Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 28, 2015 | Jul. 28, 2015 | |
DEI [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 28, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | CEDAR FAIR L P | |
Entity Central Index Key | 811,532 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Unit, Units Outstanding | 56,008,206 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 28, 2015 | Dec. 31, 2014 | Jun. 29, 2014 |
Current Assets: | |||
Cash and cash equivalents | $ 35,447 | $ 131,840 | $ 40,134 |
Receivables | 70,019 | 27,395 | 66,561 |
Inventories | 46,627 | 25,883 | 45,571 |
Current deferred tax asset | 20,032 | 9,265 | 22,900 |
Prepaid advertising | 18,648 | 1,548 | 19,697 |
Other current assets | 11,156 | 7,786 | 11,701 |
Total current assets | 201,929 | 203,717 | 206,564 |
Property and Equipment: | |||
Land | 271,593 | 276,297 | 283,118 |
Land improvements | 385,451 | 366,863 | 371,038 |
Buildings | 654,619 | 599,907 | 600,335 |
Rides and equipment | 1,593,907 | 1,535,705 | 1,567,581 |
Construction in progress | 16,756 | 70,431 | 34,166 |
Total property and equipment, gross | 2,922,326 | 2,849,203 | 2,856,238 |
Less accumulated depreciation | (1,347,595) | (1,322,652) | (1,299,074) |
Total property and equipment, net | 1,574,731 | 1,526,551 | 1,557,164 |
Goodwill | 221,662 | 228,291 | 237,650 |
Other Intangibles, net | 37,278 | 38,191 | 39,509 |
Other Assets | 40,678 | 41,569 | 44,909 |
Total Assets | 2,076,278 | 2,038,319 | 2,085,796 |
Current Liabilities: | |||
Current maturities of long-term debt | 0 | 0 | 3,025 |
Accounts payable | 39,917 | 23,933 | 37,503 |
Deferred revenue | 147,943 | 61,161 | 133,797 |
Accrued interest | 12,455 | 9,916 | 12,516 |
Accrued taxes | 12,143 | 21,800 | 7,253 |
Accrued salaries, wages and benefits | 32,233 | 34,102 | 35,640 |
Self-insurance reserves | 24,020 | 23,377 | 23,659 |
Current derivative liability | 6,895 | 11,791 | 0 |
Other accrued liabilities | 15,433 | 12,139 | 9,405 |
Total current liabilities | 291,039 | 198,219 | 262,798 |
Deferred Tax Liability | 153,053 | 152,513 | 157,046 |
Derivative Liability | 18,806 | 14,649 | 30,110 |
Other Liabilities | 16,061 | 17,871 | 7,402 |
Long-Term Debt: | |||
Revolving credit loans | 42,000 | 0 | 39,000 |
Term debt | 608,850 | 608,850 | 615,825 |
Notes | 950,000 | 950,000 | 950,000 |
Total long-term debt | $ 1,600,850 | $ 1,558,850 | $ 1,604,825 |
Commitments and Contingencies | |||
Partners’ Equity: | |||
Special L.P. interests | $ 5,290 | $ 5,290 | $ 5,290 |
General partner | 0 | 1 | 2 |
Limited partners, 56,008, 55,828 and 55,859 units outstanding at June 28, 2015, December 31, 2014 and June 29, 2014, respectively | (3,049) | 101,556 | 36,918 |
Accumulated other comprehensive loss | (5,772) | (10,630) | (18,595) |
Total partners' equity | (3,531) | 96,217 | 23,615 |
Total Partners' Equity and Liabilities | $ 2,076,278 | $ 2,038,319 | $ 2,085,796 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Jun. 28, 2015 | Dec. 31, 2014 | Jun. 29, 2014 |
Limited partners, units outstanding | 56,008 | 55,828 | 55,859 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Net revenues: | ||||
Admissions | $ 207,568 | $ 206,958 | $ 230,351 | $ 226,025 |
Food, merchandise and games | 128,633 | 121,601 | 146,577 | 137,987 |
Accommodations, extra-charge products and other | 41,207 | 34,455 | 47,297 | 39,468 |
Total net revenues | 377,408 | 363,014 | 424,225 | 403,480 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 33,106 | 31,090 | 38,694 | 36,075 |
Operating expenses | 157,325 | 147,192 | 235,455 | 227,542 |
Selling, general and administrative | 46,065 | 46,617 | 71,883 | 68,021 |
Depreciation and amortization | 47,105 | 46,974 | 51,116 | 51,281 |
Gain on sale of other assets | 0 | (921) | 0 | (921) |
Loss on impairment / retirement of fixed assets, net | 780 | 215 | 3,683 | 1,212 |
Total costs and expenses | 284,381 | 271,167 | 400,831 | 383,210 |
Operating income | 93,027 | 91,847 | 23,394 | 20,270 |
Interest expense | 21,473 | 27,907 | 42,005 | 52,639 |
Net effect of swaps | (1,407) | (315) | (1,523) | 56 |
Loss on early debt extinguishment | 0 | 29,273 | 0 | 29,273 |
Unrealized/realized foreign currency (gain) loss | (7,911) | (16,102) | 30,307 | 1,082 |
Interest income | (5) | (6) | (45) | (79) |
Income (loss) before taxes | 80,877 | 51,090 | (47,350) | (62,701) |
Provision (benefit) for taxes | 23,294 | 7,188 | (21,100) | (23,063) |
Net income (loss) | 57,583 | 43,902 | (26,250) | (39,638) |
Net income (loss) allocated to general partner | 1 | 1 | 0 | 0 |
Net income (loss) allocated to limited partners | 57,582 | 43,901 | (26,250) | (39,638) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | (1,758) | (2,317) | 5,456 | (696) |
Unrealized income (loss) on cash flow hedging derivatives | 1,841 | (2,241) | (598) | (2,891) |
Other comprehensive income (loss), (net of tax) | 83 | (4,558) | 4,858 | (3,587) |
Total comprehensive income (loss) | $ 57,666 | $ 39,344 | $ (21,392) | $ (43,225) |
Basic earnings per limited partner unit: | ||||
Weighted average limited partner units outstanding | 55,734 | 55,419 | 55,696 | 55,453 |
Net income (loss) per limited partner unit | $ 1.03 | $ 0.79 | $ (0.47) | $ (0.71) |
Diluted earnings per limited partner unit: | ||||
Weighted average limited partner units outstanding | 56,285 | 55,824 | 55,696 | 55,453 |
Net income (loss) per limited partner unit | $ 1.02 | $ 0.79 | $ (0.47) | $ (0.71) |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statement of Partners' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Limited Partners [Member] | General Partner [Member] | Special L.P. Interests [Member] | AOCI Attributable to Parent [Member] | Accumulated Translation Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] |
Beginning balance, units at Dec. 31, 2013 | 55,716 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised | 11 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | 0 | ||||||
Issuance of limited partnership units as compensation | 132 | ||||||
Ending balance, units at Jun. 29, 2014 | 55,859 | ||||||
Beginning balance, value at Dec. 31, 2013 | $ 148,847 | $ 2 | $ 5 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | $ (39,638) | (39,638) | |||||
Partnership distribution declared ($1.50 and $1.40 per limited partnership unit) | (78,275) | ||||||
Expense recognized for limited partnership unit options | 446 | ||||||
Tax effect of units involved in option exercises and treasury unit transactions | 725 | (725) | |||||
Issuance of limited partnership units as compensation | 6,263 | ||||||
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | (696) | $ (696) | |||||
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax | (2,891) | $ (2,891) | |||||
Ending balance, value at Jun. 29, 2014 | $ 23,615 | $ 36,918 | 2 | 5,290 | $ (18,595) | (691) | (17,904) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Weighted average limited partner units outstanding | 55,453 | ||||||
General Partner Distributions | $ 0 | ||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (15,013) | ||||||
Beginning balance, units at Dec. 31, 2014 | 55,828 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised | 48 | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (1) | ||||||
Issuance of limited partnership units as compensation | 133 | ||||||
Ending balance, units at Jun. 28, 2015 | 56,008 | ||||||
Beginning balance, value at Dec. 31, 2014 | 96,217 | $ 101,556 | 1 | 5,936 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (26,250) | (26,250) | |||||
Partnership distribution declared ($1.50 and $1.40 per limited partnership unit) | (84,153) | ||||||
Expense recognized for limited partnership unit options | 353 | ||||||
Tax effect of units involved in option exercises and treasury unit transactions | 2,048 | (2,048) | |||||
Issuance of limited partnership units as compensation | 7,493 | ||||||
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax | 5,456 | 5,456 | |||||
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax | (598) | (598) | |||||
Ending balance, value at Jun. 28, 2015 | $ (3,531) | $ (3,049) | $ 0 | $ 5,290 | $ (5,772) | 11,392 | $ (17,164) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Weighted average limited partner units outstanding | 55,696 | ||||||
General Partner Distributions | $ (1) | ||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (16,566) |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statement of Partners' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Foreign currency translation adjustment, tax | $ 1,011 | $ 1,334 | $ (3,136) | $ 402 |
Unrealized loss on cash flow hedging derivatives, tax | $ 185 | $ 501 | ||
Partnership distribution declared, amount per limited partnership unit | $ 1.50 | $ 1.40 | $ 1.50 | $ 1.40 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (26,250) | $ (39,638) |
Adjustments to reconcile net loss to net cash for operating activities: | ||
Depreciation and amortization | 51,116 | 51,281 |
Loss on early debt extinguishment | 0 | 29,273 |
Loss on impairment / retirement of fixed assets, net | 3,683 | 1,212 |
Gain on sale of other assets | 0 | (921) |
Net effect of swaps | (1,523) | 56 |
Non-cash expense | 40,004 | 9,696 |
Net change in working capital | 18,526 | 18,046 |
Net change in other assets/liabilities | (12,279) | (16,768) |
Net cash from operating activities | 73,277 | 52,237 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Sale of non-core asset | 0 | 1,377 |
Purchase of preferred equity investment | (2,000) | 0 |
Capital expenditures | (120,380) | (106,690) |
Net cash for investing activities | (122,380) | (105,313) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 42,000 | 39,000 |
Note borrowings | 0 | 450,000 |
Note payments, including amounts paid for early termination | 0 | (426,148) |
Distributions paid to partners | (84,154) | (78,275) |
Payment of debt issuance costs | 0 | (9,795) |
Tax effect of units involved in option exercises and treasury unit transactions | 2,048 | 725 |
Net cash for financing activities | (44,202) | (25,943) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (3,088) | 1,097 |
CASH AND CASH EQUIVALENTS | ||
Net decrease for the period | (96,393) | (77,922) |
Balance, beginning of period | 131,840 | 118,056 |
Balance, end of period | 35,447 | 40,134 |
SUPPLEMENTAL INFORMATION | ||
Cash payments for interest expense | 39,378 | 61,550 |
Interest capitalized | 1,943 | 772 |
Cash payments for income taxes, net of refunds | 4,256 | 3,319 |
Capital Expenditures Incurred but Not yet Paid | $ 8,360 | $ 2,375 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 28, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared from the financial records of Cedar Fair, L.P. (the Partnership) without audit and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to fairly present the results of the interim periods covered in this report. Due to the seasonal nature of the Partnership's amusement and water park operations, the results for any interim period may not be indicative of the results expected for the full fiscal year. |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 6 Months Ended |
Jun. 28, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting and Reporting Policies | Significant Accounting and Reporting Policies: The Partnership’s unaudited condensed consolidated financial statements for the periods ended June 28, 2015 and June 29, 2014 included in this Form 10-Q report have been prepared in accordance with the accounting policies described in the Notes to Consolidated Financial Statements for the year ended December 31, 2014 , which were included in the Form 10-K filed on February 26, 2015. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the Commission). These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K referred to above. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The amendments in ASU 2014-09 provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. ASU 2014-09 is effective for annual and interim periods beginning on or after December 15, 2017 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is not permitted. The Partnership has not yet selected a transition method and is in the process of evaluating the effect this standard will have on the consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying value of the corresponding debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for annual and interim periods beginning on or after December 15, 2015 with early adoption permitted. We do not expect adoption of ASU2015-03 to have an impact on our unaudited condensed consolidated statements of operations or unaudited condensed consolidated statements of cash flows. The impact of the adoption of this guidance will result in the reclassification of the unamortized debt issuance costs on the unaudited condensed consolidated balance sheets, which were $22.4 million , $24.6 million , and $27.4 million at June 28, 2015, December 31, 2014, and June 29, 2014, respectively. |
Interim Reporting
Interim Reporting | 6 Months Ended |
Jun. 28, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Reporting | Interim Reporting: The Partnership owns and operates eleven amusement parks, three separately gated outdoor water parks, one indoor water park and five hotels. Virtually all of the Partnership’s revenues from its seasonal amusement parks, as well as its outdoor water parks and other seasonal resort facilities, are realized during a 130 - to 140 -day operating period beginning in early May, with the major portion concentrated in the third quarter during the peak vacation months of July and August. Knott's Berry Farm is open daily on a year-round basis. Castaway Bay is generally open daily from Memorial Day to Labor Day, plus a limited daily schedule for the balance of the year. To assure that these highly seasonal operations will not result in misleading comparisons of current and subsequent interim periods, the Partnership has adopted the following accounting and reporting procedures for its seasonal parks: (a) revenues on multi-use tickets are recognized over the estimated number of visits expected for each type of ticket and are adjusted periodically during the operating season prior to the ticket expiration, which occurs no later than the close of the operating season or December 31 each year, (b) depreciation, advertising and certain seasonal operating costs are expensed during each park’s operating season, including certain costs incurred prior to the season which are amortized over the season, and (c) all other costs are expensed as incurred or ratably over the entire year. |
