Consolidating Financial Information of Guarantors and Issuers | 12 Months Ended |
Dec. 31, 2013 |
Condensed Consolidated Financial Information [Abstract] | ' |
Consolidating Financial Information of Guarantors and Issuers | ' |
Consolidating Financial Information of Guarantors and Issuers: |
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Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's 9.125% and 5.25% notes (see Note 5). The notes have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum) that guarantees the Partnership's senior secured credit facilities. There are no non-guarantor subsidiaries. |
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The following consolidating schedules present condensed financial information for Cedar Fair, L.P., Cedar Canada, and Magnum, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum), the guarantors (on a combined basis), as of December 31, 2013 and December 31, 2012 and for the periods ended December 31, 2013, December 31, 2012, and December 31, 2011. In lieu of providing separate audited financial statements for the guarantor subsidiaries, the accompanying condensed consolidating financial statements have been included. |
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Since Cedar Fair, L.P., Cedar Canada and Magnum are co-issuers of the notes and co-borrowers under the 2013 Credit Agreement, all outstanding debt has been equally reflected within each co-issuer's December 31, 2013 and December 31, 2012 balance sheets in the accompanying condensed consolidating financial statements. |
CEDAR FAIR, L.P. |
CONDENSED CONSOLIDATING BALANCE SHEET |
DECEMBER 31, 2013 |
(In thousands) |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Cedar Fair L.P. (Parent) | | Co-Issuer Subsidiary (Magnum) | | Co-Issuer Subsidiary (Cedar Canada) | | Guarantor Subsidiaries | | Eliminations | | Total | |
ASSETS | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 75,000 | | | $ | 4,144 | | | $ | 35,575 | | | $ | 3,337 | | | $ | — | | | $ | 118,056 | | |
|
Receivables | | 6 | | | 115,972 | | | 67,829 | | | 552,633 | | | (715,107 | ) | | 21,333 | | |
|
Inventories | | — | | | 1,968 | | | 1,898 | | | 22,214 | | | — | | | 26,080 | | |
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Current deferred tax asset | | — | | | 5,430 | | | 800 | | | 3,445 | | | — | | | 9,675 | | |
|
Other current assets | | 599 | | | 4,443 | | | 14,266 | | | 7,764 | | | (15,719 | ) | | 11,353 | | |
|
| | 75,605 | | | 131,957 | | | 120,368 | | | 589,393 | | | (730,826 | ) | | 186,497 | | |
|
Property and Equipment, net | | 447,724 | | | 976 | | | 243,208 | | | 813,855 | | | — | | | 1,505,763 | | |
|
Investment in Park | | 514,948 | | | 796,735 | | | 142,668 | | | 63,948 | | | (1,518,299 | ) | | — | | |
|
Goodwill | | 9,061 | | | — | | | 117,810 | | | 111,218 | | | — | | | 238,089 | | |
|
Other Intangibles, net | | — | | | — | | | 16,683 | | | 22,788 | | | — | | | 39,471 | | |
|
Deferred Tax Asset | | — | | | 31,122 | | | — | | | 117 | | | (31,239 | ) | | — | | |
|
Intercompany Receivable | | 873,067 | | | 1,063,568 | | | 1,104,629 | | | — | | | (3,041,264 | ) | | — | | |
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Other Assets | | 25,210 | | | 10,002 | | | 6,657 | | | 2,938 | | | — | | | 44,807 | | |
