Six Flags Entertainment 10-Q11 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 02, 2023	Aug. 07, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 02, 2023
Entity Registrant Name	Six Flags Entertainment Corporation
Entity File Number	1-13703
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3995059
Entity Address, Address Line One	1000 Ballpark Way Suite 400
Entity Address, City or Town	Arlington
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	76011
City Area Code	972
Local Phone Number	595-5000
Title of 12(b) Security	Common stock, $0.025 par value per share
Trading Symbol	SIX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,519,692
Entity Central Index Key	0000701374
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 02, 2023	Jan. 01, 2023	Jul. 03, 2022
Current assets:
Cash and cash equivalents	$ 51,580	$ 80,122	$ 74,802
Accounts receivable, net	93,077	49,405	70,473
Inventories	43,172	44,811	47,531
Prepaid expenses and other current assets	84,808	66,452	69,990
Total current assets	272,637	240,790	262,796
Property and equipment, net:
Property and equipment, at cost	2,666,636	2,592,485	2,552,144
Accumulated depreciation	(1,410,480)	(1,350,739)	(1,297,710)
Total property and equipment, net	1,256,156	1,241,746	1,254,434
Other assets:
Goodwill	659,618	659,618	659,618
Intangible assets, net of accumulated amortization of $295, $284 and $272 as of July 2, 2023, January 1, 2023 and July 3, 2022, respectively	344,153	344,164	344,176
Right-of-use operating leases, net	154,182	158,838	180,836
Debt issuance costs	6,110	2,764	3,832
Deposits and other assets	20,737	17,905	8,101
Total assets	2,713,593	2,665,825	2,713,793
Current liabilities:
Accounts payable	54,174	38,887	67,925
Accrued compensation, payroll taxes and benefits	21,571	15,224	24,968
Self-insurance reserves	68,633	34,053	37,017
Accrued interest payable	33,216	38,484	24,713
Other accrued liabilities	79,959	67,346	102,626
Deferred revenue	176,811	128,627	171,238
Short-term borrowings	169,000	100,000	200,000
Short-term lease liabilities	11,730	11,688	11,394
Total current liabilities	615,094	434,309	639,881
Noncurrent liabilities:
Long-term debt	2,183,325	2,280,531	2,277,910
Long-term lease liabilities	163,950	164,804	175,786
Other long-term liabilities	29,077	30,714	5,476
Deferred income taxes	172,849	184,637	152,041
Total liabilities	3,164,295	3,094,995	3,251,094
Redeemable noncontrolling interests	544,764	521,395	543,719
Stockholders' deficit:
Preferred stock, $1.00 par value
Common stock, $0.025 par value, 280,000,000 shares authorized; 83,463,774, 83,178,294 and 83,026,556 shares issued and outstanding at July 2, 2023, January 1, 2023 and July 3, 2022, respectively	2,086	2,079	2,075
Capital in excess of par value	1,109,779	1,104,051	1,103,534
Accumulated deficit	(2,034,736)	(1,985,500)	(2,114,697)
Accumulated other comprehensive loss, net of tax	(72,595)	(71,195)	(71,932)
Total stockholders' deficit	(995,466)	(950,565)	(1,081,020)
Total liabilities and stockholders' deficit	$ 2,713,593	$ 2,665,825	$ 2,713,793

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 02, 2023	Jan. 01, 2023	Jul. 03, 2022
Condensed Consolidated Balance Sheets
Accumulated amortization of intangible assets	$ 295	$ 284	$ 272
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)	83,464,774	83,178,294	83,026,556
Common stock, shares outstanding (in shares)	83,463,774	83,178,294	83,026,556

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Total revenues	$ 443,707	$ 435,422	$ 585,897	$ 573,529
Operating expenses (excluding depreciation and amortization shown separately below)	173,669	173,357	282,539	283,076
Selling, general and administrative expenses	90,448	53,498	134,695	92,755
Costs of products sold	34,787	35,710	44,552	45,825
Depreciation and amortization	28,910	27,537	58,024	56,586
Loss (gain) on disposal of assets	2,550	98	4,985	(2,002)
Operating income	113,343	145,222	61,102	97,289
Interest expense, net	43,495	35,978	79,797	73,508
Loss on debt extinguishment	13,982	17,533	13,982	17,533
Other income, net	(2,261)	(722)	(3,093)	(1,410)
(Loss) income before income taxes	58,127	92,433	(29,584)	7,658
Income tax (benefit) expense	13,807	24,716	(4,045)	5,603
Net (loss) income	44,320	67,717	(25,539)	2,055
Less: Net income attributable to noncontrolling interests	(23,766)	(22,325)	(23,766)	(22,325)
Net loss attributable to Six Flags Entertainment Corporation	$ 20,554	$ 45,392	$ (49,305)	$ (20,270)
Weighted-average common shares outstanding: Basic (in shares)	83,379	84,992	83,293	85,594
Weighted-average common shares outstanding: Diluted (in shares)	83,796	85,242	83,293	85,594
Earnings per average common share outstanding: Basic (in dollars per share)	$ 0.25	$ 0.53	$ (0.59)	$ (0.24)
Earnings per average common share outstanding: Diluted (in dollars per share)	$ 0.25	$ 0.53	$ (0.59)	$ (0.24)
Park admissions
Total revenues	$ 238,963	$ 241,777	$ 315,266	$ 314,764
Park food, merchandise and other
Total revenues	190,792	183,081	243,578	237,350
Sponsorship, international agreements and accommodations
Total revenues	$ 13,952	$ 10,564	$ 27,053	$ 21,415

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Condensed Consolidated Statements of Operations
Stock-based compensation	$ 2,179	$ 3,223	$ 5,493	$ 7,448

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 02, 2023		Jul. 03, 2022		Jul. 02, 2023		Jul. 03, 2022
Condensed Consolidated Statements of Comprehensive Income
Net (loss) income	$ 44,320		$ 67,717		$ (25,539)		$ 2,055
Other comprehensive income, net of tax:
Foreign currency translation adjustment	(1,481)	[1]	3,920	[1]	(565)	[2]	(165)	[2]
Defined benefit retirement plan	175	[3]	172	[3]	351	[4]	343	[4]
Change in cash flow hedging	(595)	[5]	(402)	[5]	(1,186)	[6]	9,077	[6]
Other comprehensive (loss) income, net of tax	(1,901)		3,690		(1,400)		9,255
Comprehensive income	42,419		71,407		(26,939)		11,310
Less: Comprehensive income attributable to noncontrolling interests	(23,766)		(22,325)		(23,766)		(22,325)
Comprehensive loss attributable to Six Flags Entertainment Corporation	$ 18,653		$ 49,082		$ (50,705)		$ (11,015)

[1] Foreign currency translation adjustment is presented net of tax benefit of $0.2 million for the three months ended July 2, 2023 and net of tax expense of $1.0 million for the three months ended July 3, 2022. (1) Foreign currency translation adjustment is presented net of tax benefit of $0.1 million and net of tax benefit of a nominal amount for the six months ended July 2, 2023 and July 3, 2022, respectively. Defined benefit retirement plan is presented net of tax expense of $0.1 million for the three months ended July 2, 2023 and July 3, 2022, respectively. Defined benefit retirement plan is presented net of tax expense of $0.1 million for the six months ended July 2, 2023 and July 3, 2022, respectively. Change in fair value of cash flow hedging is presented net of tax benefit of $0.2 million and $0.1 million for the three months ended July 2, 2023 and July 3, 2022, respectively. Change in fair value of cash flow hedging is presented net of tax benefit of $0.4 million for the six months ended July 2, 2023 and net of tax expense of $3.0 million for the six months ended July 3, 2023.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Condensed Consolidated Statements of Comprehensive Income
Foreign currency translation adjustment, tax expense (benefit)	$ 0.2	$ 1	$ 0.1	$ 0.1
Defined benefit retirement plan, tax expense (benefit)	0.1	0.1	0.1	0.1
Change in cash flow hedging, tax expense (benefit)	$ (0.2)	$ (0.1)	$ (0.4)	$ 3

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders Deficit - USD ($) $ in Thousands	Common stock	Capital in excess of par value	Accumulated deficit	Accumulated other comprehensive loss	Total
Beginning balance at Jan. 02, 2022	$ 2,154	$ 1,120,084	$ (2,023,251)	$ (81,187)	$ (982,200)
Beginning balance (in shares) at Jan. 02, 2022	86,162,879
Increase (Decrease) in Equity (Deficit)
Issuance of common stock	$ 7	1,032			1,039
Issuance of common stock (in shares)	303,409
Stock-based compensation		7,448			7,448
Repurchase of common stock	$ (87)	(25,394)	(71,293)		(96,774)
Repurchase of common stock (in shares)	(3,464,385)
Payment of tax withholdings on equity-based compensation through shares withheld		(260)			(260)
Payment of tax withholdings on equity-based compensation through shares withheld (in shares)	(7,340)
Employee stock purchase plan	$ 1	624			625
Employee stock purchase plan (in shares)	31,993
Fresh start valuation adjustment for partnership park units purchased			117		117
Net loss attributable to Six Flags Entertainment Corporation			(20,270)		(20,270)
Net other comprehensive income, net of tax				9,255	9,255
Ending balance at Jul. 03, 2022	$ 2,075	1,103,534	(2,114,697)	(71,932)	(1,081,020)
Ending balance (in shares) at Jul. 03, 2022	83,026,556
Beginning balance at Apr. 03, 2022	$ 2,156	1,124,603	(2,088,913)	(75,622)	(1,037,776)
Beginning balance (in shares) at Apr. 03, 2022	86,248,545
Increase (Decrease) in Equity (Deficit)
Issuance of common stock	$ 5	735			740
Issuance of common stock (in shares)	215,707
Stock-based compensation		3,223			3,223
Repurchase of common stock	$ (87)	(25,394)	(71,293)		(96,774)
Repurchase of common stock (in shares)	(3,464,385)
Payment of tax withholdings on equity-based compensation through shares withheld		(257)			(257)
Payment of tax withholdings on equity-based compensation through shares withheld (in shares)	(5,304)
Employee stock purchase plan	$ 1	624			625
Employee stock purchase plan (in shares)	31,993
Fresh start valuation adjustment for partnership park units purchased			117		117
Net loss attributable to Six Flags Entertainment Corporation			45,392		45,392
Net other comprehensive income, net of tax				3,690	3,690
Ending balance at Jul. 03, 2022	$ 2,075	1,103,534	(2,114,697)	(71,932)	(1,081,020)
Ending balance (in shares) at Jul. 03, 2022	83,026,556
Beginning balance at Jan. 01, 2023	$ 2,079	1,104,051	(1,985,500)	(71,195)	(950,565)
Beginning balance (in shares) at Jan. 01, 2023	83,178,294
Increase (Decrease) in Equity (Deficit)
Issuance of common stock	$ 6	(7)			(1)
Issuance of common stock (in shares)	273,469
Stock-based compensation		5,493			5,493
Payment of tax withholdings on equity-based compensation through shares withheld		(241)			(241)
Payment of tax withholdings on equity-based compensation through shares withheld (in shares)	(9,161)
Employee stock purchase plan	$ 1	483			484
Employee stock purchase plan (in shares)	22,172
Fresh start valuation adjustment for partnership park units purchased			69		69
Net loss attributable to Six Flags Entertainment Corporation			(49,305)		(49,305)
Net other comprehensive income, net of tax				(1,400)	(1,400)
Ending balance at Jul. 02, 2023	$ 2,086	1,109,779	(2,034,736)	(72,595)	(995,466)
Ending balance (in shares) at Jul. 02, 2023	83,464,774
Beginning balance at Apr. 02, 2023	$ 2,082	1,107,258	(2,055,359)	(70,694)	(1,016,713)
Beginning balance (in shares) at Apr. 02, 2023	83,279,300
Increase (Decrease) in Equity (Deficit)
Issuance of common stock	$ 3	(4)			(1)
Issuance of common stock (in shares)	168,809
Stock-based compensation		2,179			2,179
Payment of tax withholdings on equity-based compensation through shares withheld		(137)			(137)
Payment of tax withholdings on equity-based compensation through shares withheld (in shares)	(5,507)
Employee stock purchase plan	$ 1	483			484
Employee stock purchase plan (in shares)	22,172
Fresh start valuation adjustment for partnership park units purchased			69		69
Net loss attributable to Six Flags Entertainment Corporation			20,554		20,554
Net other comprehensive income, net of tax				(1,901)	(1,901)
Ending balance at Jul. 02, 2023	$ 2,086	$ 1,109,779	$ (2,034,736)	$ (72,595)	$ (995,466)
Ending balance (in shares) at Jul. 02, 2023	83,464,774

