v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 28, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements:
The table below presents the balances of assets and liabilities measured at fair value as of June 28, 2026, December 31, 2025, and June 29, 2025 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited consolidated balance sheets:
(In thousands)Balance Sheet LocationFair Value Hierarchy LevelJune 28, 2026December 31, 2025June 29, 2025
Carrying ValueFair ValueCarrying ValueFair ValueCarrying ValueFair Value
Assets (liabilities) measured on a recurring basis:
Short-term investmentsOther current assetsLevel 1$185 $185 $193 $193 $311 $311 
Other assets (liabilities):
Term debt
Long-Term Debt (1)
Level 2$(1,477,462)$(1,473,768)$(1,481,221)$(1,466,720)$(1,492,500)$(1,495,679)
2027 notes at 5.375%
Long-Term Debt (1)
Level 1— — $(500,000)$(497,650)$(500,000)$(500,000)
2027 notes at 5.500%
Long-Term Debt (1)
Level 2— — $(500,000)$(498,635)$(500,000)$(499,065)
2028 notes at 6.500%
Long-Term Debt (1)
Level 1$(300,000)$(300,375)$(300,000)$(293,907)$(300,000)$(304,677)
2029 notes at 5.250%
Long-Term Debt (1)
Level 1$(500,000)$(486,875)$(500,000)$(466,145)$(500,000)$(488,280)
2031 notes at 7.250%
Long-Term Debt (1)
Level 2$(800,000)$(795,000)$(800,000)$(769,000)$(800,000)$(821,624)
2032 notes at 6.625%
Long-Term Debt (1)
Level 2$(850,000)$(862,750)$(850,000)$(858,526)$(850,000)$(873,528)
2032 notes at 8.625%
Long-Term Debt (1)
Level 2$(1,000,000)$(1,030,000)— — — — 
(1)Carrying values of long-term debt balances are before reductions for (1) current maturities of long-term debt of $15.0 million as of June 28, 2026, December 31, 2025 and June 29, 2025; (2) debt issuance costs and original issue discount of $52.5 million, $43.3 million and $48.6 million as of June 28, 2026, December 31, 2025 and June 29, 2025, respectively; and (3) acquisition fair value layers of $22.0 million, $21.2 million and $21.9 million as of June 28, 2026, December 31, 2025 and June 29, 2025, respectively.

In connection with the 2026 Sale Transaction, the Company recognized a $37.8 million loss equal to the amount by which the purchase price, adjusted for working capital and other closing related adjustments, was less than the net book value of the assets and liabilities in the disposal group. The loss was recorded within "Loss on disposal group" in the unaudited consolidated statements of operations and comprehensive loss. In addition, as a result of the 2026 Sale Transaction, the projected revenues related to the Six Flags trade name and Schlitterbahn trade name were reduced by the revenues contributed by the disposal group. As a result, the Company tested the Six Flags trade name and Schlitterbahn trade name for impairment during the first quarter of 2026 resulting in impairment losses of $37.1 million and $1.6 million, respectively. The impairment charges were equal to the amount by which the carrying amounts exceeded fair value and were recorded in "Loss on impairment of goodwill and other intangibles" within the unaudited consolidated statements of operations and comprehensive loss.

In connection with the preparation of the financial statements for the third quarter of 2025, management tested the Former Six Flags and Schlitterbahn reporting units, as well as the Six Flags trade name and Schlitterbahn trade name, for impairment. These reporting units and trade names were tested for impairment due to a decline in estimated future cash flows as a result of revenue and earnings not meeting expectations through the more seasonally significant third quarter, as well as due to a more significant, sustained decline in the Company's share price through the third quarter when compared to industry peers. In connection with the preparation of the financial statements for the third quarter of 2025, which includes the peak summer months of July and August and by itself can account for nearly half of full year attendance and over half of full year earnings, management had greater clarity regarding performance trends and full year results. Management concluded the estimated fair value of these trade names and certain reporting units no longer exceeded their carrying values resulting in a cumulative $1.52 billion impairment recorded during the third quarter of 2025. The impairment charges were equal to the amount by which the carrying amounts exceeded fair value and were recorded in "Loss on impairment of goodwill and other intangibles" within the unaudited consolidated statements of operations and comprehensive loss.

The fair value determination for the disposal group, reporting units and indefinite-lived intangible assets included numerous assumptions based on Level 3 inputs. The fair value of the disposal group was calculated based on the estimated purchase price adjusted for working capital and other closing adjustments, as well as the fair value of the La Ronde Guarantee. The fair value of the La Ronde Guarantee was calculated using a credit spread analysis of which the primary assumptions included the related lease payments, estimated discount rates for the involved parties, and rated yield curves. The fair value of the reporting units was established using an income (discounted cash flow) approach of which the primary assumptions included growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures, terminal value growth rates, future estimates of capital expenditures, changes in future working capital requirements, and a discount rate based on a weighted-average cost of capital that reflected current market conditions. The fair value of the indefinite-lived intangible assets was determined using a relief-from-royalty method of which the principal assumptions included royalty rates, growth rates in revenues, estimates of future expected changes in operating margins, and a discount rate based on a weighted-average cost of capital that reflected current market conditions.
The carrying value of cash and cash equivalents, revolving credit loans, accounts receivable, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. There were no assets measured at fair value on a non-recurring basis as of June 28, 2026, December 31, 2025 or June 29, 2025. The net plan asset for the Former Six Flags pension plan is measured at fair value annually.