If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Part III of this Form 10-K incorporates by reference certain information from the Registrant's definitive proxy statement pursuant to Regulation 14A or an amendment to this report under cover of Form 10-K/A to be used in connection withfiled within 120 days of the end of its annual meeting of limited partner unitholders to be held in May 2021.fiscal year ended December 31, 2023.

We are one of the largest regional amusement park operators in the world with 13 properties in our portfolio consisting of amusement parks, water parks and complementary resort facilities. We are a publicly traded Delaware limited partnership formed in 1987 and managed by Cedar Fair Management, Inc., an Ohio corporation (the "General Partner"), whose shares are held by an Ohio trust.

Our parks operate seasonally except for Knott's Berry Farm, which is typically open daily on a year-round basis. Our seasonal parks are generally open during weekends beginning in April or May, and then daily from Memorial Day until Labor Day. After Labor Day,Outside of daily operations, our seasonal parks are open during select weekends, in September and, inincluding at most cases,properties in the fourth quarter for Halloween and winter events. As a result, a substantial portion of our revenues from these seasonal parks are typically generated during an approximate 130- to 140-day operating seasonfrom Memorial Day through Labor Day with the major portion concentrated in the third quarter during the peak vacation months of July and August.

The demographic groups that are most important to our business are families and young people ages 12 through 24. Families are believed to be attracted by a combination of rides, live entertainment and the clean, wholesome atmosphere. Young people are believed to be attracted by the action-packed rides. We conduct active television, radio, newspaper and internet advertising campaigns in our major market areas geared toward these two groups.

On November 2, 2023, we announced that we entered into a definitive merger agreement to combine with Six Flags Entertainment Corporation (“Six Flags”) (NYSE: SIX). Subject to the terms and conditions set forth in the merger agreement, each issued and outstanding unit of limited partnership interest in Cedar Fair will be converted into the right to receive one (1) share of common stock of the new combined entity (subject to certain exceptions and as the same may be adjusted). Following the close of the transaction, the holders of units of Cedar Fair limited partnership interest will own approximately 51.2% of the outstanding shares of the combined company and the holders of Six Flags common stock will own approximately 48.8% of the outstanding shares of the combined company. The novel coronavirus (COVID-19) pandemic has had a material impact on our business in 2020 andmerger is expected to have a continuing negative impact into 2021. Most significantly, we closed our properties for several monthsclose in 2020 beginning on March 14. We ultimately resumed partial operations at 10 of our 13 properties in 2020, operating in accordance with local and state guidelines. Due to soft demand trends upon reopening, park operating calendars were adjusted for 2020, including reduced operating days per week and operating hours within each operating day. In 2021, we anticipate reopening our seasonal parks in May 2021 and offering new culinary festivals at Knott's Berry Farm beginning in March 2021. With broad vaccination distribution efforts in process and anticipated pent-up demand for outdoor entertainment, management is focused on maximizing the seasonally weighted secondfirst half of 2021. We do not anticipate 2021 to be a normal operating year operationally or financially,2024, following receipt of Six Flags' stockholder approval, regulatory approvals, and it is uncertain how long it may take us to achieve full operational potential. Our future operations are dependent on factors beyond our knowledge or control, including the duration and severitysatisfaction of the COVID-19 pandemic and actions taken to contain its spread and mitigate its public health effects.other customary closing conditions.

We believe that annual park attendance is influenced by annual investments in our properties, including new attractions and infrastructure, among other factors. Capital expenditures are planned on a seasonal basis with most expenditures made prior to the beginning of the peak operating season. Capital expenditures made in a calendar year may differ materially from amounts identified with a particular operating season because of timing considerations such as weather conditions, site preparation requirements and availability of ride components, which may result in accelerated or delayed expenditures around calendar year-end. Due to the effects of the COVID-19 pandemic, some capital expenditures were suspended in order to maintain flexibility and retain liquidity. The timing and amount of capital expenditures may differ from typical calendar years while the effects of the COVID-19 pandemic continue.

We compete for discretionary spending with all aspects of the recreation industry within our primary market areas, including other destination and regional amusement parks. We also compete with other forms of entertainment and recreational activities, including movies, sports events, restaurants and vacation travel.

