | (1,510,117) |
Property, and Equipment, total | $ 2,350,272 | $ 2,700,107 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Jan. 24, 2018 | |
Lessee Lease Description [Line Items] | |||||
ROU asset | $ 194,080 | $ 108,118 | |||
Current portion of lease liability | $ 21,646 | $ 26,914 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |||
Long-term portion of liability | $ 144,769 | $ 51,247 | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent | |||
Weighted-average lease term of operating leases | 6 years 3 months 18 days | ||||
Weighted average discount rate associated with the operating leases | 6.20% | ||||
Future minimum lease payments | $ 201,015 | ||||
Number of properties under lease held for sale | Property | 3 | ||||
CoreCivic Properties | |||||
Lessee Lease Description [Line Items] | |||||
Number of properties for lease to third parties and used by government agencies | Property | 15 | ||||
Company owned property and equipment | $ 449,600 | ||||
Operating and finance leases latest expiration year | 2040 | ||||
Kansas Department Of Corrections | |||||
Lessee Lease Description [Line Items] | |||||
Lease term | 20 years | ||||
Accounting Standards Update 2016-02 | |||||
Lessee Lease Description [Line Items] | |||||
ROU asset | $ 194,100 | $ 108,100 | $ 115,600 | ||
Current portion of lease liability | $ 21,600 | $ 26,900 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |||
Long-term portion of liability | $ 144,800 | $ 51,200 | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent | |||
Weighted average discount rate associated with the operating leases | 5.30% | ||||
Operating lease expense inclusive of short-term and variable leases, exclusive of non-lease food services component | $ 34,900 | $ 34,800 | $ 30,700 | ||
Accounting Standards Update 2016-02 | ICE | |||||
Lessee Lease Description [Line Items] | |||||
Agreement notice period for termination | 60 days | ||||
Accounting Standards Update 2016-02 | Third Party Lessor | |||||
Lessee Lease Description [Line Items] | |||||
ROU asset | $ 116,000 | ||||
Lease agreement, Option to extend the term of agreement | CoreCivic's lease agreement with the lessor is over a base period concurrent with an inter-governmental service agreement ("IGSA") with ICE, which was amended in September 2020 to extend the term of the agreement through September 2026. | ||||
Non lease component for food services, rate of consideration paid | 44.00% | ||||
Accounting Standards Update 2016-02 | South Texas Family Residential Center | |||||
Lessee Lease Description [Line Items] | |||||
Future minimum lease payments | $ 165,300 | ||||
Multiple Properties | Accounting Standards Update 2016-02 | |||||
Lessee Lease Description [Line Items] | |||||
Operating leases latest expiration year | 2032 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Lessee Lease Description [Line Items] | |
2021 | $ 33,220 |
2022 | 32,476 |
2023 | 32,068 |
2024 | 31,994 |
2025 | 31,967 |
Thereafter | 39,290 |
Total future minimum lease payments | 201,015 |
Less amount representing interest | (34,600) |
Total present value of minimum lease payments | $ 166,415 |
Schedule of Future Undiscounted
Schedule of Future Undiscounted Cash Flows to be Received from Third-Party Lessees for Company's Operating Leases and Finance Leases (Detail) - Accounting Standards Update 2016-02 $ in Thousands | Dec. 31, 2020USD ($) |
Lessee Lease Description [Line Items] | |
2021 | $ 85,783 |
2022 | 80,306 |
2023 | 80,734 |
2024 | 81,235 |
2025 | 81,262 |
Thereafter | $ 588,364 |
Real Estate Transactions - Addi
Real Estate Transactions - Additional Information (Detail) $ in Thousands, shares in Millions, MMcf in Millions | Dec. 23, 2020USD ($)Property | Sep. 15, 2020Bed | May 26, 2020USD ($)Bed | Apr. 15, 2020USD ($)Bed | Jan. 02, 2020USD ($)Propertyshares | Jun. 24, 2019USD ($) | May 06, 2019USD ($)ft² | Feb. 20, 2019USD ($)Bed | Sep. 21, 2018USD ($)ft²OptionMMcf | Aug. 23, 2018USD ($)ft² | Jul. 17, 2018USD ($)Property | Jan. 19, 2018USD ($)ft² | Jun. 30, 2020USD ($)Bed | Mar. 31, 2020USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2020USD ($)ft²FacilityBedProperty | Dec. 31, 2019USD ($)Bed | Dec. 31, 2018USD ($)Property | Sep. 30, 2020Bed | Jan. 24, 2018Bed |
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Purchase price of real estate | $ 83,200 | $ 12,000 | ||||||||||||||||||
Percentage of building leased | 100.00% | |||||||||||||||||||
Purchase price, net tangible assets | 77,400 | $ 11,100 | $ 7,400 | |||||||||||||||||
Purchase price, identifiable intangible assets | $ 7,500 | $ 1,900 | 800 | |||||||||||||||||
Number of properties acquired | Property | 28 | 28 | 12 | 15 | ||||||||||||||||
Debt assumed on acquisition of property | $ 52,200 | $ 52,217 | $ 157,280 | |||||||||||||||||
Proceeds from sale of corporate headquarters | $ 12,600 | |||||||||||||||||||
Impairment charge | $ 1,600 | 60,628 | 4,706 | 1,580 | ||||||||||||||||
Proceeds from sale of property | $ 113,602 | 4,295 | 12,911 | |||||||||||||||||
Cash payments to acquire properties | $ 7,700 | |||||||||||||||||||
Conversion holding period of operating partnership units | 2 years | |||||||||||||||||||
Operating partnership units description | one-for-one basis | |||||||||||||||||||
Purchase price, tenant improvements | $ 4,900 | |||||||||||||||||||
Number of properties sold | Property | 42 | 11 | ||||||||||||||||||
Real estate investment property aggregate selling price | $ 106,500 | |||||||||||||||||||
Net proceeds after the repayment of debt | 27,800 | |||||||||||||||||||
Net loss on sale properties, after considering tax protection payments | $ 17,900 | |||||||||||||||||||
Number of real estate assets held for sale | Property | 3 | |||||||||||||||||||
Net book value of property and equipment | $ 241,800 | |||||||||||||||||||
Deferred leasing costs and other assets | 37,600 | |||||||||||||||||||
Revenues | 1,905,485 | 1,980,689 | 1,835,766 | |||||||||||||||||
Operating Expense | $ 1,406,376 | 1,422,769 | 1,315,250 | |||||||||||||||||
Safety | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of beds at the facility | Bed | 70,000 | |||||||||||||||||||
Community | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of beds at the center | Bed | 5,000 | |||||||||||||||||||
CoreCivic Properties | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of previously leased properties | Property | 2 | |||||||||||||||||||
Area of facilities | ft² | 55,000 | |||||||||||||||||||
Net carrying value | $ 9,500 | |||||||||||||||||||
Idled Correctional Facilities | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of facility | Facility | 5 | |||||||||||||||||||
Idled Non-Core Facilities | Safety | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of beds at the facility | Bed | 200 | 240 | ||||||||||||||||||
Number of facility | Facility | 1 | |||||||||||||||||||
Net Carrying Value | $ 500 | $ 3,100 | ||||||||||||||||||
Gross sales price | $ 3,300 | |||||||||||||||||||
Gain on sale of facility | $ 2,800 | |||||||||||||||||||
Idle Facilities | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Operating Expense | $ 7,600 | $ 7,100 | $ 7,700 | |||||||||||||||||
Idle Facilities | Community | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Impairment charge | $ 500 | |||||||||||||||||||
Number of beds at the center | Bed | 92 | 650 | ||||||||||||||||||
Number of facility | Facility | 3 | |||||||||||||||||||
Net Carrying Value | $ 9,200 | |||||||||||||||||||
Gross sales price | $ 1,600 | |||||||||||||||||||
Tulsa Transitional Center | Covid-19 | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of beds at the center | Bed | 390 | |||||||||||||||||||
Oklahoma City Transitional Center | Covid-19 | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of closure bed | Bed | 200 | |||||||||||||||||||
Turley Residential Center in Oklahoma | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of closure bed | Bed | 289 | |||||||||||||||||||
Henderson Transitional Center | Community | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of beds at the center | Bed | 184 | |||||||||||||||||||
Cimarron Correctional Facility | Safety | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of beds at the facility | Bed | 1,600 | |||||||||||||||||||
Management agreement commencing date | Sep. 15, 2020 | |||||||||||||||||||
Initial term of management contract | 3 years | |||||||||||||||||||
Duration of unlimited extension option | 24 months | |||||||||||||||||||
Other Assets | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Financing receivable, | $ 147,500 | |||||||||||||||||||
Construction receivables | $ 137,700 | |||||||||||||||||||
Kansas Department Of Corrections | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Lease term | 20 years | |||||||||||||||||||
Number of beds at the facility | Bed | 2,432 | |||||||||||||||||||
Construction of new facility commencement description | Construction of the facility commenced in the first quarter of 2018, and construction was completed in January 2020, | |||||||||||||||||||
Revenues | $ 2,600 | |||||||||||||||||||
Interest income | $ 8,400 | |||||||||||||||||||
GRES | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of properties acquired | Property | 24 | |||||||||||||||||||
Class A Common interest shares issued | shares | 1.3 | |||||||||||||||||||
Capital Commerce Center | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Area of Building Acquired | ft² | 261,000 | |||||||||||||||||||
Purchase price of real estate | $ 44,700 | |||||||||||||||||||
Percentage of building leased | 98.00% | |||||||||||||||||||
Purchase price, net tangible assets | $ 40,600 | |||||||||||||||||||
Purchase price, identifiable intangible assets | $ 3,200 | |||||||||||||||||||
Social Security Administration | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Area of Building Acquired | ft² | 541,000 | |||||||||||||||||||
Purchase price of real estate | $ 242,000 | |||||||||||||||||||
Purchase price, net tangible assets | 207,400 | |||||||||||||||||||
Purchase price, identifiable intangible assets | $ 38,900 | |||||||||||||||||||
Lease term | 20 years | |||||||||||||||||||
Lease term expiration date | Jan. 31, 2034 | |||||||||||||||||||
