Cover
Cover | Aug. 08, 2024 |
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 08, 2024 |
Entity Registrant Name | Six Flags Entertainment Corporation/NEW |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-42157 |
Entity Tax Identification Number | 93-4097909 |
Entity Address, Address Line One | 8701 Red Oak Blvd. |
Entity Address, City or Town | Charlotte |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28217 |
City Area Code | 704 |
Local Phone Number | 414-4700 |
Written Communications | true |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, $0.01 par value per share |
Trading Symbol | FUN |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Central Index Key | 0001999001 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jul. 02, 2023 |
Current assets: | |||
Cash and cash equivalents | $ 441,241 | $ 77,585 | $ 51,580 |
Accounts receivable, net | 88,060 | 62,660 | 93,077 |
Inventories | 41,380 | 31,624 | 43,172 |
Prepaid expenses and other current assets | 90,421 | 80,897 | 84,808 |
Total current assets | 661,102 | 252,766 | 272,637 |
Property and equipment, net: | |||
Property and equipment, at cost | 2,797,650 | 2,733,094 | 2,666,636 |
Accumulated depreciation | (1,467,779) | (1,447,861) | (1,410,480) |
Total property and equipment, net | 1,329,871 | 1,285,233 | 1,256,156 |
Goodwill | 659,618 | 659,618 | 659,618 |
Intangible assets, net of accumulated amortization of $318, $306 and $295 as of June 30, 2024, December 31, 2023 and July 2, 2023, respectively | 344,129 | 344,141 | 344,153 |
Right-of-use operating leases, net | 141,598 | 134,857 | 154,182 |
Other assets, net | 30,514 | 34,859 | 26,847 |
Total assets | 3,166,832 | 2,711,474 | 2,713,593 |
Current liabilities: | |||
Accounts payable | 61,545 | 27,235 | 54,174 |
Accrued compensation, payroll taxes and benefits | 22,824 | 18,957 | 21,571 |
Self-insurance reserves | 64,767 | 64,605 | 68,633 |
Accrued interest payable | 36,425 | 28,704 | 33,216 |
Other accrued liabilities | 199,078 | 73,087 | 79,959 |
Deferred revenue | 191,365 | 127,556 | 176,811 |
Short-term borrowings | 205,000 | 180,000 | 169,000 |
Current portion of long-term debt | 56,867 | 56,867 | 0 |
Short-term lease liabilities | 10,769 | 10,514 | 11,730 |
Total current liabilities | 848,640 | 587,525 | 615,094 |
Noncurrent liabilities: | |||
Long-term debt | 2,489,596 | 2,128,612 | 2,183,325 |
Long-term lease liabilities | 167,335 | 155,335 | 163,950 |
Other long-term liabilities | 23,236 | 27,263 | 29,077 |
Deferred income taxes | 171,117 | 189,700 | 172,849 |
Total liabilities | 3,699,924 | 3,088,435 | 3,164,295 |
Redeemable noncontrolling interests | 544,234 | 520,998 | 544,764 |
Stockholders' deficit: | |||
Preferred stock, $1.00 par value | 0 | 0 | 0 |
Common stock, $0.025 par value, 280,000,000 shares authorized; 84,327,731, 84,124,014 and 83,464,774 shares issued and outstanding at June 30, 2024, December 31, 2023 and July 2, 2023, respectively | 2,117 | 2,112 | 2,086 |
Capital in excess of par value | 1,136,698 | 1,131,208 | 1,124,950 |
Accumulated deficit | (2,141,711) | (1,961,603) | (2,049,907) |
Accumulated other comprehensive loss, net of tax | (74,430) | (69,676) | (72,595) |
Total stockholders' deficit | (1,077,326) | (897,959) | (995,466) |
Total liabilities and stockholders' deficit | $ 3,166,832 | $ 2,711,474 | $ 2,713,593 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jul. 02, 2023 |
Statement of Financial Position [Abstract] | |||
Accumulated amortization of intangible assets | $ 318 | $ 306 | $ 295 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 |
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 |
Common stock, shares authorized (in shares) | 280,000,000 | 280,000,000 | 280,000,000 |
Common stock, shares issued (in shares) | 84,327,731 | 84,124,014 | 83,464,774 |
Common stock, shares outstanding (in shares) | 84,327,731 | 84,124,014 | 83,464,774 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Total revenues | $ 438,493 | $ 443,707 | $ 571,784 | $ 585,897 |
Operating expenses (excluding depreciation and amortization shown separately below) | 185,830 | 173,669 | 299,785 | 282,539 |
Selling, general and administrative expenses (including stock-based compensation of $2,762 and $2,179 in 2024 and 2023, respectively, and excluding depreciation and amortization shown separately below) | 60,388 | 90,448 | 102,905 | 134,695 |
Costs of products sold | 34,509 | 34,787 | 45,632 | 44,552 |
Depreciation and amortization | 28,621 | 28,910 | 58,121 | 58,024 |
Loss on disposal of assets | 6,446 | 2,550 | 7,840 | 4,985 |
Operating income | 122,699 | 113,343 | 57,501 | 61,102 |
Interest expense, net | 40,793 | 43,495 | 82,593 | 79,797 |
Loss on debt extinguishment | 2,736 | 13,982 | 2,736 | 13,982 |
Other (income) expense, net | 5,714 | (2,261) | 4,674 | (3,093) |
Income (loss) before income taxes | 73,456 | 58,127 | (32,502) | (29,584) |
Income tax expense (benefit) | 14,830 | 13,807 | (8,402) | (4,045) |
Net income (loss) | 58,626 | 44,320 | (24,100) | (25,539) |
Less: Net income attributable to noncontrolling interests | (24,499) | (23,766) | (24,499) | (23,766) |
Net income (loss) attributable to Former Six Flags Entertainment Corporation | $ 34,127 | $ 20,554 | $ (48,599) | $ (49,305) |
Weighted-average common shares outstanding: | ||||
Basic (in shares) | 84,294 | 83,379 | 84,229 | 83,293 |
Diluted (in shares) | 84,713 | 83,796 | 84,229 | 83,293 |
Earnings (loss) per average common share outstanding: | ||||
Basic (in dollars per share) | $ 0.40 | $ 0.25 | $ (0.58) | $ (0.59) |
Diluted (in dollars per share) | $ 0.40 | $ 0.25 | $ (0.58) | $ (0.59) |
Park admissions | ||||
Total revenues | $ 228,230 | $ 238,963 | $ 299,031 | $ 315,266 |
Park food, merchandise and other | ||||
Total revenues | 195,280 | 190,792 | 249,677 | 243,578 |
Sponsorship, international agreements and accommodations | ||||
Total revenues | $ 14,983 | $ 13,952 | $ 23,076 | $ 27,053 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Income Statement [Abstract] | ||||
Total stock-based compensation | $ 2,762 | $ 2,179 | $ 5,109 | $ 5,493 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net loss | $ 58,626 | $ 44,320 | $ (24,100) | $ (25,539) | ||||
Other comprehensive loss, net of tax | ||||||||
Foreign currency translation adjustment | (3,965) | [1] | (1,481) | [1] | (3,543) | [2] | (565) | [2] |
Defined benefit retirement plan | 219 | [3] | 175 | [3] | 382 | [4] | 351 | [4] |
Change in cash flow hedging | (987) | [5] | (595) | [5] | (1,593) | [6] | (1,186) | [6] |
Other comprehensive loss, net of tax | (4,733) | (1,901) | (4,754) | (1,400) | ||||
Comprehensive income (loss) | 53,893 | 42,419 | (28,854) | (26,939) | ||||
Less: Comprehensive income attributable to noncontrolling interests | (24,499) | (23,766) | (24,499) | (23,766) | ||||
Comprehensive income (loss) attributable to Former Six Flags Entertainment Corporation | $ 29,394 | $ 18,653 | $ (53,353) | $ (50,705) | ||||
[1] Foreign currency translation adjustment is presented net of tax benefit of $1.3 million and $0.2 million for the three months ended June 30, 2024 and July 2, 2023, respectively. Foreign currency translation adjustment is presented net of tax benefit of $1.2 million and $0.1 million for the six months ended June 30, 2024 and July 2, 2023, respectively. Defined benefit retirement plan is presented net of tax expense of a nominal amount for the three months ended June 30, 2024 and net of tax expense of $0.1 million for the three months ended July 2, 2023. Defined benefit retirement plan is presented net of tax expense of $0.1 million for the six months ended June 30, 2024 and July 2, 2023, respectively. Change in fair value of cash flow hedging is presented net of tax benefit of $0.4 million and $0.2 million for the three months ended June 30, 2024 and July 2, 2023, respectively. Change in fair value of cash flow hedging is presented net of tax benefit of $0.6 million and $0.4 million for the six months ended June 30, 2024 and July 2, 2023. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustment, tax benefit | $ 1.3 | $ 0.2 | $ 1.2 | $ 0.1 |
Defined benefit retirement plan, tax expense | 0 | 0.1 | 0.1 | 0.1 |
Change in cash flow hedging, tax benefit | $ 0.4 | $ 0.2 | $ 0.6 | $ 0.4 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Deficit - USD ($) $ in Thousands | Total | Common stock | Capital in excess of par value | Accumulated deficit | Accumulated other comprehensive loss | |
Beginning balance (in shares) at Jan. 01, 2023 | 83,178,294 | |||||
Beginning balance at Jan. 01, 2023 | $ (950,565) | $ 2,079 | $ 1,119,222 | $ (2,000,671) | $ (71,195) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 273,469 | |||||
Issuance of common stock | (1) | $ 6 | (7) | |||
Stock-based compensation | 5,493 | 5,493 | ||||
Payment of tax withholdings on equity-based compensation through shares withheld (in shares) | (9,161) | |||||
Payment of tax withholdings on equity-based compensation through shares withheld | (241) | (241) | ||||
Employee stock purchase plan (in shares) | 22,172 | |||||
Employee stock purchase plan | 484 | $ 1 | 483 | |||
Fresh start valuation adjustment for partnership park units purchased | 69 | 69 | ||||
Net income (loss) attributable to Former Six Flags Entertainment Corporation | (49,305) | (49,305) | ||||
Net other comprehensive loss, net of tax | (1,400) | (1,400) | ||||
Ending balance (in shares) at Jul. 02, 2023 | 83,464,774 | |||||
Ending balance at Jul. 02, 2023 | (995,466) | $ 2,086 | 1,124,950 | (2,049,907) | (72,595) | |
Beginning balance (in shares) at Apr. 02, 2023 | 83,279,300 | |||||
Beginning balance at Apr. 02, 2023 | (1,016,713) | $ 2,082 | 1,122,429 | (2,070,530) | (70,694) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 168,809 | |||||
Issuance of common stock | (1) | $ 3 | (4) | |||
Stock-based compensation | 2,179 | 2,179 | ||||
Payment of tax withholdings on equity-based compensation through shares withheld (in shares) | (5,507) | |||||
Payment of tax withholdings on equity-based compensation through shares withheld | (137) | (137) | ||||
Employee stock purchase plan (in shares) | 22,172 | |||||
Employee stock purchase plan | 484 | $ 1 | 483 | |||
Fresh start valuation adjustment for partnership park units purchased | 69 | 69 | ||||
Net income (loss) attributable to Former Six Flags Entertainment Corporation | 20,554 | 20,554 | ||||
Net other comprehensive loss, net of tax | (1,901) | (1,901) | ||||
Ending balance (in shares) at Jul. 02, 2023 | 83,464,774 | |||||
Ending balance at Jul. 02, 2023 | (995,466) | $ 2,086 | 1,124,950 | (2,049,907) | (72,595) | |
Beginning balance (in shares) at Dec. 31, 2023 | 84,124,014 | |||||
Beginning balance at Dec. 31, 2023 | (897,959) | $ 2,112 | 1,131,208 | (1,961,603) | (69,676) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 190,318 | |||||
Issuance of common stock | 121 | $ 5 | 116 | |||
Stock-based compensation | 5,109 | 5,109 | ||||
Dividends declared to common shareholders | [1] | (131,658) | (131,658) | |||
Payment of tax withholdings on equity-based compensation through shares withheld (in shares) | (4,598) | |||||
Payment of tax withholdings on equity-based compensation through shares withheld | (121) | (121) | ||||
Employee stock purchase plan (in shares) | 17,997 | |||||
Employee stock purchase plan | 386 | 386 | ||||
Fresh start valuation adjustment for partnership park units purchased | 149 | 149 | ||||
Net income (loss) attributable to Former Six Flags Entertainment Corporation | (48,599) | (48,599) | ||||
Net other comprehensive loss, net of tax | (4,754) | (4,754) | ||||
Ending balance (in shares) at Jun. 30, 2024 | 84,327,731 | |||||
Ending balance at Jun. 30, 2024 | (1,077,326) | $ 2,117 | 1,136,698 | (2,141,711) | (74,430) | |
Beginning balance (in shares) at Mar. 31, 2024 | 84,274,760 | |||||
Beginning balance at Mar. 31, 2024 | (978,359) | $ 2,116 | 1,133,551 | (2,044,329) | (69,697) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 34,994 | |||||
Issuance of common stock | 1 | $ 1 | ||||
Stock-based compensation | 2,762 | 2,762 | ||||
Dividends declared to common shareholders | [2] | (131,658) | (131,658) | |||
Payment of tax withholdings on equity-based compensation through shares withheld (in shares) | (20) | |||||
Payment of tax withholdings on equity-based compensation through shares withheld | (1) | (1) | ||||
Employee stock purchase plan (in shares) | 17,997 | |||||
Employee stock purchase plan | 386 | 386 | ||||
Fresh start valuation adjustment for partnership park units purchased | 149 | 149 | ||||
Net income (loss) attributable to Former Six Flags Entertainment Corporation | 34,127 | 34,127 | ||||
Net other comprehensive loss, net of tax | (4,733) | (4,733) | ||||
Ending balance (in shares) at Jun. 30, 2024 | 84,327,731 | |||||
Ending balance at Jun. 30, 2024 | $ (1,077,326) | $ 2,117 | $ 1,136,698 | $ (2,141,711) | $ (74,430) | |
[1] In accordance with the Merger Agreement, Former Six Flags declared a special dividend in the amount of $1.53 per share of Former Six Flags' common stock. The special dividend was declared on June 18, 2024 to stockholders of record as of June 28, 2024 and paid on July 1, 2024. The total dividends payable is included in other accrued liabilities as of June 30, 2024 in the condensed consolidated balance sheet. In accordance with the Merger Agreement, Former Six Flags declared a special dividend in the amount of $1.53 per share of Former Six Flags' common stock. The special dividend was declared on June 18, 2024 to stockholders of record as of June 28, 2024 and paid on July 1, 2024. The total dividends payable is included in other accrued liabilities as of June 30, 2024 in the condensed consolidated balance sheet. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders Deficit (Parenthetical) | Jun. 18, 2024 $ / shares |
Statement of Stockholders' Equity [Abstract] | |
Special dividend declared (in dollars per share) | $ 1.53 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities: | |||||
Net loss | $ 58,626 | $ 44,320 | $ (24,100) | $ (25,539) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 28,621 | 28,910 | 58,121 | 58,024 | |
Stock-based compensation | 5,109 | 5,493 | |||
Interest accretion on notes payable | 392 | 511 | |||
Loss on debt extinguishment | 2,736 | 13,982 | 2,736 | 13,982 | |
Amortization of debt issuance costs | 2,453 | 2,889 | |||
Loss on disposal of assets | 6,446 | 2,550 | 7,840 | 4,985 | |
Deferred income tax benefit | (19,150) | (7,467) | |||
Other | 3,108 | (5,573) | |||
Changes in operating assets and liabilities: | |||||
Increase in accounts receivable - trade | (24,467) | (42,233) | |||
Increase in inventories, prepaid expenses and other current assets | (18,779) | (25,480) | |||
(Increase) decrease in other assets | (783) | 1,315 | |||
(Increase) decrease in ROU operating leases | (7,995) | 5,614 | |||
Increase in accounts payable, deferred revenue and accrued liabilities and other long-term liabilities | 97,123 | 104,717 | |||
(Decrease) increase in operating lease liabilities | 11,748 | (1,340) | |||
(Decrease) increase in accrued interest payable | 7,721 | (5,269) | |||
Net cash provided by operating activities | 101,077 | 84,629 | |||
Cash flows from investing activities: | |||||
Additions to property and equipment | (114,049) | (68,130) | |||
Property insurance recoveries | 0 | 1,089 | |||