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022
Cash flows from operating activities:
Net (loss) income	$ (25,539)	$ 2,055
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	58,024	56,586
Stock-based compensation	5,493	7,448
Interest accretion on notes payable	511	555
Loss on debt extinguishment	13,982	17,533
Amortization of debt issuance costs	2,889	3,965
Loss (gain) on disposal of assets	4,985	(2,002)
Deferred income tax (benefit) expense	(7,467)	726
Other	(5,573)	(3,403)
(Increase) decrease in accounts receivable	(42,233)	27,327
Increase in inventories, prepaid expenses and other current assets	(25,480)	(34,698)
(Increase) decrease in deposits and other assets	1,315	(1,928)
Decrease in ROU operating leases	5,614	5,517
Increase in accounts payable, deferred revenue, accrued liabilities and other long-term liabilities	104,717	11,012
Decrease in operating lease liabilities	(1,340)	(1,615)
Decrease in accrued interest payable	(5,269)	(25,841)
Net cash provided by operating activities	84,629	63,237
Cash flows from investing activities:
Additions to property and equipment	(68,130)	(59,006)
Property insurance recoveries	1,089	3,664
Net cash used in investing activities	(67,041)	(55,342)
Cash flows from financing activities:
Repayment of borrowings	(1,028,623)	(360,000)
Proceeds from borrowings	998,984	200,000
Payment of debt issuance costs	(19,294)	(12,600)
Stock repurchases		(96,774)
Payment of cash dividends		(3)
Proceeds from issuance of common stock		1,665
Payment of tax withholdings on equity-based compensation through shares withheld	(241)	(260)
Reduction in finance lease liability	(498)	(490)
Purchase of redeemable noncontrolling interest	(328)	(556)
Net cash used in financing activities	(50,000)	(269,018)
Effect of exchange rate on cash	3,870	340
Net change in cash and cash equivalents	(28,542)	(260,783)
Cash and cash equivalents at beginning of period	80,122	335,585
Cash and cash equivalents at end of period	51,580	74,802
Supplemental cash flow information
Cash paid for interest	83,031	95,141
Cash paid for income taxes	$ 6,892	$ 1,661

General - Basis of Presentation

General - Basis of Presentation	6 Months Ended
General - Basis of Presentation	Jul. 02, 2023
General - Basis of Presentation
General - Basis of Presentation	1. General — Basis of Presentation We own and operate regional theme parks and water parks. We are the largest regional theme park operator in the world, and we are the largest operator of water parks in North America based on the number of parks we operate. Of the 27 parks we own or operate, 24 parks are located in the United States, two are located in Mexico, and one is 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. Our current fiscal year will end on December 31, 2023. This Quarterly Report covers the period 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 comparison period in the prior year covers the dates January 3, 2022 – July 3, 2022 (“the six months ended July 3, 2022”) and the period April 4, 2022 – July 3, 2022 (“the three months ended July 3, 2022”). The 2022 Annual Report includes additional information about us, our operations and our financial position, and should be referred to in conjunction with this Quarterly Report. The information furnished in this Quarterly Report 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 July 2, 2023, are not indicative of the results expected for the full year. Our operations 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. Certain previously reported amounts have been reclassified to conform to the current year presentation. During 2023, we reclassified the net pension-related expense (benefit) to other (income) expense, net, in our consolidated statements of operations. We have separated “(Gain) loss on disposal of assets” from “Other” on the condensed consolidated statement of cash flows. a. Consolidated U.S. GAAP Presentation Our accounting policies reflect industry practices and conform to U.S. GAAP. The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. We also consolidate 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 our unaudited condensed consolidated financial statements, as we have determined that we have the power to direct the activities of the Partnership Parks that most significantly impact their economic performance and we have 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 We recorded a valuation allowance of $98.1 million, $96.0 million and $108.4 million as of July 2, 2023, January 1, 2023, and July 3, 2022, respectively, due to uncertainties related to our ability to use some of our deferred tax assets, primarily consisting of certain state net operating loss and other tax carryforwards, before they expire. The valuation allowance was based on our estimates of taxable income by jurisdiction in which we operate and the period over which our deferred tax assets were recoverable. Our projected taxable income over the foreseeable future indicates we will be able to use all of our federal net operating loss carryforwards before they expire. We classify interest and penalties attributable to income taxes as part of income tax expense. As of July 2, 2023, January 1, 2023, and July 3, 2022, we had no recorded amounts for accrued interest or penalties. c. Goodwill and Intangibles As of July 2, 2023, the fair value of our single reporting unit exceeded our carrying amount. We have one reporting unit at the same level for which Holdings common stock is traded and we believe our market capitalization is the best indicator of our reporting unit’s fair value. As of July 2, 2023, we did not identify any triggering events that would require a full quantitative analysis to be performed. d. Long-Lived Assets We review 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 July 2, 2023, we did not identify any triggering events that would require a quantitative analysis. e. Earnings (Loss) Per Common Share Earnings (loss) per common share for the three and six months ended July 2, 2023 and July 3, 2022, was calculated as follows: Three Months Ended Six Months Ended (Amounts in thousands, except per share data) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Net income (loss) attributable to Six Flags Entertainment Corporation $ 20,554 $ 45,392 $ (49,305) $ (20,270) Weighted-average common shares outstanding - basic: 83,379 84,992 83,293 85,594 Effect of dilutive stock options and restricted stock units 417 250 — — Weighted-average common shares outstanding - diluted: 83,796 85,242 83,293 85,594 Earnings (loss) per share - basic: $ 0.25 $ 0.53 $ (0.59) $ (0.24) Earnings (loss) per share - diluted: $ 0.25 $ 0.53 $ (0.59) $ (0.24) The computation of diluted earnings per share excluded the effect of 1,578,000 and 2,462,000 antidilutive stock options and restricted stock units for the three months ended July 2, 2023, and July 3, 2022, respectively, and excluded the effect of 1,550,000 and 2,415,000 antidilutive stock options and restricted stock units for the six months ended July 2, 2023, and July 3, 2022, respectively. f. Stock Benefit Plans Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), we may 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, we grant performance stock units to key employees. These awards vest based on attainment of specific performance targets most often related to Adjusted EBITDA or revenue over a defined period. As of July 2, 2023, we have not determined that it is probable that we will achieve any of the performance targets associated with our outstanding performance units, and we have therefore not recognized any expense for these awards. During the three and six months ended July 2, 2023 and July 3, 2022, stock-based compensation expense consisted of the following: Three Months Ended Six Months Ended (Amounts in thousands) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Long-term incentive plan $ 2,123 $ 3,229 $ 5,407 $ 7,379 Employee stock purchase plan 56 (6) 86 69 Total stock-based compensation $ 2,179 $ 3,223 $ 5,493 $ 7,448 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 our Six Flags Plus pass, a new twelve-month, subscription style pass. We are not exposed to a significant concentration of credit risk; however, based on the age of receivables, our historical experience and other factors and assumptions we believe to be customary and reasonable, we record an allowance for doubtful accounts. As of July 2, 2023, January 1, 2023, and July 3, 2022, we have recorded an allowance for doubtful accounts of $9.3 million, $4.1 million, and $6.7 million, respectively, which is primarily comprised of estimated payment defaults under our Six Flags Plus pass and multi-use admission products that allow for payment plans. 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. Recently Adopted Accounting Pronouncements In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“Update 2020-04”), which provides optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in Update 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected optional expedients for and that are retained through the end of the hedging relationship. The provisions in Update 2020-04 are effective upon issuance and can be applied prospectively through December 31, 2022. As of July 2, 2023, we no longer have any debt instruments that contain LIBOR as a reference rate. Our adoption of Update 2020-04 did not have any effect on our condensed consolidated financial statements.

Revenue

Revenue	6 Months Ended
Revenue	Jul. 02, 2023
Revenue
Revenue	2. Revenue Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales and other taxes we collect 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 our revenues disaggregated by contract duration for the three and six month periods ended July 2, 2023 and July 3, 2022, respectively. Long-term and short-term contracts consist of our contracts with customers with terms greater than one year and less than or equal to one year, respectively. Three Months Ended July 2, 2023 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other 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 Three Months Ended July 3, 2022 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Total Long-term contracts $ 16,001 $ 2,226 $ 3,500 $ 21,727 Short-term contracts and other (1) 225,776 180,855 7,064 413,695 Total revenues $ 241,777 $ 183,081 $ 10,564 $ 435,422 Six Months Ended July 2, 2023 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other 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 Six Months Ended July 3, 2022 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Total Long-term contracts $ 19,952 $ 3,008 $ 10,028 $ 32,988 Short-term contracts and other (1) 294,812 234,342 11,387 540,541 Total revenues $ 314,764 $ 237,350 $ 21,415 $ 573,529 (1) Other revenues primarily include sales of single-use tickets and short-term transactional sales for which we have the right to invoice. Long-term Contracts 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 January 2, 2022, $58.7 million of unearned revenue associated with outstanding long-term contracts was reported in "Deferred revenue," of which $20.8 million and $33.0 million was recognized as revenue for long-term contracts during the three and six months ended July 3, 2022, respectively. As of July 3, 2022, the total unearned amount of revenue for remaining long-term contract performance obligations was $37.6 million. As of July 2, 2023, we expect to recognize estimated revenue for partially or wholly unsatisfied performance obligations on long-term contracts of approximately $35.0 million in the remainder of 2023 , $17.6 million in 2024 , $9.2 million in 2025 , $7.1 million in 2026 , and $12.8 million in 2027 and thereafter.