Debt assumed on acquisition of property | $ 157,300 | |||||||||||||||||||
National Archives And Records Administration | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Area of Building Acquired | ft² | 217,000 | |||||||||||||||||||
Purchase price of real estate | $ 6,900 | |||||||||||||||||||
Percentage of building leased | 100.00% | |||||||||||||||||||
Purchase price, net tangible assets | $ 6,900 | |||||||||||||||||||
Purchase price, identifiable intangible assets | $ 700 | |||||||||||||||||||
Lease term expiration date | Jan. 31, 2023 | |||||||||||||||||||
Additional ten year renewal options | Option | 2 | |||||||||||||||||||
Renewal of contract terms | 10 years | |||||||||||||||||||
Volume of storage space | MMcf | 1.2 | |||||||||||||||||||
Percentage of storage space | 90.00% | |||||||||||||||||||
Florida | Capital Commerce Center | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Percentage of building leased | 87.00% | |||||||||||||||||||
Raleigh, North Carolina | South Raleigh Reentry Center | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Purchase price of real estate | $ 900 | |||||||||||||||||||
Number of beds at the center | Bed | 60 | |||||||||||||||||||
Detroit, Michigan | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Area of Building Acquired | ft² | 36,520 | |||||||||||||||||||
Purchase price of real estate | $ 7,200 | |||||||||||||||||||
Percentage of building leased | 100.00% | |||||||||||||||||||
Lease expiration date | 2028-06 | |||||||||||||||||||
Operating lease renewal term | 6 years | |||||||||||||||||||
Chester, Pennsylvania | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Carrying Value of Assets Dispositions | $ 3,100 | |||||||||||||||||||
Proceeds from sale of property | 3,400 | |||||||||||||||||||
Gain on sale of assets | $ 300 | |||||||||||||||||||
Oklahoma | Idled Residential Reentry Facility | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Impairment charge | $ 9,800 | |||||||||||||||||||
Oklahoma | Idled Residential Reentry Facility | Community | ||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||
Number of facility | Facility | 1 |
Idled Facilities and Respective
Idled Facilities and Respective Carrying Values Excluding Equipment and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prairie Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net Carrying Value | $ 14,646 | $ 14,863 |
Huerfano County Correctional Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net Carrying Value | 15,895 | 16,266 |
Diamondback Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net Carrying Value | 38,346 | 39,729 |
Marion Adjustment Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net Carrying Value | 11,047 | 11,351 |
Kit Carson Correctional Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net Carrying Value | 52,757 | 54,041 |
Idle Facilities | ||
Facility Activations Developments And Closures [Line Items] | ||
Net Carrying Value | $ 132,691 | $ 136,250 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Millions | Dec. 07, 2019USD ($)FacilityBed | Dec. 01, 2018USD ($)State | Jan. 02, 2018USD ($)State | Sep. 30, 2020USD ($) | Dec. 31, 2018Transaction |
Business Acquisition [Line Items] | |||||
Number of purchase price transactions | Transaction | 2 | ||||
Rocky Mountain Offender Management Systems, LLC | |||||
Business Acquisition [Line Items] | |||||
Number of states in which company facilities are located | State | 7 | ||||
Aggregate purchase price | $ 7 | ||||
Recovery Monitoring Solutions Corporation | |||||
Business Acquisition [Line Items] | |||||
Number of states in which company facilities are located | State | 4 | ||||
Aggregate purchase price | $ 15.9 | ||||
Rehabilitation Services Inc | |||||
Business Acquisition [Line Items] | |||||
Aggregate purchase price | $ 4.4 | ||||
Loss on settlement of contingent consideration | $ (0.6) | ||||
Number of additional facilities | Facility | 2 | ||||
Number of additional home confinement facilities | Facility | 34 | ||||
Rehabilitation Services Inc | Ghent Residential Reentry Center | |||||
Business Acquisition [Line Items] | |||||
Number of beds at the center | Bed | 36 | ||||
Rehabilitation Services Inc | James River Residential Reentry Center | |||||
Business Acquisition [Line Items] | |||||
Number of beds at the center | Bed | 84 |
Business Combination Purchase P
Business Combination Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 07, 2019 | Dec. 01, 2018 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 5,902 | $ 50,537 | ||
Rocky Mountain Offender Management Systems LLC and Recovery Monitoring Solutions Corporation | ||||
Business Acquisition [Line Items] | ||||
Property and equipment | $ 6,100 | |||
Intangible assets | 12,400 | |||
Tangible assets and liabilities, net | (2,800) | |||
Total identifiable assets | 15,700 | |||
Goodwill | 7,200 | |||
Total consideration | $ 22,900 | |||
Rehabilitation Services Inc | ||||
Business Acquisition [Line Items] | ||||
Property and equipment | $ 1,300 | |||
Intangible assets | 700 | |||
Total identifiable assets | 2,000 | |||
Goodwill | 2,400 | |||
Total consideration | $ 4,400 |
Investment in Affiliate - Addit
Investment in Affiliate - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | (192,000) | $ (128,000) | $ (100,000) |
Other assets | |||
Investments In And Advances To Affiliates [Line Items] | |||
Equity in net deficit of Affiliate | $ 200,000 | ||
GRES | |||
Investments In And Advances To Affiliates [Line Items] | |||
Percentage of voting control | 100.00% | ||
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, 2020 | Dec. 31, 2019 |
Intangible assets: | ||
Deferred leasing assets, less accumulated amortization of $1,132 and $5,647, respectively | $ 146 | $ 41,129 |
Other intangible assets, less accumulated amortization of $9,219 and $8,182, respectively | 10,720 | 14,517 |
Construction receivable - Kansas lease | 137,665 | |
Financing receivable - Kansas lease | 147,481 | |
ROU asset | 194,080 | 108,118 |
Lease incentive assets | 4,813 | 5,454 |
Debt issuance costs, less accumulated amortization of $2,332 and $1,475, respectively | 1,855 | 2,628 |
Cash equivalents and cash surrender value of life insurance held in Rabbi trust | 14,940 | 14,448 |
Straight-line rent receivable | 2,196 | 7,836 |
Insurance receivable | 14,353 | 13,179 |
Other | 6,079 | 5,933 |
Other assets, total | $ 396,663 | $ 350,907 |
Schedule of Other Assets (Paren
Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Other Assets [Line Items] | ||
Deferred leasing assets, accumulated amortization | $ 1,132 | $ 5,647 |
Debt issuance costs, accumulated amortization | 2,332 | 1,475 |
Other intangible assets | ||
Schedule of Other Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ 9,219 | $ 8,182 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Schedule of Other Assets [Line Items] | |||
Gross carrying amount of intangible assets | $ 21.2 | $ 69.5 | |
Number of real estate assets held for sale | Property | 3 | ||
Amortization expense related to intangible assets | $ 9.1 | $ 6.8 | $ 6.5 |
Estimated Amortization Expense
Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 4,853 |
2022 | 4,253 |
2023 | 3,308 |
2024 | 3,272 |
2025 | $ 3,268 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Trade accounts payable | $ 85,359 | $ 75,152 |
Accrued salaries and wages | 43,564 | 51,845 |
Accrued dividends | 3,148 | 54,843 |
Accrued workers' compensation and auto liability | 7,379 | 7,062 |
Accrued litigation | 5,861 | 14,134 |
Accrued employee medical insurance | 7,035 | 6,110 |
Accrued property taxes | 27,780 | 27,900 |
Accrued interest | 9,516 | 10,142 |
ROU lease liability | $ 21,646 | $ 26,914 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent |
Deferred revenue | $ 8,693 | $ 15,387 |
Construction payable | 1,821 | 7,504 |
Lease obligation | 4,400 | 8,603 |
Deferred employer payroll taxes | 14,795 | |
Other | 33,321 | 31,866 |
Accounts payable and accrued expenses, total | $ 274,318 | $ 337,462 |
Other Long Term Liabilities (De
Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Long Term Liabilities [Line Items] | ||
Intangible contract liability | $ 5,030 | $ 5,417 |
Accrued workers' compensation | 31,868 | 28,769 |
Accrued deferred compensation | 11,802 | 10,919 |
Lease financing obligation | 7,508 | 7,634 |
ROU lease liability | $ 144,769 | $ 51,247 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Deferred employer payroll taxes | $ 14,795 | |
Other | 696 | $ 1,593 |
Other liabilities | $ 216,468 | $ 105,579 |
Schedule of Debt Outstanding (D
Schedule of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 18, 2019 |
Debt Instrument [Line Items] | |||
Total debt | $ 1,809,517 | $ 1,986,865 | |
Unamortized debt issuance costs | (12,766) | (14,993) | |
Unamortized original issue discount | (10,000) | (12,500) | |
Current portion of long-term debt | (39,087) | (31,349) | |
Long-term debt, net | 1,747,664 | 1,928,023 | |
Term Loan A Due in April 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | 180,000 | 190,000 | |
Unamortized debt issuance costs | (100) | (100) | |
Term Loan B Due in December 2024 | |||
Debt Instrument [Line Items] | |||
Total debt | 237,500 | 250,000 | $ 250,000 |
Unamortized debt issuance costs | (4,100) | (4,600) | |
Unamortized original issue discount | $ (12,500) | ||
Senior Notes 4.625% Due 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | 350,000 | 350,000 | |
Unamortized debt issuance costs | (1,500) | (2,100) | |
Senior Notes 5.0% Due 2022 | |||
Debt Instrument [Line Items] | |||
Total debt | 250,000 | 250,000 | |
Unamortized debt issuance costs | (800) | (1,300) | |
Senior Notes 4.75% Due 2027 | |||
Debt Instrument [Line Items] | |||
Total debt | 250,000 | 250,000 | |
Unamortized debt issuance costs | (2,700) | (3,100) | |
Capital Commerce Center Non-Recourse Mortgage Note 4.5% Due 2033 | |||
Debt Instrument [Line Items] | |||
Total debt | 20,934 | 22,209 | |
Unamortized debt issuance costs | (300) | (300) | |
Lansing Correctional Center Non Recourse Mortgage Note 4.43% Due 2040 | |||
Debt Instrument [Line Items] | |||
Total debt | 157,607 | 159,522 | |
Unamortized debt issuance costs | (3,100) | (3,300) | |
