Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 26, 2016 | Aug. 01, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 26, 2016 | |
Document Fiscal Year Focus | 2,016 | |
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 | 56,076,294 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 26, 2016 | Dec. 31, 2015 | Jun. 28, 2015 |
Current Assets: | |||
Cash and cash equivalents | $ 68,085 | $ 119,557 | $ 35,447 |
Receivables | 78,006 | 29,494 | 70,019 |
Inventories | 46,207 | 25,029 | 46,627 |
Prepaid advertising | 20,915 | 1,521 | 18,648 |
Other current assets | 11,559 | 8,425 | 11,156 |
Total current assets | 224,772 | 184,026 | 181,897 |
Property and Equipment: | |||
Land | 272,534 | 267,782 | 271,593 |
Land improvements | 392,436 | 381,191 | 385,451 |
Buildings | 674,251 | 647,514 | 654,619 |
Rides and equipment | 1,655,689 | 1,561,234 | 1,593,907 |
Construction in progress | 26,095 | 50,962 | 16,756 |
Total property and equipment, gross | 3,021,005 | 2,908,683 | 2,922,326 |
Less accumulated depreciation | (1,444,511) | (1,393,805) | (1,347,595) |
Total property and equipment, net | 1,576,494 | 1,514,878 | 1,574,731 |
Goodwill | 217,026 | 210,811 | 221,662 |
Other Intangibles, net | 36,833 | 35,895 | 37,278 |
Other Assets | 17,256 | 17,410 | 18,269 |
Total Assets | 2,072,381 | 1,963,020 | 2,033,837 |
Current Liabilities: | |||
Current maturities of long-term debt | 0 | 2,475 | 0 |
Accounts payable | 40,242 | 17,122 | 39,917 |
Deferred revenue | 173,062 | 69,514 | 147,943 |
Accrued interest | 11,710 | 9,910 | 12,455 |
Accrued taxes | 30,829 | 41,937 | 12,143 |
Accrued salaries, wages and benefits | 33,962 | 26,916 | 32,233 |
Self-insurance reserves | 25,588 | 23,996 | 24,020 |
Current derivative liability | 0 | 0 | 6,895 |
Other accrued liabilities | 14,047 | 6,801 | 15,433 |
Total current liabilities | 329,440 | 198,671 | 291,039 |
Deferred Tax Liability | 138,229 | 129,763 | 133,021 |
Derivative Liability | 30,900 | 22,918 | 18,806 |
Other Liabilities | 12,474 | 17,983 | 16,061 |
Long-Term Debt: | |||
Revolving credit loans | 55,000 | 0 | 42,000 |
Term debt | 595,902 | 598,346 | 599,691 |
Notes | 938,863 | 938,330 | 936,750 |
Total long-term debt | 1,589,765 | 1,536,676 | 1,578,441 |
Commitments and Contingencies | |||
Partners’ Equity: | |||
Special L.P. interests | 5,290 | 5,290 | 5,290 |
General partner | (1) | 0 | 0 |
Limited partners, 56,072, 56,018 and 56,008 units outstanding at June 26, 2016, December 31, 2015 and June 28, 2015, respectively | (29,525) | 48,428 | (3,049) |
Accumulated other comprehensive income | (4,191) | 3,291 | (5,772) |
Total partners' equity | (28,427) | 57,009 | (3,531) |
Total Partners' Equity and Liabilities | $ 2,072,381 | $ 1,963,020 | $ 2,033,837 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Jun. 26, 2016 | Dec. 31, 2015 | Jun. 28, 2015 |
Statement of Financial Position [Abstract] | |||
Limited partners, units outstanding (in shares) | 56,072 | 56,018 | 56,008 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 26, 2016 | Jun. 28, 2015 | |
Net revenues: | ||||
Admissions | $ 214,338 | $ 207,568 | $ 242,998 | $ 230,351 |
Food, merchandise and games | 129,924 | 128,633 | 151,691 | 146,577 |
Accommodations, extra-charge products and other | 43,772 | 41,207 | 51,783 | 47,297 |
Total net revenues | 388,034 | 377,408 | 446,472 | 424,225 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 34,566 | 33,106 | 40,803 | 38,694 |
Operating expenses | 157,525 | 157,325 | 242,129 | 235,455 |
Selling, general and administrative | 51,371 | 46,065 | 76,983 | 71,883 |
Depreciation and amortization | 48,299 | 47,105 | 53,490 | 51,116 |
Loss on impairment / retirement of fixed assets, net | 1,415 | 780 | 4,027 | 3,683 |
Total costs and expenses | 293,176 | 284,381 | 417,432 | 400,831 |
Operating income | 94,858 | 93,027 | 29,040 | 23,394 |
Interest expense | 21,125 | 21,473 | 40,912 | 42,005 |
Net effect of swaps | 5,410 | (1,407) | 7,252 | (1,523) |
Unrealized/realized foreign currency (gain) loss | (11,455) | (7,911) | (31,016) | 30,307 |
Interest income | (8) | (5) | (26) | (45) |
Income (loss) before taxes | 79,786 | 80,877 | 11,918 | (47,350) |
Provision (benefit) for taxes | 21,803 | 23,294 | 2,421 | (21,100) |
Net income (loss) | 57,983 | 57,583 | 9,497 | (26,250) |
Net income (loss) allocated to general partner | 0 | 1 | 0 | 0 |
Net income (loss) allocated to limited partners | 57,983 | 57,582 | 9,497 | (26,250) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | (2,449) | (1,758) | (6,844) | 5,456 |
Unrealized gain (loss) on cash flow hedging derivatives | 1,993 | 1,841 | (638) | (598) |
Other comprehensive income (loss), (net of tax) | (456) | 83 | (7,482) | 4,858 |
Total comprehensive income (loss) | $ 57,527 | $ 57,666 | $ 2,015 | $ (21,392) |
Basic income (loss) per limited partner unit: | ||||
Weighted average limited partner units outstanding (in shares) | 55,940 | 55,734 | 55,909 | 55,696 |
Net income (loss) per limited partner unit (in dollars per share) | $ 1.04 | $ 1.03 | $ 0.17 | $ (0.47) |
Diluted income (loss) per limited partner unit: | ||||
Weighted average limited partner units outstanding (in shares) | 56,358 | 56,285 | 56,406 | 55,696 |
Net income (loss) per limited partner unit (in dollars per share) | $ 1.03 | $ 1.02 | $ 0.17 | $ (0.47) |
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] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $ (16,566) | ||||||
Beginning balance, units (in shares) at Dec. 31, 2014 | 55,828 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised (in shares) | 48 | ||||||
Limited partnership unit forfeitures (in shares) | (1) | ||||||
Issuance of limited partnership units as compensation (in shares) | 133 | ||||||
Ending balance, units (in shares) at Jun. 28, 2015 | 56,008 | ||||||
Beginning balance, value at Dec. 31, 2014 | $ 101,556 | $ 1 | $ 5,936 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | $ (26,250) | (26,250) | |||||
Partnership distribution declared ($1.65 and $1.50 per limited partnership unit) | (84,153) | ||||||
Expense recognized for limited partnership unit options | 353 | ||||||
Tax effect of units involved in treasury unit transactions | 2,048 | (2,048) | |||||
Issuance of limited partnership units as compensation | 7,493 | ||||||
Partnership distribution declared | (1) | ||||||
Period activity, net of tax $3,934 and ($3,136) | 5,456 | 5,456 | |||||
Period activity, net of tax $92 and $185 | (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] | |||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (19,300) | ||||||
Beginning balance, units (in shares) at Dec. 31, 2015 | 56,018 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised (in shares) | 10 | ||||||
Limited partnership unit forfeitures (in shares) | 0 | ||||||
Issuance of limited partnership units as compensation (in shares) | 44 | ||||||
Ending balance, units (in shares) at Jun. 26, 2016 | 56,072 | ||||||
Beginning balance, value at Dec. 31, 2015 | 57,009 | $ 48,428 | 0 | 22,591 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 9,497 | 9,497 | |||||
Partnership distribution declared ($1.65 and $1.50 per limited partnership unit) | (92,675) | ||||||
Expense recognized for limited partnership unit options | 5 | ||||||
Tax effect of units involved in treasury unit transactions | 1,604 | (1,604) | |||||
Issuance of limited partnership units as compensation | 6,824 | ||||||
Partnership distribution declared | (1) | ||||||
Period activity, net of tax $3,934 and ($3,136) | (6,844) | (6,844) | |||||
Period activity, net of tax $92 and $185 | (638) | (638) | |||||
Ending balance, value at Jun. 26, 2016 | $ (28,427) | $ (29,525) | $ (1) | $ 5,290 | $ (4,191) | $ 15,747 | $ (19,938) |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statement of Partners' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 26, 2016 | Jun. 28, 2015 | |
Statement of Partners' Capital [Abstract] | ||||
Foreign currency translation adjustment, tax | $ 1,414 | $ 1,011 | $ 3,934 | $ (3,136) |
Unrealized loss on cash flow hedging derivatives, tax | $ 92 | $ 185 | ||
Partnership distribution declared, amount per limited partnership unit (in dollars per share) | $ 1.65 | $ 1.50 | $ 1.65 | $ 1.50 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 26, 2016 | Jun. 28, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 9,497 | $ (26,250) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 53,490 | 51,116 |
Non-cash foreign currency (gain) loss on debt | (31,429) | 29,559 |
Other non-cash expenses | 31,028 | 798 |
Net change in working capital | 40,406 | 18,526 |
Net change in other assets/liabilities | (5,819) | (472) |
Net cash from operating activities | 97,173 | 73,277 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Capital expenditures | (106,233) | (120,380) |
Purchase of preferred equity investment | 0 | (2,000) |
Net cash for investing activities | (106,233) | (122,380) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 55,000 | 42,000 |
Term debt payments | (6,000) | 0 |
Distributions paid to partners | (92,676) | (84,154) |
Tax effect of units involved in treasury unit transactions | (1,604) | (2,048) |
Net cash for financing activities | (45,280) | (44,202) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 2,868 | (3,088) |
CASH AND CASH EQUIVALENTS | ||
Net decrease for the period | (51,472) | (96,393) |
Balance, beginning of period | 119,557 | 131,840 |
Balance, end of period | 68,085 | 35,447 |
SUPPLEMENTAL INFORMATION | ||
Cash payments for interest expense | 38,557 | 39,378 |
Interest capitalized | 1,474 | 1,943 |
Cash payments for income taxes, net of refunds | 6,989 | 4,256 |
Capital expenditures in accounts payable | $ 1,265 | $ 8,360 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 26, 2016 | |
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. 26, 2016 | |
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 26, 2016 and June 28, 2015 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, 2015 , which were included in the Form 10-K filed on February 26, 2016. 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. Reclassifications Certain prior year operating activity amounts in the unaudited condensed consolidated statements of cash flows have been reclassified to conform to fiscal 2016 presentation. Adopted Accounting Pronouncements 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 is effective for annual and interim periods beginning after December 15, 2015. The adoption of ASU 2015-03 did not 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 resulted in the reclassification of the unamortized debt issuance cost amounts from other assets to long-term debt on the unaudited condensed consolidated balance sheets for the prior periods, of $19.7 million and $22.4 million at December 31, 2015 and June 28, 2015 , respectively. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). The amendments in ASU 2015-17 require that deferred tax assets and liabilities be classified as non-current in the balance sheet. This ASU is effective for fiscal years beginning after December 15, 2016 and for interim periods within those fiscal years, with early adoption permitted. The guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. We adopted this guidance early and applied retrospective treatment. The impact of the adoption of this guidance resulted in the reclassification of the current deferred tax assets to net against the deferred tax liability in the unaudited condensed consolidated balance sheets, which reduced both the current deferred tax asset and deferred tax liability for the prior periods by $12.2 million and $20.0 million at December 31, 2015 and June 28, 2015 , respectively. 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 February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"). The amendments in ASU 2016-02 provide that most leases will now be recorded on the balance sheet. ASU 2016-02 is effective for annual and interim periods beginning on or after January 1, 2019 and will replace most existing lease guidance under U.S. GAAP when it becomes effective. This ASU requires a modified transition method for existing leases and applies to the earliest period presented in the financial statements. The Partnership is in the process of evaluating the effect this standard will have on the consolidated financial statements and related disclosures. |