Long-Term Indebtedness

Long-Term Indebtedness	6 Months Ended
Long-Term Indebtedness	Jul. 02, 2023
Long-Term Indebtedness
Long-Term Indebtedness	3. Long-Term Indebtedness Credit Facility As of July 2, 2023, our credit facility consisted of a $500.0 million revolving credit facility (the “Revolving Credit Facility”) and a $479.0 million Tranche B Term Loan facility (the “Term Loan B”) pursuant to the amended and restated credit facility that we entered into in May 2023 (the “Credit Facility”). Concurrently with the closing of the $800 million in aggregate principal amount of 7.25% senior unsecured notes due 2031 (“2031 Notes”), the Company amended its existing senior secured credit facility to, among other things, (i) establish a $500 million replacement revolving credit facility maturing in May 2028, subject to springing maturity conditions, which was previously scheduled to expire in April 2024 (ii) maintain the same interest rate margins on borrowings under the replacement revolving credit facility as were previously in effect, while reducing the fee on unused revolving commitments to 0.5% , stepping down to 0.375% upon achieving a senior secured leverage ratio of less than 1.25 :1.00, (iii) replace LIBOR as the interest rate benchmark for borrowings under the senior secured credit facility with Term SOFR, plus a 0.10% Term SOFR Adjustment, (iv) modify the maximum senior secured leverage ratio that the Company must maintain to 4.50 :1.00 for the four fiscal-quarter periods ending on or about December 31, 2022, March 31, 2023, and June 30, 2023, 4.25 :1.00 for the four fiscal-quarter period ending on or about September 30, 2023, and each four fiscal-quarter period thereafter through the four fiscal-quarter period ending on or about June 30, 2024, and 3.75 :1.00 for the four fiscal-quarter period ending on or about September 30, 2024, and each four fiscal-quarter period thereafter, and (v) make certain other changes to the covenants and other terms of the senior secured credit facility. We incurred a $0.1 million loss on debt extinguishment related to the write-off of deferred financing costs related to the transaction which was recognized during the three months ended July 2, 2023. As of July 2, 2023, our available borrowing capacity under our Revolving Credit Facility was $310.0 million after reducing the facility by $169.0 million borrowings outstanding and $21.0 million of outstanding letters of credit. As of January 1, 2023 and July 3, 2022, $100.0 million and $200.0 million, 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 our senior secured leverage ratio. As of July 2, 2023, the Revolving Credit Facility had an interest rate of 8.45% . As of July 2, 2023, the Revolving Credit Facility unused commitment fee was 0.500% . The Revolving Credit Facility matures in May 2028. As of July 2, 2023, January 1, 2023 and July 3, 2022, $479.0 million was outstanding under the Term Loan B. Interest on the Term Loan B accrues at an annual rate of SOFR, plus a Term SOFR Adjustment of 0.10% , plus 1.75% . The Term Loan B consists of only floating rate debt. As of July 2, 2023, the applicable interest rate on the Term Loan B was 6.95% . The Term Loan B matures on April 17, 2026. 2024 Notes, 2025 Notes, 2027 Notes and 2031 Notes In June 2016, Holdings 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, we prepaid $50.5 million of the outstanding 2024 Notes principal, reducing the outstanding amount to $949.5 million. On April 26, 2023, we 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, we repaid $892.6 million, or 94.0% of the aggregate principal amount of the 2024 Notes that were tendered to us. The remainder of the 2024 Notes is due in July 2024. In April 2017, Holdings issued $500.0 million of 5.50% senior notes due 2027 (the "2027 Notes"). In April 2020, our 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, Holdings 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. We incurred a $17.5 million loss on debt extinguishment containing $12.6 million for the premium paid above par and $4.9 million related to the write-off of deferred financing costs related to the transaction which was recognized during the three months ended July 3, 2022. On May 3, 2023, the Company 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, the Company received net proceeds of $784.0 million. We incurred a $13.9 million loss on debt extinguishment containing $1.0 million for the premium paid above par and $12.9 million of costs charged to expense on debt modification which were recognized during the three months ended July 2, 2023. Also, on May 3, 2023, the Company 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 our revolving credit facility, were used to pay the Purchase Price, plus accrued and unpaid interest. As of July 2, 2023, $56.9 million of the 2024 Notes, $365.0 million of the 2025 Notes, $500.0 million of the 2027 Notes and $800.0 million of the 2031 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. For the 2031 Notes, an interest payment of $30.9 million is due November 15, 2023, and then $29.0 million is due semi-annually on May 15 and November 15 of each year, thereafter. Long-Term Indebtedness Summary As of July 2, 2023, January 1, 2023, and July 3, 2022, the principal balance of our long-term debt consisted of the following: As of (Amounts in thousands) July 2, 2023 January 1, 2023 July 3, 2022 Term Loan B $ 479,000 $ 479,000 $ 479,000 Revolving Credit Facility 169,000 100,000 200,000 2024 Notes 56,867 949,490 949,490 2025 Notes 365,000 365,000 365,000 2027 Notes 500,000 500,000 500,000 2031 Notes 800,000 — — Net discount (6,580) (2,138) (2,694) Deferred financing costs (10,961) (10,821) (12,886) Total debt $ 2,352,325 $ 2,380,531 $ 2,477,910 Less short-term borrowings (169,000) (100,000) (200,000) Total long-term debt $ 2,183,325 $ 2,280,531 $ 2,277,910 Fair-Value of Long-Term Indebtedness As of July 2, 2023, January 1, 2023, and July 3, 2022, the fair value of our long-term debt was $2,298.7 million, $2,284.3 million and $2,368.2 million, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
Accumulated Other Comprehensive Loss	Jul. 02, 2023
Accumulated Other Comprehensive Loss.
Accumulated Other Comprehensive Loss	4. Accumulated Other Comprehensive Loss Changes in the composition of Accumulated Other Comprehensive Loss ("AOCL") during the six months ended July 2, 2023, were as follows: Accumulated Cumulative Other Translation Cash Flow Defined Benefit Income Comprehensive (Amounts in thousands) Adjustment Hedges Plans Taxes Loss Balances at January 1, 2023 $ (33,145) $ 5,337 $ (39,385) $ (4,002) $ (71,195) Net current period change (663) — — 97 (566) Amounts reclassified from AOCI — (1,579) 468 277 (834) Balances at July 2, 2023 $ (33,808) $ 3,758 $ (38,917) $ (3,628) $ (72,595) Reclassifications out of AOCL during the three and six months ended July 2, 2023 and July 3, 2022: Reclassification of (Gain) Loss from AOCL into Earnings Three Months Ended Six Months Ended Component of AOCI Location of Reclassification into Income (Loss) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Amortization of gain on interest rate hedge Interest expense, net $ (792) $ (774) $ (1,579) $ 343 Income tax expense 197 193 393 (88) Net of tax $ (595) $ (581) $ (1,186) $ 255 Amortization of deferred actuarial loss and prior service cost Operating expenses $ 234 $ 229 $ 468 $ 458 Income tax benefit (58) (58) (116) (115) Net of tax $ 176 $ 171 $ 352 $ 343 Total reclassifications $ (419) $ (410) $ (834) $ 598