SSA Baltimore Non Recourse Mortgage Note 4.5% Due 2034 | |||
Debt Instrument [Line Items] | |||
Total debt | 144,476 | 150,134 | |
Unamortized debt issuance costs | (200) | (200) | |
Revolving Credit Facility | Revolving Credit Facility Due in April 2023 | |||
Debt Instrument [Line Items] | |||
Total debt | $ 219,000 | $ 365,000 |
Schedule of Debt Outstanding (P
Schedule of Debt Outstanding (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 18, 2019 | Apr. 17, 2018 | Oct. 31, 2017 | Sep. 30, 2015 | Apr. 30, 2013 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility maturity date | Apr. 30, 2023 | ||||||
Unamortized debt issuance costs | $ 12,766 | $ 14,993 | |||||
Term Loan A Due in April 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Debt interest rate | 1.60% | 3.30% | |||||
Debt maturity date | Apr. 30, 2023 | Apr. 30, 2023 | |||||
Interest payable dates | Interest payable periodically at variable interest rates. | ||||||
Unamortized debt issuance costs | $ 100 | $ 100 | |||||
Term Loan B Due in December 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Debt interest rate | 5.50% | 6.30% | |||||
Debt maturity date | Dec. 31, 2024 | Dec. 31, 2024 | |||||
Interest payable dates | Interest payable periodically at variable interest rates. | ||||||
Unamortized debt issuance costs | $ 4,100 | $ 4,600 | |||||
Senior Notes 4.625% Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.625% | 4.625% | |||||
Debt maturity date | May 1, 2023 | May 31, 2023 | |||||
Unamortized debt issuance costs | $ 1,500 | 2,100 | |||||
Senior Notes 5.0% Due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 5.00% | 5.00% | |||||
Debt maturity date | Oct. 15, 2022 | Oct. 31, 2022 | |||||
Unamortized debt issuance costs | $ 800 | 1,300 | |||||
Senior Notes 4.75% Due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.75% | 4.75% | |||||
Debt maturity date | Oct. 15, 2027 | Oct. 31, 2027 | |||||
Unamortized debt issuance costs | $ 2,700 | 3,100 | |||||
Capital Commerce Center Non-Recourse Mortgage Note 4.5% Due 2033 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.50% | ||||||
Debt maturity date | Jan. 31, 2033 | ||||||
Unamortized debt issuance costs | $ 300 | 300 | |||||
Lansing Correctional Center Non Recourse Mortgage Note 4.43% Due 2040 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.43% | ||||||
Debt maturity date | Jan. 31, 2040 | ||||||
Unamortized debt issuance costs | $ 3,100 | 3,300 | |||||
SSA Baltimore Non Recourse Mortgage Note 4.5% Due 2034 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 4.50% | ||||||
Debt maturity date | Feb. 28, 2034 | ||||||
Unamortized debt issuance costs | $ 200 | $ 200 | |||||
Revolving Credit Facility | Revolving Credit Facility Due in April 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Revolving Credit Facility maturity date | Apr. 30, 2023 | ||||||
Weighted average rate | 1.70% | 3.30% | |||||
Interest payable dates | Interest payable periodically at variable interest rates. |
Debt - Additional Information (
Debt - Additional Information (Detail) | Dec. 23, 2020USD ($)Property | Jan. 02, 2020USD ($)Property | Dec. 18, 2019USD ($) | Aug. 23, 2018USD ($)ft² | Jul. 17, 2018USD ($)Property | Apr. 20, 2018USD ($) | Apr. 17, 2018USD ($) | Jan. 19, 2018USD ($)ft² | Oct. 31, 2017USD ($) | Sep. 30, 2015USD ($) | Apr. 30, 2013USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($)Property | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity period | Apr. 30, 2023 | |||||||||||||
Borrowings outstanding under credit facility | $ 219,000,000 | |||||||||||||
Revolving Credit Facility letters of credit outstanding | 14,800,000 | $ 22,300,000 | ||||||||||||
Total debt | 1,809,517,000 | 1,986,865,000 | ||||||||||||
Debt Instrument outstanding balance | 1,809,517,000 | 1,986,865,000 | ||||||||||||
Unamortized original issue discount | 10,000,000 | 12,500,000 | ||||||||||||
Purchase price of real estate | $ 83,200,000 | $ 12,000,000 | ||||||||||||
Business acquisition assumed in-place financing | $ 52,200,000 | 52,217,000 | $ 157,280,000 | |||||||||||
Number of properties acquired | Property | 28 | 28 | 12 | 15 | ||||||||||
Debt assumed on acquisition of property | $ 52,200,000 | $ 52,217,000 | $ 157,280,000 | |||||||||||
Real estate investment property aggregate selling price | $ 106,500,000 | |||||||||||||
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% | |||||||||||||
GRES | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of properties acquired | Property | 24 | |||||||||||||
Combined Subsidiary Guarantors | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Ownership percentage of subsidiaries | 100.00% | |||||||||||||
Capital Commerce Center | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Area of Building Acquired | ft² | 261,000 | |||||||||||||
Purchase price of real estate | $ 44,700,000 | |||||||||||||
Non-Recourse Mortgage Note | Capital Commerce Center | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument outstanding balance | 20,900,000 | |||||||||||||
Debt instrument, term | 15 years | |||||||||||||
Stated interest rate | 4.50% | |||||||||||||
Capitalized loan costs | $ 400,000 | |||||||||||||
Amount of acquisition financed with non-recourse mortgage note | $ 24,500,000 | |||||||||||||
Mortgage note maturity date | 2033-01 | |||||||||||||
Non-Recourse Senior Secured Notes | Private Placement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | Jan. 31, 2040 | |||||||||||||
Debt Instrument outstanding balance | $ 157,600,000 | |||||||||||||
Debt instrument, term | 20 years | |||||||||||||
Aggregate principal amount | $ 159,500,000 | |||||||||||||
Stated interest rate | 4.43% | |||||||||||||
Expected project completion period | January 2020 | |||||||||||||
Notes issuance costs | $ 3,400,000 | |||||||||||||
Non-Recourse Senior Secured Notes | SSA-Baltimore | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | Feb. 28, 2034 | |||||||||||||
Debt Instrument outstanding balance | 144,500,000 | |||||||||||||
Stated interest rate | 4.50% | |||||||||||||
Area of Building Acquired | ft² | 541,000 | |||||||||||||
Purchase price of real estate | $ 242,000,000 | |||||||||||||
Notes issuance costs | 200,000 | |||||||||||||
Business acquisition assumed in-place financing | 157,300,000 | |||||||||||||
Balloon payment | 40,000,000 | |||||||||||||
Debt assumed on acquisition of property | $ 157,300,000 | |||||||||||||
Credit Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||||||||
Debt maturity period | Apr. 30, 2023 | |||||||||||||
Line of credit facility, aggregate principal amount of additional borrowing | $ 350,000,000 | |||||||||||||
Percentage of capital stock of foreign subsidiary secured by pledge under Revolving Credit Facilities | 65.00% | |||||||||||||
Credit Agreement | Term Loan A Due in April 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 200,000,000 | |||||||||||||
Term Loan A Due in April 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 180,000,000 | |||||||||||||
Debt maturity date | Apr. 30, 2023 | Apr. 30, 2023 | ||||||||||||
Debt Instrument outstanding balance | $ 180,000,000 | 190,000,000 | ||||||||||||
Term Loan B Due in December 2024 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total debt | $ 237,500,000 | |||||||||||||
Debt maturity date | Dec. 31, 2024 | Dec. 31, 2024 | ||||||||||||
Debt Instrument outstanding balance | $ 250,000,000 | $ 237,500,000 | 250,000,000 | |||||||||||
Debt instrument, term | 5 years | |||||||||||||
Percentage of loan to value of certain specified real property assets secured by a first lien | 80.00% | |||||||||||||
Debt instrument, issued price percentage of principal | 95.00% | |||||||||||||
Unamortized original issue discount | $ 12,500,000 | |||||||||||||
Capitalized loan costs | $ 5,100,000 | |||||||||||||
Term Loan B Due in December 2024 | Base Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 3.50% | |||||||||||||
Term Loan B Due in December 2024 | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 4.50% | |||||||||||||
Libor floor rate | 1.00% | |||||||||||||
Senior Notes 4.125% Due 2020 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Aggregate principal amount | $ 325,000,000 | |||||||||||||
Stated interest rate | 4.125% | |||||||||||||
Debt instrument redemption percentage of par | 100.00% | |||||||||||||
Senior Notes 4.625% Due 2023 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | May 1, 2023 | May 31, 2023 | ||||||||||||
Debt Instrument outstanding balance | $ 350,000,000 | 350,000,000 | ||||||||||||
Aggregate principal amount | $ 350,000,000 | |||||||||||||
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] | ||||||||||||||
Debt maturity date | Oct. 15, 2022 | Oct. 31, 2022 | ||||||||||||
Debt Instrument outstanding balance | $ 250,000,000 | 250,000,000 | ||||||||||||
Aggregate principal amount | $ 250,000,000 | |||||||||||||
Stated interest rate | 5.00% | 5.00% | ||||||||||||
Debt instrument redemption percentage of par | 100.00% | |||||||||||||
Senior Notes 4.75% Due 2027 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt maturity date | Oct. 15, 2027 | Oct. 31, 2027 | ||||||||||||
Debt Instrument outstanding balance | $ 250,000,000 | $ 250,000,000 | ||||||||||||
Aggregate principal amount | $ 250,000,000 | |||||||||||||
Stated interest rate | 4.75% | 4.75% | ||||||||||||
Debt instrument redemption percentage of par | 100.00% | |||||||||||||
Government Real Estate Solutions Non-Recourse Mortgage Note 4.91% maturing November 2025 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Stated interest rate | 4.91% | |||||||||||||
Purchase price of real estate | $ 83,200,000 | |||||||||||||
Business acquisition assumed in-place financing | 52,200,000 | |||||||||||||
Balloon payment | $ 46,200,000 | |||||||||||||
Number of properties acquired | Property | 28 | |||||||||||||
Debt assumed on acquisition of property | $ 52,200,000 | |||||||||||||
Debt instrument fixed monthly payment maturity period | Nov. 30, 2025 | |||||||||||||
Number of properties pledged | Property | 24 | 24 | ||||||||||||
Number of non-core government leased properties | Property | 42 | |||||||||||||
Real estate investment property aggregate selling price | $ 106,500,000 | |||||||||||||