Interim Reporting
Interim Reporting | 6 Months Ended |
Jun. 26, 2016 | |
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 products are recognized over the estimated number of uses expected for each type of product and are adjusted periodically during the operating season prior to the ticket or product 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. Revenues on multi-use products for the next operating season are deferred in the year received and recognized as revenue in the following operating season. |
Long-Lived Assets
Long-Lived Assets | 6 Months Ended |
Jun. 26, 2016 | |
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. 26, 2016 | |
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 26, 2016 , there were no indicators of impairment. The Partnership's annual testing date is the first day of the fourth quarter. There were no impairments for any period presented. A summary of changes in the Partnership’s carrying value of goodwill for the six months ended June 26, 2016 and June 28, 2015 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance at December 31, 2015 $ 290,679 $ (79,868 ) $ 210,811 Foreign currency translation 6,215 — 6,215 Balance at June 26, 2016 $ 296,894 $ (79,868 ) $ 217,026 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 26, 2016 , December 31, 2015, and June 28, 2015 the Partnership’s other intangible assets consisted of the following: June 26, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Other intangible assets: Trade names $ 36,086 $ — $ 36,086 License / franchise agreements 1,476 729 747 Total other intangible assets $ 37,562 $ 729 $ 36,833 December 31, 2015 (In thousands) Other intangible assets: Trade names $ 35,208 $ — $ 35,208 License / franchise agreements 1,067 380 687 Total other intangible assets $ 36,275 $ 380 $ 35,895 June 28, 2015 (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 Amortization expense of other intangible assets is expected to be immaterial going forward. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 26, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt: Long-term debt as of June 26, 2016 , December 31, 2015, and June 28, 2015 consisted of the following: (In thousands) June 26, 2016 December 31, 2015 June 28, 2015 Revolving credit facility (due 2018) $ 55,000 $ — $ 42,000 Term debt (1) March 2013 U.S. term loan averaging 3.25% (due 2013-2020) 602,850 608,850 608,850 Notes June 2014 U.S. fixed rate note at 5.375% (due 2024) 450,000 450,000 450,000 March 2013 U.S. fixed rate note at 5.25% (due 2021) 500,000 500,000 500,000 1,607,850 1,558,850 1,600,850 Less current portion — 2,475 — 1,607,850 1,556,375 1,600,850 Less debt issuance costs 18,085 19,699 22,409 $ 1,589,765 $ 1,536,676 $ 1,578,441 (1) The average interest rate does not reflect the effect of interest rate swap agreements (see Note 6). In June of 2014, the Partnership issued $450 million of 5.375% senior unsecured notes ("June 2014 notes"), maturing in 2024 . 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. 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. 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. In March 2013, the Partnership issued $500 million of 5.25% senior unsecured notes ("March 2013 notes"), maturing in 2021. 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, 2017 at a price equal to 103.938% of the principal amount of the notes redeemed, together with accrued and unpaid interest, if any, to the redemption date. The notes may be redeemed after this date, in whole or in part, at various prices depending on the date redeemed. 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 an interest 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 includes two Financial Condition Covenants, which if breached for any reason and not cured, could result in an event of default. At the end of the second quarter of 2016, the first of these, the Consolidated Leverage Ratio, was set at a maximum of 5.50 x consolidated total debt (excluding the revolving debt)-to-consolidated EBITDA. This required ratio decreased by 0.25 x at the beginning of the second quarter of 2016. The final decrease will occur at the beginning of the second quarter of 2017 when the ratio will reach its minimum of 5.25 x. The second of these required ratios, the Consolidated Fixed Charge Coverage Ratio, is set at a minimum of 1.1 x (consolidated total fixed charges-to-consolidated EBITDA). As of June 26, 2016 , the Partnership was in compliance with these Financial Condition Covenants 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 5.0 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 2016 and beyond is permitted should the Partnership's pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 5.0 x. 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. 26, 2016 | |
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 interest rate risk. By utilizing a derivative instrument to hedge our exposure to LIBOR rate changes, the Partnership is exposed to counterparty credit risk, in particular the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, hedging instruments are placed with a counterparty that the Partnership believes poses minimal credit risk. The Partnership does not use derivative financial instruments for trading purposes. In the first quarter of 2016, the Partnership amended each of its four interest rate swap agreements to extend each of the maturities by two years to December 31, 2020, and to fix LIBOR at a rate of 2.64% . As a result of the amendments, the previously existing interest rate swap agreements were de-designated and the amounts recorded in AOCI will be amortized into earnings through the original December 2018 maturity. The newly amended interest rate swap agreements are not designated as hedging instruments. There were no other changes to the terms of the agreements beyond those disclosed. The fair value of derivative financial instruments and their classification within the unaudited condensed consolidated balance sheets as of June 26, 2016, December 31, 2015, and June 28, 2015 are as follows: (In thousands) Unaudited Condensed Consolidated Balance Sheet Location Fair Value as of Fair Value as of Fair Value as of June 26, 2016 December 31, 2015 June 28, 2015 Derivatives designated as hedging instruments: Interest rate swaps Derivative Liability $ — $ (22,918 ) $ (18,806 ) Total derivatives designated as hedging instruments $ — $ (22,918 ) $ (18,806 ) Derivatives not designated as hedging instruments: Interest rate swaps Current Derivative Liability $ — $ — $ (6,895 ) Interest rate swaps Derivative Liability $ (30,900 ) $ — $ — Total derivatives not designated as hedging instruments $ (30,900 ) $ — $ (6,895 ) Net derivative liability $ (30,900 ) $ (22,918 ) $ (25,701 ) Derivatives Designated as Hedging Instruments Changes in fair value of highly effective hedges are recorded as a component of AOCI in the balance sheet. Any ineffectiveness is recognized immediately in income. Amounts recorded as a component of accumulated other comprehensive income are reclassified into earnings in the same period the forecasted transactions affect earnings. As a result of the first quarter of 2016 amendments, the previously existing interest rate swap agreements were de-designated and the newly amended interest rate swap agreements are not designated as hedging instruments. As of June 26, 2016 we have no designated derivatives and thus no amounts for designated derivatives 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" within the unaudited condensed consolidated statements of operations and comprehensive income. The amounts that were previously recorded as a component of AOCI 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 a result of the first quarter 2016 amendments, the previously existing interest rate swap agreements were de-designated and the amounts previously recorded in AOCI will be amortized into earnings through the original December 2018 maturity. As of June 26, 2016 , approximately $23.6 million of losses remain in AOCI related to the effective cash flow hedge contracts prior to de-designation, $9.5 million of which will be reclassified to earnings within the next twelve months. The following table summarizes the effect of derivative instruments on income (loss) and other comprehensive income (loss) for the three-month periods ended June 26, 2016 and June 28, 2015 : (In thousands) Amount of Gain (Loss) Amount and Location of Gain (Loss) Amount and Location of Gain (Loss) Recognized in Income on Derivatives Designated Derivatives Three months ended 6/26/2016 Three months ended 6/28/2015 Designated Derivatives Three months ended 6/26/2016 Three months ended 6/28/2015 Derivatives Not Designated Three months ended 6/26/2016 Three months ended 6/28/2015 Interest rate swaps $ — $ 446 Interest Expense $ — $ — Net effect of swaps $ (3,046 ) $ 3,093 During the quarter ended June 26, 2016 , the Partnership recognized $3.0 million of losses on the derivatives not designated as cash flow hedges and $2.4 million of expense representing the regular amortization of amounts in AOCI. The effect of these amounts resulted in a charge to earnings of $5.4 million recorded in “Net effect of swaps.” During the quarter ended June 28, 2015 , the Partnership recognized $3.1 million of gains on the derivatives not designated as cash flow hedges and $1.7 million of expense representing the 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.” The following table summarizes the effect of derivative instruments on income (loss) and other comprehensive income (loss) for the six-month periods ended June 26, 2016 and June 28, 2015 : (In thousands) Amount of Gain (Loss) Amount and Location of Gain (Loss) Amount and Location of Gain (Loss) Recognized in Income on Derivatives Designated Derivatives Six months ended 6/26/2016 Six months ended 6/28/2015 Designated Derivatives Six months ended 6/26/2016 Six months ended 6/28/2015 Derivatives Not Designated Six months ended 6/26/2016 Six months ended 6/28/2015 Interest rate swaps $ (4,671 ) $ (4,156 ) Interest Expense $ (851 ) $ — Net effect of swaps $ (3,311 ) $ 4,896 During the six-month period ended June 26, 2016 , the Partnership recognized $3.3 million of losses on the derivatives not designated as cash flow hedges and $3.9 million of expense representing the regular amortization of amounts in AOCI. The effect of these amounts resulted in a charge to earnings of $7.3 million recorded in “Net effect of swaps.” During the six-month period ended June 28, 2015 , the Partnership recognized $4.9 million of gains on the derivatives not designated as cash flow hedges and $3.4 million of expense representing the 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.” |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 26, 2016 | |
