XML 45 R40.htm IDEA: XBRL DOCUMENT v3.20.1
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
3 Months Ended
Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEETS

 

March 31, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, excluding restricted cash

 

$

 

 

$

 

 

$

 

 

$

25,621

 

 

$

1,445

 

 

$

 

 

$

27,066

 

Restricted cash

 

 

 

 

 

 

 

 

 

 

 

20,400

 

 

 

 

 

 

 

 

 

20,400

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

77,850

 

 

 

 

 

 

 

 

 

77,850

 

Other current assets

 

 

 

 

 

 

 

 

3,565

 

 

 

60,619

 

 

 

11,574

 

 

 

 

 

 

75,758

 

Total current assets

 

 

 

 

 

 

 

 

3,565

 

 

 

184,490

 

 

 

13,019

 

 

 

 

 

 

201,074

 

Long-term accounts receivable

 

 

 

 

 

 

 

 

2,345

 

 

 

59,074

 

 

 

10,055

 

 

 

 

 

 

71,474

 

Cemetery and funeral home property and

   equipment

 

 

 

 

 

 

 

 

531

 

 

 

364,534

 

 

 

32,035

 

 

 

 

 

 

397,100

 

Merchandise trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

437,638

 

 

 

 

 

 

437,638

 

Perpetual care trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

284,832

 

 

 

 

 

 

284,832

 

Deferred selling and obtaining costs

 

 

 

 

 

 

 

 

5,704

 

 

 

89,682

 

 

 

18,225

 

 

 

 

 

 

113,611

 

Intangible assets

 

 

 

 

 

 

 

 

 

 

 

98

 

 

 

55,844

 

 

 

 

 

 

55,942

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

24,141

 

 

 

2,607

 

 

 

 

 

 

26,748

 

Investments in and amounts due from

  affiliates eliminated upon consolidation

 

 

 

 

 

279,834

 

 

 

 

 

 

576,588

 

 

 

 

 

 

(856,422

)

 

 

 

Total assets

 

$

 

 

$

279,834

 

 

$

12,145

 

 

$

1,298,607

 

 

$

854,255

 

 

$

(856,422

)

 

$

1,588,419

 

Liabilities and Owners' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

180

 

 

 

102,968

 

 

 

1,486

 

 

 

 

 

 

104,634

 

Long-term debt, net of deferred financing costs

 

 

 

 

 

279,834

 

 

 

61,470

 

 

 

139

 

 

 

 

 

 

 

 

 

341,443

 

Deferred revenues

 

 

 

 

 

 

 

 

31,431

 

 

 

727,227

 

 

 

108,749

 

 

 

 

 

 

867,407

 

Perpetual care trust corpus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

284,832

 

 

 

 

 

 

284,832

 

Other long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

66,670

 

 

 

16,545

 

 

 

 

 

 

83,215

 

Investments in and amounts due to

  affiliates eliminated upon consolidation

 

 

93,112

 

 

 

93,112

 

 

 

177,069

 

 

 

341,304

 

 

 

494,246

 

 

 

(1,198,843

)

 

 

 

Total liabilities

 

 

93,112

 

 

 

372,946

 

 

 

270,150

 

 

 

1,238,308

 

 

 

905,858

 

 

 

(1,198,843

)

 

 

1,681,531

 

Owners' equity

 

 

(93,112

)

 

 

(93,112

)

 

 

(258,005

)

 

 

60,299

 

 

 

(51,603

)

 

 

342,421

 

 

 

(93,112

)

Total liabilities and owners' equity

 

$

 

 

$

279,834

 

 

$

12,145

 

 

$

1,298,607

 

 

$

854,255

 

 

$

(856,422

)

 

$

1,588,419

 

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEETS (Continued)

 

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

 

Liabilities held for sale, net of current portion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Statements of Operations

UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

Three Months Ended March 31, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

$

 

 

$

 

 

$

1,194

 

 

$

59,698

 

 

$

13,069

 

 

$

(2,716

)

 

$

71,245

 

Total costs and expenses

 

 

 

 

 

 

 

 

(3,169

)

 

 

(58,984

)

 

 

(13,319

)

 

 

2,716

 

 

 

(72,756

)

Gain on sale of businesses

 

 

 

 

 

 

 

 

 

 

 

24,086

 

 

 

 

 

 

 

 

 

24,086

 

Net income from equity investment

   in subsidiaries

 

 

9,003

 

 

 

17,701

 

 

 

12,585

 

 

 

 

 

 

 

 

 

(39,289

)

 

 

 

Interest expense

 

 

 

 

 

(8,698

)

 

 

(1,911

)

 

 

(1,382

)

 

 

(293

)

 

 

 

 

 

(12,284

)

Income (loss) from operations

   before income taxes

 

 

9,003

 

 

 

9,003

 

 

 

8,699

 