Proceeds from sale of property held for sale | 27,800,000 | |||||||||||||
Debt defeasance cost | $ 10,500,000 | |||||||||||||
Government Real Estate Solutions Non-Recourse Mortgage Note 4.91% maturing November 2025 | GRES | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of properties acquired | Property | 24 | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Sublimit swing line loans | $ 30,000,000 | |||||||||||||
Percentage of commitment fee to unfunded balance | 0.35% | |||||||||||||
Line of credit facility, remaining borrowing capacity | $ 566,200,000 | |||||||||||||
Sublimit for issuance of standby letters of credit | $ 50,000,000 | |||||||||||||
Revolving Credit Facility letters of credit outstanding | $ 14,800,000 | |||||||||||||
Revolving Credit Facility | Base Rate | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 0.50% | |||||||||||||
Revolving Credit Facility | Base Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 0.00% | |||||||||||||
Revolving Credit Facility | Base Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 1.00% | |||||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 1.50% | |||||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 1.00% | |||||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, percentage points added to reference rate | 2.00% | |||||||||||||
Revolving Credit Facility | Credit Agreement | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 800,000,000 |
Schedule of Principal Payments
Schedule of Principal Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
2021 | $ 39,087 | |
2022 | 292,981 | |
2023 | 758,110 | |
2024 | 194,937 | |
2025 | 14,556 | |
Thereafter | 509,846 | |
Total debt | $ 1,809,517 | $ 1,986,865 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2020 | Oct. 31, 2016 | Sep. 30, 2014Facility | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2014USD ($)Installment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Deferred Revenue Arrangement [Line Items] | |||||||||
Revenue | $ 1,905,485 | $ 1,980,689 | $ 1,835,766 | ||||||
South Texas Family Residential Center | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Management contract, expiration date | 2026-09 | 2021-09 | |||||||
ICE | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Deferred Revenue - Noncurrent | $ 70,000 | ||||||||
Non-cash revenue per quarter | $ 700 | $ 3,400 | |||||||
Decrease in non-cash revenue per quarter | 2,700 | ||||||||
Revenue | 167,700 | 170,600 | $ 170,600 | ||||||
Deferred revenue | $ 15,200 | $ 15,200 | $ 26,100 | ||||||
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 ($) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | 21.00% | 21.00% | 21.00% | 35.00% | |||
TCJA one time transition tax | $ 0 | ||||||
Effect of change in income tax associated with the ACT | $ 1,000,000 | $ 4,500,000 | |||||
Lease expiration term | 20 years | ||||||
Effective tax rate | 7.30% | 4.00% | 5.00% | ||||
Deferred employer side social security payments | $ 29,600,000 | ||||||
Liabilities for uncertain tax positions | 0 | $ 0 | |||||
Minimum | |||||||
Income Taxes [Line Items] | |||||||
Estimated income tax charge | 100,000,000 | ||||||
Maximum | |||||||
Income Taxes [Line Items] | |||||||
Estimated income tax charge | 135,000,000 | ||||||
Lansing Correctional Facility | |||||||
Income Taxes [Line Items] | |||||||
Income tax expense deferred during construction period | $ 3,100,000 | ||||||
Deferred tax asset revalued upon conversion of TRS to QRS | $ 0 |
Components of Income Tax Expens
Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Expenses [Line Items] | |||
Current income tax expense, Federal | $ (1,928) | $ 5,324 | $ 10,481 |
Current income tax expense, State | 1,369 | 3,677 | 2,308 |
Current income tax expense, Total | (559) | 9,001 | 12,789 |
Deferred income tax expense (benefit), Federal | 3,878 | (489) | (3,422) |
Deferred income tax expense (benefit), State | 1,067 | (673) | (1,014) |
Deferred income tax expense (benefit), Total | 4,945 | (1,162) | (4,436) |
Income tax expense | $ 4,386 | $ 7,839 | $ 8,353 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Asset reserves and liabilities not yet deductible for tax | $ 21,482 | $ 28,247 |
Tax over book basis of certain assets | 1,001 | 1,451 |
Net operating loss and tax credit carryforwards | 3,782 | 5,130 |
Intangible contract value | 699 | 262 |
Other | 68 | 103 |
Total noncurrent deferred tax assets | 27,032 | 35,193 |
Less valuation allowance | (848) | (3,865) |
Total noncurrent deferred tax assets | 26,184 | 31,328 |
Book over tax basis of certain assets | (11,305) | (11,478) |
Intangible value | (2,149) | (2,264) |
Other | (1,617) | (1,528) |
Total noncurrent deferred tax liabilities | (15,071) | (15,270) |
Net total noncurrent deferred tax assets | $ 11,113 | $ 16,058 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Provision Of Income Taxes [Line Items] | ||||
Statutory federal rate | 21.00% | 21.00% | 21.00% | 35.00% |
Dividends paid deduction | (24.90%) | (18.90%) | (18.60%) | |
State taxes, net of federal tax benefit | 1.90% | 1.20% | 1.00% | |
Permanent differences | 2.20% | 1.20% | 1.00% | |
Charges associated with adoption of tax reform | 0.60% | |||
Deferred tax expense on Kansas lease structure | 5.20% | |||
Tax benefit of equity-based compensation | 1.10% | 0.10% | 0.50% | |
Other items, net | 0.80% | (0.60%) | (0.50%) | |
Effective income tax rate, Total | 7.30% | 4.00% | 5.00% |
Tax Characterization of Dividen
Tax Characterization of Dividends per Share on Common Shares (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Dividends Payable [Line Items] | ||||
Total Per Share | $ 0.44 | $ 1.76 | $ 1.72 | |
Dividend Payment 1st | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 22, 2018 | |||
Record Date | Apr. 2, 2018 | |||
Payable Date | Apr. 16, 2018 | |||
Ordinary Income | [1] | $ 0.396671 | ||
Return of Capital | 0.033329 | |||
Total Per Share | $ 0.43 | |||
Dividend Payment 2nd | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 11, 2018 | |||
Record Date | Jul. 2, 2018 | |||
Payable Date | Jul. 16, 2018 | |||
Ordinary Income | [1] | $ 0.396671 | ||
Return of Capital | 0.033329 | |||
Total Per Share | $ 0.43 | |||
Dividend Payment 3rd | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 16, 2018 | |||
Record Date | Oct. 1, 2018 | |||
Payable Date | Oct. 15, 2018 | |||
Ordinary Income | [1] | $ 0.396671 | ||
Return of Capital | 0.033329 | |||
Total Per Share | $ 0.43 | |||
Dividend Payment 4th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 13, 2018 | |||
Record Date | Jan. 2, 2019 | |||
Payable Date | Jan. 15, 2019 | |||
Ordinary Income | [2] | $ 0.374927 | ||
Return of Capital | 0.055073 | |||
Total Per Share | $ 0.43 | |||
Dividend Payment 5th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 21, 2019 | |||
Record Date | Apr. 1, 2019 | |||
Payable Date | Apr. 15, 2019 | |||
Ordinary Income | [3] | $ 0.383646 | ||
Return of Capital | 0.056354 | |||
Total Per Share | $ 0.44 | |||
Dividend Payment 6th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | May 16, 2019 | |||
Record Date | Jul. 1, 2019 | |||
Payable Date | Jul. 16, 2019 | |||
Ordinary Income | [3] | $ 0.383646 | ||
Return of Capital | 0.056354 | |||
Total Per Share | $ 0.44 | |||
Dividend Payment 7th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Aug. 15, 2019 | |||
Record Date | Oct. 1, 2019 | |||
Payable Date | Oct. 15, 2019 | |||
Ordinary Income | [3] | $ 0.383646 | ||
Return of Capital | 0.056354 | |||
Total Per Share | $ 0.44 | |||
Dividend Payment 8th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Dec. 12, 2019 | |||
Record Date | Jan. 6, 2020 | |||
Payable Date | Jan. 15, 2020 | |||
Ordinary Income | [4] | $ 0.440000 | ||
Total Per Share | $ 0.44 | |||
Dividend Payment 9th | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Feb. 20, 2020 | |||
Record Date | Apr. 1, 2020 | |||
Payable Date | Apr. 15, 2020 | |||
Ordinary Income | [4] | $ 0.440000 | ||
Total Per Share | $ 0.44 | |||
[1] | $0.053074 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[2] | $0.041413 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[3] | $0.042774 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | |||
[4] | $0.040745 of this amount constitutes a "Qualified Dividend", as defined by the IRS. |
Tax Characterization of Divid_2
Tax Characterization of Dividends per Share on Common Shares (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends Payable [Line Items] | |||
Dividend declared per share | $ 0.44 | $ 1.76 | $ 1.72 |
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.053074 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.041413 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | 0.042774 | ||
Qualified dividend as defined by the IRS | |||
Dividends Payable [Line Items] | |||
Dividend declared per share | $ 0.040745 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Aug. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Vesting description | . The RSUs awarded to officers and executive officers in 2019 and 2020 consist of a combination of awards with performance-based conditions and time-based conditions. Unless earlier vested under the terms of the RSU agreements, the RSUs with time-based vesting conditions vest evenly generally on the first, second, and third anniversary of the award. The RSUs with performance-based vesting conditions are divided into one-third increments, each of which is subject to vesting based upon satisfaction of certain annual performance criteria established at the beginning of the fiscal years ending December 31, 2019, 2020, and 2021 for the 2019 awards, and December 31, 2020, 2021, and 2022 for the 2020 awards, and which can be increased by up to 150% or decreased to 0% based on performance relative to the annual performance criteria, and further increased or decreased using a modifier of 80% to 120% based on CoreCivic's total shareholder return relative to a peer group. Based on performance achieved for 2020, the RSUs subject to performance-based vesting criteria were decreased by 47.9%, and were further reduced to the 80% modifier based on CoreCivic's total shareholder return relative to the peer group. Because the performance criteria for the fiscal years ending December 31, 2021 and 2022 have not yet been established, the values of the third RSU increment of the 2019 awards and of the second and third increments of the 2020 awards for financial reporting purposes will not be determined until such criteria are established. | ||||