Proceeds from sale of assets | 227 | 0 | |||
Net cash used in investing activities | (113,822) | (67,041) | |||
Cash flows from financing activities: | |||||
Repayment of borrowings | (734,000) | (1,028,623) | |||
Proceeds from borrowings | 1,130,000 | 998,984 | |||
Payment of debt issuance costs | (14,930) | (19,294) | |||
Payment of tax withholdings on equity-based compensation through shares withheld | (121) | (241) | |||
Reduction in finance lease liability | (571) | (498) | |||
Purchase of redeemable noncontrolling interest | (1,114) | (328) | |||
Net cash provided by (used in) financing activities | 379,264 | (50,000) | |||
Effect of exchange rate on cash | (2,863) | 3,870 | |||
Net increase (decrease) in cash and cash equivalents | 363,656 | (28,542) | |||
Cash and cash equivalents at beginning of period | 77,585 | 80,122 | $ 80,122 | ||
Cash and cash equivalents at end of period | $ 441,241 | $ 51,580 | 441,241 | 51,580 | $ 77,585 |
Supplemental cash flow information | |||||
Cash paid for interest | 75,651 | 83,031 | |||
Cash paid for income taxes | $ 7,559 | $ 6,892 |
General - Basis of Presentation
General - Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
General - Basis of Presentation | General — Basis of Presentation On July 1, 2024, Former Six Flags Entertainment Corporation completed the Mergers (as defined below) with Cedar Fair L.P. As part of the transaction, the new Company (the "Combined Company") has continued use of the Six Flags Entertainment Corporation name. These financial statements refer only to the performance of Six Flags Entertainment Corporation ("Holdings", "Former Six Flags") prior to the Mergers. Former Six Flags owned and operated regional theme parks and water parks. Of the 27 parks Former Six Flags owned or operated, 24 parks were located in the United States, two were located in Mexico, and one was located in Montreal, Canada. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed, or omitted, pursuant to the rules and regulations of the SEC for quarterly filings. Former Six Flags current fiscal year would have ended on December 29, 2024. These financial statements cover the period January 1, 2024 – June 30, 2024 (“the six months ended June 30, 2024”) and the period March 31, 2024 – June 30, 2024 (“the three months ended June 30, 2024”). The comparison period in the prior year covers the dates January 2, 2023 – July 2, 2023 (“the six months ended July 2, 2023”) and the period April 3, 2023 – July 2, 2023 (“the three months ended July 2, 2023”). The Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Annual Report") includes additional information about Former Six Flags, its operations and its financial position, and should be referred to in conjunction with these financial statements. The information furnished in these financial statements reflects all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the results for the periods presented. Results of operations for the three and six months ended June 30, 2024, are not indicative of the results expected for the full year. The operations of Former Six Flags are highly seasonal, with approximately 70% - 75% of park attendance and revenues in a typical year occurring in the second and third calendar quarters of each year, with the most significant period falling between Memorial Day and Labor Day. Revision of Previously Issued Financial Statements During the third quarter of 2023, Former Six Flags identified an accounting error for the stock-based compensation expense related to the recognition of expense for dividend equivalent rights ("DERs"). The error primarily related to the inadvertent reversal of stock-based compensation expense for vested DERs for periods beginning in the first quarter of 2020 through the fourth quarter of 2022. The error was assessed and it was concluded that it was not material to any prior periods. However, the aggregate amount of the error would have been material to the condensed consolidated financial statements in the current period. Therefore, this report contains revised issued financial information that differs from what had been reported previously. Refer to Note 10 - Revision to Previously Reported Financial Information for additional information. Merger with Cedar Fair L.P. On July 1, 2024, Former Six Flags completed the previously announced merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of November 2, 2023, by and among the Former Six Flags, Cedar Fair, L.P. (“Cedar Fair”), CopperSteel HoldCo, Inc. (“HoldCo”), and CopperSteel Merger Sub, LLC (“Copper Merger Sub”). Pursuant to the Merger Agreement, (i) Copper Merger Sub was merged with and into Cedar Fair (the “Cedar Fair First Merger”), with Cedar Fair continuing as the surviving entity (the “Cedar Fair Surviving Entity”) and a direct subsidiary of HoldCo, (ii) the Cedar Fair Surviving Entity was subsequently merged with and into HoldCo (the “Cedar Fair Second Merger” and together with the Cedar Fair First Merger, the “Cedar Fair Mergers”), with HoldCo continuing as the surviving corporation, and (iii) Former Six Flags merged with and into HoldCo (the “Six Flags Merger” and together with the Cedar Fair Mergers, the “Mergers”), with HoldCo continuing as the surviving corporation. Upon the consummation of the Mergers, the separate legal existences of Copper Merger Sub, Cedar Fair and Former Six Flags ceased, and HoldCo changed its name to “Six Flags Entertainment Corporation.” Capitalized terms used herein but not otherwise defined have the meaning set forth in the Merger Agreement. Upon completion of the Mergers, subject to certain exceptions, each issued and outstanding share of common stock, par value $0.025 per share of Former Six Flags common stock (the “Former Six Flags Common Stock”) (excluding (a) any shares of Former Six Flags Common Stock held in treasury of Former Six Flags and (b) any restricted Former Six Flags Common Stock subject to vesting or other transfer restrictions, granted under the Former Six Flags Long Term Incentive Plan (which equity awards were converted into a number of restricted shares of HoldCo Common Stock based on the Former Six Flags Exchange Ratio, as further described below)) was converted into the right to receive 0.5800 shares of HoldCo Common Stock (the “Former Six Flags Exchange Ratio”), together with cash in lieu of fractional shares of HoldCo Common Stock, without interest. As previously announced, on June 18, 2024, Former Six Flags declared a special dividend (the “Special Dividend”), payable to holders of record of common stock as of the close of business one Business Day prior to the Closing Date, June 28, 2024 who hold their shares through the Closing Date, with a per share amount of $1.53, which is equal to (a) $1.00 plus (b) the product (rounded up to the nearest whole cent) of (i) the Former Six Flags Exchange Ratio and (ii) the aggregate amount of distributions per unit declared or paid by Cedar Fair with respect to a Cedar Fair Unit with a record date following November 2, 2023 and prior to the Closing Date, after giving effect to appropriate adjustments to reflect the Mergers, which distributions per Cedar Fair Unit were $0.90 in the aggregate. The payment of the Special Dividend was completed on July 1, 2024. On the Closing Date, each of Former Six Flags equity awards was converted into a corresponding award relating to shares of HoldCo Common Stock, with the number of shares of HoldCo Common Stock subject to such converted award based on the Former Six Flags Exchange Ratio. Converted equity awards remain outstanding and subject to the same terms and conditions as applied under the applicable plans and award agreements immediately prior to the Closing Date (except that (i) performance-based awards were converted based on the greater of target and actual performance and will not be subject to future performance-based vesting conditions (but remain subject to service-based vesting conditions) and (ii) all converted awards are subject to vesting protections for qualifying terminations that occur within a period of 24 months following the Closing Date). Any outstanding deferred share units were settled on the Closing Date in shares of HoldCo Common Stock based on the Former Six Flags Exchange Ratio. All of the equity awards are eligible for payment of the Special Dividend; provided, that such amount will not be paid until such time as the underlying Former Six Flags equity award, as converted, becomes vested or settled pursuant to its terms (if at all). a. Consolidated U.S. GAAP Presentation Former Six Flags accounting policies reflect industry practices and conform to U.S. GAAP. The unaudited condensed consolidated financial statements include Former Six Flags accounts and the accounts of Former Six Flags' wholly owned subsidiaries. Former Six Flags also consolidated the partnerships that own Six Flags Over Texas ("SFOT") and Six Flags Over Georgia (including Six Flags White Water Atlanta) ("SFOG", and together with SFOT, the "Partnership Parks") in the unaudited condensed consolidated financial statements contained in this report, as Former Six Flags has determined that it has the power to direct the activities of the Partnership Parks that most significantly impact their economic performance and also the obligation to absorb losses and receive benefits from the Partnership Parks that can be potentially significant to these entities. The equity interests owned by non-affiliated parties in the Partnership Parks are reflected in the accompanying unaudited condensed consolidated balance sheets as redeemable noncontrolling interests. b. Income Taxes Former Six Flags recorded a valuation allowance of $95.3 million, $93.6 million and $98.1 million as of June 30, 2024, December 31, 2023, and July 2, 2023, respectively, due to uncertainties related to the ability to use some of the deferred tax assets, primarily consisting of certain state net operating loss and other tax carryforwards, before they expire. The valuation allowance is based on the estimates of taxable income by jurisdiction in which Former Six Flags operated and the period over which the deferred tax assets are recoverable. Former Six Flags projected taxable income over the foreseeable future indicates the Combined Company will be able to use all of the federal net operating loss carryforwards before they expire. Former Six Flags classified interest and penalties attributable to income taxes as part of income tax expense. For the fiscal periods ended June 30, 2024, December 31, 2023, and July 2, 2023, the expense recognized for interest and penalties was not material. c. Goodwill and Intangibles As of June 30, 2024, the fair value of Former Six Flags' single reporting unit exceeded its carrying amount. Former Six Flags had one reporting unit at the same level for which its common stock was traded and management believes that market capitalization is the best indicator of the reporting unit’s fair value. As of June 30, 2024, no triggering events were identified that would require a full quantitative analysis to be performed. d. Long-Lived Assets Former Six Flags reviewed long-lived assets, including finite-lived intangible assets subject to amortization, for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the asset or group of assets may not be recoverable, “triggering event(s)”. Recoverability of assets to be held and used is measured by comparing the carrying amount of the asset or group of assets to the projected future net cash flows expected to be generated by the asset or group of assets. If such assets are not determined to be fully recoverable, any impairment to be recognized is measured by the amount by which the carrying amount of the asset or group of assets exceeds its respective estimated fair value. Assets held-for-sale are reported at the lower of the carrying amount or fair value less costs to sell. As of June 30, 2024, Former Six Flags did not identify any triggering events that would require a quantitative analysis. e. Earnings Per Common Share Former Six Flags incurred a net loss for the six months ended June 30, 2024 and July 2, 2023. Therefore, for the six month periods, diluted shares outstanding equaled basic shares outstanding for purposes of determining loss per common share because their inclusion would be antidilutive. Earnings (loss) per common share for the three and six months ended June 30, 2024 and July 2, 2023, was calculated as follows: Three Months Ended Six Months Ended (Amounts in thousands, except per share data) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Net income (loss) attributable to Former Six Flags Entertainment Corporation $ 34,127 $ 20,554 $ (48,599) $ (49,305) Weighted-average common shares outstanding - basic: 84,294 83,379 84,229 83,293 Effect of dilutive stock options and restricted stock units 419 417 — — Weighted-average common shares outstanding - diluted: 84,713 83,796 84,229 83,293 Earning (loss) earnings per share - basic: $ 0.40 $ 0.25 $ (0.58) $ (0.59) Earning (loss) earnings per share - diluted: $ 0.40 $ 0.25 $ (0.58) $ (0.59) The computation of diluted earnings per share excluded the effect of 1,094,000 and 1,578,000 antidilutive stock options and restricted stock units for the three months ended June 30, 2024, and July 2, 2023, respectively, and excluded the effect of 1,052,000 and 1,550,000 antidilutive stock options and restricted stock units for the six months ended June 30, 2024, and July 2, 2023, respectively. f. Stock Benefit Plans Pursuant to the Former Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), Former Six Flags could grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, deferred stock units, performance stock units, performance and cash-settled awards and dividend equivalent rights ("DERs") to select employees, officers, directors and consultants. Periodically, Former Six Flags granted performance stock units to key employees. These awards vested based on attainment of specific performance targets most often related to Adjusted EBITDA or revenue over a defined period. As of June 30, 2024, Former Six Flags has not determined that it is probable that Former Six Flags would achieve any of the performance targets associated with its outstanding performance units, and therefore, expense has not been recognized for these awards. Upon closing of the Merger on July 1, 2024, in accordance with the provisions of the Merger agreement, all outstanding performance units were converted to Restricted Stock Units ("RSUs") or reissued as performance units of the Combined Company, in accordance with the Merger Agreement. During the three and six months ended June 30, 2024 and July 2, 2023, stock-based compensation expense was comprised of the following: Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Long-term incentive plan $ 2,616 $ 2,123 $ 4,938 $ 5,407 Employee stock purchase plan 146 56 171 86 Total stock-based compensation $ 2,762 $ 2,179 $ 5,109 $ 5,493 g. Accounts Receivable, Net Accounts receivable are reported at net realizable value and consist primarily of amounts due from guests for the sale of group outings and multi-use admission products that allow for payment plans, such as season passes, annual passes, memberships and the Six Flags Plus pass. Former Six Flags was not exposed to a significant concentration of credit risk; however, based on the age of receivables, historical experience and other factors and assumptions management believe to be customary and reasonable, Former Six Flags recorded an allowance for doubtful accounts. As of June 30, 2024, December 31, 2023, and July 2, 2023, Former Six Flags recorded an allowance for doubtful accounts of $11.6 million, $4.2 million, and $9.3 million, respectively, which is primarily comprised of estimated payment defaults under the Six Flags Plus pass and other multi-use admission products for which payment plans are offered. To the extent that payments for products for which an allowance for doubtful accounts is established have not been recognized in revenue, the allowance recorded is offset with a corresponding reduction in deferred revenue. h. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is evaluating the effect of the new standards on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes, requiring more granular disclosure of the components of income taxes. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. Management is evaluating the effect of the new standards on the consolidated financial statements and related disclosures. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenues are recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration Former Six Flags expected to be entitled to in exchange for those goods or services. Sales and other taxes that are collected concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The following tables present revenues disaggregated by contract duration for the three and six month periods ended June 30, 2024 and July 2, 2023, respectively. Long-term and short-term contracts consist of contracts with customers with terms greater than one year and less than or equal to one year, respectively. Three Months Ended June 30, 2024 (Amounts in thousands) Park Admissions Park Food, Merchandise and Other Sponsorship, International Agreements and Accommodations Total Long-term contracts $ 21,045 $ 3,312 $ 8,613 $ 32,970 Short-term contracts and other (1) 207,185 191,968 6,370 405,523 Total revenues $ 228,230 $ 195,280 $ 14,983 $ 438,493 Three Months Ended July 2, 2023 (Amounts in thousands) Park Admissions Park Food, Merchandise and Other Sponsorship, International Agreements and Accommodations Total Long-term contracts $ 12,066 $ 1,423 $ 6,807 $ 20,296 Short-term contracts and other (1) 226,897 189,369 7,145 423,411 Total revenues $ 238,963 $ 190,792 $ 13,952 $ 443,707 Six Months Ended June 30, 2024 (Amounts in thousands) Park Admissions Park Food, Merchandise and Other Sponsorship, International Agreements and Accommodations Total Long-term contracts $ 34,920 $ 4,368 $ 10,572 $ 49,860 Short-term contracts and other (1) 264,111 245,309 12,504 521,924 Total revenues $ 299,031 $ 249,677 $ 23,076 $ 571,784 Six Months Ended July 2, 2023 (Amounts in thousands) Park Admissions Park Food, Merchandise and Other Sponsorship, International Agreements and Accommodations Total Long-term contracts $ 16,927 $ 1,963 $ 13,570 $ 32,460 Short-term contracts and other (1) 298,339 241,615 13,483 553,437 Total revenues $ 315,266 $ 243,578 $ 27,053 $ 585,897 ______________________________________ (1) Other revenues primarily include sales of single-use tickets and short-term transactional sales for which Former Six Flags has the right to invoice. Long-term Contracts As of December 31, 2023, $89.2 million of unearned revenue associated with outstanding long-term contracts was reported in "Deferred revenue," of which $44.4 million and $48.8 million was recognized as revenue for long-term contracts during the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the total unearned amount of revenue for remaining long-term contract performance obligations was $67.8 million. As of January 1, 2023, $33.5 million of unearned revenue associated with outstanding long-term contracts was reported in "Deferred revenue," of which $8.6 million and $20.8 million was recognized as revenue for long-term contracts during the three and six months ended July 2, 2023, respectively. As of July 2, 2023, the total unearned amount of revenue for remaining long-term contract performance obligations was $27.5 million. As of June 30, 2024, Former Six Flags expected to recognize estimated revenue for partially or wholly unsatisfied performance obligations on long-term contracts of approximately $54.5 million in the remainder of 2024, $7.9 million in 2025, $5.5 million in 2026, $4.5 million in 2027, and $9.6 million in 2028 and thereafter. |
Long-Term Indebtedness
Long-Term Indebtedness | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Indebtedness | Long-Term Indebtedness Credit Facility As of June 30, 2024, Former Six Flags credit facility consisted of a $500.0 million revolving credit facility (the “Revolving Credit Facility”) as Former Six Flags repaid the $479.0 million Tranche B Term Loan facility (the “Term Loan B”) with the proceeds from the 2032 Notes (as detailed below). The Revolving Credit Facility and the Term Loan B together constitute the amended and restated credit facility that was entered into in May 2023 (the “Credit Facility”). As of June 30, 2024, available borrowing capacity under the Revolving Credit Facility was $274.0 million after reducing the facility by $205.0 million borrowings outstanding and $21.0 million of outstanding letters of credit. As of December 31, 2023 and July 2, 2023, $180.0 million and $169.0 million was drawn, respectively, under the Revolving Credit Facility were outstanding (excluding amounts reserved for letters of credit in the amount of $21.0 million). Interest on the Revolving Credit Facility accrues at an annual rate of SOFR, plus a Term SOFR Adjustment of 0.10%, plus an applicable margin with an unused commitment fee based on the senior secured leverage ratio. As of June 30, 2024, the Revolving Credit Facility had an interest rate of 8.66%. As of June 30, 2024, the Revolving Credit Facility unused commitment fee was 0.500%. The Revolving Credit Facility matures in May 2028. As of December 31, 2023 and July 2, 2023, $479.0 million was outstanding in each period under the Term Loan B. The Term Loan B was terminated in connection with the Mergers. 2024 Notes, 2025 Notes, 2027 Notes, 2031 Notes and 2032 Notes In June 2016, Former Six Flags issued $300.0 million of 4.875% senior unsecured notes due 2024 and, in April 2017, issued an additional $700.0 million of senior unsecured notes due 2024 (together, the “2024 Notes”). During March of 2020, Former Six Flags prepaid $50.5 million of the outstanding 2024 Notes principal, reducing the outstanding amount to $949.5 million. On April 26, 2023, Former Six Flags commenced a cash tender offer (the “Tender Offer”) for any and all outstanding 2024 Notes. The consideration offered for each $1,000 principal amount of the 2024 Notes was $1,000.50 (the “Purchase Price”), plus accrued and unpaid interest. On May 3, 2023, Former Six Flags repaid $892.6 million, or 94.0% of the aggregate principal amount of the 2024 Notes that were tendered in the offering. The remainder of the 2024 Notes was paid on July 31, 2024 by the Combined Company. In April 2017, Former Six Flags issued $500.0 million of 5.50% senior notes due 2027 (the "2027 Notes"). In April 2020, Former Six Flags' subsidiary Six Flags Theme Parks (“SFTP”) issued $725.0 million of 7.00% senior secured notes due 2025 (the “2025 Notes”). On July 1, 2022, Former Six Flags prepaid $360.0 million of the 2025 Notes at a premium of 103.5%. The transaction reduced the outstanding amount of the 2025 Notes to $365.0 million. On May 3, 2023, Former Six Flags completed the private sale of the 2031 Notes at an offering price of 99.248% of the principal amount thereof. Net of the original issuance discount and debt issuance costs, Former Six Flags received net proceeds of $784.0 million. Also, on May 3, 2023, Former Six Flags announced that $892.6 million, or 94.0% of the aggregate principal amount of the 2024 Notes were validly tendered pursuant to the Tender Offer. Net cash proceeds from the 2031 Notes, together with other available cash, including borrowings under the Revolving Credit Facility, were used to pay the Purchase Price, plus accrued and unpaid interest. Former Six Flags incurred a $14.0 million loss on debt extinguishment comprised of $1.0 million for the premium paid above par and $13.0 million of costs charged to expense on debt modification which were recognized during the six months ended July 2, 2023. On May 2, 2024, SFTP issued $850.0 million of 6.625% Senior Secured Notes due 2032 (the "2032 Notes"). Net of debt issuance costs, Former Six Flags received proceeds of $843.6 million. Former Six Flags used the proceeds from the 2032 Notes toward (i) the repayment in full of the principal amount outstanding under the existing Term Loan B of $479.0 million (ii) repayment of the then outstanding borrowings under the Revolving Credit Facility of $235.0 million and (iii) general corporate purposes. Additionally, on May 2, 2024, Former Six Flags delivered to the trustee of the 2025 Notes a notice of redemption to repay $165.0 million of aggregate principal at par value on July 1, 2024. In connection with the repayment of the Term Loan B, Former Six Flags recognized a $2.7 million loss on debt extinguishment resulting from the write-off of unamortized original issue discount and deferred financing costs. On July 1, 2024, the Combined Company repaid $165.0 million of the 2025 Notes. As of June 30, 2024, $56.9 million of the 2024 Notes, $365.0 million of the 2025 Notes, $500.0 million of the 2027 Notes, $800.0 million of the 2031 Notes and $850.0 million of the 2032 Notes, were issued and outstanding. Interest payments of $1.4 million for the 2024 Notes are due semi-annually on January 31 and July 31 of each year. Following the repayment of $360 million of the 2025 Notes, interest payments of $12.7 million for the 2025 Notes are due semi-annually on January 1 and July 1 each year. Interest payments of $13.8 million for the 2027 Notes are due semi-annually on April 15 and October 15 of each year. Interest payments of $29.0 million for the 2031 Notes are due semi-annually on May 15 and November 15 of each year. For the 2032 Notes, an interest payment of $28.3 million is due on November 1, 2024, and $28.2 million is due semi-annually on May 15, and November 15 of each year, thereafter. Long-Term Indebtedness Summary As of June 30, 2024, December 31, 2023, and July 2, 2023, the principal balance of Former Six Flags' long-term debt consisted of the following: As of (Amounts in thousands) June 30, 2024 December 31, 2023 July 2, 2023 Term Loan B $ — $ 479,000 $ 479,000 Revolving Credit Facility 205,000 180,000 169,000 2024 Notes 56,867 56,867 56,867 2025 Notes 365,000 365,000 365,000 2027 Notes 500,000 500,000 500,000 2031 Notes 800,000 800,000 800,000 2032 Notes 850,000 — — Net discount (5,355) (6,167) (6,580) Deferred financing costs (20,049) (9,221) (10,962) Total debt $ 2,751,463 $ 2,365,479 $ 2,352,325 Less current portion of long-term debt 56,867 56,867 — Less short-term borrowings 205,000 180,000 169,000 Total long-term debt $ 2,489,596 $ 2,128,612 $ 2,183,325 Fair-Value of Long-Term Indebtedness As of June 30, 2024, December 31, 2023, and July 2, 2023, the fair value of Former Six Flags' long-term debt was $2,772.7 million, $2,374.7 million and $2,298.7 million, respectively. Assumption of Debt Upon Completion of the Mergers On the Closing Date and in connection with the Mergers, HoldCo, Canada’s Wonderland Company (“Canada’s Wonderland”), Magnum Management Corporation (“Magnum Management”), Millennium Operations LLC (“Millennium” and, together with Canada’s Wonderland and Magnum Management, the “Cedar Fair Co-Issuers”), the other former subsidiaries of Cedar Fair (excluding the Cedar Fair Co-Issuers, collectively, the “Cedar Fair Subsidiary Guarantors”) that guarantee indebtedness under the HoldCo credit agreement, dated May 1, 2024, as amended (the “HoldCo Credit Agreement”), U.S. Bank Trust Company, National Association (“U.S. Bank”) and SFTP, as applicable, entered into supplemental indentures (collectively, the “Supplemental Indentures”) to (i) the 2024 Notes, (ii) 2027 Notes, (iii) 2025 Notes, (iv) 2031 Notes and (v) the 2032 Notes. Pursuant to the Supplemental Indentures, (a) HoldCo assumed all of Former Six Flags’ obligations under the Former Six Flags Indentures and the notes issued thereunder, (b) each of the Cedar Fair Subsidiary Guarantors agreed to fully and unconditionally guarantee the notes issued under the Former Six Flags Indentures and (c) each of the Cedar Fair Co-Issuers became a co-issuer of the 2032 Notes and agreed to fully and unconditionally guarantee each other series of notes issued under the Former Six Flags Indentures. In connection with the execution of the supplemental indentures for the 2032 Notes and the 2025 Notes, the Cedar Fair Co-Issuers and the Cedar Fair Subsidiary Guarantors entered into certain security agreements, pursuant to which they granted a first priority security interest in substantially all of their assets (subject to certain exceptions) to secure the 2032 Notes and the 2025 Notes. In addition, on the Closing Date and in connection with the Mergers, (i) HoldCo assumed all of Cedar Fair’s obligations under its 5.375% Senior Notes due 2027, its 6.50% Senior Notes due 2028 and its 5.25% Senior Notes due 2029 (collectively, the “Cedar Fair Notes”) and the related indentures (the “Cedar Fair Indentures”) and (ii) SFTP and the other former subsidiaries of Former Six Flags agreed to fully and unconditionally guarantee the Cedar Fair Notes, in each case by entering into certain supplemental indentures to the Cedar Fair Indentures. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in the composition of Accumulated Other Comprehensive Loss ("AOCL") during the six months ended June 30, 2024, were as follows: (Amounts in thousands) Cumulative Translation Adjustment Cash Flow Hedges Defined Benefit Plans Income Taxes Accumulated Other Comprehensive Loss Balances at December 31, 2023 $ (30,009) $ 2,160 $ (37,334) $ (4,493) $ (69,676) Net current period change (4,717) — — 1,174 (3,543) Amounts reclassified from AOCI — (2,160) 443 506 (1,211) Balances at June 30, 2024 $ (34,726) $ — $ (36,891) $ (2,813) $ (74,430) Reclassifications out of AOCL during the three and six months ended June 30, 2024 and July 2, 2023: Reclassification of (Gain) Loss from AOCL into Earnings Three Months Ended Six Months Ended Component of AOCI Location of Reclassification into Income (Loss) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Amortization of gain on interest rate hedge Interest expense, net $ (1,354) $ (792) $ (2,160) $ (1,579) Income tax expense 367 197 567 393 Net of tax $ (987) $ (595) $ (1,593) $ (1,186) Amortization of deferred actuarial loss and prior service cost Operating expenses $ 226 $ 234 $ 443 $ 468 Income tax benefit (7) (58) (61) (116) Net of tax $ 219 $ 176 $ 382 $ 352 Total reclassifications $ (768) $ (419) $ (1,211) $ (834) |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Former Six Flags held interest rate swap agreements that mitigate the risk of an increase in the effective interest rate on the Term Loan B. Former Six Flags entered into derivative contracts for risk management purposes only and did not utilize derivative instruments for trading or speculative purposes. As such, in conjunction with the repayment of a portion of the Term Loan B in April 2020, certain of the interest rate swap agreements were de-designated because the hedged interest was no longer probable to occur. Derivative assets and derivative liabilities that have maturity dates equal to or less than twelve months from the balance sheet date are included in “Prepaid expenses and other current assets” and “Other accrued liabilities,” respectively. Derivative assets and derivative liabilities that have maturity dates greater than twelve months from the balance sheet date are included in “Other assets, net” and “Other long-term liabilities,” respectively. On March 24, 2022, Former Six Flags terminated the August 2019 Swap Agreements for net cash proceeds of $7.4 million. The swap agreements were used as economic hedges against rising interest rates and had been designated as cash flow hedges prior to termination. Former Six Flags recorded the settle ment in accumulated other comprehensive income in the amount of $7.7 million which was scheduled to be amortized through September 2024, the maturity date of the Term Loan B. On May 2, 2024, Former Six Flags repaid the remaining $479.0 million on the Term Loan B, resulting in the immediate recognition of the unamortized gain in interest expense, totaling $1.1 million. See additional detail regarding the repayment of the Term Loan B in Note 3 - Long-Term Indebtedness . On June 26, 2024, Former Six Flags terminated the two remaining interest rate swaps for cash payments totaling $1.8 million and de-recognized the associated derivative asset and liability positions. The net of the cash settlement and de-recognition of the derivative asset and liability positions was $0.7 million, which was recognized as interest expense during the three months and six months ended June 30, 2024. Derivative assets recorded at fair value in an asset position as well as their classification on the unaudited condensed consolidated balance sheets as of June 30, 2024, December 31, 2023, and July 2, 2023: Derivative Assets (Amounts in thousands) June 30, 2024 December 31, 2023 July 2, 2023 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements — prepaid expenses and other current assets $ — $ 3,156 $ 3,631 Interest rate swap agreements — other assets, net — 2,262 3,984 $ — $ 5,418 $ 7,615 Derivative liabilities recorded at fair value in the unaudited condensed consolidated balance sheets as of June 30, 2024, December 31, 2023, and July 2, 2023: Derivative Liabilities (Amounts in thousands) June 30, 2024 December 31, 2023 July 2, 2023 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements — other accrued liabilities $ — $ 4,047 $ 4,535 Interest rate swap agreements — other long-term liabilities — 3,302 5,382 $ — $ 7,349 $ 9,917 Gains and losses on derivatives not designated as hedging instruments are recognized in “Interest expense, net” in the condensed consolidated statements of operations, and were not material for the three and six months ended June 30, 2024 and July 2, 2023. Gains and losses before taxes on derivatives designated as hedging instruments that were recognized in “Interest expense, net” in the condensed consolidated statements of operations for the three and six months ended June 30, 2024, and July 2, 2023, were as follows: Three Months Ended June 30, 2024 and July 2, 2023 Gain (Loss) Gain (Loss) Reclassified from (Amounts in thousands) 2024 2023 2024 2023 Interest rate swap agreements $ — $ — $ 1,356 $ 792 Total $ — $ — $ 1,356 $ 792 Six Months Ended June 30, 2024 and July 2, 2023 Gain (Loss) Gain (Loss) Reclassified from (Amounts in thousands) 2024 2023 2024 2023 Interest rate swap agreements $ — $ — $ 2,162 $ 1,579 Total $ — $ — $ 2,162 $ 1,579 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Partnership Parks Former Six Flags has guaranteed the obligations of the general partners of those partnerships to (i) make minimum annual distributions (including rent) of approximately $88.5 million in 2024 (subject to cost of living adjustments) to the limited partners in the Partnership Parks (based on Former Six Flags' ownership of units as of June 30, 2024, Former Six Flags' share of the distribution will be approximately $39.5 million) and (ii) make minimum capital expenditures at each of the Partnership Parks during rolling five-year periods, based generally on 6.0% of the Partnership Parks’ revenues. Pursuant to the 2024 annual offer to purchase limited partnership units tendered by the unit holders (the "Partnership Park Put") in May 2024, Former Six Flags purchased .269 limited partnership units of the Georgia Partnership for $1.1 million and .005 units of the Texas Partnership for a nominal amount. As Former Six Flags purchases additional units, Former Six Flags is entitled to a proportionate increase in its share of the minimum annual distributions. The agreed price for units tendered in the Partnership Park Put is based on a valuation of each of the respective Partnership Parks (the "Specified Price") that is the greater of (a) a valuation for each of the respective Partnership Parks derived by multiplying such park’s weighted average four-year EBITDA (as defined in the agreements that govern the partnerships) by a specified multiple (8.0 in the case of SFOG and 8.5 in the case of SFOT) and (b) a valuation derived from the highest prices previously offered for the units of the Partnership Parks by certain entities. In light of the temporary suspension of operations of the parks due to the COVID-19 pandemic in March 2020, which would have caused the value of the Partnership Park units to decrease in 2021 and thereafter, Former Six Flags adjusted the annual offer to purchase these units to set a minimum price floor for all future purchases. Pursuant to the new minimum price floor, the Specified Price for the Partnership Parks, if determined as of June 30, 2024, is $409.7 million in the case of SFOG and $527.4 million in the case of SFOT. As of June 30, 2024, Former Six Flags owned approximately 31.8% and 54.1% of the Georgia limited partner interests and Texas limited partner interests, respectively. The obligations with respect to SFOG and SFOT will continue until 2027 and 2028, respectively. In January 2027 with respect to the Georgia Partnership and in January 2028 with respect to the Texas Partnership, Former Six Flags will have the option (each the "End-of-Term Option") to require the redemption of all the limited partnership units Former Six Flags does not then own in the Partnerships. To exercise the End-of-Term Option, the Combined Company must give the Georgia Partnership notice of its exercise no later than December 31, 2024, and the Combined Company must give the Texas Partnership notice of its exercise no later than December 31, 2025. If the End-of-Term Option is not exercised, the parties may decide to renew and extend the arrangements relating to the Partnership Parks. Alternatively, if the End-of-Term Option is not exercised, the Partnership Park entities may be sold and the proceeds applied to redeem the outstanding interests in the Georgia Partnership and Texas Partnership, as applicable. If the End-of-Term Option is exercised, the price offered, and required to be accepted by the holders' of the limited units the Combined Company does not then own would, is based on the agreed upon value of the partnerships included in the original agreements, multiplied by the change in the Consumer Price Index ("CPI") between the beginning and end of the agreement. The agreements for the Georgia Partnership and Texas Partnership began in 1997 and 1998, respectively. The agreed-upon value for the partnerships when the agreements were executed was $250.0 million and $374.8 million for SFOG and SFOT, respectively. As of December 31, 2023, the agreed-upon value, as adjusted for CPI, would be $483.5 million and $712.7 million for SFOG and SFOT, respectively. The agreed-upon values, if determined as of December 31, 2023, multiplied by the 68.5% and 45.9% of units held by the limited partner for SFOG and SFOT respectively, represent $330.9 million and $332.6 million that would be required to be paid to the limited partner of SFOG and SFOT, respectively if the End-of-Option Term were to be exercised. The agreed-upon value of the End-of-Term Option will be further adjusted by CPI until the end of each respective agreement. The decision to exercise, or not exercise, the End-of-Term Option for either of SFOT or SFOG will ultimately be made based on numerous factors, including prevailing macro-economic and industry conditions and the cost and availability of financing to fund the purchase. Former Six Flags incurred $26.0 million of capital expenditures at the Partnership Parks during the 2023 season and expected to incur approximately $25.0 million to $30.0 million of capital expenditures at these parks for the 2024 season, an amount in excess of the minimum required expenditure. Cash flows from operations at the Partnership Parks will be used to satisfy the annual distribution and capital expenditure requirements, before any funds are required from Former Six Flags. The Partnership Parks generated approximately $16.0 million of cash in 2023, after deduction of capital expenditures and excluding the impact of short-term intercompany advances from or payments to Former Six Flags. Following the completion of the Mergers on July 1, 2024, the arrangements with the Partnership Parks were assumed by the Combined Company. Redeemable noncontrolling interests represent the non-affiliated parties’ share of the assets of the Partnership Parks that are less than wholly-owned: SFOT, SFOG and Six Flags White Water Atlanta, which is owned by the partnership that owns SFOG. As of June 30, 2024, redeemable noncontrolling interests of the SFOG and SFOT partnerships were $291.2 million and $253.0 million, respectively. (Amounts in thousands) SFOT SFOG Total Balance at December 31, 2023 $ 240,797 $ 280,201 $ 520,998 Purchase of redeemable units (11) (1,103) (1,114) Fresh start accounting fair market value adjustment for purchased units (2) (147) (149) Net income attributable to noncontrolling interests 12,241 12,258 24,499 Distributions to noncontrolling interests — — — Balance at June 30, 2024 $ 253,025 $ 291,209 $ 544,234 The redemption value of the noncontrolling partnership units in SFOG and SFOT as of June 30, 2024, was approximately $279.1 million and $240.8 million, respectively. Insurance Former Six Flags maintained insurance of the types and in amounts that management believes are commercially reasonable and that are available to businesses in the industry. The majority of the current insurance policies expire on December 31, 2024. Former Six Flags generally renegotiates the insurance policies on an annual basis. Former Six Flags cannot predict the level of the premiums that it may be required to pay for subsequent insurance coverage, the level of any self-insurance retention applicable thereto, the level of aggregate coverage available or the availability of coverage for specific risks. Self-Insurance Reserves Self-insurance reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon claims data history, actuarially determined loss development factors and certain other qualitative considerations. Former Six Flags maintained self-insurance reserves for healthcare, auto, general liability, and workers’ compensation claims. Former Six Flags' self-insurance reserves were periodically reviewed for changes in facts and circumstances and adjustments made as necessary. During the second quarter of 2023, an actuarial analysis of the general liability and worker's compensation self-insurance reserves resulted in a change in estimate that increased the ultimate loss indications on both identified claims and IBNR claims. The determination to undertake such an actuarial analysis resulted from greater than previously estimated reserve adjustments on identified claims during the quarter as well as an observed pattern of increasing litigation and settlement costs. As a result of this actuarial analysis, Former Six Flags revised certain key actuarial assumptions utilized in determining estimated ultimate losses, including loss development factors. The change in estimate resulted in an increase to "selling, general and administrative expense" on the condensed consolidated financial statements of operations of $37.6 million during the three and six months ended July 2, 2023. Total accrued self-insurance reserves were $64.8 million, $64.6 million and $68.6 million as of June 30, 2024, December 31, 2023 and July 2, 2023, respectively. Legal Proceedings While certain legal proceedings and related indemnification obligations to which Former Six Flags are a party specify the amounts claimed, these claims may not represent reasonably possible losses. Except as noted below, given the inherent uncertainties of litigation, the ultimate outcome of these matters cannot be predicted at this time, nor can the amount of possible loss or range of loss, if any, be reasonably estimated, except in circumstances where an aggregate litigation accrual has been recorded for probable and reasonably estimable loss contingencies. A determination of the amount of accrual required, if any, for these contingencies is made after careful analysis of each matter. The required accrual may change in the future due to new information or developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. Putative Securities Class Action Lawsuit In February 2020, two putative securities class action complaints were filed against Holdings and certain of its former executive officers (collectively, the “defendants”) in the U.S. District Court for the Northern District of Texas. On March 2, 2020, the two cases were consolidated in an action captioned Electrical Workers Pension Fund Local 103 I.B.E.W. v. Six Flags Entertainment Corp., et al. , Case No. 4:20-cv-00201-P (N.D. Tex.) (the “Electrical Workers litigation”), and an amended complaint was filed on March 20, 2020. On May 8, 2020, Oklahoma Firefighters Pension and Retirement System (“Oklahoma Firefighters”) and Electrical Workers Pension Fund Local 103 I.B.E.W. were appointed as lead plaintiffs, Bernstein Litowitz Berger & Grossman LLP was appointed as lead counsel, and McKool Smith PC was appointed as liaison counsel. On July 2, 2020, lead plaintiffs filed a consolidated complaint. The consolidated complaint alleges, among other things, that the defendants made materially false or misleading statements or omissions regarding the Company’s business, operations and growth prospects, specifically with respect to the development of its Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd., in violation of the federal securities laws. The consolidated complaint seeks an unspecified amount of compensatory damages and other relief on behalf of a putative class of purchasers of Holdings’ publicly traded common stock during the period between April 24, 2018 and February 19, 2020. On August 3, 2020, defendants filed a motion to dismiss the consolidated complaint. On March 3, 2021, the district court granted defendants’ motion, dismissing the complaint in its entirety and with prejudice. On August 25, 