Long-Lived Assets
Long-Lived Assets | 6 Months Ended |
Jun. 28, 2015 | |
Property, Plant and Equipment [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 operating 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, market, and/or cost approach. The income approach 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. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The cost approach is based on the amount currently required to replace the service capacity of an asset adjusted for obsolescence. 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 28, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: In accordance with the applicable accounting rules, goodwill is not amortized, but, along with indefinite-lived trade-names, is evaluated for impairment on an annual basis or more frequently if indicators of impairment exist. As of June 28, 2015 , there were no indicators of impairment. The Partnership tested goodwill and other indefinite-lived intangibles for impairment on December 31, 2014 and no impairment was indicated. A summary of changes in the Partnership’s carrying value of goodwill for the six months ended June 28, 2015 and June 29, 2014 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance at December 31, 2013 $ 317,957 $ (79,868 ) $ 238,089 Foreign currency translation (439 ) — (439 ) Balance at June 29, 2014 $ 317,518 $ (79,868 ) $ 237,650 Balance at December 31, 2014 $ 308,159 $ (79,868 ) $ 228,291 Foreign currency translation (6,629 ) — (6,629 ) Balance at June 28, 2015 $ 301,530 $ (79,868 ) $ 221,662 At June 28, 2015 , December 31, 2014, and June 29, 2014 the Partnership’s other intangible assets consisted of the following: June 28, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Other intangible assets: Trade names $ 36,744 $ — $ 36,744 License / franchise agreements 877 343 534 Total other intangible assets $ 37,621 $ 343 $ 37,278 December 31, 2014 (In thousands) Other intangible assets: Trade names $ 37,683 $ — $ 37,683 License / franchise agreements 818 310 508 Total other intangible assets $ 38,501 $ 310 $ 38,191 June 29, 2014 (In thousands) Other intangible assets: Trade names $ 39,008 $ — $ 39,008 License / franchise agreements 900 399 501 Total other intangible assets $ 39,908 $ 399 $ 39,509 Amortization expense of other intangible assets is expected to be immaterial going forward. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 28, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt: In June of 2014, the Partnership issued $450 million of 5.375% senior unsecured notes ("June 2014 notes"), maturing in 2024 , in a private placement. The net proceeds from the offering of the June 2014 notes were used to redeem in full all of the Partnership’s $405 million of 9.125% July 2010 senior unsecured notes that were scheduled to mature in 2018 (and which included $5.6 million of Original Issue Discount ("OID") to yield 9.375% ), to satisfy and discharge the indenture governing the notes that were redeemed and for general corporate purposes. The Partnership's June 2014 notes pay interest semi-annually in June and December, with the principal due in full on June 1, 2024. The notes may be redeemed, in whole or in part, at any time prior to June 1, 2019 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 June 1, 2017, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.375% together with accrued and unpaid interest. In March 2013, the Partnership issued $500 million of 5.25% senior unsecured notes ("March 2013 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 terms of the senior secured term loan facility include a maturity date of March 6, 2020 and bear interest at a rate of LIBOR ("London InterBank Offering Rate") plus 250 bps with a LIBOR floor of 75 bps. The term loan amortizes at $6.3 million annually and allows interest to be paid on a 30-, 60-, or 90-day basis. The Partnership is currently paying interest on a 30-day basis. The net proceeds from the notes 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. Terms of the 2013 Credit Agreement include a revolving credit facility of a combined $255 million . Under the 2013 Credit Agreement, the Canadian portion of the revolving credit facility has a sub-limit of $15 million . U.S. denominated and Canadian denominated loans made under the revolving credit facility bear interest at a rate of LIBOR plus 225 bps (with no LIBOR floor). The revolving credit facility is scheduled to mature in March 2018 and also provides for the issuance of documentary and standby letters of credit. 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. The 2013 Credit Agreement requires the Partnership to maintain specified financial ratios, which if breached for any reason, including a decline in operating results, could result in an event of default under the agreement. The most restrictive of these ratios is the Consolidated Leverage Ratio. At the end of the second quarter of 2015, this ratio was set at 5.75 x consolidated total debt (excluding the revolving debt)-to-consolidated EBITDA. The ratio decreased by 0.25 x at the beginning of the second quarter and will decrease each second quarter until it reaches 5.25 x. As of June 28, 2015 , we were in compliance with this ratio and all other covenants under the 2013 Credit Agreement. The Partnership is allowed to make Restricted Payments, as defined in the 2013 Credit Agreement, of up to $60 million annually, so long as no default or event of default has occurred and is continuing and so long as the Partnership would be in compliance with certain financial ratios after giving effect to the payments. 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 5.00 x. Pursuant to the terms of the indentures governing the Partnership's June 2014 and March 2013 notes, the Partnership can make Restricted Payments of $60 million annually so long as no default or event of default has occurred and is continuing, and our ability to make additional Restricted Payments in 2015 and beyond is permitted should the Partnership's pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 5.00 x. The Partnership's March 2013 notes 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 a price equal to 105.25% together with accrued and unpaid interest. 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 28, 2015 | |
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. We have entered into several interest rate swaps that fix all of our variable rate term-debt payments. As of June 28, 2015 , we have $800 million of variable-rate debt to fixed rates swaps that mature in December 2015 and fix LIBOR at a weighted average rate of 2.38% . These swaps have been de-designated as cash flow hedges. During the third quarter and fourth quarter of 2013, we 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% . Fair Value of Derivative Instruments and the Classification in Condensed Consolidated Balance Sheet: (In thousands) Condensed Consolidated Balance Sheet Location Fair Value as of Fair Value as of Fair Value as of June 28, 2015 December 31, 2014 June 29, 2014 Derivatives designated as hedging instruments: Interest rate swaps Derivative Liability $ (18,806 ) $ (14,649 ) $ (11,279 ) Total derivatives designated as hedging instruments $ (18,806 ) $ (14,649 ) $ (11,279 ) Derivatives not designated as hedging instruments: Interest rate swaps Current Derivative Liability $ (6,895 ) $ (11,791 ) $ — Interest rate swaps Derivative Liability $ — $ — $ (18,831 ) Total derivatives not designated as hedging instruments $ (6,895 ) $ (11,791 ) $ (18,831 ) Net derivative liability $ (25,701 ) $ (26,440 ) $ (30,110 ) Derivatives Designated as Hedging Instruments Changes in fair value of highly effective hedges are recorded as a component of accumulated other comprehensive loss in the unaudited condensed consolidated balance sheets. Any ineffectiveness is recognized immediately in income. Amounts recorded as a component of accumulated other comprehensive loss are reclassified into earnings in the same period the forecasted transactions affect earnings. As of June 28, 2015 we have no amounts that are forecasted to be reclassified into earnings in the next twelve months. Derivatives Not Designated as Hedging Instruments Certain interest rate swap contracts were deemed ineffective in prior years and no longer qualified for hedge accounting. As a result of discontinued hedge accounting, the instruments are prospectively adjusted to fair value each reporting period through "Net effect of swaps" on the unaudited condensed consolidated statements of operations and comprehensive income. The amounts that were previously recorded as a component of accumulated other comprehensive loss prior to the de-designation are reclassified to earnings and a corresponding realized gain or loss will be recognized when the forecasted cash flow occurs. As of June 28, 2015 , approximately $1.5 million of losses remain in accumulated comprehensive loss related to the effective cash flow hedge contracts prior to de-designation and all of which will be reclassified to earnings within the next 12 months. The following table presents our derivative portfolio along with their notional amounts and their fixed interest rates as of June 28, 2015 . Interest Rate Swaps ($'s in thousands) Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Notional Amounts Fixed Rate Notional Amounts Fixed Rate $ 200,000 3.00 % $ 200,000 2.27 % 100,000 3.00 % 150,000 2.43 % 100,000 3.00 % 75,000 2.30 % 100,000 2.70 % 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 2.30 % Total $'s / Average Rate $ 500,000 2.94 % $ 800,000 2.38 % Effects of Derivative Instruments on Income (Loss) and Other Comprehensive Income (Loss) for the three-month periods ended June 28, 2015 and June 29, 2014 : (In thousands) Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) Derivatives designated as Cash Flow Hedging Relationships Three months ended Three months ended 6/28/2015 6/29/2014 Interest rate swaps $ 446 $ (4,622 ) (In thousands) Amount and Location of Gain (Loss) Recognized in Income on Derivative Derivatives not designated as Cash Flow Hedging Relationships Three months ended Three months ended 6/28/2015 6/29/2014 Interest rate swaps Net effect of swaps $ 3,093 $ 2,301 During the quarter ended June 28, 2015 , the Partnership recognized $3.1 million in income for the gain on the derivatives not designated as cash flow hedges and $1.7 million of expense representing the regular amortization of amounts in AOCI. The effect of these amounts resulted in a benefit to earnings of $1.4 million recorded in “Net effect of swaps.” During the quarter ended June 29, 2014 , the Partnership recognized $2.3 million in income for the gain on the derivatives not designated as cash flow hedges and $2.0 million of expense representing the amortization of amounts in AOCI. The effect of these amounts resulted in a benefit to earnings of $0.3 million recorded in “Net effect of swaps.” Effects of Derivative Instruments on Income (Loss) and Other Comprehensive Income (Loss) for the six-month periods ended June 28, 2015 and June 29, 2014 : (In thousands) Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) Derivatives designated as Cash Flow Hedging Relationships Six months ended Six months ended 6/28/2015 6/29/2014 Interest rate swaps $ (4,156 ) $ (7,364 ) (In thousands) Amount and Location of Gain (Loss) Recognized in Income on Derivative Derivatives not designated as Cash Flow Hedging Relationships Six months ended Six months ended 6/28/2015 6/29/2014 Interest rate swaps Net effect of swaps $ 4,896 $ 3,918 During the six-month period ended June 28, 2015 , the Partnership recognized $4.9 million in income for the gain on the derivatives not designated as cash flow hedges and $3.4 million of expense representing the regular amortization of amounts in AOCI. The effect of these amounts resulted in a benefit to earnings of $1.5 million recorded in “Net effect of swaps.” During the six-month period ended June 29, 2014 , the Partnership recognized $3.9 million in income for the gain on the derivatives not designated as cash flow hedges and $4.0 million of expense representing the amortization of amounts in AOCI. The effect of these amounts resulted in a charge to earnings of $0.1 million recorded in “Net effect of swaps.” |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements: The FASB Accounting Standards Codification (ASC) relating to fair value measurements 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 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 assets and liabilities measured at fair value as of June 28, 2015 , December 31, 2014, and June 29, 2014 on a recurring basis as well as the fair values of other financial instruments: (In thousands) Condensed Consolidated Fair Value June 28, 2015 December 31, 2014 June 29, 2014 Balance Sheet Location Hierarchy Level Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Financial assets (liabilities) measured on a recurring basis: Interest rate swap agreements not designated as cash flow hedges Current derivative liability Level 2 (6,895 ) (6,895 ) (11,791 ) (11,791 ) — — Interest rate swap agreements not designated as cash flow hedges Derivative Liability Level 2 — — — — (18,831 ) (18,831 ) Interest rate swap agreements designated as cash flow hedges Derivative Liability Level 2 (18,806 ) (18,806 ) (14,649 ) (14,649 ) (11,279 ) (11,279 ) Other financial assets (liabilities): Term debt Long-Term Debt Level 2 (608,850 ) (610,372 ) (608,850 ) (605,806 ) (615,825 ) (618,904 ) March 2013 notes Long-Term Debt Level 1 (500,000 ) (513,750 ) (500,000 ) (501,250 ) (500,000 ) (513,750 ) June 2014 notes Long-Term Debt (1) (450,000 ) (455,625 ) (450,000 ) (451,125 ) (450,000 ) (455,625 ) (1) The June 2014 notes were based on Level 1 inputs as of June 28, 2015 and Level 2 inputs as of both December 31, 2014 and June 29, 2014. Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR forward curves, which 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 net derivative liability by approximately $0.7 million as of June 28, 2015 and by approximately $0.8 million as of both December 31, 2014, and June 29, 2014 . The carrying value of cash and cash equivalents, revolver, accounts receivable, current portion of term debt, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. There were no assets measured at fair value on a non-recurring basis at June 28, 2015 , December 31, 2014, or June 29, 2014 . |