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 26, 2016 , December 31, 2015, and June 28, 2015 on a recurring basis as well as the fair values of other financial instruments: (In thousands) Unaudited Condensed Consolidated Balance Sheet Location Fair Value Hierarchy Level June 26, 2016 December 31, 2015 June 28, 2015 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 ) Interest rate swap agreements not designated as cash flow hedges Derivative Liability Level 2 (30,900 ) (30,900 ) — — — — Interest rate swap agreements designated as cash flow hedges Derivative Liability Level 2 — — (22,918 ) (22,918 ) (18,806 ) (18,806 ) Other financial assets (liabilities): Term debt Long-Term Debt (1) Level 2 (602,850 ) (604,357 ) (606,375 ) (604,859 ) (608,850 ) (610,372 ) March 2013 notes Long-Term Debt (1) Level 1 (500,000 ) (518,750 ) (500,000 ) (507,500 ) (500,000 ) (513,750 ) June 2014 notes Long-Term Debt (1) Level 1 (450,000 ) (465,750 ) (450,000 ) (453,375 ) (450,000 ) (455,625 ) (1) Carrying values of long-term debt balances are before reductions for debt issuance cost amounts of $18.1 million , $19.7 million , and $22.4 million as of June 26, 2016, December 31, 2015, and June 28, 2015. 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 $1.3 million as of June 26, 2016 , $0.6 million as of December 31, 2015, and $0.7 million as of June 28, 2015 . The carrying value of cash and cash equivalents, revolving credit loans, 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 26, 2016 , December 31, 2015, or June 28, 2015 . |
Earnings per Unit
Earnings per Unit | 6 Months Ended |
Jun. 26, 2016 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | Earnings per Unit: Net income (loss) per limited partner unit is calculated based on the following unit amounts: Three months ended Six months ended 6/26/2016 6/28/2015 6/26/2016 6/28/2015 (In thousands except per unit amounts) Basic weighted average units outstanding 55,940 55,734 55,909 55,696 Effect of dilutive units: Deferred units 30 21 28 — Performance units — — 64 — Restricted units 253 366 273 — Unit options 135 135 132 — Phantom units — 29 — — Diluted weighted average units outstanding 56,358 56,285 56,406 55,696 Net income (loss) per unit - basic $ 1.04 $ 1.03 $ 0.17 $ (0.47 ) Net income (loss) per unit - diluted $ 1.03 $ 1.02 $ 0.17 $ (0.47 ) The effect of out-of-money and/or antidilutive unit options on the three and six months ended June 26, 2016 and June 28, 2015, 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. 26, 2016 | |
Income Tax Disclosure [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 2016, the Partnership has recorded $1.1 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. 26, 2016 | |
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 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. 26, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income by Component | Changes in Accumulated Other Comprehensive Income by Component: The following tables reflect the changes in accumulated other comprehensive income related to limited partners' equity for the three-month periods ended June 26, 2016 and June 28, 2015 : 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 27, 2016 $ (21,931 ) $ 18,196 $ (3,735 ) Other comprehensive income before reclassifications, net of tax $1,414 — (2,449 ) (2,449 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($371) (2) 1,993 — 1,993 Net other comprehensive income 1,993 (2,449 ) (456 ) Balance at June 26, 2016 $ (19,938 ) $ 15,747 $ (4,191 ) 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 ) 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 6/26/16 Three months ended 6/28/15 Interest rate contracts $ 2,364 $ 1,686 Net effect of swaps Provision for taxes (371 ) (224 ) Provision for taxes $ 1,993 $ 1,462 (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 26, 2016 and June 28, 2015 : 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, 2015 $ (19,300 ) $ 22,591 $ 3,291 Other comprehensive income before reclassifications, net of tax $711 and $3,934, respectively (3,960 ) (6,844 ) (10,804 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($619) (2) 3,322 — 3,322 Net other comprehensive income (638 ) (6,844 ) (7,482 ) Balance at June 26, 2016 $ (19,938 ) $ 15,747 $ (4,191 ) 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 ) 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 6/26/16 Six months ended 6/28/15 Interest rate contracts $ 3,941 $ 3,373 Net effect of swaps Provision for taxes (619 ) (449 ) Provision for taxes $ 3,322 $ 2,924 (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. 26, 2016 | |
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 26, 2016 , December 31, 2015, and June 28, 2015 and for the three- and six-month periods ended June 26, 2016 and June 28, 2015 . 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 26, 2016 (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 $ — $ — $ 43,844 $ 24,894 $ (653 ) $ 68,085 Receivables (9 ) 1,565 23,381 567,888 (514,819 ) 78,006 Inventories — — 3,169 43,038 — 46,207 Other current assets 377 26,236 2,205 29,564 (25,908 ) 32,474 368 27,801 72,599 665,384 (541,380 ) 224,772 Property and Equipment (net) — 885 189,226 1,386,383 — 1,576,494 Investment in Park 667,710 830,528 184,964 295,114 (1,978,316 ) — Goodwill 674 — 96,746 119,606 — 217,026 Other Intangibles, net — — 13,743 23,090 — 36,833 Deferred Tax Asset — 2,549 — — (2,549 ) — Other Assets — 2,000 183 15,073 — 17,256 $ 668,752 $ 863,763 $ 557,461 $ 2,504,650 $ (2,522,245 ) $ 2,072,381 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 377,726 $ 142,024 $ 3,139 $ 32,825 $ (515,472 ) $ 40,242 Deferred revenue — — 17,154 155,908 — 173,062 Accrued interest 4,825 3,343 1,771 1,771 — 11,710 Accrued taxes 2,499 — 5,993 48,245 (25,908 ) 30,829 Accrued salaries, wages and benefits — 31,881 2,081 — — 33,962 Self-insurance reserves — 11,842 1,483 12,263 — 25,588 Other accrued liabilities 1,846 2,737 1,157 8,307 — 14,047 386,896 191,827 32,778 259,319 (541,380 ) 329,440 Deferred Tax Liability — — 18,913 121,865 (2,549 ) 138,229 Derivative Liability 18,540 12,360 — — — 30,900 Other Liabilities — 1,388 — 11,086 — 12,474 Long-Term Debt: Revolving credit loans — — — 55,000 — 55,000 Term debt — 124,244 13,624 458,034 — 595,902 Notes 291,743 202,910 444,210 — — 938,863 291,743 327,154 457,834 513,034 — 1,589,765 Equity (28,427 ) 331,034 47,936 1,599,346 (1,978,316 ) (28,427 ) $ 668,752 $ 863,763 $ 557,461 $ 2,504,650 $ (2,522,245 ) $ 2,072,381 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 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 $ 77,007 $ — $ 39,106 $ 3,444 $ — $ 119,557 Receivables — 1,292 27,788 547,361 (546,947 ) 29,494 Inventories — 121 1,222 23,686 — 25,029 Other current assets 188 1,261 1,332 8,781 (1,616 ) 9,946 77,195 2,674 69,448 583,272 (548,563 ) 184,026 Property and Equipment (net) — 5,593 176,390 1,332,895 — 1,514,878 Investment in Park 724,592 911,910 179,529 27,862 (1,843,893 ) — Goodwill 674 — 90,531 119,606 — 210,811 Other Intangibles, net — — 12,832 23,063 — 35,895 Deferred Tax Asset — 14,080 — — (14,080 ) — Other Assets — 14,414 210 2,786 — 17,410 $ 802,461 $ 948,671 $ 528,940 $ 2,089,484 $ (2,406,536 ) $ 1,963,020 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,008 $ 57 $ 1,410 $ — 2,475 Accounts payable 433,621 115,135 810 14,503 (546,947 ) 17,122 Deferred revenue — 85 4,397 65,032 — 69,514 Accrued interest 4,602 3,221 2,056 31 — 9,910 Accrued taxes 1,066 — — 42,487 (1,616 ) 41,937 Accrued salaries, wages and benefits — 22,166 1,026 3,724 — 26,916 Self-insurance reserves — 7,437 1,400 15,159 23,996 Other accrued liabilities 1,355 1,531 167 3,748 — 6,801 440,644 150,583 9,913 146,094 (548,563 ) 198,671 Deferred Tax Liability — — 21,979 121,864 (14,080 ) 129,763 Derivative Liability 13,396 9,522 — — — 22,918 Other Liabilities — 6,705 — 11,278 — 17,983 Long-Term Debt: Term debt — 244,101 13,691 340,554 — 598,346 Notes 291,412 202,679 444,239 — — 938,330 291,412 446,780 457,930 340,554 — 1,536,676 Equity 57,009 335,081 39,118 1,469,694 (1,843,893 ) 57,009 $ 802,461 $ 948,671 $ 528,940 $ 2,089,484 $ (2,406,536 ) $ 1,963,020 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 1 108,653 119,015 635,647 (793,297 ) 70,019 Inventories — 228 3,143 43,256 — 46,627 Other current assets 434 1,658 2,681 26,476 (1,445 ) 29,804 435 110,539 140,324 726,119 (795,520 ) 181,897 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 — 39,602 — — (39,602 ) — Other Assets — 14,409 321 3,539 — 18,269 $ 664,603 $ 985,023 $ 625,831 $ 2,260,665 $ (2,502,285 ) $ 2,033,837 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 310,462 $ 213,778 $ 3,983 $ 305,769 $ (794,075 ) $ 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 — 15,433 323,158 256,179 28,375 478,847 (795,520 ) 291,039 Deferred Tax Liability — — 49,021 123,602 (39,602 ) 133,021 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 — 244,769 13,687 341,235 — 599,691 Notes 291,081 202,449 443,220 — — 936,750 333,081 447,218 456,907 341,235 — 1,578,441 Equity (3,531 ) 270,173 91,528 1,305,462 (1,667,163 ) (3,531 ) $ 664,603 $ 985,023 $ 625,831 $ 2,260,665 $ (2,502,285 ) $ 2,033,837 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 26, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 41,344 $ 90,525 $ 30,354 $ 371,023 $ (145,212 ) $ 388,034 Costs and expenses: Cost of food, merchandise, and games revenues — — 2,974 31,592 — 34,566 Operating expenses 3 87,506 13,087 202,141 (145,212 ) 157,525 Selling, general and administrative 761 14,709 3,581 32,320 — 51,371 Depreciation and amortization — 9 5,398 42,892 — 48,299 Loss on impairment / retirement of fixed assets, net — — 5 1,410 — 1,415 764 102,224 25,045 310,355 (145,212 ) 293,176 Operating income (loss) 40,580 (11,699 ) 5,309 60,668 — 94,858 Interest expense (income), net 7,754 5,625 6,313 1,425 — 21,117 Net effect of swaps 3,215 2,195 — — — 5,410 Unrealized / realized foreign currency gain — — (11,455 ) — — (11,455 ) Other (income) expense 63 (20,767 ) 875 19,829 — — Income from investment in affiliates (31,140 ) (30,419 ) (8,909 ) (14,937 ) 85,405 — Income before taxes 60,688 31,667 18,485 54,351 (85,405 ) 79,786 Provision for taxes 2,705 531 3,548 15,019 — 21,803 Net income $ 57,983 $ 31,136 $ 14,937 $ 39,332 $ (85,405 ) $ 57,983 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (2,449 ) — (2,449 ) — 2,449 (2,449 ) Unrealized gain on cash flow hedging derivatives 1,993 605 — — (605 ) 1,993 Other comprehensive income (loss), (net of tax) (456 ) 605 (2,449 ) — 1,844 (456 ) Total comprehensive income $ 57,527 $ 31,741 $ 12,488 $ 39,332 $ (83,561 ) $ 57,527 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 gain 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 Six Months Ended June 26, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 38,844 $ 98,366 $ 30,473 $ 429,339 $ (150,550 ) $ 446,472 Costs and expenses: Cost of food, merchandise, and games revenues — — 2,972 37,831 — 40,803 Operating expenses 12 127,484 18,364 246,819 (150,550 ) 242,129 Selling, general and administrative 1,654 27,895 4,344 43,090 — 76,983 Depreciation and amortization — 18 5,398 48,074 — 53,490 Loss on impairment / retirement of fixed assets, net — — 26 4,001 — 4,027 1,666 155,397 31,104 379,815 (150,550 ) 417,432 Operating income (loss) 37,178 (57,031 ) (631 ) 49,524 — 29,040 Interest expense (income), net 15,792 12,071 12,349 674 — 40,886 Net effect of swaps 4,658 2,594 — — — 7,252 Unrealized / realized foreign