Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 02, 2017 | Jun. 24, 2016 | |
Document Entity and Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
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 | 56,199,709 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 3,196,504,279 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 122,716 | $ 119,557 |
Receivables | 35,414 | 29,494 |
Inventories | 26,276 | 25,029 |
Other current assets | 11,270 | 9,946 |
Total current assets | 195,676 | 184,026 |
Property and Equipment: | ||
Land | 265,961 | 267,782 |
Land improvements | 402,013 | 381,191 |
Buildings | 663,982 | 647,514 |
Rides and equipment | 1,643,770 | 1,561,234 |
Construction in progress | 58,299 | 50,962 |
Total property and equipment, gross | 3,034,025 | 2,908,683 |
Less accumulated depreciation | (1,494,805) | (1,393,805) |
Total property and equipment, net | 1,539,220 | 1,514,878 |
Goodwill | 179,660 | 210,811 |
Other Intangibles, net | 37,837 | 35,895 |
Other Assets | 20,788 | 17,410 |
Assets | 1,973,181 | 1,963,020 |
Current Liabilities: | ||
Current maturities of long-term debt | 2,775 | 2,475 |
Accounts payable | 20,851 | 17,122 |
Deferred revenue | 82,765 | 69,514 |
Accrued interest | 9,986 | 9,910 |
Accrued taxes | 58,958 | 41,937 |
Accrued salaries, wages and benefits | 30,358 | 26,916 |
Self-insurance reserves | 27,063 | 23,996 |
Other accrued liabilities | 9,927 | 6,801 |
Total current liabilities | 242,683 | 198,671 |
Deferred Tax Liability | 104,885 | 129,763 |
Derivative Liability | 17,721 | 22,918 |
Other Liabilities | 13,162 | 17,983 |
Long-Term Debt: | ||
Term debt | 594,228 | 598,346 |
Notes | 939,983 | 938,330 |
Long-term debt, noncurrent | 1,534,211 | 1,536,676 |
Commitments and Contingencies (Note 10) | ||
Partners’ Equity: | ||
Special L.P. interests | 5,290 | 5,290 |
General partner | 0 | 0 |
Limited partners, 56,201 and 56,018 units outstanding at December 31, 2016 and December 31, 2015, respectively | 52,288 | 48,428 |
Accumulated other comprehensive income | 2,941 | 3,291 |
Total partners' equity | 60,519 | 57,009 |
Total Partners' Equity and Liabilities | $ 1,973,181 | $ 1,963,020 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Limited Partners' capital account, units outstanding (in shares) | 56,200,555 | 56,017,824 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues: | |||
Admissions | $ 716,189 | $ 687,442 | $ 661,455 |
Food, merchandise and games | 407,673 | 398,019 | 365,528 |
Accommodations, extra-charge products and other | 164,859 | 150,317 | 132,622 |
Total net revenues | 1,288,721 | 1,235,778 | 1,159,605 |
Costs and expenses: | |||
Cost of food, merchandise and games revenues | 106,608 | 104,827 | 95,208 |
Operating expenses | 538,881 | 517,626 | 496,079 |
Selling, general and administrative | 181,830 | 171,490 | 156,864 |
Depreciation and amortization | 131,876 | 125,631 | 124,286 |
Loss on impairment / retirement of fixed assets, net | 12,587 | 20,873 | 9,757 |
Gain on sale of other assets | 0 | 0 | (921) |
Total costs and expenses | 971,782 | 940,447 | 881,273 |
Operating income | 316,939 | 295,331 | 278,332 |
Interest expense | 83,863 | 86,849 | 96,286 |
Net effect of swaps | (1,197) | (6,884) | (2,062) |
Loss on early debt extinguishment | 0 | 0 | 29,261 |
Unrealized/realized foreign currency (gain) loss | (14,656) | 81,016 | 40,873 |
Interest income | (177) | (64) | (126) |
Income before taxes | 249,106 | 134,414 | 114,100 |
Provision for taxes | 71,418 | 22,192 | 9,885 |
Net income | 177,688 | 112,222 | 104,215 |
Net income allocated to general partner | 2 | 1 | 1 |
Net income allocated to limited partners | 177,686 | 112,221 | 104,214 |
Other comprehensive income (loss), (net of tax): | |||
Cumulative foreign currency translation adjustment | (3,700) | 16,655 | 5,931 |
Unrealized gain (loss) on cash flow hedging derivatives | 3,350 | (2,734) | (1,553) |
Net other comprehensive income (loss) | (350) | 13,921 | 4,378 |
Total comprehensive income | $ 177,338 | $ 126,143 | $ 108,593 |
Basic earnings per limited partner unit: | |||
Weighted average limited partner units outstanding (in shares) | 55,933 | 55,745 | 55,548 |
Net income (loss) per limited partner unit - basic (in dollars per share) | $ 3.18 | $ 2.01 | $ 1.88 |
Diluted earnings per limited partner unit: | |||
Weighted average limited partner units outstanding (in shares) | 56,562 | 56,362 | 55,992 |
Net income (loss) per limited partner unit - diluted (in dollars per share) | $ 3.14 | $ 1.99 | $ 1.86 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 177,688 | $ 112,222 | $ 104,215 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 131,876 | 125,631 | 124,286 |
Loss on early debt extinguishment | 0 | 0 | 29,261 |
Non-cash foreign currency (gain) loss on debt | (14,771) | 81,608 | 39,088 |
Non-cash equity based compensation expense | 10,958 | 7,265 | 9,668 |
Non-cash deferred income tax expense (benefit) | 10,662 | (16,056) | (2,961) |
Other non-cash expenses | 13,300 | 15,321 | 11,236 |
Change in operating assets and liabilities: | |||
(Increase) decrease in receivables | (5,887) | (2,276) | (6,235) |
(Increase) decrease in inventories | (1,208) | 607 | 46 |
(Increase) decrease in other assets | (53) | (875) | 3,021 |
Increase (decrease) in accounts payable | (407) | 3,243 | 884 |
Increase (decrease) in deferred revenue | 13,099 | 9,149 | 16,965 |
Increase (decrease) in accrued interest | 13 | 359 | (12,554) |
Increase (decrease) in accrued taxes | 16,888 | 20,965 | 2,319 |
Increase (decrease) in accrued salaries and wages | 5,804 | (6,997) | 4,998 |
Increase (decrease) in self-insurance reserves | 3,026 | 881 | (133) |
Increase (decrease) in other liabilities | (3,561) | (8,830) | 12,999 |
Net cash from operating activities | 357,427 | 342,217 | 337,103 |
CASH FLOWS FOR INVESTING ACTIVITIES | |||
Capital expenditures | (160,656) | (175,865) | (166,719) |
Proceeds from sale of assets | 0 | 0 | 1,377 |
Purchase of preferred equity investment | 0 | (2,000) | 0 |
Purchase of identifiable intangible assets | (577) | 0 | 0 |
Net cash for investing activities | (161,233) | (177,865) | (165,342) |
CASH FLOWS FOR FINANCING ACTIVITIES | |||
Note borrowings | 0 | 0 | 450,000 |
Term debt payments | (6,000) | 0 | (10,000) |
Note payments, including early termination penalties | 0 | 0 | (426,148) |
Distributions paid to partners | (187,182) | (172,614) | (159,432) |
Payment of debt issuance costs | 0 | 0 | (9,795) |
Tax effect of units involved in treasury unit transactions | (422) | (1,589) | 140 |
Net cash for financing activities | (193,604) | (174,203) | (155,235) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 569 | (2,432) | (2,742) |
CASH AND CASH EQUIVALENTS | |||
Net increase (decrease) for the year | 3,159 | (12,283) | 13,784 |
Balance, beginning of year | 119,557 | 131,840 | 118,056 |
Balance, end of year | 122,716 | 119,557 | 131,840 |
SUPPLEMENTAL INFORMATION | |||
Cash payments for interest expense | 82,015 | 84,963 | 104,198 |
Interest capitalized | 2,331 | 3,094 | 2,983 |
Cash payments for income taxes, net of refunds | 44,502 | 19,976 | 11,162 |
Capital expenditures in accounts payable | $ 5,425 | $ 2,357 | $ 12,262 |
Consolidated Statements of Part
Consolidated Statements of Partners' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Limited Partners [Member] | General Partner [Member] | Special L.P. Interests [Member] | Cumulative Foreign Currency Translation Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | AOCI Attributable to Parent [Member] |
Beginning balance, units (in shares) at Dec. 31, 2013 | 55,716 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised (in shares) | 19 | ||||||
Limited partnership unit forfeitures (in shares) | (2) | ||||||
Issuance of limited partnership units related to compensation (in shares) | 95 | ||||||
Ending balance, units (in shares) at Dec. 31, 2014 | 55,828 | ||||||
Beginning balance, value at Dec. 31, 2013 | $ 148,847 | $ 2 | $ 5 | $ (15,013) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 104,214 | 1 | |||||
Partnership distribution declared | (159,430) | (2) | |||||
Expense recognized for limited partnership unit options | 890 | ||||||
Tax effect of units involved in treasury unit transactions | 140 | ||||||
Issuance of limited partnership units related to compensation | 6,895 | ||||||
Current year activity, net of tax ($2,127 in 2016; ($9,050) in 2015; ($3,410) in 2014) | $ 5,931 | 5,931 | |||||
Current year activity, net of tax (($650) in 2016; $625 in 2015; $288 in 2014) | (1,553) | (1,553) | |||||
Ending balance, value at Dec. 31, 2014 | 96,217 | $ 101,556 | 1 | $ 5,290 | 5,936 | (16,566) | $ (10,630) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised (in shares) | 50 | ||||||
Limited partnership unit forfeitures (in shares) | (1) | ||||||
Issuance of limited partnership units related to compensation (in shares) | 141 | ||||||
Ending balance, units (in shares) at Dec. 31, 2015 | 56,018 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 112,221 | 1 | |||||
Partnership distribution declared | (172,614) | (2) | |||||
Expense recognized for limited partnership unit options | 580 | ||||||
Tax effect of units involved in treasury unit transactions | (1,589) | ||||||
Issuance of limited partnership units related to compensation | 8,274 | ||||||
Current year activity, net of tax ($2,127 in 2016; ($9,050) in 2015; ($3,410) in 2014) | 16,655 | 16,655 | |||||
Current year activity, net of tax (($650) in 2016; $625 in 2015; $288 in 2014) | (2,734) | (2,734) | |||||
Ending balance, value at Dec. 31, 2015 | 57,009 | $ 48,428 | 0 | 5,290 | 22,591 | (19,300) | 3,291 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised (in shares) | 46 | ||||||
Limited partnership unit forfeitures (in shares) | (1) | ||||||
Issuance of limited partnership units related to compensation (in shares) | 138 | ||||||
Ending balance, units (in shares) at Dec. 31, 2016 | 56,201 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 177,686 | 2 | |||||
Partnership distribution declared | (187,180) | (2) | |||||
Expense recognized for limited partnership unit options | 5 | ||||||
Tax effect of units involved in treasury unit transactions | (422) | ||||||
Issuance of limited partnership units related to compensation | 13,771 | ||||||
Current year activity, net of tax ($2,127 in 2016; ($9,050) in 2015; ($3,410) in 2014) | (3,700) | (3,700) | |||||
Current year activity, net of tax (($650) in 2016; $625 in 2015; $288 in 2014) | 3,350 | 3,350 | |||||
Ending balance, value at Dec. 31, 2016 | $ 60,519 | $ 52,288 | $ 0 | $ 5,290 | $ 18,891 | $ (15,950) | $ 2,941 |
Consolidated Statements of Par7
Consolidated Statements of Partners' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Partnership distribution declared, per unit (in dollars per share) | $ 3.33 | $ 3.08 | $ 2.85 |
Cumulative Foreign Currency Translation Adjustment [Member] | |||
Foreign currency translation adjustment, tax | $ 2,127 | $ (9,050) | $ (3,410) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Unrealized loss on cash flow hedging derivatives, tax | $ (650) | $ 625 | $ 288 |
Partnership Organization
Partnership Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Partnership Organization | Partnership Organization: Cedar Fair, L.P. (together with its affiliated companies, the "Partnership") is a Delaware limited partnership that commenced operations in 1983 when it acquired Cedar Point, Inc., and became a publicly traded partnership in 1987. The Partnership's general partner is Cedar Fair Management, Inc., an Ohio corporation (the “General Partner”), whose shares are held by an Ohio trust. The General Partner owns a 0.001% interest in the Partnership's income, losses and cash distributions, except in defined circumstances, and has full responsibility for management of the Partnership. At December 31, 2016 there were 56,200,555 outstanding limited partnership units listed on The New York Stock Exchange, net of 861,428 units held in treasury. At December 31, 2015 , there were 56,017,824 outstanding limited partnership units listed, net of 1,044,159 units held in treasury. The General Partner may, with the approval of a specified percentage of the limited partners, make additional capital contributions to the Partnership, but is only obligated to do so if the liabilities of the Partnership cannot otherwise be paid or there exists a negative balance in its capital account at the time of its withdrawal from the Partnership. The General Partner, in accordance with the terms of the Partnership Agreement, is required to make regular cash distributions on a quarterly basis of all the Partnership's available cash, as defined in the Partnership Agreement. In accordance with the Partnership agreement and restrictions within the Partnership's 2013 Credit Agreement, the General Partner paid $3.33 per limited partner unit in distributions, or approximately $187.2 million in aggregate, in 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: The following policies are used by the Partnership in its preparation of the accompanying consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation. Foreign Currency The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive income in partners' equity. In 2016, the Partnership recognized a $14.7 million benefit to earnings for unrealized/realized foreign currency gains, $14.8 million of which related to U.S.