Increase in vesting percentage based on performance relative to annual performance criteria | 150.00% | ||||
Decrease in vesting percentage based on performance relative to annual performance criteria | 0.00% | ||||
Common stock, par value | $ 0.01 | $ 0.01 | |||
Common stock, shares issued | 119,638,000 | 119,096,000 | |||
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 | $ 0 | $ 500,000 | $ 1,300,000 | ||
2020 Stock Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Number of shares authorized for issuance of awards | 4,700,000 | ||||
Number of shares available for issuance | 4,700,000 | ||||
ATM Agreement | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Common stock, par value | $ 0.01 | ||||
Common stock, shares issued | 0 | 0 | 0 | ||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Increase decrease in vesting percentage based on shareholder return relative to peer group | 80.00% | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Increase decrease in vesting percentage based on shareholder return relative to peer group | 120.00% | ||||
Maximum | Common Stock | ATM Agreement | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Common stock, aggregate gross sales price | $ 200,000,000 | ||||
Other Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Vesting period, continuous service requirement | 3 years | ||||
Restricted stock based awards | |||||
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 | $ 20,900,000 | $ 20,100,000 | |||
Decrease in vesting percentage based on performance relative to annual performance criteria | 47.90% | ||||
Vesting percentage based on shareholder return relative to peer group. | 80.00% | ||||
Allocated share-based compensation expense | $ 17,300,000 | 17,300,000 | $ 13,100,000 | ||
Unrecognized compensation cost | $ 15,000,000 | ||||
Remaining period for recognizing the unrecognized compensation cost, in years | 1 year 8 months 12 days | ||||
Total fair value of RSUs that vested | $ 17,400,000 | 13,400,000 | 15,300,000 | ||
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 | 15,600,000 | 15,500,000 | 11,300,000 | ||
Restricted stock based awards | Operating | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Allocated share-based compensation expense | $ 1,700,000 | $ 1,800,000 | $ 1,800,000 | ||
Restricted stock based awards | Employees And Non Employee Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
Restricted common stock units issued by CoreCivic | 1,200,000 | 900,000 | |||
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 | 1,100,000 | 800,000 | |||
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 | 100,000 | 100,000 | |||
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 | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||||
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 |
Summary of Nonvested RSU Transa
Summary of Nonvested RSU Transactions (Detail) - Restricted stock based awards shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of RSUs, Nonvested at December 31, 2019 | shares | 1,562 |
Shares of RSUs, Granted | shares | 1,245 |
Shares of RSUs, Cancelled | shares | (47) |
Shares of RSUs, Vested | shares | (739) |
Shares of RSUs, Nonvested at December 31, 2020 | shares | 2,021 |
Weighted average grant date fair value, Nonvested at December 31, 2019 | $ / shares | $ 22.52 |
Weighted average grant date fair value, Granted | $ / shares | 16.80 |
Weighted average grant date fair value, Cancelled | $ / shares | 19.42 |
Weighted average grant date fair value, Vested | $ / shares | 23.55 |
Weighted average grant date fair value, Nonvested at December 31, 2020 | $ / shares | $ 18.40 |
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, 2020USD ($)$ / sharesshares | |
Number of Shares | |
No. of options, Outstanding at December 31, 2019 | shares | 644 |
No. of options, Granted | shares | 0 |
No. of options, Exercised | shares | 0 |
No. of options, Cancelled | shares | (172) |
No. of options, Outstanding at December 31, 2020 | shares | 472 |
No. of options, Exercisable at December 31, 2020 | shares | 472 |
Weighted-Average Exercise Price per Share | |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2019 | $ / shares | $ 20.91 |
Weighted-Average Exercise Price of options, Granted | $ / shares | 0 |
Weighted-Average Exercise Price of options, Exercised | $ / shares | 0 |
Weighted-Average Exercise Price of options, Cancelled | $ / shares | 17.58 |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2020 | $ / shares | 22.13 |
Weighted-Average Exercise Price of options, Exercisable at December 31, 2020 | $ / shares | $ 22.13 |
Weighted Average Remaining Contractual Term (in years) | |
Outstanding at December 31, 2020 | 10 months 24 days |
Exercisable at December 31, 2020 | 10 months 24 days |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2020 | $ | $ 0 |
Exercisable at December 31, 2020 | $ | $ 0 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income attributable to common stockholders, Basic | $ 54,157 | $ 188,886 | $ 159,207 |
Net income attributable to common stockholders, Diluted | 54,157 | 188,886 | 159,207 |
Net income attributable to non-controlling interest, Diluted | 1,181 | ||
Diluted net income attributable to common stockholders | $ 55,338 | $ 188,886 | $ 159,207 |
Weighted average common shares outstanding, Basic | 119,559 | 119,028 | 118,544 |
Weighted average shares and assumed conversions | 120,929 | 119,164 | 118,716 |
BASIC EARNINGS PER SHARE | $ 0.45 | $ 1.59 | $ 1.34 |
DILUTED EARNINGS PER SHARE | $ 0.45 | $ 1.59 | $ 1.34 |
Stock options | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Effect of dilutive securities | 22 | 111 | |
Restricted stock based awards | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Effect of dilutive securities | 28 | 114 | 61 |
Non-controlling interest - Operating Partnership Units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Effect of dilutive securities | 1,342 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | 502,000 | 486,000 | 317,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)CompensationPlan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Loss Contingencies [Line Items] | |||
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% | 5.00% | 5.00% |
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 | $ 0.3 | $ 0.2 | $ 0.3 |
Deferred Compensation Plans assets | 14.9 | 14.4 | |
Deferred Compensation Plans liability | $ 12.5 | $ 12.9 | |
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 | 6 months | ||
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 | 500 | ||
Discretionary contributions to the plan, net of forfeitures | $ 15 | $ 14.2 | $ 13.2 |
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, 2020PropertySegmentFacility | |
Segment Reporting Information [Line Items] | |
Number of Operating segments | Segment | 3 |
Number of properties for lease to third parties and used by government agencies | Property | 15 |
CoreCivic Safety | |
Segment Reporting Information [Line Items] | |
Number of facilities operated by the company | 47 |
Number of facilities owned by the company | 42 |
CoreCivic Community | |
Segment Reporting Information [Line Items] | |
Number of centers owned and operated by company | 27 |
CoreCivic Properties | |
Segment Reporting Information [Line Items] | |
Number of properties for lease to third parties and used by government agencies | Property | 15 |
Schedule of Revenue and Net Ope
Schedule of Revenue and Net Operating Income for Each of the Three Segments and a Reconciliation to CoreCivic's Operating Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,905,485 | $ 1,980,689 | $ 1,835,766 | |
Operating expenses | 1,406,376 | 1,422,769 | 1,315,250 | |
Operating income | 162,662 | 281,564 | 249,485 | |
General and administrative | (124,338) | (127,078) | (106,865) | |
Depreciation and amortization | (150,861) | (144,572) | (156,501) | |
Contingent consideration for acquisition of businesses | (620) | (6,085) | ||
Asset impairments | $ (1,600) | (60,628) | (4,706) | (1,580) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,905,320 | 1,980,530 | 1,835,738 | |
Operating expenses | 1,405,969 | 1,422,083 | 1,314,736 | |
Operating income | 499,351 | 558,447 | 521,002 | |
Operating Segments | Safety | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,706,232 | 1,779,958 | 1,675,998 | |
Operating expenses | 1,288,938 | 1,304,121 | 1,222,418 | |
Operating income | 417,294 | 475,837 | 453,580 | |
Operating Segments | Community | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 105,990 | 123,265 | 101,841 | |
Operating expenses | 88,903 | 95,159 | 76,898 | |
Operating income | 17,087 | 28,106 | 24,943 | |
Operating Segments | CoreCivic Properties | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 93,098 | 77,307 | 57,899 | |
Operating expenses | 28,128 | 22,803 | 15,420 | |
Operating income | 64,970 | 54,504 | 42,479 | |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Other operating expense | (407) | (686) | (514) | |
General and administrative | (124,338) | (127,078) | (106,865) | |
Depreciation and amortization | (150,861) | (144,572) | (156,501) | |
Contingent consideration for acquisition of businesses | (620) | (6,085) | ||
Asset impairments | (60,628) | (4,706) | (1,580) | |
Segment Reconciling Items | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 165 | $ 159 | $ 28 |
Summary of Capital Expenditures
Summary of Capital Expenditures Including Accrued Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 159,489 | $ 190,741 | $ 487,136 |
Safety | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 42,577 | 77,662 | 94,559 |
Community | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 2,548 | 5,859 | 15,689 |
CoreCivic Properties | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 107,487 | 95,109 | 365,628 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 6,877 | $ 12,111 | $ 11,260 |