currency gain — — (31,016 ) — — (31,016 ) Other (income) expense 125 (40,138 ) 1,749 38,264 — — (Income) loss from investment in affiliates 3,541 (16,275 ) (5,434 ) (15,662 ) 33,830 — Income (loss) before taxes 13,062 (15,283 ) 21,721 26,248 (33,830 ) 11,918 Provision (benefit) for taxes 3,565 (11,739 ) 6,058 4,537 — 2,421 Net income (loss) $ 9,497 $ (3,544 ) $ 15,663 $ 21,711 $ (33,830 ) $ 9,497 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (6,844 ) — (6,844 ) — 6,844 (6,844 ) Unrealized loss on cash flow hedging derivatives (638 ) (151 ) — — 151 (638 ) Other comprehensive loss, (net of tax) (7,482 ) (151 ) (6,844 ) — 6,995 (7,482 ) Total comprehensive income (loss) $ 2,015 $ (3,695 ) $ 8,819 $ 21,711 $ (26,835 ) $ 2,015 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 gain — — 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 (loss) 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 (loss) $ (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 (loss) $ (21,392 ) $ (42,155 ) $ (19,143 ) $ 86,912 $ (25,614 ) $ (21,392 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 26, 2016 (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 $ 73,921 $ (30,306 ) $ 7,756 $ 47,717 $ (1,915 ) $ 97,173 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — 23,844 (23,844 ) — Capital expenditures — — (5,747 ) (100,486 ) — (106,233 ) Net cash from (for) investing activities — — (5,747 ) (76,642 ) (23,844 ) (106,233 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Net borrowings on revolving credit loans — — — 55,000 — 55,000 Term debt (payments) borrowings — (1,236 ) (139 ) (4,625 ) — (6,000 ) Distributions paid (93,938 ) — — — 1,262 (92,676 ) Intercompany payables (payments) receipts (56,990 ) 33,146 — — 23,844 — Tax effect of units involved in treasury unit transactions — (1,604 ) — — — (1,604 ) Net cash from (for) financing activities (150,928 ) 30,306 (139 ) 50,375 25,106 (45,280 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,868 — — 2,868 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period (77,007 ) — 4,738 21,450 (653 ) (51,472 ) Balance, beginning of period 77,007 — 39,106 3,444 — 119,557 Balance, end of period $ — $ — $ 43,844 $ 24,894 $ (653 ) $ 68,085 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 $ 3,954 $ (55,759 ) $ (2,970 ) $ 129,912 $ (1,860 ) $ 73,277 CASH FLOWS FROM (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 from (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 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 |
Significant Accounting and Re21
Significant Accounting and Reporting Policies (Policies) | 6 Months Ended |
Jun. 26, 2016 | |
Accounting Policies [Abstract] | |
Reclassification | Reclassifications Certain prior year operating activity amounts in the unaudited condensed consolidated statements of cash flows have been reclassified to conform to fiscal 2016 presentation. |
New Accounting Pronouncements | 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 February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"). The amendments in ASU 2016-02 provide that most leases will now be recorded on the balance sheet. ASU 2016-02 is effective for annual and interim periods beginning on or after January 1, 2019 and will replace most existing lease guidance under U.S. GAAP when it becomes effective. This ASU requires a modified transition method for existing leases and applies to the earliest period presented in the financial statements. The Partnership is in the process of evaluating the effect this standard will have on the consolidated financial statements and related disclosures. |
Goodwill and Other Intangible22
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 26, 2016 | |
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 26, 2016 and June 28, 2015 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance at December 31, 2015 $ 290,679 $ (79,868 ) $ 210,811 Foreign currency translation 6,215 — 6,215 Balance at June 26, 2016 $ 296,894 $ (79,868 ) $ 217,026 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 26, 2016 , December 31, 2015, and June 28, 2015 the Partnership’s other intangible assets consisted of the following: June 26, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Other intangible assets: Trade names $ 36,086 $ — $ 36,086 License / franchise agreements 1,476 729 747 Total other intangible assets $ 37,562 $ 729 $ 36,833 December 31, 2015 (In thousands) Other intangible assets: Trade names $ 35,208 $ — $ 35,208 License / franchise agreements 1,067 380 687 Total other intangible assets $ 36,275 $ 380 $ 35,895 June 28, 2015 (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 |
Long-Term Debt Long term debt t
Long-Term Debt Long term debt table (Tables) | 6 Months Ended |
Jun. 26, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of June 26, 2016 , December 31, 2015, and June 28, 2015 consisted of the following: (In thousands) June 26, 2016 December 31, 2015 June 28, 2015 Revolving credit facility (due 2018) $ 55,000 $ — $ 42,000 Term debt (1) March 2013 U.S. term loan averaging 3.25% (due 2013-2020) 602,850 608,850 608,850 Notes June 2014 U.S. fixed rate note at 5.375% (due 2024) 450,000 450,000 450,000 March 2013 U.S. fixed rate note at 5.25% (due 2021) 500,000 500,000 500,000 1,607,850 1,558,850 1,600,850 Less current portion — 2,475 — 1,607,850 1,556,375 1,600,850 Less debt issuance costs 18,085 19,699 22,409 $ 1,589,765 $ 1,536,676 $ 1,578,441 (1) The average interest rate does not reflect the effect of interest rate swap agreements (see Note 6). |
Derivative Financial Instrume24
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 26, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative instruments in Condensed Consolidated Balance Sheet | The fair value of derivative financial instruments and their classification within the unaudited condensed consolidated balance sheets as of June 26, 2016, December 31, 2015, and June 28, 2015 are as follows: (In thousands) Unaudited Condensed Consolidated Balance Sheet Location Fair Value as of Fair Value as of Fair Value as of June 26, 2016 December 31, 2015 June 28, 2015 Derivatives designated as hedging instruments: Interest rate swaps Derivative Liability $ — $ (22,918 ) $ (18,806 ) Total derivatives designated as hedging instruments $ — $ (22,918 ) $ (18,806 ) Derivatives not designated as hedging instruments: Interest rate swaps Current Derivative Liability $ — $ — $ (6,895 ) Interest rate swaps Derivative Liability $ (30,900 ) $ — $ — Total derivatives not designated as hedging instruments $ (30,900 ) $ — $ (6,895 ) Net derivative liability $ (30,900 ) $ (22,918 ) $ (25,701 ) |
Effects of derivative instruments on income (loss) and other comprehensive income (loss) | The following table summarizes the effect of derivative instruments on income (loss) and other comprehensive income (loss) for the six-month periods ended June 26, 2016 and June 28, 2015 : (In thousands) Amount of Gain (Loss) Amount and Location of Gain (Loss) Amount and Location of Gain (Loss) Recognized in Income on Derivatives Designated Derivatives Six months ended 6/26/2016 Six months ended 6/28/2015 Designated Derivatives Six months ended 6/26/2016 Six months ended 6/28/2015 Derivatives Not Designated Six months ended 6/26/2016 Six months ended 6/28/2015 Interest rate swaps $ (4,671 ) $ (4,156 ) Interest Expense $ (851 ) $ — Net effect of swaps $ (3,311 ) $ 4,896 The following table summarizes the effect of derivative instruments on income (loss) and other comprehensive income (loss) for the three-month periods ended June 26, 2016 and June 28, 2015 : (In thousands) Amount of Gain (Loss) Amount and Location of Gain (Loss) Amount and Location of Gain (Loss) Recognized in Income on Derivatives Designated Derivatives Three months ended 6/26/2016 Three months ended 6/28/2015 Designated Derivatives Three months ended 6/26/2016 Three months ended 6/28/2015 Derivatives Not Designated Three months ended 6/26/2016 Three months ended 6/28/2015 Interest rate swaps $ — $ 446 Interest Expense $ — $ — Net effect of swaps $ (3,046 ) $ 3,093 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 26, 2016 | |
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 26, 2016 , December 31, 2015, and June 28, 2015 on a recurring basis as well as the fair values of other financial instruments: (In thousands) Unaudited Condensed Consolidated Balance Sheet Location Fair Value Hierarchy Level June 26, 2016 December 31, 2015 June 28, 2015 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 ) Interest rate swap agreements not designated as cash flow hedges Derivative Liability Level 2 (30,900 ) (30,900 ) — — — — Interest rate swap agreements designated as cash flow hedges Derivative Liability Level 2 — — (22,918 ) (22,918 ) (18,806 ) (18,806 ) Other financial assets (liabilities): Term debt Long-Term Debt (1) Level 2 (602,850 ) (604,357 ) (606,375 ) (604,859 ) (608,850 ) (610,372 ) March 2013 notes Long-Term Debt (1) Level 1 (500,000 ) (518,750 ) (500,000 ) (507,500 ) (500,000 ) (513,750 ) June 2014 notes Long-Term Debt (1) Level 1 (450,000 ) (465,750 ) (450,000 ) (453,375 ) (450,000 ) (455,625 ) (1) Carrying values of long-term debt balances are before reductions for debt issuance cost amounts of $18.1 million , $19.7 million , and $22.4 million as of June 26, 2016, December 31, 2015, and June 28, 2015. |
Earnings per Unit (Tables)
Earnings per Unit (Tables) | 6 Months Ended |
Jun. 26, 2016 | |
Earnings Per Unit [Abstract] | |
Net income (loss) per limited partner unit | Net income (loss) per limited partner unit is calculated based on the following unit amounts: Three months ended Six months ended 6/26/2016 6/28/2015 6/26/2016 6/28/2015 (In thousands except per unit amounts) Basic weighted average units outstanding 55,940 55,734 55,909 55,696 Effect of dilutive units: Deferred units 30 21 28 — Performance units — — 64 — Restricted units 253 366 273 — Unit options 135 135 132 — Phantom units — 29 — — Diluted weighted average units outstanding 56,358 56,285 56,406 55,696 Net income (loss) per unit - basic $ 1.04 $ 1.03 $ 0.17 $ (0.47 ) Net income (loss) per unit - diluted $ 1.03 $ 1.02 $ 0.17 $ (0.47 ) |
Changes in Accumulated Other 27
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 6 Months Ended |
Jun. 26, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) related to limited partners' equity for the six-month periods ended June 26, 2016 and June 28, 2015 : 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, 2015 $ (19,300 ) $ 22,591 $ 3,291 Other comprehensive income before reclassifications, net of tax $711 and $3,934, respectively (3,960 ) (6,844 ) (10,804 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($619) (2) 3,322 — 3,322 Net other comprehensive income (638 ) (6,844 ) (7,482 ) Balance at June 26, 2016 $ (19,938 ) $ 15,747 $ (4,191 ) 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 ) The following tables reflect the changes in accumulated other comprehensive income related to limited partners' equity for the three-month periods ended June 26, 2016 and June 28, 2015 : 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 27, 2016 $ (21,931 ) $ 18,196 $ (3,735 ) Other comprehensive income before reclassifications, net of tax $1,414 — (2,449 ) (2,449 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($371) (2) 1,993 — 1,993 Net other comprehensive income 1,993 (2,449 ) (456 ) Balance at June 26, 2016 $ (19,938 ) $ 15,747 $ (4,191 ) 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 ) |