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jul. 02, 2023
Derivative Financial Instruments
Derivative Financial Instruments	5. Derivative Financial Instruments We hold interest rate swap agreements that mitigate the risk of an increase in the effective interest rate on the Term Loan B. We enter into derivative contracts for risk management purposes only and do 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 our 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 “Deposits and other assets” and “Other long-term liabilities,” respectively. On March 24, 2022, we 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. We recorded the settlement in accumulated other comprehensive income in the amount of $7.7 million which will be amortized through September 2024, the maturity date of the Term Loan B. Derivative assets recorded at fair value in an asset position as well as their classification on our unaudited condensed consolidated balance sheets as of July 2, 2023, January 1, 2023, and July 3, 2022: Derivative Assets (Amounts in thousands) July 2, 2023 January 1, 2023 July 3, 2022 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements — other current assets $ 3,631 $ 6,135 $ 3,688 Interest rate swap agreements — other non-current assets 3,984 4,446 2,829 $ 7,615 $ 10,581 $ 6,517 Derivative liabilities recorded at fair value in our unaudited condensed consolidated balance sheets as of July 2, 2023, January 1, 2023, and July 3, 2022: Derivative Liabilities (Amounts in thousands) July 2, 2023 January 1, 2023 July 3, 2022 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements — other accrued liabilities $ 4,535 $ 8,476 $ 7,589 Interest rate swap agreements — other long-term liabilities 5,382 6,224 5,196 $ 9,917 $ 14,700 $ 12,785 Gains and losses on derivatives not designated as hedging instruments are recognized in “Interest expense, net” in our condensed consolidated statements of operations, and were not material for the three months ended July 2, 2023 and July 3, 2022 or for the six months ended July 2, 2023 and July 3, 2022. Gains and losses before taxes on derivatives designated as hedging instruments that were recognized in “Interest expense” in the condensed consolidated statements of operations for the three and six months ended July 2, 2023, and July 3, 2022, were as follows: Three Months Ended July 2, 2023 and July 3, 2022 Gain (Loss) Gain (Loss) Reclassified from Recognized in AOCL AOCL into Interest Expense, Net (Amounts in thousands) 2023 2022 2023 2022 Interest rate swap agreements $ — $ — $ 792 $ 774 Total $ — $ — $ 792 $ 774 Six Months Ended July 2, 2023 and July 3, 2022 Gain (Loss) Gain (Loss) Reclassified from Recognized in AOCL AOCL into Interest Expense, Net (Amounts in thousands) 2023 2022 2023 2022 Interest rate swap agreements $ — $ 11,778 $ 1,579 $ (343) Total $ — $ 11,778 $ 1,579 $ (343) As of July 2, 2023, we expect to reclassify net gains of $3.2 million, currently recorded in AOCL, into “Interest expense, net” within the next twelve months.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jul. 02, 2023
Commitments and Contingencies
Commitments and Contingencies	6. Commitments and Contingencies Partnership Parks We have guaranteed the obligations of the general partners of those partnerships to (i) make minimum annual distributions (including rent) of approximately $85.6 million in 2023 (subject to cost of living adjustments) to the limited partners in the Partnership Parks (based on our ownership of units as of July 2, 2023, our share of the distribution will be approximately $38.1 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 2023 annual offer to purchase limited partnership units tendered by the unit holders (the "Partnership Park Put") in May 2023, we purchased 0.149 limited partnership units from the Texas partnership for $0.3 million. As we purchase additional units, we are entitled to a proportionate increase in our 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, we adjusted our 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 July 2, 2023, is $409.8 million in the case of SFOG and $527.4 million in the case of SFOT. As of July 2, 2023, we owned approximately 31.5% and 54.1% of the Georgia limited partner interests and Texas limited partner interests, respectively. Our obligations with respect to SFOG and SFOT will continue until 2027 and 2028, respectively. We incurred $20.6 million of capital expenditures at the Partnership Parks during the 2022 season and expect to incur approximately $26.0 million to $30.0 million of capital expenditures at these parks for the 2023 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 us. The Partnership Parks generated approximately $73.0 million of cash in 2022, after deduction of capital expenditures and excluding the impact of short-term intercompany advances from or payments to Holdings. As of July 2, 2023, January 1, 2023 and July 3, 2022, we had total loans receivable outstanding of $288.3 million from the partnerships that own the Partnership Parks. The loans were primarily used to fund the acquisition of Six Flags White Water Atlanta and to make capital improvements to the Partnership Parks and distributions to the limited partners in prior years. Redeemable noncontrolling interests represent the non-affiliated parties’ interests in the Partnership Parks: SFOT, SFOG and Six Flags White Water Atlanta, which is owned by the partnership that owns SFOG. As of July 2, 2023, redeemable noncontrolling interests of the SFOT and SFOG partnerships were $252.7 million and $292.1 million, respectively. (Amounts in thousands) SFOT SFOG Total Balance at January 1, 2023 $ 241,194 $ 280,201 $ 521,395 Purchase of redeemable units (328) — (328) Fresh start accounting fair market value adjustment for purchased units (69) — (69) Net income attributable to noncontrolling interests 11,860 11,906 23,766 Balance at July 2, 2023 $ 252,657 $ 292,107 $ 544,764 The redemption value of the noncontrolling partnership units in SFOT and SFOG as of July 2, 2023, was approximately $240.8 million and $280.2 million, respectively. Insurance We maintain insurance of the types and in amounts that we believe are commercially reasonable and that are available to businesses in our industry. The majority of our current insurance policies expire on December 31, 2023. We generally renegotiate our insurance policies on an annual basis. We cannot predict the level of the premiums that we 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 our claims data history, actuarially determined loss development factors and certain other qualitative considerations. We maintain self-insurance reserves for healthcare, auto, general liability, and workers’ compensation claims. Our self-insurance reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. During the second quarter of 2023, an actuarial analysis of our general liability and worker’s compensation self-insurance reserves resulted in a change in estimate that increased our 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, we 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 our condensed consolidated statements of operation of $37.6 million during the three and six months ended July 2, 2023. Total accrued self-insurance reserves were $68.6 million, $34.1 million and $37.0 million as of July 2, 2023, January 1, 2023 and July 3, 2022, respectively. Legal Proceedings While certain legal proceedings and related indemnification obligations to which we 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. On July 25, 2023, the Fifth Circuit informed the parties’ that, among other things, the appeal has been docketed, the appellate record is complete, and the Appellant’s brief is due within 40 days. We believe this lawsuit is without merit; however, there can be no assurance regarding the ultimate outcome. Regardless of the merit of plaintiff’s claims, litigation may be expensive, time-consuming, disruptive to the Company’s operations and distracting to management. The outcome of this litigation is inherently uncertain, and we cannot reasonably estimate any loss or range of loss that may arise from this matter. Stockholder Derivative Lawsuits On March 20, 2020, a putative stockholder derivative lawsuit was filed on behalf of nominal defendant Holdings in the U.S. District Court for the Northern District of Texas against certain of its then-current and former executive officers and directors (the “individual defendants”) in an action captioned Schwartz v. Reid-Anderson, et al. , Case No. 4:20-cv-00262-P (N.D. Tex.). In April 2020, two additional stockholder derivative lawsuits, making substantially identical allegations as the Schwartz complaint, were filed by Trustees of the St. Clair County Employees’ Retirement System and Mr. Mehmet Ali Albayrak in the U.S. District Court for the Northern District of Texas in actions captioned Martin, et al. v. Reid-Anderson, et al. , Case No. 4:20-cv-00311-P (N.D. Tex.) and Albayrak v. Reid-Anderson, et al. , Case No. 4:20-cv-00312-P (N.D. Tex.), respectively. On April 8, 2020, plaintiffs in all three of these putative derivative actions moved to consolidate the actions and appoint lead counsel. On May 8, 2020, the district court granted the plaintiffs’ motion to consolidate. The consolidated action is captioned In re Six Flags Entertainment Corp. Derivative Litigation , Case No. 4:20-cv-00262-P (N.D. Tex.). On August 10, 2020, plaintiffs filed a consolidated derivative complaint. The consolidated derivative complaint alleges breach of fiduciary duty, insider selling, waste of corporate assets, unjust enrichment, and contribution for violations of federal securities laws. The consolidated derivative complaint references, and makes many of the same allegations as are set forth in, the Electrical Workers litigation, alleging, among other things, that the individual defendants breached their fiduciary duties, committed waste, are liable for contribution for, or were unjustly enriched by making, failing to correct, or failing to implement adequate internal controls relating to alleged materially false or misleading statements or omissions regarding the Company’s business, operations and growth prospects, specifically with respect to the prospects of the development of Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd. The consolidated derivative complaint also alleges that a former officer and director sold shares of the Company while allegedly in possession of material non-public information concerning the same. On September 9, 2020, Holdings and the individual defendants filed a motion to dismiss the consolidated complaint. On April 28, 2021, the district court granted defendants’ motion, dismissing the consolidated complaint in its entirety and with prejudice and denying leave to amend. Plaintiffs’ time to appeal the judgment dismissing this action in its entirety and with prejudice and denying leave to amend lapsed in May 2021. On May 5, 2020, a putative stockholder derivative lawsuit was filed on behalf of nominal defendant Holdings, by Richard Francisco in Texas state court against certain of its then-current and former executive officers and directors (the “individual defendants”) in an action captioned Francisco v. Reid-Anderson, et al. , Case No. DC-20-06425 (160 th Dist. Ct., Dallas Cty., Tex.) (the “Francisco action”). The petition in the Francisco action alleges breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. The petition in the Francisco action references, and makes many of the same allegations, as are set forth in the Electrical Workers litigation, alleging, among other things, that the individual defendants breached their fiduciary duties, were unjustly enriched by, abused their control, committed gross mismanagement, and committed waste by making, failing to correct, or failing to implement adequate internal controls relating to alleged materially false or misleading statements or omissions regarding the Company’s business, operations and growth prospects, specifically with respect to the prospects of the development of Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd. The petition also alleges that a former officer and director engaged in insider trading. On May 28, 2020, the parties in the Francisco action filed a joint motion to stay proceedings through the resolution of the forthcoming motion to dismiss the Electrical Workers litigation. On June 3, 2020, the district court granted the joint motion to stay proceedings. On June 12, 2020, an additional stockholder derivative lawsuit, making substantially identical allegations as the Francisco petition, was filed on behalf of nominal defendant Holdings in Texas state court by putative stockholder Cliff Bragdon in an action captioned Bragdon v. Reid-Anderson, et al. , Case No. DC-20-08180 (298 th Dist. Ct., Dallas Cty., Tex.) (the “Bragdon action”). On July 10, 2020, the district court granted an agreed motion filed by the parties in the Francisco and Bragdon actions to consolidate cases, to accept service and an unopposed motion to appoint co-lead and liaison counsel, and to stay both the Francisco and Bragdon actions through final resolution of the motion to dismiss the Electrical Workers litigation. The consolidated state derivative action was captioned In re Six Flags Entertainment Corp. Derivative Litigation , Case No. DC-20-06425 (160th Dist. Ct., Dallas Cty., Tex.). On September 8, 2020, the parties to the consolidated state derivative action filed an agreed motion to transfer the case from Dallas County to Tarrant County, which motion was so ordered on September 27, 2020. The consolidated action is now captioned In re Six Flags Ent. Corp. Derivative Litigation, No. 096-320958-20 (96 th Dist. Ct., Tarrant Cty., Tex.). On February 9, 2023, the stay was lifted in the consolidated action when the Fifth Circuit issued the mandate in the Electrical Workers litigation. On April 27, 2023 and May 30, 2023, the parties informed the court that they were conferring, that they would provide a further update within 30 days, and that, in the meantime, the defendants had no obligation to respond to the Francisco or Bragdon complaints or the consolidated action. On June 29, 2023, plaintiffs filed a notice of non-suit without prejudice. 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 (348 th 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 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 May 5, 2023, the individual defendants and the Company agreed to accept service of the petition, and plaintiff agreed that the individual defendants and the Company had no obligation to respond to the petition and that defendant’s answer dates are tolled until plaintiff files an amended petition. Plaintiff stated Plaintiff would file an amended petition by June 30, 2023. Plaintiff has not yet filed an amended petition. 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 Dela 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 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 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 June 10, 2023, the court ordered the following schedule: plaintiff’s amended complaint is due on or before August 12, 2023; defendants’ answer or other response is due on or before September 12, 2023; plaintiff’s opposition to defendants’ motion to dismiss is due on or before October 17, 2023; and defendants’ reply to plaintiff’s opposition is due on or before November 1, 2023. On July 20, 2023, the court scheduled completion of discovery to occur by April 4, 2025, and a four-day trial to begin on September 1, 2025. Wage and Hour Class Action Lawsuits Holdings 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 the Company’s operations and distract management from the operation of our business. In recognition of these impacts on the business, the Company 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 the Company’s operating expenses. The outcomes of these lawsuits are inherently uncertain, and we cannot reasonably estimate any loss or range of loss that may arise from these matters in excess of the amounts that we have recognized for these lawsuits, which amounts are not material to our 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. This settlement resolved all claims brought by these plaintiffs only. The parties are working to document this settlement and will seek to have the Court appoint a special master to determine the amounts each settling plaintiff will receive. This settlement does not resolve all claims arising from the alleged chemical vapor release. There are 122 remaining plaintiffs; 71 plaintiffs represented by 5 different firms and 51 pro se plaintiffs. The Court set a status conference for August 10, 2023, and ordered all remaining plaintiffs to appear. Any who fail to appear at the status conference will immediately be dismissed. The court also set the next bellweather trial for January 15, 2024. We have defended this litigation vigorously and will continue to do so. Regardless of the merit of particular claims, litigation may be expensive, time-consuming, disruptive to the Company’s operations and distracting to management. In recognition of these considerations, the Company may enter into further 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 that litigation will not occur. These agreements may also significantly increase the Company’s operating expenses. The outcome of this litigation is inherently uncertain, and we cannot reasonably estimate any loss or range of loss that may arise from the remaining matters in excess of the amount that we have recorded for this litigation, which amount is not material to our consolidated financial statements. Litigation Relating to Routine Proceedings We are also engaged from time to time in other routine legal and tax proceedings incidental to our business. We do not believe that any of these routine proceedings will have a material impact on the business or our financial condition. Securities and Exchange Commission Investigation The Securities and Exchange Commission is conducting an investigation into the Company’s 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. The Company 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 Company is fully cooperating and is committed to continuing to cooperate fully with the SEC in this matter. We cannot predict the length, scope or results of the investigation, or the impact, of the investigation on our results of operations, business or financial condition.

