Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 14, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
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 | 120,284,765 | ||
Entity Public Float | $ 1,245,279,447 | ||
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 $.01 per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | MD | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Nashville, Tennessee, United States | ||
Documents Incorporated by Reference | Portions of the registrant's definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, currently scheduled to be held on May 12, 2022, are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 299,645 | $ 113,219 |
Restricted cash | 11,062 | 23,549 |
Accounts receivable, net of credit loss reserve of $7,931 and $6,103, respectively | 282,809 | 267,705 |
Prepaid expenses and other current assets | 26,872 | 33,243 |
Assets held for sale | 6,996 | 279,406 |
Total current assets | 627,384 | 717,122 |
Real estate and related assets: | ||
Property and equipment, net of accumulated depreciation of $1,657,709 and $1,559,388, respectively | 2,283,256 | 2,350,272 |
Other real estate assets | 218,915 | 228,243 |
Goodwill | 4,844 | 5,902 |
Non-current deferred tax assets | 11,113 | |
Other assets | 364,539 | 396,663 |
Total assets | 3,498,938 | 3,709,315 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued expenses | 305,592 | 274,318 |
Current portion of long-term debt | 35,376 | 39,087 |
Total current liabilities | 340,968 | 313,405 |
Long-term debt, net | 1,492,046 | 1,747,664 |
Deferred revenue | 27,551 | 18,336 |
Non-current deferred tax liabilities | 88,157 | |
Other liabilities | 177,748 | 216,468 |
Total liabilities | 2,126,470 | 2,295,873 |
Commitments and contingencies | ||
Preferred stock – $0.01 par value; 50,000 shares authorized; none issued and outstanding at December 31, 2021 and 2020, respectively | 0 | 0 |
Common stock – $0.01 par value; 300,000 shares authorized; 120,285 and 119,638 shares issued and outstanding at December 31, 2021 and 2020, respectively | 1,203 | 1,196 |
Additional paid-in capital | 1,869,955 | 1,835,494 |
Accumulated deficit | (498,690) | (446,519) |
Total stockholders' equity | 1,372,468 | 1,390,171 |
Non-controlling interest - operating partnership | 23,271 | |
Total equity | 1,372,468 | 1,413,442 |
Total liabilities and stockholders' equity | $ 3,498,938 | $ 3,709,315 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts receivable, credit loss reserve | $ 7,931 | $ 6,103 |
Accumulated depreciation | $ 1,657,709 | $ 1,559,388 |
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 | 120,285,000 | 119,638,000 |
Common stock, shares outstanding | 120,285,000 | 119,638,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
REVENUE | $ 1,862,616 | $ 1,905,485 | $ 1,980,689 |
EXPENSES: | |||
Operating | 1,337,065 | 1,406,376 | 1,422,769 |
General and administrative | 135,770 | 124,338 | 127,078 |
Depreciation and amortization | 134,738 | 150,861 | 144,572 |
Contingent consideration for acquisition of businesses | 620 | ||
Shareholder litigation expense | 54,295 | ||
Asset impairments | 11,378 | 60,628 | 4,706 |
Costs and Expenses, Total | 1,673,246 | 1,742,823 | 1,699,125 |
OTHER INCOME (EXPENSE): | |||
Interest expense, net | (85,542) | (83,299) | (84,401) |
Expenses associated with debt repayments and refinancing transactions | (56,279) | (7,141) | (602) |
Gain (loss) on sale of real estate assets | 38,766 | (13,023) | 287 |
Other income (expense) | (212) | 525 | (123) |
INCOME BEFORE INCOME TAXES | 86,103 | 59,724 | 196,725 |
Income tax expense | (137,999) | (4,386) | (7,839) |
NET INCOME (LOSS) | (51,896) | 55,338 | 188,886 |
Net income attributable to non-controlling interest | (1,181) | ||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (51,896) | $ 54,157 | $ 188,886 |
BASIC EARNINGS (LOSS) PER SHARE | $ (0.43) | $ 0.45 | $ 1.59 |
DILUTED EARNINGS (LOSS) PER SHARE | $ (0.43) | 0.45 | 1.59 |
DIVIDENDS DECLARED PER SHARE | $ 0.44 | $ 1.76 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (51,896) | $ 55,338 | $ 188,886 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 134,738 | 150,861 | 144,572 |
Asset impairments | 11,378 | 60,628 | 4,706 |
Amortization of debt issuance costs and other non-cash interest | 7,345 | 5,519 | 3,351 |
Expenses associated with debt repayments and refinancing transactions | 56,279 | 7,141 | 602 |
Deferred income taxes | 99,270 | 4,945 | (1,162) |
Loss (gain) on sale of real estate | (38,766) | 13,023 | (287) |
Other expenses and non-cash items | 5,830 | 13,616 | 13,320 |
Non-cash revenue and other income | (718) | (7,301) | (11,292) |
Non-cash equity compensation | 18,733 | 17,264 | 17,267 |
Changes in assets and liabilities, net: | |||
Accounts receivable, prepaid expenses and other assets | (10,628) | 16,769 | (16,938) |
Accounts payable, accrued expenses and other liabilities | 31,666 | 17,727 | 11,359 |
Net cash provided by operating activities | 263,231 | 355,530 | 354,384 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Expenditures for facility development and expansions | (18,612) | (27,591) | (136,128) |
Expenditures for other capital improvements | (62,272) | (56,196) | (57,192) |
Acquisitions, net of cash acquired | (8,849) | (48,396) | |
Net proceeds from sale of assets | 320,754 | 113,602 | 4,295 |
Increase in other assets | (1,447) | (7,998) | (7,168) |
Net cash provided by (used in) investing activities | 238,423 | 12,968 | (244,589) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt and borrowings from credit facility | 740,563 | 374,000 | 1,146,691 |
Scheduled principal repayments | (35,305) | (32,254) | (14,121) |
Principal repayments of credit facility | (284,000) | (520,000) | (648,000) |
Repayment of non-recourse mortgage notes | (161,930) | (51,311) | |
Repayment of senior notes and Term Loan B | (516,350) | (325,000) | |
Payment of debt defeasance, issuance and other refinancing and related costs | (64,987) | (11,162) | (4,296) |
Payment of lease obligations for financing leases | (559) | (543) | (538) |
Contingent consideration for acquisition of businesses | (1,000) | (7,398) | |
Proceeds from exercise of stock options | 876 | ||
Purchase and retirement of common stock | (1,639) | (3,575) | (3,531) |
Dividends paid | (2,508) | (105,978) | (209,522) |
Net cash used in financing activities | (327,715) | (350,823) | (64,839) |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 173,939 | 17,675 | 44,956 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 136,768 | 119,093 | 74,137 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 310,707 | 136,768 | 119,093 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | |||
Debt assumed on acquisition of property | 52,217 | ||
Establishment of right of use assets and lease liabilities | 1,483 | 116,263 | 137,946 |
Distributions to non-controlling interest | 5,897 | ||
Cash paid during the period for: | |||
Interest (net of amounts capitalized of $0.4 million, $0.5 million, and $6.0 million in 2021, 2020, and 2019, respectively) | 80,587 | 88,132 | 85,698 |
Income taxes paid | $ 36,477 | $ 1,322 | $ 16,437 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest, capitalized interest | $ 0.4 | $ 0.5 | $ 6 |
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, 2018 | $ 1,415,059 | $ 1,187 | $ 1,807,202 | $ (393,330) | $ 1,415,059 | ||||
Balance (in shares) at Dec. 31, 2018 | 118,674 | ||||||||
Net income (loss) | 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 (loss) | 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 | ||||||||
Net income (loss) | (51,896) | (51,896) | (51,896) | ||||||
Retirement of common stock | (1,639) | $ (2) | (1,637) | (1,639) | |||||
Retirement of common stock (in shares) | (220) | ||||||||
Dividends on RSUs | (275) | (275) | (275) | ||||||
Restricted stock compensation, net of forfeitures | 18,733 | 18,733 | 18,733 | ||||||
Restricted stock grants | $ 9 | (9) | |||||||
Restricted stock grants (in shares) | 867 | ||||||||
Distributions to non-controlling interest | (5,897) | (5,897) | |||||||
Termination of operating partnership | 17,374 | 17,374 | $ (17,374) | ||||||
Balance at Dec. 31, 2021 | $ 1,372,468 | $ 1,203 | $ 1,869,955 | $ (498,690) | $ 1,372,468 | ||||
Balance (in shares) at Dec. 31, 2021 | 120,285 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends declared on common stock, per share | $ 0.44 | $ 1.76 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
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 government agencies in the U.S. 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, 2021, through its CoreCivic Safety segment, the Company operated 46 correctional and detention facilities, 41 of which the Company owned, with a total design capacity of approximately 69,000 beds. Through its CoreCivic Community segment, the Company owned and operated 26 residential reentry centers with a total design capacity of approximately 5,000 beds. In addition, through its CoreCivic Properties segment, the Company owned 10 properties for lease to third parties and used by government agencies, totaling 1.8 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 operated as a real estate investment trust ("REIT") from January 1, 2013 through December 31, 2020. As a REIT, the Company 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 rates and certain qualification requirements. The Company's use of TRSs permitted CoreCivic to engage in certain business activities in which the REIT could not engage directly, so long as those activities were conducted in entities that elected to be treated as TRSs under the Internal Revenue Code of 1986, as amended, and enabled CoreCivic to, among other things, provide correctional services at facilities it owns and at facilities owned by its government partners. On August 5, 2020, the Company announced that the Board of Directors ("BOD") 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 no longer operates under REIT rules, including the requirement to distribute at least 90% of its taxable income to its stockholders, which provides the Company with greater flexibility to use its free cash flow. Effective January 1, 2021, the Company is subject to federal and state income taxes on its taxable income at applicable tax rates, and is no longer 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, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include the accounts of CoreCivic on a consolidated basis with its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. Cash and Cash Equivalents CoreCivic considers all liquid 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, 2021 and 2020 included deposit accounts totaling $11.1 million and $10.3 million, respectively, to ensure the timely payment of certain operating expenses, capital expenditures and debt service associated with the SSA-Baltimore property (prior to it being sold in June 2021) and the Lansing Correctional Facility, as further discussed in Notes 6 and 10. 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, 2021 and 2020, accounts receivable of $282.8 million and $267.7 million, respectively, were net of credit loss reserve totaling $7.9 million and $6.1 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 reserves for credit losses to ensure receivables are not overstated due to uncollectibility. Credit loss 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. The Company estimates undiscounted cash flows for each facility with an impairment indicator. An 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 fair value of 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 Revenue is recognized over time when control of the promised service is transferred to CoreCivic’s customers, in an amount that reflects consideration CoreCivic expects to be entitled for those services which is typically in the form of a fixed rate. These services are considered to be a performance obligation and are generally satisfied in one to thirty days depending on the performance obligation. 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. 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 are required to be returned to the customer and are considered to be variable consideration and 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. Lease 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 revenues associated with the Company's electronic monitoring and case management services, as well as ancillary revenues associated with operating correctional, detention and residential reentry facilities, such as commissary, phone, and vending sales. Revenues are also generated from prisoner transportation services for governmental agencies. Revenue is recorded at a point in time when goods are provided or over time when services are provided. Self-Funded Insurance and Litigation Reserves CoreCivic is 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, or because the Company cannot reasonably estimate the amount of loss or range of loss, if any, that may result. 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 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 elected to become a taxable C Corporation effective January 1, 2021. CoreCivic 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 generally was not subject to corporate level federal income tax on taxable income it distributed to its stockholders as long as it met the organizational and operational requirements under the REIT rules. However, certain subsidiaries made an election to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections permitted CoreCivic to engage in certain business activities in which the REIT could not engage directly, so long as these activities were conducted in entities that elected 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 included a provision for taxes in its consolidated financial statements, even in periods it operated as a REIT. CoreCivic's deferred tax assets and liabilities are classified as non-current on the consolidated balance sheets. See Note 12 for further discussion of the significant components of CoreCivic's deferred tax assets and liabilities. Income tax contingencies are accounted for under the provisions of ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance prescribed in ASC 740 establishes a recognition threshold of more likely than not that a tax position will be sustained upon examination. The measurement attribute requires that a tax position be measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. Foreign Currency Transactions 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 7 for further discussion of CoreCivic's relationship with APM. Fair Value of Financial Instruments To meet the reporting requirements of ASC 825, "Financial Instruments", regarding fair value of financial instruments, CoreCivic calculates the estimated fair value of financial instruments using market interest rates, quoted market prices of similar instruments, or discounted cash flow techniques with observable Level 1 inputs for publicly traded debt and Level 2 inputs for all other financial instruments, as defined in ASC 820, "Fair Value Measurement". At December 31, 2021 and 2020, 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, 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,063 $ 3,491 $ 3,094 $ 3,896 Debt $ (1,551,932 ) $ (1,560,346 ) $ (1,809,517 ) $ (1,774,016 ) 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, 2021, 2020, and 2019, federal correctional and detention authorities represented 56%, 52%, and 51%, 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 30%, 28%, and 29% of total revenue for 2021, 2020, and 2019, respectively. The USMS accounted for 23%, 21%, and 17% of total revenue for 2021, 2020, and 2019, respectively. The BOP accounted for 3%, 3%, and 5% of total revenue for 2021, 2020, and 2019, 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 32%, 33%, and 34% of total revenue during the years ended December 31, 2021, 2020, and 2019, respectively. ICE and the USMS each generated 10% or more of total revenue during 2021, 2020, and 2019. Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, and reentry, the loss of one or more of such contracts could have a material impact on CoreCivic's financial condition and results of operations. On January 26, 2021, President Biden issued the Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities ("Private Prison EO"). The Private Prison EO directs the Attorney General to not renew United States Department of Justice ('DOJ") contracts with privately operated criminal detention facilities. Two agencies of the DOJ, the BOP and the USMS, utilize CoreCivic's services. As a result of the Executive Order, the Company expects that one contract with the BOP may not be renewed when it expires in 2022. With respect to the USMS, the Company expects that there may be further developments as each contract with the USMS reaches its expiration date. 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, 2021 | |
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 $4.8 million and $5.9 million as of December 31, 2021 and 2020, respectively, all of which was related to the Company's CoreCivic Safety segment. 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. 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's managed-only contract for the 1,030-bed Marion County Jail in Indianapolis, Indiana terminated and operations transitioned to Marion County effective January 31, 2022. Marion County constructed a replacement facility that became fully operational in January 2022. The County intends to redevelop the property where the Marion County Jail was located, and CoreCivic received notice in the second quarter of 2021 that the County intended to terminate the management contract effective December 31, 2021. The contract was subsequently extended through January 31, 2022 to allow the County more time to prepare for the transition. As a result of this expected contract termination, during the second quarter of 2021, the Company recognized an asset impairment charge of $2.9 million, including $1.1 million for goodwill associated with this managed-only facility's reporting unit and $1.8 million for other assets associated with this facility. |
REAL ESTATE AND RELATED ASSETS
REAL ESTATE AND RELATED ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
REAL ESTATE AND RELATED ASSETS | 4. REAL ESTATE AND RELATED ASSETS At December 31, 2021, CoreCivic owned 67 correctional, detention, and residential reentry real estate properties, and 10 properties for lease to third parties. At December 31, 2021, 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, 2021 2020 Land and improvements $ 247,525 $ 253,289 Buildings and improvements 3,175,090 3,171,307 Equipment and software 436,831 420,894 Office furniture and fixtures 38,256 37,704 Construction in progress 43,263 26,466 3,940,965 3,909,660 Less: Accumulated depreciation (1,657,709 ) (1,559,388 ) $ 2,283,256 $ 2,350,272 Construction in progress primarily consists of property improvements in process. Interest is capitalized on construction in progress and amounted to $0.4 million, $0.5 million, and $6.0 million in 2021, 2020, and 2019, respectively. Depreciation expense was $132.9 million, $141.7 million, and $137.7 million for the years ended December 31, 2021, 2020, and 2019, 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, 2021 and 2020, CoreCivic had $218.9 million and $228.2 million, respectively in other real estate assets, including $140.5 million and $143.6 million, respectively, accounted for as a contract cost and $78.4 million and $84.6 million, respectively, 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, 2021 | |