-dollar denominated debt held at its Canadian property. In 2015, the Partnership recognized a $81.0 million charge to earnings for unrealized/realized foreign currency losses, $81.6 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated debt held at its Canadian property. In 2014, the Partnership recognized a $40.9 million charge to earnings for unrealized/realized foreign currency losses, $39.1 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated debt held at its Canadian property. All other foreign currency transaction gains and losses included in the 2016, 2015 and 2014 consolidated statements of operations were not material. Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, in-park per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within a single reportable segment of amusement/water parks with accompanying resort facilities. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates. Cash and Cash Equivalents The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Inventories The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level. Property and Equipment Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Depreciation expense totaled $131.2 million in 2016, $125.5 million in 2015, and $124.3 million in 2014. The estimated useful lives of the assets are as follows: Land improvements Approximately 25 years Buildings 25 years - 40 years Rides Approximately 20 years Equipment 3 years - 10 years Impairment of Long-Lived Assets Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. Goodwill FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. The Partnership performed its annual goodwill impairment test as of the first days of the fourth quarter for 2016 and 2015, respectively, and concluded there was no impairment of the carrying value of goodwill in either period. Other Intangible Assets The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from four to twenty years. Self-Insurance Reserves Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period. Reserves are established for both identified claims and incurred but not reported (IBNR) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history. All reserves are periodically reviewed for changes in facts and circumstances, and adjustments are made as necessary. As of December 31, 2016 and 2015, the accrued self-insurance reserves totaled $27.1 million and $24.0 million , respectively. Derivative Financial Instruments The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership does not use derivative financial instruments for trading purposes. The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. Any ineffectiveness is recognized immediately in income. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures. Instruments that do not qualify for hedge accounting or were de-designated are prospectively adjusted to fair value each reporting period through “Net effect of swaps”. Revenue Recognition 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. Other revenues are recognized on a daily basis based on actual guest spending at our facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. 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. Admission revenues include amounts paid to gain admission into the Partnership's parks, including parking fees. Revenues related to extra-charge attractions, including premium benefit offerings like front-of-line products, are included in Accommodations, extra-charge products and other revenue. Advertising Costs The Partnership expenses all costs associated with its advertising, promotion and marketing programs as incurred, or for certain costs, over each park's operating season. Advertising expense totaled $60.8 million in 2016, $58.7 million in 2015 and $58.4 million in 2014. Certain prepaid costs incurred through year-end for the following year's advertising programs are included in other current assets. Unit-Based Compensation The Partnership accounts for unit-based compensation in accordance with FASB ASC 718 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value. Income Taxes The Partnership's legal entity structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes. Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources. The Partnership's corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in income at the time of enactment of such change in tax law. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9 to the Consolidated Financial Statements). Earnings Per Unit For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income. The unit amounts used in calculating the basic and diluted earnings per limited partner unit for the years ended December 31, 2016, December 31, 2015, and December 31, 2014 are as follows: Years Ended December 31, 2016 2015 2014 (In thousands, except per unit amounts) Basic weighted average units outstanding 55,933 55,745 55,548 Effect of dilutive units: Deferred units (Note 7) 31 23 6 Performance units (Note 7) 181 72 31 Restricted units (Note 7) 288 358 195 Unit options (Note 7) 129 141 123 Phantom units (Note 7) — 23 89 Diluted weighted average units outstanding 56,562 56,362 55,992 Net income per unit - basic $ 3.18 $ 2.01 $ 1.88 Net income per unit - diluted $ 3.14 $ 1.99 $ 1.86 The effect of out-of-the-money and/or antidilutive unit options for 2016, 2015, and 2014, respectively, had they not been out of the money or antidilutive, would have been immaterial in all periods presented. 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 Partnership adopted this guidance and applied retrospective treatment. 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 consolidated balance sheet of $19.7 million at December 31, 2015. 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. The Partnership 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 asset to net against the deferred tax liability in the consolidated balance sheet, which reduced both the current deferred tax asset and deferred tax liability by $12.2 million at December 31, 2015. 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 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 currently expects to adopt this standard in the first quarter of 2018. The Partnership anticipates the primary impact of the adoption on our consolidated financial statements will be the additional required disclosures around revenue recognition in the notes to the consolidated financial statements. The Partnership does not anticipate adoption of the standard to have a material effect on the consolidated financial statements. 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 after December 15, 2018 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. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The amendments in ASU 2016-09 are meant to simplify the current accounting for share-based payment transactions, specifically the accounting for income taxes, award classification, cash flow presentation, and accounting for forfeitures. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. The Partnership expects to adopt this standard in the first quarter of 2017 utilizing the methods dictated by the standard. The Partnership does not anticipate the adoption of the standard to have a material effect on the consolidated financial statements. |
Long-Lived Assets
Long-Lived Assets | 12 Months Ended |
Dec. 31, 2016 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Long-Lived Assets | Long-Lived Assets: Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements. The long-lived asset impairment test involves a two-step process. The first step is a comparison of each asset group's carrying value to its estimated undiscounted future cash flows expected to result from the use of the assets, including disposition. Projected future cash flows reflect management's best estimates of economic and market conditions over the projected period, including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates. 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 fair value of the asset group to its carrying value in a manner consistent with the highest and best use of those assets. The Partnership estimates fair value of operating assets using an income (discounted cash flows) approach, which uses an asset group's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital reflective of current market conditions. If the 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. At the end of the fourth quarter of 2014, the Partnership concluded based on 2014 operating results and updated forecasts, that a review of the carrying value of operating long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that the park's fixed assets, excluding land, were impaired by $2.4 million . A charge for this amount was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income. At the end of the fourth quarter of 2015, the Partnership decided to permanently remove from service a long-lived asset at Cedar Point. Accordingly, the Partnership recognized and recorded an $8.6 million charge for impairment equal to the remaining net book value of this long-lived asset. The amount was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income. During the third quarter of 2016, the Partnership ceased operations of Wildwater Kingdom. At the closure date, the only remaining long-lived asset was the approximate 670 acres of land owned by the Partnership. This land has an associated carrying value of $17.1 million . The Partnership assessed the remaining asset and concluded there was no impairment during the third quarter of 2016. The associated acreage is classified as assets held-for-sale within "Other Assets" in the consolidated balance sheet. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill and other indefinite-lived intangible assets, including trade-names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements. The goodwill impairment test involves a two-step process. The first step is a comparison of each reporting unit's fair value to its carrying value. The Partnership estimates fair value using both an income (discounted cash flows) and market approach. The income approach uses a reporting unit's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. The projection uses management's best estimates of economic and market conditions over the projected period including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. A market approach estimates fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with similar operating and investment characteristics of the reporting units. If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. A relief-from-royalty model is used to determine whether the fair value of trade-names exceed their carrying amounts. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name. A summary of changes in the Partnership's carrying value of goodwill for the years ended December 31, 2016 and December 31, 2015 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance at December 31, 2014 $ 308,159 $ (79,868 ) $ 228,291 Foreign currency exchange translation (17,480 ) — (17,480 ) Balance at December 31, 2015 290,679 (79,868 ) 210,811 Deferred income tax adjustment related to Canadian disregarded entity (1) (33,945 ) — (33,945 ) Foreign currency exchange translation 2,794 — 2,794 Balance at December 31, 2016 $ 259,528 $ (79,868 ) $ 179,660 (1) See Note 9 to the Consolidated Financial Statements. As of December 31, 2016 and December 31, 2015, the Partnership's other intangible assets consisted of the following: (In thousands) Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value December 31, 2016 Other intangible assets: Trade names — $ 35,603 $ — $ 35,603 License / franchise agreements 5.4 years 3,326 1,092 2,234 Total other intangible assets $ 38,929 $ 1,092 $ 37,837 December 31, 2015 Other intangible assets: Trade names — $ 35,208 $ — $ 35,208 License / franchise agreements 8.4 years 1,067 380 687 Total other intangible assets $ 36,275 $ 380 $ 35,895 Amortization expense of other intangible assets for 2016, 2015 and 2014 was immaterial and is expected to be immaterial going forward. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt: Long-term debt as of December 31, 2016 and December 31, 2015 consisted of the following: December 31, 2016 December 31, 2015 (In thousands) Revolving credit facility (due 2018) $ — $ — Term debt (1) March 2013 U.S. term loan averaging 3.25% (due 2013-2020) 602,850 608,850 Notes June 2014 U.S. fixed rate note at 5.375% (due 2024) 450,000 450,000 March 2013 U.S. fixed rate note at 5.25% (due 2021) 500,000 500,000 1,552,850 1,558,850 Less current portion 2,775 2,475 1,550,075 1,556,375 Less debt issuance costs 15,864 19,699 $ 1,534,211 $ 1,536,676 (1) These average interest rates do not reflect the effect of interest rate swap agreements entered into on variable-rate term debt (see Note 6 to the Consolidated Financial Statements). In March 2013, the Partnership issued $500 million of 5.25% senior unsecured notes ("March 2013 notes"), maturing in 2021. Concurrently with this offering, the Partnership entered into an $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 London InterBank Offering Rate ("LIBOR") plus 250 basis points (bps) with a LIBOR floor of 75 bps. The term loan amortizes at $6.3 million annually. During the second quarter of 2016, $6.0 million of term debt was prepaid, which has resulted in no principal payments due until the third quarter of 2017. The net proceeds from the March 2013 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. In June 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. Cedar Fair, L.P., Canada’s Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the notes and co-borrowers of the senior secured credit facilities. In December 2014, the Partnership amended its credit agreement in order to add Millennium Operations, LLC, a newly converted wholly-owned limited liability company, as a co-borrower in connection with the Partnership's on-going long term tax planning efforts. The amendment was effective beginning on January 1, 2015. Both the notes and senior secured credit facilities have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum). There are no non-guarantor subsidiaries. Revolving Credit Loans Terms of the 2013 Credit Agreement include a 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. As of December 31, 2016, no borrowings under the revolving credit facility were outstanding and standby letters of credit totaled $15.9 million . After letters of credit, the Partnership had $239.1 million of available borrowings under its revolving credit facility as of December 31, 2016. The maximum outstanding balance during 2016 was $101.0 million under the revolving credit facility. The 2013 Credit Agreement requires the Partnership to pay a commitment fee of 38 bps per annum on the unused portion of the credit facilities. Term Debt The credit facilities provided under the 2013 Credit Agreement include a $630 million U.S. term loan maturing in March 2020. As of December 31, 2016, the U.S. term loan bore interest at a rate of LIBOR plus 250 bps, with a LIBOR floor of 75 bps. At December 31, 2016, the scheduled annual maturities of term debt were as follows: (In thousands) 2017 2018 2019 2020 2021 2022 & Beyond Total U.S. term loan maturing in 2020 $ 2,775 $ 6,300 $ 6,300 $ 587,475 $ — $ — $ 602,850 The Partnership may prepay some or all of its term debt maturing in 2020 without premium or penalty at any time. Notes 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. 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. 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. Covenants 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 fourth quarter of 2016 and 2015, the first of these, the Consolidated Leverage Ratio, was set at a maximum of 5.50 x and 5.75 x consolidated total debt (excluding the revolving debt)-to-consolidated EBITDA, respectively. 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 December 31, 2016 and 2015, 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 5.00 x. Pursuant to the terms of the indentures governing the Partnership's June 2014 and March 2013 notes, the Partnership can make Restricted Payments of $60 million annually so long as no default or event of default has occurred and is continuing; and the Partnership's ability to make additional Restricted Payments is permitted should the Partnership's pro forma Total Indebtedness-to-Consolidated-Cash-Flow Ratio be less than or equal to 5.00 x. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 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 certain interest rate and foreign currency risks. By utilizing a derivative instrument to hedge our exposure to LIBOR rate changes, the Partnership is exposed to 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 effectively convert $500 million of variable-rate debt at a rate of 2.64% . As a result of the amendments, the previously existing interest rate swaps were de-designated, and the amounts recorded in AOCI are being amortized into earnings through the original December 31, 2018 maturity. The 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. Prior to de-designation, as of December 31, 2015, the interest rate swap agreements effectively converted $500 million of variable-rate debt at a rate of 2.94% . The fair market value of the Partnership's swap portfolio was a liability of $17.7 million and $22.9 million , as of December 31, 2016 and 2015, respectively, and was recorded on the consolidated balance sheet within "Derivative Liability" as listed below. (In thousands) December 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swaps $ — $ (22,918 ) Total derivatives designated as hedging instruments: — (22,918 ) Derivatives not designated as hedging instruments: Interest rate swaps (17,721 ) — Total derivatives not designated as hedging instruments: (17,721 ) — Net derivative liability $ (17,721 ) $ (22,918 ) 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 amended interest rate swap agreements were not designated as hedging instruments. As of December 31, 2016, the Partnership has no designated derivatives; therefore, no amount of designated derivatives are forecasted to be reclassified into earnings in the next twelve months. Derivatives Not Designated as Hedging Instruments Instruments that do not qualify for hedge accounting or were de-designated are prospectively adjusted to fair value each reporting period through "Net effect of swaps" within the consolidated statements of operations and comprehensive income. The amounts that were previously recorded as a component of AOCI prior to de-designation are reclassified to earnings, and a corresponding realized gain or loss is recognized when the forecasted cash flow occurs. As a result of the first quarter of 2016 amendments, the previously existing interest rate swap agreements were de-designated, and the amounts previously recorded in AOCI are being amortized into earnings through the original December 2018 maturity. As of December 31, 2016, approximately $18.9 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 and other comprehensive income for the years ended December 31, 2016 and December 31, 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 Year ended 12/31/16 Year ended 12/31/15 Designated Derivatives Year ended 12/31/16 Year ended 12/31/15 Derivatives Not Designated Year ended 12/31/16 Year ended 12/31/15 Interest rate swaps $ (4,671 ) $ (8,269 ) Interest Expense $ (851 ) $ (517 ) Net effect of swaps $ 9,868 $ 11,791 For 2016, the Partnership recognized $9.9 million of gains on the derivatives not designated as cash flow hedges and $8.7 million of expense representing the regular amortization of amounts in AOCI. The net effect of these amounts resulted in a benefit to earnings for the year of $1.2 million recorded in “Net effect of swaps.” For 2015, the Partnership recognized $11.8 million of gains on the derivatives not designated as cash flow hedges and $4.9 million of expense representing the regular amortization of amounts in AOCI. The net effect of these amounts resulted in a benefit to earnings for the year of $6.9 million recorded in “Net effect of swaps.” |
Partners' Equity
Partners' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Partners' Capital Notes [Abstract] | |
Partners' Equity | Partners' Equity: Special L.P. Interests In accordance with the Partnership Agreement, certain partners were allocated $5.3 million of 1987 and 1988 taxable income (without any related cash distributions) for which they received Special L.P. Interests. The Special L.P. Interests do not participate in cash distributions and have no voting rights. However, the holders of Special L.P. Interests will receive in the aggregate $5.3 million upon liquidation of the Partnership. Equity-Based Incentive Plan The 2016 Omnibus Incentive Plan was approved by the Partnership's unitholders in June 2016 and allows the awarding of up to 2.8 million unit options and other forms of equity as determined by the Compensation Committee of the Board of Directors as an element of compensation to senior management and other key employees. The 2016 Omnibus Incentive Plan supersedes the 2008 Omnibus Incentive Plan which was approved by the Partnership's unitholders in May 2008 and allowed the awarding of up to 2.5 million unit options and other forms of equity. Outstanding awards under the 2008 Omnibus Incentive Plan continue to be in effect and are governed by the terms of that plan. The 2016 Omnibus Incentive Plan provides an opportunity for officers, directors, and eligible persons to acquire an interest in the growth and performance of the Partnership's units and provides employees annual and long-term incentive awards as determined by the Board of Directors. Under the 2016 Omnibus Incentive Plan, the Compensation Committee of the Board of Directors may grant unit options, unit appreciation rights, restricted units, performance awards, other unit awards, cash incentive awards and unrestricted unit awards. Awards Payable in Cash or Equity Phantom Units During 2016, no "phantom units" were awarded. "Phantom unit" awards generally vest over an approximate four -year period and can be settled with cash, limited partnership units, or a combination of both, as determined by the Compensation Committee. The effect of "phantom unit” awards has been included in the diluted earnings per unit calculation for 2015 and 2014, as a portion of the awards were expected to be paid in limited partnership units during those years. Approximately $0.8 million and $1.7 million in compensation expense related to liability “phantom unit” awards was recognized in 2015 and 2014, respectively. No compensation expense related to liability "phantom unit" awards was recognized in 2016. These amounts are included in “Selling, General and Administrative Expense” in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2015, the Partnership had settled all outstanding “phantom unit” awards. Performance Units During 2016, none of these types of "performance units” were awarded. The number of "performance units” issuable under these awards are contingently based upon certain performance targets over a three -year period and these awards can be paid with cash, limited partnership units, or a combination of both as determined by the Compensation Committee, after the end of the performance period. Certain of these types of performance units were awarded in prior years. The effect of these outstanding "performance unit” awards for which the performance condition has been met has been included in the diluted earnings per unit calculation, as a portion of the awards are expected to be settled in limited partnership units. The effect of these outstanding "performance unit” awards for which the performance condition has not been met has been excluded from the diluted earnings per unit calculation. Approximately $4.6 million , $8.0 million and $5.3 million in 2016, 2015 and 2014, respectively, were recorded in compensation expense related to these types of “performance units” and are included in “Selling, General and Administrative Expense” in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2016, the Partnership had 151,316 "performance units” outstanding, all of which have been accrued for as a liability at the December 30, 2016 closing price of $64.20 per unit. The estimated aggregate market value of "performance units” contingently issuable under these types of awards at year-end has been reflected on the consolidated balance sheet recorded in "Accrued salaries, wages and benefits" as all outstanding units are current and have a balance of $9.7 million as of December 31, 2016. As of December 31, 2015, the current and long-term portions were $7.4 million and $5.4 million , respectively. As of December 31, 2016, there was no unamortized compensation related to unvested "performance unit” awards of this type. The Partnership expects to settle the remaining outstanding "performance unit" awards of this type upon vesting during 2017. Deferred Units During 2016, 11,220 "deferred units" were awarded at a grant price of $64.20 . Compensation expense related to "deferred units" vests ratably over a one -year period and the settlement of these units is deferred until the individual's service to the Partnership ends. The "deferred units" accumulate distribution-equivalents upon determination of the number of units attributable to the participant and will be paid when the restriction ends. The effect of outstanding "deferred unit” awards has been included in the diluted earnings per unit calculation, as a portion of the awards are expected to be settled in limited partnership units. Approximately $1.0 million , $0.8 million , and $0.5 million in 2016, 2015, and 2014, respectively, were recorded in compensation expense related to "deferred units" and are included in "Selling, General, and Administrative Expense" in the accompanying consolidated statement of operations and comprehensive income. As of December 31, 2016, the Partnership had 35,311 "deferred units” outstanding and vested at the December 30, 2016 closing price of $64.20 per unit. The estimated aggregate market value of the "deferred units” at year-end has been reflected as a liability on the consolidated balance sheet, with the current portion being recorded in "Other accrued liabilities" and the long-term portion in “Other Liabilities.” As of December 31, 2016 and 2015, the market value of the "deferred units" totaled $2.3 million and $1.3 million , respectively, all of which was classified as current. As of December 31, 2016, there was no unamortized expense related to unvested "deferred unit” awards. Awards Payable in Equity Performance Units During 2016, 109,605 "performance units” were awarded at a weighted-average grant price of $57.57 per unit. The number of "performance units” issuable under these awards are contingently based upon certain performance targets over the three -year vesting period. The annual performance awards and the related