Earnings per Unit
Earnings per Unit | 6 Months Ended |
Jun. 28, 2015 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | Earnings per Unit: Net income per limited partner unit is calculated based on the following unit amounts: Three months ended Six months ended 6/28/2015 6/29/2014 6/28/2015 6/29/2014 (In thousands except per unit amounts) Basic weighted average units outstanding 55,734 55,419 55,696 55,453 Effect of dilutive units: Deferred units 21 5 — — Restricted units 366 184 — — Unit options 135 136 — — Phantom units 29 80 — — Diluted weighted average units outstanding 56,285 55,824 55,696 55,453 Net income (loss) per unit - basic $ 1.03 $ 0.79 $ (0.47 ) $ (0.71 ) Net income (loss) per unit - diluted $ 1.02 $ 0.79 $ (0.47 ) $ (0.71 ) The effect of out-of-the-money and/or antidilutive unit options on the three and six months ended June 28, 2015 and June 29, 2014 , respectively, had they not been out of the money or antidilutive, would have been immaterial in all periods presented. |
Income and Partnership Taxes
Income and Partnership Taxes | 6 Months Ended |
Jun. 28, 2015 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |
Income and Partnership Taxes | Income and Partnership Taxes: Under the applicable accounting rules, 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. The income tax provision (benefit) for interim periods is determined by applying an estimated annual effective tax rate to the quarterly income (loss) of the Partnership’s corporate subsidiaries. In addition to income taxes on its corporate subsidiaries, the Partnership is subject to a publicly traded partnership tax (PTP tax) on partnership-level gross income (net revenues less cost of food, merchandise and games). As such, the Partnership’s total provision (benefit) for taxes includes amounts for both the PTP tax and for income taxes on its corporate subsidiaries. As of the second quarter of 2015, the Partnership has recorded $1.2 million of unrecognized tax benefits including interest and/or penalties related to state and local tax filing positions. The Partnership recognizes interest and/or penalties related to unrecognized tax benefits in the income tax provision. The Partnership does not anticipate that the balance of the unrecognized tax benefit will change significantly over the next 12 months. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies: The Partnership is a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters, beyond what has been disclosed within this document, are expected to have a material effect in the aggregate on the Partnership's financial statements. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income by Component | 6 Months Ended |
Jun. 28, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income by Component | Changes in Accumulated Other Comprehensive Income (Loss) by Component: The following tables reflect the changes in Accumulated Other Comprehensive Income (Loss) related to limited partners' equity for the three-month periods ended June 28, 2015 and June 29, 2014 : Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance at March 29, 2015 $ (19,005 ) $ 13,150 $ (5,855 ) Other comprehensive income before reclassifications, net of tax $(67) and $1,011, respectively 379 (1,758 ) (1,379 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($224) (2) 1,462 — 1,462 Net other comprehensive income 1,841 (1,758 ) 83 Balance at June 28, 2015 $ (17,164 ) $ 11,392 $ (5,772 ) Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance at March 30, 2014 $ (15,663 ) $ 1,626 $ (14,037 ) Other comprehensive income before reclassifications, net of tax $702 and $1,334, respectively (3,920 ) (2,317 ) (6,237 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($307) (2) 1,679 — 1,679 Net other comprehensive income (2,241 ) (2,317 ) (4,558 ) Balance at June 29, 2014 $ (17,904 ) $ (691 ) $ (18,595 ) 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 Three months ended 6/28/15 Three months ended 6/29/14 Interest rate contracts $ 1,686 $ 1,986 Net effect of swaps Benefit for taxes (224 ) (307 ) Benefit for taxes $ 1,462 $ 1,679 (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. The following tables reflect the changes in Accumulated Other Comprehensive Income (Loss) related to limited partners' equity for the six-month periods ended June 28, 2015 and June 29, 2014 : Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance at December 31, 2014 $ (16,566 ) $ 5,936 $ (10,630 ) Other comprehensive income before reclassifications, net of tax $634 and ($3,136), respectively (3,522 ) 5,456 1,934 Amounts reclassified from accumulated other comprehensive income, net of tax ($449) (2) 2,924 — 2,924 Net other comprehensive income (598 ) 5,456 4,858 Balance at June 28, 2015 $ (17,164 ) $ 11,392 $ (5,772 ) Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance at December 31, 2013 $ (15,013 ) $ 5 $ (15,008 ) Other comprehensive income before reclassifications, net of tax $1,115 and $402, respectively (6,248 ) (696 ) (6,944 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($614) (2) 3,357 — 3,357 Net other comprehensive income (2,891 ) (696 ) (3,587 ) Balance at June 29, 2014 $ (17,904 ) $ (691 ) $ (18,595 ) 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 Six months ended 6/28/15 Six months ended 6/29/14 Interest rate contracts $ 3,373 $ 3,971 Net effect of swaps Benefit for taxes (449 ) (614 ) Benefit for taxes $ 2,924 $ 3,357 (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. |
Consolidating Financial Informa
Consolidating Financial Information of Guarantors and Issuers | 6 Months Ended |
Jun. 28, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [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 June 2014 and March 2013 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 June 28, 2015 , December 31, 2014, and June 29, 2014 and for the three- and six-month periods ended June 28, 2015 and June 29, 2014 . In lieu of providing separate unaudited financial statements for the guarantor subsidiaries, the Partnership has included the accompanying condensed consolidating financial statements. CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 28, 2015 (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 $ — $ — $ 15,485 $ 20,740 $ (778 ) $ 35,447 Receivables 1 108,653 119,015 637,007 (794,657 ) 70,019 Inventories — 228 3,143 43,256 — 46,627 Current deferred tax asset — 15,315 674 4,043 — 20,032 Other current assets 434 1,658 2,681 26,476 (1,445 ) 29,804 435 125,854 140,998 731,522 (796,880 ) 201,929 Property and Equipment (net) — 5,612 204,916 1,364,203 — 1,574,731 Investment in Park 663,494 814,861 164,516 24,292 (1,667,163 ) — Goodwill 674 — 101,383 119,605 — 221,662 Other Intangibles, net — — 14,371 22,907 — 37,278 Deferred Tax Asset — 24,287 — — (24,287 ) — Other Assets 5,176 20,184 7,405 7,913 — 40,678 $ 669,779 $ 990,798 $ 633,589 $ 2,270,442 $ (2,488,330 ) $ 2,076,278 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 311,822 $ 213,778 $ 3,983 $ 305,769 $ (795,435 ) $ 39,917 Deferred revenue — 592 16,235 131,116 — 147,943 Accrued interest 5,487 4,211 1,874 883 — 12,455 Accrued taxes 3,082 — 1,771 8,735 (1,445 ) 12,143 Accrued salaries, wages and benefits — 22,318 1,989 7,926 — 32,233 Self-insurance reserves — 7,925 1,456 14,639 — 24,020 Current derivative liability 4,127 2,768 — — — 6,895 Other accrued liabilities — 4,587 1,067 9,779 — 15,433 324,518 256,179 28,375 478,847 (796,880 ) 291,039 Deferred Tax Liability — — 49,695 127,645 (24,287 ) 153,053 Derivative Liability 10,927 7,879 — — — 18,806 Other Liabilities 968 3,574 — 11,519 — 16,061 Long-Term Debt: Revolving credit loans 42,000 — — — — 42,000 Term debt — 247,890 13,991 346,969 — 608,850 Notes 294,897 205,103 450,000 — — 950,000 336,897 452,993 463,991 346,969 — 1,600,850 Equity (3,531 ) 270,173 91,528 1,305,462 (1,667,163 ) (3,531 ) $ 669,779 $ 990,798 $ 633,589 $ 2,270,442 $ (2,488,330 ) $ 2,076,278 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 (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 $ 80,000 $ 382 $ 45,519 $ 5,939 $ — $ 131,840 Receivables 8 143,931 85,838 634,112 (836,494 ) 27,395 Inventories — 2,074 1,594 22,215 — 25,883 Current deferred tax asset — 4,547 674 4,044 — 9,265 Other current assets 680 2,079 23,818 5,905 (23,148 ) 9,334 80,688 153,013 157,443 672,215 (859,642 ) 203,717 Property and Equipment (net) 470,851 5,630 218,260 831,810 — 1,526,551 Investment in Park 544,340 812,549 163,904 43,659 (1,564,452 ) — Goodwill 9,061 — 108,012 111,218 — 228,291 Other Intangibles, net — — 15,312 22,879 — 38,191 Deferred Tax Asset — 24,827 — — (24,827 ) — Other Assets 10,615 20,874 8,034 2,046 — 41,569 $ 1,115,555 $ 1,016,893 $ 670,965 $ 1,683,827 $ (2,448,921 ) $ 2,038,319 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 352,518 $ 203,895 $ 32,691 $ 271,323 $ (836,494 ) $ 23,933 Deferred revenue — 60 4,592 56,509 — 61,161 Accrued interest 4,637 3,223 2,056 — — 9,916 Accrued taxes 4,309 — — 40,639 (23,148 ) 21,800 Accrued salaries, wages and benefits — 25,851 1,103 7,148 — 34,102 Self-insurance reserves — 5,386 1,565 16,426 — 23,377 Current derivative liability 7,062 4,729 — — — 11,791 Other accrued liabilities 508 8,134 122 3,375 — 12,139 369,034 251,278 42,129 395,420 (859,642 ) 198,219 Deferred Tax Liability — — 49,695 127,645 (24,827 ) 152,513 Derivative Liability 8,438 6,211 — — — 14,649 Other Liabilities — 6,105 — 11,766 — 17,871 Long-Term Debt: Term debt 346,969 247,890 13,991 — — 608,850 Notes 294,897 205,103 450,000 — — 950,000 641,866 452,993 463,991 — — 1,558,850 Equity 96,217 300,306 115,150 1,148,996 (1,564,452 ) 96,217 $ 1,115,555 $ 1,016,893 $ 670,965 $ 1,683,827 $ (2,448,921 ) $ 2,038,319 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 29, 2014 (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 $ — $ — $ 19,425 $ 29,986 $ (9,277 ) $ 40,134 Receivables 59 104,035 93,286 571,632 (702,451 ) 66,561 Inventories — 5,732 4,091 35,748 — 45,571 Current deferred tax asset — 18,655 800 3,445 — 22,900 Other current assets 691 14,115 5,974 13,500 (2,882 ) 31,398 750 142,537 123,576 654,311 (714,610 ) 206,564 Property and Equipment (net) 471,252 8,206 247,632 830,074 — 1,557,164 Investment in Park 466,213 767,266 149,180 32,308 (1,414,967 ) — Goodwill 9,061 — 117,371 111,218 — 237,650 Other Intangibles, net — — 16,639 22,870 — 39,509 Deferred Tax Asset — 32,025 — 117 (32,142 ) — Other Assets 11,680 21,649 9,276 2,304 — 44,909 $ 958,956 $ 971,683 $ 663,674 $ 1,653,202 $ (2,161,719 ) $ 2,085,796 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ 1,724 $ 1,231 $ 70 $ — $ — $ 3,025 Accounts payable 218,225 233,203 15,070 282,733 (711,728 ) 37,503 Deferred revenue — 636 15,824 117,337 — 133,797 Accrued interest 6,422 4,251 1,843 — — 12,516 Accrued taxes 6,054 1,196 — 2,885 (2,882 ) 7,253 Accrued salaries, wages and benefits — 23,850 2,303 9,487 — 35,640 Self-insurance reserves — 5,534 1,772 16,353 — 23,659 Current derivative liability — — — — — Other accrued liabilities 376 5,554 1,095 2,380 — 9,405 232,801 275,455 37,977 431,175 (714,610 ) 262,798 Deferred Tax Liability — — 57,540 131,648 (32,142 ) 157,046 Derivative Liability 17,700 12,410 — — — 30,110 Other Liabilities — 4,039 — 3,363 — 7,402 Long-Term Debt: Revolving credit loans 39,000 — — — — 39,000 Term debt 350,943 250,730 14,152 — — 615,825 Notes 294,897 205,103 450,000 — — 950,000 684,840 455,833 464,152 — — 1,604,825 Equity 23,615 223,946 104,005 1,087,016 (1,414,967 ) 23,615 $ 958,956 $ 971,683 $ 663,674 $ 1,653,202 $ (2,161,719 ) $ 2,085,796 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 28, 2015 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 38,071 $ 60,260 $ 28,003 $ 348,613 $ (97,539 ) $ 377,408 Costs and expenses: Cost of food, merchandise, and games revenues — 71 2,592 30,443 — 33,106 Operating expenses 122 51,419 14,390 88,759 2,635 157,325 Selling, general and administrative 574 8,996 2,464 34,031 — 46,065 Depreciation and amortization — 9 5,496 41,600 — 47,105 Loss on impairment / retirement of fixed assets, net — — 104 676 — 780 696 60,495 25,046 195,509 2,635 284,381 Operating Income (loss) 37,375 (235 ) 2,957 153,104 (100,174 ) 93,027 Interest expense (income), net 8,158 7,217 6,305 (212 ) — 21,468 Net effect of swaps (757 ) (650 ) — — — (1,407 ) Unrealized / realized foreign currency gain — — (7,911 ) — — (7,911 ) Other (income) expense 187 (3,015 ) 659 2,169 — — Income from investment in affiliates (30,931 ) (33,397 ) (8,591 ) (10,890 ) 83,809 — Income before taxes 60,718 29,610 12,495 162,037 (183,983 ) 80,877 Provision (benefit) for taxes 3,135 (1,322 ) 1,595 19,886 — 23,294 Net income $ 57,583 $ 30,932 $ 10,900 $ 142,151 $ (183,983 ) $ 57,583 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (1,758 ) — (1,758 ) — 1,758 (1,758 ) Unrealized loss on cash flow hedging derivatives 1,841 475 — — (475 ) 1,841 Other comprehensive income (loss), (net of tax) 83 475 (1,758 ) — 1,283 83 Total Comprehensive income $ 57,666 $ 31,407 $ 9,142 $ 142,151 $ (182,700 ) $ 57,666 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 29, 2014 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 43,084 $ 79,737 $ 33,878 $ 328,013 $ (121,698 ) $ 363,014 Costs and expenses: Cost of food, merchandise, and games revenues — 79 2,881 28,130 — 31,090 Operating expenses 1,312 54,893 15,124 197,561 (121,698 ) 147,192 Selling, general and administrative 1,467 27,495 3,886 13,769 — 46,617 Depreciation and amortization 14,011 94 6,502 26,367 — 46,974 Gain on sale of other assets — — — (921 ) — (921 ) Loss on impairment / retirement of fixed assets, net — (1 ) — 216 — 215 16,790 82,560 28,393 265,122 (121,698 ) 271,167 Operating Income (loss) 26,294 (2,823 ) 5,485 62,891 — 91,847 Interest expense (income), net 10,533 7,354 11,933 (1,919 ) — 27,901 Net effect of swaps (178 ) (137 ) — — — (315 ) Loss on early debt extinguishment — — 29,273 — — 29,273 Unrealized / realized foreign currency gain — — (16,102 ) — — (16,102 ) Other (income) expense 188 (2,415 ) 531 1,696 — — (Income) loss from investment in affiliates (30,914 ) (21,721 ) (10,576 ) 