The principal competitive factors in the amusement park industry include the uniqueness and perceived quality of the rides and attractions in a particular park, proximity to metropolitan areas, the atmosphere and cleanliness of the park, and the quality and variety of the food and immersive entertainment available. We believe that our parks feature a variety of high qualityhigh-quality rides and attractions, restaurants, gift shops and family atmosphere to make them highly competitive with other parks and forms of entertainment.

Our operations are subject to regulatory requirements, such as those relating to employment practices, environmental requirements, and other regulatory matters. We are subject to extensive federal and state employment laws and regulations, including wage and hour laws and other pay practices and employee record-keeping requirements. We may be required to incur costs to comply with these requirements, and the costs of compliance, investigation, remediation, litigation, and resolution of regulatory matters could be substantial.

We also are subject to federal, state and local environmental laws and regulations such as those relating to water resources; discharges to air, water and land; the handling and disposal of solid and hazardous waste; and the cleanup of properties affected by regulated materials. Under these laws and regulations, we may be required to investigate and clean up hazardous or toxic substances or chemical releases from current or formerly owned or operated facilities or to mitigate potential environmental risks. Environmental laws typically impose cleanup responsibility and liability without regard to whether the relevant entity knew of or

Currently, we believe we are in substantial compliance with applicable requirements under these laws and regulations. However, such requirements have generally become stricter over time, and there can be no assurance that new requirements, changes in enforcement policies or newly discovered conditions relating to our properties or operations will not require significant expenditures in the future.

All rides are inspected daily by both our maintenance and ride operations personnel before being placed into operation for our guests. The parks are also periodically inspected by our insurance carrier and, at all parks except Valleyfair, Worlds of Fun, Schlitterbahn Waterpark New Braunfels, Schlitterbahn Waterpark Galveston and Carowinds' South Carolina rides, by state or county ride-safety inspectors. Valleyfair, Worlds of Fun, Schlitterbahn Waterpark New Braunfels, Schlitterbahn Waterpark Galveston and Carowinds each contract with a third party to inspect our rides pursuant to Minnesota, Missouri, Texas and South Carolina law, respectively, and submit the third-party report to the respective state agency. Additionally, all parks have added ride maintenance and operation inspections completed by third party qualified inspectors to make sure our standards are being maintained.

We employAs of December 31, 2023, we employed approximately 2,7003,350 full-time employees. During the operating season,Throughout 2023, we typically employ in aggregatealso employed approximately 48,00049,700 seasonal and part-time employees, many of whom are high school and college students. Due to park closures and operating calendar changes as a result of the COVID-19 pandemic, we employed approximately 27,000 seasonal and part-time employees during 2020. We house some of our seasonal employees in dormitories owned by us at Cedar Point, Kings Island, Carowinds, Kings Dominion and Valleyfair, or rented by us at Dorney Park, Worlds of Fun, Schlitterbahn Waterpark New Braunfels and Schlitterbahn Waterpark Galveston. Approximately 250As of December 31, 2023, approximately 225 of our employees arewere represented by labor unions. We believe we maintain good relations with our employees.

We maintain training programs for all new employees, including safety training specific to job responsibilities. We participate in the J-1 Visa program providing cultural and educational exchange opportunities for our associates. We also have partnered with Bowling Green State University to create the Cedar Fair Resort and Attraction Management program, a bachelor's degree program, which is housed in downtown Sandusky, Ohio in a facility jointly owned by the Partnership and a third party developer. The bachelor's degree program prepares students for management careers at Cedar Fair parks or a similar establishment.establishments. We encourage a promote-from-within policy.

Our executive compensation program is designed to incentivize our key employees to drive superior results, to give key employees a vested interest in our growth and performance, and to enhance our ability to attract and retain exceptional managerial talent. Our executive compensation program rewards both successful individual performance and the consolidated operating results of the CompanyPartnership by directly tying compensation to Companyour performance.