forfeitable distribution equivalents, generally are paid out in the first quarter following the performance period in limited partnership units. The 2014 "performance units" payable in equity were retention grant units that are to be paid out in limited partnership units in December 2017 and December 2018 following a three -year performance period and the forfeitable distribution equivalents would be paid in cash at that same time. The effect of these types of outstanding "performance unit” awards, for which the performance conditions have been met, have been included in the diluted earnings per unit calculation. The effect of these outstanding "performance unit” awards which the performance conditions have not been met, have been excluded from the diluted earnings per unit calculation. Approximately $7.5 million , $3.7 million , and $1.4 million in 2016, 2015, and 2014, respectively, were recorded in compensation expense related to “performance units” under this award and are included in “Selling, General and Administrative Expense” in the accompanying consolidated statements of operations and comprehensive income. As of December 31, 2016, the amount of forfeitable distribution equivalents accrued and recorded on the consolidated balance sheet in "Other Liabilities" was approximately $1.1 million . As of December 31, 2016, the Partnership had 487,864 "performance units” outstanding, 231,785 of which have been accrued for within equity. As of December 31, 2016, unamortized compensation related to these unvested "performance unit” awards totaled approximately $14.4 million , which is expected to be amortized over a weighted average period of 2.2 years. The Partnership expects to settle 62,117 of these outstanding "performance units" upon vesting during 2017. Restricted Units During 2016, 96,536 "restricted units" were awarded. Compensation expense related to 73,068 of the restricted units vests ratably over a three -year period, the restrictions on these units lapse upon vesting, and they were awarded at a weighted-average grant price of $57.57 . During the time of restriction, these units accumulate forfeitable distribution-equivalents, which, when the units are fully vested, will be paid in the form accrued. Compensation expense related to the remaining 23,468 restricted units vest following a three-year cliff vesting period and were awarded at a weighted-average grant price of $60.37 . During the vesting period, the units accumulate forfeitable distribution-equivalents, which, when the units are fully vested, will also be paid in the form accrued. Approximately $3.9 million , $4.1 million , and $3.7 million in 2016, 2015, and 2014, respectively, were recorded in compensation expense related to "restricted units" and are included in "Selling, General, and Administrative Expense" in the accompanying consolidated statement of operations and comprehensive income. As of December 31, 2016, the amount of forfeitable distribution equivalents accrued and recorded on the consolidated balance sheet in "Other Liabilities" was approximately $0.8 million . As of December 31, 2016, the Partnership had 284,328 "restricted units" outstanding, 136,285 of which have been accrued for within equity. In addition, as of December 31, 2016, unamortized compensation expense related to unvested "restricted unit" awards totaled approximately $8.5 million , which is expected to be amortized over a weighted average period of 2.4 years. The Partnership expects to settle 65,264 of these outstanding "restricted units" upon vesting during 2017. Unit Options The Partnership's "unit options" are issued with an exercise price no less than the market closing price of the Partnership's units on the day before the date of grant. Outstanding "unit options" vest ratably over a three -year period and have a maximum term of ten years. As of December 31, 2016, the Partnership had 399,941 fixed-price "unit options" outstanding under the 2008 Omnibus Incentive Plan. No options have been granted under the 2016 Omnibus Incentive Plan. None of these "unit options" were granted during 2016 and 2015. Non-cash compensation expense relating to unit options in 2016, 2015, and 2014 totaled $0.0 million , $0.6 million , and $0.9 million , respectively. A summary of "unit option" activity for the years ended December 31, 2016 and December 31, 2015 is as follows: 2016 2015 Weighted Average Weighted Average Unit Options Exercise Price Unit Options Exercise Price Outstanding, beginning of year 506,990 $ 34.50 622,316 $ 34.03 Exercised (107,049 ) 34.80 (109,575 ) 31.79 Forfeited — — (5,751 ) 35.58 Outstanding, end of year 399,941 $ 34.42 506,990 $ 34.50 Options exercisable, end of year 399,941 $ 34.42 478,688 $ 34.36 There was no cash received from "unit option" exercises in 2016, 2015 and 2014. The following table summarizes the vested "unit options" outstanding as of December 31, 2016: Type Range of Exercise Prices Unit Options Weighted Average Remaining Contractual Life Weighted Average Exercise Price Outstanding at year-end $ 29.53 — $ 36.95 399,941 5.8 years $ 34.42 Aggregate intrinsic value ($'s in thousands) $ 11,910 A summary of the status of the Partnership's non-vested "unit options" as of December 31, 2016 is as follows: Unit Options Weighted Average Exercise Price Nonvested, beginning of year 28,302 $ 36.95 Vested (28,302 ) 36.95 Nonvested, end of year — $ — The total intrinsic value of "unit options" exercised during the years ended December 31, 2016, 2015 and 2014 were $2.8 million , $3.0 million , and $1.0 million , respectively. The Partnership has a policy of issuing limited partnership units from treasury to satisfy "unit option" exercises and expects its treasury unit balance to be sufficient for 2017 based on estimates of "unit option" exercises for that period. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans: The Partnership has trusteed, noncontributory retirement plans for the majority of its full-time employees. Contributions are discretionary and amounts accrued were approximately $4.2 million in 2016, $4.3 million in 2015 and $4.3 million in 2014. Additionally, the Partnership has a trusteed, contributory retirement plan for the majority of its full-time employees. This plan permits employees to contribute specified percentages of their salary, matched up to a limit by the Partnership. Matching contributions, net of forfeitures, approximated $2.4 million in 2016, $2.3 million in 2015 and $2.1 million in 2014. In addition, approximately 250 employees are covered by union-sponsored, multi-employer pension plans for which approximately $1.7 million , $1.5 million and $1.5 million were contributed for the years ended December 31, 2016, 2015, and 2014, respectively. The Partnership has no plans to withdraw from any of the multi-employer plans. The Partnership believes that the liability resulting from any such withdrawal, as defined by the Multi-employer Pension Plan Amendments Act of 1980, would not be material. |
Income and Partnership Taxes
Income and Partnership Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income and Partnership Taxes | Income and Partnership Taxes: Federal and state tax legislation in 1997 provided a permanent income tax exemption to existing publicly traded partnerships (PTP), such as Cedar Fair, L.P., with a PTP tax levied on partnership gross income (net revenues less cost of food, merchandise and games) beginning in 1998. In addition, income taxes are recognized for the amount of taxes payable by the Partnership's corporate subsidiaries for the current year and for the impact of deferred tax assets and liabilities that represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. As such, the Partnership's "Provision for taxes" includes amounts for both the PTP tax and for income taxes on the Partnership's corporate subsidiaries. The Partnership's 2016 tax provision totals $71.4 million , which consists of an $11.4 million provision for the PTP tax and a $60.0 million provision for income taxes. This compares to the Partnership's 2015 tax provision of $22.2 million , which consisted of a $11.7 million provision for the PTP tax and a $10.5 million provision for income taxes, and the 2014 tax provision of $9.9 million , which consisted of a $9.6 million provision for the PTP tax and a $0.3 million provision for income taxes. The calculation of the provision for taxes involves significant estimates and assumptions and actual results could differ from those estimates. Significant components of income (loss) before taxes for the years ended December 31, 2016, December 31, 2015 and December 31, 2014 are as follows: (In thousands) 2016 2015 2014 Domestic $ 223,626 $ 209,268 $ 186,389 Foreign 25,480 (74,854 ) (72,289 ) Total income before taxes $ 249,106 $ 134,414 $ 114,100 The provision (benefit) for income taxes was comprised of the following for the years ended December 31, 2016, December 31, 2015 and December 31, 2014: (In thousands) 2016 2015 2014 Income taxes: Current federal $ 40,440 $ 22,232 $ 4,513 Current state and local 5,729 3,767 1,413 Current foreign 3,188 530 (2,692 ) Total current 49,357 26,529 3,234 Deferred federal, state and local 5,766 4,842 9,239 Deferred foreign 4,896 (20,898 ) (12,200 ) Total deferred 10,662 (16,056 ) (2,961 ) Total provision for income taxes $ 60,019 $ 10,473 $ 273 The provision (benefit) for income taxes for the Partnership's corporate subsidiaries differs from the amount computed by applying the U.S. federal statutory income tax rate of 35% to the Partnership's income (loss) before taxes. The sources and tax effects of the differences are as follows: (In thousands) 2016 2015 2014 Income tax provision based on the U.S. federal statutory tax rate $ 87,187 $ 47,045 $ 39,935 Partnership income not includible in corporate income (38,702 ) (39,279 ) (39,922 ) State and local taxes, net of federal income tax benefit 6,323 3,504 1,786 Valuation allowance (1,473 ) — (1,112 ) Tax credits (1,066 ) (1,253 ) (997 ) Change in U.S. tax law 7,366 — — Nondeductible expenses and other 384 456 583 Total provision for income taxes $ 60,019 $ 10,473 $ 273 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows: (In thousands) 2016 2015 Deferred tax assets: Options and deferred compensation $ 15,716 $ 13,957 Accrued expenses 6,875 6,775 Foreign tax credits 7,679 7,603 Tax attribute carryforwards 1,987 3,767 Derivatives 2,698 3,619 Foreign currency 10,414 19,182 Deferred revenue 4,455 4,648 Deferred tax assets 49,824 59,551 Valuation allowance (4,207 ) (5,680 ) Net deferred tax assets 45,617 53,871 Deferred tax liabilities: Property (136,831 ) (171,316 ) Intangibles (13,671 ) (12,318 ) Deferred tax liabilities (150,502 ) (183,634 ) Net deferred tax liability $ (104,885 ) $ (129,763 ) During the fourth quarter of 2016, management reassessed its accounting for the deferred income tax effects related to its Canadian disregarded entity temporary differences that were recorded in purchase accounting at the time of the acquisition. As a result, to appropriately reflect these tax effects, the Company recorded an adjustment that reduced deferred tax liabilities and goodwill by $33.9 million as of December 31, 2016. The adjustment did not impact the statements of operations and comprehensive income or cash flows for any period presented. The Partnership records a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. Through December 31, 2015, the Partnership had recorded a $5.7 million valuation allowance related to a $7.6 million deferred tax asset for foreign tax credit carryforwards. The need for this allowance was based on several factors including the ten -year carryforward period allowed for excess foreign tax credits, experience to date of foreign tax credit limitations, and management's long term estimates of domestic and foreign source income. During the third quarter of 2016, the Partnership recognized a $1.5 million tax benefit from a release of valuation allowance based on management's updated projection of future foreign tax credit utilization. The valuation allowance had previously been reduced by $0.0 million and $1.1 million for the years ended December 31, 2015 and 2014, respectively. Further, the Partnership believes based on its update of long term estimates of domestic and foreign source income that no additional adjustments to the valuation allowance are warranted. As of December 31, 2016, the Partnership had a $7.7 million deferred tax asset for foreign tax credit carryforwards and a related $4.2 million valuation allowance. During December 2016, the U.S. Department of Treasury adopted final regulations impacting the recognition of foreign currency gains and losses for the purpose of calculating U.S. taxable income. The regulations change the taxability of future recognized foreign currency gains and losses upon repatriation from a foreign subsidiary. Accordingly, during the fourth quarter the Partnership, using the Fresh Start Transition Method provided in the regulations, recomputed and recorded the future reported tax consequences of the change in tax law. The Partnership recognized an increase in provision for taxes and deferred tax liabilities of $7.4 million related to these changes. Additionally, as of December 31, 2016, the Partnership had $2.0 million of tax attribute carryforwards consisting entirely of the tax effect of state net operating loss carryforwards. Unused state net operating loss carryforwards will expire from 2018 to 2028. The