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 $34.6 million, $34.9 million, and $34.8 million for the years ended December 31, 2021, 2020, and 2019, 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, 2021 for the Company's operating lease liabilities, inclusive of $136.5 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): 2022 $ 32,778 2023 32,323 2024 32,244 2025 32,223 2026 24,982 Thereafter 14,570 Total future minimum lease payments 169,120 Less amount representing interest (25,203 ) Total present value of minimum lease payments $ 143,917 In addition, through its CoreCivic Properties segment, as of December 31, 2021, the Company owned $193.3 million in property and equipment at 10 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. Lease 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, 2021 for the Company's operating and finance leases are as follows (in thousands): 2022 $ 66,552 2023 62,959 2024 56,583 2025 52,991 2026 52,910 Thereafter 347,959 |
REAL ESTATE TRANSACTIONS
REAL ESTATE TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
REAL ESTATE TRANSACTIONS | 6 . REAL ESTATE TRANSACTIONS Acquisitions, Dispositions, and Assets Held for Sale 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 gain (loss) 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, an unrestricted subsidiary controlled by the Company, for total consideration of $83.2 million, excluding transaction-related expenses. All of the properties were leased to the federal government through the General Services Administration ("GSA"), an independent agency of the United States Government. CoreCivic financed the acquisition with $7.7 million of cash, assumed debt of $52.2 million, and the balance with the issuance of 1.3 million shares of Class A Common Interests in GRES that were 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 the remaining properties acquired in 2017 and 2018, 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 a portion of the amounts outstanding under the Company's Revolving Credit Facility. 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 recognizing the tax protection payments in connection with this sale, the Company reported a net loss on sale of $17.9 million. 2021 Dispositions . During June 2021, CoreCivic provided notice to the partners of GRES of its intent to distribute the remaining assets and terminate the partnership. The Company terminated the partnership in September 2021 and cancelled the Operating Partnership Units for no consideration. As part of the termination, the Company transferred the deed of an idled property located in Detroit, Michigan to the partners of GRES. The Detroit property was previously a government-leased property in the Company's Properties segment. During the third quarter of 2021, the Company reported an increase to stockholders' equity of $17.4 million resulting from the termination of the partnership. On May 28, 2021, CoreCivic completed the sale of two leased properties, the Capital Commerce Center, primarily leased to an agency of the State of Florida in Tallahassee, Florida, and a warehouse property leased to the GSA in Dayton, Ohio, in a single transaction to a third party for an aggregate price of $73.0 million, generating net proceeds of $46.2 million after the repayment of the debt related to the Capital Commerce Center and other transaction-related costs. In addition, on June 29, 2021, the Company completed the sale of a On May 24, 2021, CoreCivic completed the sale of an idled 12,000 square foot non-core property located in St. Louis, Missouri, with a net book value of $0.8 million at the time of the sale, for net proceeds of $0.6 million, resulting in a net loss on sale of $0.2 million. In addition, on June 25, 2021, CoreCivic completed the sale of an idled 18,000 square foot non-core property, located in Philadelphia, Pennsylvania, for a price of $2.0 million, generating net proceeds of $1.8 million. Pursuant to an agreement to sell the Philadelphia property, in the first quarter of 2021, CoreCivic recognized an impairment charge of $1.3 million associated with this facility, based on its estimated net realizable value less costs to sell. Both the St. Louis and Philadelphia properties were formerly leased to third-party lessees in the CoreCivic Properties segment. Assets Held for Sale . As of December 31, 2021, CoreCivic had two facilities in its CoreCivic Community segment held for sale. The aggregate carrying value of the property and equipment of these two facilities, amounting to $7.0 million, was reflected as assets held for sale on the Company's consolidated balance sheet as of December 31, 2021. The Company subsequently closed on the sale of one of these two facilities in February 2022 and expects to close on the sale of the second facility in March 2022. 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, were reflected as assets held for sale on the Company's consolidated balance sheet as of December 31, 2020. The Company subsequently closed on the sale of these three properties in 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 replaced 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, 2021 and 2020, the financing receivable was $145.0 million and $147.5 million, respectively, recognized in Other Assets on the consolidated balance sheet. During 2021 and 2020, the Lansing Correctional Facility generated $4.5 million and $2.6 million, respectively, of revenue associated with the non-lease services components of the arrangement, and $8.8 million and $8.4 million of interest income, respectively. Idle Facilities As of December 31, 2021, CoreCivic had six 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 2021 2020 Prairie Correctional Facility $ 14,416 $ 14,646 Huerfano County Correctional Center 15,230 15,895 Diamondback Correctional Facility 36,917 38,346 Marion Adjustment Center 10,743 11,047 Kit Carson Correctional Center 50,950 52,757 West Tennessee Detention Facility 20,622 20,842 $ 148,878 $ 153,533 As of December 31, 2021, CoreCivic incurred operating expenses at these idled facilities of approximately $8.0 million, $7.4 million, and $7.1 million during the period they were idle for the years ended December 31, 2021, 2020, and 2019, respectively. The 2021 amount excludes the expenses incurred at the West Tennessee Detention Facility during the fourth quarter of 2021. As more fully described hereafter, the West Tennessee facility was idled upon the expiration of a USMS contract on September 30, 2021. However, CoreCivic has retained a certain staffing level at the facility in order to quickly respond should the Company enter into a new contract with a government agency in the near-term. Two of the four idled facilities in the CoreCivic Community segment are located in Oklahoma. As a result of the lower resident populations from the state of Oklahoma because of the novel coronavirus and related variants ("COVID-19"), CoreCivic 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. CoreCivic reactivated the Turley Residential Center during the first quarter of 2021 pursuant to a new contract awarded from the BOP during the fourth quarter of 2020 for residential reentry and home confinement services to be provided in the state of Oklahoma, and provides the BOP additional reentry services at the Company's owned and operated Oklahoma Reentry Opportunity Center, which supplements the existing utilization by the state of Oklahoma, pursuant to this new contract. During April 2021, as a result of lower resident populations from Denver County because of COVID-19, CoreCivic transferred the resident populations at its 90-bed Ulster Facility in Colorado to its Dahlia Facility in Colorado, idling the Ulster Facility, which is now under an agreement to be sold as further described hereafter. The fourth idle facility in the Community segment, the 60-bed Columbine Facility located in Colorado, was idled in the second quarter of 2020. CoreCivic had a direct contract with the USMS to care for detainees at the Company's 600-bed West Tennessee Detention Facility that expired on September 30, 2021 and was not renewed. CoreCivic has been actively marketing the facility to other government agencies, and in August 2021, submitted a formal response to a government agency's request for proposal to utilize the West Tennessee facility. As of December 31, 2021, the West Tennessee facility had a net book value of $20.6 million. CoreCivic had a direct contract with the USMS to care for detainees at its 1,033-bed Leavenworth Detention Center that expired on December 31, 2021 and was not renewed. The Company has been actively marketing the facility and As of December 31, 2021, the Leavenworth facility had a net book value of $54.2 million. CoreCivic evaluates on a quarterly basis market developments for the potential utilization of each of its idle properties in order to identify events that may cause CoreCivic to reconsider its assumptions with respect to the recoverability of book values as compared to undiscounted cash flows. CoreCivic considers the cancellation of a contract in its Safety or Community segment or an expiration and non-renewal of a lease agreement in its CoreCivic Properties segment as indicators 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 . The Other Real Estate Impairments During the fourth quarter of 2021, CoreCivic entered into separate purchase and sale agreements for its 120-bed Fox Facility and Training Center and its idle 90-bed Ulster Facility, two residential reentry facilities in the Community segment. The two facilities are located in Denver, Colorado and have recently been under-utilized by Denver County. CoreCivic concluded the sale of these two properties met the criteria for classification as assets held for sale as of December 31, 2021, requiring the properties to be valued at the lower of current carrying value or fair value less costs to sell. The aggregate gross sales price of the two properties is expected to be $9.9 million, resulting in a gain on sale of approximately $2.0 million to be recognized upon completion of the sales expected to occur in the first quarter of 2022, after recognizing an impairment in the fourth quarter of 2021 of $2.0 million for one of the facilities to reflect the lower fair value less costs to sell upon its recognition as an asset held for sale. In February 2021, CoreCivic entered into two 30-year lease agreements with the Alabama Department of Corrections ("ADOC") for the development of two correctional facilities in Alabama, which were subject to the successful completion of financing the Company was pursuing on behalf of the state of Alabama. Pursuant to the terms of the leases, ADOC staff would have operated both facilities, and CoreCivic would have retained ownership of the facilities and been responsible for facility maintenance throughout the term of the leases. In the third quarter of 2021, CoreCivic received notice from the state of Alabama of its decision to terminate the leases effective August 6, 2021 so that the State could pursue financing approval through the Alabama Legislature, and utilize COVID-19 relief funds potentially available to the State for prison construction. As a result of the lease terminations, during the third quarter of 2021, CoreCivic reported asset impairment charges of $5.2 million for pre-development activities. |
INVESTMENT IN AFFILIATE
INVESTMENT IN AFFILIATE | 12 Months Ended |
Dec. 31, 2021 | |
Agecroft Prison Management Ltd | |
INVESTMENT IN AFFILIATE | 7 . INVESTMENT IN AFFILIATE CoreCivic has a 50% ownership interest in APM, an entity holding the management contract for a correctional facility, HM Prison Forest Bank, under a 25-year prison management contract with an agency of the United Kingdom government. CoreCivic has determined that its joint venture investment in APM represents a variable interest entity ("VIE") in accordance with ASC 810, "Consolidation" of which CoreCivic is not the primary beneficiary. The Forest Bank facility, located in Salford, England, was previously constructed and owned by a wholly-owned subsidiary of CoreCivic, which was sold in April 2001. All gains and losses under the joint venture are accounted for using the equity method of accounting. During 2000, CoreCivic extended a working capital loan to APM, which has an outstanding balance of $3.1 million as of December 31, 2021. For the years ended December 31, 2021, 2020, and 2019, equity in losses of the joint venture was $138,000, $192,000, and $128,000, 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, 2021, the equity in the net deficit of APM was $0.3 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 determined that its joint venture investment in GRES also represented a VIE. CoreCivic had 100% voting control in GRES. Accordingly, CoreCivic concluded that it was 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, 2021 | |
OTHER ASSETS | 8 . OTHER ASSETS Other assets consist of the following (in thousands): December 31, 2021 2020 Intangible assets, less accumulated amortization of $12,236 and $10,351, respectively $ 8,998 $ 10,866 Financing receivable - Kansas lease 145,036 147,481 ROU lease assets 169,968 194,080 Lease incentive assets 4,171 4,813 Debt issuance costs, less accumulated amortization of $3,173 and $2,332, respectively 1,020 1,855 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 15,453 14,940 Straight-line rent receivable 648 2,196 Insurance receivable 13,522 14,353 Note receivable from APM 3,063 3,094 Other 2,660 2,985 $ 364,539 $ 396,663 The gross carrying amount of intangible assets amounted to $21.2 million at both December 31, 2021 and 2020. Amortization expense related to intangible assets was $1.9 million, $9.1 million, and $6.8 million for 2021, 2020, and 2019, 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, 2021, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2022 $ 1,323 2023 489 2024 466 2025 462 2026 454 |
ACCOUNTS PAYABLE, ACCRUED EXPEN
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES | 9 . ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2021 2020 Trade accounts payable $ 90,809 $ 85,359 Accrued salaries and wages 51,893 43,564 Income taxes payable 1,995 1,567 Accrued dividends on RSUs 1,144 3,148 Accrued workers' compensation and auto liability 8,526 7,379 Accrued litigation 6,844 5,861 Accrued employee medical insurance 6,444 7,035 Accrued property taxes 27,634 27,780 Accrued interest 16,742 9,516 Lease liabilities 31,055 26,046 Deferred revenue 10,896 8,693 Construction payable 2,282 1,821 Deferred employer payroll taxes 14,795 14,795 Other 34,533 31,754 $ 305,592 $ 274,318 Other long-term liabilities consist of the following (in thousands): December 31, 2021 2020 Intangible contract liability $ 4,643 $ 5,030 Accrued workers' compensation 32,311 31,868 Accrued deferred compensation 11,905 11,802 Lease financing obligation 7,358 7,508 Lease liabilities 121,348 144,769 Deferred employer payroll taxes — 14,795 Other 183 696 $ 177,748 $ 216,468 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2021 | |
DEBT | 10 . DEBT Debt outstanding consists of the following (in thousands): December 31, 2021 2020 Revolving Credit Facility maturing April 2023 periodically at variable interest rates. The weighted average rate at December 31, 2020 was 1.7%. $ — $ 219,000 Term Loan A maturing April 2023 variable interest rates. The rate at December 31, 2021 and 2020 was 1.4% and 1.6%, respectively. Unamortized debt issuance costs amounted to $0.0 million and $0.1 million at December 31, 2021 and 2020, respectively. 170,000 180,000 Term Loan B maturing December 2024 at variable interest rates. The rate at both December 31, 2021 and 2020 was 5.5%. Unamortized debt issuance costs amounted to $2.0 million and $4.1 million at December 31, 2021 and 2020, respectively. 128,750 237,500 4.625% Senior Notes maturing May 2023 issuance costs amounted to $0.4 million and $1.5 million at December 31, 2021 and 2020, respectively. A portion of these notes was repurchased during the second and fourth quarters of 2021 in privately negotiated transactions, as further described hereafter. 173,650 350,000 5.0% Senior Notes. Unamortized debt issuance costs amounted to $0.8 million at December 31, 2020. These notes were fully redeemed in April 2021 — 250,000 4.75% Senior Notes maturing October 2027 issuance costs amounted to $2.3 million and $2.7 million at December 31, 2021 and 2020, respectively. 250,000 250,000 8.25% Senior Notes maturing April 2026 issuance costs amounted to $12.9 million at December 31, 2021. 675,000 — 4.5% Capital Commerce Center Non-Recourse Mortgage Note. Unamortized debt issuance costs amounted to $0.3 million at December 31, 2020. This note was repaid in connections with the sale of Capital Commerce Center, as further described hereafter. — 20,934 4.43% Lansing Correctional Center Non-Recourse Mortgage Note maturing January 2040 to $3.0 million and $3.1 million at December 31, 2021 and 2020, respectively. 154,532 157,607 4.5% SSA- Baltimore Non-Recourse Mortgage Note. Unamortized debt issuance costs amounted to $0.2 million at December 31, 2020. This note was repaid in connection with the sale of SSA-Baltimore, as further described hereafter. — 144,476 Total debt 1,551,932 1,809,517 Unamortized debt issuance costs (20,588 ) (12,766 ) Net unamortized original issue discount (3,922 ) (10,000 ) Current portion of long-term debt (35,376 ) (39,087 ) Long-term debt, net $ 1,492,046 $ 1,747,664 Revolving Credit Facility. On April 17, 2018, CoreCivic entered into a 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 1.25%, 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, 2021, CoreCivic had no borrowings outstanding under the Revolving Credit Facility and had $13.9 million in letters of credit outstanding, resulting in $786.1 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, 2021, 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, detention and incarceration 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 own or operate correctional and detention 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 $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 Senior Notes. Interest on the $173.7 million remaining principal balance outstanding on CoreCivic's 4.625% senior notes issued in April 2013 with an original principal amount of $350.0 million (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 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 4.75% Senior Notes, and the 8.25% Senior Notes, described hereafter, 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 4.625% Senior Notes and the 4.75% 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 4.625% Senior Notes and the 4.75% 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. On April 14, 2021, the Company completed an underwritten registered offering of $450.0 million aggregate principal amount of 8.25% senior unsecured notes due 2026 (the "Original 8.25% Senior Notes"), which are guaranteed by the Company's existing and future subsidiaries that guarantee the Bank Credit Facility. The Original 8.25% Senior Notes were priced at 99.0% of face value and as a result have an effective yield to maturity of 8.50%. The net proceeds from the issuance of the Original 8.25% Senior Notes totaled approximately $435.1 million, after deducting the original issuance and underwriting discounts and estimated offering expenses. The Company used a significant amount of the net proceeds from the offering of the Original 8.25% Senior Notes (i) to redeem all of the $250.0 million aggregate principal amount of CoreCivic's 5.0% senior notes issued in September 2015 (the "5.0% Senior Notes"), including the payment of the applicable "make-whole" redemption amount of $15.5 million and accrued interest, and (ii) to otherwise repay or reduce its other indebtedness, including repurchasing $149.0 million of its 4.625% Senior Notes at an aggregate purchase price of $151.2 million in privately negotiated transactions, reducing the outstanding balance of the 4.625% Senior Notes to $201.0 million. In the second and fourth quarters of 2021, the Company purchased an additional $27.3 million of its 4.625% Senior Notes at par in open market purchases, further reducing the outstanding balance of the 4.625% Senior Notes to $173.7 million. The "make-whole" redemption amount paid in connection with the redemption of the 5.0% Senior Notes, originally scheduled to mature on October 15, 2022, and the aggregate price paid for the 4.625% Senior Notes in excess of the principal amount of the notes repurchased resulted in charges of $19.2 million during the second quarter of 2021, including costs associated with the repurchases and the proportionate write-off of existing debt issuance costs. The remaining net proceeds were used to pay down a portion of the amounts outstanding under the Revolving Credit Facility and for general corporate purposes. On September 29, 2021, CoreCivic completed an underwritten registered tack-on offering of $225.0 million in aggregate principal amount of 8.25% Senior Notes due 2026 (the "Additional 8.25% Senior Notes") at an issue price of 102.25% of their aggregate principal amount, plus accrued interest from the April 14, 2021 issue date for the Original 8.25% Senior Notes, resulting in an effective yield to maturity of 7.65% for the Additional 8.25% Senior Notes. The Additional 8.25% Senior Notes and the Original 8.25% Senior Notes (together, the "8.25% Senior Notes") constitute a single class of securities and have identical terms, other than issue date and issue price. The issuance of the Additional 8.25% Senior Notes increased the total aggregate principal amount of 8.25% Senior Notes outstanding to $675.0 million. The net proceeds from the issuance of the Additional 8.25% Senior Notes totaled approximately $225.5 million, after deducting the underwriting discounts and estimated offering expenses and including the original issuance premium. Interest on the 8.25% Senior Notes accrues at the stated rate and is payable in April and October of each year. The 8.25% Senior Notes are scheduled to mature on April 15, 2026. The Company may redeem all or part of the 8.25% Senior Notes at any time prior to April 15, 2024, in whole or in part, at a "make-whole" redemption price, plus accrued and unpaid interest thereon to, but not including, the redemption date. Thereafter, the 8.25% Senior Notes are redeemable at CoreCivic's option, in whole or in part, at a redemption price expressed as a percentage of the principal amount thereof, which percentage is 104.125% beginning on April 15, 2024 and 100% beginning on April 15, 2025, plus, in each such case, accrued and unpaid interest thereon to, but not including, the redemption date. 