2021, Co-Lead Plaintiff Oklahoma Firefighters filed a notice of appeal to the U.S. Court of Appeals for the Fifth Circuit (“the Fifth Circuit”) from the district court’s decisions granting defendants’ motion to dismiss, denying plaintiffs’ motion to amend or set aside judgment, and denying plaintiffs’ motion for leave to file a supplemental brief. The appeal was fully briefed as of December 15, 2021, and oral argument was held on March 7, 2022. On January 18, 2023, the Fifth Circuit reversed the dismissal and remanded the case to the district court for further proceedings. On February 9, 2023, the Fifth Circuit mandate issued to the district court. On March 7, 2023, the district court entered a scheduling order governing pre-trial proceedings. On April 18, 2023, Oklahoma Firefighters filed a motion for leave to file an amended complaint that would add a new named plaintiff, remove former Co-Lead Plaintiff Electrical Workers Pension Fund Local 103 I.B.E.W., and modify the case caption. On May 2, 2023, defendants filed an opposition to that motion and a motion for judgment on the pleadings. On June 2, 2023, the district court granted defendants’ motion for judgment on the pleadings, dismissing the case with prejudice, and denied Oklahoma Firefighters’ motions. On June 30, 2023, plaintiffs filed a notice of appeal to the Fifth Circuit from the district court’s decisions. The appeal was fully briefed as of December 4, 2023, and oral argument was held on March 4, 2024. On April 18, 2024, the Fifth Circuit reversed the dismissal and remanded the case to the district court. On May 31, 2024, the district court entered a scheduling order setting the case for trial on December 8, 2025. The parties are currently engaged in discovery. The court has ordered the parties to mediate before August 21, 2024. The court has ordered the parties to mediate before August 21, 2024. The company is vigorously defending against the claims in this proceeding. The outcome of this litigation is inherently uncertain, and any loss or range of loss that may arise from this matter cannot be reasonably estimated. Stockholder Derivative Lawsuits On February 16, 2023, a putative stockholder derivative lawsuit was filed on behalf of nominal defendant Holdings by John Hancock in Texas state court against certain of its former executive officers and directors (the “individual defendants”) in an action captioned Hancock v. Roedel, et al., Case No. 348-340304-23 (348th Dist. Ct., Tarrant Cty., Tex.). Plaintiff refers to and makes many of the same allegations as are set forth in the Electrical Workers litigation, claiming that, among other things, the individual defendants caused Former Six Flags to make false and misleading statements and omissions about the status of construction of Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd. Plaintiff asserts breach of fiduciary duty and unjust enrichment claims. Plaintiff seeks an unspecified amount of monetary damages and equitable relief including, but not limited to, disgorgement. On September 7, 2023, the individual defendants and the Company filed a motion to stay pending resolution of a duplicative federal derivative action, captioned Dela Cruz v. Reid-Anderson, et al, Case No. 3:23-CV-0396-D (N.D. Tex), and described below. On September 15, 2023, the court granted the motion to stay and ordered the action stayed until 30 days after a ruling by the federal court on the motions to dismiss pending in Dela Cruz v. Reid-Anderson. On March 6, 2024, the parties jointly stipulated to stay the action pending resolution of the appeal in Dela Cruz v. Reid-Anderson, which the court approved. On July 8, 2024, Plaintiff filed a Notice of Nonsuit Without Prejudice, which the court ordered on July 9, 2024. On February 22, 2023, a putative stockholder derivative lawsuit was filed on behalf of nominal defendant Holdings by Antonio Dela Cruz in in the U.S. District Court for the Northern District of Texas against certain of its current and former executive officers and directors (the “individual defendants”) in an action captioned Cruz v. Reid-Anderson, et al., Case No. 3:23-CV-0396-D (N.D. Tex.). Plaintiff refers to and makes many of the same allegations as are set forth in the Electrical Workers litigation, claiming that, among other things, the individual defendants caused Former Six Flags to make false and misleading statements and omissions about the status of construction of Former Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd. Plaintiff asserts contribution, breach of fiduciary duty, and unjust enrichment claims. Plaintiff seeks an unspecified amount of monetary damages and equitable relief including, but not limited to, disgorgement. On September 12, 2023, Former Six Flags and the individual defendants filed motions to dismiss the amended complaint. On January 12, 2024, the district court granted defendants' motions, dismissing the complaint in its entirety and with prejudice. On February 7, 2024, Plaintiffs filed a Notice of Appeal of the district court's decision. The appeal was fully briefed as of May 29, 2024. On July 2, 2024, Plaintiff filed an Unopposed Motion to Withdraw Appeal. On July 8, 2024, the Fifth Circuit dismissed the appeal. Wage and Hour Class Action Lawsuits Former Six Flags and/or certain of its consolidated subsidiaries are named defendants in various lawsuits generally alleging violations of federal and/or state laws regulating wage and hour pay. Plaintiffs in these lawsuits seek monetary damages, including unpaid wages, statutory penalties, and/or attorneys’ fees and costs. Regardless of the merits of particular suits, litigation may be expensive, time-consuming, disruptive to Former Six Flags' operations and distract management from the operation of the business. In recognition of these impacts on the business, Former Six Flags may enter into settlement agreements or other arrangements to settle litigation and resolve such disputes. No assurance can be given that such agreements can be obtained on acceptable terms or at all, or that litigation will not occur. These agreements may also significantly increase Former Six Flags operating expenses. The outcomes of these lawsuits are inherently uncertain, and Former Six Flags cannot reasonably estimate any loss or range of loss that may arise from these matters in excess of the amounts that Former Six Flags has recognized for these lawsuits, which amounts are not material to the consolidated financial statements. Personal Injury Lawsuit On November 18, 2021, the Texas Judicial Panel on Multidistrict Litigation consolidated numerous lawsuits filed against Six Flags Splashtown, LLC d/b/a Six Flags Hurricane Harbor Splashtown asserting claims arising from an alleged chemical vapor release on July 17, 2021, at Six Flags Splashtown. Certain plaintiffs have also named unaffiliated third parties as additional defendants. The consolidated multidistrict litigation is captioned In re Six Flags Splashtown Litigation (Master File No. 2021-77214), and is pending in the 295th Judicial District Court in Harris County, Texas. Plaintiffs are seeking compensatory and punitive damages. On April 14, 2023, Six Flags Splashtown settled with 421 plaintiffs, including all bellwether plaintiffs set for trial on April 17, 2023, for an immaterial amount. On September 22, 2023, Six Flags Splashtown settled with 55 additional plaintiffs, including the bellwether plaintiffs set for trial on January 15, 2024, for an immaterial amount. From March to May 2024, Six Flags Splashtown settled with all remaining plaintiffs arising from the alleged chemical release (19 plaintiffs represented by different law firms) who were set for trial later in 2024. All settlements were for an immaterial amount. All pro se plaintiffs have been dismissed. The parties are working to document these settlements and are awaiting hearings for court approval of settlements involving minors. The court has these hearings throughout August, September, and October 2024. As each plaintiff finalizes the settlement agreement and executes a release, and the settlement is approved by the court (for minors), the parties will enter into agreed dismissals and seek final judgment. At this time, nine plaintiffs have finalized their settlement and dismissed their claims, and the court has entered a final judgment for those cases. Six Flags Splashtown expects the settlement and approval of the 55-plaintiff group to be finalized and the case dismissed in August 2021. Although the parties are working diligently towards finalizing settlement documents and dismissal of these cases, no assurance can be given that all plaintiffs in the 421-plaintiff group will accept their allocated settlement amount and will enter into the finalized settlement with Six Flags Splashtown. Still, Six Flags Splashtown has received over 150 releases from plaintiffs in that group to date. Although finalizing these settlements may come with additional operating expenses including payments for guardian ad litem fees, any additional loss or range of loss that may arise from finalizing these settlements is not material to the consolidated financial statements of Former Six Flags. Litigation Relating to Routine Proceedings Former Six Flags is also engaged from time to time in other routine legal and tax proceedings incidental to the business. Former Six Flags does not believe that any of these routine proceedings will have a material impact on the business on the financial condition of the company. Securities and Exchange Commission Investigation The Securities and Exchange Commission is conducting an investigation into Former Six Flags disclosures and reporting made in 2018 through February 2020 related to its business, operations and growth prospects of its Six Flags branded parks in China and the financial health of its former business partner, Riverside Investment Group Co. Ltd. Former Six Flags received a document subpoena in February 2020 and subsequently certain current and former executives received subpoenas in connection with this matter and they continue to provide responsive information. The involved parties are fully cooperating and are committed to continuing to cooperate fully with the SEC in this matter. The length, scope or results of the investigation, or the impact, of the investigation on results of operations, business or financial condition cannot be predicted. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments Former Six Flags' chief operating decision maker “CODM” regularly receives consolidated information which is used to make strategic decisions. Each individual park location has a Park President or General Manager responsible for the operational results and executing the strategy set forth by the CODM. Substantially all of the parks provide similar products and services through a similar process to the same class of customer through a consistent method. Former Six Flags believed that the parks share common economic characteristics. Based on these factors, there is only one reportable segment - parks. The following information reflects goodwill and long-lived assets (which consists of property and equipment, right-of-use operating leases and intangible assets) as of June 30, 2024, December 31, 2023, and July 2, 2023: As of (Amounts in thousands) June 30, 2024 December 31, 2023 July 2, 2023 Domestic $ 2,341,766 $ 2,297,440 $ 2,292,265 Foreign 133,450 126,409 121,844 Total $ 2,475,216 $ 2,423,849 $ 2,414,109 The following information reflects revenues and (loss) income before income taxes by domestic and foreign jurisdictions for the six months ended June 30, 2024, and July 2, 2023: Domestic Foreign Total 2024 (Amounts in thousands) Revenues $ 507,294 $ 64,490 $ 571,784 (Loss) income before income taxes (42,731) 10,229 (32,502) 2023 Revenues $ 529,735 $ 56,162 $ 585,897 (Loss) income before income taxes (55,878) 26,294 (29,584) |
Pension Benefits
Pension Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Pension Benefits | Pension Benefits Former Six Flags froze its pension plan effective March 31, 2006, and effective February 16, 2009, the remaining participants in the pension plan no longer earned future benefits. The following summarizes pension costs during the three and six months ended June 30, 2024, and July 2, 2023, respectively: Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Service cost $ — $ — $ — $ — Interest cost 1,886 1,954 3,763 3,908 Expected return on plan assets (2,408) (2,402) (4,817) (4,804) Amortization of net actuarial loss 228 234 443 468 Administrative fees 225 650 450 1,300 Total net periodic expense (benefit) $ (69) $ 436 $ (161) $ 872 The components of net periodic pension (benefit) expense were included in "Other (income) expense, net" in the condensed consolidated statements of operations. Weighted-Average Assumptions Used To Determine Net Cost Three Months Ended Six Months Ended June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Discount rate 4.75 % 4.95 % 4.75 % 4.95 % Rate of compensation increase N/A N/A N/A N/A Expected return on plan assets 5.75 % 5.75 % 5.75 % 5.75 % Employer Contributions |
Stock Repurchase Plans
Stock Repurchase Plans | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stock Repurchase Plans | Stock Repurchase Plans On March 30, 2017, Former Six Flags announced that its Board of Directors approved a stock repurchase plan that permitted Former Six Flags to repurchase an incremental $500.0 million in shares of Former Six Flags’ common stock (the "March 2017 Stock Repurchase Plan"). As of June 30, 2024, Former Six Flags had repurchased 8,071,000 shares at a cumulative cost of approximately $365.1 million and an average price per share of $45.24 under the March 2017 Stock Repurchase Plan, leaving approximately $134.9 million not utilized for permitted repurchases. Former Six Flags did not made any repurchases during the six months ended June 30, 2024. |
Revision to Previously Reported
Revision to Previously Reported Financial Information | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Revision to Previously Reported Financial Information | Revision to Previously Reported Financial Information During the third quarter of 2023, Former Six Flags identified an accounting error for stock-based compensation expense related to the recognition of expense for dividend equivalent rights ("DERs"). The error primarily relates to the inadvertent reversal of stock-based compensation expense for vested DERs for periods beginning in the first quarter of 2020 through the fourth quarter of 2022. Former Six Flags has assessed the error and concluded that it was not material to any prior periods. However, the aggregate amount of the error would have been material to the condensed consolidated financial statements in the current period. Therefore, Former Six Flags has revised the previously issued financial information. The following table presents the impact of correcting the error previously discussed on the affected line items of the condensed consolidated balance sheet as of January 1, 2023. As of January 1, 2023 (Amounts in thousands) As Reported Adjustments As Revised Capital in excess of par value $ 1,104,051 $ 15,171 $ 1,119,222 Accumulated deficit (1,985,500) (15,171) (2,000,671) Total stockholders' deficit (950,565) — (950,565) Total liabilities and stockholders' deficit $ 2,665,825 $ — $ 2,665,825 The following table presents the impact of correcting the error previously discussed on the affected line items of the condensed consolidated balance sheet as of April 2, 2023. As of April 2, 2023 (Amounts in thousands) As Reported Adjustments As Revised Capital in excess of par value $ 1,107,258 $ 15,171 $ 1,122,429 Accumulated deficit (2,055,359) (15,171) (2,070,530) Total stockholders' deficit (1,016,713) — (1,016,713) Total liabilities and stockholders' deficit $ 2,658,192 $ — $ 2,658,192 The following table presents the impact of correcting the error previously discussed on the affected line items of the condensed consolidated balance sheet as of July 2, 2023. As of July 2, 2023 (Amounts in thousands) As Reported Adjustments As Revised Capital in excess of par value $ 1,109,779 $ 15,171 $ 1,124,950 Accumulated deficit (2,034,736) (15,171) (2,049,907) Total stockholders' deficit (995,466) — (995,466) Total liabilities and stockholders' deficit $ 2,713,593 $ — $ 2,713,593 The impacts of the revisions have been reflected throughout the financial statements, including the applicable footnotes, as appropriate. |