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| | $ | 1,945,615 | | | $ | 2,034,360 | | | $ | 1,752,023 | | | $ | 1,604,257 | | | $ | (5,321,628 | ) | | $ | 2,014,627 | | |
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LIABILITIES AND PARTNERS’ EQUITY | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Accounts payable | | $ | 259,850 | | | $ | 188,818 | | | $ | 17,632 | | | $ | 262,029 | | | $ | (715,107 | ) | | $ | 13,222 | | |
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Deferred revenue | | — | | | — | | | 2,815 | | | 41,706 | | | — | | | 44,521 | | |
|
Accrued interest | | 4,637 | | | 3,223 | | | 15,341 | | | — | | | — | | | 23,201 | | |
|
Accrued taxes | | 4,609 | | | — | | | — | | | 30,591 | | | (15,719 | ) | | 19,481 | | |
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Accrued salaries, wages and benefits | | — | | | 21,596 | | | 1,101 | | | 6,503 | | | — | | | 29,200 | | |
|
Self-insurance reserves | | — | | | 5,757 | | | 1,742 | | | 16,154 | | | — | | | 23,653 | | |
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Other accrued liabilities | | 1,146 | | | 2,993 | | | 181 | | | 1,201 | | | — | | | 5,521 | | |
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| | 270,242 | | | 222,387 | | | 38,812 | | | 358,184 | | | (730,826 | ) | | 158,799 | | |
|
Deferred Tax Liability | | — | | | — | | | 57,704 | | | 131,648 | | | (31,239 | ) | | 158,113 | | |
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Derivative Liability | | 15,610 | | | 11,052 | | | — | | | — | | | — | | | 26,662 | | |
|
Other Liabilities | | — | | | 7,858 | | | — | | | 3,432 | | | — | | | 11,290 | | |
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Long-Term Debt: | | | | | | | | | | | | | |
Term debt | | 618,850 | | | 618,850 | | | 618,850 | | | — | | | (1,237,700 | ) | | 618,850 | | |
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Notes | | 901,782 | | | 901,782 | | | 901,782 | | | — | | | (1,803,564 | ) | | 901,782 | | |
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| | 1,520,632 | | | 1,520,632 | | | 1,520,632 | | | — | | | (3,041,264 | ) | | 1,520,632 | | |
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| | | | | | | | | | | | | |
Equity | | 139,131 | | | 272,431 | | | 134,875 | | | 1,110,993 | | | (1,518,299 | ) | | 139,131 | | |
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| | $ | 1,945,615 | | | $ | 2,034,360 | | | $ | 1,752,023 | | | $ | 1,604,257 | | | $ | (5,321,628 | ) | | $ | 2,014,627 | | |
|
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CEDAR FAIR, L.P. |
CONDENSED CONSOLIDATING BALANCE SHEET |
31-Dec-12 |
(In thousands) |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Cedar Fair L.P. (Parent) | | Co-Issuer Subsidiary (Magnum) | | Co-Issuer Subsidiary (Cedar Canada) | | Guarantor Subsidiaries | | Eliminations | | Total | |
ASSETS | | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 25,000 | | | $ | 444 | | | $ | 50,173 | | | $ | 3,213 | | | $ | — | | | $ | 78,830 | | |
|
Receivables | | 4 | | | 101,093 | | | 71,099 | | | 498,555 | | | (652,559 | ) | | 18,192 | | |
|
Inventories | | — | | | 1,724 | | | 2,352 | | | 23,764 | | | — | | | 27,840 | | |
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Current deferred tax asset | | — | | | 3,705 | | | 816 | | | 3,663 | | | — | | | 8,184 | | |