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, create or permit to exist certain liens and consolidate, merge or transfer all or substantially all of CoreCivic's assets. In addition, if CoreCivic experiences specific kinds of changes in control, CoreCivic must offer to repurchase all or any portion of the Senior Notes. 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, if any, on the notes repurchased to the date of purchase. The indenture related to our 8.25% senior notes due 2026 additionally limits our ability to incur indebtedness, make restricted payments and investments and prepay certain indebtedness. 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. Non-Recourse Mortgage Notes : Capital Commerce Center. 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 was 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 were payable in equal monthly payments over the 15-year term of the note. The Capital Commerce Note was 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. On May 28, 2021, CoreCivic completed the sale of the Capital Commerce Center, along with a warehouse property leased to the GSA in Dayton, Ohio, in a single transaction to a third party for an aggregate price of $73.0 million, generating net proceeds of $46.2 million after the repayment of the Capital Commerce Note and other transaction-related costs. In connection with the sale, CoreCivic incurred charges of $3.7 million associated with the prepayment of the Capital Commerce Note recognized in the consolidated statement of operations as expenses associated with debt repayments and refinancing transactions. 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 SSA-Baltimore. 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") carried a fixed interest rate of 4.5% and required monthly principal and interest payments, with a balloon payment of $40.0 million due at maturity in February 2034 Guarantees 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, 2021, 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. Other Debt Transactions Letters of Credit. At December 31, 2021 and 2020, CoreCivic had $13.9 million and $14.8 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, utility deposits, and for a debt service reserve requirement under terms of the Kansas Notes. Debt Maturities Scheduled principal payments as of December 31, 2021 for the next five years and thereafter were as follows (in thousands): 2022 $ 35,376 2023 354,796 2024 96,597 2025 5,823 2026 681,326 Thereafter 378,014 Total debt $ 1,551,932 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, 2021 | |
DEFERRED REVENUE | 11 . DEFERRED REVENUE In September 2014, CoreCivic announced that it had agreed under an expansion of an existing IGSA between the city of Eloy, Arizona and ICE to 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, 2021 | |
INCOME TAXES | 12 . INCOME TAXES As discussed in Note 1, the Company 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% 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 ended December 31, 2020. Most states where CoreCivic holds investments in real estate conform to the federal rules recognizing REITs. Certain subsidiaries made an election with the Company to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections permitted CoreCivic to engage in certain business activities in which the REIT could not engage directly. A TRS is subject to federal and state income taxes on the income from these activities and therefore, CoreCivic included a provision for taxes in its consolidated financial statements even during periods it operated as a REIT. 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 is no longer required to operate under REIT rules, including the requirement to distribute at least 90% of its taxable income to its stockholders, which provides the Company with greater flexibility to use its free cash flow. Effective January 1, 2021, the Company is subject to federal and state income taxes on its taxable income at applicable tax rates, and is no longer entitled to a tax deduction for dividends paid. During the years in which the Company elected REIT status, CoreCivic was entitled to a deduction for dividends paid, resulting in a substantial reduction in the amount of the REIT's federal income tax expense. During those years, substantially all of CoreCivic's income tax expense was incurred based on the earnings generated by its TRSs. CoreCivic recorded an income tax expense of $138.0 million, $4.4 million, and $7.8 million for the years ended December 31, 2021, 2020 and 2019, respectively. Income tax expense during 2021 included $114.2 million primarily resulting from the revaluation of the Company's net deferred tax liabilities due to the completion of all significant actions necessary to revoke its REIT election. Income tax expense during 2020 included $3.1 million 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 Income tax expense (benefit) is comprised of the following components (in thousands): For the Years Ended December 31, 2021 2020 2019 Current income tax expense (benefit) Federal $ 32,137 $ (1,928 ) $ 5,324 State 6,592 1,369 3,677 38,729 (559 ) 9,001 Deferred income tax expense (benefit) Federal 86,703 3,878 (489 ) State 12,567 1,067 (673 ) 99,270 4,945 (1,162 ) Income tax expense $ 137,999 $ 4,386 $ 7,839 Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2021 and 2020, are as follows (in thousands): December 31, 2021 2020 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 37,612 $ 21,482 Depreciation 8,478 49 ROU lease assets 41,440 530 Losses and tax credit carryforwards 7,647 3,782 Intangible assets 9,150 699 Other 13,715 490 Total noncurrent deferred tax assets 118,042 27,032 Less valuation allowance (6,352 ) (848 ) Total noncurrent deferred tax assets 111,690 26,184 Noncurrent deferred tax liabilities: Depreciation (149,189 ) (9,965 ) Lease liabilities (40,900 ) (520 ) Intangible liabilities (8,532 ) (2,149 ) Other (1,226 ) (2,437 ) Total noncurrent deferred tax liabilities (199,847 ) (15,071 ) Net total noncurrent deferred tax assets (liabilities) $ (88,157 ) $ 11,113 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, 2021, 2020, and 2019 is as follows: 2021 2020 2019 Statutory federal rate 21.0 % 21.0 % 21.0 % Revaluation of deferred tax liabilities 132.7 — — Dividends paid deduction — (24.9 ) (18.9 ) State taxes, net of federal tax benefit 4.8 1.9 1.2 Permanent differences 2.8 2.2 1.2 Deferred tax expense on Kansas lease structure — 5.2 — Tax benefit of equity-based compensation 2.6 1.1 0.1 Other items, net (3.6 ) 0.8 (0.6 ) 160.3 % 7.3 % 4.0 % CoreCivic's effective tax rate was 160.3%, 7.3%, and 4.0% during 2021, 2020, and 2019, 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 the REIT's federal income tax expense. 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. As of December 31, 2021, the Company’s tax attributes were offset by a valuation allowance totaling $6.4 million, which increased by $5.5 million from 2020. The valuation allowance against deferred tax assets is related to the Company’s investment in GRES and certain state tax credits. 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. During 2020, the Company deferred payment of $29.6 million of employer-side social security payments. Half of this deferred amount was paid in December 2021. The other half, amounting to $14.8 million, will be due December 31, 2022. 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 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, 2021 and 2020. 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 2018 through 2020 remain subject to examination by the IRS. The majority of states in which CoreCivic files income tax returns follow the same statute of limitations as the federal government. Certain states in which CoreCivic files income tax returns have statutes that remain open from 2017. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
STOCKHOLDERS' EQUITY | 13 . STOCKHOLDERS' EQUITY Dividends on Common Stock The tax characterization of dividends per share on common shares as reported to stockholders was as follows for the years ended December 31, 2020 and 2019 (unaudited): Ordinary Return of Total Declaration Date Record Date Payable Date Income Capital Per Share February 21, 2019 April 1, 2019 April 15, 2019 0.383646 (1) 0.056354 $ 0.44 May 16, 2019 July 1, 2019 July 16, 2019 0.383646 (1) 0.056354 $ 0.44 August 15, 2019 October 1, 2019 October 15, 2019 0.383646 (1) 0.056354 $ 0.44 December 12, 2019 January 6, 2020 January 15, 2020 0.440000 (2) — $ 0.44 February 20, 2020 April 1, 2020 April 15, 2020 0.440000 (2) — $ 0.44 (1 ) (2 ) As further discussed in Note 1, 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. Common Stock Restricted shares. During 2021, CoreCivic issued approximately 2.7 million RSUs to certain of its employees and non-employee directors, with an aggregate value of $21.8 million, including 2.5 million RSUs to employees and non-employee directors whose compensation is charged to general and administrative expense and 0.2 million RSUs to employees whose compensation is charged to operating expense. 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. Since 2015, CoreCivic has established performance-based vesting conditions on the RSUs awarded to its officers and executive officers that, unless earlier vested under the terms of the agreements, are subject to vesting over a three-year period based upon the satisfaction of certain annual performance criteria, and no more than one-third of the RSUs could vest in any one performance period . The RSUs awarded to officers and executive officers in 2019, 2020 and 2021 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, December 31, 2020, 2021, and 2022 for the 2020 awards, and December 31, 2021, 2022, and 2023 for the 2021 awards, and which can be increased 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 2021, the RSUs subject to performanc e-based vesting criteria were in creased by 150 %, and were further increased by a 114.2 % modifier based on CoreCivic's total shareholder return relative to the peer group. Because the performance criteria for the fiscal years ending December 31, 2022 and 2023 have not yet been established, the values of the third RSU increment of the 2020 awards and of the second and third increments of the 2021 awards for financial reporting purposes will not be determined until such criteria are established . Time-based RSUs issued to other employees, unless earlier vested under the terms of the agreements, generally vest equally on the first, second, and third anniversary of the award. RSUs issued to non-employee directors generally vest one year from the date of award . Nonvested RSU transactions as of December 31, 2021 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, 2020 2,021 $18.40 Granted 2,707 $8.07 Cancelled (284) $10.66 Vested (979) $18.74 Nonvested at December 31, 2021 3,465 $10.35 During 2021, 2020, and 2019, CoreCivic expensed $18.7 million ($1.6 million of which was recorded in operating expenses and $17.1 million of which was recorded in general and administrative expenses), $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), and $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), net of forfeitures, relating to RSUs, respectively. As of December 31, 2021, CoreCivic had $16.3 million of total unrecognized compensation cost related to RSUs that is expected to be recognized over a remaining weighted-average period of 1.6 years. Termination of ATM Agreement On August 25, 2021, CoreCivic terminated its Amended and Restated ATM Equity Offering Sales Agreement (“ATM Agreement”), with multiple sales agents, which permitted CoreCivic to offer and sell to or through the agents, from time to time, shares of its common stock, par value $0.01 per share, having an aggregate gross sales price of up to $200.0 million. No sales of the CoreCivic’s common stock were made under the ATM Agreement. During the third quarter of 2021, CoreCivic decided to terminate the Sales Agreement in connection with the expiration of the registration statement on Form S-3 (File No. 333-227078) that CoreCivic filed with the SEC on August 28, 2018, and because CoreCivic had no plans to issue shares of its common stock. 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 BOD, 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 BOD. 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, 2020 472 $ 22.13 Granted — — Exercised — — Cancelled (171 ) 21.00 Outstanding at December 31, 2021 301 $ 22.77 0.2 $ — Exercisable at December 31, 2021 301 $ 22.77 0.2 $ — 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, 2021 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, 2021. This amount changes based on the fair market value of CoreCivic's stock. The total intrinsic value of options exercised during the year ended December 31, 2019 was $0.5 million. There were no options exercised during 2020 and 2021. 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, 2021, CoreCivic had 2.8 million shares available for issuance under the 2020 Stock Incentive Plan. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | 14 . EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. For CoreCivic, diluted earnings per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to restricted 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, 2021 2020 2019 NUMERATOR Basic: Net income (loss) attributable to common stockholders $ (51,896 ) $ 54,157 $ 188,886 Diluted: Net income (loss) attributable to common stockholders $ (51,896 ) $ 54,157 $ 188,886 Net income attributable to non-controlling interest — 1,181 — Diluted net income (loss) attributable to common stockholders $ (51,896 ) $ 55,338 $ 188,886 DENOMINATOR Basic: Weighted average common shares outstanding 120,192 119,559 119,028 Diluted: Weighted average common shares outstanding 120,192 119,559 119,028 Effect of dilutive securities: Stock options — — 22 Restricted stock-based awards — 28 114 Non-controlling interest - Operating Partnership Units — 1,342 — Weighted average shares and assumed conversions 120,192 120,929 119,164 BASIC EARNINGS (LOSS) PER SHARE $ (0.43 ) $ 0.45 $ 1.59 DILUTED EARNINGS (LOSS) PER SHARE $ (0.43 ) $ 0.45 $ 1.59 For the year ended December 31, 2021, 0.5 million restricted stock-based awards and 1.0 million non-controlling interest - operating partnership units were excluded from the computation of diluted loss per share because they were anti-dilutive. In addition, approximately 0.3 million, 0.5 million, and 0.5 million stock options were excluded from the computations of diluted earnings (loss) per share for the years ended December 31, 2021, 2020, and 2019, respectively, because they were anti-dilutive. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | 15 . 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. 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. On March 10, 2021, the Ninth Circuit Court of Appeals granted CoreCivic's petition to appeal the class certification ruling. Since this case was filed, four similar lawsuits have been filed. A Maryland case was dismissed on September 27, 2019, and the dismissal was affirmed on appeal. Two suits filed in Georgia and Texas do not allege minimum wage violations. A second the Otay Mesa facility is stayed pending class proceedings in the first. Due to the stage of this proceeding, 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 this matter at this time, as losses are not considered probable or reasonably estimable at this stage of these lawsuits. 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. 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. On April 16, 2021, the Company reached an agreement in principle to settle the lawsuit. The monetary terms of the settlement include a payment by the Company of $56.0 million in return for a dismissal of the case with prejudice and a full release of all claims against all defendants, including the Company and its current and former officers. The settlement agreement, which was approved by the District Court on November 8, 2021, contains no admission of liability, wrongdoing, or responsibility by any of the defendants, including the Company. As a result of the settlement, the Company recognized an expense of $54.3 million during the year ended December 31, 2021, which was net of the remaining insurance available under the Company's policies. The Company is also named along with several of its directors in six derivative lawsuits which raise similar allegations to those raised in the Grae Grae 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, 2021, 2020, and 2019, CoreCivic provided a discretionary matching contribution equal to 100% 5% Deferred Compensation Plans CoreCivic provides two non-qualified deferred compensation plans (the "Deferred Compensation Plans") for non-employee directors and for certain senior executives. The Deferred Compensation Plans are unfunded plans maintained for the purpose of providing CoreCivic's directors and certain of its senior executives the opportunity to defer a portion of their compensation. Under the terms of the Deferred Compensation Plans, certain senior executives may elect to contribute on a pre-tax basis up to 50% of their base salary and up to 100% of their cash bonus, and non-employee directors may elect to contribute on a pre-tax basis up to 100% of their director retainer and meeting fees. During the years ended December 31, 2021, 2020, and 2019, CoreCivic matched 100% 5% During 2021, 2020, and 2019, 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 2021, 2020, and 2019, CoreCivic recorded $0.2 million, $0.3 million, and $0.2 million, respectively, of matching contributions as general and administrative expense associated with the Deferred Compensation Plans. Assets in the Rabbi Trust were $15.5 million and $14.9 million as of December 31, 2021 and 2020, respectively, and were reflected in other assets on the accompanying consolidated balance sheets. As of both December 31, 2021 and 2020, CoreCivic's liability related to the Deferred Compensation Plans was $12.5 million, 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, 2021 | |