General - Basis of Presentati_2
General - Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Consolidated U.S. GAAP Presentation | Consolidated U.S. GAAP Presentation Former Six Flags accounting policies reflect industry practices and conform to U.S. GAAP. The unaudited condensed consolidated financial statements include Former Six Flags accounts and the accounts of Former Six Flags' wholly owned subsidiaries. Former Six Flags also consolidated the partnerships that own Six Flags Over Texas ("SFOT") and Six Flags Over Georgia (including Six Flags White Water Atlanta) ("SFOG", and together with SFOT, the "Partnership Parks") in the unaudited condensed consolidated financial statements contained in this report, as Former Six Flags has determined that it has the power to direct the activities of the Partnership Parks that most significantly impact their economic performance and also the obligation to absorb losses and receive benefits from the Partnership Parks that can be potentially significant to these entities. The equity interests owned by non-affiliated parties in the Partnership Parks are reflected in the accompanying unaudited condensed consolidated balance sheets as redeemable noncontrolling interests. |
Income Taxes | Income Taxes Former Six Flags recorded a valuation allowance of $95.3 million, $93.6 million and $98.1 million as of June 30, 2024, December 31, 2023, and July 2, 2023, respectively, due to uncertainties related to the ability to use some of the deferred tax assets, primarily consisting of certain state net operating loss and other tax carryforwards, before they expire. The valuation allowance is based on the estimates of taxable income by jurisdiction in which Former Six Flags operated and the period over which the deferred tax assets are recoverable. Former Six Flags projected taxable income over the foreseeable future indicates the Combined Company will be able to use all of the federal net operating loss carryforwards before they expire. |
Goodwill and Intangibles | Goodwill and IntangiblesAs of June 30, 2024, the fair value of Former Six Flags' single reporting unit exceeded its carrying amount. Former Six Flags had one reporting unit at the same level for which its common stock was traded and management believes that market capitalization is the best indicator of the reporting unit’s fair value. |
Long-Lived Assets | Long-Lived AssetsFormer Six Flags reviewed long-lived assets, including finite-lived intangible assets subject to amortization, for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the asset or group of assets may not be recoverable, “triggering event(s)”. Recoverability of assets to be held and used is measured by comparing the carrying amount of the asset or group of assets to the projected future net cash flows expected to be generated by the asset or group of assets. If such assets are not determined to be fully recoverable, any impairment to be recognized is measured by the amount by which the carrying amount of the asset or group of assets exceeds its respective estimated fair value. Assets held-for-sale are reported at the lower of the carrying amount or fair value less costs to sell. |
Stock Benefit Plans | Stock Benefit Plans Pursuant to the Former Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), Former Six Flags could grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, deferred stock units, performance stock units, performance and cash-settled awards and dividend equivalent rights ("DERs") to select employees, officers, directors and consultants. |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable are reported at net realizable value and consist primarily of amounts due from guests for the sale of group outings and multi-use admission products that allow for payment plans, such as season passes, annual passes, memberships and the Six Flags Plus pass. Former Six Flags was not exposed to a significant concentration of credit risk; however, based on the age of receivables, historical experience and other factors and assumptions management believe to be customary and reasonable, Former Six Flags recorded an allowance for doubtful accounts. As of June 30, 2024, December 31, 2023, and July 2, 2023, Former Six Flags recorded an allowance for doubtful accounts of $11.6 million, $4.2 million, and $9.3 million, respectively, which is primarily comprised of estimated payment defaults under the Six Flags Plus pass and other multi-use admission products for which payment plans are offered. To the extent that payments for products for which an allowance for doubtful accounts is established have not been recognized in revenue, the allowance recorded is offset with a corresponding reduction in deferred revenue. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Management is evaluating the effect of the new standards on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes, requiring more granular disclosure of the components of income taxes. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. Management is evaluating the effect of the new standards on the consolidated financial statements and related disclosures. |
General - Basis of Presentati_3
General - Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Schedule of earnings per common share | Earnings (loss) per common share for the three and six months ended June 30, 2024 and July 2, 2023, was calculated as follows: Three Months Ended Six Months Ended (Amounts in thousands, except per share data) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Net income (loss) attributable to Former Six Flags Entertainment Corporation $ 34,127 $ 20,554 $ (48,599) $ (49,305) Weighted-average common shares outstanding - basic: 84,294 83,379 84,229 83,293 Effect of dilutive stock options and restricted stock units 419 417 — — Weighted-average common shares outstanding - diluted: 84,713 83,796 84,229 83,293 Earning (loss) earnings per share - basic: $ 0.40 $ 0.25 $ (0.58) $ (0.59) Earning (loss) earnings per share - diluted: $ 0.40 $ 0.25 $ (0.58) $ (0.59) |
Schedule of stock-based compensation expense | During the three and six months ended June 30, 2024 and July 2, 2023, stock-based compensation expense was comprised of the following: Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Long-term incentive plan $ 2,616 $ 2,123 $ 4,938 $ 5,407 Employee stock purchase plan 146 56 171 86 Total stock-based compensation $ 2,762 $ 2,179 $ 5,109 $ 5,493 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of revenues disaggregation | The following tables present revenues disaggregated by contract duration for the three and six month periods ended June 30, 2024 and July 2, 2023, respectively. Long-term and short-term contracts consist of contracts with customers with terms greater than one year and less than or equal to one year, respectively. Three Months Ended June 30, 2024 (Amounts in thousands) Park Admissions Park Food, Merchandise and Other Sponsorship, International Agreements and Accommodations Total Long-term contracts $ 21,045 $ 3,312 $ 8,613 $ 32,970 Short-term contracts and other (1) 207,185 191,968 6,370 405,523 Total revenues $ 228,230 $ 195,280 $ 14,983 $ 438,493 Three Months Ended July 2, 2023 (Amounts in thousands) Park Admissions Park Food, Merchandise and Other Sponsorship, International Agreements and Accommodations Total Long-term contracts $ 12,066 $ 1,423 $ 6,807 $ 20,296 Short-term contracts and other (1) 226,897 189,369 7,145 423,411 Total revenues $ 238,963 $ 190,792 $ 13,952 $ 443,707 Six Months Ended June 30, 2024 (Amounts in thousands) Park Admissions Park Food, Merchandise and Other Sponsorship, International Agreements and Accommodations Total Long-term contracts $ 34,920 $ 4,368 $ 10,572 $ 49,860 Short-term contracts and other (1) 264,111 245,309 12,504 521,924 Total revenues $ 299,031 $ 249,677 $ 23,076 $ 571,784 Six Months Ended July 2, 2023 (Amounts in thousands) Park Admissions Park Food, Merchandise and Other Sponsorship, International Agreements and Accommodations Total Long-term contracts $ 16,927 $ 1,963 $ 13,570 $ 32,460 Short-term contracts and other (1) 298,339 241,615 13,483 553,437 Total revenues $ 315,266 $ 243,578 $ 27,053 $ 585,897 ______________________________________ (1) Other revenues primarily include sales of single-use tickets and short-term transactional sales for which Former Six Flags has the right to invoice. |
Long-Term Indebtedness (Tables)
Long-Term Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | As of June 30, 2024, December 31, 2023, and July 2, 2023, the principal balance of Former Six Flags' long-term debt consisted of the following: As of (Amounts in thousands) June 30, 2024 December 31, 2023 July 2, 2023 Term Loan B $ — $ 479,000 $ 479,000 Revolving Credit Facility 205,000 180,000 169,000 2024 Notes 56,867 56,867 56,867 2025 Notes 365,000 365,000 365,000 2027 Notes 500,000 500,000 500,000 2031 Notes 800,000 800,000 800,000 2032 Notes 850,000 — — Net discount (5,355) (6,167) (6,580) Deferred financing costs (20,049) (9,221) (10,962) Total debt $ 2,751,463 $ 2,365,479 $ 2,352,325 Less current portion of long-term debt 56,867 56,867 — Less short-term borrowings 205,000 180,000 169,000 Total long-term debt $ 2,489,596 $ 2,128,612 $ 2,183,325 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of components of AOCL | Changes in the composition of Accumulated Other Comprehensive Loss ("AOCL") during the six months ended June 30, 2024, were as follows: (Amounts in thousands) Cumulative Translation Adjustment Cash Flow Hedges Defined Benefit Plans Income Taxes Accumulated Other Comprehensive Loss Balances at December 31, 2023 $ (30,009) $ 2,160 $ (37,334) $ (4,493) $ (69,676) Net current period change (4,717) — — 1,174 (3,543) Amounts reclassified from AOCI — (2,160) 443 506 (1,211) Balances at June 30, 2024 $ (34,726) $ — $ (36,891) $ (2,813) $ (74,430) |
Schedule of reclassifications out of accumulated other comprehensive loss | Reclassifications out of AOCL during the three and six months ended June 30, 2024 and July 2, 2023: Reclassification of (Gain) Loss from AOCL into Earnings Three Months Ended Six Months Ended Component of AOCI Location of Reclassification into Income (Loss) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Amortization of gain on interest rate hedge Interest expense, net $ (1,354) $ (792) $ (2,160) $ (1,579) Income tax expense 367 197 567 393 Net of tax $ (987) $ (595) $ (1,593) $ (1,186) Amortization of deferred actuarial loss and prior service cost Operating expenses $ 226 $ 234 $ 443 $ 468 Income tax benefit (7) (58) (61) (116) Net of tax $ 219 $ 176 $ 382 $ 352 Total reclassifications $ (768) $ (419) $ (1,211) $ (834) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative assets recorded at fair value | Derivative assets recorded at fair value in an asset position as well as their classification on the unaudited condensed consolidated balance sheets as of June 30, 2024, December 31, 2023, and July 2, 2023: Derivative Assets (Amounts in thousands) June 30, 2024 December 31, 2023 July 2, 2023 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements — prepaid expenses and other current assets $ — $ 3,156 $ 3,631 Interest rate swap agreements — other assets, net — 2,262 3,984 $ — $ 5,418 $ 7,615 |
Schedule of derivative liabilities recorded at fair value | Derivative liabilities recorded at fair value in the unaudited condensed consolidated balance sheets as of June 30, 2024, December 31, 2023, and July 2, 2023: Derivative Liabilities (Amounts in thousands) June 30, 2024 December 31, 2023 July 2, 2023 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements — other accrued liabilities $ — $ 4,047 $ 4,535 Interest rate swap agreements — other long-term liabilities — 3,302 5,382 $ — $ 7,349 $ 9,917 |
Schedule of gains and losses before taxes on derivatives designated as hedging instruments | Gains and losses before taxes on derivatives designated as hedging instruments that were recognized in “Interest expense, net” in the condensed consolidated statements of operations for the three and six months ended June 30, 2024, and July 2, 2023, were as follows: Three Months Ended June 30, 2024 and July 2, 2023 Gain (Loss) Gain (Loss) Reclassified from (Amounts in thousands) 2024 2023 2024 2023 Interest rate swap agreements $ — $ — $ 1,356 $ 792 Total $ — $ — $ 1,356 $ 792 Six Months Ended June 30, 2024 and July 2, 2023 Gain (Loss) Gain (Loss) Reclassified from (Amounts in thousands) 2024 2023 2024 2023 Interest rate swap agreements $ — $ — $ 2,162 $ 1,579 Total $ — $ — $ 2,162 $ 1,579 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of redeemable noncontrolling interests of the SFOF and SFOT partnerships | As of June 30, 2024, redeemable noncontrolling interests of the SFOG and SFOT partnerships were $291.2 million and $253.0 million, respectively. (Amounts in thousands) SFOT SFOG Total Balance at December 31, 2023 $ 240,797 $ 280,201 $ 520,998 Purchase of redeemable units (11) (1,103) (1,114) Fresh start accounting fair market value adjustment for purchased units (2) (147) (149) Net income attributable to noncontrolling interests 12,241 12,258 24,499 Distributions to noncontrolling interests — — — Balance at June 30, 2024 $ 253,025 $ 291,209 $ 544,234 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of long-lived assets, revenues and income (loss) before income taxes by domestic and foreign categories | The following information reflects goodwill and long-lived assets (which consists of property and equipment, right-of-use operating leases and intangible assets) as of June 30, 2024, December 31, 2023, and July 2, 2023: As of (Amounts in thousands) June 30, 2024 December 31, 2023 July 2, 2023 Domestic $ 2,341,766 $ 2,297,440 $ 2,292,265 Foreign 133,450 126,409 121,844 Total $ 2,475,216 $ 2,423,849 $ 2,414,109 The following information reflects revenues and (loss) income before income taxes by domestic and foreign jurisdictions for the six months ended June 30, 2024, and July 2, 2023: Domestic Foreign Total 2024 (Amounts in thousands) Revenues $ 507,294 $ 64,490 $ 571,784 (Loss) income before income taxes (42,731) 10,229 (32,502) 2023 Revenues $ 529,735 $ 56,162 $ 585,897 (Loss) income before income taxes (55,878) 26,294 (29,584) |