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Other current assets | | 563 | | | 17,858 | | | 530 | | | 5,490 | | | (16,381 | ) | | 8,060 | | |
|
| | 25,567 | | | 124,824 | | | 124,970 | | | 534,685 | | | (668,940 | ) | | 141,106 | | |
|
Property and Equipment, net | | 439,506 | | | 1,013 | | | 268,157 | | | 835,596 | | | — | | | 1,544,272 | | |
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Investment in Park | | 485,136 | | | 772,183 | | | 115,401 | | | 53,790 | | | (1,426,510 | ) | | — | | |
|
Goodwill | | 9,061 | | | — | | | 125,942 | | | 111,218 | | | — | | | 246,221 | | |
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Other Intangibles, net | | — | | | — | | | 17,835 | | | 22,817 | | | — | | | 40,652 | | |
|
Deferred Tax Asset | | — | | | 36,443 | | | — | | | 90 | | | (36,533 | ) | | — | | |
|
Intercompany Receivable | | 877,612 | | | 1,070,125 | | | 1,116,623 | | | — | | | (3,064,360 | ) | | — | | |
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Other Assets | | 22,048 | | | 14,832 | | | 8,419 | | | 2,315 | | | — | | | 47,614 | | |
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| | $ | 1,858,930 | | | $ | 2,019,420 | | | $ | 1,777,347 | | | $ | 1,560,511 | | | $ | (5,196,343 | ) | | $ | 2,019,865 | | |
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LIABILITIES AND PARTNERS’ EQUITY | | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Current maturities of long-term debt | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
|
Accounts payable | | 147,264 | | | 213,279 | | | 16,101 | | | 286,649 | | | (652,559 | ) | | 10,734 | | |
|
Deferred revenue | | — | | | — | | | 4,996 | | | 34,489 | | | — | | | 39,485 | | |
|
Accrued interest | | 98 | | | 64 | | | 15,350 | | | — | | | — | | | 15,512 | | |
|
Accrued taxes | | 4,518 | | | — | | | 6,239 | | | 23,437 | | | (16,381 | ) | | 17,813 | | |
|
Accrued salaries, wages and benefits | | — | | | 17,932 | | | 1,214 | | | 5,690 | | | — | | | 24,836 | | |
|
Self-insurance reserves | | — | | | 5,528 | | | 1,754 | | | 16,624 | | | — | | | 23,906 | | |
|
Other accrued liabilities | | 1,110 | | | 2,502 | | | 140 | | | 2,164 | | | — | | | 5,916 | | |
|
| | 152,990 | | | 239,305 | | | 45,794 | | | 369,053 | | | (668,940 | ) | | 138,202 | | |
|
Deferred Tax Liability | | — | | | — | | | 63,460 | | | 126,865 | | | (36,533 | ) | | 153,792 | | |
|
Derivative Liability | | 19,309 | | | 12,951 | | | — | | | — | | | — | | | 32,260 | | |
|
Other Liabilities | | — | | | 5,480 | | | — | | | 3,500 | | | — | | | 8,980 | | |
|
Long-Term Debt: | | | | | | | | | | | | | |
Term debt | | 1,131,100 | | | 1,131,100 | | | 1,131,100 | | | — | | | (2,262,200 | ) | | 1,131,100 | | |
|
Notes | | 401,080 | | | 401,080 | | | 401,080 | | | — | | | (802,160 | ) | | 401,080 | | |
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| | 1,532,180 | | | 1,532,180 | | | 1,532,180 | | | — | | | (3,064,360 | ) | | 1,532,180 | | |
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| | | | | | | | | | | | | |
Equity | | 154,451 | | | 229,504 | | | 135,913 | | | 1,061,093 | | | (1,426,510 | ) | | 154,451 | | |
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| | $ | 1,858,930 | | | $ | 2,019,420 | | | $ | 1,777,347 | | | $ | 1,560,511 | | | $ | (5,196,343 | ) | | $ | 2,019,865 | | |