SEGMENT REPORTING | 16 . 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, 2021, 2020, and 2019 (in thousands): For the Years Ended December 31, 2021 2020 2019 Revenue: Safety $ 1,693,968 $ 1,706,232 $ 1,779,958 Community 99,435 105,990 123,265 Properties 68,934 93,098 77,307 Total segment revenue 1,862,337 1,905,320 1,980,530 Operating expenses: Safety 1,236,938 1,288,938 1,304,121 Community 81,610 88,903 95,159 Properties 18,155 28,128 22,803 Total segment operating expenses 1,336,703 1,405,969 1,422,083 Facility net operating income: Safety 457,030 417,294 475,837 Community 17,825 17,087 28,106 Properties 50,779 64,970 54,504 Total facility net operating income 525,634 499,351 558,447 Other revenue (expense): Other revenue 279 165 159 Other operating expense (362 ) (407 ) (686 ) General and administrative (135,770 ) (124,338 ) (127,078 ) Depreciation and amortization (134,738 ) (150,861 ) (144,572 ) Contingent consideration for acquisition of businesses — (620 ) — Shareholder litigation expense (54,295 ) — — Asset impairments (11,378 ) (60,628 ) (4,706 ) Interest expense, net (85,542 ) (83,299 ) (84,401 ) Expenses associated with debt repayments and refinancing transactions (56,279 ) (7,141 ) (602 ) Gain (loss) on sale of real estate assets, net 38,766 (13,023 ) 287 Other income (expense) (212 ) 525 (123 ) Income before income taxes $ 86,103 $ 59,724 $ 196,725 The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2021, 2020, and 2019 (in thousands): For the Years Ended December 31, 2021 2020 2019 Capital expenditures: Safety $ 56,978 $ 42,577 $ 77,662 Community 2,631 2,548 5,859 Properties 9,081 107,487 95,109 Corporate and other 12,804 6,877 12,111 Total capital expenditures $ 81,494 $ 159,489 $ 190,741 The total assets are as follows (in thousands): December 31, 2021 2020 Assets: Safety $ 2,532,319 $ 2,589,622 Community 233,179 234,475 Properties 352,681 676,374 Corporate and other 380,759 208,844 Total assets $ 3,498,938 $ 3,709,315 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | 17 . SUBSEQUENT EVENTS During February 2022, CoreCivic issued approximately 2.1 million RSUs to certain of CoreCivic's employees and non-employee directors, with an aggregate value of $21.0 million. Unless earlier vested under the terms of the RSU agreement, approximately 1.4 million RSUs were issued to officers and executive officers, a portion of which vest evenly on the first, second, and third anniversary of the award, and a portion of which are 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, 2021 | |
SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | CORECIVIC, INC. AND SUBSIDIARIES SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION DECEMBER 31, 2021 (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 $ 4,234 $ 1,104 $ 123,569 $ 124,673 $ (32,947 ) 2008 Adams Transitional Center Denver, Colorado 6,090 853 597 6,347 1,193 7,540 (199 ) 2017 Arapahoe Community Treatment Center Englewood, Colorado 3,760 1,239 795 3,760 2,034 5,794 (368 ) 2017 Augusta Transitional Center Augusta, Georgia 1,281 2,674 160 1,281 2,834 4,115 (317 ) 2017 Austin Residential Reentry Center Del Valle, Texas 4,190 1,058 385 4,215 1,418 5,633 (448 ) 2015 Austin Transitional Center Del Valle, Texas 19,488 4,607 1,043 19,500 5,638 25,138 (1,492 ) 2015 Bent County Correctional Facility Las Animas, Colorado 550 13,115 68,749 1,601 80,813 82,414 (31,603 ) 1992 Bridgeport Pre-Parole Transfer Facility Bridgeport, Texas 70 291 — 70 — 70 (E) - 1995 CAI Boston Avenue San Diego, California 800 11,440 1,296 845 12,691 13,536 (3,757 ) 2013 California City Correctional Center California City, California 1,785 125,337 17,561 3,103 141,580 144,683 (62,041 ) 1999 Centennial Community Transition Center Englewood, Colorado 4,905 1,256 399 5,021 1,539 6,560 (372 ) 2016 Central Arizona Florence Correctional Complex Florence, Arizona 1,298 133,531 53,146 4,626 183,349 187,975 (86,198 ) 1994/1999 Cheyenne Transitional Center Cheyenne, Wyoming 5,567 2,092 1,013 5,567 3,105 8,672 (799 ) 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 33,496 1,446 48,709 50,155 (24,170 ) 1994 Cimarron Correctional Facility Cushing, Oklahoma 250 71,303 46,599 879 117,273 118,152 (47,672 ) 1997 Coffee Correctional Facility (D) Nicholls, Georgia — — — — — — — 1998 Columbine Facility Denver, Colorado 1,414 488 230 1,438 694 2,132 (186 ) 2016 Commerce Transitional Center Commerce City, Colorado 5,166 1,758 414 5,166 2,172 7,338 (303 ) 2017 Corpus Christi Transitional Center Corpus Christi, Texas — 1,886 559 2 2,443 2,445 (1,517 ) 2015 Crossroads Correctional Center Shelby, Montana 413 33,196 44,470 1,629 76,450 78,079 (44,757 ) 1999 Crowley County Correctional Facility Olney Springs, Colorado 211 46,845 34,283 2,574 78,765 81,339 (31,689 ) 2003 Dahlia Facility Denver, Colorado 6,788 727 292 6,835 972 7,807 (266 ) 2016 Dallas Transitional Center Hutchins, Texas — 3,852 1,753 — 5,605 5,605 (1,992 ) 2015 Davis Correctional Facility Holdenville, Oklahoma 250 66,701 43,059 1,367 108,643 110,010 (44,293 ) 1996 Diamondback Correctional Facility Watonga, Oklahoma 208 41,677 26,373 1,361 66,897 68,258 (31,341 ) 1998 Eden Detention Center Eden, Texas 925 27,645 34,972 5,552 57,990 63,542 (28,858 ) 1995 El Paso Multi-Use Facility El Paso, Texas 14,936 4,536 1,864 14,973 6,363 21,336 (1,642 ) 2015 El Paso Transitional Center El Paso, Texas 10,325 4,198 868 10,400 4,991 15,391 (1,304 ) 2015 Eloy Detention Center Eloy, Arizona 498 33,308 18,873 2,304 50,375 52,679 (27,561 ) 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 3,251 334 362 3,266 681 3,947 (587 ) 2015 Fox Facility and Training Center (C) Denver, Colorado 3,038 1,203 732 3,180 1,793 4,973 (502 ) 2016 Houston Processing Center Houston, Texas 2,250 53,373 41,693 3,909 93,407 97,316 (44,861 ) 1984 Huerfano County Correctional Center Walsenburg, Colorado 124 26,358 5,053 1,116 30,419 31,535 (16,305 ) 1997 James River Residential Center Newport News, Virginia 800 501 68 804 565 1,369 (31 ) 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 (29,922 ) 1998 La Palma Correctional Center Eloy, Arizona 283 183,155 14,427 486 197,379 197,865 (57,802 ) 2008 Lake Erie Correctional Institution Conneaut, Ohio 2,871 69,779 6,843 4,087 75,406 79,493 (17,606 ) 2011 Laredo Processing Center Laredo, Texas 788 26,737 3,664 986 30,203 31,189 (14,743 ) 1985 Leavenworth Detention Center Leavenworth, Kansas 130 44,970 46,104 1,082 90,122 91,204 (37,042 ) 1992 Lee Adjustment Center Beattyville, Kentucky 500 515 18,713 1,285 18,443 19,728 (9,693 ) 1998 Leo Chesney Correctional Center Live Oak, California 250 4,774 1,862 265 6,621 6,886 (3,773 ) 1989 Long Beach Community Corrections Center Long Beach, California 5,038 2,413 — 5,038 2,413 7,451 (337 ) 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 3,364 582 204 3,363 787 4,150 (164 ) 2016 Marion Adjustment Center St. Mary, Kentucky 250 9,994 9,011 925 18,330 19,255 (8,512 ) 1998 McRae Correctional Facility McRae, Georgia 462 60,396 21,778 1,099 81,537 82,636 (28,773 ) 2000 Mineral Wells Pre-Parole Transfer Facility Mineral Wells, Texas 176 22,589 — 100 — 100 (E) - 1995 Nevada Southern Detention Center Pahrump, Nevada 7,548 64,362 10,729 8,421 74,218 82,639 (20,484 ) 2010 North Fork Correctional Facility Sayre, Oklahoma — 42,166 64,091 694 105,563 106,257 (41,602 ) 1998 Northeast Ohio Correctional Center Youngstown, Ohio 750 39,583 14,295 2,009 52,619 54,628 (26,239 ) 1997 Northwest New Mexico Correctional Center Grants, New Mexico 142 15,888 21,119 1,050 36,099 37,149 (18,839 ) 1989 Oklahoma City Transitional Center Oklahoma City, Oklahoma 1,114 2,626 1,654 1,144 4,250 5,394 (842 ) 2017 Oklahoma Reentry Opportunity Center Oklahoma City, Oklahoma 8,562 4,631 1,510 8,599 6,104 14,703 (1,590 ) 2015 Otay Mesa Detention Center San Diego, California 28,845 114,411 47,575 37,104 153,727 190,831 (18,191 ) 2015/2019 Prairie Correctional Facility Appleton, Minnesota 100 22,306 11,133 1,068 32,471 33,539 (19,123 ) 1991 Recovery Monitoring Solutions Dallas, Texas 1,152 1,979 829 1,280 2,680 3,960 (440 ) 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 2 654 2,695 3,349 (432 ) 2015 Saguaro Correctional Facility Eloy, Arizona 193 98,903 2,882 486 101,492 101,978 (29,917 ) 2007 South Raleigh Reentry Center Raleigh, North Carolina 277 663 54 277 717 994 (53 ) 2019 Southeast Kentucky Correctional Facility Wheelwright, Kentucky 500 24,487 13,833 2,399 36,421 38,820 (18,248 ) 1998 Stewart Detention Center Lumpkin, Georgia 143 70,560 22,495 1,629 91,569 93,198 (34,217 ) 2004 Stockton Female Community Corrections Facility Stockton, California 692 788 — 692 788 1,480 (97 ) 2017 T. Don Hutto Residential Center Taylor, Texas 183 13,418 5,764 812 18,553 19,365 (9,708 ) 1997 Tallahatchie County Correctional Facility Tutwiler, Mississippi — 44,638 108,290 2,120 150,808 152,928 (60,053 ) 2000 Torrance County Detention Facility Estancia, New Mexico 511 52,599 11,449 1,994 62,565 64,559 (30,787 ) 1990 Trousdale Turner Correctional Center Hartsville, Tennessee 649 135,412 5,624 1,950 139,735 141,685 (17,462 ) 2015 Tulsa Transitional Center Tulsa, Oklahoma 8,206 4,061 658 606 2,766 3,372 (E) (1,044 ) 2015 Turley Residential Center Tulsa, Oklahoma 421 4,105 1,174 421 5,279 5,700 (1,406 ) 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 Ulster Facility (C) Denver, Colorado 4,068 441 212 2,100 595 2,695 (E) (170 ) 2016 Walker Hall Residential Reentry Center Philadelphia, Pennsylvania 654 2,692 23 654 2,715 3,369 (434 ) 2015 Webb County Detention Center Laredo, Texas 498 20,161 6,740 2,206 25,193 27,399 (13,993 ) 1998 West Tennessee Detention Facility Mason, Tennessee 538 31,931 8,585 2,174 38,880 41,054 (20,432 ) 1990 Wheeler Correctional Facility (D) Alamo, Georgia — — — — — — — 1998 Whiteville Correctional Facility Whiteville, Tennessee 303 51,694 8,860 1,671 59,186 60,857 (29,503 ) 1998 Totals $ 183,196 $ 2,182,242 $ 1,022,039 $ 229,222 $ 3,123,720 $ 3,352,942 $ (1,194,051 ) NOTES TO SCHEDULE III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (A) The aggregate cost of properties for federal income tax purposes is approximately $3.7 billion at December 31, 2021. (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, during the second quarter of 2020 to write down the book value of the Tulsa Transitional Center, and during the fourth quarter of 2021 to write down the book value of the Ulster Facility 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, 2021, 2020, AND 2019 (in thousands) For the Years Ended December 31, 2021 2020 2019 Investment in Real Estate: Balance at beginning of period $ 3,595,278 $ 3,605,137 $ 3,697,160 Additions through capital expenditures 27,217 29,142 64,423 Acquisitions — 82,324 8,809 Asset impairments (3,335 ) (10,154 ) (4,040 ) Disposals/Other (266,218 ) (111,171 ) (161,215 ) Balance at end of period $ 3,352,942 $ 3,595,278 $ 3,605,137 Accumulated Depreciation: Balance at beginning of period $ (1,128,563 ) $ (1,053,670 ) $ (1,075,389 ) Depreciation (81,693 ) (89,008 ) (87,492 ) Disposals/Other 16,205 14,115 109,211 Balance at end of period $ (1,194,051 ) $ (1,128,563 ) $ (1,053,670 ) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include the accounts of CoreCivic on a consolidated basis with its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents CoreCivic considers all liquid 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, 2021 and 2020 included deposit accounts totaling $11.1 million and $10.3 million, respectively, to ensure the timely payment of certain operating expenses, capital expenditures and debt service associated with the SSA-Baltimore property (prior to it being sold in June 2021) and the Lansing Correctional Facility, as further discussed in Notes 6 and 10. 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, 2021 and 2020, accounts receivable of $282.8 million and $267.7 million, respectively, were net of credit loss reserve totaling $7.9 million and $6.1 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 reserves for credit losses to ensure receivables are not overstated due to uncollectibility. Credit loss 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. The Company estimates undiscounted cash flows for each facility with an impairment indicator. An 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 fair value of 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 Revenue is recognized over time when control of the promised service is transferred to CoreCivic’s customers, in an amount that reflects consideration CoreCivic expects to be entitled for those services which is typically in the form of a fixed rate. These services are considered to be a performance obligation and are generally satisfied in one to thirty days depending on the performance obligation. 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. 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 are required to be returned to the customer and are considered to be variable consideration and 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. Lease 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 revenues associated with the Company's electronic monitoring and case management services, as well as ancillary revenues associated with operating correctional, detention and residential reentry facilities, such as commissary, phone, and vending sales. Revenues are also generated from prisoner transportation services for governmental agencies. Revenue is recorded at a point in time when goods are provided or over time when services are provided. |
Self-Funded Insurance and Litigation Reserves | Self-Funded Insurance and Litigation Reserves CoreCivic is 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, or because the Company cannot reasonably estimate the amount of loss or range of loss, if any, that may result. 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 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 elected to become a taxable C Corporation effective January 1, 2021. CoreCivic 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 generally was not subject to corporate level federal income tax on taxable income it distributed to its stockholders as long as it met the organizational and operational requirements under the REIT rules. However, certain subsidiaries made an election to be treated as TRSs in conjunction with the Company's REIT election. The TRS elections permitted CoreCivic to engage in certain business activities in which the REIT could not engage directly, so long as these activities were conducted in entities that elected 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 included a provision for taxes in its consolidated financial statements, even in periods it operated as a REIT. CoreCivic's deferred tax assets and liabilities are classified as non-current on the consolidated balance sheets. See Note 12 for further discussion of the significant components of CoreCivic's deferred tax assets and liabilities. Income tax contingencies are accounted for under the provisions of ASC 740. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance prescribed in ASC 740 establishes a recognition threshold of more likely than not that a tax position will be sustained upon examination. The measurement attribute requires that a tax position be measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. |
Foreign Currency Transactions | Foreign Currency Transactions 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 7 for further discussion of CoreCivic's relationship with APM. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments To meet the reporting requirements of ASC 825, "Financial Instruments", regarding fair value of financial instruments, CoreCivic calculates the estimated fair value of financial instruments using market interest rates, quoted market prices of similar instruments, or discounted cash flow techniques with observable Level 1 inputs for publicly traded debt and Level 2 inputs for all other financial instruments, as defined in ASC 820, "Fair Value Measurement". At December 31, 2021 and 2020, 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, 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,063 $ 3,491 $ 3,094 $ 3,896 Debt $ (1,551,932 ) $ (1,560,346 ) $ (1,809,517 ) $ (1,774,016 ) |
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, 2021, 2020, and 2019, federal correctional and detention authorities represented 56%, 52%, and 51%, 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 30%, 28%, and 29% of total revenue for 2021, 2020, and 2019, respectively. The USMS accounted for 23%, 21%, and 17% of total revenue for 2021, 2020, and 2019, respectively. The BOP accounted for 3%, 3%, and 5% of total revenue for 2021, 2020, and 2019, 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 32%, 33%, and 34% of total revenue during the years ended December 31, 2021, 2020, and 2019, respectively. ICE and the USMS each generated 10% or more of total revenue during 2021, 2020, and 2019. Although the revenue generated from each of these agencies is derived from numerous management contracts and various types of properties, i.e. correctional, detention, and reentry, the loss of one or more of such contracts could have a material impact on CoreCivic's financial condition and results of operations. On January 26, 2021, President Biden issued the Executive Order on Reforming Our Incarceration System to Eliminate the Use of Privately Operated Criminal Detention Facilities ("Private Prison EO"). The Private Prison EO directs the Attorney General to not renew United States Department of Justice ('DOJ") contracts with privately operated criminal detention facilities. Two agencies of the DOJ, the BOP and the USMS, utilize CoreCivic's services. As a result of the Executive Order, the Company expects that one contract with the BOP may not be renewed when it expires in 2022. With respect to the USMS, the Company expects that there may be further developments as each contract with the USMS reaches its expiration date. |
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, 2021 | |
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, 2021 and 2020, 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, 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Note receivable from APM $ 3,063 $ 3,491 $ 3,094 $ 3,896 Debt $ (1,551,932 ) $ (1,560,346 ) $ (1,809,517 ) $ (1,774,016 ) |
REAL ESTATE AND RELATED ASSETS
REAL ESTATE AND RELATED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property and Equipment | Property and equipment, at cost, consists of the following (in thousands): December 31, 2021 2020 Land and improvements $ 247,525 $ 253,289 Buildings and improvements 3,175,090 3,171,307 Equipment and software 436,831 420,894 Office furniture and fixtures 38,256 37,704 Construction in progress 43,263 26,466 3,940,965 3,909,660 Less: Accumulated depreciation (1,657,709 ) (1,559,388 ) $ 2,283,256 $ 2,350,272 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 $34.6 million, $34.9 million, and $34.8 million for the years ended December 31, 2021, 2020, and 2019, 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, 2021 for the Company's operating lease liabilities, inclusive of $136.5 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): 2022 $ 32,778 2023 32,323 2024 32,244 2025 32,223 2026 24,982 Thereafter 14,570 Total future minimum lease payments 169,120 Less amount representing interest (25,203 ) Total present value of minimum lease payments $ 143,917 |
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, 2021 for the Company's operating and finance leases are as follows (in thousands) 2022 $ 66,552 2023 62,959 2024 56,583 2025 52,991 2026 52,910 Thereafter 347,959 |