Business Segments

Business Segments	6 Months Ended
Business Segments	Jul. 02, 2023
Business Segments
Business Segments	7. Business Segments Our chief operating decision maker “CODM” regularly receives consolidated information which is used to make strategy 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 our parks provide similar products and services through a similar process to the same class of customer through a consistent method. We also believe that the parks share common economic characteristics. Based on these factors, we have only one reportable segment - parks. The following information reflects our goodwill and long-lived assets (which consists of property and equipment, right-of-use operating leases and intangible assets) as of July 2, 2023, January 1, 2023, and July 3, 2022: As of (Amounts in thousands) July 2, 2023 January 1, 2023 July 3, 2022 Domestic $ 2,292,265 $ 2,290,318 $ 2,322,514 Foreign 121,844 114,048 116,550 Total $ 2,414,109 $ 2,404,366 $ 2,439,064 The following information reflects our revenues and income before income taxes by domestic and foreign jurisdictions for the six months ended July 2, 2023, and July 3, 2022: Domestic Foreign Total 2023 (Amounts in thousands) Revenues $ 529,735 $ 56,162 $ 585,897 (Loss) income before income taxes (55,878) 26,294 (29,584) 2022 Revenues $ 531,041 $ 42,488 $ 573,529 (Loss) income before income taxes (1,063) 8,721 7,658

Pension Benefits

Pension Benefits	6 Months Ended
Pension Benefits	Jul. 02, 2023
Pension Benefits
Pension Benefits	8. Pension Benefits We froze our 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 our pension costs during the three and six months ended July 2, 2023, and July 3, 2022, respectively: Three Months Ended Six Months Ended (Amounts in thousands) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Service cost $ — $ — $ — $ — Interest cost 1,954 1,384 3,908 2,768 Expected return on plan assets (2,402) (3,060) (4,804) (6,119) Amortization of net actuarial loss 234 229 468 458 Administrative fees 650 300 1,300 600 Total net periodic expense (benefit) $ 436 $ (1,147) $ 872 $ (2,293) The components of net periodic pension (benefit) expense were included in "Other (income) expense" in the condensed consolidated statements of operations. Weighted-Average Assumptions Used To Determine Net Cost Three Months Ended Six Months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Discount rate 4.95 % 2.60 % 4.95 % 2.60 % 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 We did no t make any pension contributions during the three month or six month periods ended July 2, 2023 and July 3, 2022.

Stock Repurchase Plans and Shar

Stock Repurchase Plans and Shareholder Rights Plan	6 Months Ended
Stock Repurchase Plans and Shareholder Rights Plan	Jul. 02, 2023
Stock Repurchase Plans and Shareholder Rights Plan
Stock Repurchase Plans and Shareholder Rights Plan	9. Stock Repurchase Plans and Shareholder Rights Plan On March 30, 2017, Holdings announced that its Board of Directors approved a stock repurchase plan that permits Holdings to repurchase an incremental $500.0 million in shares of Holdings’ common stock (the "March 2017 Stock Repurchase Plan"). As of July 2, 2023, Holdings 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 available for permitted repurchases. We have no t made any repurchases during the six months ended July 2, 2023.

General - Basis of Presentati_2

General - Basis of Presentation (Policies)	6 Months Ended
General - Basis of Presentation (Policies)	Jul. 02, 2023
General - Basis of Presentation
Consolidated U.S. GAAP Presentation	a. Consolidated U.S. GAAP Presentation Our accounting policies reflect industry practices and conform to U.S. GAAP. The unaudited condensed consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. We also consolidate 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 our unaudited condensed consolidated financial statements, as we have determined that we have the power to direct the activities of the Partnership Parks that most significantly impact their economic performance and we have 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	b. Income Taxes We recorded a valuation allowance of $98.1 million, $96.0 million and $108.4 million as of July 2, 2023, January 1, 2023, and July 3, 2022, respectively, due to uncertainties related to our ability to use some of our deferred tax assets, primarily consisting of certain state net operating loss and other tax carryforwards, before they expire. The valuation allowance was based on our estimates of taxable income by jurisdiction in which we operate and the period over which our deferred tax assets were recoverable. Our projected taxable income over the foreseeable future indicates we will be able to use all of our federal net operating loss carryforwards before they expire. We classify interest and penalties attributable to income taxes as part of income tax expense. As of July 2, 2023, January 1, 2023, and July 3, 2022, we had no recorded amounts for accrued interest or penalties.
Goodwill and Intangibles	c. Goodwill and Intangibles As of July 2, 2023, the fair value of our single reporting unit exceeded our carrying amount. We have one reporting unit at the same level for which Holdings common stock is traded and we believe our market capitalization is the best indicator of our reporting unit’s fair value. As of July 2, 2023, we did not identify any triggering events that would require a full quantitative analysis to be performed.
Long-Lived Assets	d. Long-Lived Assets We review 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 July 2, 2023, we did not identify any triggering events that would require a quantitative analysis.
Earnings (Loss) Per Common Share	e. Earnings (Loss) Per Common Share Earnings (loss) per common share for the three and six months ended July 2, 2023 and July 3, 2022, was calculated as follows: Three Months Ended Six Months Ended (Amounts in thousands, except per share data) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Net income (loss) attributable to Six Flags Entertainment Corporation $ 20,554 $ 45,392 $ (49,305) $ (20,270) Weighted-average common shares outstanding - basic: 83,379 84,992 83,293 85,594 Effect of dilutive stock options and restricted stock units 417 250 — — Weighted-average common shares outstanding - diluted: 83,796 85,242 83,293 85,594 Earnings (loss) per share - basic: $ 0.25 $ 0.53 $ (0.59) $ (0.24) Earnings (loss) per share - diluted: $ 0.25 $ 0.53 $ (0.59) $ (0.24) The computation of diluted earnings per share excluded the effect of 1,578,000 and 2,462,000 antidilutive stock options and restricted stock units for the three months ended July 2, 2023, and July 3, 2022, respectively, and excluded the effect of 1,550,000 and 2,415,000 antidilutive stock options and restricted stock units for the six months ended July 2, 2023, and July 3, 2022, respectively.
Stock Benefit Plans	f. Stock Benefit Plans Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), we may 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, we grant performance stock units to key employees. These awards vest based on attainment of specific performance targets most often related to Adjusted EBITDA or revenue over a defined period. As of July 2, 2023, we have not determined that it is probable that we will achieve any of the performance targets associated with our outstanding performance units, and we have therefore not recognized any expense for these awards. During the three and six months ended July 2, 2023 and July 3, 2022, stock-based compensation expense consisted of the following: Three Months Ended Six Months Ended (Amounts in thousands) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Long-term incentive plan $ 2,123 $ 3,229 $ 5,407 $ 7,379 Employee stock purchase plan 56 (6) 86 69 Total stock-based compensation $ 2,179 $ 3,223 $ 5,493 $ 7,448
Accounts Receivable, Net	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 our Six Flags Plus pass, a new twelve-month, subscription style pass. We are not exposed to a significant concentration of credit risk; however, based on the age of receivables, our historical experience and other factors and assumptions we believe to be customary and reasonable, we record an allowance for doubtful accounts. As of July 2, 2023, January 1, 2023, and July 3, 2022, we have recorded an allowance for doubtful accounts of $9.3 million, $4.1 million, and $6.7 million, respectively, which is primarily comprised of estimated payment defaults under our Six Flags Plus pass and multi-use admission products that allow for payment plans. 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.
Recently Adopted Accounting Pronouncements	h. Recently Adopted Accounting Pronouncements In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“Update 2020-04”), which provides optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in Update 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected optional expedients for and that are retained through the end of the hedging relationship. The provisions in Update 2020-04 are effective upon issuance and can be applied prospectively through December 31, 2022. As of July 2, 2023, we no longer have any debt instruments that contain LIBOR as a reference rate. Our adoption of Update 2020-04 did not have any effect on our condensed consolidated financial statements.

General - Basis of Presentati_3

General - Basis of Presentation (Tables)	6 Months Ended
General - Basis of Presentation (Tables)	Jul. 02, 2023
General - Basis of Presentation
Schedule of earnings per share of common stock	Three Months Ended Six Months Ended (Amounts in thousands, except per share data) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Net income (loss) attributable to Six Flags Entertainment Corporation $ 20,554 $ 45,392 $ (49,305) $ (20,270) Weighted-average common shares outstanding - basic: 83,379 84,992 83,293 85,594 Effect of dilutive stock options and restricted stock units 417 250 — — Weighted-average common shares outstanding - diluted: 83,796 85,242 83,293 85,594 Earnings (loss) per share - basic: $ 0.25 $ 0.53 $ (0.59) $ (0.24) Earnings (loss) per share - diluted: $ 0.25 $ 0.53 $ (0.59) $ (0.24)
Schedule of stock-based compensation expense	Three Months Ended Six Months Ended (Amounts in thousands) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Long-term incentive plan $ 2,123 $ 3,229 $ 5,407 $ 7,379 Employee stock purchase plan 56 (6) 86 69 Total stock-based compensation $ 2,179 $ 3,223 $ 5,493 $ 7,448

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jul. 02, 2023
Revenue
Schedule of revenues disaggregated by contract duration	The following tables present our revenues disaggregated by contract duration for the three and six month periods ended July 2, 2023 and July 3, 2022, respectively. Long-term and short-term contracts consist of our contracts with customers with terms greater than one year and less than or equal to one year, respectively. Three Months Ended July 2, 2023 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other 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 Three Months Ended July 3, 2022 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Total Long-term contracts $ 16,001 $ 2,226 $ 3,500 $ 21,727 Short-term contracts and other (1) 225,776 180,855 7,064 413,695 Total revenues $ 241,777 $ 183,081 $ 10,564 $ 435,422 Six Months Ended July 2, 2023 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other 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 Six Months Ended July 3, 2022 Sponsorship, Park Food, International Merchandise Agreements and (Amounts in thousands) Park Admissions and Other Accommodations Total Long-term contracts $ 19,952 $ 3,008 $ 10,028 $ 32,988 Short-term contracts and other (1) 294,812 234,342 11,387 540,541 Total revenues $ 314,764 $ 237,350 $ 21,415 $ 573,529 (1) Other revenues primarily include sales of single-use tickets and short-term transactional sales for which we have the right to invoice.