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 Six months ended 6/26/16 Six months ended 6/28/15 Interest rate contracts $ 3,941 $ 3,373 Net effect of swaps Provision for taxes (619 ) (449 ) Provision for taxes $ 3,322 $ 2,924 (1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details. Reclassifications Out of Accumulated Other Comprehensive Income (1) (In thousands) Details about Accumulated Other Comprehensive Income Components Amount Reclassified from Accumulated Other Comprehensive Income Affected Line Item in the Statement Where Net Income is Presented Gains and losses on cash flow hedges Three months ended 6/26/16 Three months ended 6/28/15 Interest rate contracts $ 2,364 $ 1,686 Net effect of swaps Provision for taxes (371 ) (224 ) Provision for taxes $ 1,993 $ 1,462 (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 Infor28
Consolidating Financial Information of Guarantors and Issuers (Tables) | 6 Months Ended |
Jun. 26, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 26, 2016 (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 $ — $ — $ 43,844 $ 24,894 $ (653 ) $ 68,085 Receivables (9 ) 1,565 23,381 567,888 (514,819 ) 78,006 Inventories — — 3,169 43,038 — 46,207 Other current assets 377 26,236 2,205 29,564 (25,908 ) 32,474 368 27,801 72,599 665,384 (541,380 ) 224,772 Property and Equipment (net) — 885 189,226 1,386,383 — 1,576,494 Investment in Park 667,710 830,528 184,964 295,114 (1,978,316 ) — Goodwill 674 — 96,746 119,606 — 217,026 Other Intangibles, net — — 13,743 23,090 — 36,833 Deferred Tax Asset — 2,549 — — (2,549 ) — Other Assets — 2,000 183 15,073 — 17,256 $ 668,752 $ 863,763 $ 557,461 $ 2,504,650 $ (2,522,245 ) $ 2,072,381 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 377,726 $ 142,024 $ 3,139 $ 32,825 $ (515,472 ) $ 40,242 Deferred revenue — — 17,154 155,908 — 173,062 Accrued interest 4,825 3,343 1,771 1,771 — 11,710 Accrued taxes 2,499 — 5,993 48,245 (25,908 ) 30,829 Accrued salaries, wages and benefits — 31,881 2,081 — — 33,962 Self-insurance reserves — 11,842 1,483 12,263 — 25,588 Other accrued liabilities 1,846 2,737 1,157 8,307 — 14,047 386,896 191,827 32,778 259,319 (541,380 ) 329,440 Deferred Tax Liability — — 18,913 121,865 (2,549 ) 138,229 Derivative Liability 18,540 12,360 — — — 30,900 Other Liabilities — 1,388 — 11,086 — 12,474 Long-Term Debt: Revolving credit loans — — — 55,000 — 55,000 Term debt — 124,244 13,624 458,034 — 595,902 Notes 291,743 202,910 444,210 — — 938,863 291,743 327,154 457,834 513,034 — 1,589,765 Equity (28,427 ) 331,034 47,936 1,599,346 (1,978,316 ) (28,427 ) $ 668,752 $ 863,763 $ 557,461 $ 2,504,650 $ (2,522,245 ) $ 2,072,381 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 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 $ 77,007 $ — $ 39,106 $ 3,444 $ — $ 119,557 Receivables — 1,292 27,788 547,361 (546,947 ) 29,494 Inventories — 121 1,222 23,686 — 25,029 Other current assets 188 1,261 1,332 8,781 (1,616 ) 9,946 77,195 2,674 69,448 583,272 (548,563 ) 184,026 Property and Equipment (net) — 5,593 176,390 1,332,895 — 1,514,878 Investment in Park 724,592 911,910 179,529 27,862 (1,843,893 ) — Goodwill 674 — 90,531 119,606 — 210,811 Other Intangibles, net — — 12,832 23,063 — 35,895 Deferred Tax Asset — 14,080 — — (14,080 ) — Other Assets — 14,414 210 2,786 — 17,410 $ 802,461 $ 948,671 $ 528,940 $ 2,089,484 $ (2,406,536 ) $ 1,963,020 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,008 $ 57 $ 1,410 $ — 2,475 Accounts payable 433,621 115,135 810 14,503 (546,947 ) 17,122 Deferred revenue — 85 4,397 65,032 — 69,514 Accrued interest 4,602 3,221 2,056 31 — 9,910 Accrued taxes 1,066 — — 42,487 (1,616 ) 41,937 Accrued salaries, wages and benefits — 22,166 1,026 3,724 — 26,916 Self-insurance reserves — 7,437 1,400 15,159 23,996 Other accrued liabilities 1,355 1,531 167 3,748 — 6,801 440,644 150,583 9,913 146,094 (548,563 ) 198,671 Deferred Tax Liability — — 21,979 121,864 (14,080 ) 129,763 Derivative Liability 13,396 9,522 — — — 22,918 Other Liabilities — 6,705 — 11,278 — 17,983 Long-Term Debt: Term debt — 244,101 13,691 340,554 — 598,346 Notes 291,412 202,679 444,239 — — 938,330 291,412 446,780 457,930 340,554 — 1,536,676 Equity 57,009 335,081 39,118 1,469,694 (1,843,893 ) 57,009 $ 802,461 $ 948,671 $ 528,940 $ 2,089,484 $ (2,406,536 ) $ 1,963,020 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 1 108,653 119,015 635,647 (793,297 ) 70,019 Inventories — 228 3,143 43,256 — 46,627 Other current assets 434 1,658 2,681 26,476 (1,445 ) 29,804 435 110,539 140,324 726,119 (795,520 ) 181,897 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 — 39,602 — — (39,602 ) — Other Assets — 14,409 321 3,539 — 18,269 $ 664,603 $ 985,023 $ 625,831 $ 2,260,665 $ (2,502,285 ) $ 2,033,837 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 310,462 $ 213,778 $ 3,983 $ 305,769 $ (794,075 ) $ 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 — 15,433 323,158 256,179 28,375 478,847 (795,520 ) 291,039 Deferred Tax Liability — — 49,021 123,602 (39,602 ) 133,021 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 — 244,769 13,687 341,235 — 599,691 Notes 291,081 202,449 443,220 — — 936,750 333,081 447,218 456,907 341,235 — 1,578,441 Equity (3,531 ) 270,173 91,528 1,305,462 (1,667,163 ) (3,531 ) $ 664,603 $ 985,023 $ 625,831 $ 2,260,665 $ (2,502,285 ) $ 2,033,837 |
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 26, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 41,344 $ 90,525 $ 30,354 $ 371,023 $ (145,212 ) $ 388,034 Costs and expenses: Cost of food, merchandise, and games revenues — — 2,974 31,592 — 34,566 Operating expenses 3 87,506 13,087 202,141 (145,212 ) 157,525 Selling, general and administrative 761 14,709 3,581 32,320 — 51,371 Depreciation and amortization — 9 5,398 42,892 — 48,299 Loss on impairment / retirement of fixed assets, net — — 5 1,410 — 1,415 764 102,224 25,045 310,355 (145,212 ) 293,176 Operating income (loss) 40,580 (11,699 ) 5,309 60,668 — 94,858 Interest expense (income), net 7,754 5,625 6,313 1,425 — 21,117 Net effect of swaps 3,215 2,195 — — — 5,410 Unrealized / realized foreign currency gain — — (11,455 ) — — (11,455 ) Other (income) expense 63 (20,767 ) 875 19,829 — — Income from investment in affiliates (31,140 ) (30,419 ) (8,909 ) (14,937 ) 85,405 — Income before taxes 60,688 31,667 18,485 54,351 (85,405 ) 79,786 Provision for taxes 2,705 531 3,548 15,019 — 21,803 Net income $ 57,983 $ 31,136 $ 14,937 $ 39,332 $ (85,405 ) $ 57,983 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (2,449 ) — (2,449 ) — 2,449 (2,449 ) Unrealized gain on cash flow hedging derivatives 1,993 605 — — (605 ) 1,993 Other comprehensive income (loss), (net of tax) (456 ) 605 (2,449 ) — 1,844 (456 ) Total comprehensive income $ 57,527 $ 31,741 $ 12,488 $ 39,332 $ (83,561 ) $ 57,527 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 gain 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 Six Months Ended June 26, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 38,844 $ 98,366 $ 30,473 $ 429,339 $ (150,550 ) $ 446,472 Costs and expenses: Cost of food, merchandise, and games revenues — — 2,972 37,831 — 40,803 Operating expenses 12 127,484 18,364 246,819 (150,550 ) 242,129 Selling, general and administrative 1,654 27,895 4,344 43,090 — 76,983 Depreciation and amortization — 18 5,398 48,074 — 53,490 Loss on impairment / retirement of fixed assets, net — — 26 4,001 — 4,027 1,666 155,397 31,104 379,815 (150,550 ) 417,432 Operating income (loss) 37,178 (57,031 ) (631 ) 49,524 — 29,040 Interest expense (income), net 15,792 12,071 12,349 674 — 40,886 Net effect of swaps 4,658 2,594 — — — 7,252 Unrealized / realized foreign currency gain — — (31,016 ) — — (31,016 ) Other (income) expense 125 (40,138 ) 1,749 38,264 — — (Income) loss from investment in affiliates 3,541 (16,275 ) (5,434 ) (15,662 ) 33,830 — Income (loss) before taxes 13,062 (15,283 ) 21,721 26,248 (33,830 ) 11,918 Provision (benefit) for taxes 3,565 (11,739 ) 6,058 4,537 — 2,421 Net income (loss) $ 9,497 $ (3,544 ) $ 15,663 $ 21,711 $ (33,830 ) $ 9,497 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (6,844 ) — (6,844 ) — 6,844 (6,844 ) Unrealized loss on cash flow hedging derivatives (638 ) (151 ) — — 151 (638 ) Other comprehensive loss, (net of tax) (7,482 ) (151 ) (6,844 ) — 6,995 (7,482 ) Total comprehensive income (loss) $ 2,015 $ (3,695 ) $ 8,819 $ 21,711 $ (26,835 ) $ 2,015 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 gain — — 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 (loss) 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 (loss) $ (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 (loss) $ (21,392 ) $ (42,155 ) $ (19,143 ) $ 86,912 $ (25,614 ) $ (21,392 ) |
Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 26, 2016 (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 $ 73,921 $ (30,306 ) $ 7,756 $ 47,717 $ (1,915 ) $ 97,173 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — 23,844 (23,844 ) — Capital expenditures — — (5,747 ) (100,486 ) — (106,233 ) Net cash from (for) investing activities — — (5,747 ) (76,642 ) (23,844 ) (106,233 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Net borrowings on revolving credit loans — — — 55,000 — 55,000 Term debt (payments) borrowings — (1,236 ) (139 ) (4,625 ) — (6,000 ) Distributions paid (93,938 ) — — — 1,262 (92,676 ) Intercompany payables (payments) receipts (56,990 ) 33,146 — — 23,844 — Tax effect of units involved in treasury unit transactions — (1,604 ) — — — (1,604 ) Net cash from (for) financing activities (150,928 ) 30,306 (139 ) 50,375 25,106 (45,280 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,868 — — 2,868 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period (77,007 ) — 4,738 21,450 (653 ) (51,472 ) Balance, beginning of period 77,007 — 39,106 3,444 — 119,557 Balance, end of period $ — $ — $ 43,844 $ 24,894 $ (653 ) $ 68,085 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 $ 3,954 $ (55,759 ) $ (2,970 ) $ 129,912 $ (1,860 ) $ 73,277 CASH FLOWS FROM (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 from (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 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 |
Significant Accounting and Re29
Significant Accounting and Reporting Policies New Accounting Pronouncements (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Jun. 28, 2015 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred Tax Assets, Net , Current | $ 12.2 | $ 12.2 |
Deferred Tax Liabilities, Net, Current | 20 | 20 |
Accounting Standards Update 2015-03 [Member] | Long-term Debt [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred finance costs net | 19.7 | 22.4 |
Accounting Standards Update 2015-03 [Member] | Other Assets [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred finance costs net | $ (19.7) | $ (22.4) |
Interim Reporting (Details)
Interim Reporting (Details) | 6 Months Ended |
Jun. 26, 2016property | |
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 Intangible31
Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 26, 2016 | Jun. 28, 2015 | |
Goodwill [Roll Forward] | ||
Goodwill (gross), beginning of period | $ 290,679 | $ 308,159 |
Accumulated Impairment Losses, beginning of period | (79,868) | (79,868) |
Goodwill (net), beginning of period | 210,811 | 228,291 |
Foreign currency translation | 6,215 | (6,629) |
Goodwill (gross), end of period | 296,894 | 301,530 |
Accumulated Impairment Losses, ending of period | (79,868) | (79,868) |
Goodwill (net), end of period | $ 217,026 | $ 221,662 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Dec. 31, 2015 | Jun. 28, 2015 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Carrying Amount/Value | $ 36,086 | $ 35,208 | $ 36,744 |