REAL ESTATE TRANSACTIONS (Table
REAL ESTATE TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 2021 2020 Prairie Correctional Facility $ 14,416 $ 14,646 Huerfano County Correctional Center 15,230 15,895 Diamondback Correctional Facility 36,917 38,346 Marion Adjustment Center 10,743 11,047 Kit Carson Correctional Center 50,950 52,757 West Tennessee Detention Facility 20,622 20,842 $ 148,878 $ 153,533 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2021 2020 Intangible assets, less accumulated amortization of $12,236 and $10,351, respectively $ 8,998 $ 10,866 Financing receivable - Kansas lease 145,036 147,481 ROU lease assets 169,968 194,080 Lease incentive assets 4,171 4,813 Debt issuance costs, less accumulated amortization of $3,173 and $2,332, respectively 1,020 1,855 Cash equivalents and cash surrender value of life insurance held in Rabbi trust 15,453 14,940 Straight-line rent receivable 648 2,196 Insurance receivable 13,522 14,353 Note receivable from APM 3,063 3,094 Other 2,660 2,985 $ 364,539 $ 396,663 |
Estimated Amortization Expense Related to Intangible Assets | As of December 31, 2021, the estimated amortization expense related to intangible assets for each of the next five years is as follows (in thousands): 2022 $ 1,323 2023 489 2024 466 2025 462 2026 454 |
ACCOUNTS PAYABLE, ACCRUED EXP_2
ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): December 31, 2021 2020 Trade accounts payable $ 90,809 $ 85,359 Accrued salaries and wages 51,893 43,564 Income taxes payable 1,995 1,567 Accrued dividends on RSUs 1,144 3,148 Accrued workers' compensation and auto liability 8,526 7,379 Accrued litigation 6,844 5,861 Accrued employee medical insurance 6,444 7,035 Accrued property taxes 27,634 27,780 Accrued interest 16,742 9,516 Lease liabilities 31,055 26,046 Deferred revenue 10,896 8,693 Construction payable 2,282 1,821 Deferred employer payroll taxes 14,795 14,795 Other 34,533 31,754 $ 305,592 $ 274,318 |
Other Long Term Liabilities | Other long-term liabilities consist of the following (in thousands): December 31, 2021 2020 Intangible contract liability $ 4,643 $ 5,030 Accrued workers' compensation 32,311 31,868 Accrued deferred compensation 11,905 11,802 Lease financing obligation 7,358 7,508 Lease liabilities 121,348 144,769 Deferred employer payroll taxes — 14,795 Other 183 696 $ 177,748 $ 216,468 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Debt Outstanding | Debt outstanding consists of the following (in thousands): December 31, 2021 2020 Revolving Credit Facility maturing April 2023 periodically at variable interest rates. The weighted average rate at December 31, 2020 was 1.7%. $ — $ 219,000 Term Loan A maturing April 2023 variable interest rates. The rate at December 31, 2021 and 2020 was 1.4% and 1.6%, respectively. Unamortized debt issuance costs amounted to $0.0 million and $0.1 million at December 31, 2021 and 2020, respectively. 170,000 180,000 Term Loan B maturing December 2024 at variable interest rates. The rate at both December 31, 2021 and 2020 was 5.5%. Unamortized debt issuance costs amounted to $2.0 million and $4.1 million at December 31, 2021 and 2020, respectively. 128,750 237,500 4.625% Senior Notes maturing May 2023 issuance costs amounted to $0.4 million and $1.5 million at December 31, 2021 and 2020, respectively. A portion of these notes was repurchased during the second and fourth quarters of 2021 in privately negotiated transactions, as further described hereafter. 173,650 350,000 5.0% Senior Notes. Unamortized debt issuance costs amounted to $0.8 million at December 31, 2020. These notes were fully redeemed in April 2021 — 250,000 4.75% Senior Notes maturing October 2027 issuance costs amounted to $2.3 million and $2.7 million at December 31, 2021 and 2020, respectively. 250,000 250,000 8.25% Senior Notes maturing April 2026 issuance costs amounted to $12.9 million at December 31, 2021. 675,000 — 4.5% Capital Commerce Center Non-Recourse Mortgage Note. Unamortized debt issuance costs amounted to $0.3 million at December 31, 2020. This note was repaid in connections with the sale of Capital Commerce Center, as further described hereafter. — 20,934 4.43% Lansing Correctional Center Non-Recourse Mortgage Note maturing January 2040 to $3.0 million and $3.1 million at December 31, 2021 and 2020, respectively. 154,532 157,607 4.5% SSA- Baltimore Non-Recourse Mortgage Note. Unamortized debt issuance costs amounted to $0.2 million at December 31, 2020. This note was repaid in connection with the sale of SSA-Baltimore, as further described hereafter. — 144,476 Total debt 1,551,932 1,809,517 Unamortized debt issuance costs (20,588 ) (12,766 ) Net unamortized original issue discount (3,922 ) (10,000 ) Current portion of long-term debt (35,376 ) (39,087 ) Long-term debt, net $ 1,492,046 $ 1,747,664 |
Schedule of Principal Payments | Scheduled principal payments as of December 31, 2021 for the next five years and thereafter were as follows (in thousands): 2022 $ 35,376 2023 354,796 2024 96,597 2025 5,823 2026 681,326 Thereafter 378,014 Total debt $ 1,551,932 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Components of Income Tax Expense (Benefit) | Income tax expense (benefit) is comprised of the following components (in thousands): For the Years Ended December 31, 2021 2020 2019 Current income tax expense (benefit) Federal $ 32,137 $ (1,928 ) $ 5,324 State 6,592 1,369 3,677 38,729 (559 ) 9,001 Deferred income tax expense (benefit) Federal 86,703 3,878 (489 ) State 12,567 1,067 (673 ) 99,270 4,945 (1,162 ) Income tax expense $ 137,999 $ 4,386 $ 7,839 |
Components of Deferred Tax Assets and Liabilities | Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2021 and 2020, are as follows (in thousands): December 31, 2021 2020 Noncurrent deferred tax assets: Asset reserves and liabilities not yet deductible for tax $ 37,612 $ 21,482 Depreciation 8,478 49 ROU lease assets 41,440 530 Losses and tax credit carryforwards 7,647 3,782 Intangible assets 9,150 699 Other 13,715 490 Total noncurrent deferred tax assets 118,042 27,032 Less valuation allowance (6,352 ) (848 ) Total noncurrent deferred tax assets 111,690 26,184 Noncurrent deferred tax liabilities: Depreciation (149,189 ) (9,965 ) Lease liabilities (40,900 ) (520 ) Intangible liabilities (8,532 ) (2,149 ) Other (1,226 ) (2,437 ) Total noncurrent deferred tax liabilities (199,847 ) (15,071 ) Net total noncurrent deferred tax assets (liabilities) $ (88,157 ) $ 11,113 |
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, 2021, 2020, and 2019 is as follows: 2021 2020 2019 Statutory federal rate 21.0 % 21.0 % 21.0 % Revaluation of deferred tax liabilities 132.7 — — Dividends paid deduction — (24.9 ) (18.9 ) State taxes, net of federal tax benefit 4.8 1.9 1.2 Permanent differences 2.8 2.2 1.2 Deferred tax expense on Kansas lease structure — 5.2 — Tax benefit of equity-based compensation 2.6 1.1 0.1 Other items, net (3.6 ) 0.8 (0.6 ) 160.3 % 7.3 % 4.0 % |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 and 2019 (unaudited): Ordinary Return of Total Declaration Date Record Date Payable Date Income Capital Per Share February 21, 2019 April 1, 2019 April 15, 2019 0.383646 (1) 0.056354 $ 0.44 May 16, 2019 July 1, 2019 July 16, 2019 0.383646 (1) 0.056354 $ 0.44 August 15, 2019 October 1, 2019 October 15, 2019 0.383646 (1) 0.056354 $ 0.44 December 12, 2019 January 6, 2020 January 15, 2020 0.440000 (2) — $ 0.44 February 20, 2020 April 1, 2020 April 15, 2020 0.440000 (2) — $ 0.44 (1 ) (2 ) |
Summary of Nonvested Restricted Common Stock and RSU Transactions | Nonvested RSU transactions as of December 31, 2021 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, 2020 2,021 $18.40 Granted 2,707 $8.07 Cancelled (284) $10.66 Vested (979) $18.74 Nonvested at December 31, 2021 3,465 $10.35 |
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, 2020 472 $ 22.13 Granted — — Exercised — — Cancelled (171 ) 21.00 Outstanding at December 31, 2021 301 $ 22.77 0.2 $ — Exercisable at December 31, 2021 301 $ 22.77 0.2 $ — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 2020 2019 NUMERATOR Basic: Net income (loss) attributable to common stockholders $ (51,896 ) $ 54,157 $ 188,886 Diluted: Net income (loss) attributable to common stockholders $ (51,896 ) $ 54,157 $ 188,886 Net income attributable to non-controlling interest — 1,181 — Diluted net income (loss) attributable to common stockholders $ (51,896 ) $ 55,338 $ 188,886 DENOMINATOR Basic: Weighted average common shares outstanding 120,192 119,559 119,028 Diluted: Weighted average common shares outstanding 120,192 119,559 119,028 Effect of dilutive securities: Stock options — — 22 Restricted stock-based awards — 28 114 Non-controlling interest - Operating Partnership Units — 1,342 — Weighted average shares and assumed conversions 120,192 120,929 119,164 BASIC EARNINGS (LOSS) PER SHARE $ (0.43 ) $ 0.45 $ 1.59 DILUTED EARNINGS (LOSS) PER SHARE $ (0.43 ) $ 0.45 $ 1.59 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 2020, and 2019 (in thousands): For the Years Ended December 31, 2021 2020 2019 Revenue: Safety $ 1,693,968 $ 1,706,232 $ 1,779,958 Community 99,435 105,990 123,265 Properties 68,934 93,098 77,307 Total segment revenue 1,862,337 1,905,320 1,980,530 Operating expenses: Safety 1,236,938 1,288,938 1,304,121 Community 81,610 88,903 95,159 Properties 18,155 28,128 22,803 Total segment operating expenses 1,336,703 1,405,969 1,422,083 Facility net operating income: Safety 457,030 417,294 475,837 Community 17,825 17,087 28,106 Properties 50,779 64,970 54,504 Total facility net operating income 525,634 499,351 558,447 Other revenue (expense): Other revenue 279 165 159 Other operating expense (362 ) (407 ) (686 ) General and administrative (135,770 ) (124,338 ) (127,078 ) Depreciation and amortization (134,738 ) (150,861 ) (144,572 ) Contingent consideration for acquisition of businesses — (620 ) — Shareholder litigation expense (54,295 ) — — Asset impairments (11,378 ) (60,628 ) (4,706 ) Interest expense, net (85,542 ) (83,299 ) (84,401 ) Expenses associated with debt repayments and refinancing transactions (56,279 ) (7,141 ) (602 ) Gain (loss) on sale of real estate assets, net 38,766 (13,023 ) 287 Other income (expense) (212 ) 525 (123 ) Income before income taxes $ 86,103 $ 59,724 $ 196,725 |
Summary of Capital Expenditures Including Accrued Amounts | The following table summarizes capital expenditures including accrued amounts for the years ended December 31, 2021, 2020, and 2019 (in thousands): For the Years Ended December 31, 2021 2020 2019 Capital expenditures: Safety $ 56,978 $ 42,577 $ 77,662 Community 2,631 2,548 5,859 Properties 9,081 107,487 95,109 Corporate and other 12,804 6,877 12,111 Total capital expenditures $ 81,494 $ 159,489 $ 190,741 |
Schedule of Total Assets | The total assets are as follows (in thousands): December 31, 2021 2020 Assets: Safety $ 2,532,319 $ 2,589,622 Community 233,179 234,475 Properties 352,681 676,374 Corporate and other 380,759 208,844 Total assets $ 3,498,938 $ 3,709,315 |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) ft² in Millions | 12 Months Ended |
Dec. 31, 2021ft²PropertySegmentFacilityBed | |
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 | 10 |
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 | 46 |
Number of facilities owned by the company | 41 |
Number of beds at the facility | Bed | 69,000 |
CoreCivic Community | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Number of centers owned and operated by company | 26 |
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 | 10 |
Number of square feet | ft² | 1.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)Facility | Dec. 31, 2020USD ($) | Dec. 31, 2019 | Mar. 31, 2020USD ($) | Jan. 01, 2019USD ($) | |
Organization And Operations [Line Items] | |||||
Restricted cash | $ 11,062 | $ 23,549 | |||
Accounts receivable, net of credit loss reserve | 282,809 | 267,705 | |||
Accounts receivable, credit loss reserve | $ 7,900 | 6,100 | |||
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. | ||||
Revenue, performance obligation, description of timing | one to thirty days | ||||
Percentage of likelihood required for a tax position to be measured | 50.00% | ||||
ROU asset | $ 169,968 | 194,080 | |||
Lease liability | 143,917 | ||||
Net charge to accumulated deficit | $ (498,690) | (446,519) | |||
Weighted average discount rate associated with the operating leases | 6.20% | ||||
Accounting Standards Update 2016-02 | |||||
Organization And Operations [Line Items] | |||||
ROU asset | $ 170,000 | $ 194,100 | $ 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 | 56.00% | 52.00% | 51.00% | ||
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 | 30.00% | 28.00% | 29.00% | ||
Government Contracts Concentration Risk | Sales Revenue, Net | United States Marshals Service | |||||
Organization And Operations [Line Items] | |||||
Percentage of revenues generated from government management contracts | 23.00% | 21.00% | 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% | 3.00% | 5.00% | ||
Government Contracts Concentration Risk | Sales Revenue, Net | State Correctional Authorities | |||||
Organization And Operations [Line Items] | |||||
Percentage of revenues generated from government management contracts | 32.00% | 33.00% | 34.00% | ||
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 | $ 11,100 | $ 10,300 | |||
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, 2021 | |
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, 2021 | Dec. 31, 2020 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Note receivable from APM, Carrying Amount | $ 3,063 | $ 3,094 |
Debt, Carrying Amount | (1,551,932) | (1,809,517) |
Note receivable from APM, Fair Value | 3,491 | 3,896 |
Debt, Fair Value | $ (1,560,346) | $ (1,774,016) |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($)Bed | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Goodwill | $ 4,844 | $ 5,902 | ||
Asset impairments | $ 11,378 | 60,628 | $ 4,706 | |
Marion County Jail Indianapolis | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Number of beds at the facility | Bed | 1,030 | |||
Asset impairments | $ 2,900 | |||
Goodwill impairment charge | 1,100 | |||
Other assets impairment charge | $ 1,800 | |||
CoreCivic Safety segment | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Goodwill | $ 4,800 | $ 5,900 | ||
Number of beds at the facility | Bed | 69,000 |
Real Estate and Related Asset_2
Real Estate and Related Assets - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2013USD ($) | Dec. 31, 2021USD ($)PropertyFacility | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Number of real estate properties owned | Property | 67 | |||
Number of properties for lease to third parties and used by government agencies | Property | 10 | |||
Number of facilities owned by government partners, managed | Facility | 5 | |||
Interest capitalization cost on construction in progress | $ 400,000 | $ 500,000 | $ 6,000,000 | |
Depreciation expense | $ 132,900,000 | 141,700,000 | $ 137,700,000 | |
Number of facilities subject to options | Facility | 10 | |||
Number of facilities accounting for as service concession arrangements | Facility | 4 | |||
Other real estate assets | $ 218,915,000 | 228,243,000 | ||
Purchase price paid for real property in addition to bonds value | $ 100 | |||
Contract Cost | ||||
Property, Plant and Equipment [Line Items] | ||||
Other real estate assets | 140,500,000 | 143,600,000 | ||
Service Contract | ||||
Property, Plant and Equipment [Line Items] | ||||
Other real estate assets | $ 78,400,000 | $ 84,600,000 | ||
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, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Land and improvements | $ 247,525 | $ 253,289 |
Buildings and improvements | 3,175,090 | 3,171,307 |
Equipment and software | 436,831 | 420,894 |
Office furniture and fixtures | 38,256 | 37,704 |
Construction in progress | 43,263 | 26,466 |
Property and equipment, gross | 3,940,965 | 3,909,660 |
Less: Accumulated depreciation | (1,657,709) | (1,559,388) |
Property, and Equipment, total | $ 2,283,256 | $ 2,350,272 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($)Property | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Jan. 24, 2018 | |
Lessee Lease Description [Line Items] | |||||
ROU asset | $ 169,968 | $ 194,080 | |||
Current portion of lease liability | $ 31,055 | $ 26,046 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued expenses | Accounts payable and accrued expenses | |||
Long-term portion of liability | $ 121,348 | $ 144,769 | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | |||
Weighted-average lease term of operating leases | 5 years 4 months 24 days | ||||
Weighted average discount rate associated with the operating leases | 6.20% | ||||
Future minimum lease payments | $ 169,120 | ||||
CoreCivic Properties | |||||
Lessee Lease Description [Line Items] | |||||
Number of properties for lease to third parties and used by government agencies | Property | 10 | ||||
Company owned property and equipment | $ 193,300 | ||||
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 | $ 170,000 | $ 194,100 | $ 115,600 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |||
Current portion of lease liability | $ 22,600 | $ 21,600 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued expenses | Accounts payable and accrued expenses | |||
Long-term portion of liability | $ 121,300 | $ 144,800 | |||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | |||
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 | $ 34,600 | $ 34,900 | $ 34,800 | ||
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 | $ 136,500 | ||||
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, 2021USD ($) |
Lessee Lease Description [Line Items] | |
2022 | $ 32,778 |
2023 | 32,323 |
2024 | 32,244 |
2025 | 32,223 |
2026 | 24,982 |
Thereafter | 14,570 |
Total future minimum lease payments | 169,120 |
Less amount representing interest | (25,203) |
Total present value of minimum lease payments | $ 143,917 |
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, 2021USD ($) |
Lessee Lease Description [Line Items] | |
2022 | $ 66,552 |
2023 | 62,959 |
2024 | 56,583 |
2025 | 52,991 |
2026 | 52,910 |
Thereafter | $ 347,959 |
Real Estate Transactions - Addi
Real Estate Transactions - Additional Information (Detail) $ in Thousands, shares in Millions | Jun. 29, 2021USD ($)Property | Jun. 25, 2021USD ($)ft² | May 28, 2021USD ($)Property | May 24, 2021USD ($)ft² | Dec. 23, 2020USD ($)Property | Jan. 02, 2020USD ($)Propertyshares | Jun. 24, 2019USD ($) | May 06, 2019USD ($)ft² | Feb. 20, 2019USD ($)Bed | Feb. 28, 2021FacilityAgreement | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($)FacilityBed | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($)Property | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)FacilityBedProperty | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($)Bed | Apr. 30, 2021Bed | Sep. 30, 2020Bed | Jun. 30, 2020Bed | Jan. 24, 2018Bed |
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Purchase price of real estate | $ 83,200 | |||||||||||||||||||||
Purchase price, net tangible assets | 77,400 | $ 7,400 | ||||||||||||||||||||
Purchase price, identifiable intangible assets | $ 7,500 | 800 | ||||||||||||||||||||
Proceeds from sale of property | $ 320,754 | $ 113,602 | 4,295 | |||||||||||||||||||
Number of properties acquired | Property | 28 | 28 | ||||||||||||||||||||
Cash payments to acquire properties | $ 7,700 | |||||||||||||||||||||
Debt assumed on acquisition of property | $ 52,200 | 52,217 | ||||||||||||||||||||
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 | 1 | 2 | 42 | 3 | ||||||||||||||||||
Real estate investment property aggregate selling price | $ 253,000 | $ 73,000 | $ 106,500 | |||||||||||||||||||
Net proceeds after the repayment of debt | $ 76,400 | $ 46,200 | 27,800 | |||||||||||||||||||
Net loss on sale properties, after recognizing tax protection payments | $ 17,900 | |||||||||||||||||||||
Net gain (loss) on sale of properties | $ 38,900 | |||||||||||||||||||||