Long-Term Indebtedness (Tables)

Long-Term Indebtedness (Tables)	6 Months Ended
Long-Term Indebtedness (Tables)	Jul. 02, 2023
Long-Term Indebtedness
Schedule of long-term debt	As of July 2, 2023, January 1, 2023, and July 3, 2022, the principal balance of our long-term debt consisted of the following: As of (Amounts in thousands) July 2, 2023 January 1, 2023 July 3, 2022 Term Loan B $ 479,000 $ 479,000 $ 479,000 Revolving Credit Facility 169,000 100,000 200,000 2024 Notes 56,867 949,490 949,490 2025 Notes 365,000 365,000 365,000 2027 Notes 500,000 500,000 500,000 2031 Notes 800,000 — — Net discount (6,580) (2,138) (2,694) Deferred financing costs (10,961) (10,821) (12,886) Total debt $ 2,352,325 $ 2,380,531 $ 2,477,910 Less short-term borrowings (169,000) (100,000) (200,000) Total long-term debt $ 2,183,325 $ 2,280,531 $ 2,277,910

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Jul. 02, 2023
Accumulated Other Comprehensive Loss.
Schedule of components of AOCI	Changes in the composition of Accumulated Other Comprehensive Loss ("AOCL") during the six months ended July 2, 2023, were as follows: Accumulated Cumulative Other Translation Cash Flow Defined Benefit Income Comprehensive (Amounts in thousands) Adjustment Hedges Plans Taxes Loss Balances at January 1, 2023 $ (33,145) $ 5,337 $ (39,385) $ (4,002) $ (71,195) Net current period change (663) — — 97 (566) Amounts reclassified from AOCI — (1,579) 468 277 (834) Balances at July 2, 2023 $ (33,808) $ 3,758 $ (38,917) $ (3,628) $ (72,595)
Schedule of reclassifications out of accumulated other comprehensive income (loss)	Reclassification of (Gain) Loss from AOCL into Earnings Three Months Ended Six Months Ended Component of AOCI Location of Reclassification into Income (Loss) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Amortization of gain on interest rate hedge Interest expense, net $ (792) $ (774) $ (1,579) $ 343 Income tax expense 197 193 393 (88) Net of tax $ (595) $ (581) $ (1,186) $ 255 Amortization of deferred actuarial loss and prior service cost Operating expenses $ 234 $ 229 $ 468 $ 458 Income tax benefit (58) (58) (116) (115) Net of tax $ 176 $ 171 $ 352 $ 343 Total reclassifications $ (419) $ (410) $ (834) $ 598

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jul. 02, 2023
Derivative Financial Instruments
Schedule of derivative assets at fair value	Derivative Assets (Amounts in thousands) July 2, 2023 January 1, 2023 July 3, 2022 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements — other current assets $ 3,631 $ 6,135 $ 3,688 Interest rate swap agreements — other non-current assets 3,984 4,446 2,829 $ 7,615 $ 10,581 $ 6,517
Schedule of derivative liabilities at fair value	Derivative Liabilities (Amounts in thousands) July 2, 2023 January 1, 2023 July 3, 2022 Derivatives Not Designated as Hedging Instruments Interest rate swap agreements — other accrued liabilities $ 4,535 $ 8,476 $ 7,589 Interest rate swap agreements — other long-term liabilities 5,382 6,224 5,196 $ 9,917 $ 14,700 $ 12,785
Schedule of gains and losses before taxes on derivatives designated as hedging instruments	Three Months Ended July 2, 2023 and July 3, 2022 Gain (Loss) Gain (Loss) Reclassified from Recognized in AOCL AOCL into Interest Expense, Net (Amounts in thousands) 2023 2022 2023 2022 Interest rate swap agreements $ — $ — $ 792 $ 774 Total $ — $ — $ 792 $ 774 Six Months Ended July 2, 2023 and July 3, 2022 Gain (Loss) Gain (Loss) Reclassified from Recognized in AOCL AOCL into Interest Expense, Net (Amounts in thousands) 2023 2022 2023 2022 Interest rate swap agreements $ — $ 11,778 $ 1,579 $ (343) Total $ — $ 11,778 $ 1,579 $ (343)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jul. 02, 2023
Commitments and Contingencies
Schedule of redeemable noncontrolling interests of the SFOT and SFOG partnerships	(Amounts in thousands) SFOT SFOG Total Balance at January 1, 2023 $ 241,194 $ 280,201 $ 521,395 Purchase of redeemable units (328) — (328) Fresh start accounting fair market value adjustment for purchased units (69) — (69) Net income attributable to noncontrolling interests 11,860 11,906 23,766 Balance at July 2, 2023 $ 252,657 $ 292,107 $ 544,764

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
Business Segments (Tables)	Jul. 02, 2023
Business Segments
Schedule of information reflecting long-lived assets, revenues and income (loss) before income taxes by domestic and foreign categories	As of (Amounts in thousands) July 2, 2023 January 1, 2023 July 3, 2022 Domestic $ 2,292,265 $ 2,290,318 $ 2,322,514 Foreign 121,844 114,048 116,550 Total $ 2,414,109 $ 2,404,366 $ 2,439,064 The following information reflects our revenues and income before income taxes by domestic and foreign jurisdictions for the six months ended July 2, 2023, and July 3, 2022: Domestic Foreign Total 2023 (Amounts in thousands) Revenues $ 529,735 $ 56,162 $ 585,897 (Loss) income before income taxes (55,878) 26,294 (29,584) 2022 Revenues $ 531,041 $ 42,488 $ 573,529 (Loss) income before income taxes (1,063) 8,721 7,658

Pension Benefits (Tables)

Pension Benefits (Tables)	6 Months Ended
Pension Benefits (Tables)	Jul. 02, 2023
Pension Benefits
Summary of pension costs	Three Months Ended Six Months Ended (Amounts in thousands) July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Service cost $ — $ — $ — $ — Interest cost 1,954 1,384 3,908 2,768 Expected return on plan assets (2,402) (3,060) (4,804) (6,119) Amortization of net actuarial loss 234 229 468 458 Administrative fees 650 300 1,300 600 Total net periodic expense (benefit) $ 436 $ (1,147) $ 872 $ (2,293)
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" in the condensed consolidated statements of operations. Weighted-Average Assumptions Used To Determine Net Cost Three Months Ended Six Months Ended July 2, 2023 July 3, 2022 July 2, 2023 July 3, 2022 Discount rate 4.95 % 2.60 % 4.95 % 2.60 % 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 %

General - Basis of Presentati_4

General - Basis of Presentation (Details) $ in Millions	6 Months Ended
General - Basis of Presentation (Details) $ in Millions	Jul. 02, 2023 USD ($) item	Jan. 01, 2023 USD ($)	Jul. 03, 2022 USD ($)
General - Basis of Presentation
Number of parks owned or operated	27
Number of reporting units	1
Valuation allowance \| $	$ 98.1	$ 96	$ 108.4
Accrued interest and penalties, income taxes \| $	0	0	0
Allowance for doubtful accounts \| $	$ 9.3	$ 4.1	$ 6.7
Minimum
General - Basis of Presentation
Percentage of park attendance and revenues typically occurring in second and third calendar quarters	70%
Maximum
General - Basis of Presentation
Percentage of park attendance and revenues typically occurring in second and third calendar quarters	75%
United States
General - Basis of Presentation
Number of parks owned or operated	24
Mexico
General - Basis of Presentation
Number of parks owned or operated	2
Canada
General - Basis of Presentation
Number of parks owned or operated	1

General - Basis of Presentati_5

General - Basis of Presentation Earnings (Loss) Per Share of Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Calculation of earnings per share of common stock
Net Income (Loss)	$ 20,554	$ 45,392	$ (49,305)	$ (20,270)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding: Basic (in shares)	83,379	84,992	83,293	85,594
Effect of dilutive stock options and restricted stock units (in shares)	417	250
Weighted-average common shares outstanding-diluted (in shares)	83,796	85,242	83,293	85,594
Earnings (loss) per share - basic (in dollars per share)	$ 0.25	$ 0.53	$ (0.59)	$ (0.24)
Earnings (loss) per share - diluted (in dollars per share)	$ 0.25	$ 0.53	$ (0.59)	$ (0.24)

General - Basis of Presentati_6

General - Basis of Presentation - Antidilutive Stock Options (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Antidilutive options
Antidilutive stock options excluded from computation of diluted shares outstanding (in shares)	1,578,000	2,462,000	1,550,000	2,415,000

General - Basis of Presentati_7

General - Basis of Presentation - Stock Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Stock Benefit Plans
Stock-based compensation	$ 2,179	$ 3,223	$ 5,493	$ 7,448
Long Term Incentive Plan
Stock Benefit Plans
Stock-based compensation	2,123	3,229	5,407	7,379
Employee Stock Purchase Plan
Stock Benefit Plans
Stock-based compensation	$ 56	$ (6)	$ 86	$ 69

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Revenue
Revenues	$ 443,707	$ 435,422	$ 585,897	$ 573,529
Long-term contracts
Revenue
Revenues	20,296	21,727	32,460	32,988
Short-term contracts and other
Revenue
Revenues	423,411	413,695	553,437	540,541
Park Admissions
Revenue
Revenues	238,963	241,777	315,266	314,764
Park Admissions \| Long-term contracts
Revenue
Revenues	12,066	16,001	16,927	19,952
Park Admissions \| Short-term contracts and other
Revenue
Revenues	226,897	225,776	298,339	294,812
Park Food, Merchandise and Other
Revenue
Revenues	190,792	183,081	243,578	237,350
Park Food, Merchandise and Other \| Long-term contracts
Revenue
Revenues	1,423	2,226	1,963	3,008
Park Food, Merchandise and Other \| Short-term contracts and other
Revenue
Revenues	189,369	180,855	241,615	234,342
Sponsorship, International Agreements, and Accommodations
Revenue
Revenues	13,952	10,564	27,053	21,415
Sponsorship, International Agreements, and Accommodations \| Long-term contracts
Revenue
Revenues	6,807	3,500	13,570	10,028
Sponsorship, International Agreements, and Accommodations \| Short-term contracts and other
Revenue
Revenues	$ 7,145	$ 7,064	$ 13,483	$ 11,387

