Business Segments

12 Months Ended

Dec. 31, 2019

Business Segments

Business Segments

17. Business Segments

We manage our operations on an individual park location basis, including operations from parks owned, managed and branded. Discrete financial information is maintained for each park and provided to our corporate management for review and as a basis for decision making. The primary performance measures used to allocate resources is Park EBITDA (defined as park-related operating earnings, excluding the impact of interest, taxes, depreciation, amortization and any other non-cash income or expenditures). Substantially all of our parks provide similar products and services through a similar process to the same class of customer through a consistent method. We also believe that the parks share common economic characteristics. Based on these factors, we have only one reportable segment - parks.

The following table presents segment financial information and a reconciliation of net income to Park EBITDA. Park level expenses exclude all non-cash operating expenses, principally depreciation and amortization and all non-operating expenses.

	Year Ended December 31,
(Amounts in thousands)	2019		2018		2017
Net income	$	219,818	$	316,003	$	313,026
Interest expense, net		113,302		107,243		99,010
Income tax expense		91,942		95,855		16,026
Depreciation and amortization		118,230		115,693		111,671
Corporate expenses (excluding stock-based compensation)		54,301		48,679		52,105
Stock-based compensation		13,274		(46,684)		(22,697)
Non-operating park level expense, net:
Loss on disposal of assets		2,162		1,879		3,959
Loss on debt extinguishment, net		6,484		—		37,116
Other expense, net		2,542		3,508		271
Park EBITDA	$	622,055	$	642,176	$	610,487

All of our owned or managed parks are located in the United States with the exception of two parks in Mexico and one park in Montreal, Canada. We also have revenue and expenses related to the development of Six Flags-branded parks outside of North America. The following information reflects our long-lived assets (which consists of property and equipment, intangible assets and right-of-use assets), revenues and income before income taxes by domestic and foreign categories as of or for the years ended December 31, 2019, 2018 and 2017:

	Domestic		Foreign		Total
As of or for the year ended December 31, 2019
Long-lived assets	$	2,347,578	$	142,376	$	2,489,954
Revenues		1,370,367		117,216		1,487,583
Income before income taxes		297,752		14,008		311,760
As of or for the year ended December 31, 2018
Long-lived assets	$	2,160,970	$	101,359	$	2,262,329
Revenues		1,335,787		127,920		1,463,707
Income before income taxes		383,875		27,983		411,858
As of or for the year ended December 31, 2017
Long-lived assets	$	2,121,157	$	98,635	$	2,219,792
Revenues		1,240,018		119,056		1,359,074
Income before income taxes		301,322		27,730		329,052