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CEDAR FAIR, L.P. |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME |
For the Year Ended December 31, 2013 |
(In thousands) |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Cedar Fair L.P. (Parent) | | Co-Issuer Subsidiary (Magnum) | | Co-Issuer Subsidiary (Cedar Canada) | | Guarantor Subsidiaries | | Eliminations | | Total | |
| | | | | | | | | | | | | |
Net revenues | | $ | 152,469 | | | $ | 296,077 | | | $ | 127,692 | | | $ | 1,006,469 | | | $ | (448,135 | ) | | $ | 1,134,572 | | |
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Costs and expenses: | | | | | | | | | | | | | |
Cost of food, merchandise and games revenues | | — | | | — | | | 9,322 | | | 82,450 | | | — | | | 91,772 | | |
|
Operating expenses | | 6,003 | | | 183,604 | | | 47,770 | | | 683,102 | | | (448,135 | ) | | 472,344 | | |
|
Selling, general and administrative | | 5,717 | | | 100,825 | | | 10,984 | | | 34,886 | | | — | | | 152,412 | | |
|
Depreciation and amortization | | 36,807 | | | 37 | | | 17,333 | | | 68,310 | | | — | | | 122,487 | | |
|
Loss on impairment / retirement of fixed assets, net | | 424 | | | — | | | 479 | | | 1,636 | | | — | | | 2,539 | | |
|
Gain on sale of other assets | | — | | | — | | | — | | | (8,743 | ) | | — | | | (8,743 | ) | |
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| | 48,951 | | | 284,466 | | | 85,888 | | | 861,641 | | | (448,135 | ) | | 832,811 | | |
|
Operating income | | 103,518 | | | 11,611 | | | 41,804 | | | 144,828 | | | — | | | 301,761 | | |
|
Interest expense, net | | 42,630 | | | 28,875 | | | 39,376 | | | (7,964 | ) | | — | | | 102,917 | | |
|
Net effect of swaps | | 4,190 | | | 2,693 | | | — | | | — | | | — | | | 6,883 | | |
|
Loss on early debt extinguishment | | 21,175 | | | 12,781 | | | 617 | | | — | | | — | | | 34,573 | | |
|
Unrealized / realized foreign currency loss | | — | | | — | | | 28,941 | | | — | | | — | | | 28,941 | | |
|
Other (income) expense | | 750 | | | (11,257 | ) | | 3,679 | | | 6,828 | | | — | | | — | | |
|
(Income) loss from investment in affiliates | | (83,557 | ) | | (37,520 | ) | | (17,438 | ) | | 2,477 | | | 136,038 | | | — | | |
|
Income (loss) before taxes | | 118,330 | | | 16,039 | | | (13,371 | ) | | 143,487 | | | (136,038 | ) | | 128,447 | | |
|
Provision (benefit) for taxes | | 10,126 | | | (12,133 | ) | | (10,856 | ) | | 33,106 | | | — | | | 20,243 | | |
|
Net income (loss) | | $ | 108,204 | | | $ | 28,172 | | | $ | (2,515 | ) | | $ | 110,381 | | | $ | (136,038 | ) | | $ | 108,204 | | |
|
Other comprehensive income (loss), (net of tax): | | | | | | | | | | | | | |
Cumulative foreign currency translation adjustment | | 2,756 | | | — | | | 2,756 | | | — | | | (2,756 | ) | | 2,756 | | |
|
Unrealized income on cash flow hedging derivatives | | 10,736 | | | 2,848 | | | — | | | — | | | (2,848 | ) | | 10,736 | | |
|
Other comprehensive income, (net of tax) | | 13,492 | | | 2,848 | | | 2,756 | | | — | | | (5,604 | ) | | 13,492 | | |
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Total Comprehensive Income | | $ | 121,696 | | | $ | 31,020 | | | $ | 241 | | | $ | 110,381 | | | $ | (141,642 | ) | | $ | 121,696 | | |
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CEDAR FAIR, L.P. |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME |
For the Year Ended December 31, 2012 |
