XML 67 R46.htm IDEA: XBRL DOCUMENT v3.21.1
SUPPLEMENTAL CONDENSED CONSOLIDATING FINANCIAL INFORMATION (Tables)
12 Months Ended
Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS

December 31, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, excluding

  restricted cash

 

$

 

 

$

 

 

$

 

 

$

37,560

 

 

$

1,684

 

 

$

 

 

$

39,244

 

Restricted cash

 

 

 

 

 

 

 

 

 

 

 

20,846

 

 

 

 

 

 

 

 

 

20,846

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

28,575

 

 

 

 

 

 

 

 

 

28,575

 

Other current assets

 

 

 

 

 

 

 

 

3,707

 

 

 

63,010

 

 

 

13,326

 

 

 

 

 

 

80,043

 

Total current assets

 

 

 

 

 

 

 

 

3,707

 

 

 

149,991

 

 

 

15,010

 

 

 

 

 

 

168,708

 

Long-term accounts receivable

 

 

 

 

 

 

 

 

2,085

 

 

 

62,283

 

 

 

10,933

 

 

 

 

 

 

75,301

 

Cemetery and funeral home property

  and equipment

 

 

 

 

 

 

 

 

452

 

 

 

350,802

 

 

 

31,768

 

 

 

 

 

 

383,022

 

Merchandise trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

501,453

 

 

 

 

 

 

501,453

 

Perpetual care trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

312,228

 

 

 

 

 

 

312,228

 

Deferred selling and obtaining costs

 

 

 

 

 

 

 

 

5,916

 

 

 

91,958

 

 

 

19,026

 

 

 

 

 

 

116,900

 

Intangible assets

 

 

 

 

 

 

 

 

 

 

 

45

 

 

 

55,049

 

 

 

 

 

 

55,094

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

19,667

 

 

 

2,590

 

 

 

 

 

 

22,257

 

Investments in and amounts due from

  affiliates eliminated upon consolidation

 

 

 

 

 

286,146

 

 

 

 

 

 

632,684

 

 

 

 

 

 

(918,830

)

 

 

 

Total assets

 

$

 

 

$

286,146

 

 

$

12,160

 

 

$

1,307,430

 

 

$

948,057

 

 

$

(918,830

)

 

$

1,634,963

 

Liabilities and Owners' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

 

 

 

 

 

 

 

245

 

 

 

50,300

 

 

 

1,585

 

 

 

 

 

 

52,130

 

Liabilities held for sale

 

 

 

 

 

 

 

 

 

 

 

23,406

 

 

 

 

 

 

 

 

 

23,406

 

Long-term debt, net of deferred financing costs

 

 

 

 

 

286,146

 

 

 

32,531

 

 

 

2,038

 

 

 

 

 

 

 

 

 

320,715

 

Deferred revenues

 

 

 

 

 

 

 

 

34,994

 

 

 

791,111

 

 

 

123,059

 

 

 

 

 

 

949,164

 

Perpetual care trust corpus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

312,228

 

 

 

 

 

 

312,228

 

Other long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

52,588

 

 

 

17,145

 

 

 

 

 

 

69,733

 

Investments in and amounts due to

  affiliates eliminated upon consolidation

 

 

92,413

 

 

 

92,413

 

 

 

202,924

 

 

 

318,677

 

 

 

544,814

 

 

 

(1,251,241

)

 

 

 

Total liabilities

 

 

92,413

 

 

 

378,559

 

 

 

270,694

 

 

 

1,238,120

 

 

 

998,831

 

 

 

(1,251,241

)

 

 

1,727,376

 

Owners' equity

 

 

(92,413

)

 

 

(92,413

)

 

 

(258,534

)

 

 

69,310

 

 

 

(50,774

)

 

 

332,411

 

 

 

(92,413

)

Total liabilities and owners' equity

 

$

 

 

$

286,146

 

 

$

12,160

 

 

$

1,307,430

 

 

$

948,057

 

 

$

(918,830

)

 

$

1,634,963

 

 

CONDENSED CONSOLIDATING BALANCE SHEET (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

 

 

 

 

 

 

 

 

 

 

 

136,695

 

 

 

 

 

 

 

 

 

136,695

 

Other current assets

 

 

 

 

 

 

 

 

3,497

 

 

 

60,487

 

 

 

11,531

 

 

 

 

 

 

75,515

 

Total current assets

 

 

 

 

 

 

 

 

3,497

 

 

 

252,635

 

 

 

12,845

 

 

 

 

 

 

268,977

 

Long-term accounts receivable

 

 

 

 

 

 

 

 

2,557

 

 

 

60,383

 

 

 

9,868

 

 

 

 

 

 

72,808

 