Periods of inflation or economic downturn could also impact our ability to obtain supplies and services and increase our operating costs. We continue to see some inflationary effects and supply chain disruptions on our business, which may continue or worsen. In addition, the existence of unfavorable general economic conditions may also hinder the ability of those with which we do business, including vendors, concessionaires and customers, to satisfy their obligations to us. The materialization of these risks could lead to a decrease in our revenues, operating income and cash flows.

Because our amusement and limitationswater parks and complementary resort facilities are the primary sources of net income and operating cash flows, any future mandated or voluntary closures or other operating restrictions related to a future pandemic could adversely impact our business and financial results. Our parks are geographically located throughout the United States and in Canada. The duration and severity of a pandemic and the related restrictions at any one location could result in a potentially disproportionate amount of risk if concentrated amongst our largest properties.

We intend to increase our liquidity included suspending quarterly partnership distributions and suspending atake the position that the Amendments becoming operative for any series of our bonds would not result in a significant modification or the Partnership recognizing CODI for U.S. federal income tax purposes. However, such position is not free from doubt.

The amount of our indebtedness could have important consequences. For example, it could:

In addition, we may not be able to generate sufficient cash flow from operations, or be able to draw under our revolving credit facility or otherwise, in an amount sufficient to fund our liquidity needs, including the payment of principal and interest on our debt obligations. If our cash flows and capital resources are insufficient to service our indebtedness, we may be forced to reduce or delay capital expenditures, suspend partnership distributions, sell assets, seek additional capital or restructure or refinance our indebtedness. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations. Our ability to restructure or refinance our debt in the future will depend on the condition of the capital and credit markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. In addition, the terms of our existing or future debt agreements, including our credit agreement and the indentures governing our notes, may restrict us from adopting some of these alternatives. In the absence of sufficient operating results and resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations. We may not be able to consummate those dispositions for fair market value or at all. Furthermore, any proceeds that we could realize from any such dispositions may not be adequate to meet our debt service obligations then due.

Despite the amount of our indebtedness, we may be able to incur additional indebtedness, which could further exacerbate the risks associated with the amount of our indebtedness.

The Third Amended 2017 Credit AgreementOur credit agreement includes (i) a Senior Secured Leverage Ratio of 4.50x3.75x Total First Lien Senior Secured Debt-to-Consolidated EBITDA starting with the first quarter of 2022, which will step downEBITDA. This financial covenant is only required to 4.00x in the second quarter of 2023 and which will step down further to 3.75x in the third quarter of 2023, with the covenant calculations for the first, second, and third quarters in 2022 to include Consolidated EBITDA from the second, third and fourth quarters of the fiscal year ended December 31, 2019 in lieu of the Consolidated EBITDA for the corresponding quarters in 2021 ("Deemed EBITDA Quarters"), (ii) a requirement that we maintain a minimum liquidity level of at least $125.0 million,be tested at all times, until the earlier of December 31, 2022 or the termination of the Additional Restrictions Period (which generally includes the period from the effective date of the Second Amendment until the delivery of the compliance certificate for the fourth quarter of 2022), (iii) a suspension of certain restricted payments, including partnership distributions, under the Third Amended 2017 Credit Agreement until the termination of the Additional Restrictions Period. We may terminate the Additional Restrictions Period prior to December 31, 2022 by achieving compliance with the Senior Secured Leverage Ratio covenant as of the end of aany fiscal quarter without giving effect to Deemed EBITDA Quarters for any fiscal quarter.in which revolving credit facility borrowings are outstanding.

Our credit agreement and fixed rate note agreements also include Restricted Payment provisions, which could limit our ability to pay partnership distributions. Pursuant to the terms of the indenture governing the 20242027 senior notes, which includes the most restrictive of these Restricted Payments provisions, under our fixed rate note agreements, if our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is greater than 5.00x,5.25x, we can still make Restricted Payments of $60$100 million annually so long as no default or event of default has occurred and is continuing. If our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is less than or equal to 5.00x,5.25x, we can make Restricted Payments up to our Restricted Payment pool.