(In thousands) |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Cedar Fair L.P. (Parent) | | Co-Issuer Subsidiary (Magnum) | | Co-Issuer Subsidiary (Cedar Canada) | | Guarantor Subsidiaries | | Eliminations | | Total | |
| | | | | | | | | | | | | |
Net revenues | | $ | 145,715 | | | $ | 258,136 | | | $ | 140,418 | | | $ | 927,668 | | | $ | (403,483 | ) | | $ | 1,068,454 | | |
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Costs and expenses: | | | | | | | | | | | | | |
Cost of food, merchandise and games revenues | | — | | | — | | | 10,316 | | | 84,732 | | | — | | | 95,048 | | |
|
Operating expenses | | 5,380 | | | 176,356 | | | 47,863 | | | 625,287 | | | (403,483 | ) | | 451,403 | | |
|
Selling, general and administrative | | 6,495 | | | 86,615 | | | 11,135 | | | 34,066 | | | — | | | 138,311 | | |
|
Depreciation and amortization | | 37,660 | | | 40 | | | 18,199 | | | 70,407 | | | — | | | 126,306 | | |
|
Loss on impairment / retirement of fixed assets, net | | 25,997 | | | — | | | 6 | | | 4,333 | | | — | | | 30,336 | | |
|
Gain on sale of other assets | | (862 | ) | | — | | | — | | | (5,763 | ) | | — | | | (6,625 | ) | |
|
| | 74,670 | | | 263,011 | | | 87,519 | | | 813,062 | | | (403,483 | ) | | 834,779 | | |
|
Operating income (loss) | | 71,045 | | | (4,875 | ) | | 52,899 | | | 114,606 | | | — | | | 233,675 | | |
|
Interest expense, net | | 48,524 | | | 29,328 | | | 40,870 | | | (8,171 | ) | | — | | | 110,551 | | |
|
Net effect of swaps | | (138 | ) | | 121 | | | (1,475 | ) | | — | | | — | | | (1,492 | ) | |
|
Unrealized / realized foreign currency gain | | — | | | — | | | (8,998 | ) | | — | | | — | | | (8,998 | ) | |
|
Other (income) expense | | 749 | | | (9,507 | ) | | 2,020 | | | 6,738 | | | — | | | — | | |
|
(Income) loss from investment in affiliates | | (90,022 | ) | | (66,150 | ) | | (14,597 | ) | | (31,759 | ) | | 202,528 | | | — | | |
|
Income before taxes | | 111,932 | | | 41,333 | | | 35,079 | | | 147,798 | | | (202,528 | ) | | 133,614 | | |
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Provision (benefit) for taxes | | 10,075 | | | (9,856 | ) | | 3,413 | | | 28,125 | | | — | | | 31,757 | | |
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Net income | | $ | 101,857 | | | $ | 51,189 | | | $ | 31,666 | | | $ | 119,673 | | | $ | (202,528 | ) | | $ | 101,857 | | |
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Other comprehensive income, (net of tax): | | | | | | | | | | | | | |
Cumulative foreign currency translation adjustment | | 369 | | | — | | | 369 | | | — | | | (369 | ) | | 369 | | |
|
Unrealized income on cash flow hedging derivatives | | 139 | | | 114 | | | 21 | | | — | | | (135 | ) | | 139 | | |
|
Other comprehensive income, (net of tax) | | 508 | | | 114 | | | 390 | | | — | | | (504 | ) | | 508 | | |
|
Total Comprehensive Income | | $ | 102,365 | | | $ | 51,303 | | | $ | 32,056 | | | $ | 119,673 | | | $ | (203,032 | ) | | $ | 102,365 | | |
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CEDAR FAIR, L.P. |
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME |
For the Year Ended December 31, 2011 |
(In thousands) |
|
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Cedar Fair L.P. (Parent) | | Co-Issuer Subsidiary (Magnum) | | Co-Issuer Subsidiary (Cedar Canada) | | Guarantor Subsidiaries | | Eliminations | | Total | |
