Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Share data in Thousands, unless otherwise specified | Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'CEDAR FAIR L P | ' | ' |
Entity Central Index Key | '0000811532 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 0 | ' |
Entity Unit, Unit Outstanding | ' | 55,724,825 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Public Float | ' | ' | $2,282,477,924 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, except Share data, unless otherwise specified | ||||
Limited Partners' Capital Account, Units Outstanding | 55,716,300 | 55,617,901 | ||
Current Assets: | ' | ' | ||
Cash and cash equivalents | $118,056 | $78,830 | ||
Receivables | 21,333 | 18,192 | ||
Inventories | 26,080 | 27,840 | ||
Current deferred tax asset | 9,675 | 8,184 | ||
Other current assets | 11,353 | 8,060 | ||
Total current assets | 186,497 | 141,106 | ||
Property and Equipment: | ' | ' | ||
Land | 283,313 | 303,348 | ||
Land improvements | 350,869 | 339,081 | ||
Buildings | 584,659 | 584,854 | ||
Rides and equipment | 1,494,112 | 1,450,231 | ||
Construction in progress | 44,550 | 28,971 | ||
Total property and equipment, gross | 2,757,503 | 2,706,485 | ||
Less accumulated depreciation | -1,251,740 | -1,162,213 | ||
Total property and equipment, net | 1,505,763 | 1,544,272 | ||
Goodwill | 238,089 | 246,221 | ||
Other Intangibles, net | 39,471 | 40,652 | ||
Other Assets | 44,807 | 47,614 | ||
Assets | 2,014,627 | 2,019,865 | ||
Current Liabilities: | ' | ' | ||
Accounts payable | 13,222 | 10,734 | ||
Deferred revenue | 44,521 | 39,485 | ||
Accrued interest | 23,201 | 15,512 | ||
Accrued taxes | 19,481 | 17,813 | ||
Accrued salaries, wages and benefits | 29,200 | 24,836 | ||
Self-insurance reserves | 23,653 | 23,906 | ||
Other accrued liabilities | 5,521 | 5,916 | ||
Total current liabilities | 158,799 | 138,202 | ||
Deferred Tax Liability | 158,113 | 153,792 | ||
Derivative Liability | 26,662 | 32,260 | ||
Other Liabilities | 11,290 | 8,980 | ||
Long-Term Debt: | ' | ' | ||
Revolving credit loans | 0 | 0 | ||
Term debt | 618,850 | 1,131,100 | ||
Notes Payable, Noncurrent | 901,782 | 401,080 | ||
Long-term debt, noncurrent | 1,520,632 | 1,532,180 | ||
Commitments and Contingencies (Note 10) | ' | ' | ||
Partners' Equity: | ' | ' | ||
Special L.P. interests | 5,290 | 5,290 | ||
General partner | 2 | 1 | ||
Limited partners, 55,716 and 55,618 units outstanding at December 31, 2013 and December 31, 2012, respectively | 148,847 | 177,660 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | -15,008 | [1] | -28,500 | [1] |
Total partners' equity | 139,131 | 154,451 | ||
Total Partners' Equity and Liabilities | $2,014,627 | $2,019,865 | ||
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net revenues: | ' | ' | ' | |
Admissions | $647,007 | $612,069 | $596,042 | |
Food, merchandise and games | 356,105 | 342,214 | 349,436 | |
Accommodations and other | 131,460 | 114,171 | 82,994 | |
Total net revenues | 1,134,572 | 1,068,454 | 1,028,472 | |
Costs and expenses: | ' | ' | ' | |
Cost of food, merchandise and games revenues | 91,772 | 95,048 | 92,057 | |
Operating expenses | 472,344 | 451,403 | 430,851 | |
Selling, general and administrative | 152,412 | 138,311 | 140,426 | |
Depreciation and amortization | 122,487 | 126,306 | 125,837 | |
Loss on impairment / retirement of fixed assets, net | 2,539 | 30,336 | 11,355 | |
Gain (Loss) on Sale of Other Assets | -8,743 | -6,625 | 0 | |
Total costs and expenses | 832,811 | 834,779 | 800,526 | |
Operating income | 301,761 | 233,675 | 227,946 | |
Interest expense | 103,071 | 110,619 | 157,185 | |
Net effect of swaps | 6,883 | -1,492 | -13,119 | |
Loss on early debt extinguishment | 34,573 | 0 | 0 | |
Unrealized / realized foreign currency (gain) loss | 28,941 | -8,998 | 9,909 | |
Other (income) expense | -154 | -68 | 798 | |
Income (loss) before taxes | 128,447 | 133,614 | 73,173 | |
Provision (benefit) for taxes | 20,243 | 31,757 | 7,877 | |
Net income (loss) | 108,204 | 101,857 | 65,296 | |
Net income allocated to general partner | 1 | 1 | 1 | |
Net income (loss) allocated to limited partners | 108,203 | 101,856 | 65,295 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,756 | 369 | 933 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 10,736 | 139 | 3,767 | |
Net current-period other comprehensive income | 13,492 | [1] | 508 | 4,700 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $121,696 | $102,365 | $69,996 | |
Basic earnings per limited partner unit: | ' | ' | ' | |
Weighted average limited partner units outstanding | 55,476 | 55,518 | 55,345 | |
Net income (loss) per unit - basic | 1.95 | 1.83 | 1.18 | |
Diluted earnings per limited partner unit: | ' | ' | ' | |
Weighted average limited partner units outstanding | 55,825 | 55,895 | 55,886 | |
Net income (loss) per limited partner unit | 1.94 | 1.82 | 1.17 | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $108,204 | $101,857 | $65,296 |
Adjustments to reconcile net income (loss) to net cash from (for) operating activities: | ' | ' | ' |
Depreciation and amortization | 122,487 | 126,306 | 125,837 |
Non-cash equity based compensation expense | 6,391 | 4,476 | -239 |
Loss on early extinguishment of debt | 34,573 | 0 | 0 |
Loss on impairment / retirement of fixed assets, net | 2,539 | 30,336 | 11,355 |
Gain (Loss) on Sale of Other Assets | -8,743 | -6,625 | 0 |
Net effect of swaps | 6,883 | -1,492 | -13,119 |
Amortization of debt issuance costs | 6,130 | 10,417 | 10,000 |
Unrealized foreign currency (gain) loss on notes | 27,786 | -8,758 | 8,753 |
Deferred income taxes | 3,348 | 27,502 | 677 |
Excess Tax Benefit from Share-based Compensation, Operating Activities | -855 | -1,208 | 0 |
Change in operating assets and liabilities: | ' | ' | ' |
(Increase) decrease in receivables | -6,257 | -10,543 | 4,516 |
(Increase) decrease in inventories | 1,535 | 5,251 | -1,045 |
(Increase) decrease in current assets | -317 | 3,923 | -1,785 |
(Increase) decrease in other assets | -1,737 | -2,739 | 173 |
Increase (decrease) in accounts payable | 174 | 170 | -1,144 |
Increase (decrease) in deferred revenue | 5,491 | 9,804 | 3,724 |
Increase (decrease) in accrued interest | 8,714 | -587 | -4,399 |
Increase (decrease) in accrued taxes | 1,690 | 1,883 | 835 |
Increase (decrease) in accrued salaries and wages | 4,440 | -8,576 | 15,406 |
Increase (decrease) in self-insurance reserves | -136 | 2,625 | -206 |
Increase in deferred revenue and other current liabilities | -386 | -1,986 | -561 |
Increase (decrease) in other liabilities | 2,503 | 3,897 | -5,897 |
Net cash from operating activities | 324,457 | 285,933 | 218,177 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from the sale of other assets | 15,297 | 16,058 | 0 |
Capital expenditures | -120,448 | -96,232 | -90,190 |
Net cash from (for) investing activities | -105,151 | -80,174 | -90,190 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from (Repayments of) Lines of Credit | 0 | 0 | -23,200 |
Term debt borrowings | 630,000 | 0 | 22,938 |
Note borrowings | 500,000 | 0 | 0 |
Derivative settlement | 0 | -50,450 | 0 |
Term debt payments, including early termination penalties | -1,142,250 | -25,000 | -23,900 |
Distributions paid to partners | -143,457 | -88,813 | -55,347 |
Payment of debt issuance costs | -23,532 | 0 | -21,214 |
Exercise of limited partnership unit options | 52 | 76 | 5 |
Excess tax benefit from unit-based compensation expense | 855 | 1,208 | 0 |
Net cash (for) financing activities | -178,332 | -162,979 | -100,718 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -1,748 | 526 | -1,510 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Net increase (decrease) for the period | 39,226 | 43,306 | 25,759 |
Balance, beginning of period | 78,830 | 35,524 | 9,765 |
Balance, end of period | 118,056 | 78,830 | 35,524 |
SUPPLEMENTAL INFORMATION | ' | ' | ' |
Cash payments for interest expense | 90,834 | 101,883 | 153,326 |
Interest capitalized | 1,610 | 1,322 | 1,835 |
Cash payments for taxes, net of refunds | $14,822 | $1,783 | $6,135 |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Equity (USD $) | Total | Limited Partners [Member] | General Partner [Member] | Special L.P. Interests [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Foreign Currency Translation Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] |
In Thousands, except Per Share data, unless otherwise specified | |||||||
Beginning balance, value at Dec. 31, 2010 | ' | $150,047 | ($1) | ' | ' | ($4,053) | ($29,655) |
Beginning balance, units at Dec. 31, 2010 | ' | 55,334 | ' | ' | ' | ' | ' |
Partnership distribution declared, per unit | $1 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Limited partnership unit options exercised, units | ' | 0 | ' | ' | ' | ' | ' |
Partners Capital Account Units Forfeited | ' | 0 | ' | ' | ' | ' | ' |
Issuance of limited partnership units as compensation | ' | 12 | ' | ' | ' | ' | ' |
Net income (loss) | 65,296 | 65,295 | 1 | ' | ' | ' | ' |
Partnership distribution declared (2013 - $2.58; 2012 - $1.60; 2011 - $1.00) | ' | -55,347 | ' | ' | ' | ' | ' |
Income recognized for limited partnership unit options | ' | -239 | ' | ' | ' | ' | ' |
Limited partnership unit options exercised, value | ' | 5 | ' | ' | ' | ' | ' |
Tax effect of units involved in option exercises and treasury unit transactions | ' | 127 | ' | ' | ' | ' | ' |
Issuance of limited partnership units as compensation | ' | 180 | ' | ' | ' | ' | ' |
Foreign currency translation adjustment, tax | 245 | ' | ' | ' | ' | ' | ' |
Unrealized loss on cash flow hedging derivatives, tax | 5,508 | ' | ' | ' | ' | ' | ' |
Current year activity, net of tax ($1,745) in 2013, ($210) in 2012, $5,508 in 2011 at Dec. 31, 2011 | 3,767 | ' | ' | ' | ' | ' | 3,767 |
Ending balance, value at Dec. 31, 2011 | 136,350 | 160,068 | 0 | 5,290 | -29,008 | -3,120 | -25,888 |
Current year activity, net of tax ($1,586) in 2013, ($213) in 2012, $245 in 2011 at Dec. 31, 2011 | 933 | ' | ' | ' | ' | 933 | ' |
Ending balance, units at Dec. 31, 2011 | ' | 55,346 | ' | ' | ' | ' | ' |
Partnership distribution declared, per unit | $1.60 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Limited partnership unit options exercised, units | ' | 16 | ' | ' | ' | ' | ' |
Partners Capital Account Units Forfeited | ' | 0 | ' | ' | ' | ' | ' |
Issuance of limited partnership units as compensation | ' | 256 | ' | ' | ' | ' | ' |
Net income (loss) | 101,857 | 101,856 | 1 | ' | ' | ' | ' |
Partnership distribution declared (2013 - $2.58; 2012 - $1.60; 2011 - $1.00) | ' | -88,813 | ' | ' | ' | ' | ' |
Income recognized for limited partnership unit options | ' | 345 | ' | ' | ' | ' | ' |
Limited partnership unit options exercised, value | ' | 76 | ' | ' | ' | ' | ' |
Tax effect of units involved in option exercises and treasury unit transactions | ' | 1,208 | ' | ' | ' | ' | ' |
Issuance of limited partnership units as compensation | ' | 2,920 | ' | ' | ' | ' | ' |
Foreign currency translation adjustment, tax | -213 | ' | ' | ' | ' | ' | ' |
Unrealized loss on cash flow hedging derivatives, tax | -210 | ' | ' | ' | ' | ' | ' |
Current year activity, net of tax ($1,745) in 2013, ($210) in 2012, $5,508 in 2011 at Dec. 31, 2012 | 139 | ' | ' | ' | ' | ' | 139 |
Ending balance, value at Dec. 31, 2012 | 154,451 | 177,660 | 1 | 5,290 | -28,500 | -2,751 | -25,749 |
Current year activity, net of tax ($1,586) in 2013, ($213) in 2012, $245 in 2011 at Dec. 31, 2012 | 369 | ' | ' | ' | ' | 369 | ' |
Ending balance, units at Dec. 31, 2012 | ' | 55,618 | ' | ' | ' | ' | ' |
Partnership distribution declared, per unit | $2.58 | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Limited partnership unit options exercised, units | ' | 6 | ' | ' | ' | ' | ' |
Partners Capital Account Units Forfeited | ' | -1 | ' | ' | ' | ' | ' |
Issuance of limited partnership units as compensation | ' | 93 | ' | ' | ' | ' | ' |
Net income (loss) | 108,204 | 108,203 | 1 | ' | ' | ' | ' |
Partnership distribution declared (2013 - $2.58; 2012 - $1.60; 2011 - $1.00) | ' | -143,457 | ' | ' | ' | ' | ' |
Income recognized for limited partnership unit options | ' | 903 | ' | ' | ' | ' | ' |
Limited partnership unit options exercised, value | ' | 52 | ' | ' | ' | ' | ' |
Tax effect of units involved in option exercises and treasury unit transactions | ' | 855 | ' | ' | ' | ' | ' |
Issuance of limited partnership units as compensation | ' | 4,631 | ' | ' | ' | ' | ' |
Foreign currency translation adjustment, tax | -1,586 | ' | ' | ' | ' | ' | ' |
Unrealized loss on cash flow hedging derivatives, tax | -1,745 | ' | ' | ' | ' | ' | ' |
Current year activity, net of tax ($1,745) in 2013, ($210) in 2012, $5,508 in 2011 at Dec. 31, 2013 | 10,736 | ' | ' | ' | ' | ' | 10,736 |
Ending balance, value at Dec. 31, 2013 | 139,131 | 148,847 | 2 | 5,290 | -15,008 | 5 | -15,013 |
Current year activity, net of tax ($1,586) in 2013, ($213) in 2012, $245 in 2011 at Dec. 31, 2013 | $2,756 | ' | ' | ' | ' | $2,756 | ' |
Ending balance, units at Dec. 31, 2013 | ' | 55,716 | ' | ' | ' | ' | ' |
Partnership_Organization
Partnership Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Partnership Organization | ' |
Partnership Organization: | |
Cedar Fair, L.P. (together with its affiliated companies, the "Partnership") is a Delaware limited partnership that commenced operations in 1983 when it acquired Cedar Point, Inc., and became a publicly traded partnership in 1987. The Partnership's general partner is Cedar Fair Management, Inc., an Ohio corporation (the “General Partner”) whose shares are held by an Ohio trust. The General Partner owns a 0.001% interest in the Partnership's income, losses and cash distributions, except in defined circumstances, and has full responsibility for management of the Partnership. At December 31, 2013 there were 55,716,300 outstanding limited partnership units listed on The New York Stock Exchange, net of 1,345,683 units held in treasury. At December 31, 2012, there were 55,617,901 outstanding limited partnership units listed, net of 1,444,082 units held in treasury. | |
The General Partner may, with the approval of a specified percentage of the limited partners, make additional capital contributions to the Partnership, but is only obligated to do so if the liabilities of the Partnership cannot otherwise be paid or there exists a negative balance in its capital account at the time of its withdrawal from the Partnership. The General Partner, in accordance with the terms of the Partnership Agreement, is required to make regular cash distributions on a quarterly basis of all the Partnership's available cash, as defined in the Partnership Agreement. In accordance with the Partnership agreement and restrictions within the Partnership's 2013 Credit Agreement, the General Partner paid $2.58 per limited partner unit in distributions, or approximately $143.5 million in aggregate, in 2013. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies: | |||||||||||||
The following policies are used by the Partnership in its preparation of the accompanying consolidated financial statements. | |||||||||||||
Principles of Consolidation The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation. | |||||||||||||
Foreign Currency The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive loss in partners' equity. | |||||||||||||
In 2013, the Partnership recognized a $28.9 million charge to earnings for unrealized/realized foreign currency losses, $29.1 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated debt held at its Canadian property. In 2012, the Partnership recognized a $9.0 million benefit to earnings for unrealized/realized foreign currency gains, $9.2 million of which represented an unrealized foreign currency gain on the U.S.-dollar denominated notes held at its Canadian property. All other transaction gains and losses included in the 2013, 2012 and 2011 consolidated statements of operations were not material. | |||||||||||||
Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, guest per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within the single reportable segment of amusement/water parks with accompanying resort facilities. | |||||||||||||
Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Inventories The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level. | |||||||||||||
Property and Equipment Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Depreciation expense totaled $122.4 million in 2013, $126.3 million in 2012, and $125.8 million in 2011. As a result of the retirements of fixed assets at our parks in 2013, a total of $2.5 million was charged to earnings and was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statements of operations. In 2012, a $25.0 million charge for the impairment of assets at Wildwater Kingdom was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income and is discussed in detail in Note 3. As a result of the sale of two non-core assets, $8.7 million and $6.6 million was recorded in "Gain on sale of other assets" on the consolidated statement of operations and comprehensive income during 2013 and 2012, respectively. As a result of a retirement of a ride at one of the parks in 2011, $8.8 million of net book value has been recorded in loss on impairment / retirement of fixed assets, net. | |||||||||||||
The estimated useful lives of the assets are as follows: | |||||||||||||
Land improvements | Approximately | 25 years | |||||||||||
Buildings | 25 years | - | 40 years | ||||||||||
Rides | Approximately | 20 years | |||||||||||
Equipment | 3 years | - | 10 years | ||||||||||
Impairment of Long-Lived Assets Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. | |||||||||||||
Goodwill FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. The Partnership performed its annual goodwill impairment tests as of December 31, 2013 and concluded there was no impairment of the carrying value of the goodwill. | |||||||||||||
Other Intangible Assets The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are no longer amortized, but rather are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from five to twenty years. | |||||||||||||
Self-Insurance Reserves 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 Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. At December 31, 2013 and 2012 the accrued reserves totaled $23.7 million and $23.9 million, respectively. | |||||||||||||
Derivative Financial Instruments The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership does not use them for trading purposes. | |||||||||||||
The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. For the ineffective portion of a derivative, the change in fair value, if any, is reported in “Net effect of swaps” in earnings together with the changes in fair value of derivatives not designated as hedges. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures. | |||||||||||||
Revenue Recognition Revenues on multi-day admission tickets are recognized over the estimated number of visits expected for each type of ticket, and are adjusted periodically during the season. All other revenues are recognized on a daily basis based on actual guest spending at the Partnership's facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. Revenues on admission tickets for the next operating season, including season passes, are deferred in the year received and recognized as revenue in the following operating season. | |||||||||||||
Admission revenues include amounts paid to gain admission into the Partnership's parks, including parking fees. Revenues related to extra-charge attractions, including our premium benefit offerings, are included in Accommodations and other revenue. | |||||||||||||
Advertising Costs The Partnership expenses all costs associated with its advertising, promotion and marketing programs over each park's operating season, including certain costs incurred prior to the season that are amortized over the season. Advertising expense totaled $57.8 million in 2013, $55.4 million in 2012 and $53.0 million in 2011. Certain prepaid costs incurred through year-end for the following year's advertising programs are included in other current assets. | |||||||||||||
Unit-Based Compensation The Partnership accounts for unit-based compensation in accordance with FASB ASC 718 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value. | |||||||||||||
Income Taxes The Partnership's legal structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes. | |||||||||||||
Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources. | |||||||||||||
The Partnership's 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 rates is recognized in income at the time of enactment of such change in tax rates. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9). | |||||||||||||
Earnings Per Unit For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income. The unit amounts used are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands except per unit amounts) | |||||||||||||
Basic weighted average units outstanding | 55,476 | 55,518 | 55,345 | ||||||||||
Effect of dilutive units: | |||||||||||||
Unit options (Note 7) | 162 | 43 | — | ||||||||||
Phantom units (Note 7) | 187 | 334 | 541 | ||||||||||