We are subject to extensive federal and state employment laws and regulations, including wage and hour laws and other pay practices and employee record-keeping requirements. We periodically have had to, and may have to, defend against lawsuits asserting non-compliance. Such lawsuits can be costly, time consuming and distract management, and adverse rulings in these types of claims could negatively affect our business, financial condition or results.

We also are subject to federal, state and local environmental laws and regulations such as those relating to water resources; discharges to air, water and land; the handling and disposal of solid and hazardous waste; and the cleanup of properties affected by regulated materials. Under these laws and regulations, we may be required to investigate and clean up hazardous or toxic substances or chemical releases from current or formerly owned or operated facilities or to mitigate potential environmental risks. Environmental laws typically impose cleanup responsibility and liability without regard to whether the relevant entity knew of or caused the presence of the contaminants. The costs of investigation, remediation or removal of regulated materials may be substantial, and the presence of those substances, or the failure to remediate a property properly, may impair our ability to use, transfer or obtain financing regarding our property.

None.

All of our property is owned in fee simple and is encumbered by the Third Amended 2017 Credit Agreementour credit agreement and the 2025 senior notes, with the exception of the land at California's Great America, the land at Schlitterbahn Waterpark Galveston, the land at the location of the Cedar Fair Resort and Attraction Management program, and portions of the six-mile public highway that serves as secondary access route to Cedar Point, and portions of the California's Great America parking lot.Point. We consider our properties to be well maintained, in good condition and adequate for our present uses and business requirements.

None.

We generate our revenues from sales of (1) admission to our amusement parks and water parks, (2) food, merchandise and games both inside and outside our parks, and (3) accommodations, extra-charge products, and other revenue sources. Our principal costs and expenses, which include salaries and wages, operating supplies, maintenance advertising and utilities,advertising, are relatively fixed for ana typical operating season and do not vary significantly with attendance.

Each of our properties is overseen by a general manager and operates autonomously. Management reviews operating results, evaluates performance and makes operating decisions, including allocating resources, on a property-by-property basis.

The following table presents certain financial data expressed as a percent of total net revenues and selective statistical information for the periods indicated.

The determination of whether an indicator of impairment has occurred and the estimation of undiscounted cash flows requires management to make significant estimates and consider an anticipated course of action as of the balance sheet date. Subsequent changes in estimated undiscounted cash flows arising from changes in anticipated actions could impact the determination of whether impairment exists, the estimation of undiscounted cash flows and whether the effects could materially impact the consolidated financial statements.

It is possible that our assumptions about future performance, as well as the economic outlook and related conclusions regarding valuation, could change adversely, which may result in additional impairment that would have a material effect on our financial position and results of operations in future periods.

Our corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in income at the time of enactment of such change in tax law. Any interest or penalties due for payment of income taxes are included in the provision for income taxes.

We record a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. The need for this allowance is based on several factors including the ten-year carryforward period allowed for excess foreign tax credits, experience to date of foreign tax credit limitations, carryforward periods of state net operating losses, and management's long-term estimates of domestic and foreign source income.

There is inherent uncertainty in the estimates used to project the amount of foreign tax credit and state net operating loss carryforwards that are more likely than not to be realized. It is possible that our future income projections, as well as the economic outlook and related conclusions regarding valuation allowances could change, which may result in additional valuation allowance being recorded or may result in additional valuation allowance reductions, and which may have a material negative or positive effect on our reported financial position and results of operations in future periods.

We believe theThe following operational measures are key operational measuresperformance metrics in our managementmanagerial and operational reporting, and theyreporting. They are used as major factors in significant operational decisions as they are primary drivers of our financial and operational performance:performance, measuring demand, pricing and consumer behavior. In-park revenues, in-park per capita spending and out-of-park revenues are non-GAAP measures.