Cemetery and funeral home property

  and equipment

 

 

 

 

 

 

 

 

609

 

 

 

359,718

 

 

 

31,770

 

 

 

 

 

 

392,097

 

Merchandise trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

477,165

 

 

 

 

 

 

477,165

 

Perpetual care trusts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

314,400

 

 

 

 

 

 

314,400

 

Deferred selling and obtaining costs

 

 

 

 

 

 

 

 

5,654

 

 

 

86,983

 

 

 

18,047

 

 

 

 

 

 

110,684

 

Intangible assets

 

 

 

 

 

 

 

 

 

 

 

136

 

 

 

56,110

 

 

 

 

 

 

56,246

 

Other assets

 

 

 

 

 

 

 

 

 

 

 

24,424

 

 

 

2,567

 

 

 

 

 

 

26,991

 

Investments in and amounts due from

  affiliates eliminated upon consolidation

 

 

 

 

 

301,531

 

 

 

 

 

 

608,332

 

 

 

 

 

 

(909,863

)

 

 

 

Total assets

 

$

 

 

$

301,531

 

 

$

12,317

 

 

$

1,392,611

 

 

$

922,772

 

 

$

(909,863

)

 

$

1,719,368

 

Liabilities and Owners' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

 

 

 

 

 

 

 

161

 

 

 

53,726

 

 

 

1,466

 

 

 

 

 

 

55,353

 

Liabilities held for sale

 

 

 

 

 

 

 

 

 

 

 

101,704

 

 

 

 

 

 

 

 

 

101,704

 

Long-term debt, net of deferred financing costs

 

 

 

 

 

301,531

 

 

 

66,239

 

 

 

193

 

 

 

 

 

 

 

 

 

367,963

 

Deferred revenues

 

 

 

 

 

 

 

 

33,349

 

 

 

753,142

 

 

 

113,498

 

 

 

 

 

 

899,989

 

Perpetual care trust corpus

 

 

 

 

 

 

 

 

 

 

 

 

 

 

314,400

 

 

 

 

 

 

314,400

 

Other long-term liabilities

 

 

 

 

 

 

 

 

 

 

 

66,076

 

 

 

16,373

 

 

 

 

 

 

82,449

 

Investments in and amounts due to

  affiliates eliminated upon consolidation

 

 

102,490

 

 

 

102,490

 

 

 

183,611

 

 

 

367,770

 

 

 

527,639

 

 

 

(1,284,000

)

 

 

 

Total liabilities

 

 

102,490

 

 

 

404,021

 

 

 

283,360

 

 

 

1,342,611

 

 

 

973,376

 

 

 

(1,284,000

)

 

 

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

 

 

$

1,392,611

 

 

$

922,772

 

 

$

(909,863

)

 

$

1,719,368

 

 

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

 

Year Ended December 31, 2020

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

$

 

 

$

 

 

$

5,391

 

 

$

231,544

 

 

$

54,826

 

 

$

(12,222

)

 

$

279,539

 

Total costs and expenses

 

 

 

 

 

 

 

(12,042

)

 

 

(224,513

)

 

 

(51,994

)

 

 

12,222

 

 

 

(276,327

)

Other gains (losses), net

 

 

 

 

 

 

 

 

 

 

129

 

 

 

 

 

 

 

 

 

129

 

Net (loss) income from equity

  investment in subsidiaries

 

(8,359

)

 

 

25,768

 

 

 

3,137

 

 

 

 

 

 

 

 

 

(20,546

)

 

 

 

Interest expense

 

 

 

 

(34,127

)

 

 

(5,118

)

 

 

(5,102

)

 

 

(1,190

)

 

 

 

 

 

(45,537

)

(Loss) income from continuing

  operations before income taxes

 

(8,359

)

 

 

(8,359

)

 

 

(8,632

)

 

 

2,058

 

 

 

1,642

 

 

 

(20,546

)

 

 

(42,196

)

Income tax benefit

 

 

 

 

 

 

 

 

 

 

4,855

 

 

 

 

 

 

 

 

 

4,855

 

Net (loss) income from continuing

  operations

 

(8,359

)

 

 

(8,359

)

 

 

(8,632

)

 

 

6,913

 

 

 

1,642

 

 

 

(20,546

)

 

 

(37,341

)

Income from operations of

  discontinued businesses

 

 

 

 

 

 

 

 

 

 

28,982

 

 

 

 

 

 

 

 

 

28,982

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from discontinued

  operations

 

 

 

 

 

 

 

 

 

 

28,982

 

 

 

 

 

 

 

 

 

28,982

 

Net (loss) income

$

(8,359

)

 

$

(8,359

)

 

$

(8,632

)

 

$

35,895

 

