XML 135 R48.htm IDEA: XBRL DOCUMENT v3.20.1
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
12 Months Ended
Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2019

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, excluding restricted cash

 

$

 

 

$

 

 

$

 

 

$

33,553

 

 

$

1,314

 

 

 

 

 

 

$

34,867

 

Restricted cash

 

 

 

 

 

 

 

 

 

 

 

21,900

 

 

 

 

 

 

 

 

 

 

21,900

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

23,858

 

 

 

 

 

 

 

 

 

 

23,858

 

Other current assets

 

 

 

 

 

 

 

 

3,497

 

 

 

62,686

 

 

 

11,531

 

 

 

 

 

 

 

77,714

 

Total current assets

 

 

 

 

 

 

 

 

3,497

 

 

 

141,997

 

 

 

12,845

 

 

 

 

 

 

158,339

 

Long-term accounts receivable

 

 

 

 

 

 

 

 

2,557

 

 

 

63,124

 

 

 

9,868

 

 

 

 

 

 

 

75,549

 

Cemetery and funeral home property and

   equipment

 

 

 

 

 

 

 

 

609

 

 

 

391,626

 

 

 

31,770

 

 

 

 

 

 

 

424,005

 

Merchandise trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

517,192

 

 

 

 

 

 

 

517,192

 

Perpetual care trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

343,619

 

 

 

 

 

 

 

343,619

 

Deferred selling and obtaining costs

 

 

 

 

 

 

 

 

5,654

 

 

 

91,243

 

 

 

18,047

 

 

 

 

 

 

 

114,944

 

Intangible assets

 

 

 

 

 

 

 

 

 

 

 

136

 

 

 

56,110

 

 

 

 

 

 

 

56,246

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

26,907

 

 

 

2,567

 

 

 

 

 

 

 

29,474

 

Investments in and amounts due from affiliates

   eliminated upon consolidation

 

 

 

 

 

301,531

 

 

 

 

 

 

648,359

 

 

 

 

 

 

(949,890

)

 

 

 

Total assets

 

$

 

 

$

301,531

 

 

$

12,317

 

 

$

1,363,392

 

 

$

992,018

 

 

$

(949,890

)

 

$

1,719,368

 

Liabilities and Owners' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

161

 

 

 

74,674

 

 

 

1,466

 

 

 

 

 

 

 

76,301

 

Long-term debt, net of deferred financing costs

 

 

 

 

 

301,531

 

 

 

66,239

 

 

 

193

 

 

 

 

 

 

 

 

 

 

367,963

 

Deferred revenues

 

 

 

 

 

 

 

 

33,349

 

 

 

802,528

 

 

 

113,498

 

 

 

 

 

 

 

949,375

 

Perpetual care trust corpus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

343,619

 

 

 

 

 

 

 

343,619

 

Other long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

68,227

 

 

 

16,373

 

 

 

 

 

 

 

84,600

 

Investments in and amounts due to affiliates

   eliminated upon consolidation

 

 

102,490

 

 

 

102,490

 

 

 

183,611

 

 

 

367,770

 

 

 

567,666

 

 

 

(1,324,027

)

 

 

 

Total liabilities

 

 

102,490

 

 

 

404,021

 

 

 

283,360

 

 

 

1,313,392

 

 

 

1,042,622

 

 

 

(1,324,027

)

 

 

1,821,858

 

Owners' equity

 

 

(102,490

)

 

 

(102,490

)

 

 

(271,043

)

 

 

50,000

 

 

 

(50,604

)

 

 

374,137

 

 

 

(102,490

)

Total liabilities and owners' equity

 

$

 

 

$

301,531

 

 

$

12,317

 

 

$

1,363,392

 

 

$

992,018

 

 

$

(949,890

)

 

$

1,719,368

 

 

CONDENSED CONSOLIDATING BALANCE SHEET (continued)

December 31, 2018

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, excluding restricted cash

 

$

 

 

$

 

 

$

16,298

 

 

$

1,849

 

 

$

 

 

$

18,147

 

Assets held for sale

 

 

 

 

 

 

 

 

757

 

 

 

 

 

 

 

 

 

757

 

Other current assets

 

 

 

 

 

3,718

 

 

 

64,167

 

 

 

11,527

 

 

 

 

 

 

79,412

 

Total current assets

 

 

 

 

 

3,718

 

 

 

81,222

 

 

 

13,376

 

 

 

 

 

 

98,316

 

Long-term accounts receivable

 

 

 

 

 

3,118

 

 

 

71,708

 

 

 

12,322

 

 

 

 

 

 

87,148

 

Cemetery and funeral home property and

   equipment

 

 

 

 

 

806

 

 

 

409,497

 

 

 

33,550

 

 

 

 

 

 

443,853

 