| | | | | | | | | | | | | |
Net revenues | | $ | 141,149 | | | $ | 251,064 | | | $ | 126,972 | | | $ | 901,120 | | | $ | (391,833 | ) | | $ | 1,028,472 | | |
|
Costs and expenses: | | | | | | | | | | | | | |
Cost of food, merchandise and games revenues | | — | | | — | | | 9,932 | | | 82,125 | | | — | | | 92,057 | | |
|
Operating expenses | | 5,491 | | | 165,409 | | | 45,765 | | | 606,019 | | | (391,833 | ) | | 430,851 | | |
|
Selling, general and administrative | | 10,073 | | | 84,270 | | | 11,314 | | | 34,769 | | | — | | | 140,426 | | |
|
Depreciation and amortization | | 37,283 | | | 47 | | | 17,325 | | | 71,182 | | | — | | | 125,837 | | |
|
Loss on impairment / retirement of fixed assets, net | | 990 | | | — | | | (61 | ) | | 10,426 | | | — | | | 11,355 | | |
|
| | 53,837 | | | 249,726 | | | 84,275 | | | 804,521 | | | (391,833 | ) | | 800,526 | | |
|
Operating income | | 87,312 | | | 1,338 | | | 42,697 | | | 96,599 | | | — | | | 227,946 | | |
|
Interest expense, net | | 84,391 | | | 15,030 | | | 52,814 | | | 4,793 | | | — | | | 157,028 | | |
|
Net effect of swaps | | (12,214 | ) | | 718 | | | (1,623 | ) | | — | | | — | | | (13,119 | ) | |
|
Unrealized / realized foreign currency loss | | — | | | — | | | 9,909 | | | — | | | — | | | 9,909 | | |
|
Other (income) expense | | 1,705 | | | (7,798 | ) | | 2,349 | | | 4,699 | | | — | | | 955 | | |
|
(Income) loss from investment in affiliates | | (60,251 | ) | | (11,912 | ) | | (6,945 | ) | | 15,573 | | | 63,535 | | | — | | |
|
Income (loss) before taxes | | 73,681 | | | 5,300 | | | (13,807 | ) | | 71,534 | | | (63,535 | ) | | 73,173 | | |
|
Provision (benefit) for taxes | | 8,385 | | | (23,000 | ) | | 2,970 | | | 19,522 | | | — | | | 7,877 | | |
|
Net income (loss) | | $ | 65,296 | | | $ | 28,300 | | | $ | (16,777 | ) | | $ | 52,012 | | | $ | (63,535 | ) | | $ | 65,296 | | |
|
Other comprehensive income (loss), (net of tax): | | | | | | | | | | | | | |
Cumulative foreign currency translation adjustment | | 933 | | | — | | | 933 | | | — | | | (933 | ) | | 933 | | |
|
Unrealized income (loss) on cash flow hedging derivatives | | 3,767 | | | (9,499 | ) | | 291 | | | — | | | 9,208 | | | 3,767 | | |
|
Other comprehensive income (loss), (net of tax) | | 4,700 | | | (9,499 | ) | | 1,224 | | | — | | | 8,275 | | | 4,700 | | |
|
Total Comprehensive Income | | $ | 69,996 | | | $ | 18,801 | | | $ | (15,553 | ) | | $ | 52,012 | | | $ | (55,260 | ) | | $ | 69,996 | | |
|
CEDAR FAIR, L.P. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Year Ended December 31, 2013 |
(In thousands) |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Cedar Fair L.P. (Parent) | | Co-Issuer Subsidiary (Magnum) | | Co-Issuer Subsidiary (Cedar Canada) | | Guarantor Subsidiaries | | Eliminations | | Total | |
| | | | | | | | | | | | | |
NET CASH FROM (FOR) OPERATING ACTIVITIES | | $ | 304,815 | | | $ | 37,035 | | | $ | 30,786 | | | $ | 45,916 | | | $ | (94,095 | ) | | $ | 324,457 | | |
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | | | | | | | | | | | | | |
Investment in joint ventures and affiliates | | (29,812 | ) | | (24,552 | ) | | (33,113 | ) | | (6,618 | ) | | 94,095 | | | — | | |
|
Sale of other assets | | — | | | — | | | — | | | 15,297 | | | — | | | 15,297 | | |
|
Capital expenditures | | (56,254 | ) | | — | | | (9,723 | ) | | (54,471 | ) | | — | | | (120,448 | ) | |
