Pension Benefits and Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Changes in Fair Value of Plan Assets and Benefit Plan Obligation

The following table sets forth the changes in the fair value of plan assets and benefit plan obligation of the Former Six Flags pension plan, and the weighted average assumptions used to determine the benefit obligation for the periods presented:


	Year Ended December 31,			Six Months Ended December 31,
(In thousands, except percentage)	2025			2024
Change in fair value of plan assets:
Beginning balance	$	161,173		$	164,388
Actual return on assets	11,616			2,579

Benefits paid	(10,691)			(5,273)
Administrative fees	—			(521)
Ending balance	$	162,098		$	161,173
Change in benefit obligation:
Beginning balance	$	151,555		$	155,068
Interest cost	7,849			3,919
Actuarial gain	2,143			(2,159)
Benefits paid	(10,691)			(5,273)
Ending balance	$	150,856		$	151,555
Weighted average benefit obligation assumptions:
Discount rate	5.20		%	5.40		%
Rate of compensation increase	N/A			N/A

Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost


	Year Ended December 31,			Six Months Ended December 31,
(In thousands, except percentage)	2025			2024
Change in fair value of plan assets:
Beginning balance	$	161,173		$	164,388
Actual return on assets	11,616			2,579

Benefits paid	(10,691)			(5,273)
Administrative fees	—			(521)
Ending balance	$	162,098		$	161,173
Change in benefit obligation:
Beginning balance	$	151,555		$	155,068
Interest cost	7,849			3,919
Actuarial gain	2,143			(2,159)
Benefits paid	(10,691)			(5,273)
Ending balance	$	150,856		$	151,555
Weighted average benefit obligation assumptions:
Discount rate	5.20		%	5.40		%
Rate of compensation increase	N/A			N/A

The following table sets forth the components of net periodic expense (benefit) cost and other comprehensive income (loss), and the weighted average assumptions used to determine net periodic benefit cost for the periods presented:


	Year Ended December 31,			Six Months Ended December 31,
(In thousands, except percentages and years)	2025			2024
Net periodic expense (benefit) cost:
Service cost	$	—		$	—
Interest cost	7,849			3,919
Expected return on plan assets	(8,351)			(4,560)

Administrative fees	—			450
Total	$	(502)		$	(191)
Other comprehensive income (loss)
Current year actuarial gain	$	(1,122)		$	(107)

Total	$	(1,122)		$	(107)
Weighted average net periodic expense (benefit) cost assumptions:
Discount rate (1)	5.40		%	5.25		%
Rate of compensation increase	N/A			N/A
Expected return on plan assets (2)	5.35		%	5.75		%
Corridor	10.00		%	10.00		%
Average future life expectancy (in years)	20.94			22.89

(1) The discount rate assumption was developed based on high-quality bond yields as of the measurement date.

(2) The expected return on plan assets assumption was developed based on consideration of historical market returns, current market conditions, and the Former Six Flags pension plan's past experience. Estimates of future market returns by asset category are reflective of actual long-term historical returns. Overall, it was projected that the Former Six Flags pension plan could achieve 5.350% net return over time based on a consistent application of the existing asset allocation strategy.

Schedule of Components of Net Periodic Benefit Cost and Other Comprehensive Income (Loss)


	Year Ended December 31,			Six Months Ended December 31,
(In thousands, except percentages and years)	2025			2024
Net periodic expense (benefit) cost:
Service cost	$	—		$	—
Interest cost	7,849			3,919
Expected return on plan assets	(8,351)			(4,560)

Administrative fees	—			450
Total	$	(502)		$	(191)
Other comprehensive income (loss)
Current year actuarial gain	$	(1,122)		$	(107)

Total	$	(1,122)		$	(107)
Weighted average net periodic expense (benefit) cost assumptions:
Discount rate (1)	5.40		%	5.25		%
Rate of compensation increase	N/A			N/A
Expected return on plan assets (2)	5.35		%	5.75		%
Corridor	10.00		%	10.00		%
Average future life expectancy (in years)	20.94			22.89

(1) The discount rate assumption was developed based on high-quality bond yields as of the measurement date.

Schedule of Categories of Plan Assets and Levels of Inputs in the Fair Value Hierarchy

The following table presents the categories of plan assets and the related levels of inputs in the fair value hierarchy used to determine fair value, as defined in Note 1, as of December 31, 2025 and December 31, 2024.


	Fair Value Measurements as of December 31, 2025
(In thousands) Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity securities:
Global equity (1)	$	11,271	$	11,271	$	—	$	—
Fixed income:
Long-term fixed income (2)	148,923		148,923		—		—
Short-term fixed income (3)	1,904		1,904		—		—
Alternatives:
Other investments	—		—		—		—
Total fair value of plan assets	$	162,098	$	162,098	$	—	$	—


	Fair Value Measurements as of December 31, 2024
(In thousands) Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity securities:
Global equity (1)	$	10,317	$	10,317	$	—	$	—
Fixed income:
Long-term fixed income (2)	150,852		150,852		—		—
Alternatives:
Other investments	4		—		4		—
Total fair value of plan assets	$	161,173	$	161,169	$	4	$	—

(1) This category consists of mutual funds invested primarily in equity securities of large global issuers. The mutual funds are actively traded on U.S. or foreign registered exchanges, or over-the-counter markets.

(2) This category consists of U.S. Treasury Separate Trading of Registered Interest and Principal of Securities ("U.S. Treasury STRIPS") and mutual funds which are actively traded on registered exchanges. The mutual funds are invested primarily in high quality government and corporate fixed income securities, as well as synthetic instruments or derivatives having economic characteristics similar to fixed income securities.

(3) This category consists of money market funds invested primarily in short-term U.S. government securities to maintain a stable net asset value. The money market funds are actively traded on U.S. or foreign registered exchanges, or over-the-counter markets.

Schedule of Expected Future Benefit Payments

The following table summarizes expected future benefit payments:


(In thousands)
Expected benefit payments:
2026	$	11,519
2027	11,641
2028	11,675
2029	11,700
2030	11,671
2031 through 2035	56,177
Total	$	114,383

Six Flags Entertainment Corporation/NEW 10-K