Diluted weighted average units outstanding | 55,825 | 55,895 | 55,886 | ||||||||||
Net income per unit - basic | $ | 1.95 | $ | 1.83 | $ | 1.18 | |||||||
Net income per unit - diluted | $ | 1.94 | $ | 1.82 | $ | 1.17 | |||||||
Weighted average unit options of 5,300, 11,600, and 63,000 were excluded from the diluted earnings per unit calculation as they were anti-dilutive for 2013, 2012, and 2011, respectively. | |||||||||||||
Accounting pronouncements | |||||||||||||
In January 2013, the FASB ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities,” which clarifies that ordinary trade receivables and receivables are not in the scope of ASU 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. Specifically, Update 2011-11 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the FASB Codification or subject to a master netting arrangement or similar agreement. The Partnership adopted this guidance during the first quarter of 2013 and it did not impact its consolidated financial statements. | |||||||||||||
In February 2013, the FASB issued ASU 2013-02, “Comprehensive Income - Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires an entity to present information about significant items reclassified out of Accumulated Other Comprehensive Income ("AOCI") by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. We adopted this guidance during the first quarter of 2013 and it did not impact the Partnership's consolidated financial statements. The Partnership has elected to present movements out of Other Comprehensive Income ("OCI") in an additional disclosure in the notes to the consolidated financial statements (see Note 12 to the accompanying financial statements). | |||||||||||||
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date,” which requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: | |||||||||||||
• | The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors. | ||||||||||||
• | Any additional amount the reporting entity expects to pay on behalf of its co-obligors. | ||||||||||||
The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as other information about those obligations. The amendments in the Update are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, however early adoption is permitted. The Partnership is in the process of determining the potential impact this guidance may have of on its consolidated financial statements. | |||||||||||||
On July 17, 2013, the FASB issued ASU 2013-10 "Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the FASB Emerging Issues Task Force)". The ASU amends ASC 815 to allow entities to use the Fed Funds Effective Swap Rate, in addition to U.S. Treasury rates and LIBOR, as a benchmark interest rate in accounting for fair value and cash flow hedges in the United States. The ASU also eliminates the provision from ASC 815-20-25-6 that prohibits the use of different benchmark rates for similar hedges except in rare and justifiable circumstances. The ASU is effective prospectively for qualifying new hedging relationships entered into on or after July 17, 2013 (i.e., the ASU’s issuance date), and for hedging relationships redesignated on or after that date. The Partnership adopted this guidance in the third quarter and no material impact on its financial statements occurred. | |||||||||||||
On July 18, 2013, the FASB issued ASU 2013-11 "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force)". The ASU provides guidance on financial statement presentation of an unrecognized tax benefit ("UTB") when a net operating loss ("NOL") carryforward, a similar tax loss, or a tax credit carryforward exists. The FASB’s objective in issuing this ASU is to eliminate diversity in practice resulting from a lack of guidance on this topic in current U.S. GAAP. Under the ASU, an entity must present a UTB, or a portion of a UTB, in the financial statements as a reduction to a deferred tax asset ("DTA") for an NOL carryforward, a similar tax loss, or a tax credit carryforward except when: | |||||||||||||
• | An NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position. | ||||||||||||
• | The entity does not intend to use the DTA for this purpose (provided that the tax law permits a choice). | ||||||||||||
If either of these conditions exists, an entity should present a UTB in the financial statements as a liability and should not net the UTB with a DTA. New recurring disclosures are not required because the ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. The ASU’s amendments are effective for fiscal years beginning after December 15, 2013, and interim periods within those years. The Partnership does not anticipate this guidance having a material impact on its consolidated financial statements. |
LongLived_Assets
Long-Lived Assets | 12 Months Ended |
Dec. 31, 2013 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ' |
Long-Lived Assets | ' |
Long-Lived Assets: | |
Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements. | |
The long-lived asset impairment test involves a two-step process. The first step is a comparison of each asset group's carrying value to its estimated undiscounted future cash flows expected to result from the use of the assets, including disposition. Projected future cash flows reflect management's best estimates of economic and market conditions over the projected period, including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates and future estimates of capital expenditures. If the carrying value of the asset group is higher than its undiscounted future cash flows, there is an indication that impairment exists and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of the asset group to its carrying value in a manner consistent with the highest and best use of those assets. The Partnership estimates fair value of operating assets using an income (discounted cash flows) approach, which uses an asset group's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital reflective of current market conditions. If the implied fair value of the assets is less than their carrying value, an impairment charge is recorded for the difference. | |
Non-operating assets are evaluated for impairment based on changes in market conditions. When changes in market conditions are observed, impairment is estimated using a market-based approach. If the estimated fair value of the non-operating assets is less than their carrying value, an impairment charge is recorded for the difference. | |
There were no fixed assets that were impaired during 2013. At the end of the third quarter of 2012, the Partnership concluded based on 2012 operating results through the third quarter and updated forecasts, that a review of the carrying value of operating long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets were impaired. Also, at the end of the third quarter of 2012, the Partnership concluded that market conditions had changed on the adjacent non-operating land of Wildwater Kingdom. After performing its review of the updated market value of the land, the Partnership determined the land was impaired. The Partnership recognized a total of $25.0 million of non-operating and operating fixed-asset impairment during the third quarter of 2012 which was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||
Goodwill and Other Intangible Assets: | ||||||||||||||||
Goodwill and other indefinite-lived intangible assets, including trade-names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements. | ||||||||||||||||
The goodwill impairment test involves a two-step process. The first step is a comparison of each reporting unit's fair value to its carrying value. The Partnership estimates fair value using both an income (discounted cash flows) and market approach. The income approach uses a reporting unit's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. The projection uses management's best estimates of economic and market conditions over the projected period including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. A market approach estimates fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with similar operating and investment characteristics of the reporting units. | ||||||||||||||||
If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. | ||||||||||||||||
A relief-from-royalty model is used to determine whether the fair value of trade-names exceed their carrying amounts. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name. | ||||||||||||||||
A summary of changes in the Partnership's carrying value of goodwill is as follows: | ||||||||||||||||
Accumulated | ||||||||||||||||
Goodwill | Impairment | Goodwill | ||||||||||||||
(gross) | Losses | (net) | ||||||||||||||
($'s in thousands) | ||||||||||||||||
Balance at December 31, 2011 | $ | 323,358 | $ | (79,868 | ) | $ | 243,490 | |||||||||
Foreign currency exchange translation | 2,731 | — | 2,731 | |||||||||||||
Balance at December 31, 2012 | 326,089 | (79,868 | ) | 246,221 | ||||||||||||
Foreign currency exchange translation | (8,132 | ) | — | (8,132 | ) | |||||||||||
Balance at December 31, 2013 | $ | 317,957 | $ | (79,868 | ) | $ | 238,089 | |||||||||
The Partnership's other intangible assets consisted of the following at December 31, 2013 and 2012: | ||||||||||||||||
Weighted | ||||||||||||||||
Average | Gross | Net | ||||||||||||||
Amortization | Carrying | Accumulated | Carrying | |||||||||||||
Period | Amount | Amortization | Value | |||||||||||||
($'s in thousands) | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Other intangible assets: | ||||||||||||||||
Trade names | — | $ | 39,070 | $ | — | $ | 39,070 | |||||||||
License / franchise agreements | 14.7 years | 800 | 399 | 401 | ||||||||||||
Total other intangible assets | 14.7 years | $ | 39,870 | $ | 399 | $ | 39,471 | |||||||||
31-Dec-12 | ||||||||||||||||
Other intangible assets: | ||||||||||||||||
Trade names | — | $ | 40,222 | $ | — | $ | 40,222 | |||||||||
License / franchise agreements | 14.3 years | 790 | 360 | 430 | ||||||||||||
Total other intangible assets | 14.3 years | $ | 41,012 | $ | 360 | $ | 40,652 | |||||||||
Amortization expense of other intangible assets for 2013, 2012, and 2011 was $39,000, $38,000, and $58,000, respectively. Amortization expense of other intangible assets held at December 31, 2013, is expected to total less than $50,000 in each of the years 2014-2018. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Long-Term Debt | ' | |||||||||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||||||
Long-term debt at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
($'s in thousands) | 2013 | 2012 | ||||||||||||||||||||||||||
Revolving credit facility (due 2018) | $ | — | $ | — | ||||||||||||||||||||||||
Term debt (1) | ||||||||||||||||||||||||||||
March 2013 U.S. term loan averaging 3.25% at 2013 (due 2013-2020) | 618,850 | — | ||||||||||||||||||||||||||
February 2011 Amended U.S. term loan averaging 4.0% at 2011 (due 2011-2017) | — | 1,131,100 | ||||||||||||||||||||||||||
Notes | ||||||||||||||||||||||||||||
March 2013 U.S. fixed rate note at 5.25% (due 2021) | 500,000 | — | ||||||||||||||||||||||||||
July 2010 U.S. fixed rate note at 9.125% (due 2018) | 401,782 | 401,080 | ||||||||||||||||||||||||||
1,520,632 | 1,532,180 | |||||||||||||||||||||||||||
Less: current portion | — | — | ||||||||||||||||||||||||||
$ | 1,520,632 | $ | 1,532,180 | |||||||||||||||||||||||||
-1 | These average interest rates do not reflect the effect of interest rate swap agreements entered into on variable-rate term debt (see Note 6). | |||||||||||||||||||||||||||
In July 2010, the Partnership issued $405 million of 9.125% senior unsecured notes, maturing in 2018, in a private placement, including $5.6 million of original issue discount to yield 9.375%. Concurrently with this offering, the Partnership entered into a new $1,435.0 million credit agreement (the 2010 Credit Agreement), which included a $1,175.0 million senior secured term loan facility and a $260.0 million senior secured revolving credit facility. | ||||||||||||||||||||||||||||
In February 2011, the Partnership amended its 2010 Credit Agreement (as so amended, the “Amended 2010 Credit Agreement”) to extend the maturity date of the U.S. term loan portion of the credit facilities by one year. The extended U.S. term loan was scheduled to mature in December 2017 and bore interest at a rate of LIBOR plus 300 bps, with a LIBOR floor of 100 bps. | ||||||||||||||||||||||||||||
In March 2013, the Partnership issued $500 million of 5.25% senior unsecured notes, maturing in 2021, in a private placement. Concurrently with this offering, the Partnership entered into a new $885 million credit agreement (the "2013 Credit Agreement"), which included a $630 million senior secured term loan facility and a $255 million senior secured revolving credit facility. The Partnership has historically used LIBOR as its rate for borrowings. The terms of the senior secured term loan facility include a maturity date of March 6, 2020 and an interest rate of LIBOR plus 250 bps with a LIBOR floor of 75 bps. The term loan amortizes at $6.3 million annually. During the fourth quarter of 2013, $8.0 million of term debt was prepaid, resulting in no amortized amounts due until the first quarter of 2015. The net proceeds from the notes issued in March 2013 and borrowings under the 2013 Credit Agreement were used to repay in full all amounts outstanding under the previous credit facilities. The facilities provided under the 2013 Credit Agreement are collateralized by substantially all of the assets of the Partnership. | ||||||||||||||||||||||||||||
Cedar Fair, L.P., Canada’s Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the notes and co-borrowers of the senior secured credit facilities. Both the notes and senior secured credit facilities 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). There are no non-guarantor subsidiaries. | ||||||||||||||||||||||||||||
Revolving Credit Loans Terms of the 2013 Credit Agreement include a combined $255.0 million facility. Under the agreement, the Canadian portion of the revolving credit facility has a limit of $15.0 million. U.S. denominated and Canadian denominated loans made under the revolving credit facility bear interest at a rate of LIBOR plus 225 basis points (bps). The revolving credit facility, which matures in March 2018, also provides for the issuance of documentary and standby letters of credit. As of December 31, 2013, no borrowings under the revolving credit facility were outstanding and standby letters of credit totaled $16.3 million. After letters of credit, the Partnership had $238.7 million of available borrowings under its revolving credit facility as of December 31, 2013. The maximum outstanding balance during 2013 was $123.0 million under the revolving credit facility. The 2013 Credit Agreement requires the Partnership to pay a commitment fee of 38 bps per annum on the unused portion of the credit facilities. | ||||||||||||||||||||||||||||
Term Debt The credit facilities provided under the 2013 Credit Agreement include a $630.0 million U.S. term loan maturing in March 2020. As of December 31, 2013, the U.S. term loan bore interest at a rate of LIBOR plus 250 bps, with a LIBOR floor of 75 bps. | ||||||||||||||||||||||||||||
At December 31, 2013, the scheduled annual maturities of term debt were as follows ($'s in thousands): | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 and beyond | Total | ||||||||||||||||||||||
U.S. Term loan maturing in 2020 | $ | — | $ | 6,175 | $ | 6,300 | $ | 6,300 | $ | 6,300 | $ | 593,775 | $ | 618,850 | ||||||||||||||
The fair value of the term debt at December 31, 2013, was approximately $620.4 million, based on borrowing rates available as of that date to the Partnership on long-term debt with similar terms and maturities. The fair value of the outstanding debt at December 31, 2012, was approximately $1,117.1 million, based on borrowing rates available to the Partnership on long-term debt with similar terms and maturities at December 31, 2012. | ||||||||||||||||||||||||||||
The Partnership may prepay some or all of its term debt maturing in 2020 without premium or penalty at any time. | ||||||||||||||||||||||||||||
Notes The notes issued by the Partnership in July 2010 require semi-annual interest payments in February and August, with the principal due in full on August 1, 2018. The notes may be redeemed, in whole or in part, at any time prior to August 1, 2014 at a price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. | ||||||||||||||||||||||||||||
The notes issued by the Partnership in March 2013 pay interest semi-annually in March and September, with the principal due in full on March 15, 2021. The notes may be redeemed, in whole or in part, at any time prior to March 15, 2016 at a price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to March 15, 2016, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at 105.25%. | ||||||||||||||||||||||||||||
As market conditions warrant, the Partnership may from time to time repurchase debt securities issued by the Partnership, in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise. | ||||||||||||||||||||||||||||
The fair value of the notes at December 31, 2013, was approximately $933.2 million based on borrowing rates available to the Partnership as of that date on notes with similar terms and maturities. The fair value of the notes at December 31, 2012, was approximately $353.8 million, based on borrowing rates available to the Partnership as of that date on notes with similar terms and maturities. | ||||||||||||||||||||||||||||
Covenants The 2013 Amended Credit Agreement requires the Partnership to maintain specified financial ratios, which if breached for any reason could result in an event of default under the agreement. The most critical of these ratios is the Consolidated Leverage Ratio. As of December 31, 2013 this ratio is set at 6.25x Consolidated Total Debt (excluding the revolving debt)-to-Consolidated EBITDA. As of December 31, 2013, the Partnership’s Consolidated Total Debt (excluding revolving debt)-to-Consolidated EBITDA (as defined) ratio was 3.59x, providing $180.1 million of Consolidated EBITDA cushion on the Consolidated Leverage Ratio. The Partnership was also in compliance with all other covenants as of December 31, 2013. | ||||||||||||||||||||||||||||
The 2013 Amended Credit Agreement also includes provisions that allow the Partnership to make restricted payments of up to $60.0 million annually so long as no default or event of default has occurred and is continuing. These restricted payments are not subject to any specific covenants. Additional restricted payments are allowed to be made based on an Excess-Cash-Flow formula, should the Partnership’s pro-forma Consolidated Leverage Ratio be less than or equal to 5.00x Consolidated Total Debt-to-Consolidated EBITDA. Per the terms of the more restrictive indenture, the ability to make restricted payments is permitted should the Partnership's trailing-twelve-month Total-Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 4.75x Consolidated Total Indebtedness (including average revolving debt)-to-Consolidated EBITDA, measured on a quarterly basis using trailing-twelve month data. As of December 31, 2013, Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was 3.65x, providing $98.2 million of Consolidated Cash Flow cushion on the ratio. | ||||||||||||||||||||||||||||
The Partnership's policy is to capitalize interest on major construction projects. In 2013, interest payments of $1.6 million were capitalized, as compared to interest of $1.3 million in 2012 and $1.8 million capitalized in 2011. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||||||||||||
Derivative financial instruments are used within the Partnership’s overall risk management program to manage certain interest rate and foreign currency risks. By utilizing a derivative instrument to hedge our exposure to LIBOR rate changes, the Partnership is exposed to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, hedging instruments are placed with a counterparty that the Partnership believes poses minimal credit risk. | |||||||||||||||||||||||||||||
The Partnership does not use derivative financial instruments for trading purposes. | |||||||||||||||||||||||||||||
In September 2010, the Partnership entered into several forward-starting swap agreements ("September 2010 swaps") to effectively convert a total of $600 million of variable-rate debt to fixed rates beginning in October 2011. As a result of the February 2011 amendment to the 2010 Credit Agreement, the LIBOR floor on the term loan portion of its credit facilities decreased to 100 bps from 150 bps, causing a mismatch in critical terms of the September 2010 swaps and the underlying debt. Because of the mismatch of critical terms, the Partnership determined the September 2010 swaps, which were originally designated as cash flow hedges, were no longer highly effective, resulting in the de-designation of the swaps as of the end of February 2011. As a result of this ineffectiveness, gains of $7.2 million recorded in accumulated other comprehensive income (AOCI) through the date of de-designation are being amortized through December 2015. | |||||||||||||||||||||||||||||