1,929 61,282 — Income (loss) before taxes 46,665 14,096 (9,574 ) 61,185 (61,282 ) 51,090 Provision (benefit) for taxes 2,763 (3,481 ) (7,645 ) 15,551 — 7,188 Net income (loss) $ 43,902 $ 17,577 $ (1,929 ) $ 45,634 $ (61,282 ) $ 43,902 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (2,317 ) — (2,317 ) — 2,317 (2,317 ) Unrealized loss on cash flow hedging derivatives (2,241 ) (644 ) — — 644 (2,241 ) Other comprehensive income (loss), (net of tax) (4,558 ) (644 ) (2,317 ) — 2,961 (4,558 ) Total Comprehensive income (loss) $ 39,344 $ 16,933 $ (4,246 ) $ 45,634 $ (58,321 ) $ 39,344 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 28, 2015 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 36,688 $ 64,280 $ 28,081 $ 395,350 $ (100,174 ) $ 424,225 Costs and expenses: — Cost of food, merchandise, and games revenues — 71 2,592 36,031 — 38,694 Operating expenses 256 74,476 19,361 141,362 — 235,455 Selling, general and administrative 1,373 22,271 4,207 44,032 — 71,883 Depreciation and amortization — 18 5,496 45,602 — 51,116 Loss on impairment / retirement of fixed assets, net — — 104 3,579 — 3,683 1,629 96,836 31,760 270,606 — 400,831 Operating Income (loss) 35,059 (32,556 ) (3,679 ) 124,744 (100,174 ) 23,394 Interest expense (income), net 15,994 14,054 12,425 (513 ) — 41,960 Net effect of swaps (743 ) (780 ) — — — (1,523 ) Unrealized / realized foreign currency loss — — 30,307 — — 30,307 Other (income) expense 375 (7,831 ) 1,705 5,751 — — Income from investment in affiliates 41,855 18,348 (5,088 ) 24,599 (79,714 ) — Income before taxes (22,422 ) (56,347 ) (43,028 ) 94,907 (20,460 ) (47,350 ) Provision (benefit) for taxes 3,828 (14,494 ) (18,429 ) 7,995 — (21,100 ) Net income $ (26,250 ) $ (41,853 ) $ (24,599 ) $ 86,912 $ (20,460 ) $ (26,250 ) Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment 5,456 — 5,456 — (5,456 ) 5,456 Unrealized loss on cash flow hedging derivatives (598 ) (302 ) — — 302 (598 ) Other comprehensive income (loss), (net of tax) 4,858 (302 ) 5,456 — (5,154 ) 4,858 Total Comprehensive income $ (21,392 ) $ (42,155 ) $ (19,143 ) $ 86,912 $ (25,614 ) $ (21,392 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 29, 2014 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 47,839 $ 88,416 $ 34,029 $ 368,325 $ (135,129 ) $ 403,480 Costs and expenses: Cost of food, merchandise, and games revenues — 79 2,882 33,114 — 36,075 Operating expenses 2,660 77,355 22,061 260,595 (135,129 ) 227,542 Selling, general and administrative 2,863 44,167 4,759 16,232 — 68,021 Depreciation and amortization 14,485 103 6,502 30,191 — 51,281 Gain on sale of other assets — — — (921 ) — (921 ) Loss on impairment / retirement of fixed assets, net 249 (1 ) — 964 — 1,212 20,257 121,703 36,204 340,175 (135,129 ) 383,210 Operating Income (loss) 27,582 (33,287 ) (2,175 ) 28,150 — 20,270 Interest expense (income), net 20,732 14,365 21,401 (3,938 ) — 52,560 Net effect of swaps 16 40 — — — 56 Loss on early debt extinguishment — — 29,273 — — 29,273 Unrealized / realized foreign currency loss — — 1,082 — — 1,082 Other (income) expense 375 (5,689 ) 905 4,409 — — (Income) loss from investment in affiliates 42,674 25,422 (6,512 ) 30,173 (91,757 ) — Loss before taxes (36,215 ) (67,425 ) (48,324 ) (2,494 ) 91,757 (62,701 ) Provision (benefit) for taxes 3,423 (13,903 ) (18,151 ) 5,568 — (23,063 ) Net loss $ (39,638 ) $ (53,522 ) $ (30,173 ) $ (8,062 ) $ 91,757 $ (39,638 ) Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (696 ) — (696 ) — 696 (696 ) Unrealized loss on cash flow hedging derivatives (2,891 ) (817 ) — — 817 (2,891 ) Other comprehensive income (loss), (net of tax) (3,587 ) (817 ) (696 ) — 1,513 (3,587 ) Total Comprehensive loss $ (43,225 ) $ (54,339 ) $ (30,869 ) $ (8,062 ) $ 93,270 $ (43,225 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 28, 2015 (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 $ 3,954 $ (55,759 ) $ (2,970 ) $ 129,912 $ (1,860 ) $ 73,277 CASH FLOWS FOR INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (10,576 ) (282 ) 10,858 — Purchase of preferred equity investment — (2,000 ) — — — (2,000 ) Capital expenditures — — (5,551 ) (114,829 ) — (120,380 ) Net cash for investing activities — (2,000 ) (16,127 ) (115,111 ) 10,858 (122,380 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Net borrowings on revolving credit loans 42,000 — — — — 42,000 Distributions paid (85,236 ) — — — 1,082 (84,154 ) Intercompany payables (payments) receipts (40,718 ) 59,425 (7,849 ) — (10,858 ) — Tax effect of units involved in option exercises and treasury unit transactions — (2,048 ) — — — (2,048 ) Net cash from (for) financing activities (83,954 ) 57,377 (7,849 ) — (9,776 ) (44,202 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (3,088 ) — — (3,088 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the period (80,000 ) (382 ) (30,034 ) 14,801 (778 ) (96,393 ) Balance, beginning of period 80,000 382 45,519 5,939 — 131,840 Balance, end of period $ — $ — $ 15,485 $ 20,740 $ (778 ) $ 35,447 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 29, 2014 (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 $ 57,348 $ (48,952 ) $ (22,362 ) $ 76,734 $ (10,531 ) $ 52,237 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — 7,625 — 3,829 (11,454 ) — Sale of non-core asset — — — 1,377 — 1,377 Capital expenditures (47,494 ) (193 ) (11,573 ) (47,430 ) — (106,690 ) Net cash from (for) investing activities (47,494 ) 7,432 (11,573 ) (42,224 ) (11,454 ) (105,313 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Net borrowings on revolving credit loans 39,000 — — — — 39,000 Note borrowings — — 450,000 — — 450,000 Term debt payments, including amounts paid for early termination — — (426,148 ) — — (426,148 ) Distributions/dividends (paid) received (79,544 ) — — — 1,269 (78,275 ) Intercompany payables (payments) receipts (44,310 ) 38,101 2,631 (7,861 ) 11,439 — Payment of debt issuance costs — — (9,795 ) — — (9,795 ) Tax effect of units involved in option exercises and treasury unit transactions — (725 ) — — — (725 ) Net cash from (for) financing activities (84,854 ) 37,376 16,688 (7,861 ) 12,708 (25,943 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 1,097 — — 1,097 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period (75,000 ) (4,144 ) (16,150 ) 26,649 (9,277 ) (77,922 ) Balance, beginning of period 75,000 4,144 35,575 3,337 — 118,056 Balance, end of period $ — $ — $ 19,425 $ 29,986 $ (9,277 ) $ 40,134 |
Goodwill and Other Intangible21
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
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 for the six months ended June 28, 2015 and June 29, 2014 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance at December 31, 2013 $ 317,957 $ (79,868 ) $ 238,089 Foreign currency translation (439 ) — (439 ) Balance at June 29, 2014 $ 317,518 $ (79,868 ) $ 237,650 Balance at December 31, 2014 $ 308,159 $ (79,868 ) $ 228,291 Foreign currency translation (6,629 ) — (6,629 ) Balance at June 28, 2015 $ 301,530 $ (79,868 ) $ 221,662 |
Partnership's other intangible assets | At June 28, 2015 , December 31, 2014, and June 29, 2014 the Partnership’s other intangible assets consisted of the following: June 28, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Other intangible assets: Trade names $ 36,744 $ — $ 36,744 License / franchise agreements 877 343 534 Total other intangible assets $ 37,621 $ 343 $ 37,278 December 31, 2014 (In thousands) Other intangible assets: Trade names $ 37,683 $ — $ 37,683 License / franchise agreements 818 310 508 Total other intangible assets $ 38,501 $ 310 $ 38,191 June 29, 2014 (In thousands) Other intangible assets: Trade names $ 39,008 $ — $ 39,008 License / franchise agreements 900 399 501 Total other intangible assets $ 39,908 $ 399 $ 39,509 |
Derivative Financial Instrume22
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Derivative [Line Items] | |
Fair value of derivative instruments in Condensed Consolidated Balance Sheet | We have entered into several interest rate swaps that fix all of our variable rate term-debt payments |
Effects of derivative instruments on income (loss) and other comprehensive income (loss) | Effects of Derivative Instruments on Income (Loss) and Other Comprehensive Income (Loss) for the six-month periods ended June 28, 2015 and June 29, 2014 : (In thousands) Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) Derivatives designated as Cash Flow Hedging Relationships Six months ended Six months ended 6/28/2015 6/29/2014 Interest rate swaps $ (4,156 ) $ (7,364 ) (In thousands) Amount and Location of Gain (Loss) Recognized in Income on Derivative Derivatives not designated as Cash Flow Hedging Relationships Six months ended Six months ended 6/28/2015 6/29/2014 Interest rate swaps Net effect of swaps $ 4,896 $ 3,918 Effects of Derivative Instruments on Income (Loss) and Other Comprehensive Income (Loss) for the three-month periods ended June 28, 2015 and June 29, 2014 : (In thousands) Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) Derivatives designated as Cash Flow Hedging Relationships Three months ended Three months ended 6/28/2015 6/29/2014 Interest rate swaps $ 446 $ (4,622 ) (In thousands) Amount and Location of Gain (Loss) Recognized in Income on Derivative Derivatives not designated as Cash Flow Hedging Relationships Three months ended Three months ended 6/28/2015 6/29/2014 Interest rate swaps Net effect of swaps $ 3,093 $ 2,301 |
Forward Starting Interest Rate Swap [Member] | |
Derivative [Line Items] | |
Derivative instruments, notional amounts outstanding and interest rates | The following table presents our derivative portfolio along with their notional amounts and their fixed interest rates as of June 28, 2015 . Interest Rate Swaps ($'s in thousands) Derivatives designated as hedging instruments Derivatives not designated as hedging instruments Notional Amounts Fixed Rate Notional Amounts Fixed Rate $ 200,000 3.00 % $ 200,000 2.27 % 100,000 3.00 % 150,000 2.43 % 100,000 3.00 % 75,000 2.30 % 100,000 2.70 % 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 2.30 % Total $'s / Average Rate $ 500,000 2.94 % $ 800,000 2.38 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on recurring basis | The table below presents the balances of assets and liabilities measured at fair value as of June 28, 2015 , December 31, 2014, and June 29, 2014 on a recurring basis as well as the fair values of other financial instruments: (In thousands) Condensed Consolidated Fair Value June 28, 2015 December 31, 2014 June 29, 2014 Balance Sheet Location Hierarchy Level Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Financial assets (liabilities) measured on a recurring basis: Interest rate swap agreements not designated as cash flow hedges Current derivative liability Level 2 (6,895 ) (6,895 ) (11,791 ) (11,791 ) — — Interest rate swap agreements not designated as cash flow hedges Derivative Liability Level 2 — — — — (18,831 ) (18,831 ) Interest rate swap agreements designated as cash flow hedges Derivative Liability Level 2 (18,806 ) (18,806 ) (14,649 ) (14,649 ) (11,279 ) (11,279 ) Other financial assets (liabilities): Term debt Long-Term Debt Level 2 (608,850 ) (610,372 ) (608,850 ) (605,806 ) (615,825 ) (618,904 ) March 2013 notes Long-Term Debt Level 1 (500,000 ) (513,750 ) (500,000 ) (501,250 ) (500,000 ) (513,750 ) June 2014 notes Long-Term Debt (1) (450,000 ) (455,625 ) (450,000 ) (451,125 ) (450,000 ) (455,625 ) (1) The June 2014 notes were based on Level 1 inputs as of June 28, 2015 and Level 2 inputs as of both December 31, 2014 and June 29, 2014. |
Earnings per Unit (Tables)
Earnings per Unit (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Earnings Per Unit [Abstract] | |
Net income (loss) per limited partner unit | Net income per limited partner unit is calculated based on the following unit amounts: Three months ended Six months ended 6/28/2015 6/29/2014 6/28/2015 6/29/2014 (In thousands except per unit amounts) Basic weighted average units outstanding 55,734 55,419 55,696 55,453 Effect of dilutive units: Deferred units 21 5 — — Restricted units 366 184 — — Unit options 135 136 — — Phantom units 29 80 — — Diluted weighted average units outstanding 56,285 55,824 55,696 55,453 Net income (loss) per unit - basic $ 1.03 $ 0.79 $ (0.47 ) $ (0.71 ) Net income (loss) per unit - diluted $ 1.02 $ 0.79 $ (0.47 ) $ (0.71 ) |
Changes in Accumulated Other 25
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Equity [Abstract] | |
Changes in accumulated other comprehensive income (loss) | Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance at March 29, 2015 $ (19,005 ) $ 13,150 $ (5,855 ) Other comprehensive income before reclassifications, net of tax $(67) and $1,011, respectively 379 (1,758 ) (1,379 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($224) (2) 1,462 — 1,462 Net other comprehensive income 1,841 (1,758 ) 83 Balance at June 28, 2015 $ (17,164 ) $ 11,392 $ (5,772 ) Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance at March 30, 2014 $ (15,663 ) $ 1,626 $ (14,037 ) Other comprehensive income before reclassifications, net of tax $702 and $1,334, respectively (3,920 ) (2,317 ) (6,237 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($307) (2) 1,679 — 1,679 Net other comprehensive income (2,241 ) (2,317 ) (4,558 ) Balance at June 29, 2014 $ (17,904 ) $ (691 ) $ (18,595 ) |
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 Three months ended 6/28/15 Three months ended 6/29/14 Interest rate contracts $ 1,686 $ 1,986 Net effect of swaps Benefit for taxes (224 ) (307 ) Benefit for taxes $ 1,462 $ 1,679 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 Six months ended 6/28/15 Six months ended 6/29/14 Interest rate contracts $ 3,373 $ 3,971 Net effect of swaps Benefit for taxes (449 ) (614 ) Benefit for taxes $ 2,924 $ 3,357 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance at December 31, 2014 $ (16,566 ) $ 5,936 $ (10,630 ) Other comprehensive income before reclassifications, net of tax $634 and ($3,136), respectively (3,522 ) 5,456 1,934 Amounts reclassified from accumulated other comprehensive income, net of tax ($449) (2) 2,924 — 2,924 Net other comprehensive income (598 ) 5,456 4,858 Balance at June 28, 2015 $ (17,164 ) $ 11,392 $ (5,772 ) Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Items Total Balance at December 31, 2013 $ (15,013 ) $ 5 $ (15,008 ) Other comprehensive income before reclassifications, net of tax $1,115 and $402, respectively (6,248 ) (696 ) (6,944 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($614) (2) 3,357 — 3,357 Net other comprehensive income (2,891 ) (696 ) (3,587 ) Balance at June 29, 2014 $ (17,904 ) $ (691 ) $ (18,595 ) |