Accumulated Amortization | 729 | 380 | 343 |
Total other intangible assets, gross carrying amount | 37,562 | 36,275 | 37,621 |
Total other intangibe assets, net carrying value | 36,833 | 35,895 | 37,278 |
License / Franchise Agreements [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | 1,476 | 1,067 | 877 |
Accumulated Amortization | 729 | 380 | 343 |
Net Carrying Value | $ 747 | $ 687 | $ 534 |
Long-Term Debt Schedule of Long
Long-Term Debt Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 26, 2016 | Dec. 31, 2015 | Jun. 28, 2015 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,607,850 | $ 1,558,850 | $ 1,600,850 |
Current maturities of long-term debt | 0 | 2,475 | 0 |
Long-term debt, excluding current maturities, gross | 1,607,850 | 1,556,375 | 1,600,850 |
Deferred finance costs | 18,085 | 19,699 | 22,409 |
Total long-term debt | $ 1,589,765 | 1,536,676 | 1,578,441 |
5.375% Note [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.375% | ||
Long-term debt, gross | $ 450,000 | 450,000 | 450,000 |
5.25% Note [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.25% | ||
Long-term debt, gross | $ 500,000 | 500,000 | 500,000 |
Senior Secured Term Loan [Member] | 2013 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 3.25% | ||
Long-term debt, gross | $ 602,850 | 608,850 | 608,850 |
Revolving Credit Facility [Member] | 2013 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 55,000 | $ 0 | $ 42,000 |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2013USD ($)covenant | Jun. 26, 2016USD ($) | Jun. 26, 2016USD ($) | Jun. 03, 2014USD ($) | Jul. 30, 2010USD ($) | |
Debt Instrument [Line Items] | |||||
Commitment fee on unused portion of credit facilities | 0.38% | 0.38% | |||
Notes Payable due 2024 [Member] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 450,000,000 | ||||
Interest rate, stated percentage | 5.375% | ||||
Early call date, percentage of notes availabe for redemption | 35.00% | ||||
Early call date, premium price, percentage | 105.375% | ||||
Redemption percentage of original face amount | 100.00% | ||||
Original Issue Discount [Member] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized discount | $ 5,600,000 | ||||
Effective interest rate percentage | 9.375% | ||||
Notes Payable, Due 2018 [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Restricted payment | $ 60,000,000 | ||||
Notes Payable, Due 2018 [Member] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 405,000,000 | ||||
Interest rate, stated percentage | 9.125% | ||||
Notes Payable Due 2021 [Member] | Senior Unsecured Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 500,000,000 | ||||
Interest rate, stated percentage | 5.25% | ||||
Redemption price, percentage | 103.938% | ||||
2013 Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 885,000,000 | ||||
Number of financial covenants | covenant | 2 | ||||
Pro-forma consolidated leverage ratio | 5 | ||||
Total indebtedness to consolidated cash flow ratio requirement | 5 | ||||
2013 Credit Agreement [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Restricted payment | $ 60,000,000 | ||||
2013 Credit Agreement [Member] | Canadian Revolving Credit Facility CAD and USD [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate margin over LIBOR | 2.25% | 2.25% | |||
2013 Credit Agreement [Member] | Canadian Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 15,000,000 | $ 15,000,000 | |||
2013 Credit Agreement [Member] | Senior Secured Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 630,000,000 | ||||
Periodic payment amount | $ 6,300,000 | ||||
Interest rate margin over LIBOR | 2.50% | 2.50% | |||
Interest rate LIBOR floor | 0.75% | 0.75% | |||
2013 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 255,000,000 | ||||
March 2013 Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Revised consolidated leverage ratio requirement, decrease every year | 0.25 | ||||
March 2013 Credit Agreement [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument revised consolidated leverage ratio requirement | 5.50 | ||||
March 2013 Credit Agreement [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument revised consolidated leverage ratio requirement | 5.25 | ||||
Fixed charge coverage ratio | 1.1 |
Derivative Financial Instrume35
Derivative Financial Instruments Schedule of Derivatives (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 26, 2016USD ($) | Mar. 27, 2016contract | Jun. 28, 2015USD ($) | Jun. 26, 2016USD ($) | Jun. 28, 2015USD ($) | |
Derivative [Line Items] | |||||
Net effect of swaps | $ 5,410,000 | $ (1,407,000) | $ 7,252,000 | $ (1,523,000) | |
Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Amortization of deferred hedge gains | 2,400,000 | 1,700,000 | 3,900,000 | 3,400,000 | |
Cash Flow Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Accumulated other comprehensive income (loss) related to cash flow hedges | 23,600,000 | 23,600,000 | |||
Interest rate cash flow hedge gain (loss) to be reclassified | 9,500,000 | 9,500,000 | |||
Cash Flow Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | 2013 forwards [Member] | |||||
Derivative [Line Items] | |||||
Number of derivative instruments | contract | 4 | ||||
Derivative, extension of maturity (in years) | 2 years | ||||
Average rate | 2.64% | ||||
Designated As Hedging [Member] | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge gain (loss) to be reclassified | 0 | 0 | |||
Net Effect of Swaps [Member] | Designated As Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | |||||
Derivative [Line Items] | |||||
Amount and Location of Gain (Loss) Recognized in Income on Derivatives | $ (3,046,000) | $ 3,093,000 | $ (3,311,000) | $ 4,896,000 |
Derivative Financial Instrume36
Derivative Financial Instruments Balance Sheet Location (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Dec. 31, 2015 | Jun. 28, 2015 |
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | $ (30,900) | $ (22,918) | $ (18,806) |
Derivative assets (liabilities), at fair value, net | (30,900) | (22,918) | (25,701) |
Current derivative liability | 0 | 0 | (6,895) |
Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 0 | (22,918) | (18,806) |
Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative assets (liabilities), at fair value, net | (30,900) | 0 | (6,895) |
Interest Rate Swap [Member] | Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | 0 | (22,918) | (18,806) |
Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | (30,900) | 0 | 0 |
Current derivative liability | $ 0 | $ 0 | $ (6,895) |
Derivative Financial Instrume37
Derivative Financial Instruments Income Statement Location (Details) - Designated As Hedging [Member] - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 26, 2016 | Jun. 28, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | $ 0 | $ 446 | $ (4,671) | $ (4,156) |
Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount and Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | (851) | 0 |
Net Effect of Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount and Location of Gain (Loss) Recognized in Income on Derivatives | $ (3,046) | $ 3,093 | $ (3,311) | $ 4,896 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Dec. 31, 2015 | Jun. 28, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | $ (30,900) | $ (22,918) | $ (25,701) |
Deferred finance costs | 18,085 | 19,699 | 22,409 |
Increase in net derivative liability | 1,300 | 600 | 700 |
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 | (30,900) | 0 | (6,895) |
Designated As Hedging [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | 0 | (22,918) | (18,806) |
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 | 0 | 0 | (6,895) |
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 | (30,900) | 0 | 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 | 0 | (22,918) | (18,806) |
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 | (604,357) | (604,859) | (610,372) |
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 | 0 | 0 | (6,895) |
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 | (30,900) | 0 | 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 | 0 | (22,918) | (18,806) |
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 | (602,850) | (606,375) | (608,850) |
Notes Payable Due 2021 [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 | (518,750) | (507,500) | (513,750) |
Notes Payable Due 2021 [Member] | 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 [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 | (465,750) | (453,375) | (455,625) |
Notes Payable due 2024 [Member] | 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) | $ (450,000) | $ (450,000) |
Earnings per Unit (Details)
Earnings per Unit (Details) - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 26, 2016 | Jun. 28, 2015 | |
Earnings Per Unit [Abstract] | ||||
Basic weighted average units outstanding (in shares) | 55,940 | 55,734 | 55,909 | 55,696 |
Effect of Dilutive Units [Abstract] | ||||
Deferred units (in shares) | 30 | 21 | 28 | 0 |
Performance Units (in shares) | 0 | 0 | 64 | 0 |
Restricted units (in shares) | 253 | 366 | 273 | 0 |
Unit options (in shares) | 135 | 135 | 132 | 0 |
Phantom units (in shares) | 0 | 29 | 0 | 0 |
Diluted weighted average units outstanding (in shares) | 56,358 | 56,285 | 56,406 | 55,696 |
Net income (loss) per limited partner unit - basic (in dollars per share) | $ 1.04 | $ 1.03 | $ 0.17 | $ (0.47) |
Net income (loss) per limited partner unit - diluted (in dollars per share) | $ 1.03 | $ 1.02 | $ 0.17 | $ (0.47) |
Income and Partnership Taxes Un
Income and Partnership Taxes Unrecognized Tax Position (Details) $ in Millions | 6 Months Ended |
Jun. 26, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefit | $ 1.1 |
Changes in Accumulated Other 41
Changes in Accumulated Other Comprehensive Income by Component Changes in AOCI by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 26, 2016 | Jun. 28, 2015 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | $ (3,735) | $ (5,855) | $ 3,291 | $ (10,630) |
Other comprehensive income before reclassifications | (2,449) | (1,379) | (10,804) | 1,934 |
Amounts reclassified from accumulated other comprehensive income | 1,993 | 1,462 | 3,322 | 2,924 |
Net current-period other comprehensive income | (456) | 83 | (7,482) | 4,858 |
Balance, ending | (4,191) | (5,772) | (4,191) | (5,772) |
Other Comprehensive income before reclassification tax effect | 0 | (67) | 711 | 634 |
Foreign currency translation adjustment, tax | 1,414 | 1,011 | 3,934 | (3,136) |
Provision (benefit) for taxes | (21,803) | (23,294) | (2,421) | 21,100 |
Gains and Losses on Cash Flow Hedges [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (21,931) | (19,005) | (19,300) | (16,566) |
Other comprehensive income before reclassifications | 0 | 379 | (3,960) | (3,522) |
Amounts reclassified from accumulated other comprehensive income | 1,993 | 1,462 | 3,322 | 2,924 |
Net current-period other comprehensive income | 1,993 | 1,841 | (638) | (598) |
Balance, ending | (19,938) | (17,164) | (19,938) | (17,164) |
Foreign Currency Items [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | 18,196 | 13,150 | 22,591 | 5,936 |
Other comprehensive income before reclassifications | (2,449) | (1,758) | (6,844) | 5,456 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income | (2,449) | (1,758) | (6,844) | 5,456 |
Balance, ending | 15,747 | 11,392 | 15,747 | 11,392 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Provision (benefit) for taxes | $ (371) | $ (224) | $ (619) | $ (449) |