2020 vs.In the Results of Operations section, we discuss and compare our 2023 and 2022 results. For a discussion regarding our 2021 results, including comparisons of our 2022 results to our 2021 and 2019

The year ended December 31, 2019 due to park closures and operating calendar changes associated with the COVID-19 pandemic (the "COVID-19 disruption"). On March 14, 2020, we closed our properties in response to the spread of COVID-19. We ultimately resumed only partial operations at 10 of our 13 properties in 2020. Beginning in the second quarter of 2020, we resumed partial operations at eight properties on a staggered basis with opening dates starting in mid-June and continuing through mid-July. We also reopened operations at some of our out-of-park attractions at this time, such as hotel operations. Attendance upon reopening was impacted by the ongoing effects of the pandemic and was below original expectations. Due to these soft demand trends upon reopening, park operating calendars were adjusted for the remainder of 2020, including reduced operating days per week and operating hours within each operating day. In addition, some of our reopened parks closed earlier than the park's typical operating calendar. Two parks, Cedar Point and Kings Island, remained open after Labor Day. Two additional parks, Carowinds and Kings Dominion, reopened on weekends in November and December to host abbreviated versions of their traditional WinterFest events. Following March 14, 2020, Knott's Berry Farm's partial operations were limited to culinary festivals. Net revenues from these limited operations at Knott's Berry Farm were classified as out-of-park revenues. Attendance, in-park per capita spending and operating day statistics for 2020 exclude these limited operations at Knott's Berry Farm.

N/M    Not meaningful due to 55%the nature of comparable prior-yearthe expense line-item.

For the year ended December 31, 2023, net revenues decreased $18.7 million, or 1.0%, compared with 2022. The decrease in net revenues reflected the impact of a 0.2 million-visit, or 0.9%, decrease in attendance levelsand the impact of a 1.0% decrease in September 2020.in-park per capita spending to $61.05 partially offset by a 4.7%, or $9.9 million increase in out-of-park revenues. The decrease in attendance was driven by reduced season pass attendance as a result of fewer season pass units outstanding. There were fewer season pass units outstanding due to less sales, particularly at our parks in California, as well as due to the impact of the prior period extension of 2020 and 2021 season-long products at Knott's Berry Farm through May 2022 and Canada's Wonderland through Labour Day 2022. Attendance was also negatively impacted by inclement weather, particularly during the first quarter of 2023. These negative impacts were somewhat offset by the continuing recovery of group sales attendance, the impact of additional operating days during the current year, and higher 2024 season pass sales in 2023 compared to 2023 season pass sales in 2022. The decrease in in-park per capita spending was attributable to a decline in admissions spending driven by a reassessment of our pricing strategy at several parks and the resultrecovery of lesslower priced attendance channels. The decrease in admission spending was somewhat offset by higher levels of guest spending on extra-charge products, specifically front-of-line products,food and admissionbeverage. The increase in food and beverage spending was driven by increases in both the number of transactions per guest and average transaction value. The increase in out-of-park revenues was largely attributable to a higher season pass mix. In-park per capita spending on food, merchandisethe reopening of Castaway Bay Resort and games increased compared withSawmill Creek Resort at Cedar Point following temporary closures for renovations in the prior year. The decrease in out-of-parknet revenues was primarily attributable toincluded a decline in accommodations revenue related to a decrease in occupancy due to the COVID-19 disruption, as well as a decrease in online transaction fee revenue due to a decline in online sales volume. Net revenues were not materially impacted by$5.1 million unfavorable impact of foreign currency exchange rates.rates at our Canadian park.