Asset impairments | $ 11,378 | $ 60,628 | 4,706 | |||||||||||||||||||
Number of real estate assets held for sale | Property | 2 | 3 | ||||||||||||||||||||
Net book value of property and equipment | $ 7,000 | $ 7,000 | $ 241,800 | |||||||||||||||||||
Deferred leasing costs and other assets | 37,600 | |||||||||||||||||||||
Revenues | 1,862,616 | 1,905,485 | 1,980,689 | |||||||||||||||||||
Operating Expense | $ 1,337,065 | 1,406,376 | 1,422,769 | |||||||||||||||||||
Purchase and Sale Agreements | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Impairment on property recognized as asset held for sale | $ 2,000 | |||||||||||||||||||||
Purchase and Sale Agreements | Scenario Forecast | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Aggregate gross sales price | $ 9,900 | |||||||||||||||||||||
Gain on sale of properties to be recognized upon completion | $ 2,000 | |||||||||||||||||||||
CoreCivic Safety segment | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of beds at the facility | Bed | 69,000 | 69,000 | ||||||||||||||||||||
Community | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of beds at the center | Bed | 5,000 | 5,000 | ||||||||||||||||||||
Other Assets | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Financing receivable, | $ 145,000 | $ 145,000 | $ 147,500 | |||||||||||||||||||
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 | 4,500 | $ 2,600 | ||||||||||||||||||||
Interest income | 8,800 | 8,400 | ||||||||||||||||||||
West Tennessee Detention Facility | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Net carrying value | $ 20,622 | $ 20,622 | 20,842 | |||||||||||||||||||
Number of beds at the facility | Bed | 600 | 600 | ||||||||||||||||||||
Leavenworth Detention Center | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Net carrying value | $ 54,200 | $ 54,200 | ||||||||||||||||||||
Number of beds at the facility | Bed | 1,033 | 1,033 | ||||||||||||||||||||
Alabama Department of Corrections ("ADOC") | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Asset impairments | $ 5,200 | |||||||||||||||||||||
Number of lease agreements | Agreement | 2 | |||||||||||||||||||||
Lease term | 30 years | |||||||||||||||||||||
Number of correctional facilities | Facility | 2 | |||||||||||||||||||||
Idled Non-Core Facilities | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Net gain (loss) on sale of properties | $ (200) | |||||||||||||||||||||
Area of properties sold | ft² | 18,000 | 12,000 | ||||||||||||||||||||
Net carrying value | $ 2,000 | $ 800 | ||||||||||||||||||||
Net proceeds from sale of properties | $ 1,800 | $ 600 | ||||||||||||||||||||
Asset impairments | $ 1,300 | |||||||||||||||||||||
Idled Non-Core Facilities | CoreCivic Safety segment | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Net carrying value | $ 3,100 | $ 3,100 | ||||||||||||||||||||
Number of beds at the facility | Bed | 240 | 240 | ||||||||||||||||||||
Number of facility | Facility | 1 | |||||||||||||||||||||
Idled Correctional Facilities | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of facility | Facility | 6 | |||||||||||||||||||||
Idle Facilities | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of beds at the facility | Bed | 90 | 60 | ||||||||||||||||||||
Operating Expense | $ 8,000 | $ 7,400 | $ 7,100 | |||||||||||||||||||
Idle Facilities | Community | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of beds at the center | Bed | 740 | 740 | ||||||||||||||||||||
Net carrying value | $ 11,400 | $ 11,400 | ||||||||||||||||||||
Number of facility | Facility | 4 | |||||||||||||||||||||
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 beds at the center | Bed | 200 | |||||||||||||||||||||
Turley Residential Center in Oklahoma | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of beds at the center | Bed | 289 | |||||||||||||||||||||
Fox Facility and Training Center | Purchase and Sale Agreements | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of beds at the center | Bed | 120 | 120 | ||||||||||||||||||||
Ulster Facility | Purchase and Sale Agreements | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of beds at the center | Bed | 90 | 90 | ||||||||||||||||||||
Residential Reentry Facilities | Purchase and Sale Agreements | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of facility | Facility | 2 | |||||||||||||||||||||
GRES | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Increase to stockholders' equity upon termination of partnership | $ 17,400 | |||||||||||||||||||||
Raleigh, North Carolina | South Raleigh Reentry Center | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of beds at the center | Bed | 60 | |||||||||||||||||||||
Purchase price of real estate | $ 900 | |||||||||||||||||||||
Detroit, Michigan | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Purchase price of real estate | $ 7,200 | |||||||||||||||||||||
Area of Building Acquired | ft² | 36,520 | |||||||||||||||||||||
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 | |||||||||||||||||||||
GRES | ||||||||||||||||||||||
Facility Activations Developments And Closures [Line Items] | ||||||||||||||||||||||
Number of properties acquired | Property | 24 | |||||||||||||||||||||
Class A Common interest shares issued | shares | 1.3 |
Idled Facilities and Respective
Idled Facilities and Respective Carrying Values Excluding Equipment and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prairie Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | $ 14,416 | $ 14,646 |
Huerfano County Correctional Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 15,230 | 15,895 |
Diamondback Correctional Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 36,917 | 38,346 |
Marion Adjustment Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 10,743 | 11,047 |
Kit Carson Correctional Center | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 50,950 | 52,757 |
West Tennessee Detention Facility | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | 20,622 | 20,842 |
Idle Facilities | ||
Facility Activations Developments And Closures [Line Items] | ||
Net carrying value | $ 148,878 | $ 153,533 |
Investment in Affiliate - Addit
Investment in Affiliate - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
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 | $ 3,063,000 | $ 3,094,000 | ||
Equity earnings (losses) of joint venture | (138,000) | $ (192,000) | $ (128,000) | |
Other Assets | ||||
Investments In And Advances To Affiliates [Line Items] | ||||
Equity in net deficit of Affiliate | $ 300,000 | |||
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, 2021 | Dec. 31, 2020 |
Schedule of Other Assets [Line Items] | ||
Intangible assets, less accumulated amortization of $12,236 and $10,351, respectively | $ 8,998 | $ 10,866 |
Financing receivable - Kansas lease | 145,036 | 147,481 |
ROU asset | 169,968 | 194,080 |
Lease incentive assets | 4,171 | 4,813 |
Debt issuance costs, less accumulated amortization of $3,173 and $2,332, respectively | 1,020 | 1,855 |
Cash equivalents and cash surrender value of life insurance held in Rabbi trust | 15,453 | 14,940 |
Straight-line rent receivable | 648 | 2,196 |
Insurance receivable | 13,522 | 14,353 |
Note receivable from APM | 3,063 | 3,094 |
Other | 2,660 | 2,985 |
Other assets, total | $ 364,539 | $ 396,663 |
Schedule of Other Assets (Paren
Schedule of Other Assets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Other Assets [Line Items] | ||
Intangible assets, accumulated amortization | $ 12,236 | $ 10,351 |
Debt issuance costs, accumulated amortization | $ 3,173 | $ 2,332 |
Other Assets - Additional Infor
Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Other Assets [Line Items] | |||
Gross carrying amount of intangible assets | $ 21.2 | $ 21.2 | |
Amortization expense related to intangible assets | $ 1.9 | $ 9.1 | $ 6.8 |
Estimated Amortization Expense
Estimated Amortization Expense Related to Intangible Assets (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2022 | $ 1,323 |
2023 | 489 |
2024 | 466 |
2025 | 462 |
2026 | $ 454 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Trade accounts payable | $ 90,809 | $ 85,359 |
Accrued salaries and wages | 51,893 | 43,564 |
Income taxes payable | 1,995 | 1,567 |
Accrued dividends on RSUs | 1,144 | 3,148 |
Accrued workers' compensation and auto liability | 8,526 | 7,379 |
Accrued litigation | 6,844 | 5,861 |
Accrued employee medical insurance | 6,444 | 7,035 |
Accrued property taxes | 27,634 | 27,780 |
Accrued interest | 16,742 | 9,516 |
Lease liabilities | $ 31,055 | $ 26,046 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accounts payable and accrued expenses, total | Accounts payable and accrued expenses, total |
Deferred revenue | $ 10,896 | $ 8,693 |
Construction payable | 2,282 | 1,821 |
Deferred employer payroll taxes | 14,795 | 14,795 |
Other | 34,533 | 31,754 |
Accounts payable and accrued expenses, total | $ 305,592 | $ 274,318 |
Other Long Term Liabilities (De
Other Long Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Long Term Liabilities [Line Items] | ||
Intangible contract liability | $ 4,643 | $ 5,030 |
Accrued workers' compensation | 32,311 | 31,868 |
Accrued deferred compensation | 11,905 | 11,802 |
Lease financing obligation | 7,358 | 7,508 |
Lease liabilities | $ 121,348 | $ 144,769 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Deferred employer payroll taxes | $ 14,795 | |
Other | $ 183 | 696 |
Other liabilities | $ 177,748 | $ 216,468 |
Schedule of Debt Outstanding (D
Schedule of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 29, 2021 | Dec. 31, 2020 | Dec. 18, 2019 |
Debt Instrument [Line Items] | ||||
Total debt | $ 1,551,932 | $ 1,809,517 | ||
Unamortized debt issuance costs | (20,588) | (12,766) | ||
Net unamortized original issue discount | (3,922) | (10,000) | ||
Current portion of long-term debt | (35,376) | (39,087) | ||
Long-term debt, net | 1,492,046 | 1,747,664 | ||
Term Loan A Due in April 2023 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 170,000 | 180,000 | ||
Unamortized debt issuance costs | 0 | (100) | ||
Term Loan B Due in December 2024 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 128,750 | 237,500 | $ 250,000 | |
Unamortized debt issuance costs | (2,000) | (4,100) | ||
Senior Notes 4.625% Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 173,650 | 350,000 | ||
Unamortized debt issuance costs | (400) | (1,500) | ||
Senior Notes 5.0% Redeemed in April 2021 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 250,000 | |||
Unamortized debt issuance costs | (800) | |||
Senior Notes 4.75% Due 2027 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 250,000 | 250,000 | ||
Unamortized debt issuance costs | (2,300) | (2,700) | ||
8.25% Senior Notes Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 675,000 | $ 675,000 | ||
Unamortized debt issuance costs | (12,900) | |||
4.5% Capital Commerce Center Non-Recourse Mortgage Note | ||||
Debt Instrument [Line Items] | ||||
Total debt | 20,934 | |||
Unamortized debt issuance costs | (300) | |||
Lansing Correctional Center Non Recourse Mortgage Note 4.43% Due 2040 | ||||
Debt Instrument [Line Items] | ||||
Total debt | 154,532 | 157,607 | ||
Unamortized debt issuance costs | $ (3,000) | (3,100) | ||
4.5% SSA-Baltimore Non-Recourse Mortgage Note | ||||
Debt Instrument [Line Items] | ||||
Total debt | 144,476 | |||
Unamortized debt issuance costs | (200) | |||
Revolving Credit Facility | Revolving Credit Facility Due in April 2023 | ||||
Debt Instrument [Line Items] | ||||
Total debt | $ 219,000 |
Schedule of Debt Outstanding (P
Schedule of Debt Outstanding (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 29, 2021 | Dec. 18, 2019 | Apr. 17, 2018 | Oct. 31, 2017 | Apr. 30, 2013 | Dec. 31, 2021 | Apr. 14, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||||
Unamortized debt issuance costs | $ 20,588 | $ 12,766 | ||||||
Term Loan A Due in April 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt interest rate | 1.40% | 1.60% | ||||||
Debt maturity date | Apr. 30, 2023 | Apr. 30, 2023 | ||||||
Interest payable dates | Interest payable periodically at variable interest rates. | |||||||
Unamortized debt issuance costs | $ 0 | $ 100 | ||||||
Term Loan B Due in December 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt interest rate | 5.50% | 5.50% | ||||||
Debt maturity date | Dec. 31, 2024 | Dec. 31, 2024 | ||||||
Interest payable dates | Interest payable periodically at variable interest rates. | |||||||
Unamortized debt issuance costs | $ 2,000 | $ 4,100 | ||||||
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 | $ 400 | $ 1,500 | ||||||
Senior Notes 5.0% Redeemed in April 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 5.00% | |||||||
Unamortized debt issuance costs | $ 800 | |||||||
Debt redemption date | Apr. 30, 2021 | |||||||
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 | $ 2,300 | $ 2,700 | ||||||
8.25% Senior Notes Due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 8.25% | 8.25% | 8.25% | |||||
Debt maturity date | Apr. 15, 2026 | Apr. 30, 2026 | ||||||
Unamortized debt issuance costs | $ 12,900 | |||||||
4.5% Capital Commerce Center Non-Recourse Mortgage Note | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.50% | |||||||
Unamortized debt issuance costs | $ 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 | $ 3,000 | $ 3,100 | ||||||
4.5% SSA-Baltimore Non-Recourse Mortgage Note | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate | 4.50% | |||||||
Unamortized debt issuance costs | $ 200 | |||||||
Revolving Credit Facility | Revolving Credit Facility Due in April 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest payable dates | Interest payable periodically at variable interest rates. | |||||||
Revolving Credit Facility maturity date | Apr. 30, 2023 | |||||||
Weighted average rate | 1.70% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Sep. 29, 2021USD ($) | Jun. 29, 2021USD ($) | May 28, 2021USD ($) | Apr. 14, 2021USD ($) | Dec. 23, 2020USD ($) | Jan. 02, 2020USD ($) | Dec. 18, 2019USD ($) | Aug. 23, 2018USD ($)ft² | Apr. 20, 2018USD ($) | Apr. 17, 2018USD ($) | Jan. 19, 2018USD ($)ft² | Oct. 31, 2021USD ($) | Oct. 31, 2017USD ($) | Apr. 30, 2013USD ($) | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||
Borrowings outstanding under credit facility | $ 0 | |||||||||||||||||
Revolving Credit Facility letters of credit outstanding | 13,900,000 | $ 14,800,000 | ||||||||||||||||
Total debt | 1,551,932,000 | 1,809,517,000 | ||||||||||||||||
Debt Instrument outstanding balance | 1,551,932,000 | 1,809,517,000 | ||||||||||||||||
Expenses associated with debt repayments and refinancing transactions | $ 56,279,000 | 7,141,000 | $ 602,000 | |||||||||||||||
Percentage of Senior Notes offer price in connection with change in control | 101.00% | |||||||||||||||||
Purchase price of real estate | $ 83,200,000 | |||||||||||||||||
Real estate investment property aggregate selling price | $ 253,000,000 | $ 73,000,000 | $ 106,500,000 | |||||||||||||||
Net proceeds after the repayment of debt | 76,400,000 | 46,200,000 | $ 27,800,000 | |||||||||||||||
Business acquisition assumed in-place financing | $ 52,200,000 | 52,217,000 | ||||||||||||||||
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, term | 15 years | |||||||||||||||||
Capitalized loan costs | $ 400,000 | |||||||||||||||||
Stated interest rate | 4.50% | |||||||||||||||||
Expenses associated with debt repayments and refinancing transactions | 3,700,000 | |||||||||||||||||
Amount of acquisition financed with non-recourse mortgage note | $ 24,500,000 | |||||||||||||||||
Mortgage note maturity date | 2033-01 | |||||||||||||||||
Non-Recourse Mortgage Note | Capital Commerce Center And Warehouse Property | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Real estate investment property aggregate selling price | 73,000,000 | |||||||||||||||||
Net proceeds after the repayment of debt | $ 46,200,000 | |||||||||||||||||
Non-Recourse Mortgage Note | SSA-Baltimore | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Expenses associated with debt repayments and refinancing transactions | 29,300,000 | |||||||||||||||||
Real estate investment property aggregate selling price | 253,000,000 | |||||||||||||||||
Net proceeds after the repayment of debt | $ 76,400,000 | |||||||||||||||||
Non-Recourse Senior Secured Notes | Private Placement | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt maturity date | Jan. 31, 2040 | |||||||||||||||||
Debt Instrument outstanding balance | $ 154,500,000 | |||||||||||||||||
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 | |||||||||||||||||
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 | |||||||||||||||||
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 | $ 170,000,000 | |||||||||||||||||
Debt maturity date | Apr. 30, 2023 | Apr. 30, 2023 | ||||||||||||||||
Debt Instrument outstanding balance | $ 170,000,000 | $ 180,000,000 | ||||||||||||||||
Debt instrument interest rate effective percentage | 1.40% | 1.60% | ||||||||||||||||
Term Loan B Due in December 2024 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Total debt | $ 128,800,000 | |||||||||||||||||
Debt maturity date | Dec. 31, 2024 | Dec. 31, 2024 | ||||||||||||||||
Debt Instrument outstanding balance | $ 250,000,000 | $ 128,750,000 | $ 237,500,000 | |||||||||||||||
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 | |||||||||||||||||
Repayments of debt | $ 90,000,000 | |||||||||||||||||
Pro rata write-off of unamortized debt issuance costs and original issue discount | $ 4,100,000 | |||||||||||||||||
Debt instrument interest rate effective percentage | 5.50% | 5.50% | ||||||||||||||||
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 4.625% Due 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt maturity date | May 1, 2023 | May 31, 2023 | ||||||||||||||||
Debt Instrument outstanding balance | $ 173,650,000 | $ 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 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% | |||||||||||||||||
8.25% Senior Notes Due 2026 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt maturity date | Apr. 15, 2026 | Apr. 30, 2026 | ||||||||||||||||
Debt Instrument outstanding balance | $ 675,000,000 | $ 675,000,000 | ||||||||||||||||
Stated interest rate | 8.25% | 8.25% | 8.25% | |||||||||||||||
8.25% Senior Notes Due 2026 | Redemption Beginning on April 15, 2024 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument redemption percentage of par | 104.125% | |||||||||||||||||
Debt instrument redemption beginning period | Apr. 15, 2024 | |||||||||||||||||
8.25% Senior Notes Due 2026 | Redemption Beginning on April 15, 2025 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt instrument redemption percentage of par | 100.00% | |||||||||||||||||
Debt instrument redemption beginning period | Apr. 15, 2025 | |||||||||||||||||
Original 8.25% Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount | $ 450,000,000 | |||||||||||||||||
Stated interest rate | 8.25% | |||||||||||||||||
Debt instrument price | 99.00% | |||||||||||||||||
Debt instrument interest rate effective percentage | 8.50% | |||||||||||||||||
Net proceeds from issuance of debt | $ 435,100,000 | |||||||||||||||||
5.0% Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt maturity date | Oct. 15, 2022 | |||||||||||||||||
Aggregate principal amount | $ 250,000,000 | |||||||||||||||||
Stated interest rate | 5.00% | |||||||||||||||||
Debt instrument redemption amount | $ 15,500,000 | |||||||||||||||||
4.625% Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt Instrument outstanding balance | $ 201,000,000 | $ 173,700,000 | $ 173,700,000 | |||||||||||||||
Stated interest rate | 4.625% | 4.625% | ||||||||||||||||
Debt instrument repurchase amount | 149,000,000 | $ 27,300,000 | $ 27,300,000 | |||||||||||||||
Aggregate purchase price | $ 151,200,000 | |||||||||||||||||
5.0% Senior Notes and 4.625% Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Expenses associated with debt repayments and refinancing transactions | $ 19,200,000 | |||||||||||||||||