On March 15, 2011, the Partnership entered into several additional forward-starting basis-rate swap agreements ("March 2011 swaps") that, when combined with the September 2010 swaps, effectively converted $600 million of variable-rate debt to fixed rates beginning in October 2011. The September 2010 swaps and the March 2011 swaps, which were jointly designated as cash flow hedges, mature in December 2015 and fixed LIBOR at a weighted average rate of 2.46%. For the period that the September 2010 swaps were de-designated, their fair value decreased by $3.3 million, the offset of which was recognized as a direct charge to the Partnership's earnings and recorded to “Net effect of swaps” on the consolidated statement of operations along with the regular amortization of “Other comprehensive income (loss)” balances related to these swaps. No other ineffectiveness related to these swaps was recorded in any period presented. | |||||||||||||||||||||||||||||
On May 2, 2011, the Partnership entered into four additional forward-starting interest-rate swap agreements ("May 2011 forward-starting swaps") that effectively converted another $200 million of variable-rate debt to fixed rates beginning in October 2011. These swaps, which were designated as cash flow hedges, mature in December 2015 and fixed LIBOR at a weighted average rate of 2.54%. | |||||||||||||||||||||||||||||
As a result of the 2013 Credit Agreement, the previously described swaps were de-designated as the spreads of the 2013 Credit Agreement decreased to 75 bps from 100 bps in the Amended 2010 Credit Agreement. The May 2011 swaps remain de-designated as the amount of variable rate debt decreased to $630 million, resulting in no hedging relationship for these swaps. On March 4, 2013, the Partnership entered into several forward-starting swap agreements ("March 2013 swaps") that were not designated as a cash flow hedge on that date. On March 6, 2013, the March 2013 swaps were combined with the September 2010 swaps and the March 2011 swaps (together referred to as the "Combination Swaps"), and designated as cash flow hedges, effectively converting $600 million of variable-rate debt to fixed rates. The Combination Swaps, which were designated as cash flow hedges, mature in December 2015 and fix LIBOR at a weighted average rate of 2.331%. At the time of the de-designation, the fair market value of the September 2010 swaps and March 2011 swaps was $22.2 million. Amounts in Accumulated Other Comprehensive Income (“AOCI”) at the time of de-designation related to these swaps was $26.1 million. This amount is being amortized out of AOCI into expense in "Net effect of swaps" in the Consolidated Statements of Operations and Comprehensive Income through December 2015. At the time of the de-designation, the fair market value of the May 2011 swaps was $7.8 million and was immediately recognized into expense in "Net effect of swaps" in the Consolidated Statements of Operations and Comprehensive Income. During the third quarter of 2013, the Combination Swaps were de-designated as the hedge effectiveness testing indicated that these swaps would be ineffective throughout the remaining periods until maturity. This de-designation had no effect on the Consolidated Statements of Operations and Comprehensive Income. | |||||||||||||||||||||||||||||
During 2013, the Partnership entered into four forward-starting interest rate swap agreements that will effectively convert $500 million of variable-rate debt to fixed rates beginning in December of 2015. These swaps, which were designated as cash flow hedges, mature on December 31, 2018 and fix LIBOR at a weighted average rate of 2.94%. | |||||||||||||||||||||||||||||
The fair market value of our swap portfolio was a liability of $26.7 million and $32.3 million, at December 31, 2013 and December 31, 2012, respectively, and was recorded in “Derivative Liability” on the consolidated balance sheet. | |||||||||||||||||||||||||||||
($'s in thousands): | Consolidated | Fair Value as of | Fair Value as of | ||||||||||||||||||||||||||
Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate swaps | Derivative Liability | $ | (3,916 | ) | $ | (32,260 | ) | ||||||||||||||||||||||
Total derivatives designated as hedging instruments: | (3,916 | ) | (32,260 | ) | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate swaps | Derivative Liability | (22,746 | ) | — | |||||||||||||||||||||||||
Total derivatives not designated as hedging instruments: | (22,746 | ) | — | ||||||||||||||||||||||||||
Net derivative liability | $ | (26,662 | ) | $ | (32,260 | ) | |||||||||||||||||||||||
The following table presents our interest rate swaps, along with their notional amounts and their fixed interest rates which compare to 30 day LIBOR of 0.17% at December 31, 2013. | |||||||||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||||||
($'s in thousands) | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Notional Amounts | LIBOR Rate | Notional Amounts | LIBOR Rate | ||||||||||||||||||||||||||
$ | 200,000 | 3 | % | $ | 200,000 | 2.27 | % | ||||||||||||||||||||||
100,000 | 3 | % | 150,000 | 2.43 | % | ||||||||||||||||||||||||
100,000 | 3 | % | 75,000 | 2.3 | % | ||||||||||||||||||||||||
100,000 | 2.7 | % | 70,000 | 2.54 | % | ||||||||||||||||||||||||
50,000 | 2.54 | % | |||||||||||||||||||||||||||
50,000 | 2.54 | % | |||||||||||||||||||||||||||
50,000 | 2.43 | % | |||||||||||||||||||||||||||
50,000 | 2.29 | % | |||||||||||||||||||||||||||
50,000 | 2.29 | % | |||||||||||||||||||||||||||
30,000 | 2.54 | % | |||||||||||||||||||||||||||
25,000 | 2.3 | % | |||||||||||||||||||||||||||
Total $'s / Average Rate | $ | 500,000 | 2.94 | % | $ | 800,000 | 2.38 | % | |||||||||||||||||||||
Effects of Derivative Instruments on Income and Other Comprehensive Income (Loss): | |||||||||||||||||||||||||||||
($'s in thousands): | Amount of Gain (Loss) | Amount and Location of (Loss) | Amount and Location of Gain Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||||||||||||||||
recognized in OCI on | Reclassified from Accumulated OCI into Income | ||||||||||||||||||||||||||||
Derivatives | (Effective Portion) | ||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||
Year ended 12/31/13 | Year ended 12/31/12 | Year ended 12/31/13 | Year ended 12/31/12 | Year ended 12/31/13 | Year ended 12/31/12 | ||||||||||||||||||||||||
Interest rate swaps | $ | (1,650 | ) | $ | 140 | Interest Expense | $ | (2,797 | ) | $ | (12,027 | ) | Net effect of swaps | $ | 3,703 | $ | — | ||||||||||||
(In thousands): | Amount and Location of Gain (Loss) Recognized | ||||||||||||||||||||||||||||
in Income on Derivatives | |||||||||||||||||||||||||||||
Derivatives not designated as Cash Flow | |||||||||||||||||||||||||||||
Hedging Relationships | Year ended 12/31/13 | Year ended 12/31/12 | |||||||||||||||||||||||||||
Interest rate swaps | Net effect of swaps | $ | 3,547 | $ | — | ||||||||||||||||||||||||
Cross-currency swaps | Net effect of swaps | — | (4,999 | ) | |||||||||||||||||||||||||
Foreign currency swaps | Net effect of swaps | — | 6,278 | ||||||||||||||||||||||||||
$ | 3,547 | $ | 1,279 | ||||||||||||||||||||||||||
In addition to the $3.7 million gain recognized in income on the ineffective portion of derivatives and $3.5 million gain on the derivatives not designated as cash flow hedges (as noted in the tables above), $6.3 million of expense representing the amortization of amounts in AOCI for the swaps and $7.8 million of expense related to the write off of OCI balances on our May 2011 swaps. The net effect of these amounts resulted in a charge to earnings for the year of $6.9 million recorded in “Net effect of swaps.” | |||||||||||||||||||||||||||||
For 2012, in addition to the $1.3 million of gain recognized in income on the ineffective portion of both designated and not designated derivatives noted in the table above, $16.0 thousand of expense representing the amortization of amounts in AOCI for the swaps and a $0.2 million foreign currency gain during the year related to the U.S. dollar denominated Canadian term loan was recorded during the fiscal year in the consolidated statements of operations. The net effect of these amounts resulted in a benefit to earnings for the year of $1.5 million recorded in “Net effect of swaps.” |
Partners_Equity
Partners' Equity | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Partners' Capital Notes [Abstract] | ' | ||||||||||||||||||
Partners' Equity | ' | ||||||||||||||||||
Partners' Equity: | |||||||||||||||||||
Special L.P. Interests In accordance with the Partnership Agreement, certain partners were allocated $5.3 million of 1987 and 1988 taxable income (without any related cash distributions) for which they received Special L.P. Interests. The Special L.P. Interests do not participate in cash distributions and have no voting rights. However, the holders of Special L.P. Interests will receive in the aggregate $5.3 million upon liquidation of the Partnership. | |||||||||||||||||||
Equity-Based Incentive Plans The 2008 Omnibus Plan was approved by the Partnership's unitholders in May of 2008 allowing the award of up to 2.5 million unit options and other forms of equity as determined by the Compensation Committee of the Board of Directors as an element of compensation to senior management and other key employees. The 2008 Omnibus Plan provides an opportunity for officers, directors, and eligible persons to acquire an interest in the growth and performance of our units and provides employees annual and long-term incentive awards as determined by the Board of Directors. Under the 2008 Omnibus Plan, the Compensation Committee of the Board of Directors may grant unit options, unit appreciation rights, restricted units, performance awards, other unit awards, cash incentive awards and long-term incentive awards. | |||||||||||||||||||
Phantom Units | |||||||||||||||||||
During 2013, no “phantom units” were awarded. Outstanding phantom unit awards generally vest over an approximate four-year period and can be paid with cash, limited partnership units, or a combination of both, as determined by the Compensation Committee. The effect of outstanding “phantom units” has been included in the diluted earnings per unit calculation, as a portion of the awards are expected to be settled in limited partnership units. Approximately $5.0 million, $3.4 million and $5.4 million in compensation expense related to “phantom units” was recognized in 2013, 2012 and 2011, respectively. These amounts are included in “Selling, General and Administrative Expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income. | |||||||||||||||||||
At December 31, 2013, the Partnership had 191,607 “phantom units” outstanding, 164,008 of which were vested, at the December 31, 2013 closing price of $49.58 per unit. The aggregate market value of the “phantom units” vested at year-end has been reflected on the Balance Sheet with the current portion recorded in "Accrued salaries, wages and benefits" and the long-term portion recorded in “Other Liabilities.” At December 31, 2013, the current and long-term portions were $4.9 million and $3.2 million, respectively. At December 31, 2012, the current and long-term portions were $0.5 million and $4.4 million, respectively. At December 31, 2013, unamortized compensation related to unvested phantom unit awards totaled approximately $1.4 million, which is expected to be amortized over a weighted average period of 1.0 years. | |||||||||||||||||||
Performance Units | |||||||||||||||||||
During 2013, 78,111 “performance units” were awarded at a grant price of $36.95 per unit. The number of “performance units” issuable is contingently based upon certain performance targets over a three-year period. The current awards vest ratably over the term of the grant. Assuming targets are achieved, the "performance units" can be paid with cash, limited partnership units, or a combination of both as determined by the Compensation Committee, after the end of the performance period. The effect of outstanding “performance units” in which the performance conditions have not been met are excluded from the diluted earnings per unit calculation. Performance units in which the performance conditions have been met are included in diluted earnings per unit. Approximately $3.6 million, $3.4 million and $2.6 million in 2013, 2012 and 2011, respectively, were recorded in compensation expense related to “performance units” and are included in “Selling, General and Administrative Expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income. | |||||||||||||||||||
At December 31, 2013, the Partnership had 149,752 “performance units” outstanding, 72,761 of which were vested, at the December 31, 2013 closing price of $49.58 per unit. The estimated aggregate market value of the “performance units” contingently issuable at year-end has been reflected on the Balance Sheet, with the current portion being recorded in "Accrued salaries, wages and benefits" and the long-term portion in “Other Liabilities.” At December 31, 2013 the liability was all long-term and totaled $3.6 million. At December 31, 2012, the market value of the current and long-term portions were $3.8 million and $0.5 million. At December 31, 2013, unamortized compensation related to unvested “performance unit” awards totaled approximately $3.8 million, which is expected to be amortized over a weighted average period of 1.7 years. | |||||||||||||||||||
Restricted Units | |||||||||||||||||||
During 2013, restricted unit grants of 39,052 were awarded at a restricted grant price of $36.95. Compensation expense related to restricted units vest ratably over a three-year period and the restrictions on these units lapse at the end of the three-year period. During the time of restriction, the units accumulate distribution-equivalents, which, when the units are fully vested, will be paid in the form accrued. Approximately $2.6 million and $1.2 million in 2013 and 2012, respectively, were recorded in compensation expense related to restricted units and are included in "Selling, General, and Administrative Expense" in the accompanying Consolidated Statement of Operations and Comprehensive Income. As of December 31, 2013, the amount of distribution equivalents accrued and recorded on the Balance Sheet in "Other Liabilities" was approximately $0.7 million. | |||||||||||||||||||
At December 31, 2013, the Partnership had 227,999 restricted units outstanding, 115,290 of which were vested. | |||||||||||||||||||
The intrinsic value of restricted units for which expense was accrued in 2013 was approximately $1.2 million. | |||||||||||||||||||
At December 31, 2013, unamortized compensation expense related to unvested restricted unit awards totaled approximately, $3.8 million, which is expected to be amortized over a weighted average period of 1.6 years. | |||||||||||||||||||
Unit Options | |||||||||||||||||||
Options are issued with an exercise price no less than the market price of the Partnership's units on the day before the date of grant. Options granted in 2013 and 2012 vest ratably over a three-year period and have a maximum term of ten years. Options granted in prior years vest ratably over a five-year period, or when other conditions are met, and have a maximum term of ten years. As of December 31, 2013, the Partnership had 684,822 fixed-price options outstanding and no variable options under the Equity Incentive Plan. | |||||||||||||||||||
During 2013, 413,248 unit options were granted at a fair value of $3.47. The significant assumptions used in the Black Scholes model to determine the fair value of these options include the stock option exercise price equal to the grant price, the options have a maximum term of ten years, the expected volatility is 30.1%, the assumed risk-free interest rate is 1.88% and the units receive an annual distribution of $2.50 per unit. During 2012, 280,672 unit options were granted at a fair value of $4.92. The significant assumptions used to determine the fair value of these options include the stock option exercise price equals the grant price, the options have a maximum term of ten years, the expected volatility is 37.2%, the assumed risk-free interest rate is 2.31% and the units receive an annual distribution of $1.60 per unit. There were no unit options granted in 2011. | |||||||||||||||||||
Non-cash compensation expense relating to unit options in 2013 and 2012 totaled $0.9 million and $0.3 million No non-cash compensation expense relating to unit options was recognized in 2011. | |||||||||||||||||||
A summary of unit option activity in 2013 and 2012 is presented below: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||
Unit Options | Exercise Price | Unit Options | Exercise Price | ||||||||||||||||
Outstanding, beginning of year | 294,022 | $ | 29.45 | 224,500 | $ | 24.4 | |||||||||||||
Granted | 413,248 | 36.95 | 280,672 | 29.53 | |||||||||||||||
Exercised | (16,278 | ) | 28.36 | (206,150 | ) | 24.19 | |||||||||||||
Forfeited | (6,170 | ) | 32.93 | (5,000 | ) | 23.81 | |||||||||||||
Outstanding, end of year | 684,822 | $ | 33.97 | 294,022 | $ | 29.45 | |||||||||||||
Options exercisable, end of year | 274,252 | $ | 32.61 | 83,518 | $ | 29.26 | |||||||||||||
Cash received from unit option exercises totaled approximately $52,000 in 2013, $76,000 in 2012 and $5,000 in 2011. | |||||||||||||||||||
The following table summarizes information about vested unit options outstanding at December 31, 2013: | |||||||||||||||||||
Vested Options Outstanding | |||||||||||||||||||
Type | Range of Exercise Prices | Unit Options | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | |||||||||||||||
Outstanding at year-end | $ | 29.53 | — | $ | 36.95 | 684,822 | 8.8 years | $ | 33.97 | ||||||||||
Aggregate intrinsic value ($'s in thousands) | $ | 4,654 | |||||||||||||||||
A summary of the status of the Partnership's nonvested unit options at December 31, 2013 is presented below: | |||||||||||||||||||
Unit Options | Weighted Average Grant-Date Fair Value | ||||||||||||||||||
Nonvested, beginning of year | 210,504 | $ | 29.53 | ||||||||||||||||
Granted, net of forfeitures | 409,837 | 36.95 | |||||||||||||||||
Vested | (204,084 | ) | 33.67 | ||||||||||||||||
Exercised | (4,128 | ) | 29.53 | ||||||||||||||||
Forfeited | (1,559 | ) | $ | 29.53 | |||||||||||||||
Nonvested, end of year | 410,570 | $ | 34.88 | ||||||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 were $0.2 million, $0.4 million, and $0.0 million, respectively. | |||||||||||||||||||
The Partnership had 410,570 unvested unit options at December 31, 2013. In addition, the Partnership had $1.6 million of unamortized compensation expense related to unvested options which is expected to be amortized over a weighted average period of 1.8 years. | |||||||||||||||||||
The Partnership has a policy of issuing limited partnership units from treasury to satisfy option exercises and expects its treasury unit balance to be sufficient for 2014, based on estimates of option exercises for that period. |
Retirement_Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Retirement Plans | ' |
Retirement Plans: | |
The Partnership has trusteed, noncontributory retirement plans for the majority of its full-time employees. Contributions are discretionary and amounts accrued were approximately $4.4 million in 2013, $3.9 million in 2012 and $3.9 million in 2011. Additionally, the Partnership has a trusteed, contributory retirement plans for the majority of its full-time employees. This plan permits employees to contribute specified percentages of their salary, matched up to a limit by the Partnership. Matching contributions, net of forfeitures, approximated $1.9 million in 2013, $1.7 million in 2012 and $1.6 million in 2011. | |
In addition, approximately 235 employees are covered by union-sponsored, multi-employer pension plans for which approximately $1.3 million, $1.3 million and $1.2 million were contributed for the years ended December 31, 2013, 2012, and 2011, respectively. The Partnership has no plans to withdraw from any of the multi-employer plans. The Partnership believes that the liability resulting from any such withdrawal, as defined by the Multi-employer Pension Plan Amendments Act of 1980, would not be material. |
Income_and_Partnership_Taxes
Income and Partnership Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Expense (Benefit) [Abstract] | ' | ||||||||||||
Income and Partnership Taxes | ' | ||||||||||||
Income and Partnership Taxes: | |||||||||||||
Federal and state tax legislation in 1997 provided a permanent income tax exemption to existing publicly traded partnerships (PTP), such as Cedar Fair, L.P., with a PTP tax levied on partnership gross income (net revenues less cost of food, merchandise and games) beginning in 1998. In addition, income taxes are recognized for the amount of taxes payable by the Partnership's corporate subsidiaries for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. As such, the Partnership's "Provision for taxes" includes amounts for both the PTP tax and for income taxes on the Partnership's corporate subsidiaries. | |||||||||||||