Partnership expects to fully realize these tax attribute carryforwards. As such, no valuation allowance has been recorded relating to these tax attribute carryforwards. The Partnership has recorded a deferred tax asset of $3.0 million and a deferred tax liability of $12.7 million as of December 31, 2016 and 2015, respectively, to account for the tax effect of derivatives and foreign currency translation adjustments included in other comprehensive income. The Partnership has unrecognized income tax benefits as of December 31, 2016. The following is a reconciliation of beginning and ending unrecognized tax benefits: (In thousands) Unrecognized Tax Benefits Balance at December 31, 2014 $ 1,200 Increase from 2015 tax positions — Increase from 2014 tax positions 200 Decrease from settlements with taxing authority — Decrease from expiration of statute of limitations (300 ) Balance at December 31, 2015 1,100 Increase from 2016 tax positions — Increase from 2015 tax positions 100 Decrease from settlements with taxing authority — Decrease from expiration of statute of limitations (300 ) Balance at December 31, 2016 $ 900 At December 31, 2016, a total of $0.9 million of unrecognized tax benefits was recorded for state and local income tax positions. There were $1.1 million of unrecognized tax positions during 2015 and $1.2 million unrecognized tax positions during 2014. If recognized, the tax benefits would decrease the Partnership taxes by $0.9 million . The Partnership recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits noted, the Partnership accrued interest of $0.3 million and penalties of $0.2 million during 2016. The Partnership does not anticipate a significant change to the amount of unrecognized tax benefits over the next 12 months. The Partnership and its corporate subsidiaries are subject to taxation in the U.S., Canada and various state and local jurisdictions. The tax returns of the Partnership are subject to examination by state and federal tax authorities. With few exceptions, the Partnership and its corporate subsidiaries are no longer subject to examination by the major taxing authorities for tax years before 2012. |
Operating Lease Commitments and
Operating Lease Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Operating Lease Commitments and Contingencies [Abstract] | |
Operating Lease Commitments and Contingencies | Operating Lease Commitments and Contingencies: Operating Lease Commitments The Partnership has commitments under various operating leases at its parks. Future minimum lease payments under non-cancelable operating leases as of December 31, 2016 are as follows: (In thousands) Future Minimum Lease Payments Year: 2017 $ 8,922 2018 7,859 2019 6,771 2020 5,871 2021 5,677 Thereafter 96,658 Total $ 131,758 The amount due after 2021 includes the land lease at California's Great America which is renewable in 2039. Lease expense, which includes short-term rentals for equipment and machinery, for 2016, 2015 and 2014 totaled $12.8 million , $14.5 million and $12.7 million , respectively. Contingencies The Partnership is also a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters are expected to have a material effect in the aggregate on the Partnership's financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements: The FASB's Accounting Standards Codification (ASC) 820 "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, FASB ASC 820 establishes a hierarchal disclosure framework that ranks the quality and reliability of information used to determine fair values. The hierarchy is associated with the level of pricing observability utilized in measuring fair value and defines three levels of inputs to the fair value measurement process. Quoted prices are the most reliable valuation inputs, whereas model values that include inputs based on unobservable data are the least reliable. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by the fair value hierarchy are as follows: • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The table below presents the balances of assets and liabilities measured at fair value as of December 31, 2016 and December 31, 2015 on a recurring basis as well as the fair values of other financial instruments: (In thousands) December 31, 2016 December 31, 2015 Consolidated Balance Sheet Level Fair Value Hierarchy Level Carrying Value Fair Carrying Value Fair Financial assets (liabilities) measured on a recurring basis: Interest rate swap agreements not designated as cash flow hedges Derivative Liability Level 2 $ (17,721 ) $ (17,721 ) — — Interest rate swap agreements designated as cash flow hedges Derivative Liability Level 2 — — $ (22,918 ) $ (22,918 ) Other financial assets (liabilities): Term debt Long-Term Debt (1) Level 2 $ (600,075 ) $ (603,075 ) $ (606,375 ) $ (604,859 ) March 2013 notes Long-Term Debt (1) Level 1 $ (500,000 ) $ (510,000 ) $ (500,000 ) $ (507,500 ) June 2014 notes Long-Term Debt (1) Level 1 $ (450,000 ) $ (462,375 ) $ (450,000 ) $ (453,375 ) (1) Carrying values of long-term debt balances are before reductions of debt issuance costs of $15.9 million and $19.7 million as of December 31, 2016 and December 31, 2015, respectively. Fair values of the interest rate swap agreements are determined using significant inputs, including 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 an immaterial amount as of December 31, 2016 and December 31, 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 as of December 31, 2016. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income | Changes in Accumulated Other Comprehensive Income ("AOCI"): The following tables reflect the changes in AOCI related to limited partners' equity for the twelve-month periods ended December 31, 2016 and December 31, 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 (loss) before reclassifications, net of tax $711 and $2,127 (3,960 ) (3,700 ) (7,660 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($1,361) (2) 7,310 — 7,310 Net other comprehensive income (loss) 3,350 (3,700 ) (350 ) Balance at December 31, 2016 $ (15,950 ) $ 18,891 $ 2,941 (1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details. Changes in Accumulated Other 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 (loss) before reclassifications, net of tax $1,258 and ($9,050) (7,008 ) 16,655 9,647 Amounts reclassified from accumulated other comprehensive income, net of tax ($633) (2) 4,274 — 4,274 Net other comprehensive income (loss) (2,734 ) 16,655 13,921 Balance at December 31, 2015 $ (19,300 ) $ 22,591 $ 3,291 (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) 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 (In thousands) 12 Months ended 12/31/2016 12 Months ended 12/31/2015 Interest rate contracts $ 8,671 $ 4,907 Net effect of swaps Provision for taxes (1,361 ) (633 ) Benefit for taxes Gains and losses on cash flow hedges $ 7,310 $ 4,274 Net of tax (1) Amounts in parentheses indicate gains. |
Consolidating Financial Informa
Consolidating Financial Information of Guarantors and Issuers | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidated Financial Information [Abstract] | |
Consolidating Financial Information of Guarantors and Issuers | Consolidating Financial Information of Guarantors and Issuers: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's 5.375% and 5.25% notes (see Note 5 to the Consolidated Financial Statements). The notes have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum) that guarantees the Partnership's senior secured credit facilities. There are no non-guarantor subsidiaries. The following consolidating schedules present condensed financial information for Cedar Fair, L.P., Cedar Canada, and Magnum, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum), the guarantors (on a combined basis), as of December 31, 2016 and December 31, 2015 and for the years ended December 31, 2016 , December 31, 2015 , and December 31, 2014 . In lieu of providing separate audited financial statements for the guarantor subsidiaries, the accompanying condensed consolidating financial statements have been included. CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 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 $ — $ — $ 65,563 $ 58,178 $ (1,025 ) $ 122,716 Receivables — 1,409 28,019 576,975 (570,989 ) 35,414 Inventories — — 1,371 24,905 — 26,276 Other current assets 173 796 2,229 9,833 (1,761 ) 11,270 173 2,205 97,182 669,891 (573,775 ) 195,676 Property and Equipment, net — 844 175,358 1,363,018 — 1,539,220 Investment in Park 798,076 937,626 200,075 324,282 (2,260,059 ) — Goodwill 674 — 59,381 119,605 — 179,660 Other Intangibles, net — — 13,255 24,582 — 37,837 Deferred Tax Asset — 33,303 — — (33,303 ) — Other Assets — 2,000 108 18,680 — 20,788 $ 798,923 $ 975,978 $ 545,359 $ 2,520,058 $ (2,867,137 ) $ 1,973,181 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 572 $ 64 $ 2,139 $ — $ 2,775 Accounts payable 428,396 145,258 740 18,471 (572,014 ) 20,851 Deferred revenue — — 5,601 77,164 — 82,765 Accrued interest 4,613 3,207 2,057 109 — 9,986 Accrued taxes 405 18,653 — 41,661 (1,761 ) 58,958 Accrued salaries, wages and benefits — 29,227 1,131 — — 30,358 Self-insurance reserves — 12,490 1,321 13,252 — 27,063 Other accrued liabilities 2,282 3,018 193 4,434 — 9,927 435,696 212,425 11,107 157,230 (573,775 ) 242,683 Deferred Tax Liability — — 12,838 125,350 (33,303 ) 104,885 Derivative Liability 10,633 7,088 — — — 17,721 Other Liabilities — 1,236 — 11,926 — 13,162 Long-Term Debt: Term debt — 123,672 13,598 456,958 — 594,228 Notes 292,075 203,140 444,768 — — 939,983 292,075 326,812 458,366 456,958 — 1,534,211 Equity 60,519 428,417 63,048 1,768,594 (2,260,059 ) 60,519 $ 798,923 $ 975,978 $ 545,359 $ 2,520,058 $ (2,867,137 ) $ 1,973,181 CEDAR FAIR, L.P. 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. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 144,042 $ 320,945 $ 117,962 $ 1,234,075 $ (528,303 ) $ 1,288,721 Costs and expenses: Cost of food, merchandise and games revenues — — 9,868 96,740 — 106,608 Operating expenses — 303,974 42,820 720,390 (528,303 ) 538,881 Selling, general and administrative 3,029 68,422 10,151 100,228 — 181,830 Depreciation and amortization — 35 14,816 117,025 — 131,876 Loss on impairment / retirement of fixed assets, net — — 159 12,428 — 12,587 3,029 372,431 77,814 1,046,811 (528,303 ) 971,782 Operating income (loss) 141,013 (51,486 ) 40,148 187,264 — 316,939 Interest expense, net 32,643 24,114 25,403 1,526 — 83,686 Net effect of swaps (473 ) (724 ) — — — (1,197 ) Unrealized / realized foreign currency (gain) loss — — (14,660 ) 4 — (14,656 ) Other (income) expense 250 (83,657 ) 3,925 79,482 — — Income from investment in affiliates (80,295 ) (73,132 ) (20,545 ) (27,628 ) 201,600 — Income before taxes 188,888 81,913 46,025 133,880 (201,600 ) 249,106 Provision for taxes 11,200 1,621 18,396 40,201 — 71,418 Net income $ 177,688 $ 80,292 $ 27,629 $ 93,679 $ (201,600 ) $ 177,688 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (3,700 ) — (3,700 ) — 3,700 (3,700 ) Unrealized gain on cash flow hedging derivatives 3,350 1,060 — — (1,060 ) 3,350 Other comprehensive income (loss), (net of tax) (350 ) 1,060 (3,700 ) — 2,640 (350 ) Total comprehensive income (loss) $ 177,338 $ 81,352 $ 23,929 $ 93,679 $ (198,960 ) $ 177,338 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 145,571 $ 240,817 $ 112,217 $ 1,118,384 $ (381,211 ) $ 1,235,778 Costs and expenses: Cost of food, merchandise and games revenues — 372 8,878 95,577 — 104,827 Operating expenses 1,063 179,139 42,814 675,821 (381,211 ) 517,626 Selling, general and administrative 3,081 55,551 10,358 102,500 — 171,490 Depreciation and amortization — 37 14,326 111,268 — 125,631 Loss on impairment / retirement of fixed assets, net — — 417 20,456 — 20,873 4,144 235,099 76,793 1,005,622 (381,211 ) 940,447 Operating income 141,427 5,718 35,424 112,762 — 295,331 Interest expense, net 34,204 28,210 25,381 (1,010 ) — 86,785 Net effect of swaps (3,820 ) (3,064 ) — — — (6,884 ) Unrealized / realized foreign currency loss — — 81,016 — — 81,016 Other (income) expense 750 (18,649 ) 3,883 14,016 — — (Income) loss from investment in affiliates (13,523 ) (15,141 ) (20,100 ) 27,480 21,284 — Income (loss) before taxes 123,816 14,362 (54,756 ) 72,276 (21,284 ) 134,414 Provision (benefit) for taxes 11,594 840 (27,274 ) 37,032 — 22,192 Net income (loss) $ 112,222 $ 13,522 $ (27,482 ) $ 35,244 $ (21,284 ) $ 112,222 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment 16,655 — 16,655 — (16,655 ) 16,655 Unrealized loss on cash flow hedging derivatives (2,734 ) (1,021 ) — — 1,021 (2,734 ) Other comprehensive income (loss), (net of tax) 13,921 (1,021 ) 16,655 — (15,634 ) 13,921 Total comprehensive income (loss) $ 126,143 $ 12,501 $ (10,827 ) $ 35,244 $ (36,918 ) $ 126,143 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 159,454 $ 295,252 $ 121,249 $ 1,034,056 $ (450,406 ) $ 1,159,605 Costs and expenses: Cost of food, merchandise and games revenues — 273 8,985 85,950 — 95,208 Operating expenses 5,371 195,899 47,013 698,202 (450,406 ) 496,079 Selling, general and administrative 5,791 102,021 11,318 37,734 — 156,864 Depreciation and amortization 38,341 294 16,910 68,741 — 124,286 Loss on impairment / retirement of fixed assets, net 2,621 2,463 2,445 2,228 — 9,757 Gain on sale of other assets — — — (921 ) — (921 ) 52,124 300,950 86,671 891,934 (450,406 ) 881,273 Operating income (loss) 107,330 (5,698 ) 34,578 142,122 — 278,332 Interest expense, net 42,440 