Additional 8.25% Senior Notes | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount | $ 225,000 | |||||||||||||||||
Stated interest rate | 8.25% | |||||||||||||||||
Debt instrument price | 102.25% | |||||||||||||||||
Debt instrument interest rate effective percentage | 7.65% | |||||||||||||||||
Net proceeds from issuance of debt | $ 225,500,000 | |||||||||||||||||
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 | $ 786,100,000 | |||||||||||||||||
Sublimit for issuance of standby letters of credit | $ 50,000,000 | |||||||||||||||||
Revolving Credit Facility letters of credit outstanding | $ 13,900,000 | |||||||||||||||||
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 | 1.25% | |||||||||||||||||
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, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 35,376 | |
2023 | 354,796 | |
2024 | 96,597 | |
2025 | 5,823 | |
2026 | 681,326 | |
Thereafter | 378,014 | |
Total debt | $ 1,551,932 | $ 1,809,517 |
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 ($)Installment | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Deferred Revenue Arrangement [Line Items] | |||||||||
Revenue | $ 1,862,616 | $ 1,905,485 | $ 1,980,689 | ||||||
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 | 159,700 | 167,700 | $ 170,600 | ||||||
Deferred revenue | $ 15,200 | $ 12,600 | $ 15,200 | ||||||
ICE | Installment Payment | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Amount to be settled as an installment | $ 35,000 | ||||||||
Number of installments | Installment | 2 | ||||||||
Installments due | Dec. 31, 2014 | ||||||||
Maximum | South Texas Family Residential Center | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Number of beds at the facility | Facility | 2,400 | ||||||||
Management contract, initial term | 4 years | ||||||||
Minimum | South Texas Family Residential Center | |||||||||
Deferred Revenue Arrangement [Line Items] | |||||||||
Agreement notice period for termination | 60 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Minimum Distribution Percentage of Taxable Income to Qualify for Real Estate Investment Trust | 90.00% | ||
Income tax expense | $ 137,999,000 | $ 4,386,000 | $ 7,839,000 |
Effective tax rate | 160.30% | 7.30% | 4.00% |
Deferred tax assets, valuation allowance | $ 6,400,000 | $ 5,500,000 | |
Deferred employer side social security payments | 29,600,000 | ||
Deferred employer side social security payments due in December 31, 2022 | 14,800,000 | ||
Liabilities for uncertain tax positions | 0 | $ 0 | |
Resulting From Revaluation Of Deferred Tax Liabilities | |||
Income Taxes [Line Items] | |||
Income tax expense | $ 114,200,000 | ||
Lansing Correctional Facility | |||
Income Taxes [Line Items] | |||
Lease expiration term | 20 years | ||
Deferred tax asset revalued upon conversion of TRS to QRS | $ 0 | ||
Income tax expense deferred during construction period | $ 3,100,000 |
Components of Income Tax Expens
Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expenses [Line Items] | |||
Current income tax expense (benefit), Federal | $ 32,137 | $ (1,928) | $ 5,324 |
Current income tax expense (benefit), State | 6,592 | 1,369 | 3,677 |
Current income tax expense (benefit), Total | 38,729 | (559) | 9,001 |
Deferred income tax expense (benefit), Federal | 86,703 | 3,878 | (489) |
Deferred income tax expense (benefit), State | 12,567 | 1,067 | (673) |
Deferred income tax expense (benefit), Total | 99,270 | 4,945 | (1,162) |
Income tax expense | $ 137,999 | $ 4,386 | $ 7,839 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Income Tax Assets And Liabilities [Line Items] | ||
Asset reserves and liabilities not yet deductible for tax | $ 37,612 | $ 21,482 |
Depreciation | 8,478 | 49 |
ROU lease assets | 41,440 | 530 |
Losses and tax credit carryforwards | 7,647 | 3,782 |
Intangible assets | 9,150 | 699 |
Other | 13,715 | 490 |
Total noncurrent deferred tax assets | 118,042 | 27,032 |
Less valuation allowance | (6,352) | (848) |
Total noncurrent deferred tax assets | 111,690 | 26,184 |
Depreciation | (149,189) | (9,965) |
Lease liabilities | (40,900) | (520) |
Intangible liabilities | (8,532) | (2,149) |
Other | (1,226) | (2,437) |
Total noncurrent deferred tax liabilities | (199,847) | (15,071) |
Net total noncurrent deferred tax assets | $ 11,113 | |
Net total noncurrent deferred tax (liabilities) | $ (88,157) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation Of Provision Of Income Taxes [Line Items] | |||
Statutory federal rate | 21.00% | 21.00% | 21.00% |
Revaluation of deferred tax liabilities | 132.70% | ||
Dividends paid deduction | (24.90%) | (18.90%) | |
State taxes, net of federal tax benefit | 4.80% | 1.90% | 1.20% |
Permanent differences | 2.80% | 2.20% | 1.20% |
Deferred tax expense on Kansas lease structure | 5.20% | ||
Tax benefit of equity-based compensation | 2.60% | 1.10% | 0.10% |
Other items, net | (3.60%) | 0.80% | (0.60%) |
Effective income tax rate, Total | 160.30% | 7.30% | 4.00% |
Tax Characterization of Dividen
Tax Characterization of Dividends per Share on Common Shares (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Dividends Payable [Line Items] | |||
Total Per Share | $ 0.44 | $ 1.76 | |
Dividend Payment 1st | |||
Dividends Payable [Line Items] | |||
Declaration Date | Feb. 21, 2019 | ||
Record Date | Apr. 1, 2019 | ||
Payable Date | Apr. 15, 2019 | ||
Ordinary Income | [1] | $ 0.383646 | |
Return of Capital | 0.056354 | ||
Total Per Share | $ 0.44 | ||
Dividend Payment 2nd | |||
Dividends Payable [Line Items] | |||
Declaration Date | May 16, 2019 | ||
Record Date | Jul. 1, 2019 | ||
Payable Date | Jul. 16, 2019 | ||
Ordinary Income | [1] | $ 0.383646 | |
Return of Capital | 0.056354 | ||
Total Per Share | $ 0.44 | ||
Dividend Payment 3rd | |||
Dividends Payable [Line Items] | |||
Declaration Date | Aug. 15, 2019 | ||
Record Date | Oct. 1, 2019 | ||
Payable Date | Oct. 15, 2019 | ||
Ordinary Income | [1] | $ 0.383646 | |
Return of Capital | 0.056354 | ||
Total Per Share | $ 0.44 | ||
Dividend Payment 4th | |||
Dividends Payable [Line Items] | |||
Declaration Date | Dec. 12, 2019 | ||
Record Date | Jan. 6, 2020 | ||
Payable Date | Jan. 15, 2020 | ||
Ordinary Income | [2] | $ 0.440000 | |
Total Per Share | $ 0.44 | ||
Dividend Payment 5th | |||
Dividends Payable [Line Items] | |||
Declaration Date | Feb. 20, 2020 | ||
Record Date | Apr. 1, 2020 | ||
Payable Date | Apr. 15, 2020 | ||
Ordinary Income | [2] | $ 0.440000 | |
Total Per Share | $ 0.44 | ||
[1] | $0.042774 of this amount constitutes a "Qualified Dividend", as defined by the IRS. | ||
[2] | $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 | |
Dividends Payable [Line Items] | ||
Dividend declared per share | $ 0.44 | $ 1.76 |
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. 25, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2020 | Dec. 31, 2018 |
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, 2020 and 2021 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, December 31, 2020, 2021, and 2022 for the 2020 awards, and December 31, 2021, 2022, and 2023 for the 2021 awards, and which can be increased 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 2021, the RSUs subject to performance-based vesting criteria were increased by 150%, and were further increased by a 114.2% modifier based on CoreCivic's total shareholder return relative to the peer group. Because the performance criteria for the fiscal years ending December 31, 2022 and 2023 have not yet been established, the values of the third RSU increment of the 2020 awards and of the second and third increments of the 2021 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 | 120,285,000 | 119,638,000 | ||||
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 | $ 0 | $ 500,000 | |||
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 | 2,800,000 | |||||
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 | |||||
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 | $ 21,800,000 | 20,900,000 | ||||
Increase in vesting percentage based on performance relative to annual performance criteria | 150.00% | |||||
Vesting percentage based on shareholder return relative to peer group. | 114.20% | |||||
Allocated share-based compensation expense | $ 18,700,000 | 17,300,000 | 17,300,000 | |||
Unrecognized compensation cost | $ 16,300,000 | |||||
Remaining period for recognizing the unrecognized compensation cost, in years | 1 year 7 months 6 days | |||||
Total fair value of RSUs that vested | $ 18,300,000 | 17,400,000 | 13,400,000 | |||
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 | 17,100,000 | 15,600,000 | 15,500,000 | |||
Restricted stock based awards | Operating | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||
Allocated share-based compensation expense | $ 1,600,000 | $ 1,700,000 | $ 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 | 2,700,000 | 1,200,000 | ||||
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 | 2,500,000 | 1,100,000 | ||||
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 | 200,000 | 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, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of RSUs, Nonvested at December 31, 2020 | shares | 2,021 |
Shares of RSUs, Granted | shares | 2,707 |
Shares of RSUs, Cancelled | shares | (284) |
Shares of RSUs, Vested | shares | (979) |
Shares of RSUs, Nonvested at December 31, 2021 | shares | 3,465 |
Weighted average grant date fair value, Nonvested at December 31, 2020 | $ / shares | $ 18.40 |
Weighted average grant date fair value, Granted | $ / shares | 8.07 |
Weighted average grant date fair value, Cancelled | $ / shares | 10.66 |
Weighted average grant date fair value, Vested | $ / shares | 18.74 |
Weighted average grant date fair value, Nonvested at December 31, 2021 | $ / shares | $ 10.35 |
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, 2021USD ($)$ / sharesshares | |
Number of Shares | |
No. of options, Outstanding at December 31, 2020 | shares | 472 |
No. of options, Granted | shares | 0 |
No. of options, Exercised | shares | 0 |
No. of options, Cancelled | shares | (171) |
No. of options, Outstanding at December 31, 2021 | shares | 301 |
No. of options, Exercisable at December 31, 2021 | shares | 301 |
Weighted-Average Exercise Price per Share | |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2020 | $ / shares | $ 22.13 |
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 | 21 |
Weighted-Average Exercise Price of options, Outstanding at December 31, 2021 | $ / shares | 22.77 |
Weighted-Average Exercise Price of options, Exercisable at December 31, 2021 | $ / shares | $ 22.77 |
Weighted Average Remaining Contractual Term (in years) | |
Outstanding at December 31, 2021 | 2 months 12 days |
Exercisable at December 31, 2021 | 2 months 12 days |
Aggregate Intrinsic Value | |
Outstanding at December 31, 2021 | $ | $ 0 |
Exercisable at December 31, 2021 | $ | $ 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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net income (loss) attributable to common stockholders | $ (51,896) | $ 54,157 | $ 188,886 |
Net income (loss) attributable to common stockholders | (51,896) | 54,157 | 188,886 |
Net income attributable to non-controlling interest, Diluted | 1,181 | ||
Net income (loss) | $ (51,896) | $ 55,338 | $ 188,886 |
Weighted average common shares outstanding, Basic | 120,192 | 119,559 | 119,028 |
Weighted average shares and assumed conversions | 120,192 | 120,929 | 119,164 |
BASIC EARNINGS (LOSS) PER SHARE | $ (0.43) | $ 0.45 | $ 1.59 |
DILUTED EARNINGS (LOSS) PER SHARE | $ (0.43) | $ 0.45 | $ 1.59 |
Stock options | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Effect of dilutive securities | 22 | ||
Restricted stock based awards | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Effect of dilutive securities | 28 | 114 | |
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 shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted stock based awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from computation of earnings (loss) per share because they were anti-dilutive | 0.5 | ||
Non-controlling interest - Operating Partnership Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from computation of earnings (loss) per share because they were anti-dilutive | 1 | ||
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from computation of earnings (loss) per share because they were anti-dilutive | 0.3 | 0.5 | 0.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Apr. 16, 2021USD ($) | Dec. 31, 2021USD ($)CompensationPlan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Loss Contingencies [Line Items] | ||||
Payments for shareholder litigation settlement | $ 56,000 | |||
Shareholder litigation expense | $ 54,295 | |||
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 | $ 200 | $ 300 | $ 200 | |
Deferred Compensation Plans assets | 15,500 | 14,900 | ||
Deferred Compensation Plans liability | $ 12,500 | $ 12,500 | ||
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 | $ 15,200 | $ 15,000 | $ 14,200 | |
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, 2021PropertySegmentFacility | |
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 | 10 |
CoreCivic Safety | |
Segment Reporting Information [Line Items] | |
Number of facilities operated by the company | 46 |
Number of facilities owned by the company | 41 |
CoreCivic Community | |
Segment Reporting Information [Line Items] | |
Number of centers owned and operated by company | 26 |
CoreCivic Properties | |
Segment Reporting Information [Line Items] | |
Number of properties for lease to third parties and used by government agencies | Property | 10 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 1,862,616 | $ 1,905,485 | $ 1,980,689 |
Operating expenses | 1,337,065 | 1,406,376 | 1,422,769 |
General and administrative | (135,770) | (124,338) | (127,078) |
Depreciation and amortization | (134,738) | (150,861) | (144,572) |
Contingent consideration for acquisition of businesses | (620) | ||
Shareholder litigation expense | (54,295) | ||
Asset impairments | (11,378) | (60,628) | (4,706) |
Interest expense, net | (85,542) | (83,299) | (84,401) |
Expenses associated with debt repayments and refinancing transactions | (56,279) | (7,141) | (602) |
Gain (loss) on sale of real estate assets, net | (38,766) | 13,023 | (287) |
Other income (expense) | (212) | 525 | (123) |
Income before income taxes | 86,103 | 59,724 | 196,725 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,862,337 | 1,905,320 | 1,980,530 |
Operating expenses | 1,336,703 | 1,405,969 | 1,422,083 |
Operating income | 525,634 | 499,351 | 558,447 |
Operating Segments | CoreCivic Safety segment | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,693,968 | 1,706,232 | 1,779,958 |
Operating expenses | 1,236,938 | 1,288,938 | 1,304,121 |
Operating income | 457,030 | 417,294 | 475,837 |
Operating Segments | Community | |||
Segment Reporting Information [Line Items] | |||
Revenue | 99,435 | 105,990 | 123,265 |
Operating expenses | 81,610 | 88,903 | 95,159 |
Operating income | 17,825 | 17,087 | 28,106 |
Operating Segments | CoreCivic Properties | |||
Segment Reporting Information [Line Items] | |||
Revenue | 68,934 | 93,098 | 77,307 |
Operating expenses | 18,155 | 28,128 | 22,803 |
Operating income | 50,779 | 64,970 | 54,504 |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Other operating expense | (362) | (407) | (686) |
General and administrative | (135,770) | (124,338) | (127,078) |
Depreciation and amortization | (134,738) | (150,861) | (144,572) |
Contingent consideration for acquisition of businesses | (620) | ||
Shareholder litigation expense | (54,295) | ||
Asset impairments | (11,378) | (60,628) | (4,706) |
Interest expense, net | (85,542) | (83,299) | (84,401) |
Expenses associated with debt repayments and refinancing transactions | (56,279) | (7,141) | (602) |
Gain (loss) on sale of real estate assets, net | 38,766 | (13,023) | 287 |
Other income (expense) | (212) | 525 | (123) |
Segment Reconciling Items | Other Revenue | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ 279 | $ 165 | $ 159 |
Summary of Capital Expenditures
Summary of Capital Expenditures Including Accrued Amounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 81,494 | $ 159,489 | $ 190,741 |
CoreCivic Safety segment | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 56,978 | 42,577 | 77,662 |
Community | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 2,631 | 2,548 | 5,859 |
CoreCivic Properties | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 9,081 | 107,487 | 95,109 |
Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 12,804 | $ 6,877 | $ 12,111 |
Schedule of Total Assets (Detai
Schedule of Total Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,498,938 | $ 3,709,315 |
CoreCivic Safety segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,532,319 | 2,589,622 |
Community | ||
Segment Reporting Information [Line Items] | ||
Total assets | 233,179 | 234,475 |
CoreCivic Properties | ||
Segment Reporting Information [Line Items] | ||
Total assets | 352,681 | 676,374 |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 380,759 | $ 208,844 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Subsequent Event [Line Items] | |||
Fair value of restricted common stock units issued by CoreCivic to certain of its employees and non-employee directors | $ 21.8 | $ 20.9 | |
Employees And Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 2.7 | 1.2 | |
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 | $ 21 | ||
Subsequent Event | Employees And Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 2.1 | ||
Subsequent Event | Officers And Executive Officers | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 1.4 | ||
Vesting period | 3 years | ||
Subsequent Event | Other Employees | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 0.6 | ||
Vesting period | 3 years | ||
Subsequent Event | Non Employee Directors | |||
Subsequent Event [Line Items] | |||
Restricted common stock units issued by CoreCivic | 0.1 | ||
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 01, 2018 | |||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |||||||
Land, Initial Cost to Company | $ 183,196 | ||||||
Buildings and Improvements, Initial Cost to Company | 2,182,242 | ||||||
Cost Capitalized Subsequent to Acquisition | 1,022,039 | ||||||
Land and Land Improvements, Gross Amount | 229,222 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 3,123,720 | ||||||
Total Gross Amount | 3,352,942 | [1] | $ 3,595,278 | $ 3,605,137 | $ 3,697,160 | ||
Accumulated Depreciation | $ (1,194,051) | [2] | $ (1,128,563) | $ (1,053,670) | $ (1,075,389) | ||
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 | 4,234 | ||||||
Land and Land Improvements, Gross Amount | 1,104 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 123,569 | ||||||
Total Gross Amount | [1] | 124,673 | |||||
Accumulated Depreciation | [2] | $ (32,947) | |||||
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 | 597 | ||||||
Land and Land Improvements, Gross Amount | 6,347 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 1,193 | ||||||
Total Gross Amount | [1] | 7,540 | |||||
Accumulated Depreciation | [2] | $ (199) | |||||
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 | 795 | ||||||
Land and Land Improvements, Gross Amount | 3,760 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 2,034 | ||||||
Total Gross Amount | [1] | 5,794 | |||||
Accumulated Depreciation | [2] | $ (368) | |||||
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 | 160 | ||||||
Land and Land Improvements, Gross Amount | 1,281 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 2,834 | ||||||
Total Gross Amount | [1] | 4,115 | |||||
Accumulated Depreciation | [2] | $ (317) | |||||
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 | 385 | ||||||
Land and Land Improvements, Gross Amount | 4,215 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 1,418 | ||||||
Total Gross Amount | [1] | 5,633 | |||||
Accumulated Depreciation | [2] | $ (448) | |||||
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 | 1,043 | ||||||