Pension Benefits (Tables)
Pension Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Summary of pension costs | The following summarizes pension costs during the three and six months ended June 30, 2024, and July 2, 2023, respectively: Three Months Ended Six Months Ended (Amounts in thousands) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Service cost $ — $ — $ — $ — Interest cost 1,886 1,954 3,763 3,908 Expected return on plan assets (2,408) (2,402) (4,817) (4,804) Amortization of net actuarial loss 228 234 443 468 Administrative fees 225 650 450 1,300 Total net periodic expense (benefit) $ (69) $ 436 $ (161) $ 872 |
Schedule of weighted average assumptions used to determine benefit obligations and net cost | The components of net periodic pension (benefit) expense were included in "Other (income) expense, net" in the condensed consolidated statements of operations. Weighted-Average Assumptions Used To Determine Net Cost Three Months Ended Six Months Ended June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Discount rate 4.75 % 4.95 % 4.75 % 4.95 % Rate of compensation increase N/A N/A N/A N/A Expected return on plan assets 5.75 % 5.75 % 5.75 % 5.75 % |
Revision to Previously Report_2
Revision to Previously Reported Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of impact of errors corrections | The following table presents the impact of correcting the error previously discussed on the affected line items of the condensed consolidated balance sheet as of January 1, 2023. As of January 1, 2023 (Amounts in thousands) As Reported Adjustments As Revised Capital in excess of par value $ 1,104,051 $ 15,171 $ 1,119,222 Accumulated deficit (1,985,500) (15,171) (2,000,671) Total stockholders' deficit (950,565) — (950,565) Total liabilities and stockholders' deficit $ 2,665,825 $ — $ 2,665,825 The following table presents the impact of correcting the error previously discussed on the affected line items of the condensed consolidated balance sheet as of April 2, 2023. As of April 2, 2023 (Amounts in thousands) As Reported Adjustments As Revised Capital in excess of par value $ 1,107,258 $ 15,171 $ 1,122,429 Accumulated deficit (2,055,359) (15,171) (2,070,530) Total stockholders' deficit (1,016,713) — (1,016,713) Total liabilities and stockholders' deficit $ 2,658,192 $ — $ 2,658,192 The following table presents the impact of correcting the error previously discussed on the affected line items of the condensed consolidated balance sheet as of July 2, 2023. As of July 2, 2023 (Amounts in thousands) As Reported Adjustments As Revised Capital in excess of par value $ 1,109,779 $ 15,171 $ 1,124,950 Accumulated deficit (2,034,736) (15,171) (2,049,907) Total stockholders' deficit (995,466) — (995,466) Total liabilities and stockholders' deficit $ 2,713,593 $ — $ 2,713,593 |
General - Basis of Presentati_4
General - Basis of Presentation - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | 8 Months Ended | ||||||
Jul. 01, 2024 | Jun. 18, 2024 $ / shares | Jun. 30, 2024 USD ($) park $ / shares shares | Jul. 02, 2023 USD ($) $ / shares shares | Sep. 30, 2024 | Jun. 30, 2024 USD ($) park reporting_unit $ / shares shares | Jul. 02, 2023 USD ($) $ / shares shares | Jun. 30, 2024 USD ($) park $ / shares | Dec. 31, 2023 USD ($) $ / shares | |
Accounting Policies [Line Items] | |||||||||
Number of parks owned or operated | park | 27 | 27 | 27 | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | |||
Special dividend declared (in dollars per share) | $ / shares | $ 1.53 | ||||||||
Special dividend declared, component one (in dollars per share) | $ / shares | $ 1 | ||||||||
Valuation allowance | $ | $ 95.3 | $ 98.1 | $ 95.3 | $ 98.1 | $ 95.3 | $ 93.6 | |||
Number of reporting units | reporting_unit | 1 | ||||||||
Antidilutive stock options excluded from computation of diluted shares outstanding (in shares) | shares | 1,094 | 1,578 | 1,052 | 1,550 | |||||
Allowance for doubtful accounts | $ | $ 11.6 | $ 9.3 | $ 11.6 | $ 9.3 | $ 11.6 | $ 4.2 | |||
Subsequent Event | |||||||||
Accounting Policies [Line Items] | |||||||||
Merger exchange ratio | 0.5800 | ||||||||
Termination period for converted awards subject to vesting protection | 24 months | ||||||||
Cedar Fair, L.P. | |||||||||
Accounting Policies [Line Items] | |||||||||
Special dividend declared (in dollars per share) | $ / shares | $ 0.90 | ||||||||
Minimum | Forecast | |||||||||
Accounting Policies [Line Items] | |||||||||
Percentage of park attendance and revenues typically occurring in second and third calendar quarters | 70% | ||||||||
Maximum | Forecast | |||||||||
Accounting Policies [Line Items] | |||||||||
Percentage of park attendance and revenues typically occurring in second and third calendar quarters | 75% | ||||||||
United States | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of parks owned or operated | park | 24 | 24 | 24 | ||||||
Mexico | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of parks owned or operated | park | 2 | 2 | 2 | ||||||
Canada | |||||||||
Accounting Policies [Line Items] | |||||||||
Number of parks owned or operated | park | 1 | 1 | 1 |
General - Basis of Presentati_5
General - Basis of Presentation - Schedule of Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Accounting Policies [Abstract] | ||||
Net income (loss) attributable to Former Six Flags Entertainment Corporation | $ 34,127 | $ 20,554 | $ (48,599) | $ (49,305) |
Weighted-average common shares outstanding - basic (in shares) | 84,294 | 83,379 | 84,229 | 83,293 |
Effect of dilutive stock options and restricted stock units (in shares) | 419 | 417 | 0 | 0 |
Weighted-average common shares outstanding-diluted (in shares) | 84,713 | 83,796 | 84,229 | 83,293 |
Earning (loss) earnings per share - basic (in dollars per share) | $ 0.40 | $ 0.25 | $ (0.58) | $ (0.59) |
Earning (loss) earnings per share - diluted (in dollars per share) | $ 0.40 | $ 0.25 | $ (0.58) | $ (0.59) |
General - Basis of Presentati_6
General - Basis of Presentation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 2,762 | $ 2,179 | $ 5,109 | $ 5,493 |
Long-term incentive plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation | 2,616 | 2,123 | 4,938 | 5,407 |
Employee stock purchase plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total stock-based compensation | $ 146 | $ 56 | $ 171 | $ 86 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 438,493 | $ 443,707 | $ 571,784 | $ 585,897 |
Long-term contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 32,970 | 20,296 | 49,860 | 32,460 |
Short-term contracts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 405,523 | 423,411 | 521,924 | 553,437 |
Park Admissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 228,230 | 238,963 | 299,031 | 315,266 |
Park Admissions | Long-term contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 21,045 | 12,066 | 34,920 | 16,927 |
Park Admissions | Short-term contracts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 207,185 | 226,897 | 264,111 | 298,339 |
Park Food, Merchandise and Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 195,280 | 190,792 | 249,677 | 243,578 |
Park Food, Merchandise and Other | Long-term contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,312 | 1,423 | 4,368 | 1,963 |
Park Food, Merchandise and Other | Short-term contracts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 191,968 | 189,369 | 245,309 | 241,615 |
Sponsorship, International Agreements and Accommodations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 14,983 | 13,952 | 23,076 | 27,053 |
Sponsorship, International Agreements and Accommodations | Long-term contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 8,613 | 6,807 | 10,572 | 13,570 |
Sponsorship, International Agreements and Accommodations | Short-term contracts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 6,370 | $ 7,145 | $ 12,504 | $ 13,483 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) - Long-term contracts - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Deferred revenue | $ 89.2 | $ 33.5 | ||||
Deferred revenue recognized as revenue | $ 44.4 | $ 8.6 | $ 48.8 | $ 20.8 | ||
Performance obligation | 67.8 | $ 27.5 | 67.8 | $ 27.5 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Performance obligation | $ 54.5 | $ 54.5 | ||||
Expected timing of satisfaction, period | 6 months | 6 months | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-30 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Performance obligation | $ 7.9 | $ 7.9 | ||||
Expected timing of satisfaction, period | 1 year | 1 year | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-29 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Performance obligation | $ 5.5 | $ 5.5 | ||||
Expected timing of satisfaction, period | 1 year | 1 year | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-04 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Performance obligation | $ 4.5 | $ 4.5 | ||||
Expected timing of satisfaction, period | 1 year | 1 year | ||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-03 | ||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||||
Performance obligation | $ 9.6 | $ 9.6 | ||||
Expected timing of satisfaction, period |
Long-Term Indebtedness - Narrat
Long-Term Indebtedness - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Jul. 01, 2024 | May 02, 2024 | May 03, 2023 | Jul. 01, 2022 | Mar. 31, 2020 | Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | Dec. 31, 2023 | Apr. 26, 2023 | Apr. 30, 2020 | Apr. 30, 2017 | Jun. 30, 2016 | |
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | $ 734,000,000 | $ 1,028,623,000 | ||||||||||||
Loss on debt extinguishment | $ 2,736,000 | $ 13,982,000 | 2,736,000 | 13,982,000 | ||||||||||
Estimate of fair value | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fair value of long-term debt | 2,772,700,000 | 2,298,700,000 | 2,772,700,000 | 2,298,700,000 | $ 2,374,700,000 | |||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 500,000,000 | |||||||||||||
Repayments of debt | $ 235,000,000 | |||||||||||||
Available borrowing capacity | 274,000,000 | 274,000,000 | ||||||||||||
Line of credit outstanding amount | 205,000,000 | 169,000,000 | 205,000,000 | 169,000,000 | 180,000,000 | |||||||||
Letters of credit outstanding amount | $ 21,000,000 | 21,000,000 | $ 21,000,000 | 21,000,000 | 21,000,000 | |||||||||
Basis spread on variable rate | 0.10% | |||||||||||||
Interest rate | 8.66% | 8.66% | ||||||||||||
Commitment fee percentage | 0.50% | |||||||||||||
Long-term debt, gross | $ 205,000,000 | 169,000,000 | $ 205,000,000 | 169,000,000 | 180,000,000 | |||||||||
Term Loan B | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | 479,000,000 | |||||||||||||
Long-term debt, gross | 0 | 479,000,000 | 0 | 479,000,000 | 479,000,000 | |||||||||
Loss on debt extinguishment | 2,700,000 | |||||||||||||
2024 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 4.875% | |||||||||||||
Long-term debt, gross | $ 949,500,000 | 56,867,000 | 56,867,000 | 56,867,000 | 56,867,000 | 56,867,000 | ||||||||
Debt instrument face amount | $ 300,000,000 | |||||||||||||
Pre-payment | $ 50,500,000 | |||||||||||||
Purchase price per $1,000 principal amount | $ 1,000.5 | |||||||||||||
Repayment of notes payable | $ 892,600,000 | |||||||||||||
Percentage of principal amount repaid | 94% | |||||||||||||
Purchase price | $ 892,600,000 | |||||||||||||
Percentage of aggregate principal amount of notes tendered | 94% | |||||||||||||
Loss on debt extinguishment | 14,000,000 | |||||||||||||
Loss on debt extinguishment for premium paid above par | 1,000,000 | |||||||||||||
Loss on debt extinguishment for write-off of deferred debt issuance cost/ costs charged to expense | 13,000,000 | |||||||||||||
Periodic payment of interest | 1,400,000 | |||||||||||||
2024 Notes Additional Issuance | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 700,000,000 | |||||||||||||
2027 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 5.50% | |||||||||||||
Long-term debt, gross | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |||||||||
Debt instrument face amount | $ 500,000,000 | |||||||||||||
Periodic payment of interest | 13,800,000 | |||||||||||||
2025 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 365,000,000 | 365,000,000 | 365,000,000 | 365,000,000 | 365,000,000 | 365,000,000 | ||||||||
Repayment of notes payable | $ 360,000,000 | |||||||||||||
Premium percentage on redemption | 103.50% | |||||||||||||
Periodic payment of interest | 12,700,000 | |||||||||||||
2025 Notes | Subsequent Event | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Repayments of debt | $ 165,000,000 | |||||||||||||
2025 Notes | Subsidiaries | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 7% | |||||||||||||
Debt instrument face amount | $ 725,000,000 | |||||||||||||
2031 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | 800,000,000 | 800,000,000 | 800,000,000 | 800,000,000 | 800,000,000 | |||||||||
Percentage of offering price | 99.248% | |||||||||||||
Net proceeds | $ 784,000,000 | |||||||||||||
Periodic payment of interest | 29,000,000 | |||||||||||||
2032 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term debt, gross | $ 850,000,000 | $ 0 | 850,000,000 | $ 0 | $ 0 | |||||||||
Net proceeds | $ 843,600,000 | |||||||||||||
Periodic payment of interest | 28,200,000 | |||||||||||||
First interest payment | $ 28,300,000 | |||||||||||||
2032 Notes | Subsidiaries | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 6.625% | |||||||||||||
Debt instrument face amount | $ 850,000,000 | |||||||||||||
Cedar Fair Senior Notes due 2027 | Subsequent Event | CopperSteel HoldCo, Inc | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 5.375% | |||||||||||||
Cedar Fair Senior Notes due 2028 | Subsequent Event | CopperSteel HoldCo, Inc | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 6.50% | |||||||||||||
Cedar Fair Senior Notes due 2029 | Subsequent Event | CopperSteel HoldCo, Inc | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest rate | 5.25% |
Long-Term Indebtedness - Summar
Long-Term Indebtedness - Summary of Long-Term Indebtedness (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jul. 02, 2023 | Jul. 01, 2022 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||||
Net discount | $ (5,355) | $ (6,167) | $ (6,580) | ||
Deferred financing costs | (20,049) | (9,221) | (10,962) | ||
Total debt | 2,751,463 | 2,365,479 | 2,352,325 | ||
Less current portion of long-term debt | 56,867 | 56,867 | 0 | ||
Less short-term borrowings | 205,000 | 180,000 | 169,000 | ||
Total long-term debt | 2,489,596 | 2,128,612 | 2,183,325 | ||
Term Loan B | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 0 | 479,000 | 479,000 | ||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 205,000 | 180,000 | 169,000 | ||
2024 Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 56,867 | 56,867 | 56,867 | $ 949,500 | |
2025 Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 365,000 | 365,000 | 365,000 | $ 365,000 | |
2027 Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 500,000 | 500,000 | 500,000 | ||
2031 Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 800,000 | 800,000 | 800,000 | ||
