XML 51 R40.htm IDEA: XBRL DOCUMENT v3.20.2
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
6 Months Ended
Jun. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEETS

 

June 30, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, excluding restricted cash

 

$

 

 

$

 

 

$

 

 

$

39,747

 

 

$

3,115

 

 

$

 

 

$

42,862

 

Restricted cash

 

 

 

 

 

 

 

 

 

 

 

20,698

 

 

 

 

 

 

 

 

 

20,698

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

31,751

 

 

 

 

 

 

 

 

 

31,751

 

Other current assets

 

 

 

 

 

 

 

 

3,562

 

 

 

58,501

 

 

 

12,407

 

 

 

 

 

 

74,470

 

Total current assets

 

 

 

 

 

 

 

 

3,562

 

 

 

150,697

 

 

 

15,522

 

 

 

 

 

 

169,781

 

Long-term accounts receivable

 

 

 

 

 

 

 

 

2,365

 

 

 

60,158

 

 

 

10,583

 

 

 

 

 

 

73,106

 

Cemetery and funeral home property and

   equipment

 

 

 

 

 

 

 

 

529

 

 

 

362,525

 

 

 

32,340

 

 

 

 

 

 

395,394

 

Merchandise trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

472,500

 

 

 

 

 

 

472,500

 

Perpetual care trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

298,221

 

 

 

 

 

 

298,221

 

Deferred selling and obtaining costs

 

 

 

 

 

 

 

 

5,785

 

 

 

91,102

 

 

 

18,514

 

 

 

 

 

 

115,401

 

Intangible assets

 

 

 

 

 

 

 

 

 

 

 

73

 

 

 

55,579

 

 

 

 

 

 

55,652

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

23,340

 

 

 

2,655

 

 

 

 

 

 

25,995

 

Investments in and amounts due from

  affiliates eliminated upon consolidation

 

 

 

 

 

263,960

 

 

 

 

 

 

610,236

 

 

 

 

 

 

(874,196

)

 

 

 

Total assets

 

$

 

 

$

263,960

 

 

$

12,241

 

 

$

1,298,131

 

 

$

905,914

 

 

$

(874,196

)

 

$

1,606,050

 

Liabilities and Owners' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

205

 

 

 

73,563

 

 

 

1,532

 

 

 

 

 

 

75,300

 

Long-term debt, net of deferred financing costs

 

 

 

 

 

263,960

 

 

 

55,981

 

 

 

2,097

 

 

 

 

 

 

 

 

 

322,038

 

Deferred revenues

 

 

 

 

 

 

 

 

33,092

 

 

 

763,409

 

 

 

114,369

 

 

 

 

 

 

910,870

 

Perpetual care trust corpus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

298,221

 

 

 

 

 

 

298,221

 

Other long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

62,590

 

 

 

16,740

 

 

 

 

 

 

79,330

 

Investments in and amounts due to

  affiliates eliminated upon consolidation

 

 

79,709

 

 

 

79,709

 

 

 

170,019

 

 

 

319,941

 

 

 

526,515

 

 

 

(1,175,893

)

 

 

 

Total liabilities

 

 

79,709

 

 

 

343,669

 

 

 

259,297

 

 

 

1,221,600

 

 

 

957,377

 

 

 

(1,175,893

)

 

 

1,685,759

 

Owners' equity

 

 

(79,709

)

 

 

(79,709

)

 

 

(247,056

)

 

 

76,531

 

 

 

(51,463

)

 

 

301,697

 

 

 

(79,709

)

Total liabilities and owners' equity

 

$

 

 

$

263,960

 

 

$

12,241

 

 

$

1,298,131

 

 

$

905,914

 

 

$

(874,196

)

 

$

1,606,050

 

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 June 30, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

$

 

 

$

 

 

$

1,197

 

 

$

58,703

 

 

$

13,605

 

 

$

(2,798

)

 

$

70,707

 

Total costs and expenses

 

 

 

 

 

 

 

 

(3,803

)

 

 

(57,161

)

 

 

(12,717

)

 

 

2,798

 

 

 

(70,883

)

Gain on sale of businesses

 

 

 

 

 

 

 

 

 

 

 

7,034

 

 

 

 

 

 

 

 

 

7,034

 

Other losses

 

 

 

 

 

 

 

 

 

 

 

(2,169

)

 

 

 

 

 

 

 

 

(2,169

)

Net (loss) income from equity

   investment in subsidiaries

 

 

(3,914

)

 

 

4,273

 

 

 

(3,398

)

 

 

 

 