Consolidating Financial Infor26
Consolidating Financial Information of Guarantors and Issuers (Tables) | 6 Months Ended |
Jun. 28, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 28, 2015 (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 $ — $ — $ 15,485 $ 20,740 $ (778 ) $ 35,447 Receivables 1 108,653 119,015 637,007 (794,657 ) 70,019 Inventories — 228 3,143 43,256 — 46,627 Current deferred tax asset — 15,315 674 4,043 — 20,032 Other current assets 434 1,658 2,681 26,476 (1,445 ) 29,804 435 125,854 140,998 731,522 (796,880 ) 201,929 Property and Equipment (net) — 5,612 204,916 1,364,203 — 1,574,731 Investment in Park 663,494 814,861 164,516 24,292 (1,667,163 ) — Goodwill 674 — 101,383 119,605 — 221,662 Other Intangibles, net — — 14,371 22,907 — 37,278 Deferred Tax Asset — 24,287 — — (24,287 ) — Other Assets 5,176 20,184 7,405 7,913 — 40,678 $ 669,779 $ 990,798 $ 633,589 $ 2,270,442 $ (2,488,330 ) $ 2,076,278 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 311,822 $ 213,778 $ 3,983 $ 305,769 $ (795,435 ) $ 39,917 Deferred revenue — 592 16,235 131,116 — 147,943 Accrued interest 5,487 4,211 1,874 883 — 12,455 Accrued taxes 3,082 — 1,771 8,735 (1,445 ) 12,143 Accrued salaries, wages and benefits — 22,318 1,989 7,926 — 32,233 Self-insurance reserves — 7,925 1,456 14,639 — 24,020 Current derivative liability 4,127 2,768 — — — 6,895 Other accrued liabilities — 4,587 1,067 9,779 — 15,433 324,518 256,179 28,375 478,847 (796,880 ) 291,039 Deferred Tax Liability — — 49,695 127,645 (24,287 ) 153,053 Derivative Liability 10,927 7,879 — — — 18,806 Other Liabilities 968 3,574 — 11,519 — 16,061 Long-Term Debt: Revolving credit loans 42,000 — — — — 42,000 Term debt — 247,890 13,991 346,969 — 608,850 Notes 294,897 205,103 450,000 — — 950,000 336,897 452,993 463,991 346,969 — 1,600,850 Equity (3,531 ) 270,173 91,528 1,305,462 (1,667,163 ) (3,531 ) $ 669,779 $ 990,798 $ 633,589 $ 2,270,442 $ (2,488,330 ) $ 2,076,278 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2014 (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 $ 80,000 $ 382 $ 45,519 $ 5,939 $ — $ 131,840 Receivables 8 143,931 85,838 634,112 (836,494 ) 27,395 Inventories — 2,074 1,594 22,215 — 25,883 Current deferred tax asset — 4,547 674 4,044 — 9,265 Other current assets 680 2,079 23,818 5,905 (23,148 ) 9,334 80,688 153,013 157,443 672,215 (859,642 ) 203,717 Property and Equipment (net) 470,851 5,630 218,260 831,810 — 1,526,551 Investment in Park 544,340 812,549 163,904 43,659 (1,564,452 ) — Goodwill 9,061 — 108,012 111,218 — 228,291 Other Intangibles, net — — 15,312 22,879 — 38,191 Deferred Tax Asset — 24,827 — — (24,827 ) — Other Assets 10,615 20,874 8,034 2,046 — 41,569 $ 1,115,555 $ 1,016,893 $ 670,965 $ 1,683,827 $ (2,448,921 ) $ 2,038,319 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 352,518 $ 203,895 $ 32,691 $ 271,323 $ (836,494 ) $ 23,933 Deferred revenue — 60 4,592 56,509 — 61,161 Accrued interest 4,637 3,223 2,056 — — 9,916 Accrued taxes 4,309 — — 40,639 (23,148 ) 21,800 Accrued salaries, wages and benefits — 25,851 1,103 7,148 — 34,102 Self-insurance reserves — 5,386 1,565 16,426 — 23,377 Current derivative liability 7,062 4,729 — — — 11,791 Other accrued liabilities 508 8,134 122 3,375 — 12,139 369,034 251,278 42,129 395,420 (859,642 ) 198,219 Deferred Tax Liability — — 49,695 127,645 (24,827 ) 152,513 Derivative Liability 8,438 6,211 — — — 14,649 Other Liabilities — 6,105 — 11,766 — 17,871 Long-Term Debt: Term debt 346,969 247,890 13,991 — — 608,850 Notes 294,897 205,103 450,000 — — 950,000 641,866 452,993 463,991 — — 1,558,850 Equity 96,217 300,306 115,150 1,148,996 (1,564,452 ) 96,217 $ 1,115,555 $ 1,016,893 $ 670,965 $ 1,683,827 $ (2,448,921 ) $ 2,038,319 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 29, 2014 (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 $ — $ — $ 19,425 $ 29,986 $ (9,277 ) $ 40,134 Receivables 59 104,035 93,286 571,632 (702,451 ) 66,561 Inventories — 5,732 4,091 35,748 — 45,571 Current deferred tax asset — 18,655 800 3,445 — 22,900 Other current assets 691 14,115 5,974 13,500 (2,882 ) 31,398 750 142,537 123,576 654,311 (714,610 ) 206,564 Property and Equipment (net) 471,252 8,206 247,632 830,074 — 1,557,164 Investment in Park 466,213 767,266 149,180 32,308 (1,414,967 ) — Goodwill 9,061 — 117,371 111,218 — 237,650 Other Intangibles, net — — 16,639 22,870 — 39,509 Deferred Tax Asset — 32,025 — 117 (32,142 ) — Other Assets 11,680 21,649 9,276 2,304 — 44,909 $ 958,956 $ 971,683 $ 663,674 $ 1,653,202 $ (2,161,719 ) $ 2,085,796 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ 1,724 $ 1,231 $ 70 $ — $ — $ 3,025 Accounts payable 218,225 233,203 15,070 282,733 (711,728 ) 37,503 Deferred revenue — 636 15,824 117,337 — 133,797 Accrued interest 6,422 4,251 1,843 — — 12,516 Accrued taxes 6,054 1,196 — 2,885 (2,882 ) 7,253 Accrued salaries, wages and benefits — 23,850 2,303 9,487 — 35,640 Self-insurance reserves — 5,534 1,772 16,353 — 23,659 Current derivative liability — — — — — Other accrued liabilities 376 5,554 1,095 2,380 — 9,405 232,801 275,455 37,977 431,175 (714,610 ) 262,798 Deferred Tax Liability — — 57,540 131,648 (32,142 ) 157,046 Derivative Liability 17,700 12,410 — — — 30,110 Other Liabilities — 4,039 — 3,363 — 7,402 Long-Term Debt: Revolving credit loans 39,000 — — — — 39,000 Term debt 350,943 250,730 14,152 — — 615,825 Notes 294,897 205,103 450,000 — — 950,000 684,840 455,833 464,152 — — 1,604,825 Equity 23,615 223,946 104,005 1,087,016 (1,414,967 ) 23,615 $ 958,956 $ 971,683 $ 663,674 $ 1,653,202 $ (2,161,719 ) $ 2,085,796 |
Condensed Consolidating Statement of Operations and Other Comprehensive Income (Loss) | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 28, 2015 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 38,071 $ 60,260 $ 28,003 $ 348,613 $ (97,539 ) $ 377,408 Costs and expenses: Cost of food, merchandise, and games revenues — 71 2,592 30,443 — 33,106 Operating expenses 122 51,419 14,390 88,759 2,635 157,325 Selling, general and administrative 574 8,996 2,464 34,031 — 46,065 Depreciation and amortization — 9 5,496 41,600 — 47,105 Loss on impairment / retirement of fixed assets, net — — 104 676 — 780 696 60,495 25,046 195,509 2,635 284,381 Operating Income (loss) 37,375 (235 ) 2,957 153,104 (100,174 ) 93,027 Interest expense (income), net 8,158 7,217 6,305 (212 ) — 21,468 Net effect of swaps (757 ) (650 ) — — — (1,407 ) Unrealized / realized foreign currency gain — — (7,911 ) — — (7,911 ) Other (income) expense 187 (3,015 ) 659 2,169 — — Income from investment in affiliates (30,931 ) (33,397 ) (8,591 ) (10,890 ) 83,809 — Income before taxes 60,718 29,610 12,495 162,037 (183,983 ) 80,877 Provision (benefit) for taxes 3,135 (1,322 ) 1,595 19,886 — 23,294 Net income $ 57,583 $ 30,932 $ 10,900 $ 142,151 $ (183,983 ) $ 57,583 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (1,758 ) — (1,758 ) — 1,758 (1,758 ) Unrealized loss on cash flow hedging derivatives 1,841 475 — — (475 ) 1,841 Other comprehensive income (loss), (net of tax) 83 475 (1,758 ) — 1,283 83 Total Comprehensive income $ 57,666 $ 31,407 $ 9,142 $ 142,151 $ (182,700 ) $ 57,666 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 29, 2014 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 43,084 $ 79,737 $ 33,878 $ 328,013 $ (121,698 ) $ 363,014 Costs and expenses: Cost of food, merchandise, and games revenues — 79 2,881 28,130 — 31,090 Operating expenses 1,312 54,893 15,124 197,561 (121,698 ) 147,192 Selling, general and administrative 1,467 27,495 3,886 13,769 — 46,617 Depreciation and amortization 14,011 94 6,502 26,367 — 46,974 Gain on sale of other assets — — — (921 ) — (921 ) Loss on impairment / retirement of fixed assets, net — (1 ) — 216 — 215 16,790 82,560 28,393 265,122 (121,698 ) 271,167 Operating Income (loss) 26,294 (2,823 ) 5,485 62,891 — 91,847 Interest expense (income), net 10,533 7,354 11,933 (1,919 ) — 27,901 Net effect of swaps (178 ) (137 ) — — — (315 ) Loss on early debt extinguishment — — 29,273 — — 29,273 Unrealized / realized foreign currency gain — — (16,102 ) — — (16,102 ) Other (income) expense 188 (2,415 ) 531 1,696 — — (Income) loss from investment in affiliates (30,914 ) (21,721 ) (10,576 ) 1,929 61,282 — Income (loss) before taxes 46,665 14,096 (9,574 ) 61,185 (61,282 ) 51,090 Provision (benefit) for taxes 2,763 (3,481 ) (7,645 ) 15,551 — 7,188 Net income (loss) $ 43,902 $ 17,577 $ (1,929 ) $ 45,634 $ (61,282 ) $ 43,902 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (2,317 ) — (2,317 ) — 2,317 (2,317 ) Unrealized loss on cash flow hedging derivatives (2,241 ) (644 ) — — 644 (2,241 ) Other comprehensive income (loss), (net of tax) (4,558 ) (644 ) (2,317 ) — 2,961 (4,558 ) Total Comprehensive income (loss) $ 39,344 $ 16,933 $ (4,246 ) $ 45,634 $ (58,321 ) $ 39,344 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 28, 2015 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 36,688 $ 64,280 $ 28,081 $ 395,350 $ (100,174 ) $ 424,225 Costs and expenses: — Cost of food, merchandise, and games revenues — 71 2,592 36,031 — 38,694 Operating expenses 256 74,476 19,361 141,362 — 235,455 Selling, general and administrative 1,373 22,271 4,207 44,032 — 71,883 Depreciation and amortization — 18 5,496 45,602 — 51,116 Loss on impairment / retirement of fixed assets, net — — 104 3,579 — 3,683 1,629 96,836 31,760 270,606 — 400,831 Operating Income (loss) 35,059 (32,556 ) (3,679 ) 124,744 (100,174 ) 23,394 Interest expense (income), net 15,994 14,054 12,425 (513 ) — 41,960 Net effect of swaps (743 ) (780 ) — — — (1,523 ) Unrealized / realized foreign currency loss — — 30,307 — — 30,307 Other (income) expense 375 (7,831 ) 1,705 5,751 — — Income from investment in affiliates 41,855 18,348 (5,088 ) 24,599 (79,714 ) — Income before taxes (22,422 ) (56,347 ) (43,028 ) 94,907 (20,460 ) (47,350 ) Provision (benefit) for taxes 3,828 (14,494 ) (18,429 ) 7,995 — (21,100 ) Net income $ (26,250 ) $ (41,853 ) $ (24,599 ) $ 86,912 $ (20,460 ) $ (26,250 ) Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment 5,456 — 5,456 — (5,456 ) 5,456 Unrealized loss on cash flow hedging derivatives (598 ) (302 ) — — 302 (598 ) Other comprehensive income (loss), (net of tax) 4,858 (302 ) 5,456 — (5,154 ) 4,858 Total Comprehensive income $ (21,392 ) $ (42,155 ) $ (19,143 ) $ 86,912 $ (25,614 ) $ (21,392 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 29, 2014 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 47,839 $ 88,416 $ 34,029 $ 368,325 $ (135,129 ) $ 403,480 Costs and expenses: Cost of food, merchandise, and games revenues — 79 2,882 33,114 — 36,075 Operating expenses 2,660 77,355 22,061 260,595 (135,129 ) 227,542 Selling, general and administrative 2,863 44,167 4,759 16,232 — 68,021 Depreciation and amortization 14,485 103 6,502 30,191 — 51,281 Gain on sale of other assets — — — (921 ) — (921 ) Loss on impairment / retirement of fixed assets, net 249 (1 ) — 964 — 1,212 20,257 121,703 36,204 340,175 (135,129 ) 383,210 Operating Income (loss) 27,582 (33,287 ) (2,175 ) 28,150 — 20,270 Interest expense (income), net 20,732 14,365 21,401 (3,938 ) — 52,560 Net effect of swaps 16 40 — — — 56 Loss on early debt extinguishment — — 29,273 — — 29,273 Unrealized / realized foreign currency loss — — 1,082 — — 1,082 Other (income) expense 375 (5,689 ) 905 4,409 — — (Income) loss from investment in affiliates 42,674 25,422 (6,512 ) 30,173 (91,757 ) — Loss before taxes (36,215 ) (67,425 ) (48,324 ) (2,494 ) 91,757 (62,701 ) Provision (benefit) for taxes 3,423 (13,903 ) (18,151 ) 5,568 — (23,063 ) Net loss $ (39,638 ) $ (53,522 ) $ (30,173 ) $ (8,062 ) $ 91,757 $ (39,638 ) Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (696 ) — (696 ) — 696 (696 ) Unrealized loss on cash flow hedging derivatives (2,891 ) (817 ) — — 817 (2,891 ) Other comprehensive income (loss), (net of tax) (3,587 ) (817 ) (696 ) — 1,513 (3,587 ) Total Comprehensive loss $ (43,225 ) $ (54,339 ) $ (30,869 ) $ (8,062 ) $ 93,270 $ (43,225 ) |
Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 28, 2015 (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 $ 3,954 $ (55,759 ) $ (2,970 ) $ 129,912 $ (1,860 ) $ 73,277 CASH FLOWS FOR INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (10,576 ) (282 ) 10,858 — Purchase of preferred equity investment — (2,000 ) — — — (2,000 ) Capital expenditures — — (5,551 ) (114,829 ) — (120,380 ) Net cash for investing activities — (2,000 ) (16,127 ) (115,111 ) 10,858 (122,380 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Net borrowings on revolving credit loans 42,000 — — — — 42,000 Distributions paid (85,236 ) — — — 1,082 (84,154 ) Intercompany payables (payments) receipts (40,718 ) 59,425 (7,849 ) — (10,858 ) — Tax effect of units involved in option exercises and treasury unit transactions — (2,048 ) — — — (2,048 ) Net cash from (for) financing activities (83,954 ) 57,377 (7,849 ) — (9,776 ) (44,202 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (3,088 ) — — (3,088 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the period (80,000 ) (382 ) (30,034 ) 14,801 (778 ) (96,393 ) Balance, beginning of period 80,000 382 45,519 5,939 — 131,840 Balance, end of period $ — $ — $ 15,485 $ 20,740 $ (778 ) $ 35,447 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 29, 2014 (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 $ 57,348 $ (48,952 ) $ (22,362 ) $ 76,734 $ (10,531 ) $ 52,237 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — 7,625 — 3,829 (11,454 ) — Sale of non-core asset — — — 1,377 — 1,377 Capital expenditures (47,494 ) (193 ) (11,573 ) (47,430 ) — (106,690 ) Net cash from (for) investing activities (47,494 ) 7,432 (11,573 ) (42,224 ) (11,454 ) (105,313 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Net borrowings on revolving credit loans 39,000 — — — — 39,000 Note borrowings — — 450,000 — — 450,000 Term debt payments, including amounts paid for early termination — — (426,148 ) — — (426,148 ) Distributions/dividends (paid) received (79,544 ) — — — 1,269 (78,275 ) Intercompany payables (payments) receipts (44,310 ) 38,101 2,631 (7,861 ) 11,439 — Payment of debt issuance costs — — (9,795 ) — — (9,795 ) Tax effect of units involved in option exercises and treasury unit transactions — (725 ) — — — (725 ) Net cash from (for) financing activities (84,854 ) 37,376 16,688 (7,861 ) 12,708 (25,943 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 1,097 — — 1,097 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period (75,000 ) (4,144 ) (16,150 ) 26,649 (9,277 ) (77,922 ) Balance, beginning of period 75,000 4,144 35,575 3,337 — 118,056 Balance, end of period $ — $ — $ 19,425 $ 29,986 $ (9,277 ) $ 40,134 |