Merchandise trusts

 

 

 

 

 

 

 

 

 

 

 

488,248

 

 

 

 

 

 

488,248

 

Perpetual care trusts

 

 

 

 

 

 

 

 

 

 

 

330,562

 

 

 

 

 

 

330,562

 

Deferred selling and obtaining costs

 

 

 

 

 

5,511

 

 

 

89,689

 

 

 

18,444

 

 

 

 

 

 

113,644

 

Goodwill and intangible assets

 

 

 

 

 

 

 

 

25,676

 

 

 

60,607

 

 

 

 

 

 

86,283

 

Other assets

 

 

 

 

 

 

 

 

19,401

 

 

 

2,926

 

 

 

 

 

 

22,327

 

Investments in and amounts due from affiliates

   eliminated upon consolidation

 

 

57,835

 

 

 

(4,626

)

 

 

539,997

 

 

 

 

 

 

(593,206

)

 

 

 

Total assets

 

$

57,835

 

 

$

8,527

 

 

$

1,237,190

 

 

$

960,035

 

 

$

(593,206

)

 

$

1,670,381

 

Liabilities, Redeemable Convertible Preferred Units and Partners’ Capital (Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

 

 

$

184

 

 

$

60,216

 

 

$

1,400

 

 

$

 

 

$

61,800

 

Long-term debt, net of deferred financing costs

 

 

68,453

 

 

 

105,160

 

 

 

146,635

 

 

 

 

 

 

 

 

 

320,248

 

Deferred revenues

 

 

 

 

 

32,147

 

 

 

775,657

 

 

 

111,802

 

 

 

 

 

 

919,606

 

Perpetual care trust corpus

 

 

 

 

 

 

 

 

 

 

 

330,562

 

 

 

 

 

 

330,562

 

Other long-term liabilities

 

 

 

 

 

 

 

 

33,553

 

 

 

15,230

 

 

 

 

 

 

48,783

 

Due to affiliates

 

 

 

 

 

 

 

 

173,613

 

 

 

543,543

 

 

 

(717,156

)

 

 

 

Total liabilities

 

 

68,453

 

 

 

137,491

 

 

 

1,189,674

 

 

 

1,002,537

 

 

 

(717,156

)

 

 

1,680,999

 

Redeemable convertible preferred units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partners’ capital (deficit)

 

 

(10,618

)

 

 

(128,964

)

 

 

47,516

 

 

 

(42,502

)

 

 

123,950

 

 

 

(10,618

)

Total liabilities, redeemable convertible preferred units and partners’ capital (deficit)

 

$

57,835

 

 

$

8,527

 

 

$

1,237,190

 

 

$

960,035

 

 

$

(593,206

)

 

$

1,670,381

 

 

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

 

Year Ended December 31, 2019

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

$

 

 

$

 

 

$

5,041

 

 

$

242,339

 

 

$

49,068

 

 

$

(6,926

)

 

$

289,522

 

Total costs and expenses

 

 

 

 

 

 

 

 

(15,181

)

 

 

(285,292

)

 

 

(54,610

)

 

 

6,926

 

 

 

(348,157

)

Other losses, net

 

 

 

 

 

 

 

 

(46

)

 

 

(5,761

)

 

 

(2,299

)

 

 

 

 

 

(8,106

)

Net loss from equity investment in

   subsidiaries

 

 

(151,942

)

 

 

(125,840

)

 

 

(120,653

)

 

 

 

 

 

 

 

 

398,435

 

 

 

 

Interest expense

 

 

 

 

 

(25,164

)

 

 

(10,505

)

 

 

(11,726

)

 

 

(1,124

)

 

 

 

 

 

(48,519

)

Loss on debt extinguishment

 

 

 

 

 

(938

)

 

 

(1,441

)

 

 

(6,099

)

 

 

 

 

 

 

 

 

(8,478

)

Income (loss) from operations

   before income taxes

 

 

(151,942

)

 

 

(151,942

)

 

 

(142,785

)

 

 

(66,539

)

 

 

(8,965

)

 

 

398,435

 

 

 

(123,738

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(28,204

)

 

 

 

 

 

 

 

 

(28,204

)

Net income (loss)

 

$

(151,942

)

 

$

(151,942

)

 

$

(142,785

)

 

$

(94,743

)

 

$

(8,965

)

 

$

398,435

 

 

$

(151,942

)

 

 

Year Ended December 31, 2018

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

$

 

 

$

6,382

 

 

$

266,550

 

 

$

52,271

 

 

$

(9,077

)

 

$

316,126

 

Total costs and expenses

 

 

 

 

 

(13,666

)

 

 

(285,578

)

 

 

(58,349

)

 

 

9,077

 

 

 

(348,516

)

Other loss

 

 

 