 

 

23,418

 

 

 

(543

)

 

 

(39,289

)

 

 

10,291

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

(1,288

)

 

 

 

 

 

 

 

 

(1,288

)

Net income (loss)

 

$

9,003

 

 

$

9,003

 

 

$

8,699

 

 

$

22,130

 

 

$

(543

)

 

$

(39,289

)

 

$

9,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2019

 

 

 

 

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

 

 

 

 

$

 

 

$

1,564

 

 

$

59,752

 

 

$

11,132

 

 

$

(979

)

 

$

71,469

 

Total costs and expenses

 

 

 

 

 

 

 

 

 

(4,520

)

 

 

(65,935

)

 

 

(11,356

)

 

 

979

 

 

 

(80,832

)

Net loss from equity investment in

   subsidiaries

 

 

 

 

 

 

(21,176

)

 

 

(18,925

)

 

 

 

 

 

 

 

 

40,101

 

 

 

 

Interest expense

 

 

 

 

 

 

(1,358

)

 

 

(2,087

)

 

 

(9,456

)

 

 

(270

)

 

 

 

 

 

(13,171

)

Income (loss) from operations

   before income taxes

 

 

 

 

 

 

(22,534

)

 

 

(23,968

)

 

 

(15,639

)

 

 

(494

)

 

 

40,101

 

 

 

(22,534

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

$

(22,534

)

 

$

(23,968

)

 

$

(15,639

)

 

$

(494

)

 

$

40,101

 

 

$

(22,534

)

 

 

Condensed Consolidating Statement of Cash Flows

UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

 

Three Months Ended March 31, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash used in (provided by) operating activities

 

$

 

 

$

 

 

$

12

 

 

$

4,465

 

 

$

893

 

 

$

(10,608

)

 

$

(5,238

)

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for acquisitions and capital

   expenditures, net of proceeds from

   divestitures and asset sales

 

 

 

 

 

 

 

 

 

 

 

26,796

 

 

 

(679

)

 

 

 

 

 

26,117

 

Payments to affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by investing activities

 

 

 

 

 

 

 

 

 

 

 

26,796

 

 

 

(679

)

 

 

 

 

 

26,117

 

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments from affiliates

 

 

 

 

 

 

 

 

 

 

 

(10,608

)

 

 

 

 

 

10,608

 

 

 

 

Net borrowings and repayments of debt

 

 

 

 

 

 

 

 

(12

)

 

 

(29,872

)

 

 

(83

)

 

 

 

 

 

(29,967

)

Other financing activities

 

 

 

 

 

 

 

 

 

 

 

(213

)

 

 

 

 

 

 

 

 

(213

)

Net cash used in financing activities

 

 

 

 

 

 

 

 

(12

)

 

 

(40,693

)

 

 

(83

)

 

 

10,608

 

 

 

(30,180

)

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

 

 

 

 

 

 

 

 

 

 

 

(9,432

)

 

 

131

 

 

 

 

 

 

(9,301

)

Cash and cash equivalents and restricted

    cash—Beginning of period

 

 

 

 

 

 

 

 

 

 

 

55,453

 

 

 

1,314

 

 

 

 

 

 

56,767

 

Cash and cash equivalents and restricted

    cash—End of period

 

$

 

 

$

 

 

$

 

 

$

46,021

 

 

$

1,445

 

 

$

 

 

$

47,466

 

 

Three Months Ended March 31, 2019

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash used in (provided by) operating activities

 

$

 

 

$

119

 

 

$

(9,509

)

 

$

(268

)

 

$

(3,445

)

 

$

(13,103

)

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for acquisitions and capital

   expenditures, net of proceeds from

   divestitures and asset sales

 

 

 

 

 

(106

)

 

 

(1,717

)

 

 

(80

)

 

 

 

 

 

(1,903

)

Net cash used investing activities

 

 

 

 

 

(106

)

 

 

(1,717

)

 

 

(80

)

 

 

 

 

 

(1,903

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash distributions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments to affiliates

 

 

 

 

 

 

 

 

(3,445

)

 

 

 

 

 

3,445

 

 

 

 

Net borrowings and repayments of debt

 

 

 

 

 

(13

)

 

 

24,030

 

 

 

(74

)

 

 

 

 

 

23,943

 

Other financing activities

 

 

 

 

 

 

 

 

(2,636

)

 

 

 

 

 

 

 

 

(2,636

)

Net cash (used in) provided by financing activities

 

 

 

 

 

(13

)

 

 

17,949

 

 

 

(74

)

 

 

3,445

 

 

 

21,307

 

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

 

 

 

 

 

 

 

 

6,723

 

 

 

(422

)

 

 

 

 

 

6,301

 

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

 

$

 

 

$

 

 

$

23,021

 

 

$

1,427

 

 

$

 

 

$

24,448