The Partnership's 2013 tax provision totals $20.2 million, which consists of an $9.6 million provision for the PTP tax and a $10.6 million provision for income taxes. This compares to the Partnership's 2012 tax provision of $31.8 million, which consisted of a $8.7 million provision for the PTP tax and a $23.0 million provision for income taxes, and the 2011 tax provision of $7.9 million which consisted of a $8.3 million provision for the PTP tax and a $0.4 million benefit for income taxes. The calculation of the provision for taxes involves significant estimates and assumptions and actual results could differ from those estimates. | |||||||||||||
Significant components of income (loss) before taxes are as follows: | |||||||||||||
($'s in thousands) | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 159,256 | $ | 113,132 | $ | 93,926 | |||||||
Foreign | (30,809 | ) | 20,482 | (20,753 | ) | ||||||||
$ | 128,447 | $ | 133,614 | $ | 73,173 | ||||||||
The provision (benefit) for income taxes is comprised of the following: | |||||||||||||
($'s in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income taxes: | |||||||||||||
Current federal | $ | 5,398 | $ | (1,081 | ) | $ | 399 | ||||||
Current state and local | 1,436 | 743 | 894 | ||||||||||
Current foreign | 412 | (4,152 | ) | (2,381 | ) | ||||||||
Total current | 7,246 | (4,490 | ) | (1,088 | ) | ||||||||
Deferred federal, state and local | 9,989 | 9,237 | 1,866 | ||||||||||
Deferred foreign | (6,641 | ) | 18,265 | (1,189 | ) | ||||||||
Total deferred | 3,348 | 27,502 | 677 | ||||||||||
$ | 10,594 | $ | 23,012 | $ | (411 | ) | |||||||
The provision (benefit) for income taxes for the Partnership's corporate subsidiaries differs from the amount computed by applying the U.S. federal statutory income tax rate of 35% to the Partnership's income (loss) before taxes. | |||||||||||||
The sources and tax effects of the differences are as follows: | |||||||||||||
($'s in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income tax provision based on the U.S. federal statutory tax rate | $ | 44,956 | $ | 46,765 | $ | 25,611 | |||||||
Partnership income not includible in corporate income | (31,574 | ) | (21,273 | ) | (16,188 | ) | |||||||
State and local taxes, net of federal income tax benefit | 2,459 | 3,486 | 1,674 | ||||||||||
Valuation allowance | (4,460 | ) | (6,030 | ) | (10,460 | ) | |||||||
Tax credits | (1,303 | ) | (2,100 | ) | (1,791 | ) | |||||||
Nondeductible expenses and other | 516 | 2,164 | 743 | ||||||||||
$ | 10,594 | $ | 23,012 | $ | (411 | ) | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. | |||||||||||||
Significant components of deferred tax assets and liabilities as of December 31, 2013 and 2012 are as follows: | |||||||||||||
($'s in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Options and deferred compensation | $ | 11,086 | $ | 7,741 | |||||||||
Accrued expenses | 6,369 | 4,519 | |||||||||||
Foreign tax credits | 24,300 | 31,162 | |||||||||||
Tax attribute carryforwards | 8,566 | 10,948 | |||||||||||
Derivatives | 4,377 | 10,661 | |||||||||||
Other | 1,785 | 4,126 | |||||||||||
Deferred tax assets | 56,483 | 69,157 | |||||||||||
Valuation allowance | (6,792 | ) | (11,253 | ) | |||||||||
Net deferred tax assets | 49,691 | 57,904 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property | (190,175 | ) | (190,976 | ) | |||||||||
Intangibles | (7,569 | ) | (3,864 | ) | |||||||||
Foreign currency translation | (385 | ) | (8,672 | ) | |||||||||
Deferred tax liabilities | (198,129 | ) | (203,512 | ) | |||||||||
Net deferred tax liability | $ | (148,438 | ) | $ | (145,608 | ) | |||||||
The Partnership records 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. Through December 31, 2012, the Partnership had recorded an $11.3 million valuation allowance related to a $31.2 million deferred tax asset for foreign tax credit carryforwards. The need for this allowance was based on several factors including the ten-year carryforward period allowed for excess foreign tax credits, experience to date of foreign tax credit limitations, and management's long term estimates of domestic and foreign source income. | |||||||||||||
During 2013, we reduced the valuation allowance recorded by $4.5 million related to $6.9 million of foreign tax credits utilized. This compares to the reduction of the valuation allowance of $6.0 million and $10.5 million for the years ended December 31, 2012 and 2011, respectively. Further, we updated our long term estimates of domestic and foreign source income and believed based on these updated estimates no additional adjustments to the valuation allowance was warranted. As of December 31, 2013, we had $24.3 million of deferred tax assets associated with the foreign tax credit carryforwards and a related $6.8 million valuation allowance. | |||||||||||||
Additionally, as of December 31, 2013, the Partnership had $8.6 million of tax attribute carryforwards consisting of alternative minimum tax credits ($0.8 million), general business credits ($3.2 million) and the tax effect of state net operating loss carryforwards ($4.6 million). Alternative minimum tax credits do not expire. The general business credits will begin to expire in 2027. The state net operating loss carryforwards will expire from 2017 to 2027. The Partnership expects to fully realize these tax attribute carryforwards. As such, no valuation allowance has been recorded relating to these tax attribute carryforwards. | |||||||||||||
The net current and non-current components of deferred taxes recognized as of December 31, 2013 and 2012 in the consolidated balance sheets are as follows: | |||||||||||||
($'s in thousands) | 2013 | 2012 | |||||||||||
Net current deferred tax asset | $ | 9,675 | $ | 8,184 | |||||||||
Net non-current deferred tax liability | (158,113 | ) | (153,792 | ) | |||||||||
Net deferred tax liability | $ | (148,438 | ) | $ | (145,608 | ) | |||||||
The Partnership has recorded a deferred tax liability of $1.2 million and a deferred tax asset of $2.2 million as of December 31, 2013 and 2012, respectively, to account for the tax effect of derivatives and foreign currency translation adjustments included in Other Comprehensive Income. | |||||||||||||
The Partnership has unrecognized income tax benefits as of December 31, 2013. The following is a reconciliation of beginning and ending unrecognized tax benefits: | |||||||||||||
($'s in thousands) | |||||||||||||
Balance, beginning of year | $ | 1,100 | |||||||||||
Increase from current year tax positions | — | ||||||||||||
Increase from prior year's tax positions | — | ||||||||||||
Decrease from settlements with taxing authority | — | ||||||||||||
Decrease from expiration of statute of limitations | — | ||||||||||||
Balance, end of year | $ | 1,100 | |||||||||||
At December 31, 2013 a total of $1.1 million of unrecognized tax benefits was recorded for state and local income tax positions, there were $1.1 million of unrecognized tax positions during 2012 and no unrecognized tax positions during 2011. If recognized, the tax benefits would decrease the Partnership taxes by $1.1 million. | |||||||||||||
The Partnership recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits noted, the Partnership accrued interest of $0.3 million and penalties of $0.2 million during 2013. The Partnership does not anticipate a significant change to the amount of unrecognized tax benefits over the next 12 months. | |||||||||||||
The Partnership and its corporate subsidiaries are subject to taxation in the U.S., Canada and various state and local jurisdictions. The tax returns of the Partnership are subject to examination by state and federal tax authorities. With few exceptions, the Partnership and its corporate subsidiaries are no longer subject to examination by the major taxing authorities for tax years before 2009. |
Operating_Lease_Commitments_an
Operating Lease Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Lease Commitments and Contingencies [Abstract] | ' | |||
Operating Lease Commitments and Contingencies | ' | |||
Operating Lease Commitments and Contingencies: | ||||
Operating Lease Commitments | ||||
The Partnership has commitments under various operating leases at its parks. Minimum lease payments under non-cancelable operating leases as of December 31, 2013 are as follows ($'s in thousands): | ||||
2014 | $ | 9,565 | ||
2015 | 9,046 | |||
2016 | 8,531 | |||
2017 | 8,051 | |||
2018 | 7,613 | |||
Thereafter | 113,405 | |||
$ | 156,211 | |||
The amount due after 2018 includes the land lease at California's Great America which is renewable in 2039. Lease expense, which includes short-term rentals for equipment and machinery, for 2013, 2012 and 2011 totaled $12.7 million, $12.0 million and $9.7 million, respectively. | ||||
Contingencies | ||||
The Partnership is also a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters are expected to have a material effect in the aggregate on the Partnership's financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements: | |||||||||||||||||
The FASB's ASC 820 "Fair Value Measurement" emphasizes that fair value is a market-based measurement that should be determined based on assumptions (inputs) that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable, and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Accordingly, the FASB’s ASC 820 establishes a hierarchal disclosure framework that ranks the quality and reliability of information used to determine fair values. The hierarchy is associated with the level of pricing observability utilized in measuring fair value and defines three levels of inputs to the fair value measurement process—quoted prices are the most reliable valuation inputs, whereas model values that include inputs based on unobservable data are the least reliable. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. | |||||||||||||||||
The three broad levels of inputs defined by the fair value hierarchy are as follows: | |||||||||||||||||
• | Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||
• | Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||
• | Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. | ||||||||||||||||
A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The table below presents the balances of liabilities measured at fair value as of December 31, 2013 and 2012 on a recurring basis: | |||||||||||||||||
($'s in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
31-Dec-13 | |||||||||||||||||
Interest rate swap agreements (1) | $ | (3,916 | ) | $ | — | $ | (3,916 | ) | $ | — | |||||||
Interest rate swap agreements (2) | (22,746 | ) | — | (22,746 | ) | — | |||||||||||
Total | $ | (26,662 | ) | $ | — | $ | (26,662 | ) | $ | — | |||||||
31-Dec-12 | |||||||||||||||||
Interest rate swap agreements (1) | $ | (32,260 | ) | $ | — | $ | (32,260 | ) | $ | — | |||||||
Total | $ | (32,260 | ) | $ | — | $ | (32,260 | ) | $ | — | |||||||
-1 | Designated as hedging instruments and included in "Derivative Liability" on the Consolidated Balance Sheet | ||||||||||||||||
-2 | Not designated as hedging instruments and included in "Derivative Liability" on the Consolidated Balance Sheet | ||||||||||||||||
Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR, that are considered Level 2 observable market inputs. In addition, the Partnership considered the effect of its credit and non-performance risk on the fair values provided, and recognized an adjustment decreasing the derivative liabilities by approximately $0.5 million as of December 31, 2013. The Partnership monitors the credit and non-performance risk associated with its derivative counter-parties and believes them to be insignificant and not warranting a credit adjustment at December 31, 2013. | |||||||||||||||||
At the end of the third quarter in 2012, the Partnership concluded based on operating results, as well as updated forecasts, and changes in market conditions, that a review of the carrying value of long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that a portion of the park's fixed assets were impaired. Based on Level 3 unobservable valuation assumptions and other market inputs, the assets were marked to a fair value of $19.8 million, resulting in an impairment charge of $25.0 million for operating and non-operating assets during the quarter. | |||||||||||||||||
The carrying value of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. | |||||||||||||||||
A relief-from-royalty model is used to determine whether the fair value of trade-names exceeds their carrying amount. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name. |
Changes_in_Accumulated_Other_C
Changes in Accumulated Other Comprehensive Income (Notes) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Changes in Accumulated Other Comprehensive Income | ' | |||||||||||||
Changes in Accumulated Other Comprehensive Income ("AOCI"): | ||||||||||||||
The following tables reflect the changes in AOCI related to limited partners' equity for the twelve-month period ended December 31, 2013: | ||||||||||||||
Changes in Accumulated Other Comprehensive Income by Component (1) | ||||||||||||||
($'s in thousands) | ||||||||||||||
Unrealized income | Foreign currency | |||||||||||||
on cash flow hedges | translation adjustment | Total | ||||||||||||
Balance at December 31, 2012 | $ | (25,749 | ) | $ | (2,751 | ) | $ | (28,500 | ) | |||||
Other comprehensive income before reclassifications | (1,246 | ) | 2,756 | 1,510 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | 11,982 | — | 11,982 | |||||||||||
Net current-period other comprehensive income | 10,736 | 2,756 | 13,492 | |||||||||||
31-Dec-13 | $ | (15,013 | ) | $ | 5 | $ | (15,008 | ) | ||||||
(1) All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||||||
(2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details. | ||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (1) | ||||||||||||||
($' in thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||
Gains and losses on cash flow hedges | ||||||||||||||
Interest rate swaps | $ | 14,132 | Net effect of swaps | |||||||||||
$ | 14,132 | Total before tax | ||||||||||||
(2,150 | ) | Provision (benefit) for taxes | ||||||||||||
$ | 11,982 | Net of tax | ||||||||||||
(1) Amounts in parentheses indicate gains. |
Consolidating_Financial_Inform
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: | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ) | — | |||||||||||||||||||
Other Assets | 25,210 | 10,002 | 6,657 | 2,938 | — | 44,807 | ||||||||||||||||||||
$ | 1,945,615 | $ | 2,034,360 | $ | 1,752,023 | $ | 1,604,257 | $ | (5,321,628 | ) | $ | 2,014,627 | ||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||||
Accounts payable | $ | 259,850 | $ | 188,818 | $ | 17,632 | $ | 262,029 | $ | (715,107 | ) | $ | 13,222 | |||||||||||||
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 | |||||||||||||||||||
Accrued salaries, wages and benefits | — | 21,596 | 1,101 | 6,503 | — | 29,200 | ||||||||||||||||||||
Self-insurance reserves | — | 5,757 | 1,742 | 16,154 | — | 23,653 | ||||||||||||||||||||
Other accrued liabilities | 1,146 | 2,993 | 181 | 1,201 | — | 5,521 | ||||||||||||||||||||
270,242 | 222,387 | 38,812 | 358,184 | (730,826 | ) | 158,799 | ||||||||||||||||||||
Deferred Tax Liability | — | — | 57,704 | 131,648 | (31,239 | ) | 158,113 | |||||||||||||||||||
Derivative Liability | 15,610 | 11,052 | — | — | — | 26,662 | ||||||||||||||||||||
Other Liabilities | — | 7,858 | — | 3,432 | — | 11,290 | ||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||||
Term debt | 618,850 | 618,850 | 618,850 | — | (1,237,700 | ) | 618,850 | |||||||||||||||||||
Notes | 901,782 | 901,782 | 901,782 | — | (1,803,564 | ) | 901,782 | |||||||||||||||||||
1,520,632 | 1,520,632 | 1,520,632 | — | (3,041,264 | ) | 1,520,632 | ||||||||||||||||||||
Equity | 139,131 | 272,431 | 134,875 | 1,110,993 | (1,518,299 | ) | 139,131 | |||||||||||||||||||
$ | 1,945,615 | $ | 2,034,360 | $ | 1,752,023 | $ | 1,604,257 | $ | (5,321,628 | ) | $ | 2,014,627 | ||||||||||||||
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 | ||||||||||||||||||||
Current deferred tax asset | — | 3,705 | 816 | 3,663 | — | 8,184 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Investment in Park | 485,136 | 772,183 | 115,401 | 53,790 | (1,426,510 | ) | — | |||||||||||||||||||
Goodwill | 9,061 | — | 125,942 | 111,218 | — | 246,221 | ||||||||||||||||||||
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 | ) | — | |||||||||||||||||||
Other Assets | 22,048 | 14,832 | 8,419 | 2,315 | — | 47,614 | ||||||||||||||||||||
$ | 1,858,930 | $ | 2,019,420 | $ | 1,777,347 | $ | 1,560,511 | $ | (5,196,343 | ) | $ | 2,019,865 | ||||||||||||||
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 | |||||||||||||||||||
1,532,180 | 1,532,180 | 1,532,180 | — | (3,064,360 | ) | 1,532,180 | ||||||||||||||||||||
Equity | 154,451 | 229,504 | 135,913 | 1,061,093 | (1,426,510 | ) | 154,451 | |||||||||||||||||||
$ | 1,858,930 | $ | 2,019,420 | $ | 1,777,347 | $ | 1,560,511 | $ | (5,196,343 | ) | $ | 2,019,865 | ||||||||||||||
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 | |||||||||||||
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 | ) | ||||||||||||||||||
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 | |||||||||||||||||||
Total Comprehensive Income | $ | 121,696 | $ | 31,020 | $ | 241 | $ | 110,381 | $ | (141,642 | ) | $ | 121,696 | |||||||||||||
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 | |||||||||||||
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 | |||||||||||||||||||
Provision (benefit) for taxes | 10,075 | (9,856 | ) | 3,413 | 28,125 | — | 31,757 | |||||||||||||||||||
Net income | $ | 101,857 | $ | 51,189 | $ | 31,666 | $ | 119,673 | $ | (202,528 | ) | $ | 101,857 | |||||||||||||
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 | |||||||||||||
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 | ||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
Principles of Consolidation The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation. | |||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||
Foreign Currency The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive loss in partners' equity. | |||||||||||||
In 2013, the Partnership recognized a $28.9 million charge to earnings for unrealized/realized foreign currency losses, $29.1 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated debt held at its Canadian property. In 2012, the Partnership recognized a $9.0 million benefit to earnings for unrealized/realized foreign currency gains, $9.2 million of which represented an unrealized foreign currency gain on the U.S.-dollar denominated notes held at its Canadian property. All other transaction gains and losses included in the 2013, 2012 and 2011 consolidated statements of operations were not material. | |||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||||
Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, guest per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within the single reportable segment of amusement/water parks with accompanying resort facilities. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. | |||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||
Inventories The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||
Property and Equipment Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Depreciation expense totaled $122.4 million in 2013, $126.3 million in 2012, and $125.8 million in 2011. As a result of the retirements of fixed assets at our parks in 2013, a total of $2.5 million was charged to earnings and was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statements of operations. In 2012, a $25.0 million charge for the impairment of assets at Wildwater Kingdom was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income and is discussed in detail in Note 3. As a result of the sale of two non-core assets, $8.7 million and $6.6 million was recorded in "Gain on sale of other assets" on the consolidated statement of operations and comprehensive income during 2013 and 2012, respectively. As a result of a retirement of a ride at one of the parks in 2011, $8.8 million of net book value has been recorded in loss on impairment / retirement of fixed assets, net. | |||||||||||||
The estimated useful lives of the assets are as follows: | |||||||||||||
Land improvements | Approximately | 25 years | |||||||||||
Buildings | 25 years | - | 40 years | ||||||||||
Rides | Approximately | 20 years | |||||||||||
Equipment | 3 years | - | 10 years | ||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||
Impairment of Long-Lived Assets Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. | |||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||||||
Goodwill FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. The Partnership performed its annual goodwill impairment tests as of December 31, 2013 and concluded there was no impairment of the carrying value of the goodwill. | |||||||||||||
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | ' | ||||||||||||
Other Intangible Assets The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are no longer amortized, but rather are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from five to twenty years. | |||||||||||||