28,718 34,249 (9,247 ) — 96,160 Net effect of swaps (1,595 ) (467 ) — — — (2,062 ) Loss on early debt extinguishment — — 29,261 — — 29,261 Unrealized / realized foreign currency loss — — 40,873 — — 40,873 Other (income) expense 750 (12,920 ) 2,482 9,688 — — (Income) loss from investment in affiliates (48,622 ) (12,899 ) (21,236 ) 25,658 57,099 — Income (loss) before taxes 114,357 (8,130 ) (51,051 ) 116,023 (57,099 ) 114,100 Provision (benefit) for taxes 10,142 (8,473 ) (25,396 ) 33,612 — 9,885 Net income (loss) $ 104,215 $ 343 $ (25,655 ) $ 82,411 $ (57,099 ) $ 104,215 Other comprehensive income, (net of tax): Cumulative foreign currency translation adjustment 5,931 — 5,931 — (5,931 ) 5,931 Unrealized loss on cash flow hedging derivatives (1,553 ) (66 ) — — 66 (1,553 ) Other comprehensive income, (net of tax) 4,378 (66 ) 5,931 — (5,865 ) 4,378 Total comprehensive income $ 108,593 $ 277 $ (19,724 ) $ 82,411 $ (62,964 ) $ 108,593 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 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 $ 118,833 $ (29,235 ) $ 33,918 $ 237,262 $ (3,351 ) $ 357,427 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (24,562 ) 24,562 — Purchase of identifiable intangible assets — — (29 ) (548 ) — (577 ) Capital expenditures — — (7,863 ) (152,793 ) — (160,656 ) Net cash from (for) investing activities — — (7,892 ) (177,903 ) 24,562 (161,233 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Term debt payments — (1,237 ) (138 ) (4,625 ) — (6,000 ) Intercompany payables (payments) receipts (6,332 ) 30,894 — — (24,562 ) — Distributions paid to partners (189,508 ) — — — 2,326 (187,182 ) Tax effect of units involved in treasury unit transactions — (422 ) — — — (422 ) Net cash from (for) financing activities (195,840 ) 29,235 (138 ) (4,625 ) (22,236 ) (193,604 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 569 — — 569 CASH AND CASH EQUIVALENTS Net increase (decrease) for the year (77,007 ) — 26,457 54,734 (1,025 ) 3,159 Balance, beginning of year 77,007 — 39,106 3,444 — 119,557 Balance, end of year $ — $ — $ 65,563 $ 58,178 $ (1,025 ) $ 122,716 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 89,637 $ (4,853 ) $ 38,579 $ 221,001 $ (2,147 ) $ 342,217 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (3,252 ) (55,294 ) 58,546 — Purchase of preferred equity investment — (2,000 ) — — — (2,000 ) Capital expenditures — — (7,663 ) (168,202 ) — (175,865 ) Net cash from (for) investing activities — (2,000 ) (10,915 ) (223,496 ) 58,546 (177,865 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 82,131 8,060 (31,645 ) — (58,546 ) — Distributions paid to partners (174,761 ) — — — 2,147 (172,614 ) Tax effect of units involved in treasury unit transactions — (1,589 ) — — — (1,589 ) Net cash from (for) financing activities (92,630 ) 6,471 (31,645 ) — (56,399 ) (174,203 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (2,432 ) — — (2,432 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the year (2,993 ) (382 ) (6,413 ) (2,495 ) — (12,283 ) Balance, beginning of year 80,000 382 45,519 5,939 — 131,840 Balance, end of year $ 77,007 $ — $ 39,106 $ 3,444 $ — $ 119,557 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 138,669 $ 12,384 $ 9,772 $ 180,251 $ (3,973 ) $ 337,103 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — 13,794 — (79,456 ) 65,662 — Proceeds from sale of assets — — — 1,377 — 1,377 (Purchase) sale of subsidiary interest (12,024 ) 12,024 — — — — Capital expenditures (64,837 ) (270 ) (16,072 ) (85,540 ) — (166,719 ) Net cash from (for) investing activities (76,861 ) 25,548 (16,072 ) (163,619 ) 65,662 (165,342 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Note borrowings — — 450,000 — — 450,000 Note payments, including early termination penalties — — (426,148 ) — — (426,148 ) Term debt payments (5,698 ) (4,072 ) (230 ) — — (10,000 ) Intercompany payables (payments) receipts 110,763 (37,762 ) 5,159 (14,030 ) (64,130 ) — Distributions paid to partners (161,873 ) — — — 2,441 (159,432 ) Payment of debt issuance costs — — (9,795 ) — — (9,795 ) Tax effect of units involved in treasury unit transactions — 140 — — — 140 Net cash from (for) financing activities (56,808 ) (41,694 ) 18,986 (14,030 ) (61,689 ) (155,235 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (2,742 ) — — (2,742 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the year 5,000 (3,762 ) 9,944 2,602 — 13,784 Balance, beginning of year 75,000 4,144 35,575 3,337 — 118,056 Balance, end of year $ 80,000 $ 382 $ 45,519 $ 5,939 $ — $ 131,840 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation. |
Foreign Currency | Foreign Currency The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive income in partners' equity. |
Segment Reporting | Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, in-park per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within a single reportable segment of amusement/water parks with accompanying resort facilities. |
Estimates | Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. |
Inventories | Inventories The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Depreciation expense totaled $131.2 million in 2016, $125.5 million in 2015, and $124.3 million in 2014. The estimated useful lives of the assets are as follows: Land improvements Approximately 25 years Buildings 25 years - 40 years Rides Approximately 20 years Equipment 3 years - 10 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. |
Goodwill | Goodwill FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. The Partnership performed its annual goodwill impairment test as of the first days of the fourth quarter for 2016 and 2015, respectively, and concluded there was no impairment of the carrying value of goodwill in either period. |
Other Intangible Assets | Other Intangible Assets The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from four to twenty years. |
Self Insurance Reserves | Self-Insurance Reserves Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period. Reserves are established for both identified claims and incurred but not reported (IBNR) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history. All reserves are periodically reviewed for changes in facts and circumstances, and adjustments are made as necessary. As of December 31, 2016 and 2015, the accrued self-insurance reserves totaled $27.1 million and $24.0 million , respectively. |
Derivative Financial Instruments | Derivative Financial Instruments The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership does not use derivative financial instruments for trading purposes. The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. Any ineffectiveness is recognized immediately in income. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures. Instruments that do not qualify for hedge accounting or were de-designated are prospectively adjusted to fair value each reporting period through “Net effect of swaps”. |
Revenue Recognition | Revenue Recognition 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. Other revenues are recognized on a daily basis based on actual guest spending at our facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. 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. Admission revenues include amounts paid to gain admission into the Partnership's parks, including parking fees. Revenues related to extra-charge attractions, including premium benefit offerings like front-of-line products, are included in Accommodations, extra-charge products and other revenue. |
Advertising Costs | Advertising Costs The Partnership expenses all costs associated with its advertising, promotion and marketing programs as incurred, or for certain costs, over each park's operating season. |
Unit-Based Compensation | Unit-Based Compensation The Partnership accounts for unit-based compensation in accordance with FASB ASC 718 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value. |
Income Tax | Income Taxes The Partnership's legal entity structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes. Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources. The Partnership's corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax law is recognized in income at the time of enactment of such change in tax law. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9 to the Consolidated Financial Statements). |
Earnings Per Share | Earnings Per Unit For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income. |
Adopted and New Accounting Pronouncements | 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 Partnership adopted this guidance and applied retrospective treatment. 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 consolidated balance sheet of $19.7 million at December 31, 2015. 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. The Partnership 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 asset to net against the deferred tax liability in the consolidated balance sheet, which reduced both the current deferred tax asset and deferred tax liability by $12.2 million at December 31, 2015. 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 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 currently expects to adopt this standard in the first quarter of 2018. The Partnership anticipates the primary impact of the adoption on our consolidated financial statements will be the additional required disclosures around revenue recognition in the notes to the consolidated financial statements. The Partnership does not anticipate adoption of the standard to have a material effect on the consolidated financial statements. 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 after December 15, 2018 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. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). The amendments in ASU 2016-09 are meant to simplify the current accounting for share-based payment transactions, specifically the accounting for income taxes, award classification, cash flow presentation, and accounting for forfeitures. ASU 2016-09 is effective for annual and interim periods beginning after December 15, 2016, and early adoption is permitted. The Partnership expects to adopt this standard in the first quarter of 2017 utilizing the methods dictated by the standard. The Partnership does not anticipate the adoption of the standard to have a material effect on the consolidated financial statements. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Property, Plant and Equipment. Weighted Average Useful Lives | The estimated useful lives of the assets are as follows: Land improvements Approximately 25 years Buildings 25 years - 40 years Rides Approximately 20 years Equipment 3 years - 10 years |
Schedule of Weighted Average Number of Units | The unit amounts used in calculating the basic and diluted earnings per limited partner unit for the years ended December 31, 2016, December 31, 2015, and December 31, 2014 are as follows: Years Ended December 31, 2016 2015 2014 (In thousands, except per unit amounts) Basic weighted average units outstanding 55,933 55,745 55,548 Effect of dilutive units: Deferred units (Note 7) 31 23 6 Performance units (Note 7) 181 72 31 Restricted units (Note 7) 288 358 195 Unit options (Note 7) 129 141 123 Phantom units (Note 7) — 23 89 Diluted weighted average units outstanding 56,562 56,362 55,992 Net income per unit - basic $ 3.18 $ 2.01 $ 1.88 Net income per unit - diluted $ 3.14 $ 1.99 $ 1.86 |
Goodwill and Other Intangible23
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2016 and December 31, 2015 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance at December 31, 2014 $ 308,159 $ (79,868 ) $ 228,291 Foreign currency exchange translation (17,480 ) — (17,480 ) Balance at December 31, 2015 290,679 (79,868 ) 210,811 Deferred income tax adjustment related to Canadian disregarded entity (1) (33,945 ) — (33,945 ) Foreign currency exchange translation 2,794 — 2,794 Balance at December 31, 2016 $ 259,528 $ (79,868 ) $ 179,660 (1) See Note 9 to the Consolidated Financial Statements. |
Partnership's other intangible assets | As of December 31, 2016 and December 31, 2015, the Partnership's other intangible assets consisted of the following: (In thousands) Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value December 31, 2016 Other intangible assets: Trade names — $ 35,603 $ — $ 35,603 License / franchise agreements 5.4 years 3,326 1,092 2,234 Total other intangible assets $ 38,929 $ 1,092 $ 37,837 December 31, 2015 Other intangible assets: Trade names — $ 35,208 $ — $ 35,208 License / franchise agreements 8.4 years 1,067 380 687 Total other intangible assets $ 36,275 $ 380 $ 35,895 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of December 31, 2016 and December 31, 2015 consisted of the following: December 31, 2016 December 31, 2015 (In thousands) Revolving credit facility (due 2018) $ — $ — Term debt (1) March 2013 U.S. term loan averaging 3.25% (due 2013-2020) 602,850 608,850 Notes June 2014 U.S. fixed rate note at 5.375% (due 2024) 450,000 450,000 March 2013 U.S. fixed rate note at 5.25% (due 2021) 500,000 500,000 1,552,850 1,558,850 Less current portion 2,775 2,475 1,550,075 1,556,375 Less debt issuance costs 15,864 19,699 $ 1,534,211 $ 1,536,676 (1) These average interest rates do not reflect the effect of interest rate swap agreements entered into on variable-rate term debt (see Note 6 to the Consolidated Financial Statements). |