 

$

1,642

 

 

$

(20,546

)

 

$

(8,359

)

 

 

Year Ended December 31, 2019

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Total revenues

$

 

 

$

 

 

$

5,041

 

 

$

210,059

 

 

$

49,068

 

 

$

(6,926

)

 

$

257,242

 

Total costs and expenses

 

 

 

 

 

 

 

(15,181

)

 

 

(235,048

)

 

 

(53,954

)

 

 

6,926

 

 

 

(297,257

)

Other gains (losses), net

 

 

 

 

 

 

 

(46

)

 

 

(5,568

)

 

 

(2,299

)

 

 

 

 

 

(7,913

)

Net loss from equity investment in

   subsidiaries

 

(151,942

)

 

 

(125,840

)

 

 

(120,653

)

 

 

 

 

 

 

 

 

398,435

 

 

 

 

Interest expense

 

 

 

 

(25,164

)

 

 

(10,505

)

 

 

(8,453

)

 

 

(1,124

)

 

 

 

 

 

(45,246

)

Loss on debt extinguishment

 

 

 

 

(938

)

 

 

(1,441

)

 

 

(6,099

)

 

 

 

 

 

 

 

 

(8,478

)

Loss on goodwill impairment

 

 

 

 

 

 

 

 

 

 

(24,206

)

 

 

(656

)

 

 

 

 

 

(24,862

)

Loss from continuing operations

  before income taxes

 

(151,942

)

 

 

(151,942

)

 

 

(142,785

)

 

 

(69,315

)

 

 

(8,965

)

 

 

398,435

 

 

 

(126,514

)

Income tax expense

 

 

 

 

 

 

 

 

 

 

(28,204

)

 

 

 

 

 

 

 

 

(28,204

)

Net loss from continuing operations

 

(151,942

)

 

 

(151,942

)

 

 

(142,785

)

 

 

(97,519

)

 

 

(8,965

)

 

 

398,435

 

 

 

(154,718

)

Income from operations of

  discontinued businesses

 

 

 

 

 

 

 

 

 

 

2,776

 

 

 

 

 

 

 

 

 

2,776

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from discontinued

  operations

 

 

 

 

 

 

 

 

 

 

2,776

 

 

 

 

 

 

 

 

 

2,776

 

Net loss

$

(151,942

)

 

$

(151,942

)

 

$

(142,785

)

 

$

(94,743

)

 

$

(8,965

)

 

$

398,435

 

 

$

(151,942

)

Condensed Consolidating Statement of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

Year Ended December 31, 2020

 

Parent

 

 

Partnership

 

 

CFS West Virginia

 

 

Guarantor

Subsidiaries

 

 

Non-

Guarantor

Subsidiaries

 

 

Eliminations

 

 

Consolidated

 

Net cash provided by operating activities

 

$

 

 

$

 

 

$

89

 

 

$

37,742

 

 

$

2,774

 

 

$

(39,245

)

 

$

1,360

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for capital expenditures, net of

   proceeds from divestitures

 

 

 

 

 

 

 

 

(38

)

 

 

53,115

 

 

 

(2,094

)

 

 

 

 

 

50,983

 

Payments to affiliates

 

 

(17,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,000

 

 

 

 

Net cash used in investing activities

 

 

(17,000

)

 

 

 

 

 

(38

)

 

 

53,115

 

 

 

(2,094

)

 

 

17,000

 

 

 

50,983

 

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments from affiliates

 

 

 

 

 

 

 

 

 

 

 

(22,245

)

 

 

 

 

 

22,245

 

 

 

 

Proceeds from issuance of Series A Preferred Stock

 

 

8,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,800

 

Proceeds from issuance of Common Stock

 

 

8,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,200

 

Net borrowings and repayments of debt

 

 

 

 

 

 

 

 

(51

)

 

 

(61,443

)

 

 

(310

)

 

 

 

 

 

(61,804

)

Other financing activities

 

 

 

 

 

 

 

 

 

 

 

(4,216

)

 

 

 

 

 

 

 

 

(4,216

)

Net cash used in financing activities

 

 

17,000

 

 

 

 

 

 

(51

)

 

 

(87,904

)

 

 

(310

)

 

 

22,245

 

 

 

(49,020

)

Net increase (decrease) in cash and cash

   equivalents and restricted cash

 

 

 

 

 

 

 

 

 

 

 

2,953

 

 

 

370

 

 

 

 

 

 

3,323

 

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

 

$

 

 

$

 

 

$

 

 

$

58,406

 

 

$

1,684

 

 

$

 

 

$

60,090

 

 

 

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 capital expenditures, net of

  proceeds from divestitures

 

 

 

 

 

 

 

 

(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