Self Insurance Reserves [Policy Text Block] | ' | ||||||||||||
Self-Insurance Reserves 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 Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. At December 31, 2013 and 2012 the accrued reserves totaled $23.7 million and $23.9 million, respectively. | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
Derivative Financial Instruments The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership does not use them for trading purposes. | |||||||||||||
The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. For the ineffective portion of a derivative, the change in fair value, if any, is reported in “Net effect of swaps” in earnings together with the changes in fair value of derivatives not designated as hedges. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition Revenues on multi-day admission tickets are recognized over the estimated number of visits expected for each type of ticket, and are adjusted periodically during the season. All other revenues are recognized on a daily basis based on actual guest spending at the Partnership's facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. Revenues on admission tickets for the next operating season, including season passes, are deferred in the year received and recognized as revenue in the following operating season. | |||||||||||||
Admission revenues include amounts paid to gain admission into the Partnership's parks, including parking fees. Revenues related to extra-charge attractions, including our premium benefit offerings, are included in Accommodations and other revenue. | |||||||||||||
Advertising Costs, Policy [Policy Text Block] | ' | ||||||||||||
Advertising Costs The Partnership expenses all costs associated with its advertising, promotion and marketing programs over each park's operating season, including certain costs incurred prior to the season that are amortized over the season. Advertising expense totaled $57.8 million in 2013, $55.4 million in 2012 and $53.0 million in 2011. Certain prepaid costs incurred through year-end for the following year's advertising programs are included in other current assets. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Unit-Based Compensation The Partnership accounts for unit-based compensation in accordance with FASB ASC 718 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Income Taxes The Partnership's legal structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes. | |||||||||||||
Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources. | |||||||||||||
The Partnership's 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 rates is recognized in income at the time of enactment of such change in tax rates. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9). | |||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||
Earnings Per Unit For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income. The unit amounts used are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands except per unit amounts) | |||||||||||||
Basic weighted average units outstanding | 55,476 | 55,518 | 55,345 | ||||||||||
Effect of dilutive units: | |||||||||||||
Unit options (Note 7) | 162 | 43 | — | ||||||||||
Phantom units (Note 7) | 187 | 334 | 541 | ||||||||||
Diluted weighted average units outstanding | 55,825 | 55,895 | 55,886 | ||||||||||
Net income per unit - basic | $ | 1.95 | $ | 1.83 | $ | 1.18 | |||||||
Net income per unit - diluted | $ | 1.94 | $ | 1.82 | $ | 1.17 | |||||||
Weighted average unit options of 5,300, 11,600, and 63,000 were excluded from the diluted earnings per unit calculation as they were anti-dilutive for 2013, 2012, and 2011, respectively |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Property, Plant and Equipment. Weighted Average Useful Lives | ' | ||||||||||||
The estimated useful lives of the assets are as follows: | |||||||||||||
Land improvements | Approximately | 25 years | |||||||||||
Buildings | 25 years | - | 40 years | ||||||||||
Rides | Approximately | 20 years | |||||||||||
Equipment | 3 years | - | 10 years | ||||||||||
Schedule of Weighted Average Number of Units | ' | ||||||||||||
For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income. The unit amounts used are as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands except per unit amounts) | |||||||||||||
Basic weighted average units outstanding | 55,476 | 55,518 | 55,345 | ||||||||||
Effect of dilutive units: | |||||||||||||
Unit options (Note 7) | 162 | 43 | — | ||||||||||
Phantom units (Note 7) | 187 | 334 | 541 | ||||||||||
Diluted weighted average units outstanding | 55,825 | 55,895 | 55,886 | ||||||||||
Net income per unit - basic | $ | 1.95 | $ | 1.83 | $ | 1.18 | |||||||
Net income per unit - diluted | $ | 1.94 | $ | 1.82 | $ | 1.17 | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Summary of changes in Partnership's carrying value of goodwill | ' | |||||||||||||||
A summary of changes in the Partnership's carrying value of goodwill is as follows: | ||||||||||||||||
Accumulated | ||||||||||||||||
Goodwill | Impairment | Goodwill | ||||||||||||||
(gross) | Losses | (net) | ||||||||||||||
($'s in thousands) | ||||||||||||||||
Balance at December 31, 2011 | $ | 323,358 | $ | (79,868 | ) | $ | 243,490 | |||||||||
Foreign currency exchange translation | 2,731 | — | 2,731 | |||||||||||||
Balance at December 31, 2012 | 326,089 | (79,868 | ) | 246,221 | ||||||||||||
Foreign currency exchange translation | (8,132 | ) | — | (8,132 | ) | |||||||||||
Balance at December 31, 2013 | $ | 317,957 | $ | (79,868 | ) | $ | 238,089 | |||||||||
Partnership's other intangible assets | ' | |||||||||||||||
The Partnership's other intangible assets consisted of the following at December 31, 2013 and 2012: | ||||||||||||||||
Weighted | ||||||||||||||||
Average | Gross | Net | ||||||||||||||
Amortization | Carrying | Accumulated | Carrying | |||||||||||||
Period | Amount | Amortization | Value | |||||||||||||
($'s in thousands) | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Other intangible assets: | ||||||||||||||||
Trade names | — | $ | 39,070 | $ | — | $ | 39,070 | |||||||||
License / franchise agreements | 14.7 years | 800 | 399 | 401 | ||||||||||||
Total other intangible assets | 14.7 years | $ | 39,870 | $ | 399 | $ | 39,471 | |||||||||
31-Dec-12 | ||||||||||||||||
Other intangible assets: | ||||||||||||||||
Trade names | — | $ | 40,222 | $ | — | $ | 40,222 | |||||||||
License / franchise agreements | 14.3 years | 790 | 360 | 430 | ||||||||||||
Total other intangible assets | 14.3 years | $ | 41,012 | $ | 360 | $ | 40,652 | |||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | ' | |||||||||||||||||||||||||||
Long-term debt at December 31, 2013 and 2012: | ||||||||||||||||||||||||||||
($'s in thousands) | 2013 | 2012 | ||||||||||||||||||||||||||
Revolving credit facility (due 2018) | $ | — | $ | — | ||||||||||||||||||||||||
Term debt (1) | ||||||||||||||||||||||||||||
March 2013 U.S. term loan averaging 3.25% at 2013 (due 2013-2020) | 618,850 | — | ||||||||||||||||||||||||||
February 2011 Amended U.S. term loan averaging 4.0% at 2011 (due 2011-2017) | — | 1,131,100 | ||||||||||||||||||||||||||
Notes | ||||||||||||||||||||||||||||
March 2013 U.S. fixed rate note at 5.25% (due 2021) | 500,000 | — | ||||||||||||||||||||||||||
July 2010 U.S. fixed rate note at 9.125% (due 2018) | 401,782 | 401,080 | ||||||||||||||||||||||||||
1,520,632 | 1,532,180 | |||||||||||||||||||||||||||
Less: current portion | — | — | ||||||||||||||||||||||||||
$ | 1,520,632 | $ | 1,532,180 | |||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||||||||||||||
At December 31, 2013, the scheduled annual maturities of term debt were as follows ($'s in thousands): | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 and beyond | Total | ||||||||||||||||||||||
U.S. Term loan maturing in 2020 | $ | — | $ | 6,175 | $ | 6,300 | $ | 6,300 | $ | 6,300 | $ | 593,775 | $ | 618,850 | ||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||||||
Fair value of derivative instruments in Condensed Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||
($'s in thousands): | Consolidated | Fair Value as of | Fair Value as of | ||||||||||||||||||||||||||
Balance Sheet Location | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate swaps | Derivative Liability | $ | (3,916 | ) | $ | (32,260 | ) | ||||||||||||||||||||||
Total derivatives designated as hedging instruments: | (3,916 | ) | (32,260 | ) | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate swaps | Derivative Liability | (22,746 | ) | — | |||||||||||||||||||||||||
Total derivatives not designated as hedging instruments: | (22,746 | ) | — | ||||||||||||||||||||||||||
Net derivative liability | $ | (26,662 | ) | $ | (32,260 | ) | |||||||||||||||||||||||
Effects of derivative instruments on income (loss) and other comprehensive income (loss) | ' | ||||||||||||||||||||||||||||
Effects of Derivative Instruments on Income and Other Comprehensive Income (Loss): | |||||||||||||||||||||||||||||
($'s in thousands): | Amount of Gain (Loss) | Amount and Location of (Loss) | Amount and Location of Gain Recognized in Income on Derivative (Ineffective Portion) | ||||||||||||||||||||||||||
recognized in OCI on | Reclassified from Accumulated OCI into Income | ||||||||||||||||||||||||||||
Derivatives | (Effective Portion) | ||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||
Year ended 12/31/13 | Year ended 12/31/12 | Year ended 12/31/13 | Year ended 12/31/12 | Year ended 12/31/13 | Year ended 12/31/12 | ||||||||||||||||||||||||
Interest rate swaps | $ | (1,650 | ) | $ | 140 | Interest Expense | $ | (2,797 | ) | $ | (12,027 | ) | Net effect of swaps | $ | 3,703 | $ | — | ||||||||||||
(In thousands): | Amount and Location of Gain (Loss) Recognized | ||||||||||||||||||||||||||||
in Income on Derivatives | |||||||||||||||||||||||||||||
Derivatives not designated as Cash Flow | |||||||||||||||||||||||||||||
Hedging Relationships | Year ended 12/31/13 | Year ended 12/31/12 | |||||||||||||||||||||||||||
Interest rate swaps | Net effect of swaps | $ | 3,547 | $ | — | ||||||||||||||||||||||||
Cross-currency swaps | Net effect of swaps | — | (4,999 | ) | |||||||||||||||||||||||||
Foreign currency swaps | Net effect of swaps | — | 6,278 | ||||||||||||||||||||||||||
$ | 3,547 | $ | 1,279 | ||||||||||||||||||||||||||
Interest Rate Swap [Member] | ' | ||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||||||||||||
Derivative instruments, notional amounts outstanding and interest rates | ' | ||||||||||||||||||||||||||||
The following table presents our interest rate swaps, along with their notional amounts and their fixed interest rates which compare to 30 day LIBOR of 0.17% at December 31, 2013. | |||||||||||||||||||||||||||||
Interest Rate Swaps | |||||||||||||||||||||||||||||
($'s in thousands) | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||
Notional Amounts | LIBOR Rate | Notional Amounts | LIBOR Rate | ||||||||||||||||||||||||||
$ | 200,000 | 3 | % | $ | 200,000 | 2.27 | % | ||||||||||||||||||||||
100,000 | 3 | % | 150,000 | 2.43 | % | ||||||||||||||||||||||||
100,000 | 3 | % | 75,000 | 2.3 | % | ||||||||||||||||||||||||
100,000 | 2.7 | % | 70,000 | 2.54 | % | ||||||||||||||||||||||||
50,000 | 2.54 | % | |||||||||||||||||||||||||||
50,000 | 2.54 | % | |||||||||||||||||||||||||||
50,000 | 2.43 | % | |||||||||||||||||||||||||||
50,000 | 2.29 | % | |||||||||||||||||||||||||||
50,000 | 2.29 | % | |||||||||||||||||||||||||||
30,000 | 2.54 | % | |||||||||||||||||||||||||||
25,000 | 2.3 | % | |||||||||||||||||||||||||||
Total $'s / Average Rate | $ | 500,000 | 2.94 | % | $ | 800,000 | 2.38 | % | |||||||||||||||||||||
Partners_Equity_Tables
Partners' Equity (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Partners' Capital Notes [Abstract] | ' | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||||
A summary of unit option activity in 2013 and 2012 is presented below: | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Weighted Average | Weighted Average | ||||||||||||||||||
Unit Options | Exercise Price | Unit Options | Exercise Price | ||||||||||||||||
Outstanding, beginning of year | 294,022 | $ | 29.45 | 224,500 | $ | 24.4 | |||||||||||||
Granted | 413,248 | 36.95 | 280,672 | 29.53 | |||||||||||||||
Exercised | (16,278 | ) | 28.36 | (206,150 | ) | 24.19 | |||||||||||||
Forfeited | (6,170 | ) | 32.93 | (5,000 | ) | 23.81 | |||||||||||||
Outstanding, end of year | 684,822 | $ | 33.97 | 294,022 | $ | 29.45 | |||||||||||||
Options exercisable, end of year | 274,252 | $ | 32.61 | 83,518 | $ | 29.26 | |||||||||||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | ' | ||||||||||||||||||
The following table summarizes information about vested unit options outstanding at December 31, 2013: | |||||||||||||||||||
Vested Options Outstanding | |||||||||||||||||||
Type | Range of Exercise Prices | Unit Options | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | |||||||||||||||
Outstanding at year-end | $ | 29.53 | — | $ | 36.95 | 684,822 | 8.8 years | $ | 33.97 | ||||||||||
Aggregate intrinsic value ($'s in thousands) | $ | 4,654 | |||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | ||||||||||||||||||
A summary of the status of the Partnership's nonvested unit options at December 31, 2013 is presented below: | |||||||||||||||||||
Unit Options | Weighted Average Grant-Date Fair Value | ||||||||||||||||||
Nonvested, beginning of year | 210,504 | $ | 29.53 | ||||||||||||||||
Granted, net of forfeitures | 409,837 | 36.95 | |||||||||||||||||
Vested | (204,084 | ) | 33.67 | ||||||||||||||||
Exercised | (4,128 | ) | 29.53 | ||||||||||||||||
Forfeited | (1,559 | ) | $ | 29.53 | |||||||||||||||
Nonvested, end of year | 410,570 | $ | 34.88 | ||||||||||||||||
Deferred_Tax_Assets_and_Liabil
Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | ||||||||||||
Significant components of income (loss) before taxes are as follows: | |||||||||||||
($'s in thousands) | 2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 159,256 | $ | 113,132 | $ | 93,926 | |||||||
Foreign | (30,809 | ) | 20,482 | (20,753 | ) | ||||||||
$ | 128,447 | $ | 133,614 | $ | 73,173 | ||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The provision (benefit) for income taxes is comprised of the following: | |||||||||||||
($'s in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income taxes: | |||||||||||||
Current federal | $ | 5,398 | $ | (1,081 | ) | $ | 399 | ||||||
Current state and local | 1,436 | 743 | 894 | ||||||||||
Current foreign | 412 | (4,152 | ) | (2,381 | ) | ||||||||
Total current | 7,246 | (4,490 | ) | (1,088 | ) | ||||||||
Deferred federal, state and local | 9,989 | 9,237 | 1,866 | ||||||||||
Deferred foreign | (6,641 | ) | 18,265 | (1,189 | ) | ||||||||
Total deferred | 3,348 | 27,502 | 677 | ||||||||||
$ | 10,594 | $ | 23,012 | $ | (411 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The sources and tax effects of the differences are as follows: | |||||||||||||
($'s in thousands) | 2013 | 2012 | 2011 | ||||||||||
Income tax provision based on the U.S. federal statutory tax rate | $ | 44,956 | $ | 46,765 | $ | 25,611 | |||||||
Partnership income not includible in corporate income | (31,574 | ) | (21,273 | ) | (16,188 | ) | |||||||
State and local taxes, net of federal income tax benefit | 2,459 | 3,486 | 1,674 | ||||||||||
Valuation allowance | (4,460 | ) | (6,030 | ) | (10,460 | ) | |||||||
Tax credits | (1,303 | ) | (2,100 | ) | (1,791 | ) | |||||||
Nondeductible expenses and other | 516 | 2,164 | 743 | ||||||||||
$ | 10,594 | $ | 23,012 | $ | (411 | ) | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Significant components of deferred tax assets and liabilities as of December 31, 2013 and 2012 are as follows: | |||||||||||||
($'s in thousands) | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Options and deferred compensation | $ | 11,086 | $ | 7,741 | |||||||||
Accrued expenses | 6,369 | 4,519 | |||||||||||
Foreign tax credits | 24,300 | 31,162 | |||||||||||
Tax attribute carryforwards | 8,566 | 10,948 | |||||||||||
Derivatives | 4,377 | 10,661 | |||||||||||
Other | 1,785 | 4,126 | |||||||||||
Deferred tax assets | 56,483 | 69,157 | |||||||||||
Valuation allowance | (6,792 | ) | (11,253 | ) | |||||||||
Net deferred tax assets | 49,691 | 57,904 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Property | (190,175 | ) | (190,976 | ) | |||||||||
Intangibles | (7,569 | ) | (3,864 | ) | |||||||||
Foreign currency translation | (385 | ) | (8,672 | ) | |||||||||
Deferred tax liabilities | (198,129 | ) | (203,512 | ) | |||||||||
Net deferred tax liability | $ | (148,438 | ) | $ | (145,608 | ) | |||||||
Schedule of Net Current and Noncurrent Components of Deferred Taxes | ' | ||||||||||||
The net current and non-current components of deferred taxes recognized as of December 31, 2013 and 2012 in the consolidated balance sheets are as follows: | |||||||||||||
($'s in thousands) | 2013 | 2012 | |||||||||||
Net current deferred tax asset | $ | 9,675 | $ | 8,184 | |||||||||
Net non-current deferred tax liability | (158,113 | ) | (153,792 | ) | |||||||||
Net deferred tax liability | $ | (148,438 | ) | $ | (145,608 | ) | |||||||
Summary of Income Tax Contingencies | ' | ||||||||||||
The following is a reconciliation of beginning and ending unrecognized tax benefits: | |||||||||||||
($'s in thousands) | |||||||||||||
Balance, beginning of year | $ | 1,100 | |||||||||||
Increase from current year tax positions | — | ||||||||||||
Increase from prior year's tax positions | — | ||||||||||||
Decrease from settlements with taxing authority | — | ||||||||||||
Decrease from expiration of statute of limitations | — | ||||||||||||
Balance, end of year | $ | 1,100 | |||||||||||
Operating_Lease_Commitments_an1
Operating Lease Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Lease Commitments and Contingencies [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
Minimum lease payments under non-cancelable operating leases as of December 31, 2013 are as follows ($'s in thousands): | ||||
2014 | $ | 9,565 | ||
2015 | 9,046 | |||
2016 | 8,531 | |||
2017 | 8,051 | |||
2018 | 7,613 | |||
Thereafter | 113,405 | |||
$ | 156,211 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and liabilities measured at fair value on recurring basis | ' | ||||||||||||||||
The table below presents the balances of liabilities measured at fair value as of December 31, 2013 and 2012 on a recurring basis: | |||||||||||||||||
($'s in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
31-Dec-13 | |||||||||||||||||
Interest rate swap agreements (1) | $ | (3,916 | ) | $ | — | $ | (3,916 | ) | $ | — | |||||||
Interest rate swap agreements (2) | (22,746 | ) | — | (22,746 | ) | — | |||||||||||
Total | $ | (26,662 | ) | $ | — | $ | (26,662 | ) | $ | — | |||||||
31-Dec-12 | |||||||||||||||||
Interest rate swap agreements (1) | $ | (32,260 | ) | $ | — | $ | (32,260 | ) | $ | — | |||||||
Total | $ | (32,260 | ) | $ | — | $ | (32,260 | ) | $ | — | |||||||
-1 | Designated as hedging instruments and included in "Derivative Liability" on the Consolidated Balance Sheet | ||||||||||||||||
-2 | Not designated as hedging instruments and included in "Derivative Liability" on the Consolidated Balance Sheet |
Changes_in_Accumulated_Other_C1
Changes in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Equity [Abstract] | ' | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||
Changes in Accumulated Other Comprehensive Income by Component (1) | ||||||||||||||
($'s in thousands) | ||||||||||||||
Unrealized income | Foreign currency | |||||||||||||
on cash flow hedges | translation adjustment | Total | ||||||||||||
Balance at December 31, 2012 | $ | (25,749 | ) | $ | (2,751 | ) | $ | (28,500 | ) | |||||
Other comprehensive income before reclassifications | (1,246 | ) | 2,756 | 1,510 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (2) | 11,982 | — | 11,982 | |||||||||||
Net current-period other comprehensive income | 10,736 | 2,756 | 13,492 | |||||||||||
31-Dec-13 | $ | (15,013 | ) | $ | 5 | $ | (15,008 | ) | ||||||
(1) All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||||||
(2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income (1) | ||||||||||||||
($' in thousands) | ||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||
Gains and losses on cash flow hedges | ||||||||||||||
Interest rate swaps | $ | 14,132 | Net effect of swaps | |||||||||||
$ | 14,132 | Total before tax | ||||||||||||
(2,150 | ) | Provision (benefit) for taxes | ||||||||||||
$ | 11,982 | Net of tax | ||||||||||||
Consolidating_Financial_Inform1
Consolidating Financial Information of Guarantors and Issuers (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Condensed Consolidated Financial Information [Abstract] | ' | |||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||||
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 | ||||||||||||||||||||
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 | ) | — | |||||||||||||||||||
Other Assets | 25,210 | 10,002 | 6,657 | 2,938 | — | 44,807 | ||||||||||||||||||||
$ | 1,945,615 | $ | 2,034,360 | $ | 1,752,023 | $ | 1,604,257 | $ | (5,321,628 | ) | $ | 2,014,627 | ||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||||
