v3.24.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING
9.
SEGMENT REPORTING

As of September 30, 2024, CoreCivic operated 42 correctional and detention facilities, 38 of which the Company owned or controlled via a long-term lease. In addition, CoreCivic operated 21 residential reentry centers, which it owned or controlled via a long-term lease, and owned 6 properties held for lease to government agencies. Management views CoreCivic's operating results in three operating segments, CoreCivic Safety, CoreCivic Community, and CoreCivic Properties. CoreCivic Safety includes the operating results of those correctional and detention facilities placed into service that were owned or controlled via a long-term lease and managed by CoreCivic, as well as those correctional and detention facilities owned by a third party and managed by CoreCivic. CoreCivic Safety also includes the operating results of TransCor America, LLC, a subsidiary of the Company that provides transportation services to governmental agencies. CoreCivic Community includes the operating results of those residential reentry centers placed into service that were owned or controlled via a long-term lease and managed by CoreCivic. CoreCivic Community also includes the operating results of the Company's electronic monitoring and case management services. CoreCivic Properties includes the operating results of those properties held for lease to government agencies. The operating performance of the three segments can be measured based on their net operating income. CoreCivic defines facility net operating income as a facility's revenues less operating expenses.

The revenue and facility net operating income for each of the three segments and a reconciliation to CoreCivic's income before income taxes is as follows for the three and nine months ended September 30, 2024 and 2023 (in thousands):

 

 

 

For the Three Months Ended
September 30,

 

 

For the Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Safety

 

$

459,270

 

 

$

443,324

 

 

$

1,372,389

 

 

$

1,282,717

 

Community

 

 

28,203

 

 

 

29,791

 

 

 

88,405

 

 

 

84,569

 

Properties

 

 

4,085

 

 

 

10,477

 

 

 

21,540

 

 

 

37,888

 

Total segment revenue

 

 

491,558

 

 

 

483,592

 

 

 

1,482,334

 

 

 

1,405,174

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Safety

 

 

343,423

 

 

 

350,946

 

 

 

1,041,642

 

 

 

1,015,070

 

Community

 

 

24,613

 

 

 

23,268

 

 

 

72,891

 

 

 

68,888

 

Properties

 

 

2,763

 

 

 

3,067

 

 

 

10,060

 

 

 

9,752

 

Total segment operating expenses

 

 

370,799

 

 

 

377,281

 

 

 

1,124,593

 

 

 

1,093,710

 

Facility net operating income:

 

 

 

 

 

 

 

 

 

 

 

 

Safety

 

 

115,847

 

 

 

92,378

 

 

 

330,747

 

 

 

267,647

 

Community

 

 

3,590

 

 

 

6,523

 

 

 

15,514

 

 

 

15,681

 

Properties

 

 

1,322

 

 

 

7,410

 

 

 

11,480

 

 

 

28,136

 

Total facility net operating income

 

 

120,759

 

 

 

106,311

 

 

 

357,741

 

 

 

311,464

 

Other revenue (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Other revenue

 

 

—

 

 

 

113

 

 

 

19

 

 

 

215

 

Other operating expense

 

 

(19

)

 

 

(42

)

 

 

(63

)

 

 

(158

)

General and administrative

 

 

(41,162

)

 

 

(33,927

)

 

 

(111,537

)

 

 

(99,218

)

Depreciation and amortization

 

 

(32,240

)

 

 

(32,526

)

 

 

(96,115

)

 

 

(95,183

)

Asset impairments

 

 

(3,108

)

 

 

(2,710

)

 

 

(3,108

)

 

 

(2,710

)

Interest expense, net

 

 

(15,998

)

 

 

(17,886

)

 

 

(51,721

)

 

 

(55,305

)

Expenses associated with debt repayments
    and refinancing transactions

 

 

—

 

 

 

(100

)

 

 

(31,316

)

 

 

(326

)

Gain on sale of real estate assets, net

 

 

1,181

 

 

 

368

 

 

 

1,749

 

 

 

343

 

Other income (expense)

 

 

767

 

 

 

(74

)

 

 

1,153

 

 

 

(43

)

 Income before income taxes

 

$

30,180

 

 

$

19,527

 

 

$

66,802

 

 

$

59,079

 

The following table summarizes capital expenditures including accrued amounts for the three and nine months ended September 30, 2024 and 2023 (in thousands):

 

 

For the Three Months Ended
September 30,

 

 

For the Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Safety

 

$

13,619

 

 

$

12,665

 

 

$

35,099

 

 

$

30,227

 

Community

 

 

584

 

 

 

457

 

 

 

3,286

 

 

 

1,097

 

Properties

 

 

1,336

 

 

 

579

 

 

 

2,063

 

 

 

1,122

 

Corporate and other

 

 

2,278

 

 

 

3,864

 

 

 

6,714

 

 

 

7,797

 

Total capital expenditures

 

$

17,817

 

 

$

17,565

 

 

$

47,162

 

 

$

40,243

 

The total assets are as follows (in thousands):

 

 

September 30, 2024

 

 

December 31, 2023

 

Assets:

 

 

 

 

 

 

     Safety

 

$

2,133,389

 

 

$

2,284,243

 

     Community

 

 

202,264

 

 

 

213,145

 

     Properties

 

 

387,633

 

 

 

402,889

 

     Corporate and other

 

 

190,656

 

 

 

205,122

 

Total assets

 

$

2,913,942

 

 

$

3,105,399