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) - Long-term contracts - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022	Jan. 01, 2023	Jan. 02, 2022
Revenue
Performance obligation	$ 27.5	$ 37.6	$ 27.5	$ 37.6
Contract with Customer, Liability					$ 33.5	$ 58.7
Unearned contract with customer revenue recognized	8.6	$ 20.8	20.8	$ 33
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-03
Revenue
Performance obligation	$ 35		$ 35
Expected timing of satisfaction, period	6 months		6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue
Performance obligation	$ 17.6		$ 17.6
Expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-29
Revenue
Performance obligation	$ 9.2		$ 9.2
Expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-28
Revenue
Performance obligation	$ 7.1		$ 7.1
Expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-03
Revenue
Performance obligation	$ 12.8		$ 12.8
Expected timing of satisfaction, period	1 year		1 year

Long-Term Indebtedness (Details

Long-Term Indebtedness (Details) - USD ($)			1 Months Ended	3 Months Ended		6 Months Ended
Long-Term Indebtedness (Details) - USD ($)	May 03, 2023	Jul. 01, 2022	Mar. 31, 2020	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022	May 02, 2023	Jan. 01, 2023	Apr. 30, 2020	Apr. 30, 2017	Jun. 30, 2016
Summary of Long-term debt
Loss on debt extinguishment				$ 13,982,000	$ 17,533,000	$ 13,982,000	$ 17,533,000
Outstanding amount				2,183,325,000	2,277,910,000	2,183,325,000	2,277,910,000		$ 2,280,531,000
Commitment fee percentage	0.50%
Long-term debt, gross				2,352,325,000	2,477,910,000	2,352,325,000	2,477,910,000		2,380,531,000
Payments of debt issuance costs						19,294,000	12,600,000
Interest Payment				33,216,000	24,713,000	33,216,000	24,713,000		38,484,000
Achievement of leverage ratio of less than 1.25
Summary of Long-term debt
Commitment fee percentage	0.375%
Estimate of Fair Value Measurement
Summary of Long-term debt
Long-term debt, fair value				2,298,700,000	2,368,200,000	$ 2,298,700,000	2,368,200,000		2,284,300,000
Revolving Credit Facility
Summary of Long-term debt
Debt instrument face amount	$ 500,000,000
SOFR
Summary of Long-term debt
Basis spread on variable rate	0.10%					0.10%
Revolving Credit Facility
Summary of Long-term debt
Maximum borrowing capacity				$ 500,000,000		$ 500,000,000
Interest rate, stated percentage				8.45%		8.45%
Letters of credit outstanding amount				$ 21,000,000		$ 21,000,000
Long-term line of credit					200,000,000		200,000,000		100,000,000
Commitment fee percentage						0.50%
Long-term debt, gross				169,000,000	200,000,000	$ 169,000,000	200,000,000		100,000,000
Long-term Line of Credit					200,000,000		200,000,000		100,000,000
Available borrowing capacity				310,000,000		310,000,000
Line of credit facility decrease						169,000,000
2025 Notes
Summary of Long-term debt
Long-term debt, gross		$ 365,000,000		365,000,000	365,000,000	365,000,000	365,000,000		365,000,000
Periodic payment of interest						12,700,000
Premium percentage on redemption		103.50%
Write off of deferred debt issuance cost		$ 4,900,000
Repayment of notes payable		360,000,000				360,000,000
Amortization of debt discount premium		17,500,000
Amortization of financing costs and discounts		$ 12,600,000
2025 Notes \| Six Flags Theme Parks Inc.
Summary of Long-term debt
Debt instrument face amount										$ 725,000,000
Interest rate, stated percentage										7%
Term Loan B [Member]
Summary of Long-term debt
Maximum borrowing capacity				$ 479,000,000		$ 479,000,000
Interest rate, stated percentage				6.95%		6.95%
Long-term debt, gross				$ 479,000,000	479,000,000	$ 479,000,000	479,000,000		479,000,000
Term Loan B [Member] \| SOFR
Summary of Long-term debt
Basis spread on variable rate						1.75%
Term Loan B [Member] \| SOFR
Summary of Long-term debt
Basis spread on variable rate						0.10%
2024 Notes
Summary of Long-term debt
Debt instrument face amount												$ 300,000,000
Interest rate, stated percentage												4.875%
Principal amount of debt used in conversion								$ 1,000
Purchase price	$ 892,600,000							$ 1,000.50
Long-term debt, gross			$ 949,500,000	56,867,000	949,490,000	$ 56,867,000	949,490,000		949,490,000
Periodic payment of interest						1,400,000
Percentage of principal amount repaid	94%
Pre-payment			$ 50,500,000
Percentage of aggregate principal amount of notes tendered	94%
Repayment of notes payable	$ 892,600,000
Senior Unsecured 2024 Notes Add-on
Summary of Long-term debt
Debt instrument face amount											$ 700,000,000
2027 Notes
Summary of Long-term debt
Debt instrument face amount											$ 500,000,000
Interest rate, stated percentage											5.50%
Long-term debt, gross				500,000,000	$ 500,000,000	500,000,000	$ 500,000,000		$ 500,000,000
Periodic payment of interest						13,800,000
2031 Notes
Summary of Long-term debt
Debt instrument face amount	800,000,000			800,000,000		800,000,000
Net proceeds	$ 784,000,000
Interest rate, stated percentage	7.25%
Percentage of offering price	99.248%
Debt Restructuring Costs	$ 12,900,000
Loss on debt extinguishment				100,000
Long-term debt, gross				800,000,000		800,000,000
Interest Payment				$ 30,900,000		30,900,000
Periodic payment of interest						$ 29,000,000
Amortization of debt discount premium	13,900,000
Amortization of financing costs and discounts	$ 1,000,000
Senior secured debt \| Achievement of leverage ratio of less than 1.25 \| Minimum
Summary of Long-term debt
Leverage ratio	1.25%
Senior secured debt \| Quarter ending June 30, 2023 \| Maximum
Summary of Long-term debt
Leverage ratio	4.50%
Senior secured debt \| Four fiscal quarter ending September 30, 2023 \| Maximum
Summary of Long-term debt
Leverage ratio	4.25%
Senior secured debt \| Four fiscal quarter ending June 30, 2024 \| Maximum
Summary of Long-term debt
Leverage ratio	4.25%
Senior secured debt \| Four fiscal quarter ending September 30, 2024 \| Maximum
Summary of Long-term debt
Leverage ratio	3.75%
Senior secured debt \| Each four fiscal quarter after September 30, 2024 \| Maximum
Summary of Long-term debt
Leverage ratio	3.75%

Long-Term Indebtedness - Schedu

Long-Term Indebtedness - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jul. 02, 2023	Jan. 01, 2023	Jul. 03, 2022	Jul. 01, 2022	Mar. 31, 2020
Summary of Long-term debt
Long-term debt, gross	$ 2,352,325	$ 2,380,531	$ 2,477,910
Net discount	(6,580)	(2,138)	(2,694)
Deferred financing costs	(10,961)	(10,821)	(12,886)
Total debt	2,183,325	2,280,531	2,277,910
Less short-term borrowings	(169,000)	(100,000)	(200,000)
Total long-term debt	2,183,325	2,280,531	2,277,910
Revolving Credit Facility
Summary of Long-term debt
Long-term debt, gross	169,000	100,000	200,000
2024 Notes
Summary of Long-term debt
Long-term debt, gross	56,867	949,490	949,490		$ 949,500
2025 Notes
Summary of Long-term debt
Long-term debt, gross	365,000	365,000	365,000	$ 365,000
2027 Notes
Summary of Long-term debt
Long-term debt, gross	500,000	$ 500,000	$ 500,000
2031 Notes
Summary of Long-term debt
Long-term debt, gross	$ 800,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in AOCL (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Accumulated other comprehensive loss, net of tax
Beginning balance	$ (1,016,713)	$ (1,037,776)	$ (950,565)	$ (982,200)
Ending balance	(995,466)	(1,081,020)	(995,466)	(1,081,020)
Cumulative Translation Adjustment
Accumulated other comprehensive loss, net of tax
Beginning balance			(33,145)
Net current period change			(663)
Ending balance	(33,808)		(33,808)
Cash Flow Hedges
Accumulated other comprehensive loss, net of tax
Beginning balance			5,337
Amounts reclassified from AOCI			(1,579)
Ending balance	3,758		3,758
Defined Benefit Plans
Accumulated other comprehensive loss, net of tax
Beginning balance			(39,385)
Amounts reclassified from AOCI			468
Ending balance	(38,917)		(38,917)
Income Taxes
Accumulated other comprehensive loss, net of tax
Beginning balance			(4,002)
Net current period change			97
Amounts reclassified from AOCI			277
Ending balance	(3,628)		(3,628)
Accumulated other comprehensive loss
Accumulated other comprehensive loss, net of tax
Beginning balance	(70,694)	(75,622)	(71,195)	(81,187)
Net current period change			(566)
Amounts reclassified from AOCI			(834)
Ending balance	$ (72,595)	$ (71,932)	$ (72,595)	$ (71,932)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassification out of AOCL (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Reclassifications out of AOCL:
Interest expense, net	$ 43,495	$ 35,978	$ 79,797	$ 73,508
Income tax benefit	13,807	24,716	(4,045)	5,603
Net of tax	44,320	67,717	(25,539)	2,055
Reclassification out of AOCL
Reclassifications out of AOCL:
Total reclassifications	(419)	(410)	(834)	598
Reclassification out of AOCL \| Amortization of (gain) loss on interest rate hedge
Reclassifications out of AOCL:
Interest expense, net	(792)	(774)	(1,579)	343
Income tax benefit	197	193	393	(88)
Net of tax	(595)	(581)	(1,186)	255
Reclassification out of AOCL \| Amortization of deferred actuarial loss and prior service cost
Reclassifications out of AOCL:
Operating expenses	234	229	468	458
Income tax benefit	(58)	(58)	(116)	(115)
Net of tax	$ 176	$ 171	$ 352	$ 343