Accounts payable | $ | 259,850 | $ | 188,818 | $ | 17,632 | $ | 262,029 | $ | (715,107 | ) | $ | 13,222 | |||||||||||||
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 | |||||||||||||||||||
Accrued salaries, wages and benefits | — | 21,596 | 1,101 | 6,503 | — | 29,200 | ||||||||||||||||||||
Self-insurance reserves | — | 5,757 | 1,742 | 16,154 | — | 23,653 | ||||||||||||||||||||
Other accrued liabilities | 1,146 | 2,993 | 181 | 1,201 | — | 5,521 | ||||||||||||||||||||
270,242 | 222,387 | 38,812 | 358,184 | (730,826 | ) | 158,799 | ||||||||||||||||||||
Deferred Tax Liability | — | — | 57,704 | 131,648 | (31,239 | ) | 158,113 | |||||||||||||||||||
Derivative Liability | 15,610 | 11,052 | — | — | — | 26,662 | ||||||||||||||||||||
Other Liabilities | — | 7,858 | — | 3,432 | — | 11,290 | ||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||||
Term debt | 618,850 | 618,850 | 618,850 | — | (1,237,700 | ) | 618,850 | |||||||||||||||||||
Notes | 901,782 | 901,782 | 901,782 | — | (1,803,564 | ) | 901,782 | |||||||||||||||||||
1,520,632 | 1,520,632 | 1,520,632 | — | (3,041,264 | ) | 1,520,632 | ||||||||||||||||||||
Equity | 139,131 | 272,431 | 134,875 | 1,110,993 | (1,518,299 | ) | 139,131 | |||||||||||||||||||
$ | 1,945,615 | $ | 2,034,360 | $ | 1,752,023 | $ | 1,604,257 | $ | (5,321,628 | ) | $ | 2,014,627 | ||||||||||||||
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 | ||||||||||||||||||||
Current deferred tax asset | — | 3,705 | 816 | 3,663 | — | 8,184 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Investment in Park | 485,136 | 772,183 | 115,401 | 53,790 | (1,426,510 | ) | — | |||||||||||||||||||
Goodwill | 9,061 | — | 125,942 | 111,218 | — | 246,221 | ||||||||||||||||||||
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 | ) | — | |||||||||||||||||||
Other Assets | 22,048 | 14,832 | 8,419 | 2,315 | — | 47,614 | ||||||||||||||||||||
$ | 1,858,930 | $ | 2,019,420 | $ | 1,777,347 | $ | 1,560,511 | $ | (5,196,343 | ) | $ | 2,019,865 | ||||||||||||||
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 | |||||||||||||||||||
1,532,180 | 1,532,180 | 1,532,180 | — | (3,064,360 | ) | 1,532,180 | ||||||||||||||||||||
Equity | 154,451 | 229,504 | 135,913 | 1,061,093 | (1,426,510 | ) | 154,451 | |||||||||||||||||||
$ | 1,858,930 | $ | 2,019,420 | $ | 1,777,347 | $ | 1,560,511 | $ | (5,196,343 | ) | $ | 2,019,865 | ||||||||||||||
Condensed Consolidating Statement of Operations | ' | |||||||||||||||||||||||||
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 | |||||||||||||
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 | ) | ||||||||||||||||||
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 | |||||||||||||||||||
Total Comprehensive Income | $ | 121,696 | $ | 31,020 | $ | 241 | $ | 110,381 | $ | (141,642 | ) | $ | 121,696 | |||||||||||||
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 | |||||||||||||
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 | |||||||||||||||||||
Provision (benefit) for taxes | 10,075 | (9,856 | ) | 3,413 | 28,125 | — | 31,757 | |||||||||||||||||||
Net income | $ | 101,857 | $ | 51,189 | $ | 31,666 | $ | 119,673 | $ | (202,528 | ) | $ | 101,857 | |||||||||||||
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 | |||||||||||||
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 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | |||||||||||||||||||||||||
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 | ||||||||||||||
Partnership_Organization_Detai
Partnership Organization (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Limited Partners' Capital Account [Line Items] | ' | ' |
General partner ownership interest (in percent) | 0.00% | ' |
Limited Partners' Capital Account, Units Outstanding | 55,716,300 | 55,617,901 |
Partners' capital account, units held in treasury | 1,345,683 | 1,444,082 |
Per-unit distribution made to limited partners | $2.58 | ' |
Aggregate distribution made to limited partners | $143,457,000 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Land Improvements [Member] | ' |
Useful lives (in years) | '25 years |
Other Machinery and Equipment [Member] | ' |
Useful lives (in years) | '20 years |
Minimum [Member] | ' |
Other intangible assets useful life (in years) | '5 years |
Minimum [Member] | Building [Member] | ' |
Useful lives (in years) | '25 years |
Minimum [Member] | Equipment [Member] | ' |
Useful lives (in years) | '3 years |
Maximum [Member] | ' |
Other intangible assets useful life (in years) | '20 years |
Maximum [Member] | Building [Member] | ' |
Useful lives (in years) | '40 years |
Maximum [Member] | Equipment [Member] | ' |
Useful lives (in years) | '10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Earnings per Unit (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basic weighted average units outstanding | 55,476,000 | 55,518,000 | 55,345,000 |
Effect of dilutive units: | ' | ' | ' |
Unit options (Note 7) | 162,000 | 43,000 | 0 |
Phantom units (Note 7) | 187,000 | 334,000 | 541,000 |
Diluted weighted average units outstanding | 55,825,000 | 55,895,000 | 55,886,000 |
Net income (loss) per unit - basic | 1.95 | 1.83 | 1.18 |
Net income (loss) per unit - diluted | 1.94 | 1.82 | 1.17 |
Unit Options [Member] | ' | ' | ' |
Effect of dilutive units: | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per unit amount | 5,300 | 11,600 | 63,000 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Gain (Loss) on Sale of Other Assets | $8,743,000 | $6,625,000 | $0 |
Unrealized / realized foreign currency gain (loss) | 28,941,000 | -8,998,000 | 9,909,000 |
Unrealized foreign currency gain on U.S.-dollar denominated notes | 29,085,000 | -9,181,000 | ' |
Depreciation and amortization | 122,400,000 | 126,300,000 | 125,800,000 |
Gain Loss on Retirement and Impairment of Property Plant and Equipment | -2,539,000 | -30,336,000 | -11,355,000 |
Gain (loss) on retirement of ride | ' | ' | 8,790,000 |
Self-insurance reserves | 23,653,000 | 23,906,000 | ' |
Advertising expense | 57,800,000 | 55,400,000 | 53,000,000 |
Wildwater Kingdom [Member] | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | $25,000,000 | ' |
LongLived_Assets_Details
Long-Lived Assets (Details) (Wildwater Kingdom [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Wildwater Kingdom [Member] | ' |
Impaired Long-Lived Assets Held and Used [Line Items] | ' |
Impairment of Long-Lived Assets Held-for-use | $25,000 |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill (gross) | $317,957 | $326,089 | $323,358 |
Accumulated Impairment Losses | -79,868 | -79,868 | -79,868 |
Goodwill (net) | 238,089 | 246,221 | 243,490 |
Foreign currency translation | ($8,132) | $2,731 | ' |
Other_Intangible_Assets_Detail
Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $50,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 50,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 50,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 50,000 | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Carrying Amount/Value | 39,070,000 | 40,222,000 | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '14 years 7 months 28 days | '14 years 3 months 18 days | ' |
Accumulated Amortization | 399,000 | 360,000 | ' |
Total other intangible assets, gross carrying amount | 39,870,000 | 41,012,000 | ' |
Total other intangible assets, net carrying value | 39,471,000 | 40,652,000 | ' |
Amortization expense of other intangibles | 39,000 | 38,000 | 58,000 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 50,000 | ' | ' |
Maximum [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 50,000 | ' | ' |
License / Franchise Agreements [Member] | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | '14 years 7 months 28 days | '14 years 3 months 18 days | ' |
Gross Carrying Amount | 800,000 | 790,000 | ' |
Accumulated Amortization | 399,000 | 360,000 | ' |
Net Carrying Value | $401,000 | $430,000 | ' |
LongTerm_Debt_Narrative_Detail
Long-Term Debt Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Early Repayment of Senior Debt | $8,000,000 | ' | ' | ' |
Fair value of term debt | 620,400,000 | 620,400,000 | 1,117,100,000 | ' |
Available borrowings under revolving credit facility | 238,700,000 | 238,700,000 | ' | ' |
commitment fee on unused portion of credit facilities | 0.38% | 0.38% | ' | ' |
Notes Payable, Noncurrent | 901,782,000 | 901,782,000 | 401,080,000 | ' |
Current maturities of long-term debt | 0 | 0 | 0 | ' |
Subsidiary guarantor ownership percentage | 100.00% | 100.00% | ' | ' |
Fair value of notes | 933,200,000 | 933,200,000 | 353,800,000 | ' |
Interest payments capitalized | ' | 1,600,000 | 1,300,000 | 1,800,000 |
Senior Unsecured Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Subsidiary guarantor ownership percentage | 100.00% | 100.00% | ' | ' |
Credit Agreement 2013 [Member] [Domain] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 885,000,000 | 885,000,000 | ' | ' |
Pro-forma consolidated leverage ratio | ' | 5 | ' | ' |
Credit Agreement 2013 [Member] [Domain] | Canadian Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Maximum borrowing capacity | 15,000,000 | 15,000,000 | ' | ' |
Credit Agreement 2013 [Member] [Domain] | Canadian Revolving Credit Facility Cad and USD [Domain] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Line Of Credit Facility Interest Rate Margin Over Libor At Period End | 2.25% | 2.25% | ' | ' |
Credit Agreement 2013 [Member] [Domain] | Senior Secured Term Loan [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 630,000,000 | 630,000,000 | ' | ' |
Debt Instrument, Periodic Payment | ' | 6,300,000 | ' | ' |
Interest rate, LIBOR floor | 0.75% | 0.75% | ' | ' |
Debt Instrument Interest Rate Margin Over Libor At Period End | 2.50% | 2.50% | ' | ' |
Credit Agreement 2013 [Member] [Domain] | Senior Secured Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 255,000,000 | 255,000,000 | ' | ' |
Maximum outstanding revolving credit balance during period | ' | 123,025,000 | ' | ' |
Notes Payable Due 2018 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Notes Payable, Noncurrent | 401,782,000 | 401,782,000 | 401,080,000 | ' |
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement | ' | 3.65 | ' | ' |
Total Indebtedness to Consolidated Cash Flow Cushion | ' | 98,200,000 | ' | ' |
Notes Payable Due 2018 [Member] | Maximum [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement | ' | 4.75 | ' | ' |
Notes Payable Due 2018 [Member] | Senior Unsecured Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 405,000,000 | 405,000,000 | ' | ' |
Stated interest rate percentage | 9.13% | 9.13% | ' | ' |
Redemption percentage of original face amount | ' | 100.00% | ' | ' |
Original Issue Discount [Member] | Senior Unsecured Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Unamortized discount | 5,600,000 | 5,600,000 | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 9.38% | 9.38% | ' | ' |
2010 Credit Agreement [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 1,435,000,000 | 1,435,000,000 | ' | ' |
Amended 2010 Credit Agreement [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement, period of measurement, annual | ' | '12 months | ' | ' |
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement, period of measurement, quarterly | ' | '3 months | ' | ' |
Length of initial agreement covenant requirement (years) | ' | '3 years | ' | ' |
Amended 2010 Credit Agreement [Member] | Senior Secured Term Loan [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 1,175,000,000 | 1,175,000,000 | ' | ' |
Interest rate, LIBOR floor | 1.00% | 1.00% | ' | ' |
Length of maturity date extension (years) | ' | '1 year | ' | ' |
Debt Instrument Interest Rate Margin Over Libor At Period End | 3.00% | 3.00% | ' | ' |
Amended 2010 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | 260,000,000 | 260,000,000 | ' | ' |
Notes Payable 2021 [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Notes Payable, Noncurrent | 500,000,000 | 500,000,000 | 0 | ' |
Notes Payable 2021 [Member] | Senior Unsecured Notes [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | 5.25% | ' | ' |
Redemption percentage of original face amount | ' | 100.00% | ' | ' |
Debt Instrument Early Call Date Percentage Of Notes Availabe For Redemption | ' | 35.00% | ' | ' |
Debt Instrument Early Call Date Premium Price Percentage | ' | 105.25% | ' | ' |
March 2013 Credit Agreement [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt Instrument Consolidated Leverage Ratio | ' | 3.59 | ' | ' |
Debt Instrument Ebitda Cushion On Consolidated Leverage Ratio | ' | 180,100,000 | ' | ' |
March 2013 Credit Agreement [Member] | Maximum [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Debt instrument revised consolidated leverage ratio requirement | ' | 6.25 | ' | ' |
Debt Instrument Restricted Payment | ' | 60,000,000 | ' | ' |
Standby Letters of Credit [Member] | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' |
Standby letters of credit outstanding, amount | $16,300,000 | $16,300,000 | ' | ' |
Schedule_of_Debt_Maturities_De
Schedule of Debt Maturities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Notes Payable, Noncurrent | $901,782,000 | $401,080,000 |
March 2013 Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Ebitda Cushion On Consolidated Leverage Ratio | 180,100,000 | ' |
2014 | 0 | ' |
2015 | 6,175,000 | ' |
2016 | 6,300,000 | ' |
2017 | 6,300,000 | ' |
2018 | 6,300,000 | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 593,775,000 | ' |
Total | 618,850,000 | 0 |
Notes Payable 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes Payable, Noncurrent | $500,000,000 | $0 |
Debt_Instruments_Details
Debt Instruments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Fair value of term debt | $620,400,000 | $1,117,100,000 |
Revolving credit facility | 0 | 0 |
Notes payable | 901,782,000 | 401,080,000 |
Long-term debt | 1,520,632,000 | 1,532,180,000 |
Less: current portion | 0 | 0 |
Long-term debt, noncurrent | 1,520,632,000 | 1,532,180,000 |
Fair value of notes | 933,200,000 | 353,800,000 |
March 2013 Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Consolidated Leverage Ratio | 3.59 | ' |
Term debt | 618,850,000 | 0 |
Notes Payable Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 401,782,000 | 401,080,000 |
February 2011 Amended US Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term debt | 0 | 1,131,100,000 |
Notes Payable 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes payable | 500,000,000 | 0 |
Senior Unsecured Notes [Member] | Notes Payable Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Redemption percentage of original face amount | 100.00% | ' |
Senior Unsecured Notes [Member] | Notes Payable 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Redemption percentage of original face amount | 100.00% | ' |
Debt Instrument Early Call Date Percentage Of Notes Availabe For Redemption | 35.00% | ' |
Debt Instrument Early Call Date Premium Price Percentage | 105.25% | ' |
Debt Instrument, Interest Rate, Effective Percentage | 5.25% | ' |
Maximum [Member] | March 2013 Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Restricted Payment | $60,000,000 | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments Balance Sheet Location (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 25, 2011 | Feb. 28, 2011 | Mar. 05, 2013 | Oct. 30, 2011 |
In Thousands, unless otherwise specified | Designated As Hedging [Member] | Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | September 2010 Swaps [Member] | September 2010 Swaps [Member] | September 2010 Swaps [Member] | September 2010 and March 2011 Swaps [Member] | September 2010 and March 2011 Swaps [Member] | ||
Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||||||
Forward-Starting Interest Rate Swap [Member] | Forward-Starting Interest Rate Swap [Member] | Forward-Starting Interest Rate Swap [Member] | Forward-Starting Interest Rate Swap [Member] | Forward-Starting Interest Rate Swap [Member] | ||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($22,746) | $0 | ' | ' | ' | ' | ' |
Derivative Liability | 26,662 | 32,260 | ' | ' | ' | ' | 3,916 | 32,260 | 32,260 | ' | ' | ' | ' | ' | 22,150 | ' |
Derivative assets (liabilities), at fair value, net | -26,662 | -32,260 | -3,916 | -32,260 | -22,746 | 0 | -26,662 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,200 | 26,058 | ' |
Amount of hedged item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $600,000 | $600,000 | ' | ' | $600,000 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Schedule of Derivatives (Details) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 25, 2011 | Feb. 28, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Mar. 05, 2013 | Oct. 30, 2011 | Dec. 31, 2013 | Mar. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Libor 30 Day [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Credit Agreement 2013 [Member] [Domain] | 2013 Credit Agreement [Member] | Senior Secured Term Loan [Member] | Senior Secured Term Loan [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | |||||
Forward Starting Interest Rate Swap 12 [Member] | Forward Starting Interest Rate Swap 13 [Member] | Forward Starting Interest Rate Swap 14 [Member] | Forward Starting Interest Rate Swap 15 [Member] [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Credit Agreement 2013 [Member] [Domain] | Amended 2010 Credit Agreement [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | ||||||||||||
September 2010 Swaps [Member] | September 2010 Swaps [Member] | September 2010 Swaps [Member] | September 2010 Swaps [Member] | September 2010 and March 2011 Swaps [Member] | September 2010 and March 2011 Swaps [Member] | September 2010 and March 2011 Swaps [Member] | May 2011 Swaps [Member] | May 2011 Swaps [Member] | September 2010, March 2011, and March 2013 Swaps [Member] [Domain] | 2013 forwards [Member] | Forward Starting Interest Rate Swap 1 [Member] | Forward Starting Interest Rate Swap 2 [Member] | Forward Starting Interest Rate Swap 3 [Member] | Forward Starting Interest Rate Swap 4 [Member] | Forward Starting Interest Rate Swap 5 [Member] | Forward Starting Interest Rate Swap 6 [Member] | Forward Starting Interest Rate Swap 7 [Member] | Forward Starting Interest Rate Swap 8 [Member] | Forward Starting Interest Rate Swap 9 [Member] | Forward Starting Interest Rate Swap 10 [Member] | Forward Starting Interest Rate Swap 11 [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Cross-Currency Swap [Member] | Cross-Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | |||||||||||||||||||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Floor Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,703 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred hedge gains | ' | ' | ' | ' | 6,283 | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 7,845 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | ' | ' | 200,000 | 100,000 | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | 800,000 | ' | ' | 200,000 | 150,000 | 75,000 | 70,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 30,000 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 3.00% | 2.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.94% | ' | ' | ' | ' | ' | ' | 2.27% | 2.43% | 2.30% | 2.54% | 2.54% | 2.54% | 2.43% | 2.29% | 2.29% | 2.54% | 2.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.46% | ' | ' | 2.54% | ' | 2.33% | 2.94% | ' | ' | ' | ' | ' | 2.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Liabilities, Noncurrent | ' | 26,662 | 32,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,150 | ' | ' | ' | ' | ' | ' | ' | 3,916 | 32,260 | 32,260 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net effect of swaps | ' | 6,883 | -1,492 | -13,119 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of hedged item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 600,000 | ' | ' | ' | ' | 600,000 | 200,000 | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,200 | ' | ' | 26,058 | ' | ' | 7,844 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, LIBOR floor, decrease to percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,746 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, net of forfeitures | ' | 409,837 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted, net of forfeitures | ' | $36.95 | $29.53 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested | ' | 204,084 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 885,000 | ' | 630,000 | 1,175,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,547 | $1,279 | $3,547 | $0 | $0 | ($4,999) | $0 | $6,278 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments Income Statement Location (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | September 2010 Swaps [Member] | September 2010 Swaps [Member] | September 2010 and March 2011 Swaps [Member] | ||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Cross-Currency Swap [Member] | Cross-Currency Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap [Member] | ||||||
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | Interest Expense [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Net Effect of Swaps [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | ||||||||
Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Floor Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | 1.00% | ' |
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion) | ' | ' | ' | ' | ' | ($1,650) | $140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount and location of gain (loss) reclassified from accumulated OCI into income (effective portion) | ' | ' | ' | ' | ' | ' | ' | -2,797 | -12,027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,703 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,547 | 1,279 | 3,547 | 0 | 0 | 6,278 | 0 | -4,999 | ' | ' | ' |
Gain on ineffective portion of derivatives | ' | 1,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred hedge gains | ' | ' | ' | 6,283 | 16,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on foreign currency derivatives | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net effect of swaps | $6,883 | ($1,492) | ($13,119) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,300) |
Partners_Equity_Narrative_Deta
Partners' Equity Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Special L.P. interests | $5,290,000 | $5,290,000 | ' |
Unit options and other forms of equity authorized under equity incentive plan | 2,500,000 | ' | ' |
Compensation expense related to non-option equity instruments | 6,391,000 | 4,476,000 | -239,000 |
Distribution equivalent liability | 737,100 | ' | ' |
Intrinsic value of restricted units that vested | 1,246,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 30.10% | 37.20% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.88% | 2.31% | ' |
Option valuation of distribution amount | 2.5 | 1.6 | ' |
Unit options granted in period | 413,248 | 280,672 | ' |
Unit options granted in period, fair value per share | $3.47 | $4.92 | ' |
Total intrinsic value of options exercised | 200,000 | 400,000 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 410,570 | ' | 210,504 |
Non-cash compensation expense relating to unit options | 903,105 | 345,228 | ' |
Phantom Share Units (PSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense related to non-option equity instruments | 5,000,000 | 3,400,000 | 5,400,000 |
Non-option equity instruments, units outstanding | 191,607 | ' | ' |
Non-option equity instruments, vested units outstanding | 164,008 | ' | ' |
Closing price per unit | $49.58 | ' | ' |
Aggregate market value of vested units, current portion | 4,900,000 | 500,000 | ' |
Aggregate market value of vested units, noncurrent portion | 3,200,000 | 4,400,000 | ' |
Unamortized compensation related to unvested phantom unit awards | 1,400,000 | ' | ' |
Unamortized compensation related to unvested phantom unit awards, period for recognition | '1 year | ' | ' |
Fixed Price Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unamortized compensation related to unvested phantom unit awards | 1,600,000 | ' | ' |
Unamortized compensation related to unvested phantom unit awards, period for recognition | '1 year 9 months 18 days | ' | ' |
Unit options outstanding | 684,822 | ' | ' |
Performance Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense related to non-option equity instruments | 3,620,000 | 3,354,000 | 2,605,000 |
Non-option equity instruments, units outstanding | 149,752 | ' | ' |
Non-option equity instruments, vested units outstanding | 72,761 | ' | ' |
Closing price per unit | $49.58 | ' | ' |
Aggregate market value of vested units, current portion | ' | 3,782,000 | ' |
Unamortized compensation related to unvested phantom unit awards | 3,800,000 | ' | ' |
Unamortized compensation related to unvested phantom unit awards, period for recognition | '1 year 8 months 12 days | ' | ' |
Non-option equity instruments awarded | 78,111 | ' | ' |
Grant price per unit | 36.95 | ' | ' |
Aggregate market value of contingently issuable units | 3,607,000 | 541,403 | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Compensation expense related to non-option equity instruments | 2,570,450 | 1,220,400 | ' |
Non-option equity instruments, vested units outstanding | 115,290 | ' | ' |
Unamortized compensation related to unvested phantom unit awards | $3,839,000 | ' | ' |
Unamortized compensation related to unvested phantom unit awards, period for recognition | '1 year 7 months 6 days | ' | ' |
Non-option equity instruments awarded | 227,999 | ' | ' |
Award vesting period | '3 years | ' | ' |
Restricted Units February 2013 Award [Member] [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Non-option equity instruments awarded | 39,052 | ' | ' |
Grant price per unit | 36.95 | ' | ' |
2013 and 2012 Option Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '3 years | ' | ' |
Expected term, maximum | '10 years | ' | ' |
Prior Option Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award vesting period | '5 years | ' | ' |
Unit_Option_Activity_Details
Unit Option Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Unit options, outstanding | 294,022 | 224,500 | ' |
Granted, net of forfeitures | 409,837 | ' | ' |
Unit options, exercised | -16,278 | -206,150 | ' |
Unit options, forfeited | -6,170 | -5,000 | ' |
Unit options, outstanding | 684,822 | 294,022 | 224,500 |
Unit options exercisable | 274,252 | 83,518 | ' |
Unit options outstanding, weighted average exercise price | $29.45 | $24.40 | ' |
Unit options granted, weighted average exercise price | $36.95 | $29.53 | ' |
Unit options exercised, weighted average exercise price | $28.36 | $24.19 | ' |
Unit options forfeited, weighted average exercise price | $32.93 | $23.81 | ' |
Unit options outstanding, weighted average exercise price | $33.97 | $29.45 | $24.40 |
Unit options exercisable, weighted average exercise price | $32.61 | $29.26 | ' |
Cash received from unit option exercises | $52 | $76 | $5 |
Vested_Unit_Options_Outstandin
Vested Unit Options Outstanding (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' | '8 years 9 months 18 days |
Weighted Average Exercise Price | $33.97 | $29.45 | $24.40 | $33.97 |
Range of Exercise Prices, Lower Limit | ' | ' | ' | $29.53 |
Range of Exercise Prices, Upper Limit | ' | ' | ' | $36.95 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 274,252 | 83,518 | ' | 684,822 |
Aggregate intrinsic value | ' | ' | ' | $4,654 |
Partners_Equity_Nonvested_Unit
Partners' Equity Nonvested Unit Options Activity (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] [Roll Forward] | ' | ' |
Nonvested, beginning of year | ' | 210,504 |
Granted, net of forfeitures | 409,837 | ' |
Vested | -204,084 | ' |
Exercised | -4,128 | ' |
Forfeited | -1,559 | ' |
Nonvested, beginning of year | 410,570 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' |
Nonvested, beginning of year | ' | $29.53 |
Granted, net of forfeitures | $36.95 | $29.53 |
Exercised | $29.53 | ' |
Vested | $33.67 | ' |
Forfeited | $29.53 | ' |
Nonvested, end of year | $34.88 | ' |
Retirement_Plans_Details
Retirement Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employees | |||
Noncontributory retirement plans, amounts accrued | $4.40 | $3.90 | $3.90 |
Matching contributions made by partnership, net of forfeitures | 1.9 | 1.7 | 1.6 |
Multiemployer Plan, Number of Employees | 235 | ' | ' |
Multiemployer plan, contributions made in period | $1.30 | $1.30 | $1.20 |
Income_and_Partnership_Taxes_N
Income and Partnership Taxes Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Valuation Allowance, Amount | ' | $11,300,000 | ' |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 300,000 | ' | ' |
Provision (benefit) for taxes | 20,243,000 | 31,757,000 | 7,877,000 |
Provision for the PTP tax | 9,600,000 | 8,700,000 | 8,300,000 |
Provision (benefit) pertaining to corporate subsidiaries | 10,594,000 | 23,012,000 | -411,000 |
U.S. federal statutory income tax rate | 35.00% | ' | ' |
Foreign tax credit carryforwards available for U.S. federal income tax purposes | 24,300,000 | 31,162,000 | ' |
Valuation allowance | -4,460,000 | -6,030,000 | -10,460,000 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 6,900,000 | ' | ' |
Deferred tax assets, valuation allowance | 6,792,000 | 11,253,000 | ' |
Tax attribute carryforwards | 8,566,000 | 10,948,000 | ' |
Alternative minimum tax credits | 800,000 | ' | ' |
General business credits | 3,200,000 | ' | ' |
State net operating loss carryforwards | 4,600,000 | ' | ' |
Deferred Tax Liabilities, Other Comprehensive Income | 1,200,000 | 2,200,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 200,000 | ' | ' |
Unrecognized Tax Benefits, Increases Resulting from Current Period Tax Positions | 0 | ' | ' |
Unrecognized Tax Benefits | $1,100,000 | $1,100,000 | ' |
Income_Tax_Expense_Details
Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current federal | $5,398 | ($1,081) | $399 |
Current state and local | 1,436 | 743 | 894 |
Current foreign | 412 | -4,152 | -2,381 |
Total current | 7,246 | -4,490 | -1,088 |
Deferred federal, state and local | 9,989 | 9,237 | 1,866 |
Deferred foreign | -6,641 | 18,265 | -1,189 |
Total deferred | 3,348 | 27,502 | 677 |
Provision (benefit) pertaining to corporate subsidiaries | $10,594 | $23,012 | ($411) |
Income_Before_Taxes_Details
Income Before Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Domestic | $159,256 | $113,132 | $93,926 |
Foreign | -30,809 | 20,482 | -20,753 |
Income (loss) before taxes | $128,447 | $133,614 | $73,173 |
Effective_Income_Tax_Reconcili
Effective Income Tax Reconciliation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income tax expense based on U.S. federal statutory income tax rate | $44,956 | $46,765 | $25,611 |
Partnership loss (income) not deductible (includible) from (in) corporate income | -31,574 | -21,273 | -16,188 |
State and local taxes, net of federal income tax benefit | 2,459 | 3,486 | 1,674 |
Valuation allowance | -4,460 | -6,030 | -10,460 |
Tax credits | -1,303 | -2,100 | -1,791 |
Nondeductible expenses and other | 516 | 2,164 | 743 |
Provision (benefit) pertaining to corporate subsidiaries | $10,594 | $23,012 | ($411) |
Deferred_Tax_Assets_and_Liabil1
Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Options and deferred compensation | $11,086 | $7,741 |
Accrued expenses | 6,369 | 4,519 |
Foreign tax credits | 24,300 | 31,162 |
Tax attribute carryforwards | 8,566 | 10,948 |
Derivatives | 4,377 | 10,661 |
Other, net | 1,785 | 4,126 |
Deferred tax assets | 56,483 | 69,157 |
Valuation allowance | -6,792 | -11,253 |
Net deferred tax assets | 49,691 | 57,904 |
Deferred tax liabilities: | ' | ' |
Property | -190,175 | -190,976 |
Derferred Tax Liability, Intangibles | -7,569 | -3,864 |
Foreign currency translation | -385 | -8,672 |
Deferred tax liabilities | 198,129 | 203,512 |
Net deferred tax liability | -148,438 | -145,608 |
Net current and non-current components of deferred taxes: | ' | ' |
Net current deferred tax asset | 9,675 | 8,184 |
Net non-current deferred tax liability | -158,113 | -153,792 |
Net deferred tax liability | ($148,438) | ($145,608) |
Income_and_Partnership_Taxes_U
Income and Partnership Taxes Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | ' | ' |
Unrecognized Tax Benefits | $1,100 | $1,100 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 0 | ' |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | ' |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | $0 | ' |
Contingencies_Details
Contingencies (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Lease Commitments and Contingencies [Abstract] | ' | ' | ' |
Operating lease expense | $12.70 | $12 | $9.70 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | ' |
2014 | $9,565 |
2015 | 9,046 |
2016 | 8,531 |
2017 | 8,051 |
2018 | 7,613 |
Thereafter | 113,405 |
Total future minimum payments due | $156,211 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||
Wildwater Kingdom [Member] | Total [Member] | Total [Member] | Total [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | Not Designated As Hedging [Member] | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Total [Member] | Total [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Total [Member] | Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | |||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||||||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivative liability | ($26,662,000) | ($32,260,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($3,916,000) | ($32,260,000) | ($32,260,000) | ($3,916,000) | [1] | ($32,260,000) | [1] | $0 | $0 | ($3,916,000) | ($32,260,000) | $0 | $0 | ' | ' | ' | ' | ($22,746,000) | [1] | $0 | ($22,746,000) | $0 |
Current derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,746,000 | 0 | ' | ' | ' | ' | |||
Net derivative liability | -26,662,000 | -32,260,000 | ' | -26,662,000 | -32,260,000 | ' | 0 | 0 | -26,662,000 | -32,260,000 | 0 | 0 | -3,916,000 | -32,260,000 | -26,662,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -22,746,000 | 0 | ' | ' | ' | ' | ' | ' | |||
Long-lived fixed assets | ' | ' | ' | ' | ' | 19,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase in net derivative liability | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Impairment of Long-Lived Assets Held-for-use | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair value of term debt | 620,400,000 | 1,117,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair value of notes | $933,200,000 | $353,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | ncluded in "Derivative Liability" on the Consolidated Balance Sheet |
Changes_in_Accumulated_Other_C2
Changes in Accumulated Other Comprehensive Income - Changes in AOCI (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ||
Beginning balance | ($28,500) | [1] | ' | ' | |
Other comprehensive income before reclassifications | 1,510 | [1] | ' | ' | |
Amounts reclassified from accumulated other comprehensive income | 11,982 | [1],[2] | ' | ' | |
Net current-period other comprehensive income | 13,492 | [1] | 508 | 4,700 | |
Ending balance | -15,008 | [1] | -28,500 | [1] | ' |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ||
Beginning balance | -25,749 | [1] | ' | ' | |
Other comprehensive income before reclassifications | -1,246 | [1] | ' | ' | |
Amounts reclassified from accumulated other comprehensive income | 11,982 | [1],[2] | ' | ' | |
Net current-period other comprehensive income | 10,736 | [1] | ' | ' | |
Ending balance | -15,013 | [1] | ' | ' | |
Cumulative Foreign Currency Translation Adjustment [Member] | ' | ' | ' | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | ||
Beginning balance | -2,751 | [1] | ' | ' | |
Other comprehensive income before reclassifications | 2,756 | [1] | ' | ' | |
Amounts reclassified from accumulated other comprehensive income | 0 | [1],[2] | ' | ' | |
Net current-period other comprehensive income | 2,756 | [1] | ' | ' | |
Ending balance | $5 | [1] | ' | ' | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. | ||||
[2] | See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details. |
Changes_in_Accumulated_Other_C3
Changes in Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Net effect of swaps | ($6,883) | $1,492 | $13,119 | |
Total before tax | 128,447 | 133,614 | 73,173 | |
Provision (benefit) for taxes | 20,243 | 31,757 | 7,877 | |
Net income (loss) | 108,204 | 101,857 | 65,296 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Total before tax | 14,132 | [1] | ' | ' |
Provision (benefit) for taxes | 2,150 | [1] | ' | ' |
Net income (loss) | 11,982 | [1] | ' | ' |
Interest Rate Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | |
Net effect of swaps | $14,132 | [1] | ' | ' |
[1] | Amounts in parentheses indicate gains. |
Consolidating_Financial_Inform2
Consolidating Financial Information of Guarantors and Issuers (Details) | Dec. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' |
Subsidiary guarantor ownership percentage | 100.00% |
Unsecured Debt [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Subsidiary ownership percentage, guaranteeing notes | 100.00% |
Subsidiary guarantor ownership percentage | 100.00% |
Unsecured Debt [Member] | Notes Payable Due 2018 [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Stated interest rate percentage | 9.13% |
Unsecured Debt [Member] | Notes Payable 2021 [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Debt Instrument, Interest Rate, Effective Percentage | 5.25% |
Consolidating_Financial_Inform3
Consolidating Financial Information of Guarantors and Issuers Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | $118,056 | $78,830 | $35,524 | $9,765 |
Receivables | 21,333 | 18,192 | ' | ' |
Inventories | 26,080 | 27,840 | ' | ' |
Current deferred tax asset | 9,675 | 8,184 | ' | ' |
Other current assets | 11,353 | 8,060 | ' | ' |
Total current assets | 186,497 | 141,106 | ' | ' |
Property and equipment (net) | 1,505,763 | 1,544,272 | ' | ' |
Investment In Park | 0 | 0 | ' | ' |
Goodwill | 238,089 | 246,221 | 243,490 | ' |
Other intangibles, net | 39,471 | 40,652 | ' | ' |
Deferred Tax Asset | 0 | 0 | ' | ' |
Intercompany Receivable | 0 | 0 | ' | ' |
Other Assets | 44,807 | 47,614 | ' | ' |
Assets | 2,014,627 | 2,019,865 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | 0 | 0 | ' | ' |
Accounts payable | 13,222 | 10,734 | ' | ' |
Deferred revenue | 44,521 | 39,485 | ' | ' |
Accrued interest | 23,201 | 15,512 | ' | ' |
Accrued taxes | 19,481 | 17,813 | ' | ' |
Accrued salaries, wages and benefits | 29,200 | 24,836 | ' | ' |
Self-insurance reserves | 23,653 | 23,906 | ' | ' |
Other accrued liabilities | 5,521 | 5,916 | ' | ' |
Total current liabilities | 158,799 | 138,202 | ' | ' |
Deferred Tax Liability | 158,113 | 153,792 | ' | ' |
Derivative Liability | 26,662 | 32,260 | ' | ' |
Other Liabilities | 11,290 | 8,980 | ' | ' |
Long-Term Debt: | ' | ' | ' | ' |
Term debt | 618,850 | 1,131,100 | ' | ' |
Notes | 901,782 | 401,080 | ' | ' |
Long-term debt, noncurrent | 1,520,632 | 1,532,180 | ' | ' |
Equity | 139,131 | 154,451 | 136,350 | ' |
Total Partners' Equity and Liabilities | 2,014,627 | 2,019,865 | ' | ' |
Cedar Fair L.P. (Parent) [Member] | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 75,000 | 25,000 | 0 | 0 |
Receivables | 6 | 4 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Current deferred tax asset | 0 | 0 | ' | ' |
Other current assets | 599 | 563 | ' | ' |
Total current assets | 75,605 | 25,567 | ' | ' |
Property and equipment (net) | 447,724 | 439,506 | ' | ' |
Investment In Park | 514,948 | 485,136 | ' | ' |
Goodwill | 9,061 | 9,061 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Deferred Tax Asset | 0 | 0 | ' | ' |
Intercompany Receivable | 873,067 | 877,612 | ' | ' |
Other Assets | 25,210 | 22,048 | ' | ' |
Assets | 1,945,615 | 1,858,930 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | ' | 0 | ' | ' |
Accounts payable | 259,850 | 147,264 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued interest | 4,637 | 98 | ' | ' |
Accrued taxes | 4,609 | 4,518 | ' | ' |
Accrued salaries, wages and benefits | 0 | 0 | ' | ' |
Self-insurance reserves | 0 | 0 | ' | ' |
Other accrued liabilities | 1,146 | 1,110 | ' | ' |
Total current liabilities | 270,242 | 152,990 | ' | ' |
Deferred Tax Liability | 0 | 0 | ' | ' |
Derivative Liability | 15,610 | 19,309 | ' | ' |
Other Liabilities | 0 | 0 | ' | ' |
Long-Term Debt: | ' | ' | ' | ' |
Term debt | 618,850 | 1,131,100 | ' | ' |
Notes | 901,782 | 401,080 | ' | ' |
Long-term debt, noncurrent | 1,520,632 | 1,532,180 | ' | ' |
Equity | 139,131 | 154,451 | ' | ' |
Total Partners' Equity and Liabilities | 1,945,615 | 1,858,930 | ' | ' |
Co-Issuer Subsidiary (Magnum) [Member] | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 4,144 | 444 | 512 | 1,461 |
Receivables | 115,972 | 101,093 | ' | ' |
Inventories | 1,968 | 1,724 | ' | ' |
Current deferred tax asset | 5,430 | 3,705 | ' | ' |
Other current assets | 4,443 | 17,858 | ' | ' |
Total current assets | 131,957 | 124,824 | ' | ' |
Property and equipment (net) | 976 | 1,013 | ' | ' |
Investment In Park | 796,735 | 772,183 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Deferred Tax Asset | 31,122 | 36,443 | ' | ' |
Intercompany Receivable | 1,063,568 | 1,070,125 | ' | ' |
Other Assets | 10,002 | 14,832 | ' | ' |
Assets | 2,034,360 | 2,019,420 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | ' | 0 | ' | ' |
Accounts payable | 188,818 | 213,279 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued interest | 3,223 | 64 | ' | ' |
Accrued taxes | 0 | 0 | ' | ' |
Accrued salaries, wages and benefits | 21,596 | 17,932 | ' | ' |
Self-insurance reserves | 5,757 | 5,528 | ' | ' |
Other accrued liabilities | 2,993 | 2,502 | ' | ' |
Total current liabilities | 222,387 | 239,305 | ' | ' |
Deferred Tax Liability | 0 | 0 | ' | ' |
Derivative Liability | 11,052 | 12,951 | ' | ' |
Other Liabilities | 7,858 | 5,480 | ' | ' |
Long-Term Debt: | ' | ' | ' | ' |
Term debt | 618,850 | 1,131,100 | ' | ' |
Notes | 901,782 | 401,080 | ' | ' |
Long-term debt, noncurrent | 1,520,632 | 1,532,180 | ' | ' |
Equity | 272,431 | 229,504 | ' | ' |
Total Partners' Equity and Liabilities | 2,034,360 | 2,019,420 | ' | ' |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 35,575 | 50,173 | 31,540 | 6,943 |
Receivables | 67,829 | 71,099 | ' | ' |
Inventories | 1,898 | 2,352 | ' | ' |
Current deferred tax asset | 800 | 816 | ' | ' |
Other current assets | 14,266 | 530 | ' | ' |
