XML 53 R40.htm IDEA: XBRL DOCUMENT v3.20.2
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
9 Months Ended
Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEETS

 

September 30, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, excluding restricted cash

 

$

 

 

$

 

 

$

 

 

$

42,289

 

 

$

1,714

 

 

$

 

 

$

44,003

 

Restricted cash

 

 

 

 

 

 

 

 

 

 

 

20,601

 

 

 

 

 

 

 

 

 

20,601

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

32,109

 

 

 

 

 

 

 

 

 

32,109

 

Other current assets

 

 

 

 

 

 

 

 

3,659

 

 

 

61,050

 

 

 

12,850

 

 

 

 

 

 

77,559

 

Total current assets

 

 

 

 

 

 

 

 

3,659

 

 

 

156,049

 

 

 

14,564

 

 

 

 

 

 

174,272

 

Long-term accounts receivable

 

 

 

 

 

 

 

 

2,206

 

 

 

61,974

 

 

 

10,924

 

 

 

 

 

 

75,104

 

Cemetery and funeral home property and

   equipment

 

 

 

 

 

 

 

 

492

 

 

 

360,515

 

 

 

32,145

 

 

 

 

 

 

393,152

 

Merchandise trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

484,520

 

 

 

 

 

 

484,520

 

Perpetual care trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300,738

 

 

 

 

 

 

300,738

 

Deferred selling and obtaining costs

 

 

 

 

 

 

 

 

5,876

 

 

 

92,631

 

 

 

18,860

 

 

 

 

 

 

117,367

 

Intangible assets

 

 

 

 

 

 

 

 

 

 

 

63

 

 

 

55,314

 

 

 

 

 

 

55,377

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

23,262

 

 

 

2,620

 

 

 

 

 

 

25,882

 

Investments in and amounts due from

  affiliates eliminated upon consolidation

 

 

 

 

 

283,273

 

 

 

 

 

 

617,863

 

 

 

 

 

 

(901,136

)

 

 

 

Total assets

 

$

 

 

$

283,273

 

 

$

12,233

 

 

$

1,312,357

 

 

$

919,685

 

 

$

(901,136

)

 

$

1,626,412

 

Liabilities and Owners' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

228

 

 

 

76,640

 

 

 

1,727

 

 

 

 

 

 

78,595

 

Long-term debt, net of deferred financing costs

 

 

 

 

 

283,273

 

 

 

41,831

 

 

 

2,069

 

 

 

 

 

 

 

 

 

327,173

 

Deferred revenues

 

 

 

 

 

 

 

 

33,657

 

 

 

778,098

 

 

 

117,365

 

 

 

 

 

 

929,120

 

Perpetual care trust corpus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

300,738

 

 

 

 

 

 

300,738

 

Other long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

61,000

 

 

 

17,000

 

 

 

 

 

 

78,000

 

Investments in and amounts due to

  affiliates eliminated upon consolidation

 

 

87,214

 

 

 

87,214

 

 

 

189,021

 

 

 

325,104

 

 

 

533,661

 

 

 

(1,222,214

)

 

 

 

Total liabilities

 

 

87,214

 

 

 

370,487

 

 

 

264,737

 

 

 

1,242,911

 

 

 

970,491

 

 

 

(1,222,214

)

 

 

1,713,626

 

Owners' equity

 

 

(87,214

)

 

 

(87,214

)

 

 

(252,504

)

 

 

69,446

 

 

 

(50,806

)

 

 

321,078

 

 

 

(87,214

)

Total liabilities and owners' equity

 

$

 

 

$

283,273

 

 

$

12,233

 

 

$

1,312,357

 

 

$

919,685

 

 

$

(901,136

)

 

$

1,626,412

 

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 September 30, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

$

 

 

$

 

 

$

1,267

 

 

$

65,262

 

 

$

13,275

 

 

$

(2,948

)

 

$

76,856

 

Total costs and expenses

 

 

 

 

 

 

 

 

(2,334

)

 

 

(62,388

)

 

 

(11,871

)

 

 

2,948

 

 

 

(73,645

)

Net (loss) income from equity

   investment in subsidiaries

 

 

(7,857

)

 

 

1,689

 

 

 

(4,727

)

 

 

 

 

 

 

 

 

10,895

 

 

 

 

Interest expense

 

 

 

 

 

(9,546

)

 

 