Significant Accounting and Re27
Significant Accounting and Reporting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions | Jun. 28, 2015 | Dec. 31, 2014 | Jun. 29, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | $ 22.4 | $ 24.6 | $ 27.4 |
Interim Reporting (Details)
Interim Reporting (Details) - Jun. 28, 2015 - property | Total |
Nature of Operations [Line Items] | |
Number of amusement parks owned and operated | 11 |
Number of outdoor water parks owned and operated | 3 |
Number of indoor water parks owned and operated | 1 |
Number of hotels owned and operated | 5 |
Minimum [Member] | |
Nature of Operations [Line Items] | |
Operating period | 130 days |
Maximum [Member] | |
Nature of Operations [Line Items] | |
Operating period | 140 days |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill (gross), beginning of period | $ 308,159 | $ 317,957 |
Accumulated Impairment Losses, beginning of period | (79,868) | (79,868) |
Goodwill (net), beginning of period | 228,291 | 238,089 |
Foreign currency translation | (6,629) | (439) |
Goodwill (gross), end of period | 301,530 | 317,518 |
Accumulated Impairment Losses, end of period | (79,868) | (79,868) |
Goodwill (net), end of period | $ 221,662 | $ 237,650 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Dec. 31, 2014 | Jun. 29, 2014 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Carrying Amount/Value | $ 36,744 | $ 37,683 | $ 39,008 |
Accumulated Amortization | 343 | 310 | 399 |
Total other intangible assets, gross carrying amount | 37,621 | 38,501 | 39,908 |
Total other intangibe assets, net carrying value | 37,278 | 38,191 | 39,509 |
License / Franchise Agreements [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | 877 | 818 | 900 |
Accumulated Amortization | 343 | 310 | 399 |
Net Carrying Value | $ 534 | $ 508 | $ 501 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2015USD ($) | Jun. 28, 2015USD ($) | Jun. 03, 2014USD ($) | Mar. 31, 2013USD ($) | Jul. 30, 2010USD ($) | |
Debt Instrument [Line Items] | |||||
Debt Instrument Consolidated Leverage Ratio Requirement | 5.25 | ||||
Commitment fee on unused portion of credit facilities | 0.38% | 0.38% | |||
Notes Payable Due 2024 [Domain] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 450 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | ||||
Redemption percentage of original face amount | 100.00% | ||||
Early call date, percentage of notes availabe for redemption | 35.00% | ||||
Early call date, premium price, percentage | 105.375% | ||||
Notes Payable, Due 2018 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Restricted payment | $ 60 | ||||
Notes Payable, Due 2018 [Member] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 405 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 9.125% | ||||
Notes Payable Due 2021 [Member] [Domain] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 500 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||
Redemption percentage of original face amount | 100.00% | ||||
Early call date, percentage of notes availabe for redemption | 35.00% | ||||
Early call date, premium price, percentage | 105.25% | ||||
Credit Agreement 2013 [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 885 | ||||
Consolidated Leverage Ratio Decrease | 0.25 | ||||
Pro-forma consolidated leverage ratio | 5 | ||||
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement, period of measurement, annual | 12 months | ||||
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement | 5 | ||||
Total-Indebtedness-to-Consolidated-Cash-Flow Ratio requirement, period of measurement, quarterly | 3 months | ||||
Credit Agreement 2013 [Member] [Domain] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument Consolidated Leverage Ratio Requirement | 5.75 | ||||
Restricted payment | $ 60 | ||||
Credit Agreement 2013 [Member] [Domain] | Canadian Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 15 | $ 15 | |||
Credit Agreement 2013 [Member] [Domain] | Canadian Revolving Credit Facility Cad and USD [Domain] | |||||
Debt Instrument [Line Items] | |||||
Interest rate margin over LIBOR | 2.25% | 2.25% | |||
Credit Agreement 2013 [Member] [Domain] | Senior Secured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 630 | ||||
Debt Instrument, Periodic Payment | $ 6.3 | ||||
Interest rate margin over LIBOR | 2.50% | 2.50% | |||
Interest rate LIBOR floor | 0.75% | 0.75% | |||
Credit Agreement 2013 [Member] [Domain] | Senior Secured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 255 | ||||
Original Issue Discount [Member] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized discount | $ 5.6 | ||||
Effective interest rate percentage | 9.375% |
Derivative Financial Instrume32
Derivative Financial Instruments Schedule of Derivatives (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015USD ($)contract | Jun. 29, 2014USD ($) | Jun. 28, 2015USD ($)contract | Jun. 29, 2014USD ($) | |
Derivative [Line Items] | ||||
Net effect of swaps | $ 1,407,000 | $ 315,000 | $ 1,523,000 | $ (56,000) |
Debt instrument, LIBOR floor, decrease to percent | 1.00% | 1.00% | ||
Debt instrument, LIBOR floor, decrease from percent | 1.50% | 1.50% | ||
Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 12 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 200,000,000 | $ 200,000,000 | ||
Fixed interest rate | 3.00% | 3.00% | ||
Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 13 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 100,000,000 | $ 100,000,000 | ||
Fixed interest rate | 3.00% | 3.00% | ||
Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 14 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 100,000,000 | $ 100,000,000 | ||
Fixed interest rate | 2.996% | 2.996% | ||
Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 15 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 100,000,000 | $ 100,000,000 | ||
Fixed interest rate | 2.70% | 2.70% | ||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amortization of Deferred Hedge Gains | $ 1,700,000 | 2,000,000 | $ 3,400,000 | 4,000,000 |
Cash Flow Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ 1,500,000 | $ 1,500,000 | ||
Cash Flow Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | 2013 forwards [Member] | ||||
Derivative [Line Items] | ||||
Average rate | 2.94% | 2.94% | ||
Derivative, amount of hedged item | $ 500,000,000 | $ 500,000,000 | ||
Number of derivative instruments | contract | 4 | 4 | ||
Designated As Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 500,000,000 | $ 500,000,000 | ||
Fixed interest rate | 2.94% | 2.94% | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 0 | $ 0 | ||
Designated As Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 446,000 | (4,622,000) | (4,156,000) | (7,364,000) |
Not Designated As Hedging [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 800,000,000 | $ 800,000,000 | ||
Average rate | 2.38375% | 2.38375% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 1 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 200,000,000 | $ 200,000,000 | ||
Fixed interest rate | 2.27% | 2.27% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 2 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 150,000,000 | $ 150,000,000 | ||
Fixed interest rate | 2.427% | 2.427% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 3 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 75,000,000 | $ 75,000,000 | ||
Fixed interest rate | 2.298% | 2.298% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 4 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 70,000,000 | $ 70,000,000 | ||
Fixed interest rate | 2.54% | 2.54% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 5 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 50,000,000 | $ 50,000,000 | ||
Fixed interest rate | 2.54% | 2.54% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 6 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 50,000,000 | $ 50,000,000 | ||
Fixed interest rate | 2.54% | 2.54% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 7 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 50,000,000 | $ 50,000,000 | ||
Fixed interest rate | 2.427% | 2.427% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 8 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 50,000,000 | $ 50,000,000 | ||
Fixed interest rate | 2.293% | 2.293% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 9 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 50,000,000 | $ 50,000,000 | ||
Fixed interest rate | 2.293% | 2.293% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 10 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 30,000,000 | $ 30,000,000 | ||
Fixed interest rate | 2.54% | 2.54% | ||
Not Designated As Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | Forward Starting Interest Rate Swap 11 [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | $ 25,000,000 | $ 25,000,000 | ||
Fixed interest rate | 2.298% | 2.298% | ||
Credit Agreement 2013 [Member] [Domain] | Senior Secured Term Loan [Member] | ||||
Derivative [Line Items] | ||||
Interest rate LIBOR floor | 0.75% | 0.75% | ||
Net Effect of Swaps [Member] | Not Designated As Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 3,093,000 | $ 2,301,000 | $ 4,896,000 | $ 3,918,000 |
Derivative Financial Instrume33
Derivative Financial Instruments Balance Sheet Location (Details) - Balance Sheet Location [Domain] - USD ($) $ in Thousands | Jun. 28, 2015 | Dec. 31, 2014 | Jun. 29, 2014 |
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | $ (18,806) | $ (14,649) | $ (30,110) |
Derivative assets (liabilities), at fair value, net | (25,701) | (26,440) | (30,110) |
Current derivative liability | 6,895 | 11,791 | 0 |
Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 18,806 | 14,649 | 11,279 |
Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets (liabilities), at fair value, net | (6,895) | (11,791) | (18,831) |
Interest Rate Swap [Member] | Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | (18,806) | (14,649) | (11,279) |
Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 0 | 0 | (18,831) |
Current derivative liability | 6,895 | $ 11,791 | $ 0 |
Cash Flow Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ 1,500 |
Derivative Financial Instrume34
Derivative Financial Instruments Income Statement Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net effect of swaps | $ (1,407) | $ (315) | $ (1,523) | $ 56 |
Interest Rate Swap [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amortization of Deferred Hedge Gains | 1,700 | 2,000 | 3,400 | 4,000 |
Designated As Hedging [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 446 | (4,622) | (4,156) | (7,364) |
Not Designated As Hedging [Member] | Interest Rate Swap [Member] | Net Effect of Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative recognized in income | $ 3,093 | $ 2,301 | $ 4,896 | $ 3,918 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Dec. 31, 2014 | Jun. 29, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | $ 25,701 | $ 26,440 | $ 30,110 |
Increase in net derivative liability | 700 | 800 | 800 |
Designated As Hedging [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | (18,806) | (14,649) | (11,279) |
Not Designated As Hedging [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 6,895 | 11,791 | 18,831 |
Current Derivative Liability [Member] | Not Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 6,895 | 11,791 | 0 |
Derivative Liability [Member] | Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 18,806 | 14,649 | 11,279 |
Derivative Liability [Member] | Not Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 0 | 0 | 18,831 |
Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (610,372) | (605,806) | (618,904) |
Reported Value Measurement [Member] | Current Derivative Liability [Member] | Not Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 6,895 | 11,791 | 0 |
Reported Value Measurement [Member] | Derivative Liability [Member] | Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 18,806 | 14,649 | 11,279 |
Reported Value Measurement [Member] | Derivative Liability [Member] | Not Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 0 | 0 | 18,831 |
Reported Value Measurement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (608,850) | (608,850) | (615,825) |
Notes Payable Due 2021 [Member] [Domain] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (513,750) | (501,250) | (513,750) |
Notes Payable Due 2021 [Member] [Domain] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (500,000) | (500,000) | (500,000) |
Notes Payable Due 2024 [Domain] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (455,625) | ||
Notes Payable Due 2024 [Domain] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (451,125) | (455,625) | |
Notes Payable Due 2024 [Domain] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | $ (450,000) | ||
Notes Payable Due 2024 [Domain] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | $ (450,000) | $ (450,000) |
Earnings per Unit (Details)
Earnings per Unit (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Basic weighted average units outstanding | 55,734 | 55,419 | 55,696 | 55,453 |
Effect of dilutive units: | ||||
Incremental units attributable to dilutive effect of deferred units | 21 | 5 | 0 | 0 |
Incremental units attributable to dilutive effect of restricted untis | 366 | 184 | 0 | 0 |
Incremental Units Attributable To Share Based Payment Arrangements | 135 | 136 | 0 | 0 |
Incremental Units Attributable To Phantom Unit Options | 29 | 80 | 0 | 0 |
Diluted weighted average units outstanding | 56,285 | 55,824 | 55,696 | 55,453 |
Net income (loss) per limited partner unit - basic | $ 1.03 | $ 0.79 | $ (0.47) | $ (0.71) |
Net income (loss) per limited partner unit - diluted | $ 1.02 | $ 0.79 | $ (0.47) | $ (0.71) |
Income and Partnership Taxes Un
Income and Partnership Taxes Unrecognized Tax Position (Details) $ in Millions | 6 Months Ended |