Total current assets | 120,368 | 124,970 | ' | ' |
Property and equipment (net) | 243,208 | 268,157 | ' | ' |
Investment In Park | 142,668 | 115,401 | ' | ' |
Goodwill | 117,810 | 125,942 | ' | ' |
Other intangibles, net | 16,683 | 17,835 | ' | ' |
Deferred Tax Asset | 0 | 0 | ' | ' |
Intercompany Receivable | 1,104,629 | 1,116,623 | ' | ' |
Other Assets | 6,657 | 8,419 | ' | ' |
Assets | 1,752,023 | 1,777,347 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | ' | 0 | ' | ' |
Accounts payable | 17,632 | 16,101 | ' | ' |
Deferred revenue | 2,815 | 4,996 | ' | ' |
Accrued interest | 15,341 | 15,350 | ' | ' |
Accrued taxes | 0 | 6,239 | ' | ' |
Accrued salaries, wages and benefits | 1,101 | 1,214 | ' | ' |
Self-insurance reserves | 1,742 | 1,754 | ' | ' |
Other accrued liabilities | 181 | 140 | ' | ' |
Total current liabilities | 38,812 | 45,794 | ' | ' |
Deferred Tax Liability | 57,704 | 63,460 | ' | ' |
Derivative Liability | 0 | 0 | ' | ' |
Other Liabilities | 0 | 0 | ' | ' |
Long-Term Debt: | ' | ' | ' | ' |
Term debt | 618,850 | 1,131,100 | ' | ' |
Notes | 901,782 | 401,080 | ' | ' |
Long-term debt, noncurrent | 1,520,632 | 1,532,180 | ' | ' |
Equity | 134,875 | 135,913 | ' | ' |
Total Partners' Equity and Liabilities | 1,752,023 | 1,777,347 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 3,337 | 3,213 | 3,472 | 1,361 |
Receivables | 552,633 | 498,555 | ' | ' |
Inventories | 22,214 | 23,764 | ' | ' |
Current deferred tax asset | 3,445 | 3,663 | ' | ' |
Other current assets | 7,764 | 5,490 | ' | ' |
Total current assets | 589,393 | 534,685 | ' | ' |
Property and equipment (net) | 813,855 | 835,596 | ' | ' |
Investment In Park | 63,948 | 53,790 | ' | ' |
Goodwill | 111,218 | 111,218 | ' | ' |
Other intangibles, net | 22,788 | 22,817 | ' | ' |
Deferred Tax Asset | 117 | 90 | ' | ' |
Intercompany Receivable | 0 | 0 | ' | ' |
Other Assets | 2,938 | 2,315 | ' | ' |
Assets | 1,604,257 | 1,560,511 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | ' | 0 | ' | ' |
Accounts payable | 262,029 | 286,649 | ' | ' |
Deferred revenue | 41,706 | 34,489 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Accrued taxes | 30,591 | 23,437 | ' | ' |
Accrued salaries, wages and benefits | 6,503 | 5,690 | ' | ' |
Self-insurance reserves | 16,154 | 16,624 | ' | ' |
Other accrued liabilities | 1,201 | 2,164 | ' | ' |
Total current liabilities | 358,184 | 369,053 | ' | ' |
Deferred Tax Liability | 131,648 | 126,865 | ' | ' |
Derivative Liability | 0 | 0 | ' | ' |
Other Liabilities | 3,432 | 3,500 | ' | ' |
Long-Term Debt: | ' | ' | ' | ' |
Term debt | 0 | 0 | ' | ' |
Notes | 0 | 0 | ' | ' |
Long-term debt, noncurrent | 0 | 0 | ' | ' |
Equity | 1,110,993 | 1,061,093 | ' | ' |
Total Partners' Equity and Liabilities | 1,604,257 | 1,560,511 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Current Assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | -715,107 | -652,559 | ' | ' |
Inventories | 0 | 0 | ' | ' |
Current deferred tax asset | 0 | 0 | ' | ' |
Other current assets | -15,719 | -16,381 | ' | ' |
Total current assets | -730,826 | -668,940 | ' | ' |
Property and equipment (net) | 0 | 0 | ' | ' |
Investment In Park | -1,518,299 | -1,426,510 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other intangibles, net | 0 | 0 | ' | ' |
Deferred Tax Asset | -31,239 | -36,533 | ' | ' |
Intercompany Receivable | -3,041,264 | -3,064,360 | ' | ' |
Other Assets | 0 | 0 | ' | ' |
Assets | -5,321,628 | -5,196,343 | ' | ' |
Current Liabilities: | ' | ' | ' | ' |
Current maturities of long-term debt | ' | 0 | ' | ' |
Accounts payable | -715,107 | -652,559 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Accrued interest | 0 | 0 | ' | ' |
Accrued taxes | -15,719 | -16,381 | ' | ' |
Accrued salaries, wages and benefits | 0 | 0 | ' | ' |
Self-insurance reserves | 0 | 0 | ' | ' |
Other accrued liabilities | 0 | 0 | ' | ' |
Total current liabilities | -730,826 | -668,940 | ' | ' |
Deferred Tax Liability | -31,239 | -36,533 | ' | ' |
Derivative Liability | 0 | 0 | ' | ' |
Other Liabilities | 0 | 0 | ' | ' |
Long-Term Debt: | ' | ' | ' | ' |
Term debt | -1,237,700 | -2,262,200 | ' | ' |
Notes | -1,803,564 | -802,160 | ' | ' |
Long-term debt, noncurrent | -3,041,264 | -3,064,360 | ' | ' |
Equity | -1,518,299 | -1,426,510 | ' | ' |
Total Partners' Equity and Liabilities | ($5,321,628) | ($5,196,343) | ' | ' |
Consolidating_Financial_Inform4
Consolidating Financial Information of Guarantors and Issuers Income Statement (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | |
Net revenues | $1,134,572 | $1,068,454 | $1,028,472 | |
Costs and expenses: | ' | ' | ' | |
Cost of food, merchandise and games revenues | 91,772 | 95,048 | 92,057 | |
Operating expenses | 472,344 | 451,403 | 430,851 | |
Selling, general and administrative | 152,412 | 138,311 | 140,426 | |
Depreciation and amortization | 122,487 | 126,306 | 125,837 | |
Loss on impairment / retirement of fixed assets, net | 2,539 | 30,336 | 11,355 | |
Gain (Loss) on Sale of Other Assets | -8,743 | -6,625 | 0 | |
Total costs and expenses | 832,811 | 834,779 | 800,526 | |
Operating income | 301,761 | 233,675 | 227,946 | |
Interest expense (income), net | 102,917 | 110,551 | 157,028 | |
Net effect of swaps | 6,883 | -1,492 | -13,119 | |
Loss on early extinguishment of debt | 34,573 | 0 | 0 | |
Unrealized / realized foreign currency gain (loss) | 28,941 | -8,998 | 9,909 | |
Other (income) expense | 0 | 0 | 955 | |
(Income) loss from investment in affiliates | 0 | 0 | 0 | |
Income (loss) before taxes | 128,447 | 133,614 | 73,173 | |
Provision (benefit) for taxes | 20,243 | 31,757 | 7,877 | |
Net income (loss) | 108,204 | 101,857 | 65,296 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,756 | 369 | 933 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 10,736 | 139 | 3,767 | |
Other Comprehensive Income (Loss), Net of Tax | 13,492 | [1] | 508 | 4,700 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 121,696 | 102,365 | 69,996 | |
Cedar Fair L.P. (Parent) [Member] | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | |
Net revenues | 152,469 | 145,715 | 141,149 | |
Costs and expenses: | ' | ' | ' | |
Cost of food, merchandise and games revenues | 0 | 0 | 0 | |
Operating expenses | 6,003 | 5,380 | 5,491 | |
Selling, general and administrative | 5,717 | 6,495 | 10,073 | |
Depreciation and amortization | 36,807 | 37,660 | 37,283 | |
Loss on impairment / retirement of fixed assets, net | 424 | 25,997 | 990 | |
Gain (Loss) on Sale of Other Assets | 0 | -862 | ' | |
Total costs and expenses | 48,951 | 74,670 | 53,837 | |
Operating income | 103,518 | 71,045 | 87,312 | |
Interest expense (income), net | 42,630 | 48,524 | 84,391 | |
Net effect of swaps | 4,190 | -138 | -12,214 | |
Loss on early extinguishment of debt | 21,175 | ' | ' | |
Unrealized / realized foreign currency gain (loss) | 0 | 0 | 0 | |
Other (income) expense | 750 | 749 | 1,705 | |
(Income) loss from investment in affiliates | -83,557 | -90,022 | -60,251 | |
Income (loss) before taxes | 118,330 | 111,932 | 73,681 | |
Provision (benefit) for taxes | 10,126 | 10,075 | 8,385 | |
Net income (loss) | 108,204 | 101,857 | 65,296 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,756 | 369 | 933 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 10,736 | 139 | 3,767 | |
Other Comprehensive Income (Loss), Net of Tax | 13,492 | 508 | 4,700 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 121,696 | 102,365 | 69,996 | |
Co-Issuer Subsidiary (Magnum) [Member] | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | |
Net revenues | 296,077 | 258,136 | 251,064 | |
Costs and expenses: | ' | ' | ' | |
Cost of food, merchandise and games revenues | 0 | 0 | 0 | |
Operating expenses | 183,604 | 176,356 | 165,409 | |
Selling, general and administrative | 100,825 | 86,615 | 84,270 | |
Depreciation and amortization | 37 | 40 | 47 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | |
Gain (Loss) on Sale of Other Assets | 0 | 0 | ' | |
Total costs and expenses | 284,466 | 263,011 | 249,726 | |
Operating income | 11,611 | -4,875 | 1,338 | |
Interest expense (income), net | 28,875 | 29,328 | 15,030 | |
Net effect of swaps | 2,693 | 121 | 718 | |
Loss on early extinguishment of debt | 12,781 | ' | ' | |
Unrealized / realized foreign currency gain (loss) | 0 | 0 | 0 | |
Other (income) expense | -11,257 | -9,507 | -7,798 | |
(Income) loss from investment in affiliates | -37,520 | -66,150 | -11,912 | |
Income (loss) before taxes | 16,039 | 41,333 | 5,300 | |
Provision (benefit) for taxes | -12,133 | -9,856 | -23,000 | |
Net income (loss) | 28,172 | 51,189 | 28,300 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 2,848 | 114 | -9,499 | |
Other Comprehensive Income (Loss), Net of Tax | 2,848 | 114 | -9,499 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 31,020 | 51,303 | 18,801 | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | |
Net revenues | 127,692 | 140,418 | 126,972 | |
Costs and expenses: | ' | ' | ' | |
Cost of food, merchandise and games revenues | 9,322 | 10,316 | 9,932 | |
Operating expenses | 47,770 | 47,863 | 45,765 | |
Selling, general and administrative | 10,984 | 11,135 | 11,314 | |
Depreciation and amortization | 17,333 | 18,199 | 17,325 | |
Loss on impairment / retirement of fixed assets, net | 479 | 6 | -61 | |
Gain (Loss) on Sale of Other Assets | 0 | 0 | ' | |
Total costs and expenses | 85,888 | 87,519 | 84,275 | |
Operating income | 41,804 | 52,899 | 42,697 | |
Interest expense (income), net | 39,376 | 40,870 | 52,814 | |
Net effect of swaps | 0 | -1,475 | -1,623 | |
Loss on early extinguishment of debt | 617 | ' | ' | |
Unrealized / realized foreign currency gain (loss) | 28,941 | -8,998 | 9,909 | |
Other (income) expense | 3,679 | 2,020 | 2,349 | |
(Income) loss from investment in affiliates | -17,438 | -14,597 | -6,945 | |
Income (loss) before taxes | -13,371 | 35,079 | -13,807 | |
Provision (benefit) for taxes | -10,856 | 3,413 | 2,970 | |
Net income (loss) | -2,515 | 31,666 | -16,777 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 2,756 | 369 | 933 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | 21 | 291 | |
Other Comprehensive Income (Loss), Net of Tax | 2,756 | 390 | 1,224 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 241 | 32,056 | -15,553 | |
Guarantor Subsidiaries [Member] | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | |
Net revenues | 1,006,469 | 927,668 | 901,120 | |
Costs and expenses: | ' | ' | ' | |
Cost of food, merchandise and games revenues | 82,450 | 84,732 | 82,125 | |
Operating expenses | 683,102 | 625,287 | 606,019 | |
Selling, general and administrative | 34,886 | 34,066 | 34,769 | |
Depreciation and amortization | 68,310 | 70,407 | 71,182 | |
Loss on impairment / retirement of fixed assets, net | 1,636 | 4,333 | 10,426 | |
Gain (Loss) on Sale of Other Assets | -8,743 | -5,763 | ' | |
Total costs and expenses | 861,641 | 813,062 | 804,521 | |
Operating income | 144,828 | 114,606 | 96,599 | |
Interest expense (income), net | -7,964 | -8,171 | 4,793 | |
Net effect of swaps | 0 | 0 | 0 | |
Loss on early extinguishment of debt | 0 | ' | ' | |
Unrealized / realized foreign currency gain (loss) | 0 | 0 | 0 | |
Other (income) expense | 6,828 | 6,738 | 4,699 | |
(Income) loss from investment in affiliates | 2,477 | -31,759 | 15,573 | |
Income (loss) before taxes | 143,487 | 147,798 | 71,534 | |
Provision (benefit) for taxes | 33,106 | 28,125 | 19,522 | |
Net income (loss) | 110,381 | 119,673 | 52,012 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 0 | 0 | 0 | |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 110,381 | 119,673 | 52,012 | |
Eliminations [Member] | ' | ' | ' | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | |
Net revenues | -448,135 | -403,483 | -391,833 | |
Costs and expenses: | ' | ' | ' | |
Cost of food, merchandise and games revenues | 0 | 0 | 0 | |
Operating expenses | -448,135 | -403,483 | -391,833 | |
Selling, general and administrative | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | |
Gain (Loss) on Sale of Other Assets | 0 | 0 | ' | |
Total costs and expenses | -448,135 | -403,483 | -391,833 | |
Operating income | 0 | 0 | 0 | |
Interest expense (income), net | 0 | 0 | 0 | |
Net effect of swaps | 0 | 0 | 0 | |
Loss on early extinguishment of debt | 0 | ' | ' | |
Unrealized / realized foreign currency gain (loss) | 0 | 0 | 0 | |
Other (income) expense | 0 | 0 | 0 | |
(Income) loss from investment in affiliates | 136,038 | 202,528 | 63,535 | |
Income (loss) before taxes | -136,038 | -202,528 | -63,535 | |
Provision (benefit) for taxes | 0 | 0 | 0 | |
Net income (loss) | -136,038 | -202,528 | -63,535 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -2,756 | -369 | -933 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | -2,848 | -135 | 9,208 | |
Other Comprehensive Income (Loss), Net of Tax | -5,604 | -504 | 8,275 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | ($141,642) | ($203,032) | ($55,260) | |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits. |
Consolidating_Financial_Inform5
Consolidating Financial Information of Guarantors and Issuers Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (FOR) FROM OPERATING ACTIVITIES | $324,457 | $285,933 | $218,177 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from the sale of other assets | 15,297 | 16,058 | 0 |
Capital expenditures | -120,448 | -96,232 | -90,190 |
Investment in joint ventures and affiliates | 0 | 0 | 0 |
Net cash from (for) investing activities | -105,151 | -80,174 | -90,190 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings on revolving credit loans | 0 | 0 | -23,200 |
Derivative settlement | 0 | -50,450 | 0 |
Term debt borrowings | 630,000 | 0 | 22,938 |
Note borrowings | 500,000 | 0 | 0 |
Intercompany term debt (payments) receipts | ' | 0 | 0 |
Term debt payments, including early termination penalties | -1,142,250 | -25,000 | -23,900 |
Distributions (paid) received | -143,457 | -88,813 | -55,347 |
Payment of debt issuance costs | -23,532 | 0 | -21,214 |
Exercise of limited partnership unit options | 52 | 76 | 5 |
Capital (contribution) infusion | ' | 0 | ' |
Excess tax benefit from unit-based compensation expense | 855 | 1,208 | 0 |
Net cash (for) financing activities | -178,332 | -162,979 | -100,718 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -1,748 | 526 | -1,510 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Net increase (decrease) for the period | 39,226 | 43,306 | 25,759 |
Balance, beginning of period | 78,830 | 35,524 | 9,765 |
Balance, end of period | 118,056 | 78,830 | 35,524 |
Cedar Fair L.P. (Parent) [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (FOR) FROM OPERATING ACTIVITIES | 304,815 | 130,043 | 141,935 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from the sale of other assets | 0 | 1,173 | ' |
Capital expenditures | -56,254 | -33,664 | -41,851 |
Investment in joint ventures and affiliates | -29,812 | 30,855 | -8,954 |
Net cash from (for) investing activities | -86,066 | -1,636 | -50,805 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings on revolving credit loans | ' | ' | -23,200 |
Derivative settlement | ' | 0 | ' |
Term debt borrowings | 359,022 | ' | 13,246 |
Note borrowings | 294,897 | ' | ' |
Intercompany term debt (payments) receipts | ' | 0 | 0 |
Term debt payments, including early termination penalties | -661,180 | -14,468 | -13,831 |
Distributions (paid) received | -146,953 | -88,939 | -55,562 |
Payment of debt issuance costs | -14,535 | ' | -11,783 |
Exercise of limited partnership unit options | 0 | 0 | 0 |
Capital (contribution) infusion | ' | 0 | ' |
Excess tax benefit from unit-based compensation expense | 0 | 0 | ' |
Net cash (for) financing activities | -168,749 | -103,407 | -91,130 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Net increase (decrease) for the period | 50,000 | 25,000 | 0 |
Balance, beginning of period | 25,000 | 0 | 0 |
Balance, end of period | 75,000 | 25,000 | 0 |
Co-Issuer Subsidiary (Magnum) [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (FOR) FROM OPERATING ACTIVITIES | 37,035 | 30,996 | -155,251 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from the sale of other assets | 0 | 0 | ' |
Capital expenditures | 0 | -8 | 0 |
Investment in joint ventures and affiliates | -24,552 | -56,099 | -13,523 |
Net cash from (for) investing activities | -24,552 | -56,107 | -13,523 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings on revolving credit loans | ' | ' | 0 |
Derivative settlement | ' | 0 | ' |
Term debt borrowings | 256,500 | ' | 9,357 |
Note borrowings | 205,103 | ' | ' |
Intercompany term debt (payments) receipts | ' | 93,845 | 176,343 |
Term debt payments, including early termination penalties | -466,336 | -10,212 | -9,763 |
Distributions (paid) received | 3,496 | 126 | 215 |
Payment of debt issuance costs | -8,453 | ' | -8,332 |
Exercise of limited partnership unit options | 52 | 76 | 5 |
Capital (contribution) infusion | ' | -60,000 | ' |
Excess tax benefit from unit-based compensation expense | 855 | 1,208 | ' |
Net cash (for) financing activities | -8,783 | 25,043 | 167,825 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Net increase (decrease) for the period | 3,700 | -68 | -949 |
Balance, beginning of period | 444 | 512 | 1,461 |
Balance, end of period | 4,144 | 444 | 512 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (FOR) FROM OPERATING ACTIVITIES | 30,786 | 21,256 | 47,935 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from the sale of other assets | 0 | 0 | ' |
Capital expenditures | -9,723 | -14,551 | -19,344 |
Investment in joint ventures and affiliates | -33,113 | 2,172 | -1,414 |
Net cash from (for) investing activities | -42,836 | -12,379 | -20,758 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings on revolving credit loans | ' | ' | 0 |
Derivative settlement | ' | -50,450 | ' |
Term debt borrowings | 14,478 | ' | 335 |
Note borrowings | 0 | ' | ' |
Intercompany term debt (payments) receipts | ' | 0 | 0 |
Term debt payments, including early termination penalties | -14,734 | -320 | -306 |
Distributions (paid) received | 0 | 0 | 0 |
Payment of debt issuance costs | -544 | ' | -1,099 |
Exercise of limited partnership unit options | 0 | 0 | 0 |
Capital (contribution) infusion | ' | 60,000 | ' |
Excess tax benefit from unit-based compensation expense | 0 | 0 | ' |
Net cash (for) financing activities | -800 | 9,230 | -1,070 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | -1,748 | 526 | -1,510 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Net increase (decrease) for the period | -14,598 | 18,633 | 24,597 |
Balance, beginning of period | 50,173 | 31,540 | 6,943 |
Balance, end of period | 35,575 | 50,173 | 31,540 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (FOR) FROM OPERATING ACTIVITIES | 45,916 | 143,489 | 183,753 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from the sale of other assets | 15,297 | 14,885 | ' |
Capital expenditures | -54,471 | -48,009 | -28,995 |
Investment in joint ventures and affiliates | -6,618 | -16,779 | 23,696 |
Net cash from (for) investing activities | -45,792 | -49,903 | -5,299 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings on revolving credit loans | ' | ' | 0 |
Derivative settlement | ' | 0 | ' |
Term debt borrowings | 0 | ' | 0 |
Note borrowings | 0 | ' | ' |
Intercompany term debt (payments) receipts | ' | -93,845 | -176,343 |
Term debt payments, including early termination penalties | 0 | 0 | 0 |
Distributions (paid) received | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | ' | 0 |
Exercise of limited partnership unit options | 0 | 0 | 0 |
Capital (contribution) infusion | ' | 0 | ' |
Excess tax benefit from unit-based compensation expense | 0 | 0 | ' |
Net cash (for) financing activities | 0 | -93,845 | -176,343 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Net increase (decrease) for the period | 124 | -259 | 2,111 |
Balance, beginning of period | 3,213 | 3,472 | 1,361 |
Balance, end of period | 3,337 | 3,213 | 3,472 |
Eliminations [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (FOR) FROM OPERATING ACTIVITIES | -94,095 | -39,851 | -195 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from the sale of other assets | 0 | 0 | ' |
Capital expenditures | 0 | 0 | 0 |
Investment in joint ventures and affiliates | 94,095 | 39,851 | 195 |
Net cash from (for) investing activities | 94,095 | 39,851 | 195 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings on revolving credit loans | ' | ' | 0 |
Derivative settlement | ' | 0 | ' |
Term debt borrowings | 0 | ' | 0 |
Note borrowings | 0 | ' | ' |
Intercompany term debt (payments) receipts | ' | 0 | 0 |
Term debt payments, including early termination penalties | 0 | 0 | 0 |
Distributions (paid) received | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | ' | 0 |
Exercise of limited partnership unit options | 0 | 0 | 0 |
Capital (contribution) infusion | ' | 0 | ' |
Excess tax benefit from unit-based compensation expense | 0 | 0 | ' |
Net cash (for) financing activities | 0 | 0 | 0 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | ' | ' | ' |
Net increase (decrease) for the period | 0 | 0 | 0 |
Balance, beginning of period | 0 | 0 | 0 |
Balance, end of period | $0 | $0 | $0 |