Schedule of Total Assets (Detai
Schedule of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,709,315 | $ 3,791,631 |
Safety | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,589,622 | 2,606,127 |
Community | ||
Segment Reporting Information [Line Items] | ||
Total assets | 234,475 | 275,882 |
CoreCivic Properties | ||
Segment Reporting Information [Line Items] | ||
Total assets | 676,374 | 682,249 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 208,844 | $ 227,373 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Restricted stock based awards - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subsequent Event [Line Items] | |||
Fair value of restricted common stock units issued by CoreCivic to certain of its employees and non-employee directors | $ 20.9 | $ 20.1 | |
Employees And Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 1.2 | 0.9 | |
Officers And Executive Officers | |||
Subsequent Event [Line Items] | |||
Vesting period | 3 years | ||
Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Vesting period | 1 year | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Fair value of restricted common stock units issued by CoreCivic to certain of its employees and non-employee directors | $ 15.4 | ||
Subsequent Event | Employees And Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 2 | ||
Subsequent Event | Officers And Executive Officers | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 1 | ||
Vesting period | 3 years | ||
Subsequent Event | Other Employees | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 0.8 | ||
Vesting period | 3 years | ||
Subsequent Event | Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 0.2 | ||
Vesting period | 1 year |
Schedule III - Real Estate As_2
Schedule III - Real Estate Assets and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Land, Initial Cost to Company | $ 215,724 | |||||
Buildings and Improvements, Initial Cost to Company | 2,415,459 | |||||
Cost Capitalized Subsequent to Acquisition | 996,604 | |||||
Land and Land Improvements, Gross Amount | 261,525 | |||||
Buildings and Leasehold Improvements, Gross Amount | 3,333,753 | |||||
Total Gross Amount | 3,595,278 | [1] | $ 3,605,137 | $ 3,697,160 | $ 3,367,358 | |
Accumulated Depreciation | $ (1,128,563) | [2] | $ (1,053,670) | $ (1,075,389) | $ (976,121) | |
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 | 3,827 | |||||
Land and Land Improvements, Gross Amount | 1,092 | |||||
Buildings and Leasehold Improvements, Gross Amount | 123,174 | |||||
Total Gross Amount | [1] | 124,266 | ||||
Accumulated Depreciation | [2] | $ (30,364) | ||||
Constructed/Acquired Date | 2008 | |||||
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 | 340 | |||||
Land and Land Improvements, Gross Amount | 6,090 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,193 | |||||
Total Gross Amount | [1] | 7,283 | ||||
Accumulated Depreciation | [2] | $ (134) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | 709 | |||||
Land and Land Improvements, Gross Amount | 3,760 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,948 | |||||
Total Gross Amount | [1] | 5,708 | ||||
Accumulated Depreciation | [2] | $ (260) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | |||||
Cost Capitalized Subsequent to Acquisition | 80 | |||||
Land and Land Improvements, Gross Amount | 1,281 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,754 | |||||
Total Gross Amount | [1] | 4,035 | ||||
Accumulated Depreciation | [2] | $ (238) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | 371 | |||||
Land and Land Improvements, Gross Amount | 4,201 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,418 | |||||
Total Gross Amount | [1] | 5,619 | ||||
Accumulated Depreciation | [2] | $ (370) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 983 | |||||
Land and Land Improvements, Gross Amount | 19,500 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,578 | |||||
Total Gross Amount | [1] | 25,078 | ||||
Accumulated Depreciation | [2] | $ (1,238) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 68,425 | |||||
Land and Land Improvements, Gross Amount | 1,587 | |||||
Buildings and Leasehold Improvements, Gross Amount | 80,503 | |||||
Total Gross Amount | [1] | 82,090 | ||||
Accumulated Depreciation | [2] | $ (29,674) | ||||
Constructed/Acquired Date | 1992 | |||||
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 | 1995 | |||||
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 | 197 | |||||
Land and Land Improvements, Gross Amount | 663 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,897 | |||||
Total Gross Amount | [1] | 3,560 | ||||
Accumulated Depreciation | [2] | $ (426) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 1,244 | |||||
Land and Land Improvements, Gross Amount | 845 | |||||
Buildings and Leasehold Improvements, Gross Amount | 12,639 | |||||
Total Gross Amount | [1] | 13,484 | ||||
Accumulated Depreciation | [2] | $ (3,251) | ||||
Constructed/Acquired Date | 2013 | |||||
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 | 15,581 | |||||
Land and Land Improvements, Gross Amount | 2,409 | |||||
Buildings and Leasehold Improvements, Gross Amount | 140,294 | |||||
Total Gross Amount | [1] | 142,703 | ||||
Accumulated Depreciation | [2] | $ (58,301) | ||||
Constructed/Acquired Date | 1999 | |||||
Capital Commerce Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Tallahassee, Florida | ||||
Land, Initial Cost to Company | [4] | $ 2,255 | ||||
Buildings and Improvements, Initial Cost to Company | [4] | 38,362 | ||||
Cost Capitalized Subsequent to Acquisition | [4] | 636 | ||||
Land and Land Improvements, Gross Amount | [4] | 2,262 | ||||
Buildings and Leasehold Improvements, Gross Amount | [4] | 38,991 | ||||
Total Gross Amount | [1],[4] | 41,253 | ||||
Accumulated Depreciation | [2],[4] | $ (2,891) | ||||
Constructed/Acquired Date | [4] | 2018 | ||||
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 | 390 | |||||
Land and Land Improvements, Gross Amount | 5,021 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,530 | |||||
Total Gross Amount | [1] | 6,551 | ||||
Accumulated Depreciation | [2] | $ (284) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 51,793 | |||||
Land and Land Improvements, Gross Amount | 4,395 | |||||
Buildings and Leasehold Improvements, Gross Amount | 182,227 | |||||
Total Gross Amount | [1] | 186,622 | ||||
Accumulated Depreciation | [2] | $ (81,229) | ||||
Central Arizona Florence Correctional Complex | Minimum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 1994 | |||||
Central Arizona Florence Correctional Complex | Maximum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 1999 | |||||
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 | 874 | |||||
Land and Land Improvements, Gross Amount | 5,567 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,966 | |||||
Total Gross Amount | [1] | 8,533 | ||||
Accumulated Depreciation | [2] | $ (635) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 33,148 | |||||
Land and Land Improvements, Gross Amount | 1,368 | |||||
Buildings and Leasehold Improvements, Gross Amount | 48,439 | |||||
Total Gross Amount | [1] | 49,807 | ||||
Accumulated Depreciation | [2] | $ (22,763) | ||||
Constructed/Acquired Date | 1994 | |||||
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 | 46,023 | |||||
Land and Land Improvements, Gross Amount | 776 | |||||
Buildings and Leasehold Improvements, Gross Amount | 116,800 | |||||
Total Gross Amount | [1] | 117,576 | ||||
Accumulated Depreciation | [2] | $ (44,872) | ||||
Constructed/Acquired Date | 1997 | |||||
Coffee Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [5] | Nicholls, Georgia | ||||
Constructed/Acquired Date | [5] | 1998 | ||||
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 | 230 | |||||
Land and Land Improvements, Gross Amount | 1,438 | |||||
Buildings and Leasehold Improvements, Gross Amount | 694 | |||||
Total Gross Amount | [1] | 2,132 | ||||
Accumulated Depreciation | [2] | $ (148) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 235 | |||||
Land and Land Improvements, Gross Amount | 5,166 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,993 | |||||
Total Gross Amount | [1] | 7,159 | ||||
Accumulated Depreciation | [2] | $ (225) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | 530 | |||||
Land and Land Improvements, Gross Amount | 5 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,411 | |||||
Total Gross Amount | [1] | 2,416 | ||||
Accumulated Depreciation | [2] | $ (1,257) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 44,128 | |||||
Land and Land Improvements, Gross Amount | 1,614 | |||||
Buildings and Leasehold Improvements, Gross Amount | 76,123 | |||||
Total Gross Amount | [1] | 77,737 | ||||
Accumulated Depreciation | [2] | $ (43,477) | ||||
Constructed/Acquired Date | 1999 | |||||
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 | 31,191 | |||||
Land and Land Improvements, Gross Amount | 2,680 | |||||
Buildings and Leasehold Improvements, Gross Amount | 75,567 | |||||
Total Gross Amount | [1] | 78,247 | ||||
Accumulated Depreciation | [2] | $ (29,512) | ||||
Constructed/Acquired Date | 2003 | |||||
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 | 292 | |||||
Land and Land Improvements, Gross Amount | 6,835 | |||||
Buildings and Leasehold Improvements, Gross Amount | 972 | |||||
Total Gross Amount | [1] | 7,807 | ||||
Accumulated Depreciation | [2] | $ (211) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 1,732 | |||||
Land and Land Improvements, Gross Amount | 1 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,583 | |||||
Total Gross Amount | [1] | 5,584 | ||||
Accumulated Depreciation | [2] | $ (1,658) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 42,551 | |||||
Land and Land Improvements, Gross Amount | 1,209 | |||||
Buildings and Leasehold Improvements, Gross Amount | 108,293 | |||||
Total Gross Amount | [1] | 109,502 | ||||
Accumulated Depreciation | [2] | $ (41,793) | ||||
Constructed/Acquired Date | 1996 | |||||
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 | 26,053 | |||||