Jun. 28, 2015USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefit | $ 1.2 |
Changes in Accumulated Other 38
Changes in Accumulated Other Comprehensive Income by Component Changes in AOCI by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning | $ (5,855) | $ (14,037) | $ (10,630) | $ (15,008) |
Other comprehensive income before reclassifications | (1,379) | (6,237) | 1,934 | (6,944) |
Amounts reclassified from accumulated other comprehensive income | 1,462 | 1,679 | 2,924 | 3,357 |
Net current-period other comprehensive income | 83 | (4,558) | 4,858 | (3,587) |
Balance, ending | (5,772) | (18,595) | (5,772) | (18,595) |
Other Comprehensive income before reclassification tax effect | (67) | 702 | 634 | 1,115 |
Foreign currency translation adjustment, tax | 1,011 | 1,334 | (3,136) | 402 |
Provision (benefit) for taxes | 23,294 | 7,188 | (21,100) | (23,063) |
Gains and Losses on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning | (19,005) | (15,663) | (16,566) | (15,013) |
Other comprehensive income before reclassifications | 379 | (3,920) | (3,522) | (6,248) |
Amounts reclassified from accumulated other comprehensive income | 1,462 | 1,679 | 2,924 | 3,357 |
Net current-period other comprehensive income | 1,841 | (2,241) | (598) | (2,891) |
Balance, ending | (17,164) | (17,904) | (17,164) | (17,904) |
Foreign Currency Items [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance, beginning | 13,150 | 1,626 | 5,936 | 5 |
Other comprehensive income before reclassifications | (1,758) | (2,317) | 5,456 | (696) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income | (1,758) | (2,317) | 5,456 | (696) |
Balance, ending | 11,392 | (691) | 11,392 | (691) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision (benefit) for taxes | $ (224) | $ (307) | $ (449) | $ (614) |
Changes in Accumulated Other 39
Changes in Accumulated Other Comprehensive Income by Component Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net effect of swaps | $ 1,407 | $ 315 | $ 1,523 | $ (56) |
Provision (benefit) for taxes | (23,294) | (7,188) | 21,100 | 23,063 |
Net loss | 57,583 | 43,902 | (26,250) | (39,638) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision (benefit) for taxes | 224 | 307 | 449 | 614 |
Net loss | 1,462 | 1,679 | 2,924 | 3,357 |
Interest Rate Contracts [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net effect of swaps | $ 1,686 | $ 1,986 | $ 3,373 | $ 3,971 |
Consolidating Financial Infor40
Consolidating Financial Information of Guarantors and Issuers (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | $ 73,277 | $ 52,237 |
Intercompany receivables (payments) receipts | 0 | 0 |
Intercompany payable | 0 | 0 |
Net cash for investing activities | (122,380) | (105,313) |
Net Cash Provided by (Used in) Financing Activities | (44,202) | (25,943) |
Cedar Fair L.P. (Parent) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 3,954 | 57,348 |
Intercompany receivables (payments) receipts | 0 | 0 |
Intercompany payable | 40,718 | 44,310 |
Net cash for investing activities | 0 | (47,494) |
Net Cash Provided by (Used in) Financing Activities | (83,954) | (84,854) |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (55,759) | (48,952) |
Intercompany receivables (payments) receipts | 0 | 7,625 |
Intercompany payable | (59,425) | (38,101) |
Net cash for investing activities | (2,000) | 7,432 |
Net Cash Provided by (Used in) Financing Activities | 57,377 | 37,376 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (2,970) | (22,362) |
Intercompany receivables (payments) receipts | (10,576) | 0 |
Intercompany payable | 7,849 | (2,631) |
Net cash for investing activities | (16,127) | (11,573) |
Net Cash Provided by (Used in) Financing Activities | (7,849) | 16,688 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 129,912 | 76,734 |
Intercompany receivables (payments) receipts | (282) | 3,829 |
Intercompany payable | 0 | 7,861 |
Net cash for investing activities | (115,111) | (42,224) |
Net Cash Provided by (Used in) Financing Activities | 0 | (7,861) |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (1,860) | (10,531) |
Intercompany receivables (payments) receipts | 10,858 | (11,454) |
Intercompany payable | 10,858 | (11,439) |
Net cash for investing activities | 10,858 | (11,454) |
Net Cash Provided by (Used in) Financing Activities | $ (9,776) | $ 12,708 |
Senior Unsecured Notes [Member] | Notes Payable Due 2021 and 2024 [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Subsidiary Ownership Percentage Guaranteering Notes | 100.00% | |
Subsidiary Guarantor Ownership Percentage | 100.00% |
Consolidating Financial Infor41
Consolidating Financial Information of Guarantors and Issuers Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 28, 2015 | Dec. 31, 2014 | Jun. 29, 2014 | Dec. 31, 2013 |
Current Assets: | ||||
Cash and cash equivalents | $ 35,447 | $ 131,840 | $ 40,134 | $ 118,056 |
Receivables | 70,019 | 27,395 | 66,561 | |
Inventories | 46,627 | 25,883 | 45,571 | |
Current deferred tax asset | 20,032 | 9,265 | 22,900 | |
Other current assets | 29,804 | 9,334 | 31,398 | |
Total current assets | 201,929 | 203,717 | 206,564 | |
Property and equipment (net) | 1,574,731 | 1,526,551 | 1,557,164 | |
Investment In Park | 0 | 0 | 0 | |
Goodwill | 221,662 | 228,291 | 237,650 | 238,089 |
Other intangibes, net | 37,278 | 38,191 | 39,509 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 40,678 | 41,569 | 44,909 | |
Total Assets | 2,076,278 | 2,038,319 | 2,085,796 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | 3,025 | |
Accounts payable | 39,917 | 23,933 | 37,503 | |
Deferred revenue | 147,943 | 61,161 | 133,797 | |
Accrued interest | 12,455 | 9,916 | 12,516 | |
Accrued taxes | 12,143 | 21,800 | 7,253 | |
Accrued salaries, wages and benefits | 32,233 | 34,102 | 35,640 | |
Self-insurance reserves | 24,020 | 23,377 | 23,659 | |
Current derivative liability | 6,895 | 11,791 | 0 | |
Other accrued liabilities | 15,433 | 12,139 | 9,405 | |
Total current liabilities | 291,039 | 198,219 | 262,798 | |
Deferred Tax Liability | 153,053 | 152,513 | 157,046 | |
Derivative Liability | 18,806 | 14,649 | 30,110 | |
Other Liabilities | 16,061 | 17,871 | 7,402 | |
Long-Term Debt: | ||||
Long-term Line of Credit, Noncurrent | 42,000 | 0 | 39,000 | |
Term debt | 608,850 | 608,850 | 615,825 | |
Notes | 950,000 | 950,000 | 950,000 | |
Total long-term debt | 1,600,850 | 1,558,850 | 1,604,825 | |
Equity | (3,531) | 96,217 | 23,615 | |
Total Partners' Equity and Liabilities | 2,076,278 | 2,038,319 | 2,085,796 | |
Cedar Fair L.P. (Parent) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 80,000 | 0 | 75,000 |
Receivables | 1 | 8 | 59 | |
Inventories | 0 | 0 | 0 | |
Current deferred tax asset | 0 | 0 | 0 | |
Other current assets | 434 | 680 | 691 | |
Total current assets | 435 | 80,688 | 750 | |
Property and equipment (net) | 0 | 470,851 | 471,252 | |
Investment In Park | 663,494 | 544,340 | 466,213 | |
Goodwill | 674 | 9,061 | 9,061 | |
Other intangibes, net | 0 | 0 | 0 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 5,176 | 10,615 | 11,680 | |
Total Assets | 669,779 | 1,115,555 | 958,956 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 1,724 | |||
Accounts payable | 311,822 | 352,518 | 218,225 | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 5,487 | 4,637 | 6,422 | |
Accrued taxes | 3,082 | 4,309 | 6,054 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | 0 | |
Current derivative liability | 4,127 | 7,062 | ||
Other accrued liabilities | 0 | 508 | 376 | |
Total current liabilities | 324,518 | 369,034 | 232,801 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 10,927 | 8,438 | 17,700 | |
Other Liabilities | 968 | 0 | 0 | |
Long-Term Debt: | ||||
Long-term Line of Credit, Noncurrent | 42,000 | 39,000 | ||
Term debt | 0 | 346,969 | 350,943 | |
Notes | 294,897 | 294,897 | 294,897 | |
Total long-term debt | 336,897 | 641,866 | 684,840 | |
Equity | (3,531) | 96,217 | 23,615 | |
Total Partners' Equity and Liabilities | 669,779 | 1,115,555 | 958,956 | |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 382 | 0 | 4,144 |
Receivables | 108,653 | 143,931 | 104,035 | |
Inventories | 228 | 2,074 | 5,732 | |
Current deferred tax asset | 15,315 | 4,547 | 18,655 | |
Other current assets | 1,658 | 2,079 | 14,115 | |
Total current assets | 125,854 | 153,013 | 142,537 | |
Property and equipment (net) | 5,612 | 5,630 | 8,206 | |
Investment In Park | 814,861 | 812,549 | 767,266 | |
Goodwill | 0 | 0 | 0 | |
Other intangibes, net | 0 | 0 | 0 | |
Deferred Tax Asset | 24,287 | 24,827 | 32,025 | |
Other Assets | 20,184 | 20,874 | 21,649 | |
Total Assets | 990,798 | 1,016,893 | 971,683 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 1,231 | |||
Accounts payable | 213,778 | 203,895 | 233,203 | |
Deferred revenue | 592 | 60 | 636 | |
Accrued interest | 4,211 | 3,223 | 4,251 | |
Accrued taxes | 0 | 0 | 1,196 | |
Accrued salaries, wages and benefits | 22,318 | 25,851 | 23,850 | |
Self-insurance reserves | 7,925 | 5,386 | 5,534 | |
Current derivative liability | 2,768 | 4,729 | ||
Other accrued liabilities | 4,587 | 8,134 | 5,554 | |
Total current liabilities | 256,179 | 251,278 | 275,455 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 7,879 | 6,211 | 12,410 | |
Other Liabilities | 3,574 | 6,105 | 4,039 | |
Long-Term Debt: | ||||
Long-term Line of Credit, Noncurrent | 0 | 0 | ||
Term debt | 247,890 | 247,890 | 250,730 | |
Notes | 205,103 | 205,103 | 205,103 | |
Total long-term debt | 452,993 | 452,993 | 455,833 | |
Equity | 270,173 | 300,306 | 223,946 | |
Total Partners' Equity and Liabilities | 990,798 | 1,016,893 | 971,683 | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 15,485 | 45,519 | 19,425 | 35,575 |
Receivables | 119,015 | 85,838 | 93,286 | |
Inventories | 3,143 | 1,594 | 4,091 | |
Current deferred tax asset | 674 | 674 | 800 | |
Other current assets | 2,681 | 23,818 | 5,974 | |
Total current assets | 140,998 | 157,443 | 123,576 | |
Property and equipment (net) | 204,916 | 218,260 | 247,632 | |
Investment In Park | 164,516 | 163,904 | 149,180 | |
Goodwill | 101,383 | 108,012 | 117,371 | |
Other intangibes, net | 14,371 | 15,312 | 16,639 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 7,405 | 8,034 | 9,276 | |
Total Assets | 633,589 | 670,965 | 663,674 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 70 | |||
Accounts payable | 3,983 | 32,691 | 15,070 | |
Deferred revenue | 16,235 | 4,592 | 15,824 | |
Accrued interest | 1,874 | 2,056 | 1,843 | |
Accrued taxes | 1,771 | 0 | 0 | |
Accrued salaries, wages and benefits | 1,989 | 1,103 | 2,303 | |
Self-insurance reserves | 1,456 | 1,565 | 1,772 | |
Current derivative liability | 0 | 0 | ||
Other accrued liabilities | 1,067 | 122 | 1,095 | |
Total current liabilities | 28,375 | 42,129 | 37,977 | |
Deferred Tax Liability | 49,695 | 49,695 | 57,540 | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Long-term Line of Credit, Noncurrent | 0 | 0 | ||
Term debt | 13,991 | 13,991 | 14,152 | |
Notes | 450,000 | 450,000 | 450,000 | |
Total long-term debt | 463,991 | 463,991 | 464,152 | |
Equity | 91,528 | 115,150 | 104,005 | |
Total Partners' Equity and Liabilities | 633,589 | 670,965 | 663,674 | |
Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 20,740 | 5,939 | 29,986 | 3,337 |
Receivables | 637,007 | 634,112 | 571,632 | |
Inventories | 43,256 | 22,215 | 35,748 | |
Current deferred tax asset | 4,043 | 4,044 | 3,445 | |
Other current assets | 26,476 | 5,905 | 13,500 | |
Total current assets | 731,522 | 672,215 | 654,311 | |
Property and equipment (net) | 1,364,203 | 831,810 | 830,074 | |
Investment In Park | 24,292 | 43,659 | 32,308 | |
Goodwill | 119,605 | 111,218 | 111,218 | |
Other intangibes, net | 22,907 | 22,879 | 22,870 | |
Deferred Tax Asset | 0 | 0 | 117 | |
Other Assets | 7,913 | 2,046 | 2,304 | |
Total Assets | 2,270,442 | 1,683,827 | 1,653,202 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | 305,769 | 271,323 | 282,733 | |
Deferred revenue | 131,116 | 56,509 | 117,337 | |
Accrued interest | 883 | 0 | 0 | |
Accrued taxes | 8,735 | 40,639 | 2,885 | |
Accrued salaries, wages and benefits | 7,926 | 7,148 | 9,487 | |
Self-insurance reserves | 14,639 | 16,426 | 16,353 | |
Current derivative liability | 0 | 0 | ||
Other accrued liabilities | 9,779 | 3,375 | 2,380 | |
Total current liabilities | 478,847 | 395,420 | 431,175 | |
Deferred Tax Liability | 127,645 | 127,645 | 131,648 | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 11,519 | 11,766 | 3,363 | |
Long-Term Debt: | ||||
Long-term Line of Credit, Noncurrent | 0 | 0 | ||
Term debt | 346,969 | 0 | 0 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 346,969 | 0 | 0 | |
Equity | 1,305,462 | 1,148,996 | 1,087,016 | |
Total Partners' Equity and Liabilities | 2,270,442 | 1,683,827 | 1,653,202 | |
Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | (778) | 0 | (9,277) | $ 0 |
Receivables | (794,657) | (836,494) | (702,451) | |
Inventories | 0 | 0 | 0 | |
Current deferred tax asset | 0 | 0 | 0 | |
Other current assets | (1,445) | (23,148) | (2,882) | |
Total current assets | (796,880) | (859,642) | (714,610) | |
Property and equipment (net) | 0 | 0 | 0 | |
Investment In Park | (1,667,163) | (1,564,452) | (1,414,967) | |
Goodwill | 0 | 0 | 0 | |
Other intangibes, net | 0 | 0 | 0 | |
Deferred Tax Asset | (24,287) | (24,827) | (32,142) | |
Other Assets | 0 | 0 | 0 | |
Total Assets | (2,488,330) | (2,448,921) | (2,161,719) | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | (795,435) | (836,494) | (711,728) | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 0 | 0 | 0 | |
Accrued taxes | (1,445) | (23,148) | (2,882) | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | 0 | |
Current derivative liability | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | 0 | |
Total current liabilities | (796,880) | (859,642) | (714,610) | |
Deferred Tax Liability | (24,287) | (24,827) | (32,142) | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Long-term Line of Credit, Noncurrent | 0 | 0 | ||
Term debt | 0 | 0 | 0 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 0 | 0 | 0 | |
Equity | (1,667,163) | (1,564,452) | (1,414,967) | |
Total Partners' Equity and Liabilities | $ (2,488,330) | $ (2,448,921) | $ (2,161,719) |
Consolidating Financial Infor42