Changes in Accumulated Other 42
Changes in Accumulated Other Comprehensive Income by Component Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 26, 2016 | Jun. 28, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net effect of swaps | $ (5,410) | $ 1,407 | $ (7,252) | $ 1,523 |
Provision (benefit) for taxes | (21,803) | (23,294) | (2,421) | 21,100 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision (benefit) for taxes | (371) | (224) | (619) | (449) |
Net income (loss) | 1,993 | 1,462 | 3,322 | 2,924 |
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 | $ 2,364 | $ 1,686 | $ 3,941 | $ 3,373 |
Consolidating Financial Infor43
Consolidating Financial Information of Guarantors and Issuers (Details) | Jun. 26, 2016 |
Senior Unsecured Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary Ownership Percentage Guaranteering Notes | 100.00% |
Consolidating Financial Infor44
Consolidating Financial Information of Guarantors and Issuers Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 26, 2016 | Dec. 31, 2015 | Jun. 28, 2015 | Dec. 31, 2014 |
Current Assets: | ||||
Cash and cash equivalents | $ 68,085 | $ 119,557 | $ 35,447 | $ 131,840 |
Receivables | 78,006 | 29,494 | 70,019 | |
Inventories | 46,207 | 25,029 | 46,627 | |
Other current assets | 32,474 | 9,946 | 29,804 | |
Total current assets | 224,772 | 184,026 | 181,897 | |
Property and equipment (net) | 1,576,494 | 1,514,878 | 1,574,731 | |
Investment In Park | 0 | 0 | 0 | |
Goodwill | 217,026 | 210,811 | 221,662 | 228,291 |
Other intangibes, net | 36,833 | 35,895 | 37,278 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 17,256 | 17,410 | 18,269 | |
Total Assets | 2,072,381 | 1,963,020 | 2,033,837 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | 2,475 | 0 | |
Accounts payable | 40,242 | 17,122 | 39,917 | |
Deferred revenue | 173,062 | 69,514 | 147,943 | |
Accrued interest | 11,710 | 9,910 | 12,455 | |
Accrued taxes | 30,829 | 41,937 | 12,143 | |
Accrued salaries, wages and benefits | 33,962 | 26,916 | 32,233 | |
Self-insurance reserves | 25,588 | 23,996 | 24,020 | |
Current derivative liability | 0 | 0 | 6,895 | |
Other accrued liabilities | 14,047 | 6,801 | 15,433 | |
Total current liabilities | 329,440 | 198,671 | 291,039 | |
Deferred Tax Liability | 138,229 | 129,763 | 133,021 | |
Derivative Liability | 30,900 | 22,918 | 18,806 | |
Other Liabilities | 12,474 | 17,983 | 16,061 | |
Long-Term Debt: | ||||
Long-term line of credit | 55,000 | 0 | 42,000 | |
Term debt | 595,902 | 598,346 | 599,691 | |
Notes | 938,863 | 938,330 | 936,750 | |
Total long-term debt | 1,589,765 | 1,536,676 | 1,578,441 | |
Total partners' equity | (28,427) | 57,009 | (3,531) | |
Total Partners' Equity and Liabilities | 2,072,381 | 1,963,020 | 2,033,837 | |
Cedar Fair L.P. (Parent) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 77,007 | 0 | 80,000 |
Receivables | (9) | 0 | 1 | |
Inventories | 0 | 0 | 0 | |
Other current assets | 377 | 188 | 434 | |
Total current assets | 368 | 77,195 | 435 | |
Property and equipment (net) | 0 | 0 | 0 | |
Investment In Park | 667,710 | 724,592 | 663,494 | |
Goodwill | 674 | 674 | 674 | |
Other intangibes, net | 0 | 0 | 0 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 0 | 0 | 0 | |
Total Assets | 668,752 | 802,461 | 664,603 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | 377,726 | 433,621 | 310,462 | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 4,825 | 4,602 | 5,487 | |
Accrued taxes | 2,499 | 1,066 | 3,082 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | 0 | |
Current derivative liability | 4,127 | |||
Other accrued liabilities | 1,846 | 1,355 | 0 | |
Total current liabilities | 386,896 | 440,644 | 323,158 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 18,540 | 13,396 | 10,927 | |
Other Liabilities | 0 | 0 | 968 | |
Long-Term Debt: | ||||
Long-term line of credit | 0 | 42,000 | ||
Term debt | 0 | 0 | 0 | |
Notes | 291,743 | 291,412 | 291,081 | |
Total long-term debt | 291,743 | 291,412 | 333,081 | |
Total partners' equity | (28,427) | 57,009 | (3,531) | |
Total Partners' Equity and Liabilities | 668,752 | 802,461 | 664,603 | |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 382 |
Receivables | 1,565 | 1,292 | 108,653 | |
Inventories | 0 | 121 | 228 | |
Other current assets | 26,236 | 1,261 | 1,658 | |
Total current assets | 27,801 | 2,674 | 110,539 | |
Property and equipment (net) | 885 | 5,593 | 5,612 | |
Investment In Park | 830,528 | 911,910 | 814,861 | |
Goodwill | 0 | 0 | 0 | |
Other intangibes, net | 0 | 0 | 0 | |
Deferred Tax Asset | 2,549 | 14,080 | 39,602 | |
Other Assets | 2,000 | 14,414 | 14,409 | |
Total Assets | 863,763 | 948,671 | 985,023 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 1,008 | |||
Accounts payable | 142,024 | 115,135 | 213,778 | |
Deferred revenue | 0 | 85 | 592 | |
Accrued interest | 3,343 | 3,221 | 4,211 | |
Accrued taxes | 0 | 0 | 0 | |
Accrued salaries, wages and benefits | 31,881 | 22,166 | 22,318 | |
Self-insurance reserves | 11,842 | 7,437 | 7,925 | |
Current derivative liability | 2,768 | |||
Other accrued liabilities | 2,737 | 1,531 | 4,587 | |
Total current liabilities | 191,827 | 150,583 | 256,179 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 12,360 | 9,522 | 7,879 | |
Other Liabilities | 1,388 | 6,705 | 3,574 | |
Long-Term Debt: | ||||
Long-term line of credit | 0 | 0 | ||
Term debt | 124,244 | 244,101 | 244,769 | |
Notes | 202,910 | 202,679 | 202,449 | |
Total long-term debt | 327,154 | 446,780 | 447,218 | |
Total partners' equity | 331,034 | 335,081 | 270,173 | |
Total Partners' Equity and Liabilities | 863,763 | 948,671 | 985,023 | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 43,844 | 39,106 | 15,485 | 45,519 |
Receivables | 23,381 | 27,788 | 119,015 | |
Inventories | 3,169 | 1,222 | 3,143 | |
Other current assets | 2,205 | 1,332 | 2,681 | |
Total current assets | 72,599 | 69,448 | 140,324 | |
Property and equipment (net) | 189,226 | 176,390 | 204,916 | |
Investment In Park | 184,964 | 179,529 | 164,516 | |
Goodwill | 96,746 | 90,531 | 101,383 | |
Other intangibes, net | 13,743 | 12,832 | 14,371 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 183 | 210 | 321 | |
Total Assets | 557,461 | 528,940 | 625,831 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 57 | |||
Accounts payable | 3,139 | 810 | 3,983 | |
Deferred revenue | 17,154 | 4,397 | 16,235 | |
Accrued interest | 1,771 | 2,056 | 1,874 | |
Accrued taxes | 5,993 | 0 | 1,771 | |
Accrued salaries, wages and benefits | 2,081 | 1,026 | 1,989 | |
Self-insurance reserves | 1,483 | 1,400 | 1,456 | |
Current derivative liability | 0 | |||
Other accrued liabilities | 1,157 | 167 | 1,067 | |
Total current liabilities | 32,778 | 9,913 | 28,375 | |
Deferred Tax Liability | 18,913 | 21,979 | 49,021 | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Long-term line of credit | 0 | 0 | ||
Term debt | 13,624 | 13,691 | 13,687 | |
Notes | 444,210 | 444,239 | 443,220 | |
Total long-term debt | 457,834 | 457,930 | 456,907 | |
Total partners' equity | 47,936 | 39,118 | 91,528 | |
Total Partners' Equity and Liabilities | 557,461 | 528,940 | 625,831 | |
Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 24,894 | 3,444 | 20,740 | 5,939 |
Receivables | 567,888 | 547,361 | 635,647 | |
Inventories | 43,038 | 23,686 | 43,256 | |
Other current assets | 29,564 | 8,781 | 26,476 | |
Total current assets | 665,384 | 583,272 | 726,119 | |
Property and equipment (net) | 1,386,383 | 1,332,895 | 1,364,203 | |
Investment In Park | 295,114 | 27,862 | 24,292 | |
Goodwill | 119,606 | 119,606 | 119,605 | |
Other intangibes, net | 23,090 | 23,063 | 22,907 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 15,073 | 2,786 | 3,539 | |
Total Assets | 2,504,650 | 2,089,484 | 2,260,665 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 1,410 | |||
Accounts payable | 32,825 | 14,503 | 305,769 | |
Deferred revenue | 155,908 | 65,032 | 131,116 | |
Accrued interest | 1,771 | 31 | 883 | |
Accrued taxes | 48,245 | 42,487 | 8,735 | |
Accrued salaries, wages and benefits | 0 | 3,724 | 7,926 | |
Self-insurance reserves | 12,263 | 15,159 | 14,639 | |
Current derivative liability | 0 | |||
Other accrued liabilities | 8,307 | 3,748 | 9,779 | |
Total current liabilities | 259,319 | 146,094 | 478,847 | |
Deferred Tax Liability | 121,865 | 121,864 | 123,602 | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 11,086 | 11,278 | 11,519 | |
Long-Term Debt: | ||||
Long-term line of credit | 55,000 | 0 | ||
Term debt | 458,034 | 340,554 | 341,235 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 513,034 | 340,554 | 341,235 | |
Total partners' equity | 1,599,346 | 1,469,694 | 1,305,462 | |
Total Partners' Equity and Liabilities | 2,504,650 | 2,089,484 | 2,260,665 | |
Consolidation, Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | (653) | 0 | (778) | $ 0 |
Receivables | (514,819) | (546,947) | (793,297) | |
Inventories | 0 | 0 | 0 | |
Other current assets | (25,908) | (1,616) | (1,445) | |
Total current assets | (541,380) | (548,563) | (795,520) | |
Property and equipment (net) | 0 | 0 | 0 | |
Investment In Park | (1,978,316) | (1,843,893) | (1,667,163) | |
Goodwill | 0 | 0 | 0 | |
Other intangibes, net | 0 | 0 | 0 | |
Deferred Tax Asset | (2,549) | (14,080) | (39,602) | |
Other Assets | 0 | 0 | 0 | |
Total Assets | (2,522,245) | (2,406,536) | (2,502,285) | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | (515,472) | (546,947) | (794,075) | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 0 | 0 | 0 | |
Accrued taxes | (25,908) | (1,616) | (1,445) | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | ||
Current derivative liability | 0 | |||
Other accrued liabilities | 0 | 0 | 0 | |
Total current liabilities | (541,380) | (548,563) | (795,520) | |
Deferred Tax Liability | (2,549) | (14,080) | (39,602) | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Long-term line of credit | 0 | 0 | ||
Term debt | 0 | 0 | 0 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 0 | 0 | 0 | |
Total partners' equity | (1,978,316) | (1,843,893) | (1,667,163) | |
Total Partners' Equity and Liabilities | $ (2,522,245) | $ (2,406,536) | $ (2,502,285) |
Consolidating Financial Infor45
Consolidating Financial Information of Guarantors and Issuers Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2016 | Jun. 28, 2015 | Jun. 26, 2016 | Jun. 28, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | $ 388,034 | $ 377,408 | $ 446,472 | $ 424,225 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 34,566 | 33,106 | 40,803 | 38,694 |
Operating expenses | 157,525 | 157,325 | 242,129 | 235,455 |
Selling, general and administrative | 51,371 | 46,065 | 76,983 | 71,883 |
Depreciation and amortization | 48,299 | 47,105 | 53,490 | 51,116 |
Loss on impairment / retirement of fixed assets, net | 1,415 | 780 | 4,027 | 3,683 |
Total costs and expenses | 293,176 | 284,381 | 417,432 | 400,831 |
Operating income | 94,858 | 93,027 | 29,040 | 23,394 |
Interest expense (income), net | 21,117 | 21,468 | 40,886 | 41,960 |
Net effect of swaps | 5,410 | (1,407) | 7,252 | (1,523) |
Unrealized / realized foreign currency gain | (11,455) | (7,911) | (31,016) | 30,307 |
Other (income) expense | 0 | 0 | 0 | 0 |
(Income) loss from investment in affiliates | 0 | 0 | 0 | 0 |
Income (loss) before taxes | 79,786 | 80,877 | 11,918 | (47,350) |
Provision (benefit) for taxes | 21,803 | 23,294 | 2,421 | (21,100) |
Net income (loss) | 57,983 | 57,583 | 9,497 | (26,250) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | (2,449) | (1,758) | (6,844) | 5,456 |