Land and Land Improvements, Gross Amount | 1,361 | |||||
Buildings and Leasehold Improvements, Gross Amount | 66,577 | |||||
Total Gross Amount | [1] | 67,938 | ||||
Accumulated Depreciation | [2] | $ (29,591) | ||||
Constructed/Acquired Date | 1998 | |||||
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 | 34,926 | |||||
Land and Land Improvements, Gross Amount | 5,552 | |||||
Buildings and Leasehold Improvements, Gross Amount | 57,944 | |||||
Total Gross Amount | [1] | 63,496 | ||||
Accumulated Depreciation | [2] | $ (27,355) | ||||
Constructed/Acquired Date | 1995 | |||||
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 | 1,607 | |||||
Land and Land Improvements, Gross Amount | 14,965 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,114 | |||||
Total Gross Amount | [1] | 21,079 | ||||
Accumulated Depreciation | [2] | $ (1,324) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 842 | |||||
Land and Land Improvements, Gross Amount | 10,389 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,976 | |||||
Total Gross Amount | [1] | 15,365 | ||||
Accumulated Depreciation | [2] | $ (1,075) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 18,148 | |||||
Land and Land Improvements, Gross Amount | 2,296 | |||||
Buildings and Leasehold Improvements, Gross Amount | 49,658 | |||||
Total Gross Amount | [1] | 51,954 | ||||
Accumulated Depreciation | [2] | $ (25,657) | ||||
Constructed/Acquired Date | 1995 | |||||
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 | 301 | |||||
Land and Land Improvements, Gross Amount | 3,266 | |||||
Buildings and Leasehold Improvements, Gross Amount | 620 | |||||
Total Gross Amount | [1] | 3,886 | ||||
Accumulated Depreciation | [2] | $ (576) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 727 | |||||
Land and Land Improvements, Gross Amount | 3,180 | |||||
Buildings and Leasehold Improvements, Gross Amount | 1,788 | |||||
Total Gross Amount | [1] | 4,968 | ||||
Accumulated Depreciation | [2] | $ (379) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 41,100 | |||||
Land and Land Improvements, Gross Amount | 3,587 | |||||
Buildings and Leasehold Improvements, Gross Amount | 93,136 | |||||
Total Gross Amount | [1] | 96,723 | ||||
Accumulated Depreciation | [2] | $ (42,273) | ||||
Constructed/Acquired Date | 1984 | |||||
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 | 5,053 | |||||
Land and Land Improvements, Gross Amount | 1,116 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,419 | |||||
Total Gross Amount | [1] | 31,535 | ||||
Accumulated Depreciation | [2] | $ (15,640) | ||||
Constructed/Acquired Date | 1997 | |||||
James River Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Newport News, Virginia | |||||
Land, Initial Cost to Company | $ 800 | |||||
Buildings and Improvements, Initial Cost to Company | 501 | |||||
Cost Capitalized Subsequent to Acquisition | 24 | |||||
Land and Land Improvements, Gross Amount | 804 | |||||
Buildings and Leasehold Improvements, Gross Amount | 521 | |||||
Total Gross Amount | [1] | 1,325 | ||||
Accumulated Depreciation | [2] | $ (14) | ||||
Constructed/Acquired Date | 2019 | |||||
Jenkins Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [5] | Millen, Georgia | ||||
Constructed/Acquired Date | [5] | 2012 | ||||
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 | 35,978 | |||||
Cost Capitalized Subsequent to Acquisition | 44,462 | |||||
Land and Land Improvements, Gross Amount | 1,051 | |||||
Buildings and Leasehold Improvements, Gross Amount | 79,821 | |||||
Total Gross Amount | [1] | 80,872 | ||||
Accumulated Depreciation | [2] | $ (28,115) | ||||
Constructed/Acquired Date | 1998 | |||||
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 | 13,895 | |||||
Land and Land Improvements, Gross Amount | 486 | |||||
Buildings and Leasehold Improvements, Gross Amount | 196,847 | |||||
Total Gross Amount | [1] | 197,333 | ||||
Accumulated Depreciation | [2] | $ (53,313) | ||||
Constructed/Acquired Date | 2008 | |||||
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 | 6,376 | |||||
Land and Land Improvements, Gross Amount | 4,031 | |||||
Buildings and Leasehold Improvements, Gross Amount | 74,995 | |||||
Total Gross Amount | [1] | 79,026 | ||||
Accumulated Depreciation | [2] | $ (15,528) | ||||
Constructed/Acquired Date | 2011 | |||||
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 | 3,657 | |||||
Land and Land Improvements, Gross Amount | 986 | |||||
Buildings and Leasehold Improvements, Gross Amount | 30,196 | |||||
Total Gross Amount | [1] | 31,182 | ||||
Accumulated Depreciation | [2] | $ (13,988) | ||||
Constructed/Acquired Date | 1985 | |||||
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 | 45,397 | |||||
Land and Land Improvements, Gross Amount | 765 | |||||
Buildings and Leasehold Improvements, Gross Amount | 89,732 | |||||
Total Gross Amount | [1] | 90,497 | ||||
Accumulated Depreciation | [2] | $ (34,899) | ||||
Constructed/Acquired Date | 1992 | |||||
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 | 18,349 | |||||
Land and Land Improvements, Gross Amount | 1,277 | |||||
Buildings and Leasehold Improvements, Gross Amount | 18,087 | |||||
Total Gross Amount | [1] | 19,364 | ||||
Accumulated Depreciation | [2] | $ (9,083) | ||||
Constructed/Acquired Date | 1998 | |||||
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 | 1,622 | |||||
Land and Land Improvements, Gross Amount | 265 | |||||
Buildings and Leasehold Improvements, Gross Amount | 6,381 | |||||
Total Gross Amount | [1] | 6,646 | ||||
Accumulated Depreciation | [2] | $ (3,573) | ||||
Constructed/Acquired Date | 1989 | |||||
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] | $ (277) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 125 | |||||
Land and Land Improvements, Gross Amount | 3,363 | |||||
Buildings and Leasehold Improvements, Gross Amount | 708 | |||||
Total Gross Amount | [1] | 4,071 | ||||
Accumulated Depreciation | [2] | $ (130) | ||||
Constructed/Acquired Date | 2016 | |||||
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 | 8,891 | |||||
Land and Land Improvements, Gross Amount | 925 | |||||
Buildings and Leasehold Improvements, Gross Amount | 18,210 | |||||
Total Gross Amount | [1] | 19,135 | ||||
Accumulated Depreciation | [2] | $ (8,088) | ||||
Constructed/Acquired Date | 1998 | |||||
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 | 20,689 | |||||
Land and Land Improvements, Gross Amount | 1,099 | |||||
Buildings and Leasehold Improvements, Gross Amount | 80,448 | |||||
Total Gross Amount | [1] | 81,547 | ||||
Accumulated Depreciation | [2] | $ (26,795) | ||||
Constructed/Acquired Date | 2000 | |||||
MDHHS-Detroit | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Detroit, Michigan | |||||
Land, Initial Cost to Company | $ 830 | |||||
Buildings and Improvements, Initial Cost to Company | 5,739 | |||||
Cost Capitalized Subsequent to Acquisition | 113 | |||||
Land and Land Improvements, Gross Amount | 943 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,739 | |||||
Total Gross Amount | [1] | 6,682 | ||||
Accumulated Depreciation | [2] | $ (278) | ||||
Constructed/Acquired Date | 2019 | |||||
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 | 1995 | |||||
NARA-Dayton | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Dayton, Ohio | ||||
Land, Initial Cost to Company | [4] | $ 548 | ||||
Buildings and Improvements, Initial Cost to Company | [4] | 6,439 | ||||
Cost Capitalized Subsequent to Acquisition | [4] | 817 | ||||
Land and Land Improvements, Gross Amount | [4] | 597 | ||||
Buildings and Leasehold Improvements, Gross Amount | [4] | 7,207 | ||||
Total Gross Amount | [1],[4] | 7,804 | ||||
Accumulated Depreciation | [2],[4] | $ (486) | ||||
Constructed/Acquired Date | [4] | 2018 | ||||
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 | 10,287 | |||||
Land and Land Improvements, Gross Amount | 8,421 | |||||
Buildings and Leasehold Improvements, Gross Amount | 73,776 | |||||
Total Gross Amount | [1] | 82,197 | ||||
Accumulated Depreciation | [2] | $ (18,592) | ||||
Constructed/Acquired Date | 2010 | |||||
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 | 63,253 | |||||
Land and Land Improvements, Gross Amount | 664 | |||||
Buildings and Leasehold Improvements, Gross Amount | 104,755 | |||||
Total Gross Amount | [1] | 105,419 | ||||
Accumulated Depreciation | [2] | $ (38,791) | ||||
Constructed/Acquired Date | 1998 | |||||
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 | 14,158 | |||||
Land and Land Improvements, Gross Amount | 1,901 | |||||
Buildings and Leasehold Improvements, Gross Amount | 52,590 | |||||
Total Gross Amount | [1] | 54,491 | ||||
Accumulated Depreciation | [2] | $ (24,517) | ||||
Constructed/Acquired Date | 1997 | |||||
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 | 19,930 | |||||
Land and Land Improvements, Gross Amount | 879 | |||||
Buildings and Leasehold Improvements, Gross Amount | 35,081 | |||||
Total Gross Amount | [1] | 35,960 | ||||
Accumulated Depreciation | [2] | $ (17,552) | ||||
Constructed/Acquired Date | 1989 | |||||
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 | 1,654 | |||||
Land and Land Improvements, Gross Amount | 1,144 | |||||
Buildings and Leasehold Improvements, Gross Amount | 4,250 | |||||
Total Gross Amount | [1] | 5,394 | ||||
Accumulated Depreciation | [2] | $ (609) | ||||
Constructed/Acquired Date | 2017 | |||||
Oklahoma Reentry Opportunity 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 | 1,198 | |||||
Land and Land Improvements, Gross Amount | 8,599 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,792 | |||||
Total Gross Amount | [1] | 14,391 | ||||
Accumulated Depreciation | [2] | $ (1,294) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 47,512 | |||||
Land and Land Improvements, Gross Amount | 37,114 | |||||
Buildings and Leasehold Improvements, Gross Amount | 153,654 | |||||
Total Gross Amount | [1] | 190,768 | ||||
Accumulated Depreciation | [2] | $ (14,867) | ||||
Otay Mesa Detention Center | Minimum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 2015 | |||||
Otay Mesa Detention Center | Maximum | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Constructed/Acquired Date | 2019 | |||||