(381

)

 

 

(1,971

)

 

 

(299

)

 

 

 

 

 

(12,197

)

(Loss) income from operations

   before income taxes

 

 

(7,857

)

 

 

(7,857

)

 

 

(6,175

)

 

 

903

 

 

 

1,105

 

 

 

10,895

 

 

 

(8,986

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

1,129

 

 

 

 

 

 

 

 

 

1,129

 

Net (loss) income

 

$

(7,857

)

 

$

(7,857

)

 

$

(6,175

)

 

$

2,032

 

 

$

1,105

 

 

$

10,895

 

 

$

(7,857

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2019

 

 

 

 

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

 

 

 

 

$

 

 

$

1,257

 

 

$

61,520

 

 

$

12,154

 

 

$

(1,780

)

 

$

73,151

 

Total costs and expenses

 

 

 

 

 

 

 

 

 

(3,336

)

 

 

(64,596

)

 

 

(13,440

)

 

 

1,780

 

 

 

(79,592

)

Other losses

 

 

 

 

 

 

 

 

 

 

 

 

(129

)

 

 

 

 

 

 

 

 

(129

)

Net loss from equity investment in

   subsidiaries

 

 

 

 

 

 

(42,652

)

 

 

(33,050

)

 

 

 

 

 

 

 

 

75,702

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

(12,486

)

 

 

(279

)

 

 

 

 

 

(12,765

)

Loss on impairment of goodwill

 

 

 

 

 

 

 

 

 

 

 

 

(24,206

)

 

 

(656

)

 

 

 

 

 

(24,862

)

Loss from operations

  before income taxes

 

 

 

 

 

 

(42,652

)

 

 

(35,129

)

 

 

(39,897

)

 

 

(2,221

)

 

 

75,702

 

 

 

(44,197

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

1,545

 

 

 

 

 

 

 

 

 

1,545

 

Net loss

 

 

 

 

 

$

(42,652

)

 

$

(35,129

)

 

$

(38,352

)

 

$

(2,221

)

 

$

75,702

 

 

$

(42,652

)

 

 

Nine Months Ended September 30, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

$

 

 

$

 

 

$

3,658

 

 

$

183,663

 

 

$

39,949

 

 

$

(8,462

)

 

$

218,808

 

Total costs and expenses

 

 

 

 

 

 

 

 

(9,306

)

 

 

(178,533

)

 

 

(37,907

)

 

 

8,462

 

 

 

(217,284

)

Gain on sale of businesses

 

 

 

 

 

 

 

 

 

 

 

31,120

 

 

 

 

 

 

 

 

 

31,120

 

Other losses

 

 

 

 

 

 

 

 

 

 

 

(2,169

)

 

 

 

 

 

 

 

 

(2,169

)

Net (loss) income from equity

   investment in subsidiaries

 

 

(2,768

)

 

 

23,663

 

 

 

4,460

 

 

 

 

 

 

 

 

 

(25,355

)

 

 

 

Interest expense

 

 

 

 

 

(26,431

)

 

 

(4,090

)

 

 

(5,167

)

 

 

(888

)

 

 

 

 

 

(36,576

)

(Loss) income from operations

   before income taxes

 

 

(2,768

)

 

 

(2,768

)

 

 

(5,278

)

 

 

28,914

 

 

 

1,154

 

 

 

(25,355

)

 

 

(6,101

)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

3,333

 

 

 

 

 

 

 

 

 

3,333

 

Net (loss) income

 

$

(2,768

)

 

$

(2,768

)

 

$

(5,278

)

 

$

32,247

 

 

$

1,154

 

 

$

(25,355

)

 

$

(2,768

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2019

 

 

 

 

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

 

 

 

 

 

$

 

 

$

4,260

 

 

$

187,021

 

 

$

36,354

 

 

$

(4,520

)

 

$

223,115

 

Total costs and expenses

 

 

 

 

 

 

 

 

 

(11,894

)

 

 

(197,511

)

 

 

(40,793

)

 

 

4,520

 

 

 

(245,678

)

Other losses

 

 

 

 

 

 

 

 

 

 

 

 

(1,475

)

 

 

(2,083

)

 

 

 

 

 

(3,558

)

Net loss from equity investment in

   subsidiaries

 

 

 

 

 

 

(94,405

)

 

 

(74,333

)

 

 

 

 

 