 

 

 

 

3,039

 

 

 

 

Interest expense

 

 

 

 

 

(8,187

)

 

 

(1,798

)

 

 

(1,814

)

 

 

(296

)

 

 

 

 

 

(12,095

)

(Loss) income from operations

   before income taxes

 

 

(3,914

)

 

 

(3,914

)

 

 

(7,802

)

 

 

4,593

 

 

 

592

 

 

 

3,039

 

 

 

(7,406

)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

3,492

 

 

 

 

 

 

 

 

 

3,492

 

Net (loss) income

 

$

(3,914

)

 

$

(3,914

)

 

$

(7,802

)

 

$

8,085

 

 

$

592

 

 

$

3,039

 

 

$

(3,914

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2019

 

 

 

 

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

 

 

 

 

$

 

 

$

1,439

 

 

$

65,749

 

 

$

13,068

 

 

$

(1,761

)

 

$

78,495

 

Total costs and expenses

 

 

 

 

 

 

 

 

 

(4,038

)

 

 

(66,980

)

 

 

(15,997

)

 

 

1,761

 

 

 

(85,254

)

Other losses

 

 

 

 

 

 

 

 

 

 

 

 

(1,346

)

 

 

(2,083

)

 

 

 

 

 

 

 

Net loss from equity investment in

   subsidiaries

 

 

 

 

 

 

(30,577

)

 

 

(22,358

)

 

 

 

 

 

 

 

 

52,935

 

 

 

 

Interest expense

 

 

 

 

 

 

(2,883

)

 

 

(3,822

)

 

 

(2,369

)

 

 

(272

)

 

 

 

 

 

(9,346

)

Loss on debt extinguishment

 

 

 

 

 

 

(938

)

 

 

(1,441

)

 

 

(6,099

)

 

 

 

 

 

 

 

 

(8,478

)

Loss from operations

  before income taxes

 

 

 

 

 

 

(34,398

)

 

 

(30,220

)

 

 

(11,045

)

 

 

(5,284

)

 

 

52,935

 

 

 

(28,012

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

(6,386

)

 

 

 

 

 

 

 

 

(6,386

)

Net loss

 

 

 

 

 

$

(34,398

)

 

$

(30,220

)

 

$

(17,431

)

 

$

(5,284

)

 

$

52,935

 

 

$

(34,398

)

 

 

Six Months Ended June 30, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

$

 

 

$

 

 

$

2,391

 

 

$

118,401

 

 

$

26,674

 

 

$

(5,514

)

 

$

141,952

 

Total costs and expenses

 

 

 

 

 

 

 

 

(6,972

)

 

 

(116,145

)

 

 

(26,036

)

 

 

5,514

 

 

 

(143,639

)

Gain on sale of businesses

 

 

 

 

 

 

 

 

 

 

 

31,120

 

 

 

 

 

 

 

 

 

31,120

 

Other losses

 

 

 

 

 

 

 

 

 

 

 

(2,169

)

 

 

 

 

 

 

 

 

(2,169

)

Net income from equity investment

   in subsidiaries

 

 

5,089

 

 

 

21,974

 

 

 

9,187

 

 

 

 

 

 

 

 

 

(36,250

)

 

 

 

Interest expense

 

 

 

 

 

(16,885

)

 

 

(3,709

)

 

 

(3,196

)

 

 

(589

)

 

 

 

 

 

(24,379

)

Income from operations before

   income taxes

 

 

5,089

 

 

 

5,089

 

 

 

897

 

 

 

28,011

 

 

 

49

 

 

 

(36,250

)

 

 

2,885

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

2,204

 

 

 

 

 

 

 

 

 

2,204

 

Net income

 

$

5,089

 

 

$

5,089

 

 

$

897

 

 

$

30,215

 

 

$

49

 

 

$

(36,250

)

 

$

5,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2019

 

 

 

 

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

 

 

 

 

$

 

 

$

3,003

 

 

$

125,501

 

 

$

24,200

 

 

$

(2,740

)

 

$

149,964

 

Total costs and expenses

 

 

 

 

 

 

 

 

 

(8,558

)

 

 

(132,915

)

 

 

(27,353

)

 

 

2,740

 

 

 

(166,086

)

Other losses

 

 

 

 

 

 

 

 

 

 

 

 

(1,346

)

 

 

(2,083

)

 

 

 

 

 

(3,429

)

Net loss from equity investment in

   subsidiaries

 

 

 

 

 

 

(51,753

)

 

 

(41,283

)

 

 

 

 

 

 

 

 