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 | 10,520 | |||||
Land and Land Improvements, Gross Amount | 1,068 | |||||
Buildings and Leasehold Improvements, Gross Amount | 31,858 | |||||
Total Gross Amount | [1] | 32,926 | ||||
Accumulated Depreciation | [2] | $ (18,281) | ||||
Constructed/Acquired Date | 1991 | |||||
Recovery Monitoring Solutions | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Dallas, Texas | |||||
Land, Initial Cost to Company | $ 1,152 | |||||
Buildings and Improvements, Initial Cost to Company | 1,979 | |||||
Cost Capitalized Subsequent to Acquisition | 687 | |||||
Land and Land Improvements, Gross Amount | 1,280 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,538 | |||||
Total Gross Amount | [1] | 3,818 | ||||
Accumulated Depreciation | [2] | $ (305) | ||||
Constructed/Acquired Date | 2018 | |||||
Red Rock Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [5] | Eloy, Arizona | ||||
Constructed/Acquired Date | [5] | 2006 | ||||
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] | $ (365) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 2,418 | |||||
Land and Land Improvements, Gross Amount | 486 | |||||
Buildings and Leasehold Improvements, Gross Amount | 101,028 | |||||
Total Gross Amount | [1] | 101,514 | ||||
Accumulated Depreciation | [2] | $ (27,711) | ||||
Constructed/Acquired Date | 2007 | |||||
South Raleigh Reentry Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Raleigh, North Carolina | |||||
Land, Initial Cost to Company | $ 277 | |||||
Buildings and Improvements, Initial Cost to Company | 663 | |||||
Cost Capitalized Subsequent to Acquisition | 26 | |||||
Land and Land Improvements, Gross Amount | 277 | |||||
Buildings and Leasehold Improvements, Gross Amount | 689 | |||||
Total Gross Amount | [1] | 966 | ||||
Accumulated Depreciation | [2] | $ (33) | ||||
Constructed/Acquired Date | 2019 | |||||
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 | 12,489 | |||||
Land and Land Improvements, Gross Amount | 1,630 | |||||
Buildings and Leasehold Improvements, Gross Amount | 35,846 | |||||
Total Gross Amount | [1] | 37,476 | ||||
Accumulated Depreciation | [2] | $ (17,278) | ||||
Constructed/Acquired Date | 1998 | |||||
SSA-Baltimore | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [4] | Baltimore, Maryland | ||||
Land, Initial Cost to Company | [4] | $ 27,987 | ||||
Buildings and Improvements, Initial Cost to Company | [4] | 179,424 | ||||
Land and Land Improvements, Gross Amount | [4] | 29,717 | ||||
Buildings and Leasehold Improvements, Gross Amount | [4] | 177,694 | ||||
Total Gross Amount | [1],[4] | 207,411 | ||||
Accumulated Depreciation | [2],[4] | $ (11,841) | ||||
Constructed/Acquired Date | [4] | 2018 | ||||
SSA-Florissant | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | St Louis, Missouri | |||||
Land, Initial Cost to Company | $ 245 | |||||
Buildings and Improvements, Initial Cost to Company | 553 | |||||
Cost Capitalized Subsequent to Acquisition | 19 | |||||
Land and Land Improvements, Gross Amount | 245 | |||||
Buildings and Leasehold Improvements, Gross Amount | 572 | |||||
Total Gross Amount | [1] | 817 | ||||
Accumulated Depreciation | [2] | $ (31) | ||||
Constructed/Acquired Date | 2018 | |||||
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 | 22,400 | |||||
Land and Land Improvements, Gross Amount | 1,629 | |||||
Buildings and Leasehold Improvements, Gross Amount | 91,474 | |||||
Total Gross Amount | [1] | 93,103 | ||||
Accumulated Depreciation | [2] | $ (31,069) | ||||
Constructed/Acquired Date | 2004 | |||||
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] | $ (77) | ||||
Constructed/Acquired Date | 2017 | |||||
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 | 5,469 | |||||
Land and Land Improvements, Gross Amount | 627 | |||||
Buildings and Leasehold Improvements, Gross Amount | 18,443 | |||||
Total Gross Amount | [1] | 19,070 | ||||
Accumulated Depreciation | [2] | $ (9,232) | ||||
Constructed/Acquired Date | 1997 | |||||
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 | 107,561 | |||||
Land and Land Improvements, Gross Amount | 1,650 | |||||
Buildings and Leasehold Improvements, Gross Amount | 150,549 | |||||
Total Gross Amount | [1] | 152,199 | ||||
Accumulated Depreciation | [2] | $ (55,829) | ||||
Constructed/Acquired Date | 2000 | |||||
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 | 8,733 | |||||
Land and Land Improvements, Gross Amount | 1,842 | |||||
Buildings and Leasehold Improvements, Gross Amount | 60,001 | |||||
Total Gross Amount | [1] | 61,843 | ||||
Accumulated Depreciation | [2] | $ (29,185) | ||||
Constructed/Acquired Date | 1990 | |||||
Trousdale Turner Correctional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Hartsville, Tennessee | |||||
Land, Initial Cost to Company | $ 649 | |||||
Buildings and Improvements, Initial Cost to Company | 135,412 | |||||
Cost Capitalized Subsequent to Acquisition | 5,356 | |||||
Land and Land Improvements, Gross Amount | 1,871 | |||||
Buildings and Leasehold Improvements, Gross Amount | 139,546 | |||||
Total Gross Amount | [1] | 141,417 | ||||
Accumulated Depreciation | [2] | $ (14,497) | ||||
Constructed/Acquired Date | 2015 | |||||
Tulsa Transitional Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, Oklahoma | |||||
Land, Initial Cost to Company | $ 8,206 | |||||
Buildings and Improvements, Initial Cost to Company | 4,061 | |||||
Cost Capitalized Subsequent to Acquisition | 658 | |||||
Land and Land Improvements, Gross Amount | 606 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,766 | |||||
Total Gross Amount | [1],[3] | 3,372 | ||||
Accumulated Depreciation | [2] | $ (948) | ||||
Constructed/Acquired Date | 2015 | |||||
Wheeler Correctional Facility | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | [5] | Alamo, Georgia | ||||
Constructed/Acquired Date | [5] | 1998 | ||||
Turley Residential Center | ||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||||
Location | Tulsa, Oklahoma | |||||
Land, Initial Cost to Company | $ 421 | |||||
Buildings and Improvements, Initial Cost to Company | 4,105 | |||||
Cost Capitalized Subsequent to Acquisition | 956 | |||||
Land and Land Improvements, Gross Amount | 421 | |||||
Buildings and Leasehold Improvements, Gross Amount | 5,061 | |||||
Total Gross Amount | [1] | 5,482 | ||||
Accumulated Depreciation | [2] | $ (1,149) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 441 | |||||
Cost Capitalized Subsequent to Acquisition | 212 | |||||
Land and Land Improvements, Gross Amount | 4,126 | |||||
Buildings and Leasehold Improvements, Gross Amount | 595 | |||||
Total Gross Amount | [1] | 4,721 | ||||
Accumulated Depreciation | [2] | $ (130) | ||||
Constructed/Acquired Date | 2016 | |||||
Walker 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 | 2,692 | |||||
Cost Capitalized Subsequent to Acquisition | 2 | |||||
Land and Land Improvements, Gross Amount | 654 | |||||
Buildings and Leasehold Improvements, Gross Amount | 2,694 | |||||
Total Gross Amount | [1] | 3,348 | ||||
Accumulated Depreciation | [2] | $ (366) | ||||
Constructed/Acquired Date | 2015 | |||||
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 | 20,161 | |||||
Cost Capitalized Subsequent to Acquisition | 6,514 | |||||
Land and Land Improvements, Gross Amount | 2,206 | |||||
Buildings and Leasehold Improvements, Gross Amount | 24,967 | |||||
Total Gross Amount | [1] | 27,173 | ||||
Accumulated Depreciation | [2] | $ (13,241) | ||||
Constructed/Acquired Date | 1998 | |||||
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 | 7,746 | |||||
Land and Land Improvements, Gross Amount | 2,174 | |||||
Buildings and Leasehold Improvements, Gross Amount | 38,041 | |||||
Total Gross Amount | [1] | 40,215 | ||||
Accumulated Depreciation | [2] | $ (19,374) | ||||
Constructed/Acquired Date | 1990 | |||||
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 | 8,162 | |||||
Land and Land Improvements, Gross Amount | 1,671 | |||||
Buildings and Leasehold Improvements, Gross Amount | 58,488 | |||||
Total Gross Amount | [1] | 60,159 | ||||
Accumulated Depreciation | [2] | $ (27,751) | ||||
Constructed/Acquired Date | 1998 | |||||
[1] | The aggregate cost of properties for federal income tax purposes is approximately $4.0 billion at December 31, 2020. | |||||
[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 value of the Mineral Wells facility, during the third quarter of 2017 to write down the book value of the Bridgeport facility, and during the second quarter of 2020 to write down the book value of the Tulsa Transitional Center to the estimated fair values assuming uses other than correctional or residential reentry facilities. | |||||
[4] | Held for Sale. | |||||
[5] | CoreCivic retains title to this asset, which is classified under other real estate assets on the Company's consolidated balance sheets in accordance with ASC 853. |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |
Aggregate cost of properties for federal Income Tax purposes | $ 4 |
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 As_4
Schedule III - Real Estate Assets and Accumulated Depreciation Summary of Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||
Investment in Real Estate, balance at beginning of period | $ 3,605,137 | $ 3,697,160 | $ 3,367,358 | |
Additions through capital expenditures | 29,142 | 64,423 | 26,547 | |
Acquisitions | 82,324 | 8,809 | 269,271 | |
Asset impairments | (10,154) | (4,040) | ||
Reclassifications and other | (111,171) | (161,215) | 33,984 | |
Investment in Real Estate, balance at end of period | 3,595,278 | [1] | 3,605,137 | 3,697,160 |
Accumulated Depreciation, balance at beginning of period | (1,053,670) | (1,075,389) | (976,121) | |
Depreciation | (89,008) | (87,492) | (99,361) | |
Disposals/Other | 14,115 | 109,211 | 93 | |
Accumulated Depreciation, balance at end of period | $ (1,128,563) | [2] | $ (1,053,670) | $ (1,075,389) |
[1] | The aggregate cost of properties for federal income tax purposes is approximately $4.0 billion at December 31, 2020. | |||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. |