 

 

(445

)

 

 

(9,510

)

 

 

(1,549

)

 

 

 

 

 

(11,504

)

Net loss from equity investment in

   subsidiaries

 

 

(63,084

)

 

 

(54,573

)

 

 

 

 

 

 

 

 

117,657

 

 

 

 

Interest expense

 

 

(5,434

)

 

 

(8,348

)

 

 

(15,787

)

 

 

(1,033

)

 

 

 

 

 

(30,602

)

Income (loss) from continuing operations

   before income taxes

 

 

(68,518

)

 

 

(70,650

)

 

 

(44,325

)

 

 

(8,660

)

 

 

117,657

 

 

 

(74,496

)

Income tax benefit

 

 

 

 

 

 

 

 

1,797

 

 

 

 

 

 

 

 

 

1,797

 

Net income (loss)

 

$

(68,518

)

 

$

(70,650

)

 

$

(42,528

)

 

$

(8,660

)

 

$

117,657

 

 

$

(72,699

)

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2019

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash provided by operating activities

 

$

 

 

$

 

 

$

280

 

 

$

(1,662

)

 

$

(935

)

 

$

(35,669

)

 

$

(37,986

)

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for acquisitions and capital

   expenditures, net of proceeds from

   divestitures and asset sales

 

 

 

 

 

 

 

 

(232

)

 

 

(644

)

 

 

713

 

 

 

 

 

 

(163

)

Payments to affiliates

 

 

 

 

 

(390,238

)

 

 

(73,087

)

 

 

 

 

 

 

 

 

463,325

 

 

 

 

Net cash used in investing activities

 

 

 

 

 

(390,238

)

 

 

(73,319

)

 

 

(644

)

 

 

713

 

 

 

463,325

 

 

 

(163

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments from affiliates

 

 

 

 

 

 

 

 

 

 

 

427,656

 

 

 

 

 

 

(427,656

)

 

 

 

Proceeds from issuance of redeemable convertible preferred units, net

 

 

 

 

 

57,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,500

 

Net borrowings and repayments of debt

 

 

 

 

 

332,738

 

 

 

73,039

 

 

 

(367,746

)

 

 

(313

)

 

 

 

 

 

37,718

 

Other financing activities

 

 

 

 

 

 

 

 

 

 

 

(18,449

)

 

 

 

 

 

 

 

 

(18,449

)

Net cash used in financing activities

 

 

 

 

 

390,238

 

 

 

73,039

 

 

 

41,461

 

 

 

(313

)

 

 

(427,656

)

 

 

76,769

 

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

 

 

 

 

 

 

 

 

 

39,155

 

 

 

(535

)

 

 

 

 

 

38,620

 

Cash and cash equivalents and restricted cash—

   Beginning of period

 

 

 

 

 

 

 

 

 

 

 

16,298

 

 

 

1,849

 

 

 

 

 

 

18,147

 

Cash and cash equivalents and restricted cash—

   End of period

 

$

 

 

$

 

 

$

 

 

$

55,453

 

 

$

1,314

 

 

$

 

 

$

56,767

 

 

Year Ended December 31, 2018

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash provided by operating activities

 

$

 

 

$

370

 

 

$

39,942

 

 

$

(73

)

 

$

(13,782

)

 

$

26,457

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for acquisitions and capital

   expenditures, net of proceeds from

   divestitures and asset sales

 

 

 

 

 

(370

)

 

 

(11,510

)

 

 

(683

)

 

 

 

 

 

(12,563

)

Net cash used in investing activities

 

 

 

 

 

(370

)

 

 

(11,510

)

 

 

(683

)

 

 

 

 

 

(12,563

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments to affiliates

 

 

 

 

 

 

 

 

(13,782

)

 

 

 

 

 

13,782

 

 

 

 

Proceeds from issuance of redeemable convertible preferred units, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net borrowings and repayments of debt

 

 

 

 

 

 

 

 

1,387

 

 

 

 

 

 

 

 

 

1,387

 

Other financing activities

 

 

 

 

 

 

 

 

(3,955

)

 

 

 

 

 

 

 

 

(3,955

)

Net cash used in financing activities

 

 

 

 

 

 

 

 

(16,350

)

 

 

 

 

 

13,782

 

 

 

(2,568

)

Net decrease in cash and cash equivalents

 

 

 

 

 

 

 

 

12,082

 

 

 

(756

)

 

 

 

 

 

11,326

 

Cash and cash equivalents—Beginning of

   period

 

 

 

 

 

 

 

 

4,216

 

 

 

2,605

 

 

 

 

 

 

6,821

 

Cash and cash equivalents—End of period

 

$

 

 

$

 

 

$

16,298

 

 

$

1,849

 

 

$

 

 

$

18,147