Land and Land Improvements, Gross Amount | 19,500 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 5,638 | ||||||
Total Gross Amount | [1] | 25,138 | |||||
Accumulated Depreciation | [2] | $ (1,492) | |||||
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 | 68,749 | ||||||
Land and Land Improvements, Gross Amount | 1,601 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 80,813 | ||||||
Total Gross Amount | [1] | 82,414 | |||||
Accumulated Depreciation | [2] | $ (31,603) | |||||
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 | ||||||
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 | 1,296 | ||||||
Land and Land Improvements, Gross Amount | 845 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 12,691 | ||||||
Total Gross Amount | [1] | 13,536 | |||||
Accumulated Depreciation | [2] | $ (3,757) | |||||
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 | 17,561 | ||||||
Land and Land Improvements, Gross Amount | 3,103 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 141,580 | ||||||
Total Gross Amount | [1] | 144,683 | |||||
Accumulated Depreciation | [2] | $ (62,041) | |||||
Constructed/Acquired Date | 1999 | ||||||
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 | 399 | ||||||
Land and Land Improvements, Gross Amount | 5,021 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 1,539 | ||||||
Total Gross Amount | [1] | 6,560 | |||||
Accumulated Depreciation | [2] | $ (372) | |||||
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 | 53,146 | ||||||
Land and Land Improvements, Gross Amount | 4,626 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 183,349 | ||||||
Total Gross Amount | [1] | 187,975 | |||||
Accumulated Depreciation | [2] | $ (86,198) | |||||
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 | 1,013 | ||||||
Land and Land Improvements, Gross Amount | 5,567 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 3,105 | ||||||
Total Gross Amount | [1] | 8,672 | |||||
Accumulated Depreciation | [2] | $ (799) | |||||
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 | 33,496 | ||||||
Land and Land Improvements, Gross Amount | 1,446 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 48,709 | ||||||
Total Gross Amount | [1] | 50,155 | |||||
Accumulated Depreciation | [2] | $ (24,170) | |||||
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 | 46,599 | ||||||
Land and Land Improvements, Gross Amount | 879 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 117,273 | ||||||
Total Gross Amount | [1] | 118,152 | |||||
Accumulated Depreciation | [2] | $ (47,672) | |||||
Constructed/Acquired Date | 1997 | ||||||
Coffee Correctional Facility | |||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |||||||
Location | [4] | Nicholls, Georgia | |||||
Constructed/Acquired Date | [4] | 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] | $ (186) | |||||
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 | 414 | ||||||
Land and Land Improvements, Gross Amount | 5,166 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 2,172 | ||||||
Total Gross Amount | [1] | 7,338 | |||||
Accumulated Depreciation | [2] | $ (303) | |||||
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 | 559 | ||||||
Land and Land Improvements, Gross Amount | 2 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 2,443 | ||||||
Total Gross Amount | [1] | 2,445 | |||||
Accumulated Depreciation | [2] | $ (1,517) | |||||
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 | 44,470 | ||||||
Land and Land Improvements, Gross Amount | 1,629 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 76,450 | ||||||
Total Gross Amount | [1] | 78,079 | |||||
Accumulated Depreciation | [2] | $ (44,757) | |||||
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 | 34,283 | ||||||
Land and Land Improvements, Gross Amount | 2,574 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 78,765 | ||||||
Total Gross Amount | [1] | 81,339 | |||||
Accumulated Depreciation | [2] | $ (31,689) | |||||
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] | $ (266) | |||||
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 | 1,753 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 5,605 | ||||||
Total Gross Amount | [1] | 5,605 | |||||
Accumulated Depreciation | [2] | $ (1,992) | |||||
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 | 43,059 | ||||||
Land and Land Improvements, Gross Amount | 1,367 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 108,643 | ||||||
Total Gross Amount | [1] | 110,010 | |||||
Accumulated Depreciation | [2] | $ (44,293) | |||||
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 | 26,373 | ||||||
Land and Land Improvements, Gross Amount | 1,361 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 66,897 | ||||||
Total Gross Amount | [1] | 68,258 | |||||
Accumulated Depreciation | [2] | $ (31,341) | |||||
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 | 34,972 | ||||||
Land and Land Improvements, Gross Amount | 5,552 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 57,990 | ||||||
Total Gross Amount | [1] | 63,542 | |||||
Accumulated Depreciation | [2] | $ (28,858) | |||||
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 | 1,864 | ||||||
Land and Land Improvements, Gross Amount | 14,973 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 6,363 | ||||||
Total Gross Amount | [1] | 21,336 | |||||
Accumulated Depreciation | [2] | $ (1,642) | |||||
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 | 868 | ||||||
Land and Land Improvements, Gross Amount | 10,400 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 4,991 | ||||||
Total Gross Amount | [1] | 15,391 | |||||
Accumulated Depreciation | [2] | $ (1,304) | |||||
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 | 18,873 | ||||||
Land and Land Improvements, Gross Amount | 2,304 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 50,375 | ||||||
Total Gross Amount | [1] | 52,679 | |||||
Accumulated Depreciation | [2] | $ (27,561) | |||||
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 | 362 | ||||||
Land and Land Improvements, Gross Amount | 3,266 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 681 | ||||||
Total Gross Amount | [1] | 3,947 | |||||
Accumulated Depreciation | [2] | $ (587) | |||||
Constructed/Acquired Date | 2015 | ||||||
Fox Facility and Training Center | |||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |||||||
Location | [5] | Denver, Colorado | |||||
Land, Initial Cost to Company | [5] | $ 3,038 | |||||
Buildings and Improvements, Initial Cost to Company | [5] | 1,203 | |||||
Cost Capitalized Subsequent to Acquisition | [5] | 732 | |||||
Land and Land Improvements, Gross Amount | [5] | 3,180 | |||||
Buildings and Leasehold Improvements, Gross Amount | [5] | 1,793 | |||||
Total Gross Amount | [1],[5] | 4,973 | |||||
Accumulated Depreciation | [2],[5] | $ (502) | |||||
Constructed/Acquired Date | [5] | 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 | 41,693 | ||||||
Land and Land Improvements, Gross Amount | 3,909 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 93,407 | ||||||
Total Gross Amount | [1] | 97,316 | |||||
Accumulated Depreciation | [2] | $ (44,861) | |||||
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] | $ (16,305) | |||||
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 | 68 | ||||||
Land and Land Improvements, Gross Amount | 804 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 565 | ||||||
Total Gross Amount | [1] | 1,369 | |||||
Accumulated Depreciation | [2] | $ (31) | |||||
Constructed/Acquired Date | 2019 | ||||||
Jenkins Correctional Center | |||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |||||||
Location | [4] | Millen, Georgia | |||||
Constructed/Acquired Date | [4] | 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] | $ (29,922) | |||||
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 | 14,427 | ||||||
Land and Land Improvements, Gross Amount | 486 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 197,379 | ||||||
Total Gross Amount | [1] | 197,865 | |||||
Accumulated Depreciation | [2] | $ (57,802) | |||||
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 | 6,843 | ||||||
Land and Land Improvements, Gross Amount | 4,087 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 75,406 | ||||||
Total Gross Amount | [1] | 79,493 | |||||
Accumulated Depreciation | [2] | $ (17,606) | |||||
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 | 3,664 | ||||||
Land and Land Improvements, Gross Amount | 986 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 30,203 | ||||||
Total Gross Amount | [1] | 31,189 | |||||
Accumulated Depreciation | [2] | $ (14,743) | |||||
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 | 46,104 | ||||||
Land and Land Improvements, Gross Amount | 1,082 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 90,122 | ||||||
Total Gross Amount | [1] | 91,204 | |||||
Accumulated Depreciation | [2] | $ (37,042) | |||||
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 | 18,713 | ||||||
Land and Land Improvements, Gross Amount | 1,285 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 18,443 | ||||||
Total Gross Amount | [1] | 19,728 | |||||
Accumulated Depreciation | [2] | $ (9,693) | |||||
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 | 1,862 | ||||||
Land and Land Improvements, Gross Amount | 265 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 6,621 | ||||||
Total Gross Amount | [1] | 6,886 | |||||
Accumulated Depreciation | [2] | $ (3,773) | |||||
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] | $ (337) | |||||
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 | 204 | ||||||
Land and Land Improvements, Gross Amount | 3,363 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 787 | ||||||
Total Gross Amount | [1] | 4,150 | |||||
Accumulated Depreciation | [2] | $ (164) | |||||
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 | 9,011 | ||||||
Land and Land Improvements, Gross Amount | 925 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 18,330 | ||||||
Total Gross Amount | [1] | 19,255 | |||||
Accumulated Depreciation | [2] | $ (8,512) | |||||
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 | 21,778 | ||||||
Land and Land Improvements, Gross Amount | 1,099 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 81,537 | ||||||
Total Gross Amount | [1] | 82,636 | |||||
Accumulated Depreciation | [2] | $ (28,773) | |||||
Constructed/Acquired Date | 2000 | ||||||
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 | ||||||
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 | 10,729 | ||||||
Land and Land Improvements, Gross Amount | 8,421 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 74,218 | ||||||
Total Gross Amount | [1] | 82,639 | |||||
Accumulated Depreciation | [2] | $ (20,484) | |||||
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 | 64,091 | ||||||
Land and Land Improvements, Gross Amount | 694 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 105,563 | ||||||
Total Gross Amount | [1] | 106,257 | |||||
Accumulated Depreciation | [2] | $ (41,602) | |||||
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 | 14,295 | ||||||
Land and Land Improvements, Gross Amount | 2,009 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 52,619 | ||||||
Total Gross Amount | [1] | 54,628 | |||||
Accumulated Depreciation | [2] | $ (26,239) | |||||
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 | 21,119 | ||||||
Land and Land Improvements, Gross Amount | 1,050 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 36,099 | ||||||
Total Gross Amount | [1] | 37,149 | |||||
Accumulated Depreciation | [2] | $ (18,839) | |||||
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] | $ (842) | |||||
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 | 1,510 | ||||||
Land and Land Improvements, Gross Amount | 8,599 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 6,104 | ||||||
Total Gross Amount | [1] | 14,703 | |||||
Accumulated Depreciation | [2] | $ (1,590) | |||||
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 | 47,575 | ||||||
Land and Land Improvements, Gross Amount | 37,104 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 153,727 | ||||||
Total Gross Amount | [1] | 190,831 | |||||
Accumulated Depreciation | [2] | $ (18,191) | |||||
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 | 11,133 | ||||||
Land and Land Improvements, Gross Amount | 1,068 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 32,471 | ||||||
Total Gross Amount | [1] | 33,539 | |||||
Accumulated Depreciation | [2] | $ (19,123) | |||||
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 | 829 | ||||||
Land and Land Improvements, Gross Amount | 1,280 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 2,680 | ||||||
Total Gross Amount | [1] | 3,960 | |||||
Accumulated Depreciation | [2] | $ (440) | |||||
Constructed/Acquired Date | 2018 | ||||||
Red Rock Correctional Center | |||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |||||||
Location | [4] | Eloy, Arizona | |||||
Constructed/Acquired Date | [4] | 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 | ||||||
Cost Capitalized Subsequent to Acquisition | 2 | ||||||
Land and Land Improvements, Gross Amount | 654 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 2,695 | ||||||
Total Gross Amount | [1] | 3,349 | |||||
Accumulated Depreciation | [2] | $ (432) | |||||
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 | 2,882 | ||||||
Land and Land Improvements, Gross Amount | 486 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 101,492 | ||||||
Total Gross Amount | [1] | 101,978 | |||||
Accumulated Depreciation | [2] | $ (29,917) | |||||
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 | 54 | ||||||
Land and Land Improvements, Gross Amount | 277 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 717 | ||||||
Total Gross Amount | [1] | 994 | |||||
Accumulated Depreciation | [2] | $ (53) | |||||
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 | 13,833 | ||||||
Land and Land Improvements, Gross Amount | 2,399 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 36,421 | ||||||
Total Gross Amount | [1] | 38,820 | |||||
Accumulated Depreciation | [2] | $ (18,248) | |||||
Constructed/Acquired Date | 1998 | ||||||
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 | 22,495 | ||||||
Land and Land Improvements, Gross Amount | 1,629 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 91,569 | ||||||
Total Gross Amount | [1] | 93,198 | |||||
Accumulated Depreciation | [2] | $ (34,217) | |||||
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] | $ (97) | |||||
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 | 5,764 | ||||||
Land and Land Improvements, Gross Amount | 812 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 18,553 | ||||||
Total Gross Amount | [1] | 19,365 | |||||
Accumulated Depreciation | [2] | $ (9,708) | |||||
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 | 108,290 | ||||||
Land and Land Improvements, Gross Amount | 2,120 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 150,808 | ||||||
Total Gross Amount | [1] | 152,928 | |||||
Accumulated Depreciation | [2] | $ (60,053) | |||||
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 | 11,449 | ||||||
Land and Land Improvements, Gross Amount | 1,994 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 62,565 | ||||||
Total Gross Amount | [1] | 64,559 | |||||
Accumulated Depreciation | [2] | $ (30,787) | |||||
Constructed/Acquired Date | 1990 | ||||||
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 | 1,174 | ||||||
Land and Land Improvements, Gross Amount | 421 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 5,279 | ||||||
Total Gross Amount | [1] | 5,700 | |||||
Accumulated Depreciation | [2] | $ (1,406) | |||||
Constructed/Acquired Date | 2015 | ||||||
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 | 5,624 | ||||||
Land and Land Improvements, Gross Amount | 1,950 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 139,735 | ||||||
Total Gross Amount | [1] | 141,685 | |||||
Accumulated Depreciation | [2] | $ (17,462) | |||||
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] | $ (1,044) | |||||
Constructed/Acquired Date | 2015 | ||||||
Ulster Facility | |||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |||||||
Location | [5] | Denver, Colorado | |||||
Land, Initial Cost to Company | [5] | $ 4,068 | |||||
Buildings and Improvements, Initial Cost to Company | [5] | 441 | |||||
Cost Capitalized Subsequent to Acquisition | [5] | 212 | |||||
Land and Land Improvements, Gross Amount | [5] | 2,100 | |||||
Buildings and Leasehold Improvements, Gross Amount | [5] | 595 | |||||
Total Gross Amount | [1],[5] | 2,695 | |||||
Accumulated Depreciation | [2],[5] | $ (170) | |||||
Constructed/Acquired Date | [5] | 2016 | |||||
Wheeler Correctional Facility | |||||||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |||||||
Location | [4] | Alamo, Georgia | |||||
Constructed/Acquired Date | [4] | 1998 | |||||
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 | 23 | ||||||
Land and Land Improvements, Gross Amount | 654 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 2,715 | ||||||
Total Gross Amount | [1] | 3,369 | |||||
Accumulated Depreciation | [2] | $ (434) | |||||
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 | 6,740 | ||||||
Land and Land Improvements, Gross Amount | 2,206 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 25,193 | ||||||
Total Gross Amount | [1] | 27,399 | |||||
Accumulated Depreciation | [2] | $ (13,993) | |||||
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 | 8,585 | ||||||
Land and Land Improvements, Gross Amount | 2,174 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 38,880 | ||||||
Total Gross Amount | [1] | 41,054 | |||||
Accumulated Depreciation | [2] | $ (20,432) | |||||
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 | 8,860 | ||||||
Land and Land Improvements, Gross Amount | 1,671 | ||||||
Buildings and Leasehold Improvements, Gross Amount | 59,186 | ||||||
Total Gross Amount | [1] | 60,857 | |||||
Accumulated Depreciation | [2] | $ (29,503) | |||||
Constructed/Acquired Date | 1998 | ||||||
[1] | The aggregate cost of properties for federal income tax purposes is approximately $3.7 billion at December 31, 2021. | ||||||
[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, during the second quarter of 2020 to write down the book value of the Tulsa Transitional Center, and during the fourth quarter of 2021 to write down the book value of the Ulster Facility to the estimated fair values assuming uses other than correctional or residential reentry facilities. | ||||||
[4] | 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. | ||||||
[5] | Held for Sale. |
Schedule III - Real Estate As_3
Schedule III - Real Estate Assets and Accumulated Depreciation (Parenthetical) (Detail) $ in Billions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | |
Aggregate cost of properties for federal Income Tax purposes | $ 3.7 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
SEC Schedule III, Real Estate Assets and Accumulated Depreciation [Line Items] | ||||
Investment in Real Estate, balance at beginning of period | $ 3,595,278 | $ 3,605,137 | $ 3,697,160 | |
Additions through capital expenditures | 27,217 | 29,142 | 64,423 | |
Acquisitions | 82,324 | 8,809 | ||
Asset impairments | (3,335) | (10,154) | (4,040) | |
Disposals/Other | (266,218) | (111,171) | (161,215) | |
Investment in Real Estate, balance at end of period | 3,352,942 | [1] | 3,595,278 | 3,605,137 |
Accumulated Depreciation, balance at beginning of period | (1,128,563) | (1,053,670) | ||
Depreciation | (81,693) | (89,008) | (87,492) | |
Disposals/Other | 16,205 | 14,115 | 109,211 | |
Accumulated Depreciation, balance at end of period | $ (1,194,051) | [2] | $ (1,128,563) | $ (1,053,670) |
[1] | The aggregate cost of properties for federal income tax purposes is approximately $3.7 billion at December 31, 2021. | |||
[2] | Depreciation is calculated using estimated useful lives of depreciable assets up to 50 years for prison facilities. |