2032 Notes | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 850,000 | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in AOCL (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ (978,359) | $ (1,016,713) | $ (897,959) | $ (950,565) |
Net current period change, net of income taxes | (3,543) | |||
Amounts reclassified from AOCI, net of income taxes | (1,211) | |||
Ending balance | (1,077,326) | (995,466) | (1,077,326) | (995,466) |
Accumulated Other Comprehensive Loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (69,697) | (70,694) | (69,676) | (71,195) |
Ending balance | (74,430) | $ (72,595) | (74,430) | $ (72,595) |
Cumulative Translation Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (30,009) | |||
Net current period change, before income taxes | (4,717) | |||
Amounts reclassified from AOCI, before income taxes | 0 | |||
Ending balance | (34,726) | (34,726) | ||
Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 2,160 | |||
Net current period change, before income taxes | 0 | |||
Amounts reclassified from AOCI, before income taxes | (2,160) | |||
Ending balance | 0 | 0 | ||
Defined Benefit Plans | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (37,334) | |||
Net current period change, before income taxes | 0 | |||
Amounts reclassified from AOCI, before income taxes | 443 | |||
Ending balance | (36,891) | (36,891) | ||
Income Taxes | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (4,493) | |||
Net current period change, income taxes | 1,174 | |||
Amounts reclassified from AOCI, income taxes | 506 | |||
Ending balance | $ (2,813) | $ (2,813) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications out of AOCL (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense, net | $ 40,793 | $ 43,495 | $ 82,593 | $ 79,797 |
Income tax expense (benefit) | 14,830 | 13,807 | (8,402) | (4,045) |
Operating expenses | 185,830 | 173,669 | 299,785 | 282,539 |
Reclassifications net of tax | (34,127) | (20,554) | 48,599 | 49,305 |
Reclassification out of accumulated other comprehensive loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassifications net of tax | (768) | (419) | (1,211) | (834) |
Reclassification out of accumulated other comprehensive loss | Amortization of gain on interest rate hedge | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest expense, net | (1,354) | (792) | (2,160) | (1,579) |
Income tax expense (benefit) | 367 | 197 | 567 | 393 |
Reclassifications net of tax | (987) | (595) | (1,593) | (1,186) |
Reclassification out of accumulated other comprehensive loss | Amortization of deferred actuarial loss and prior service cost | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense (benefit) | (7) | (58) | (61) | (116) |
Operating expenses | 226 | 234 | 443 | 468 |
Reclassifications net of tax | $ 219 | $ 176 | $ 382 | $ 352 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 26, 2024 USD ($) instrument | May 02, 2024 USD ($) | Mar. 24, 2022 USD ($) | Jun. 30, 2024 USD ($) | Jul. 02, 2023 USD ($) | [1] | Jun. 30, 2024 USD ($) | Jul. 02, 2023 USD ($) | ||||
Derivative [Line Items] | |||||||||||
Settlement amount of swap included in accumulated other comprehensive income | $ (987) | [1] | $ (595) | $ (1,593) | [2] | $ (1,186) | [2] | ||||
Repayments of debt | 734,000 | $ 1,028,623 | |||||||||
Term Loan B | |||||||||||
Derivative [Line Items] | |||||||||||
Repayments of debt | $ 479,000 | ||||||||||
Interest rate swap agreements | |||||||||||
Derivative [Line Items] | |||||||||||
Loss on termination of derivative | $ 700 | $ 700 | |||||||||
Interest rate swap agreements | Term Loan B | |||||||||||
Derivative [Line Items] | |||||||||||
Unamortized gain recognized | $ 1,100 | ||||||||||
Interest rate swap agreements | Derivatives Designated as Hedging Instruments | |||||||||||
Derivative [Line Items] | |||||||||||
Net cash proceeds from termination of swap | $ 7,400 | ||||||||||
Interest rate swap agreements | Derivatives Designated as Hedging Instruments | Term Loan B | |||||||||||
Derivative [Line Items] | |||||||||||
Settlement amount of swap included in accumulated other comprehensive income | $ 7,700 | ||||||||||
Interest rate swap agreements | Derivatives Not Designated as Hedging Instruments | |||||||||||
Derivative [Line Items] | |||||||||||
Number of derivative instruments terminated | instrument | 2 | ||||||||||
Cash payment for termination of derivative | $ 1,800 | ||||||||||
[1] Change in fair value of cash flow hedging is presented net of tax benefit of $0.4 million and $0.2 million for the three months ended June 30, 2024 and July 2, 2023, respectively. Change in fair value of cash flow hedging is presented net of tax benefit of $0.6 million and $0.4 million for the six months ended June 30, 2024 and July 2, 2023. |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Instruments Recorded at Fair Values (Details) - Interest rate swap agreements - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jul. 02, 2023 |
Derivative Financial Instruments | |||
Derivative assets | $ 0 | $ 5,418 | $ 7,615 |
Derivative liabilities | 0 | 7,349 | 9,917 |
Derivatives Not Designated as Hedging Instruments | |||
Derivative Financial Instruments | |||
Derivative assets - prepaid expenses and other current assets | 0 | 3,156 | 3,631 |
Derivative assets - other assets, net | 0 | 2,262 | 3,984 |
Derivative liabilities - other accrued liabilities | 0 | 4,047 | 4,535 |
Derivative liabilities - other long-term liabilities | $ 0 | $ 3,302 | $ 5,382 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Gains and Losses before Taxes on Derivatives (Details) - Derivatives Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Derivative [Line Items] | ||||
Gain (Loss) Recognized in AOCL | $ 0 | $ 0 | $ 0 | $ 0 |
Gain (Loss) Reclassified from AOCL into Interest Expense, Net | 1,356 | 792 | 2,162 | 1,579 |
Interest rate swap agreements | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in AOCL | 0 | 0 | 0 | 0 |
Gain (Loss) Reclassified from AOCL into Interest Expense, Net | $ 1,356 | $ 792 | $ 2,162 | $ 1,579 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Sep. 22, 2023 plaintiff | Apr. 14, 2023 plaintiff | Mar. 02, 2020 claim | May 31, 2024 USD ($) shares | Feb. 29, 2020 claim | May 31, 2024 plaintiff | Jul. 02, 2023 USD ($) | Jun. 30, 2024 USD ($) release claim | Jul. 02, 2023 USD ($) | Dec. 29, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 1998 USD ($) | Dec. 31, 1997 USD ($) | |
Details of commitments and contingencies | |||||||||||||
Additions to property and equipment | $ 114,049 | $ 68,130 | |||||||||||
Increase in self insurance reserves | $ 37,600 | 37,600 | |||||||||||
Self-insurance reserves | $ 68,633 | $ 64,767 | $ 68,633 | $ 64,605 | |||||||||
Securities class action lawsuits | Pending litigation | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Number of claims filed | claim | 2 | 2 | |||||||||||
Personal injury lawsuit | Settled litigation | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Number of plaintiffs | plaintiff | 55 | 421 | |||||||||||
Number of plaintiffs represented by different law firms | plaintiff | 19 | ||||||||||||
Number of claims dismissed | claim | 9 | ||||||||||||
Number of releases received (over) | release | 150 | ||||||||||||
Six Flags Over Georgia | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Units purchased in partnership parks (in shares) | shares | 0.269 | ||||||||||||
Purchase price of partnership units | $ 1,100 | ||||||||||||
Limited partner percentage of interests owned | 31.80% | ||||||||||||
Percentage of remaining redeemable units | 68.50% | ||||||||||||
Six Flags Over Texas | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Units purchased in partnership parks (in shares) | shares | 0.005 | ||||||||||||
Purchase price of partnership units | $ 0 | ||||||||||||
Limited partner percentage of interests owned | 54.10% | ||||||||||||
Percentage of remaining redeemable units | 45.90% | ||||||||||||
Six Flags over Texas and Georgia | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Annual distributions by general partners to limited partners in partnership parks | $ 88,500 | ||||||||||||
Share of partnership parks' annual distributions paid to six flags entertainment corporation | $ 39,500 | ||||||||||||
Rolling period for making minimum capital expenditure at each of the Partnership Parks | 5 years | ||||||||||||
Percentage of capital expenditures to Partnership Parks' revenues | 6% | ||||||||||||
Weighted average period of the park's EBITDA for calculation of value of purchase price | 4 years | ||||||||||||
Additions to property and equipment | $ 26,000 | ||||||||||||
Cash generated from operating activities by partnerships, after deduction of capital expenditures and excluding the impact of short-term intercompany advances | 16,000 | ||||||||||||
Six Flags over Texas and Georgia | Minimum | Forecast | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Additions to property and equipment | $ 25,000 | ||||||||||||
Six Flags over Texas and Georgia | Maximum | Forecast | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Additions to property and equipment | $ 30,000 | ||||||||||||
Six Flags Over Georgia | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Specified multiple for purchase price valuation | 8 | ||||||||||||
Specified price for purchase of partnership parks | $ 409,700 | ||||||||||||
Agreed-upon value for the partnerships | 483,500 | $ 250,000 | |||||||||||
Redemption value of noncontrolling interests | $ 279,100 | ||||||||||||
Six Flags Over Georgia | Limited Partner | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Agreed-upon value for the partnerships | 330,900 | ||||||||||||
Six Flags Over Texas | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Specified multiple for purchase price valuation | 8.5 | ||||||||||||
Specified price for purchase of partnership parks | $ 527,400 | ||||||||||||
Agreed-upon value for the partnerships | 712,700 | $ 374,800 | |||||||||||
Redemption value of noncontrolling interests | $ 240,800 | ||||||||||||
Six Flags Over Texas | Limited Partner | |||||||||||||
Details of commitments and contingencies | |||||||||||||
Agreed-upon value for the partnerships | $ 332,600 |
Commitments and Contingencies_2
Commitments and Contingencies - Redeemable noncontrolling interests (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jul. 02, 2023 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Redeemable noncontrolling interests, beginning balance | $ 520,998 | |
Purchase of redeemable units | (1,114) | $ (328) |
Fresh start accounting fair market value adjustment for purchased units | (149) | |
Net income attributable to noncontrolling interests | 24,499 | |
Distributions to noncontrolling interests | 0 | |
Redeemable noncontrolling interests, ending balance | 544,234 | $ 544,764 |
Six Flags Over Texas | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Redeemable noncontrolling interests, beginning balance | 240,797 | |
Purchase of redeemable units | (11) | |
Fresh start accounting fair market value adjustment for purchased units | (2) | |
Net income attributable to noncontrolling interests | 12,241 | |
Distributions to noncontrolling interests | 0 | |
Redeemable noncontrolling interests, ending balance | 253,025 | |
Six Flags Over Georgia | ||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||
Redeemable noncontrolling interests, beginning balance | 280,201 | |
Purchase of redeemable units | (1,103) | |
Fresh start accounting fair market value adjustment for purchased units | (147) | |
Net income attributable to noncontrolling interests | 12,258 | |
Distributions to noncontrolling interests | 0 | |
Redeemable noncontrolling interests, ending balance | $ 291,209 |
Business Segments - Information
Business Segments - Information by Geographic Region (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) | Jul. 02, 2023 USD ($) | Jun. 30, 2024 USD ($) segment | Jul. 02, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Business segment information by geographical areas | |||||
Number of reportable segments | segment | 1 | ||||
Long-lived assets | $ 2,475,216 | $ 2,414,109 | $ 2,475,216 | $ 2,414,109 | $ 2,423,849 |
Revenues | 438,493 | 443,707 | 571,784 | 585,897 | |
(Loss) income before income taxes | 73,456 | 58,127 | (32,502) | (29,584) | |
Domestic | |||||
Business segment information by geographical areas | |||||
Long-lived assets | 2,341,766 | 2,292,265 | 2,341,766 | 2,292,265 | 2,297,440 |
Revenues | 507,294 | 529,735 | |||
(Loss) income before income taxes | (42,731) | (55,878) | |||
Foreign | |||||
Business segment information by geographical areas | |||||
Long-lived assets | $ 133,450 | $ 121,844 | 133,450 | 121,844 | $ 126,409 |
Revenues | 64,490 | 56,162 | |||
(Loss) income before income taxes | $ 10,229 | $ 26,294 |
Pension Benefits (Details)
Pension Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jul. 02, 2023 | Jun. 30, 2024 | Jul. 02, 2023 | |
Net periodic benefit cost: | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 1,886 | 1,954 | 3,763 | 3,908 |
Expected return on plan assets | (2,408) | (2,402) | (4,817) | (4,804) |
Amortization of net actuarial loss | 228 | 234 | 443 | 468 |
Administrative fees | 225 | 650 | 450 | 1,300 |
Total net periodic expense (benefit) | $ (69) | $ 436 | $ (161) | $ 872 |
Weighted-Average Assumptions Used To Determine Net Cost | ||||
Discount rate | 4.75% | 4.95% | 4.75% | 4.95% |
Expected return on plan assets | 5.75% | 5.75% | 5.75% | 5.75% |
Employer contributions | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Repurchase Plans (Details
Stock Repurchase Plans (Details) - March 2017 Stock Repurchase Plan - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 6 Months Ended | 87 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Mar. 30, 2017 | |
Stock Repurchase Plans and Shareholder Rights Plan | |||
Amount authorized to be repurchased under stock repurchase program | $ 500 | ||
Total number of shares purchased (in shares) | 8,071 | ||
Value of shares repurchased | $ 0 | $ 365.1 | |
Average cost of shares repurchased (in dollars per share) | $ 45.24 | ||
Permitted value of repurchases remaining | $ 134.9 | $ 134.9 |
Revision to Previously Report_3
Revision to Previously Reported Financial Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 02, 2023 | Apr. 02, 2023 | Jan. 01, 2023 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Capital in excess of par value | $ 1,136,698 | $ 1,131,208 | $ 1,124,950 | $ 1,122,429 | $ 1,119,222 | |
Accumulated deficit | (2,141,711) | (1,961,603) | (2,049,907) | (2,070,530) | (2,000,671) | |
Total stockholders' deficit | (1,077,326) | $ (978,359) | (897,959) | (995,466) | (1,016,713) | (950,565) |
Total liabilities and stockholders' deficit | $ 3,166,832 | $ 2,711,474 | 2,713,593 | 2,658,192 | 2,665,825 | |
As Reported | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Capital in excess of par value | 1,109,779 | 1,107,258 | 1,104,051 | |||
Accumulated deficit | (2,034,736) | (2,055,359) | (1,985,500) | |||
Total stockholders' deficit | (995,466) | (1,016,713) | (950,565) | |||
Total liabilities and stockholders' deficit | 2,713,593 | 2,658,192 | 2,665,825 | |||
Adjustments | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Capital in excess of par value | 15,171 | 15,171 | 15,171 | |||
Accumulated deficit | (15,171) | (15,171) | (15,171) | |||
Total stockholders' deficit | 0 | 0 | 0 | |||
Total liabilities and stockholders' deficit | $ 0 | $ 0 | $ 0 |