|
Net cash for investing activities | | (86,066 | ) | | (24,552 | ) | | (42,836 | ) | | (45,792 | ) | | 94,095 | | | (105,151 | ) | |
|
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | | | | | | | | | | | | | |
Term debt borrowings | | 359,022 | | | 256,500 | | | 14,478 | | | — | | | — | | | 630,000 | | |
|
Note borrowings | | 294,897 | | | 205,103 | | | — | | | — | | | — | | | 500,000 | | |
|
Term debt payments, including early termination penalties | | (661,180 | ) | | (466,336 | ) | | (14,734 | ) | | — | | | — | | | (1,142,250 | ) | |
|
Distributions (paid) received | | (146,953 | ) | | 3,496 | | | — | | | — | | | — | | | (143,457 | ) | |
|
Payment of debt issuance costs | | (14,535 | ) | | (8,453 | ) | | (544 | ) | | — | | | — | | | (23,532 | ) | |
|
Exercise of limited partnership unit options | | — | | | 52 | | | — | | | — | | | — | | | 52 | | |
|
Excess tax benefit from unit-based compensation expense | | — | | | 855 | | | — | | | — | | | — | | | 855 | | |
|
Net cash (for) financing activities | | (168,749 | ) | | (8,783 | ) | | (800 | ) | | — | | | — | | | (178,332 | ) | |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | — | | | — | | | (1,748 | ) | | — | | | — | | | (1,748 | ) | |
|
CASH AND CASH EQUIVALENTS | | | | | | | | | | | | | |
Net increase (decrease) for the year | | 50,000 | | | 3,700 | | | (14,598 | ) | | 124 | | | — | | | 39,226 | | |
|
Balance, beginning of year | | 25,000 | | | 444 | | | 50,173 | | | 3,213 | | | — | | | 78,830 | | |
|
Balance, end of year | | $ | 75,000 | | | $ | 4,144 | | | $ | 35,575 | | | $ | 3,337 | | | $ | — | | | $ | 118,056 | | |
|
| | | | | | | | | | | | | |
CEDAR FAIR, L.P. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Year Ended December 31, 2012 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Cedar Fair L.P. (Parent) | | Co-Issuer Subsidiary (Magnum) | | Co-Issuer Subsidiary (Cedar Canada) | | Guarantor Subsidiaries | | Eliminations | | Total |
| | | | | | | | | | | | |
NET CASH FROM (FOR) OPERATING ACTIVITIES | | $ | 130,043 | | | $ | 30,996 | | | $ | 21,256 | | | $ | 143,489 | | | $ | (39,851 | ) | | $ | 285,933 | |
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | | | | | | | | | | | | |
Investment in joint ventures and affiliates | | 30,855 | | | (56,099 | ) | | 2,172 | | | (16,779 | ) | | 39,851 | | | — | |
|
Sale of other assets | | 1,173 | | | — | | | — | | | 14,885 | | | — | | | 16,058 | |
|
Capital expenditures | | (33,664 | ) | | (8 | ) | | (14,551 | ) | | (48,009 | ) | | — | | | (96,232 | ) |
|
Net cash from (for) investing activities | | (1,636 | ) | | (56,107 | ) | | (12,379 | ) | | (49,903 | ) | | 39,851 | | | (80,174 | ) |
|
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | | | | | | | | | | | | |
Derivative settlement | | — | | | — | | | (50,450 | ) | | — | | | — | | — | | (50,450 | ) |
|
Intercompany (payments) receipts | | — | | | 93,845 | | | — | | | (93,845 | ) | | — | | | — | |
|
Term debt payments, including early termination penalties | | (14,468 | ) | | (10,212 | ) | | (320 | ) | | — | | | — | | | (25,000 | ) |
|
Distributions (paid) received | | (88,939 | ) | | 126 | | | — | | | — | | | — | | | (88,813 | ) |
|
Capital (contribution) infusion | | — | | | (60,000 | ) | | 60,000 | | | — | | | — | | | — | |
|