Derivative Financial Instrume_3

Derivative Financial Instruments - Derivative Instruments Recorded at Fair Values (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
	Mar. 24, 2022	Jul. 02, 2023		Jul. 03, 2022		Jul. 02, 2023		Jul. 03, 2022		Jan. 01, 2023
Derivative Financial Instruments
Settlement amount included in accumulated other comprehensive income		$ (595)	[1]	$ (402)	[1]	$ (1,186)	[2]	$ 9,077	[2]
Interest rate swap agreements
Derivative Financial Instruments
Derivative assets		7,615		6,517		7,615		6,517		$ 10,581
Derivative liability, total		9,917		12,785		9,917		12,785		14,700
Derivatives Designated as Cash Flow Hedges \| Interest rate swap agreements
Derivative Financial Instruments
Net cash proceeds	$ 7,400
Derivatives Designated as Cash Flow Hedges \| Interest rate swap agreements \| Amended And Restated Term Loan B
Derivative Financial Instruments
Settlement amount included in accumulated other comprehensive income	$ 7,700
Derivatives Not Designated as Hedging Instruments \| Interest rate swap agreements
Derivative Financial Instruments
Derivative assets - Current		3,631		3,688		3,631		3,688		6,135
Derivative assets - Non-current		3,984		2,829		3,984		2,829		4,446
Derivative liabilities - current		4,535		7,589		4,535		7,589		8,476
Derivative liabilities - noncurrent		$ 5,382		$ 5,196		$ 5,382		$ 5,196		$ 6,224

[1] Change in fair value of cash flow hedging is presented net of tax benefit of $0.2 million and $0.1 million for the three months ended July 2, 2023 and July 3, 2022, respectively. Change in fair value of cash flow hedging is presented net of tax benefit of $0.4 million for the six months ended July 2, 2023 and net of tax expense of $3.0 million for the six months ended July 3, 2023.

Derivative Financial Instrume_4

Derivative Financial Instruments - Gains and Losses before Taxes on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Derivative Financial Instruments
Gain to be reclassified from AOCI to operations during the next twelve months	$ 3,200		$ 3,200
Derivatives Designated as Cash Flow Hedges
Derivative Financial Instruments
Gain (Loss) Recognized in AOCL				$ 11,778
Gain (Loss) Reclassified from AOCL into Interest Expense, Net	792	$ 774	1,579	(343)
Derivatives Designated as Cash Flow Hedges \| Interest Rate Swap Agreements
Derivative Financial Instruments
Gain (Loss) Recognized in AOCL				11,778
Gain (Loss) Reclassified from AOCL into Interest Expense, Net	$ 792	$ 774	$ 1,579	$ (343)

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands					1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Apr. 17, 2023 plaintiff item	Apr. 14, 2023 plaintiff	Apr. 08, 2020 claim	Mar. 02, 2020 claim	May 31, 2023 USD ($) shares	Apr. 30, 2020 claim	Feb. 29, 2020 claim	Jul. 02, 2023 USD ($) multiple	Jul. 03, 2022 USD ($)	Jul. 02, 2023 USD ($) multiple	Jul. 03, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jan. 02, 2022 USD ($)	Jan. 01, 2023 USD ($)
Details of commitments and contingencies
Redeemable noncontrolling interests, ending balance								$ 544,764	$ 543,719	$ 544,764	$ 543,719
Additions to property and equipment										68,130	59,006
Self insurance reserve								68,600	37,000	68,600	37,000			$ 34,100
Total selling, general and administrative expenses								90,448	53,498	134,695	92,755
Change in Assumptions for Self Insurance Reserve
Details of commitments and contingencies
Total selling, general and administrative expenses								37,600		37,600
Securities Class Action Lawsuits \| Pending Litigation
Details of commitments and contingencies
Number of claims filed \| claim				2			2
Stockholder Derivative Lawsuits \| Pending Litigation
Details of commitments and contingencies
Number of claims filed \| claim						2
Number of claims consolidated \| claim			3
Personal injury lawsuit \| Pending Litigation
Details of commitments and contingencies
Number of plaintiffs remaining to be settled \| plaintiff	122
Number of plaintiffs remaining to be settled represented by different firms \| plaintiff	71
Number of pro se plaintiffs \| plaintiff	51
Firms \| item	5
Personal injury lawsuit \| Settled Litigation
Details of commitments and contingencies
Number of plaintiffs \| plaintiff		421
Partnerships That Own Partnership Parks
Details of commitments and contingencies
Total loans receivable								288,300	$ 288,300	$ 288,300	$ 288,300			$ 288,300
Six Flags over Georgia
Details of commitments and contingencies
Limited partner interests owned (as a percent)										31.50%
Six Flags over Texas
Details of commitments and contingencies
Units purchased in partnership parks (in units) \| shares					0.149
Purchase price of partnership units					$ 300
Limited partner interests owned (as a percent)										54.10%
Six Flags over Texas and Georgia
Details of commitments and contingencies
Annual distributions by general partners to limited partners in partnership parks										$ 85,600
Share of partnership parks' annual distributions paid to six flags entertainment corporation										$ 38,100
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													$ 20,600
Cash generated from operating activities by partnerships, after deduction of capital expenditures and excluding the impact of short-term intercompany advances													$ 73,000
Six Flags over Georgia
Details of commitments and contingencies
Redemption value of noncontrolling interests								280,200		$ 280,200
Redeemable noncontrolling interests, ending balance								$ 292,107		$ 292,107
Specified multiple for purchase price valuation (in multipliers) \| multiple								8		8
Specified price for purchase of partnership parks								$ 409,800		$ 409,800
Six Flags over Texas
Details of commitments and contingencies
Redemption value of noncontrolling interests								240,800		240,800
Redeemable noncontrolling interests, ending balance								$ 252,657		$ 252,657
Specified multiple for purchase price valuation (in multipliers) \| multiple								8.5		8.5
Specified price for purchase of partnership parks								$ 527,400		$ 527,400
Scenario, Forecast \| Six Flags over Texas and Georgia \| Minimum
Details of commitments and contingencies
Additions to property and equipment												$ 26,000
Scenario, Forecast \| Six Flags over Texas and Georgia \| Maximum
Details of commitments and contingencies
Additions to property and equipment												$ 30,000

Commitments and Contingencies-

Commitments and Contingencies- Redeemable noncontrolling interests (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 02, 2023	Jul. 03, 2022
Changes in redeemable noncontrolling interests
Redeemable noncontrolling interests, beginning balance	$ 521,395
Purchase of redeemable units	(328)	$ (556)
Fresh start accounting fair market value adjustment for purchased units	(69)
Net income attributable to noncontrolling interests	23,766
Redeemable noncontrolling interests, ending balance	544,764	$ 543,719
Six Flags over Texas
Changes in redeemable noncontrolling interests
Redeemable noncontrolling interests, beginning balance	241,194
Purchase of redeemable units	(328)
Fresh start accounting fair market value adjustment for purchased units	(69)
Net income attributable to noncontrolling interests	11,860
Redeemable noncontrolling interests, ending balance	252,657
Redemption value of noncontrolling interests	240,800
Six Flags over Georgia
Changes in redeemable noncontrolling interests
Redeemable noncontrolling interests, beginning balance	280,201
Net income attributable to noncontrolling interests	11,906
Redeemable noncontrolling interests, ending balance	292,107
Redemption value of noncontrolling interests	$ 280,200

Business Segments - Information

Business Segments - Information by Geographic Region (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 02, 2023 USD ($)	Jul. 03, 2022 USD ($)	Jul. 02, 2023 USD ($) segment	Jul. 03, 2022 USD ($)	Jan. 01, 2023 USD ($)
Business segment information by geographical areas
Number of reportable segments \| segment			1
Long-lived assets	$ 2,414,109	$ 2,439,064	$ 2,414,109	$ 2,439,064	$ 2,404,366
Revenues	443,707	435,422	585,897	573,529
(Loss) income before income taxes	58,127	92,433	(29,584)	7,658
Domestic
Business segment information by geographical areas
Long-lived assets	2,292,265	2,322,514	2,292,265	2,322,514	2,290,318
Revenues			529,735	531,041
(Loss) income before income taxes			(55,878)	(1,063)
Foreign
Business segment information by geographical areas
Long-lived assets	$ 121,844	$ 116,550	121,844	116,550	$ 114,048
Revenues			56,162	42,488
(Loss) income before income taxes			$ 26,294	$ 8,721

Pension Benefits (Details)

Pension Benefits (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pension Benefits (Details) - USD ($) $ in Thousands	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Net periodic benefit cost:
Interest cost	$ 1,954	$ 1,384	$ 3,908	$ 2,768
Expected return on plan assets	(2,402)	(3,060)	(4,804)	(6,119)
Amortization of net actuarial loss	234	229	468	458
Administrative fees	650	300	1,300	600
Total net periodic expense (benefit)	$ 436	$ (1,147)	$ 872	$ (2,293)
Weighted-Average Assumptions Used To Determine Net Cost
Discount rate	4.95%	2.60%	4.95%	2.60%
Expected return on plan assets	5.75%	5.75%	5.75%	5.75%
Change in fair value of plan assets:
Employer contributions	$ 0	$ 0	$ 0	$ 0

Stock Repurchase Plans and Sh_2

Stock Repurchase Plans and Shareholder Rights Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended		75 Months Ended
	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Mar. 30, 2017
Stock Repurchase Plans and Shareholder Rights Plan
Value of shares repurchased	$ 96,774		$ 96,774
March 2017 Stock Repurchase Plan
Stock Repurchase Plans and Shareholder Rights Plan
Amount authorized of shares to be repurchased under Stock Repurchase Program					$ 500,000
Total number of shares purchased (in shares)				8,071,000
Value of shares repurchased		$ 0		$ 365,100
Shares acquired, average cost (in dollars per share)				$ 45.24
Permitted dollar value of repurchases remaining		$ 134,900		$ 134,900

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 02, 2023	Jul. 03, 2022	Jul. 02, 2023	Jul. 03, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 20,554	$ 45,392	$ (49,305)	$ (20,270)

Insider Trading Arrangements

Insider Trading Arrangements - Aimee Williams-Ramey	3 Months Ended
Insider Trading Arrangements - Aimee Williams-Ramey	Jul. 02, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 7, 2023 , Aimee Williams-Ramey , Chief Legal Officer and Corporate Secretary of the Company, entered into a 10b5-1 trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Securities Exchange Act of 1934, as amended. The trading arrangements will expire on June 28, 2024 , and may be terminated earlier in the limited circumstances defined in the trading arrangement. An aggregate of 2,307 shares may be sold pursuant to the trading arrangement.
Name	Aimee Williams-Ramey
Title	Chief Legal Officer and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 7, 2023
Aggregate Available	2,307
TrdArrExpirationDate	Jun. 28, 2024