Consolidating Financial Information of Guarantors and Issuers Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2015 | Jun. 29, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | $ 377,408 | $ 363,014 | $ 424,225 | $ 403,480 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 33,106 | 31,090 | 38,694 | 36,075 |
Operating expenses | 157,325 | 147,192 | 235,455 | 227,542 |
Selling, general and administrative | 46,065 | 46,617 | 71,883 | 68,021 |
Depreciation and amortization | 47,105 | 46,974 | 51,116 | 51,281 |
Gain on sale of other assets | 0 | (921) | 0 | (921) |
Loss on impairment / retirement of fixed assets, net | 780 | 215 | 3,683 | 1,212 |
Total costs and expenses | 284,381 | 271,167 | 400,831 | 383,210 |
Operating income | 93,027 | 91,847 | 23,394 | 20,270 |
Interest expense (income), net | 21,468 | 27,901 | 41,960 | 52,560 |
Net effect of swaps | (1,407) | (315) | (1,523) | 56 |
Loss on early debt extinguishment | 0 | (29,273) | 0 | (29,273) |
Foreign Currency Transaction Gain (Loss), before Tax | (7,911) | (16,102) | 30,307 | 1,082 |
Other Income Expense | 0 | 0 | 0 | 0 |
Income (Loss) from Equity Method Investments | 0 | 0 | 0 | 0 |
Income (loss) before taxes | 80,877 | 51,090 | (47,350) | (62,701) |
Provision (benefit) for taxes | 23,294 | 7,188 | (21,100) | (23,063) |
Net income (loss) | 57,583 | 43,902 | (26,250) | (39,638) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | (1,758) | (2,317) | 5,456 | (696) |
Unrealized income (loss) on cash flow hedging derivatives | 1,841 | (2,241) | (598) | (2,891) |
Other comprehensive income (loss), (net of tax) | 83 | (4,558) | 4,858 | (3,587) |
Total Comprehensive Income (Loss) | 57,666 | 39,344 | (21,392) | (43,225) |
Cedar Fair L.P. (Parent) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 38,071 | 43,084 | 36,688 | 47,839 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 |
Operating expenses | 122 | 1,312 | 256 | 2,660 |
Selling, general and administrative | 574 | 1,467 | 1,373 | 2,863 |
Depreciation and amortization | 0 | 14,011 | 0 | 14,485 |
Gain on sale of other assets | 0 | 0 | ||
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | 249 |
Total costs and expenses | 696 | 16,790 | 1,629 | 20,257 |
Operating income | 37,375 | 26,294 | 35,059 | 27,582 |
Interest expense (income), net | 8,158 | 10,533 | 15,994 | 20,732 |
Net effect of swaps | (757) | (178) | (743) | 16 |
Loss on early debt extinguishment | 0 | 0 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | 0 |
Other Income Expense | 187 | 188 | 375 | 375 |
Income (Loss) from Equity Method Investments | (30,931) | (30,914) | 41,855 | 42,674 |
Income (loss) before taxes | 60,718 | 46,665 | (22,422) | (36,215) |
Provision (benefit) for taxes | 3,135 | 2,763 | 3,828 | 3,423 |
Net income (loss) | 57,583 | 43,902 | (26,250) | (39,638) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | (1,758) | (2,317) | 5,456 | (696) |
Unrealized income (loss) on cash flow hedging derivatives | 1,841 | (2,241) | (598) | (2,891) |
Other comprehensive income (loss), (net of tax) | 83 | (4,558) | 4,858 | (3,587) |
Total Comprehensive Income (Loss) | 57,666 | 39,344 | (21,392) | (43,225) |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 60,260 | 79,737 | 64,280 | 88,416 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 71 | 79 | 71 | 79 |
Operating expenses | 51,419 | 54,893 | 74,476 | 77,355 |
Selling, general and administrative | 8,996 | 27,495 | 22,271 | 44,167 |
Depreciation and amortization | 9 | 94 | 18 | 103 |
Gain on sale of other assets | 0 | 0 | ||
Loss on impairment / retirement of fixed assets, net | 0 | (1) | 0 | (1) |
Total costs and expenses | 60,495 | 82,560 | 96,836 | 121,703 |
Operating income | (235) | (2,823) | (32,556) | (33,287) |
Interest expense (income), net | 7,217 | 7,354 | 14,054 | 14,365 |
Net effect of swaps | (650) | (137) | (780) | 40 |
Loss on early debt extinguishment | 0 | 0 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | 0 |
Other Income Expense | (3,015) | (2,415) | (7,831) | (5,689) |
Income (Loss) from Equity Method Investments | (33,397) | (21,721) | 18,348 | 25,422 |
Income (loss) before taxes | 29,610 | 14,096 | (56,347) | (67,425) |
Provision (benefit) for taxes | (1,322) | (3,481) | (14,494) | (13,903) |
Net income (loss) | 30,932 | 17,577 | (41,853) | (53,522) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized income (loss) on cash flow hedging derivatives | 475 | (644) | (302) | (817) |
Other comprehensive income (loss), (net of tax) | 475 | (644) | (302) | (817) |
Total Comprehensive Income (Loss) | 31,407 | 16,933 | (42,155) | (54,339) |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 28,003 | 33,878 | 28,081 | 34,029 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 2,592 | 2,881 | 2,592 | 2,882 |
Operating expenses | 14,390 | 15,124 | 19,361 | 22,061 |
Selling, general and administrative | 2,464 | 3,886 | 4,207 | 4,759 |
Depreciation and amortization | 5,496 | 6,502 | 5,496 | 6,502 |
Gain on sale of other assets | 0 | 0 | ||
Loss on impairment / retirement of fixed assets, net | 104 | 0 | 104 | 0 |
Total costs and expenses | 25,046 | 28,393 | 31,760 | 36,204 |
Operating income | 2,957 | 5,485 | (3,679) | (2,175) |
Interest expense (income), net | 6,305 | 11,933 | 12,425 | 21,401 |
Net effect of swaps | 0 | 0 | 0 | 0 |
Loss on early debt extinguishment | (29,273) | (29,273) | ||
Foreign Currency Transaction Gain (Loss), before Tax | (7,911) | (16,102) | 30,307 | 1,082 |
Other Income Expense | 659 | 531 | 1,705 | 905 |
Income (Loss) from Equity Method Investments | (8,591) | (10,576) | (5,088) | (6,512) |
Income (loss) before taxes | 12,495 | (9,574) | (43,028) | (48,324) |
Provision (benefit) for taxes | 1,595 | (7,645) | (18,429) | (18,151) |
Net income (loss) | 10,900 | (1,929) | (24,599) | (30,173) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | (1,758) | (2,317) | 5,456 | (696) |
Unrealized income (loss) on cash flow hedging derivatives | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), (net of tax) | (1,758) | (2,317) | 5,456 | (696) |
Total Comprehensive Income (Loss) | 9,142 | (4,246) | (19,143) | (30,869) |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 348,613 | 328,013 | 395,350 | 368,325 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 30,443 | 28,130 | 36,031 | 33,114 |
Operating expenses | 88,759 | 197,561 | 141,362 | 260,595 |
Selling, general and administrative | 34,031 | 13,769 | 44,032 | 16,232 |
Depreciation and amortization | 41,600 | 26,367 | 45,602 | 30,191 |
Gain on sale of other assets | (921) | (921) | ||
Loss on impairment / retirement of fixed assets, net | 676 | 216 | 3,579 | 964 |
Total costs and expenses | 195,509 | 265,122 | 270,606 | 340,175 |
Operating income | 153,104 | 62,891 | 124,744 | 28,150 |
Interest expense (income), net | (212) | (1,919) | (513) | (3,938) |
Net effect of swaps | 0 | 0 | 0 | 0 |
Loss on early debt extinguishment | 0 | 0 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | 0 |
Other Income Expense | 2,169 | 1,696 | 5,751 | 4,409 |
Income (Loss) from Equity Method Investments | (10,890) | 1,929 | 24,599 | 30,173 |
Income (loss) before taxes | 162,037 | 61,185 | 94,907 | (2,494) |
Provision (benefit) for taxes | 19,886 | 15,551 | 7,995 | 5,568 |
Net income (loss) | 142,151 | 45,634 | 86,912 | (8,062) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized income (loss) on cash flow hedging derivatives | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), (net of tax) | 0 | 0 | 0 | 0 |
Total Comprehensive Income (Loss) | 142,151 | 45,634 | 86,912 | (8,062) |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | (97,539) | (121,698) | (100,174) | (135,129) |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 |
Operating expenses | 2,635 | (121,698) | 0 | (135,129) |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Gain on sale of other assets | 0 | 0 | ||
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | 0 |
Total costs and expenses | 2,635 | (121,698) | 0 | (135,129) |
Operating income | (100,174) | 0 | (100,174) | 0 |
Interest expense (income), net | 0 | 0 | 0 | 0 |
Net effect of swaps | 0 | 0 | 0 | 0 |
Loss on early debt extinguishment | 0 | 0 | ||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | 0 | 0 |
Other Income Expense | 0 | 0 | 0 | 0 |
Income (Loss) from Equity Method Investments | 83,809 | 61,282 | (79,714) | (91,757) |
Income (loss) before taxes | (183,983) | (61,282) | (20,460) | 91,757 |
Provision (benefit) for taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (183,983) | (61,282) | (20,460) | 91,757 |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | 1,758 | 2,317 | (5,456) | 696 |
Unrealized income (loss) on cash flow hedging derivatives | (475) | 644 | 302 | 817 |
Other comprehensive income (loss), (net of tax) | 1,283 | 2,961 | (5,154) | 1,513 |
Total Comprehensive Income (Loss) | $ (182,700) | $ (58,321) | $ (25,614) | $ 93,270 |
Consolidating Financial Infor43
Consolidating Financial Information of Guarantors and Issuers Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | $ 73,277 | $ 52,237 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Purchase of preferred equity investment | (2,000) | 0 |
Sale of non-core asset | 0 | 1,377 |
Capital expenditures | (120,380) | (106,690) |
Net cash for investing activities | (122,380) | (105,313) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 42,000 | 39,000 |
Note borrowings | 0 | 450,000 |
Note payments, including amounts paid for early termination | 0 | (426,148) |
Distributions paid to partners | (84,154) | (78,275) |
Intercompany payables (payments) receipts | 0 | 0 |
Tax Effect of Units Involved in Option Exercises And Treasury Unit Transactions | (2,048) | (725) |
Payment of debt issuance costs | 0 | (9,795) |
Net cash for financing activities | (44,202) | (25,943) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (3,088) | 1,097 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (96,393) | (77,922) |
Balance, beginning of period | 131,840 | 118,056 |
Balance, end of period | 35,447 | 40,134 |
Cedar Fair L.P. (Parent) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 3,954 | 57,348 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Purchase of preferred equity investment | 0 | |
Sale of non-core asset | 0 | |
Capital expenditures | 0 | (47,494) |
Net cash for investing activities | 0 | (47,494) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 42,000 | 39,000 |
Note borrowings | 0 | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | (85,236) | (79,544) |
Intercompany payables (payments) receipts | (40,718) | (44,310) |
Tax Effect of Units Involved in Option Exercises And Treasury Unit Transactions | 0 | 0 |
Payment of debt issuance costs | 0 | |
Net cash for financing activities | (83,954) | (84,854) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (80,000) | (75,000) |
Balance, beginning of period | 80,000 | 75,000 |
Balance, end of period | 0 | 0 |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (55,759) | (48,952) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 7,625 |
Purchase of preferred equity investment | (2,000) | |
Sale of non-core asset | 0 | |
Capital expenditures | 0 | (193) |
Net cash for investing activities | (2,000) | 7,432 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 0 |
Note borrowings | 0 | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Intercompany payables (payments) receipts | 59,425 | 38,101 |
Tax Effect of Units Involved in Option Exercises And Treasury Unit Transactions | (2,048) | (725) |
Payment of debt issuance costs | 0 | |
Net cash for financing activities | 57,377 | 37,376 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (382) | (4,144) |
Balance, beginning of period | 382 | 4,144 |
Balance, end of period | 0 | 0 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (2,970) | (22,362) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (10,576) | 0 |
Purchase of preferred equity investment | 0 | |
Sale of non-core asset | 0 | |
Capital expenditures | (5,551) | (11,573) |
Net cash for investing activities | (16,127) | (11,573) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 0 |
Note borrowings | 450,000 | |
Note payments, including amounts paid for early termination | (426,148) | |
Distributions paid to partners | 0 | 0 |
Intercompany payables (payments) receipts | (7,849) | 2,631 |
Tax Effect of Units Involved in Option Exercises And Treasury Unit Transactions | 0 | 0 |
Payment of debt issuance costs | (9,795) | |
Net cash for financing activities | (7,849) | 16,688 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (3,088) | 1,097 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (30,034) | (16,150) |
Balance, beginning of period | 45,519 | 35,575 |
Balance, end of period | 15,485 | 19,425 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | 129,912 | 76,734 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (282) | 3,829 |
Purchase of preferred equity investment | 0 | |
Sale of non-core asset | 1,377 | |
Capital expenditures | (114,829) | (47,430) |
Net cash for investing activities | (115,111) | (42,224) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 0 |
Note borrowings | 0 | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Intercompany payables (payments) receipts | 0 | (7,861) |
Tax Effect of Units Involved in Option Exercises And Treasury Unit Transactions | 0 | 0 |
Payment of debt issuance costs | 0 | |
Net cash for financing activities | 0 | (7,861) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 14,801 | 26,649 |
Balance, beginning of period | 5,939 | 3,337 |
Balance, end of period | 20,740 | 29,986 |
Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net Cash Provided by (Used in) Operating Activities | (1,860) | (10,531) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 10,858 | (11,454) |
Purchase of preferred equity investment | 0 | |
Sale of non-core asset | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 10,858 | (11,454) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 0 |
Note borrowings | 0 | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 1,082 | 1,269 |
Intercompany payables (payments) receipts | (10,858) | 11,439 |
Tax Effect of Units Involved in Option Exercises And Treasury Unit Transactions | 0 | 0 |
Payment of debt issuance costs | 0 | |
Net cash for financing activities | (9,776) | 12,708 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (778) | (9,277) |
Balance, beginning of period | 0 | 0 |
Balance, end of period | $ (778) | $ (9,277) |