 

 

 

168,738

 

 

 

 

Interest expense

 

 

 

 

 

 

(4,241

)

 

 

(5,909

)

 

 

(24,311

)

 

 

(821

)

 

 

 

 

 

(35,282

)

Loss on debt extinguishment

 

 

 

 

 

 

(938

)

 

 

(1,441

)

 

 

(6,099

)

 

 

 

 

 

 

 

 

(8,478

)

Loss on impairment of goodwill

 

 

 

 

 

 

 

 

 

 

 

 

(24,206

)

 

 

(656

)

 

 

 

 

 

(24,862

)

Loss from operations before

   income taxes

 

 

 

 

 

 

(99,584

)

 

 

(89,317

)

 

 

(66,581

)

 

 

(7,999

)

 

 

168,738

 

 

 

(94,743

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

(4,841

)

 

 

 

 

 

 

 

 

(4,841

)

Net loss

 

 

 

 

 

$

(99,584

)

 

$

(89,317

)

 

$

(71,422

)

 

$

(7,999

)

 

$

168,738

 

 

$

(99,584

)

Condensed Consolidating Statement of Cash Flows

UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

 

Nine Months Ended September 30, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash provided by operating activities

 

$

 

 

$

 

 

$

76

 

 

$

31,745

 

 

$

2,486

 

 

$

(30,522

)

 

$

3,785

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for acquisitions and capital

   expenditures, net of proceeds from

   divestitures and asset sales

 

 

 

 

 

 

 

 

(38

)

 

 

45,438

 

 

 

(1,848

)

 

 

 

 

 

43,552

 

Payments to affiliates

 

 

(17,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,000

 

 

 

 

Net cash provided by investing activities

 

 

(17,000

)

 

 

 

 

 

(38

)

 

 

45,438

 

 

 

(1,848

)

 

 

17,000

 

 

 

43,552

 

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

 

 

 

 

 

 

 

 

 

 

 

(13,522

)

 

 

 

 

 

13,522

 

 

 

 

Net borrowings and repayments of

  debt

 

 

 

 

 

 

 

 

(38

)

 

 

(51,895

)

 

 

(238

)

 

 

 

 

 

(52,171

)

Other financing activities

 

 

 

 

 

 

 

 

 

 

 

(4,329

)

 

 

 

 

 

 

 

 

(4,329

)

Net cash used in financing

   activities

 

 

17,000

 

 

 

 

 

 

(38

)

 

 

(69,746

)

 

 

(238

)

 

 

13,522

 

 

 

(39,500

)

Net increase in cash and cash equivalents

   and restricted cash

 

 

 

 

 

 

 

 

 

 

 

7,437

 

 

 

400

 

 

 

 

 

 

7,837

 

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

 

$

 

 

$

 

 

$

 

 

$

62,890

 

 

$

1,714

 

 

$

 

 

$

64,604

 

 

Nine Months Ended September 30, 2019

 

Parent

 

 

Subsidiary

Issuer

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash used in (provided by) operating activities

 

$

 

 

$

212

 

 

$

(16,712

)

 

$

(105

)

 

$

(10,150

)

 

$

(26,755

)

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for acquisitions and capital

   expenditures, net of proceeds from

   divestitures and asset sales

 

 

 

 

 

(188

)

 

 

(4,158

)

 

 

(147

)

 

 

 

 

 

(4,493

)

Payments to affiliates

 

 

(57,500

)

 

 

 

 

 

 

 

 

 

 

 

57,500

 

 

 

 

Net cash used investing activities

 

 

(57,500

)

 

 

(188

)

 

 

(4,158

)

 

 

(147

)

 

 

57,500

 

 

 

(4,493

)

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

)

 

 

38,517

 

 

 

(148

)

 

 

 

 

 

38,345

 

Other financing activities

 

 

 

 

 

 

 

 

(18,649

)

 

 

 

 

 

 

 

 

(18,649

)

Net cash provided (used in) by financing activities

 

 

57,500

 

 

 

(24

)

 

 

67,218

 

 

 

(148

)

 

 

(47,350

)

 

 

77,196

 

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

 

 

 

 

 

 

 

 

46,348

 

 

 

(400

)

 

 

 

 

 

45,948

 

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

 

$

 

 

$

 

 

$

62,646

 

 

$

1,449

 

 

$

 

 

$

64,095