93,036

 

 

 

 

Interest expense

 

 

 

 

 

 

(4,241

)

 

 

(5,909

)

 

 

(11,825

)

 

 

(542

)

 

 

 

 

 

(22,517

)

Loss on debt extinguishment

 

 

 

 

 

 

(938

)

 

 

(1,441

)

 

 

(6,099

)

 

 

 

 

 

 

 

 

(8,478

)

Loss from operations before

   income taxes

 

 

 

 

 

 

(56,932

)

 

 

(54,188

)

 

 

(26,684

)

 

 

(5,778

)

 

 

93,036

 

 

 

(50,546

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

(6,386

)

 

 

 

 

 

 

 

 

(6,386

)

Net loss

 

 

 

 

 

$

(56,932

)

 

$

(54,188

)

 

$

(33,070

)

 

$

(5,778

)

 

$

93,036

 

 

$

(56,932

)

Condensed Consolidating Statement of Cash Flows

UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

 

Six Months Ended June 30, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash provided by operating activities

 

$

 

 

$

 

 

$

33

 

 

$

18,309

 

 

$

3,453

 

 

$

(20,594

)

 

$

1,201

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for acquisitions and capital

   expenditures, net of proceeds from

   divestitures and asset sales

 

 

 

 

 

 

 

 

(8

)

 

 

46,039

 

 

 

(1,486

)

 

 

 

 

 

44,545

 

Payments to affiliates

 

 

(17,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,000

 

 

 

 

Net cash provided by investing activities

 

 

(17,000

)

 

 

 

 

 

(8

)

 

 

46,039

 

 

 

(1,486

)

 

 

17,000

 

 

 

44,545

 

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of Series A

   Preferred Stock

 

 

8,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,800

 

Proceeds from issuance of Common

   Stock

 

 

8,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,200

 

Payments from affiliates

 

 

 

 

 

 

 

 

 

 

 

(3,594

)

 

 

 

 

 

3,594

 

 

 

 

Net borrowings and repayments of

  debt

 

 

 

 

 

 

 

 

(25

)

 

 

(51,491

)

 

 

(166

)

 

 

 

 

 

(51,682

)

Other financing activities

 

 

 

 

 

 

 

 

 

 

 

(4,271

)

 

 

 

 

 

 

 

 

(4,271

)

Net cash used in financing

   activities

 

 

17,000

 

 

 

 

 

 

(25

)

 

 

(59,356

)

 

 

(166

)

 

 

3,594

 

 

 

(38,953

)

Net increase in cash and cash equivalents

   and restricted cash

 

 

 

 

 

 

 

 

 

 

 

4,992

 

 

 

1,801

 

 

 

 

 

 

6,793

 

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

 

$

 

 

$

 

 

$

 

 

$

60,445

 

 

$

3,115

 

 

$

 

 

$

63,560

 

 

Six Months Ended June 30, 2019

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash used in (provided by) operating activities

 

$

 

 

$

197

 

 

$

(21,647

)

 

$

28

 

 

$

(10,150

)

 

$

(31,572

)

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for acquisitions and capital

   expenditures, net of proceeds from

   divestitures and asset sales

 

 

 

 

 

(173

)

 

 

(3,216

)

 

 

(199

)

 

 

 

 

 

(3,588

)

Payments to affiliates

 

 

(57,500

)

 

 

 

 

 

 

 

 

 

 

 

57,500

 

 

 

 

Net cash used investing activities

 

 

(57,500

)

 

 

(173

)

 

 

(3,216

)

 

 

(199

)

 

 

57,500

 

 

 

(3,588

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments from affiliates

 

 

 

 

 

 

 

 

47,350

 

 

 

 

 

 

(47,350

)

 

 

 

Proceeds from issuance of redeemable convertible preferred units, net

 

 

57,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

57,500

 

Net borrowings and repayments of debt

 

 

 

 

 

(24

)

 

 

39,076

 

 

 

(148

)

 

 

 

 

 

38,904

 

Other financing activities

 

 

 

 

 

 

 

 

(17,437

)

 

 

 

 

 

 

 

 

(17,437

)

Net cash provided (used in) by financing activities

 

 

57,500

 

 

 

(24

)

 

 

68,989

 

 

 

(148

)

 

 

(47,350

)

 

 

78,967

 

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

 

 

 

 

 

 

 

 

44,126

 

 

 

(319

)

 

 

 

 

 

43,807

 

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

 

$

 

 

$

 

 

$

60,424

 

 

$

1,530

 

 

$

 

 

$

61,954