Unrealized gain (loss) on cash flow hedging derivatives | 1,993 | 1,841 | (638) | (598) |
Other comprehensive income (loss), (net of tax) | (456) | 83 | (7,482) | 4,858 |
Total comprehensive income (loss) | 57,527 | 57,666 | 2,015 | (21,392) |
Cedar Fair L.P. (Parent) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 41,344 | 38,071 | 38,844 | 36,688 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 |
Operating expenses | 3 | 122 | 12 | 256 |
Selling, general and administrative | 761 | 574 | 1,654 | 1,373 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | 0 |
Total costs and expenses | 764 | 696 | 1,666 | 1,629 |
Operating income | 40,580 | 37,375 | 37,178 | 35,059 |
Interest expense (income), net | 7,754 | 8,158 | 15,792 | 15,994 |
Net effect of swaps | 3,215 | (757) | 4,658 | (743) |
Unrealized / realized foreign currency gain | 0 | 0 | 0 | 0 |
Other (income) expense | 63 | 187 | 125 | 375 |
(Income) loss from investment in affiliates | (31,140) | (30,931) | 3,541 | 41,855 |
Income (loss) before taxes | 60,688 | 60,718 | 13,062 | (22,422) |
Provision (benefit) for taxes | 2,705 | 3,135 | 3,565 | 3,828 |
Net income (loss) | 57,983 | 57,583 | 9,497 | (26,250) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | (2,449) | (1,758) | (6,844) | 5,456 |
Unrealized gain (loss) on cash flow hedging derivatives | 1,993 | 1,841 | (638) | (598) |
Other comprehensive income (loss), (net of tax) | (456) | 83 | (7,482) | 4,858 |
Total comprehensive income (loss) | 57,527 | 57,666 | 2,015 | (21,392) |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 90,525 | 60,260 | 98,366 | 64,280 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 0 | 71 | 0 | 71 |
Operating expenses | 87,506 | 51,419 | 127,484 | 74,476 |
Selling, general and administrative | 14,709 | 8,996 | 27,895 | 22,271 |
Depreciation and amortization | 9 | 9 | 18 | 18 |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | 0 |
Total costs and expenses | 102,224 | 60,495 | 155,397 | 96,836 |
Operating income | (11,699) | (235) | (57,031) | (32,556) |
Interest expense (income), net | 5,625 | 7,217 | 12,071 | 14,054 |
Net effect of swaps | 2,195 | (650) | 2,594 | (780) |
Unrealized / realized foreign currency gain | 0 | 0 | 0 | 0 |
Other (income) expense | (20,767) | (3,015) | (40,138) | (7,831) |
(Income) loss from investment in affiliates | (30,419) | (33,397) | (16,275) | 18,348 |
Income (loss) before taxes | 31,667 | 29,610 | (15,283) | (56,347) |
Provision (benefit) for taxes | 531 | (1,322) | (11,739) | (14,494) |
Net income (loss) | 31,136 | 30,932 | (3,544) | (41,853) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized gain (loss) on cash flow hedging derivatives | 605 | 475 | (151) | (302) |
Other comprehensive income (loss), (net of tax) | 605 | 475 | (151) | (302) |
Total comprehensive income (loss) | 31,741 | 31,407 | (3,695) | (42,155) |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 30,354 | 28,003 | 30,473 | 28,081 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 2,974 | 2,592 | 2,972 | 2,592 |
Operating expenses | 13,087 | 14,390 | 18,364 | 19,361 |
Selling, general and administrative | 3,581 | 2,464 | 4,344 | 4,207 |
Depreciation and amortization | 5,398 | 5,496 | 5,398 | 5,496 |
Loss on impairment / retirement of fixed assets, net | 5 | 104 | 26 | 104 |
Total costs and expenses | 25,045 | 25,046 | 31,104 | 31,760 |
Operating income | 5,309 | 2,957 | (631) | (3,679) |
Interest expense (income), net | 6,313 | 6,305 | 12,349 | 12,425 |
Net effect of swaps | 0 | 0 | 0 | 0 |
Unrealized / realized foreign currency gain | (11,455) | (7,911) | (31,016) | 30,307 |
Other (income) expense | 875 | 659 | 1,749 | 1,705 |
(Income) loss from investment in affiliates | (8,909) | (8,591) | (5,434) | (5,088) |
Income (loss) before taxes | 18,485 | 12,495 | 21,721 | (43,028) |
Provision (benefit) for taxes | 3,548 | 1,595 | 6,058 | (18,429) |
Net income (loss) | 14,937 | 10,900 | 15,663 | (24,599) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | (2,449) | (1,758) | (6,844) | 5,456 |
Unrealized gain (loss) on cash flow hedging derivatives | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), (net of tax) | (2,449) | (1,758) | (6,844) | 5,456 |
Total comprehensive income (loss) | 12,488 | 9,142 | 8,819 | (19,143) |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 371,023 | 348,613 | 429,339 | 395,350 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 31,592 | 30,443 | 37,831 | 36,031 |
Operating expenses | 202,141 | 88,759 | 246,819 | 141,362 |
Selling, general and administrative | 32,320 | 34,031 | 43,090 | 44,032 |
Depreciation and amortization | 42,892 | 41,600 | 48,074 | 45,602 |
Loss on impairment / retirement of fixed assets, net | 1,410 | 676 | 4,001 | 3,579 |
Total costs and expenses | 310,355 | 195,509 | 379,815 | 270,606 |
Operating income | 60,668 | 153,104 | 49,524 | 124,744 |
Interest expense (income), net | 1,425 | (212) | 674 | (513) |
Net effect of swaps | 0 | 0 | 0 | 0 |
Unrealized / realized foreign currency gain | 0 | 0 | 0 | 0 |
Other (income) expense | 19,829 | 2,169 | 38,264 | 5,751 |
(Income) loss from investment in affiliates | (14,937) | (10,890) | (15,662) | 24,599 |
Income (loss) before taxes | 54,351 | 162,037 | 26,248 | 94,907 |
Provision (benefit) for taxes | 15,019 | 19,886 | 4,537 | 7,995 |
Net income (loss) | 39,332 | 142,151 | 21,711 | 86,912 |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized gain (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) | 39,332 | 142,151 | 21,711 | 86,912 |
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | (145,212) | (97,539) | (150,550) | (100,174) |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 |
Operating expenses | (145,212) | 2,635 | (150,550) | 0 |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | 0 |
Total costs and expenses | (145,212) | 2,635 | (150,550) | 0 |
Operating income | 0 | (100,174) | 0 | (100,174) |
Interest expense (income), net | 0 | 0 | 0 | 0 |
Net effect of swaps | 0 | 0 | 0 | 0 |
Unrealized / realized foreign currency gain | 0 | 0 | 0 | 0 |
Other (income) expense | 0 | 0 | 0 | 0 |
(Income) loss from investment in affiliates | 85,405 | 83,809 | 33,830 | (79,714) |
Income (loss) before taxes | (85,405) | (183,983) | (33,830) | (20,460) |
Provision (benefit) for taxes | 0 | 0 | 0 | 0 |
Net income (loss) | (85,405) | (183,983) | (33,830) | (20,460) |
Other comprehensive income (loss), (net of tax): | ||||
Cumulative foreign currency translation adjustment | 2,449 | 1,758 | 6,844 | (5,456) |
Unrealized gain (loss) on cash flow hedging derivatives | (605) | (475) | 151 | 302 |
Other comprehensive income (loss), (net of tax) | 1,844 | 1,283 | 6,995 | (5,154) |
Total comprehensive income (loss) | $ (83,561) | $ (182,700) | $ (26,835) | $ (25,614) |
Consolidating Financial Infor46
Consolidating Financial Information of Guarantors and Issuers Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 26, 2016 | Jun. 28, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ 97,173 | $ 73,277 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Purchase of preferred equity investment | 0 | (2,000) |
Capital expenditures | (106,233) | (120,380) |
Net cash for investing activities | (106,233) | (122,380) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 55,000 | 42,000 |
Term debt (payments) borrowings | (6,000) | 0 |
Distributions paid to partners | (92,676) | (84,154) |
Intercompany payables (payments) receipts | 0 | 0 |
Tax effect of units involved in treasury unit transactions | (1,604) | (2,048) |
Net cash for financing activities | (45,280) | (44,202) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 2,868 | (3,088) |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (51,472) | (96,393) |
Balance, beginning of period | 119,557 | 131,840 |
Balance, end of period | 68,085 | 35,447 |
Cedar Fair L.P. (Parent) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 73,921 | 3,954 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Purchase of preferred equity investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 0 | 0 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 42,000 |
Term debt (payments) borrowings | 0 | |
Distributions paid to partners | (93,938) | (85,236) |
Intercompany payables (payments) receipts | (56,990) | (40,718) |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Net cash for financing activities | (150,928) | (83,954) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (77,007) | (80,000) |
Balance, beginning of period | 77,007 | 80,000 |
Balance, end of period | 0 | 0 |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (30,306) | (55,759) |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Purchase of preferred equity investment | (2,000) | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 0 | (2,000) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 0 |
Term debt (payments) borrowings | (1,236) | |
Distributions paid to partners | 0 | 0 |
Intercompany payables (payments) receipts | 33,146 | 59,425 |
Tax effect of units involved in treasury unit transactions | (1,604) | (2,048) |
Net cash for financing activities | 30,306 | 57,377 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 0 | (382) |
Balance, beginning of period | 0 | 382 |
Balance, end of period | 0 | 0 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 7,756 | (2,970) |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | (10,576) |
Purchase of preferred equity investment | 0 | |
Capital expenditures | (5,747) | (5,551) |
Net cash for investing activities | (5,747) | (16,127) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 0 |
Term debt (payments) borrowings | (139) | |
Distributions paid to partners | 0 | 0 |
Intercompany payables (payments) receipts | 0 | (7,849) |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Net cash for financing activities | (139) | (7,849) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 2,868 | (3,088) |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 4,738 | (30,034) |
Balance, beginning of period | 39,106 | 45,519 |
Balance, end of period | 43,844 | 15,485 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 47,717 | 129,912 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 23,844 | (282) |
Purchase of preferred equity investment | 0 | |
Capital expenditures | (100,486) | (114,829) |
Net cash for investing activities | (76,642) | (115,111) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 55,000 | 0 |
Term debt (payments) borrowings | (4,625) | |
Distributions paid to partners | 0 | 0 |
Intercompany payables (payments) receipts | 0 | 0 |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Net cash for financing activities | 50,375 | 0 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 21,450 | 14,801 |
Balance, beginning of period | 3,444 | 5,939 |
Balance, end of period | 24,894 | 20,740 |
Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (1,915) | (1,860) |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (23,844) | 10,858 |
Purchase of preferred equity investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | (23,844) | 10,858 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 0 |
Term debt (payments) borrowings | 0 | |
Distributions paid to partners | 1,262 | 1,082 |
Intercompany payables (payments) receipts | 23,844 | (10,858) |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Net cash for financing activities | 25,106 | (9,776) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (653) | (778) |
Balance, beginning of period | 0 | 0 |
Balance, end of period | $ (653) | $ (778) |