Operating costs and expenses for 2020 decreased 51.2%the year ended December 31, 2023 increased $27.3 million, or 2.1%, or $506.8compared with 2022. The $27.3 million to $483.9 million from $990.7 million for 2019. The decreaseincrease in operating costs and expenses was the result of a $98.3$35.9 million increase in selling, general, and administrative ("SG&A") expenses partially offset by a $4.4 million decrease in cost of food, merchandise and games revenues ("COGS"), and a $294.4$4.2 million decrease in operating expenses. The increase in SG&A expenses and a $114.1was primarily driven by $22.3 million decrease in selling, general, and administrative expenses ("SG&A"). The decrease in COGS was dueof costs related to the declineproposed merger with Six Flags. Excluding costs related to the proposed merger, the increase in sales volume from the COVID-19 disruption and soft initial demand at our open parks.SG&A expenses was primarily attributable to higher planned advertising costs. The $294.4 million decrease in operating expenses was attributable to $167.5 million of seasonal labor savings, as well as reductions in operating supplies, maintenance supplies, utilities, entertainment-related fees and insurance attributable to closed properties, abbreviated operating calendars and fewer offerings at our parks. In addition, full-time wages decreasedprimarily due to a declinecost savings initiatives resulting in anticipated payout of bonus plans. The $114.1 million decrease in SG&A expense was attributable to $57.5 million of advertising expense savings, as well as a reduction in transaction fee expense due toseasonal labor hours and less in-park entertainment costs. The decreases were somewhat offset by incremental land lease costs associated with the sale-leaseback of the land at California's Great America for a declinefull-year, early season maintenance wage costs, and increased insurance claims and related costs. COGS as a percentage of food, merchandise and games revenue decreased approximately 1%. The increase in online sales volume, a decline in the anticipated payout of outstanding equity-based compensation and bonus plans, and prior period acquisition-related costs. Operatingoperating costs and expenses were not materially impacted byincluded a $3.0 million favorable impact of foreign currency exchange rates.rates at our Canadian park.

After a $155.3 million $6.8 million and $7.9 million impairmentgain on the sale of goodwillthe land at the Schlitterbahn parks, goodwill at Dorney Park, and the Schlitterbahn trade name, respectively, during the first quarter of 2020, and an $11.3 million, $2.3 million and $2.2 million impairment of goodwill at the Schlitterbahn parks, goodwill at Dorney Park, and the Schlitterbahn trade name, respectively,California's Great America during the third quarter of 2020 (see Note 7). During the first quarter of 2019, a $0.6 million gain on sale of investment was recognized for additional proceeds from the liquidation of a preferred equity investment.

Interest expense for 2023 decreased $10.2 million compared with operating income2022 as a result of $309.4 million for 2019.

For 2020,2023, a benefitprovision for taxes of $137.9$48.0 million was recorded to account for PTP taxes and federal, state, local and foreign income taxes compared with $64.0 million recorded for 2022. The decrease in provision for taxes was primarily attributable to lower pretax income from our taxable subsidiaries in 2023. The prior year included a provision for taxes recorded for 2019 of $42.8 million. The increase in benefit for taxes was attributable to an increase in pretax loss from our taxable subsidiaries, as well as expected benefits from the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which was signed into law on March 27, 2020. The CARES Act resulted in various changes to the U.S. tax law, including, among other things, allowing net operating losses arising in tax years 2018 through 2020 to be carried back to the preceding five taxable years and removing the limitation that such losses only offset 80% of taxable income. As a result of these changes, we expect to recognize two benefits. First, we expect to carryback the 2020 losses incurred by our corporate subsidiaries, which will result in the refund of a portion of federal income taxes paid during the carryback period of approximately $55.4 million. Second, as of December 31, 2020, the annual effective tax rate included a net benefit of $18.1 million from carrying back the projected 2020 lossessale of the corporate subsidiaries. This tax benefit represents an estimated $34.2 million incremental benefit of tax loss carrybacks for periods when the federal income tax rate was greater than the current 21% rate. The estimated $34.2 million benefit was decreased by $16.1 million for a projected valuation allowance on foreign tax credits originally utilized during the carryback period which would be released as a result of the loss carryback but which are not expected to be utilized.land at California's Great America.

After the items above, net lossincome for 20202023 totaled $590.2$124.6 million, or $10.45$2.42 per diluted limited partner unit, compared with net income of $172.4a $307.7 million, or $3.03$5.45 per diluted unit, for 2019.2022. Net income margin decreased 10.0% primarily due to the $155.3 million gain on the sale of the land at California's Great America during the third quarter of 2022.

Adjusted EBITDA loss totaled $302.0 million compared with a $504.7 millionrepresents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in our current and prior credit agreements. Adjusted EBITDA is not a measurement of operating performance computed in accordance with generally accepted accounting principles ("GAAP") and should not be considered as a substitute for 2019. The varianceoperating income, net income or cash flows from operating activities computed in accordance with GAAP. Management believes Adjusted EBITDA was dueis a meaningful measure of park-level operating profitability, and we use it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is widely used by analysts, investors and comparable companies in our industry to decreasedevaluate our operating performance on a consistent basis, as well as more easily compare our results with those of other companies in our industry. This measure is provided as a supplemental measure of our operating results and may not be comparable to similarly titled measures of other companies.