Exercise of limited partnership unit options | | — | | | 76 | | | — | | | — | | | — | | | 76 | |
|
Excess tax benefit from unit-based compensation expense | | — | | | 1,208 | | | — | | | — | | | — | | | 1,208 | |
|
Net cash from (for) financing activities | | (103,407 | ) | | 25,043 | | | 9,230 | | | (93,845 | ) | | — | | | (162,979 | ) |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | — | | | — | | | 526 | | | — | | | — | | | 526 | |
|
CASH AND CASH EQUIVALENTS | | | | | | | | | | | | |
Net increase (decrease) for the year | | 25,000 | | | (68 | ) | | 18,633 | | | (259 | ) | | — | | | 43,306 | |
|
Balance, beginning of year | | — | | | 512 | | | 31,540 | | | 3,472 | | | — | | | 35,524 | |
|
Balance, end of year | | $ | 25,000 | | | $ | 444 | | | $ | 50,173 | | | $ | 3,213 | | | $ | — | | | $ | 78,830 | |
|
CEDAR FAIR, L.P. |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Year Ended December 31, 2011 |
(In thousands) |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Cedar Fair L.P. (Parent) | | Co-Issuer Subsidiary (Magnum) | | Co-Issuer Subsidiary (Cedar Canada) | | Guarantor Subsidiaries | | Eliminations | | Total | |
| | | | | | | | | | | | | |
NET CASH FROM (FOR) OPERATING ACTIVITIES | | $ | 141,935 | | | $ | (155,251 | ) | | $ | 47,935 | | | $ | 183,753 | | | $ | (195 | ) | | $ | 218,177 | | |
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | | | | | | | | | | | | | |
Investment in joint ventures and affiliates | | (8,954 | ) | | (13,523 | ) | | (1,414 | ) | | 23,696 | | | 195 | | | — | | |
|
Capital expenditures | | (41,851 | ) | | — | | | (19,344 | ) | | (28,995 | ) | | — | | | (90,190 | ) | |
|
Net cash from (for) investing activities | | (50,805 | ) | | (13,523 | ) | | (20,758 | ) | | (5,299 | ) | | 195 | | | (90,190 | ) | |
|
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | | | | | | | | | | | | | |
Net borrowings (payments) on revolving credit loans | | (23,200 | ) | | — | | | — | | | — | | | — | | | (23,200 | ) | |
|
Term debt borrowings | | 13,246 | | | 9,357 | | | 335 | | | — | | | — | | | 22,938 | | |
|
Intercompany term debt (payments) receipts | | — | | | 176,343 | | | — | | | (176,343 | ) | | — | | | — | | |
|
Term debt payments, including early termination penalties | | (13,831 | ) | | (9,763 | ) | | (306 | ) | | — | | | — | | | (23,900 | ) | |
|
Distributions (paid) received | | (55,562 | ) | | 215 | | | — | | | — | | | — | | | (55,347 | ) | |
|
Payment of debt issuance costs | | (11,783 | ) | | (8,332 | ) | | (1,099 | ) | | — | | | — | | | (21,214 | ) | |
|
Exercise of limited partnership unit options | | — | | | 5 | | | — | | | — | | | — | | | 5 | | |
|
Net cash from (for) financing activities | | (91,130 | ) | | 167,825 | | | (1,070 | ) | | (176,343 | ) | | — | | | (100,718 | ) | |
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | — | | | — | | | (1,510 | ) | | — | | | — | | | (1,510 | ) | |
|
CASH AND CASH EQUIVALENTS | | | | | | | | | | | | | |
Net increase (decrease) for the year | | — | | | (949 | ) | | 24,597 | | | 2,111 | | | — | | | 25,759 | | |
|
Balance, beginning of year | | — | | | 1,461 | | | 6,943 | | | 1,361 | | | — | | | 9,765 | | |
|
Balance, end of year | | $ | — | | | $ | 512 | | | $ | 31,540 | | | $ | 3,472 | | | $ | — | | | $ | 35,524 | | |
|
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