The table below sets forth a reconciliation of Adjusted EBITDA to net revenues offset somewhat by expense savings attributableincome for the periods indicated.

Our principal sources of liquidity typically include cash from operating activities, funding from our long-term debt obligations and existing cash on hand. Due to the seasonality of our business, we typically fund pre-opening operations with revolving credit borrowings. Revolving credit borrowings are typically reduced with our positive cash flow during the seasonal operating period. Our primary uses of liquidity typically include operating expenses, partnership distributions, capital expenditures, interest payments, andpartnership distributions, income tax obligations.

In the long term, and as restrictions to mitigate the spread of COVID-19 are lifted and our properties are able to resume full operations, management is focused on pursuing business process efficiencies and cost savings opportunities identified as a result of the COVID-19 pandemic, optimizing the Company's organizational structure with an aim for margin expansion, and reducing the Company's leverage. Also, in the long term, management anticipates returning to historic annual capital expenditure investments of 9-10% of revenues. We have no material, long-term commitments for new rides and attractions. Management is also committed to reinstituting quarterly partnership distributions when it is appropriate to do so and it is permissible under the Third Amended 2017 Credit Agreement and our other debt covenants.

We anticipate an increase in cash interest payments of $45between $140 million in 2021 to approximately $175and $150 million in annual cash interest.during 2024. We are expecting to receive $55.4 million in tax refunds attributable to the net operating loss in 2020 being carried back to prior years in the United States and an additional $11.9 million in tax refunds attributable to net operating losses being carried back to prior years in Canada. We anticipate receiving these tax refunds in the fourth quarter of 2021. Also, in 2021, we anticipate cash payments for income taxes to range from $5$50 million to $10$60 million exclusive of these tax refunds. We anticipate funding our 2021 liquidity needs from cash on hand and cash from operating activities.in 2024.

As of December 31, 2023, deferred revenue totaled $191.6 million, including non-current deferred revenue. This represented an increase of $19.0 million compared with total deferred revenue as of December 31, 2022. The increase in total deferred revenue was largely attributable to higher season-long product sales for the date of this Form 10-K, we anticipate that we will spend $40-50 million per month during the first quarter of 2021 as we prepare our parks for opening in the second quarter of 2021. Our estimate includes projected operating expenses, capital expenditures, income tax obligations, and interest payments. We have made significant estimates and assumptions to estimate the impact of the COVID-19 pandemic on our business, including financial results in the near and long term. Actual results could materially differ from these estimates. We have not provided a longer period estimate due to the volatility of the current operating environment.subsequent season.

Cash interest payments totaled $130.4$135.7 million in 20202023 compared with $85.6$137.7 million in 2019.2022 and $174.3 million in 2021. The increasedecrease in cash interest payments from 20192022 was attributable to the 2025repayment of our senior secured term loan facility and related termination of our interest rate swap agreements during the third quarter of 2022 somewhat offset by additional revolver borrowings in 2023. The decrease in cash interest payments from 2021 was attributable to the redemption of the 2024 senior notes in December 2021, as well as the repayment of our senior secured term loan facility and 2028 senior notes issuancesrelated termination of our interest rate swap agreements during 2020 offset by less outstanding term debt in 2020 following a $463.3 million prepayment in the secondthird quarter of 2020. Cash2022. Net cash payments for income taxes totaled $1.8$45.0 million in 20202023 compared with $40.8net cash refunds of $47.2 million in 2019.2022 and net cash payments of $10.1 million in 2021. The decreasevariance in cash payments (refunds) for income taxes from 20192022 was attributable to an increase$90.7 million in pretaxtax refunds received in 2022 for the net operating loss from our taxable subsidiaries, as well as expected benefits fromin tax year 2020 being carried back to prior years. The net cash payments in 2021 were lower due to the CARES Act.impact of disrupted operations in 2021.