Schedule of Maturities of Long-term Debt | At December 31, 2016, the scheduled annual maturities of term debt were as follows: (In thousands) 2017 2018 2019 2020 2021 2022 & Beyond Total U.S. term loan maturing in 2020 $ 2,775 $ 6,300 $ 6,300 $ 587,475 $ — $ — $ 602,850 |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative instruments in Condensed Consolidated Balance Sheet | The fair market value of the Partnership's swap portfolio was a liability of $17.7 million and $22.9 million , as of December 31, 2016 and 2015, respectively, and was recorded on the consolidated balance sheet within "Derivative Liability" as listed below. (In thousands) December 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate swaps $ — $ (22,918 ) Total derivatives designated as hedging instruments: — (22,918 ) Derivatives not designated as hedging instruments: Interest rate swaps (17,721 ) — Total derivatives not designated as hedging instruments: (17,721 ) — Net derivative liability $ (17,721 ) $ (22,918 ) |
Effects of derivative instruments on income (loss) and other comprehensive income (loss) | The following table summarizes the effect of derivative instruments on income and other comprehensive income for the years ended December 31, 2016 and December 31, 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 Year ended 12/31/16 Year ended 12/31/15 Designated Derivatives Year ended 12/31/16 Year ended 12/31/15 Derivatives Not Designated Year ended 12/31/16 Year ended 12/31/15 Interest rate swaps $ (4,671 ) $ (8,269 ) Interest Expense $ (851 ) $ (517 ) Net effect of swaps $ 9,868 $ 11,791 |
Partners' Equity (Tables)
Partners' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Partners' Capital Notes [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of "unit option" activity for the years ended December 31, 2016 and December 31, 2015 is as follows: 2016 2015 Weighted Average Weighted Average Unit Options Exercise Price Unit Options Exercise Price Outstanding, beginning of year 506,990 $ 34.50 622,316 $ 34.03 Exercised (107,049 ) 34.80 (109,575 ) 31.79 Forfeited — — (5,751 ) 35.58 Outstanding, end of year 399,941 $ 34.42 506,990 $ 34.50 Options exercisable, end of year 399,941 $ 34.42 478,688 $ 34.36 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | The following table summarizes the vested "unit options" outstanding as of December 31, 2016: Type Range of Exercise Prices Unit Options Weighted Average Remaining Contractual Life Weighted Average Exercise Price Outstanding at year-end $ 29.53 — $ 36.95 399,941 5.8 years $ 34.42 Aggregate intrinsic value ($'s in thousands) $ 11,910 |
Schedule of Nonvested Share Activity | A summary of the status of the Partnership's non-vested "unit options" as of December 31, 2016 is as follows: Unit Options Weighted Average Exercise Price Nonvested, beginning of year 28,302 $ 36.95 Vested (28,302 ) 36.95 Nonvested, end of year — $ — |
Deferred Tax Assets and Liabili
Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Significant components of income (loss) before taxes for the years ended December 31, 2016, December 31, 2015 and December 31, 2014 are as follows: (In thousands) 2016 2015 2014 Domestic $ 223,626 $ 209,268 $ 186,389 Foreign 25,480 (74,854 ) (72,289 ) Total income before taxes $ 249,106 $ 134,414 $ 114,100 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes was comprised of the following for the years ended December 31, 2016, December 31, 2015 and December 31, 2014: (In thousands) 2016 2015 2014 Income taxes: Current federal $ 40,440 $ 22,232 $ 4,513 Current state and local 5,729 3,767 1,413 Current foreign 3,188 530 (2,692 ) Total current 49,357 26,529 3,234 Deferred federal, state and local 5,766 4,842 9,239 Deferred foreign 4,896 (20,898 ) (12,200 ) Total deferred 10,662 (16,056 ) (2,961 ) Total provision for income taxes $ 60,019 $ 10,473 $ 273 |
Schedule of Effective Income Tax Rate Reconciliation | The sources and tax effects of the differences are as follows: (In thousands) 2016 2015 2014 Income tax provision based on the U.S. federal statutory tax rate $ 87,187 $ 47,045 $ 39,935 Partnership income not includible in corporate income (38,702 ) (39,279 ) (39,922 ) State and local taxes, net of federal income tax benefit 6,323 3,504 1,786 Valuation allowance (1,473 ) — (1,112 ) Tax credits (1,066 ) (1,253 ) (997 ) Change in U.S. tax law 7,366 — — Nondeductible expenses and other 384 456 583 Total provision for income taxes $ 60,019 $ 10,473 $ 273 |
Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows: (In thousands) 2016 2015 Deferred tax assets: Options and deferred compensation $ 15,716 $ 13,957 Accrued expenses 6,875 6,775 Foreign tax credits 7,679 7,603 Tax attribute carryforwards 1,987 3,767 Derivatives 2,698 3,619 Foreign currency 10,414 19,182 Deferred revenue 4,455 4,648 Deferred tax assets 49,824 59,551 Valuation allowance (4,207 ) (5,680 ) Net deferred tax assets 45,617 53,871 Deferred tax liabilities: Property (136,831 ) (171,316 ) Intangibles (13,671 ) (12,318 ) Deferred tax liabilities (150,502 ) (183,634 ) Net deferred tax liability $ (104,885 ) $ (129,763 ) |
Summary of Income Tax Contingencies | The following is a reconciliation of beginning and ending unrecognized tax benefits: (In thousands) Unrecognized Tax Benefits Balance at December 31, 2014 $ 1,200 Increase from 2015 tax positions — Increase from 2014 tax positions 200 Decrease from settlements with taxing authority — Decrease from expiration of statute of limitations (300 ) Balance at December 31, 2015 1,100 Increase from 2016 tax positions — Increase from 2015 tax positions 100 Decrease from settlements with taxing authority — Decrease from expiration of statute of limitations (300 ) Balance at December 31, 2016 $ 900 |
Operating Lease Commitments a28
Operating Lease Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Lease Commitments and Contingencies [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancelable operating leases as of December 31, 2016 are as follows: (In thousands) Future Minimum Lease Payments Year: 2017 $ 8,922 2018 7,859 2019 6,771 2020 5,871 2021 5,677 Thereafter 96,658 Total $ 131,758 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and December 31, 2015 on a recurring basis as well as the fair values of other financial instruments: (In thousands) December 31, 2016 December 31, 2015 Consolidated Balance Sheet Level Fair Value Hierarchy Level Carrying Value Fair Carrying Value Fair Financial assets (liabilities) measured on a recurring basis: Interest rate swap agreements not designated as cash flow hedges Derivative Liability Level 2 $ (17,721 ) $ (17,721 ) — — Interest rate swap agreements designated as cash flow hedges Derivative Liability Level 2 — — $ (22,918 ) $ (22,918 ) Other financial assets (liabilities): Term debt Long-Term Debt (1) Level 2 $ (600,075 ) $ (603,075 ) $ (606,375 ) $ (604,859 ) March 2013 notes Long-Term Debt (1) Level 1 $ (500,000 ) $ (510,000 ) $ (500,000 ) $ (507,500 ) June 2014 notes Long-Term Debt (1) Level 1 $ (450,000 ) $ (462,375 ) $ (450,000 ) $ (453,375 ) (1) Carrying values of long-term debt balances are before reductions of debt issuance costs of $15.9 million and $19.7 million as of December 31, 2016 and December 31, 2015, respectively. |
Changes in Accumulated Other 30
Changes in Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in AOCI related to limited partners' equity for the twelve-month periods ended December 31, 2016 and December 31, 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 (loss) before reclassifications, net of tax $711 and $2,127 (3,960 ) (3,700 ) (7,660 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($1,361) (2) 7,310 — 7,310 Net other comprehensive income (loss) 3,350 (3,700 ) (350 ) Balance at December 31, 2016 $ (15,950 ) $ 18,891 $ 2,941 (1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details. Changes in Accumulated Other 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 (loss) before reclassifications, net of tax $1,258 and ($9,050) (7,008 ) 16,655 9,647 Amounts reclassified from accumulated other comprehensive income, net of tax ($633) (2) 4,274 — 4,274 Net other comprehensive income (loss) (2,734 ) 16,655 13,921 Balance at December 31, 2015 $ (19,300 ) $ 22,591 $ 3,291 (1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details. |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income (1) 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 (In thousands) 12 Months ended 12/31/2016 12 Months ended 12/31/2015 Interest rate contracts $ 8,671 $ 4,907 Net effect of swaps Provision for taxes (1,361 ) (633 ) Benefit for taxes Gains and losses on cash flow hedges $ 7,310 $ 4,274 Net of tax (1) Amounts in parentheses indicate gains. |
Consolidating Financial Infor31
Consolidating Financial Information of Guarantors and Issuers (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Consolidated Financial Information [Abstract] | |
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 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 $ — $ — $ 65,563 $ 58,178 $ (1,025 ) $ 122,716 Receivables — 1,409 28,019 576,975 (570,989 ) 35,414 Inventories — — 1,371 24,905 — 26,276 Other current assets 173 796 2,229 9,833 (1,761 ) 11,270 173 2,205 97,182 669,891 (573,775 ) 195,676 Property and Equipment, net — 844 175,358 1,363,018 — 1,539,220 Investment in Park 798,076 937,626 200,075 324,282 (2,260,059 ) — Goodwill 674 — 59,381 119,605 — 179,660 Other Intangibles, net — — 13,255 24,582 — 37,837 Deferred Tax Asset — 33,303 — — (33,303 ) — Other Assets — 2,000 108 18,680 — 20,788 $ 798,923 $ 975,978 $ 545,359 $ 2,520,058 $ (2,867,137 ) $ 1,973,181 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 572 $ 64 $ 2,139 $ — $ 2,775 Accounts payable 428,396 145,258 740 18,471 (572,014 ) 20,851 Deferred revenue — — 5,601 77,164 — 82,765 Accrued interest 4,613 3,207 2,057 109 — 9,986 Accrued taxes 405 18,653 — 41,661 (1,761 ) 58,958 Accrued salaries, wages and benefits — 29,227 1,131 — — 30,358 Self-insurance reserves — 12,490 1,321 13,252 — 27,063 Other accrued liabilities 2,282 3,018 193 4,434 — 9,927 435,696 212,425 11,107 157,230 (573,775 ) 242,683 Deferred Tax Liability — — 12,838 125,350 (33,303 ) 104,885 Derivative Liability 10,633 7,088 — — — 17,721 Other Liabilities — 1,236 — 11,926 — 13,162 Long-Term Debt: Term debt — 123,672 13,598 456,958 — 594,228 Notes 292,075 203,140 444,768 — — 939,983 292,075 326,812 458,366 456,958 — 1,534,211 Equity 60,519 428,417 63,048 1,768,594 (2,260,059 ) 60,519 $ 798,923 $ 975,978 $ 545,359 $ 2,520,058 $ (2,867,137 ) $ 1,973,181 CEDAR FAIR, L.P. 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 |
Condensed Consolidating Statement of Operations | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 144,042 $ 320,945 $ 117,962 $ 1,234,075 $ (528,303 ) $ 1,288,721 Costs and expenses: Cost of food, merchandise and games revenues — — 9,868 96,740 — 106,608 Operating expenses — 303,974 42,820 720,390 (528,303 ) 538,881 Selling, general and administrative 3,029 68,422 10,151 100,228 — 181,830 Depreciation and amortization — 35 14,816 117,025 — 131,876 Loss on impairment / retirement of fixed assets, net — — 159 12,428 — 12,587 3,029 372,431 77,814 1,046,811 (528,303 ) 971,782 Operating income (loss) 141,013 (51,486 ) 40,148 187,264 — 316,939 Interest expense, net 32,643 24,114 25,403 1,526 — 83,686 Net effect of swaps (473 ) (724 ) — — — (1,197 ) Unrealized / realized foreign currency (gain) loss — — (14,660 ) 4 — (14,656 ) Other (income) expense 250 (83,657 ) 3,925 79,482 — — Income from investment in affiliates (80,295 ) (73,132 ) (20,545 ) (27,628 ) 201,600 — Income before taxes 188,888 81,913 46,025 133,880 (201,600 ) 249,106 Provision for taxes 11,200 1,621 18,396 40,201 — 71,418 Net income $ 177,688 $ 80,292 $ 27,629 $ 93,679 $ (201,600 ) $ 177,688 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (3,700 ) — (3,700 ) — 3,700 (3,700 ) Unrealized gain on cash flow hedging derivatives 3,350 1,060 — — (1,060 ) 3,350 Other comprehensive income (loss), (net of tax) (350 ) 1,060 (3,700 ) — 2,640 (350 ) Total comprehensive income (loss) $ 177,338 $ 81,352 $ 23,929 $ 93,679 $ (198,960 ) $ 177,338 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 145,571 $ 240,817 $ 112,217 $ 1,118,384 $ (381,211 ) $ 1,235,778 Costs and expenses: Cost of food, merchandise and games revenues — 372 8,878 95,577 — 104,827 Operating expenses 1,063 179,139 42,814 675,821 (381,211 ) 517,626 Selling, general and administrative 3,081 55,551 10,358 102,500 — 171,490 Depreciation and amortization — 37 14,326 111,268 — 125,631 Loss on impairment / retirement of fixed assets, net — — 417 20,456 — 20,873 4,144 235,099 76,793 1,005,622 (381,211 ) 940,447 Operating income 141,427 5,718 35,424 112,762 — 295,331 Interest expense, net 34,204 28,210 25,381 (1,010 ) — 86,785 Net effect of swaps (3,820 ) (3,064 ) — — — (6,884 ) Unrealized / realized foreign currency loss — — 81,016 — — 81,016 Other (income) expense 750 (18,649 ) 3,883 14,016 — — (Income) loss from investment in affiliates (13,523 ) (15,141 ) (20,100 ) 27,480 21,284 — Income (loss) before taxes 123,816 14,362 (54,756 ) 72,276 (21,284 ) 134,414 Provision (benefit) for taxes 11,594 840 (27,274 ) 37,032 — 22,192 Net income (loss) $ 112,222 $ 13,522 $ (27,482 ) $ 35,244 $ (21,284 ) $ 112,222 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment 16,655 — 16,655 — (16,655 ) 16,655 Unrealized loss on cash flow hedging derivatives (2,734 ) (1,021 ) — — 1,021 (2,734 ) Other comprehensive income (loss), (net of tax) 13,921 (1,021 ) 16,655 — (15,634 ) 13,921 Total comprehensive income (loss) $ 126,143 $ 12,501 $ (10,827 ) $ 35,244 $ (36,918 ) $ 126,143 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 159,454 $ 295,252 $ 121,249 $ 1,034,056 $ (450,406 ) $ 1,159,605 Costs and expenses: Cost of food, merchandise and games revenues — 273 8,985 85,950 — 95,208 Operating expenses 5,371 195,899 47,013 698,202 (450,406 ) 496,079 Selling, general and administrative 5,791 102,021 11,318 37,734 — 156,864 Depreciation and amortization 38,341 294 16,910 68,741 — 124,286 Loss on impairment / retirement of fixed assets, net 2,621 2,463 2,445 2,228 — 9,757 Gain on sale of other assets — — — (921 ) — (921 ) 52,124 300,950 86,671 891,934 (450,406 ) 881,273 Operating income (loss) 107,330 (5,698 ) 34,578 142,122 — 278,332 Interest expense, net 42,440 28,718 34,249 (9,247 ) — 96,160 Net effect of swaps (1,595 ) (467 ) — — — (2,062 ) Loss on early debt extinguishment — — 29,261 — — 29,261 Unrealized / realized foreign currency loss — — 40,873 — — 40,873 Other (income) expense 750 (12,920 ) 2,482 9,688 — — (Income) loss from investment in affiliates (48,622 ) (12,899 ) (21,236 ) 25,658 57,099 — Income (loss) before taxes 114,357 (8,130 ) (51,051 ) 116,023 (57,099 ) 114,100 Provision (benefit) for taxes 10,142 (8,473 ) (25,396 ) 33,612 — 9,885 Net income (loss) $ 104,215 $ 343 $ (25,655 ) $ 82,411 $ (57,099 ) $ 104,215 Other comprehensive income, (net of tax): Cumulative foreign currency translation adjustment 5,931 — 5,931 — (5,931 ) 5,931 Unrealized loss on cash flow hedging derivatives (1,553 ) (66 ) — — 66 (1,553 ) Other comprehensive income, (net of tax) 4,378 (66 ) 5,931 — (5,865 ) 4,378 Total comprehensive income $ 108,593 $ 277 $ (19,724 ) $ 82,411 $ (62,964 ) $ 108,593 |
Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 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 $ 118,833 $ (29,235 ) $ 33,918 $ 237,262 $ (3,351 ) $ 357,427 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (24,562 ) 24,562 — Purchase of identifiable intangible assets — — (29 ) (548 ) — (577 ) Capital expenditures — — (7,863 ) (152,793 ) — (160,656 ) Net cash from (for) investing activities — — (7,892 ) (177,903 ) 24,562 (161,233 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Term debt payments — (1,237 ) (138 ) (4,625 ) — (6,000 ) Intercompany payables (payments) receipts (6,332 ) 30,894 — — (24,562 ) — Distributions paid to partners (189,508 ) — — — 2,326 (187,182 ) Tax effect of units involved in treasury unit transactions — (422 ) — — — (422 ) Net cash from (for) financing activities (195,840 ) 29,235 (138 ) (4,625 ) (22,236 ) (193,604 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 569 — — 569 CASH AND CASH EQUIVALENTS Net increase (decrease) for the year (77,007 ) — 26,457 54,734 (1,025 ) 3,159 Balance, beginning of year 77,007 — 39,106 3,444 — 119,557 Balance, end of year $ — $ — $ 65,563 $ 58,178 $ (1,025 ) $ 122,716 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 89,637 $ (4,853 ) $ 38,579 $ 221,001 $ (2,147 ) $ 342,217 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (3,252 ) (55,294 ) 58,546 — Purchase of preferred equity investment — (2,000 ) — — — (2,000 ) Capital expenditures — — (7,663 ) (168,202 ) — (175,865 ) Net cash from (for) investing activities — (2,000 ) (10,915 ) (223,496 ) 58,546 (177,865 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 82,131 8,060 (31,645 ) — (58,546 ) — Distributions paid to partners (174,761 ) — — — 2,147 (172,614 ) Tax effect of units involved in treasury unit transactions — (1,589 ) — — — (1,589 ) Net cash from (for) financing activities (92,630 ) 6,471 (31,645 ) — (56,399 ) (174,203 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (2,432 ) — — (2,432 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the year (2,993 ) (382 ) (6,413 ) (2,495 ) — (12,283 ) Balance, beginning of year 80,000 382 45,519 5,939 — 131,840 Balance, end of year $ 77,007 $ — $ 39,106 $ 3,444 $ — $ 119,557 CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 138,669 $ 12,384 $ 9,772 $ 180,251 $ (3,973 ) $ 337,103 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — 13,794 — (79,456 ) 65,662 — Proceeds from sale of assets — — — 1,377 — 1,377 (Purchase) sale of subsidiary interest (12,024 ) 12,024 — — — — Capital expenditures (64,837 ) (270 ) (16,072 ) (85,540 ) — (166,719 ) Net cash from (for) investing activities (76,861 ) 25,548 (16,072 ) (163,619 ) 65,662 (165,342 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Note borrowings — — 450,000 — — 450,000 Note payments, including early termination penalties — — (426,148 ) — — (426,148 ) Term debt payments (5,698 ) (4,072 ) (230 ) — — (10,000 ) Intercompany payables (payments) receipts 110,763 (37,762 ) 5,159 (14,030 ) (64,130 ) — Distributions paid to partners (161,873 ) — — — 2,441 (159,432 ) Payment of debt issuance costs — — (9,795 ) — — (9,795 ) Tax effect of units involved in treasury unit transactions — 140 — — — 140 Net cash from (for) financing activities (56,808 ) (41,694 ) 18,986 (14,030 ) (61,689 ) (155,235 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (2,742 ) — — (2,742 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the year 5,000 (3,762 ) 9,944 2,602 — 13,784 Balance, beginning of year 75,000 4,144 35,575 3,337 — 118,056 Balance, end of year $ 80,000 $ 382 $ 45,519 $ 5,939 $ — $ 131,840 |
Partnership Organization (Detai
Partnership Organization (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
General partner ownership interest (in percent) | 0.001% | |
Limited Partners' capital account, units outstanding (in shares) | 56,200,555 | 56,017,824 |
Partners' capital account, units held in treasury (in shares) | 861,428 | 1,044,159 |
Per-unit distribution made to limited partners (in dollars per share) | $ 3.33 | |
Aggregate distribution made to limited partners | $ 187.2 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized/realized foreign currency (gain) loss | $ (14,656) | $ 81,016 | $ 40,873 |
Non-cash foreign currency (gain) loss on debt | (14,771) | 81,608 | 39,088 |
Depreciation and amortization | 131,200 | 125,500 | 124,300 |
Self-insurance reserves | 27,063 | 23,996 | |
Advertising expense | $ 60,800 | 58,700 | $ 58,400 |
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||
Unamortized debt issuance expense | 19,700 | ||
Net current deferred tax assets | $ 12,200 | ||
Minimum [Member] | |||
Finite-lived intangible asset, useful life | 4 years | ||
Maximum [Member] | |||
Finite-lived intangible asset, useful life | 20 years |
Summary of Significant Accoun34
Summary of Significant Accounting Policies Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Land Improvements [Member] | |
Useful lives (in years) | 25 years |
Other Machinery and Equipment [Member] | |
Useful lives (in years) | 20 years |
Minimum [Member] | Building [Member] | |
Useful lives (in years) | 25 years |
Minimum [Member] | Equipment [Member] | |
Useful lives (in years) | 3 years |
Maximum [Member] | Building [Member] | |
Useful lives (in years) | 40 years |
Maximum [Member] | Equipment [Member] | |
Useful lives (in years) | 10 years |
Summary of Significant Accoun35
Summary of Significant Accounting Policies Earnings per Unit (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Basic weighted average units outstanding (in shares) | 55,933 | 55,745 | 55,548 |
Effect of dilutive units: | |||
Deferred units (in shares) | 31 | 23 | 6 |
Performance units (in shares) | 181 | 72 | 31 |
Restricted units (in shares) | 288 | 358 | 195 |
Unit options (in shares) | 129 | 141 | 123 |
Phantom units (in shares) | 0 | 23 | 89 |
Diluted weighted average units outstanding (in shares) | 56,562 | 56,362 | 55,992 |
Net income (loss) per unit - basic (in dollars per share) | $ 3.18 | $ 2.01 | $ 1.88 |
Net income (loss) per unit - diluted (in dollars per share) | $ 3.14 | $ 1.99 | $ 1.86 |
Long-Lived Assets (Details)
Long-Lived Assets (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Sep. 25, 2016USD ($)a | |
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Area of land | a | 670 | ||
Other Assets [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Land available-for-sale | $ 17.1 | ||
Cedar Point [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held-for-use | $ 8.6 | ||
Wildwater Kingdom [Member] | |||
Impaired Long-Lived Assets Held and Used [Line Items] | |||
Impairment of long-lived assets held-for-use | $ 2.4 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Roll Forward] | ||||
Goodwill (gross) | $ 259,528 | $ 259,528 | $ 290,679 | $ 308,159 |
Accumulated Impairment Losses | (79,868) | (79,868) | (79,868) | (79,868) |
Goodwill (net) | 179,660 | 179,660 | 210,811 | $ 228,291 |
Deferred income tax adjustment related to Canadian disregarded entity | $ (33,900) | (33,945) | ||
Foreign currency exchange translation | $ 2,794 | $ (17,480) |
Other Intangible Assets (Detail
Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ 1,092 | $ 380 |
Total other intangible assets, gross carrying amount | 38,929 | 36,275 |
Total other intangible assets, net carrying value | $ 37,837 | $ 35,895 |
License / Franchise Agreements [Member] | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Weighted Average Amortization Period | 5 years 5 months 9 days | 8 years 5 months 10 days |
Gross Carrying Amount | $ 3,326 | $ 1,067 |
Accumulated Amortization | 1,092 | 380 |
Net Carrying Value | 2,234 | 687 |
Trade Names [Member] | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Carrying Amount/Value | $ 35,603 | $ 35,208 |
Debt Instruments (Details)
Debt Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2013 |
Debt Instrument [Line Items] | |||
Revolving credit facility | $ 0 | $ 0 | |
Notes | 939,983 | 938,330 | |
Long-term debt, gross | 1,552,850 | 1,558,850 | |
Less current portion | 2,775 | 2,475 | |
Long term debt, gross, excluding current maturities | 1,550,075 | 1,556,375 | |
Less debt issuance costs | 15,864 | 19,699 | |
Long-term debt, noncurrent | $ 1,534,211 | 1,536,676 | |
March 2013 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate percentage | 3.25% | ||
Term debt | $ 602,850 | 608,850 | |
Notes Payable due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate percentage | 5.375% | ||
Notes | $ 450,000 | 450,000 | |
March 2013 notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate percentage | 5.25% | ||
Notes | $ 500,000 | $ 500,000 | $ 500,000 |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2014USD ($) | Jun. 26, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2013USD ($) | |
Debt Instrument [Line Items] | ||||||
Notes | $ 939,983,000 | $ 938,330,000 | ||||
Redemption of long-term debt | 6,000,000 | 0 | $ 10,000,000 | |||
Available borrowings under revolving credit facility | 239,100,000 | |||||
Cedar Fair L.P. (Parent) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes | 292,075,000 | 291,412,000 | ||||
Redemption of long-term debt | $ 0 | $ 5,698,000 | ||||
Parent ownership percentage in subsidiaries that guarantee debt | 100.00% | |||||
March 2013 notes | ||||||
Debt Instrument [Line Items] | ||||||
Notes | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||
Stated interest rate percentage | 5.25% | |||||
March 2013 notes | Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate (percent) | 5.25% | |||||
Redemption percentage of original face amount | 103.938% | |||||
Credit Agreement 2013 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 885,000,000 | |||||
Credit Agreement 2013 [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, unused capacity, commitment fee (percent) | 0.38% | |||||
Credit Agreement 2013 [Member] | LIBOR [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||
Credit Agreement 2013 [Member] | Canadian Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 15,000,000 | |||||
Credit Agreement 2013 [Member] | Senior Secured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | 630,000,000 | |||||
Periodic payment | $ 6,300,000 | |||||
Credit Agreement 2013 [Member] | Senior Secured Term Loan [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||
Credit Agreement 2013 [Member] | Senior Secured Term Loan [Member] | Minimum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate percentage | 0.75% | |||||
Credit Agreement 2013 [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 255,000,000 | |||||
Maximum outstanding revolving credit balance during period | $ 101,000,000 | |||||
March 2013 Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate percentage | 3.25% | |||||
Repayments of Debt | $ 6,000,000 | |||||
Revised consolidated leverage ratio requirement, decrease every year | 0.25 | |||||
March 2013 Credit Agreement [Member] | Restricted Payments [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt covenant, restricted payments, maximum | $ 60,000,000 | |||||
Debt instrument consolidated leverage ratio | 5 | |||||
March 2013 Credit Agreement [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revised consolidated leverage ratio requirement | 5.5 | 5.75 | ||||
March 2013 Credit Agreement [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Revised consolidated leverage ratio requirement | 5.25 | |||||
Debt Instrument Covenant Fixed Charge Coverage Ratio | 1.1 | |||||
Notes Payable due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes | $ 450,000,000 | $ 450,000,000 | ||||
Stated interest rate percentage | 5.375% | |||||
Notes Payable due 2024 [Member] | Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes | $ 450,000,000 | |||||
Stated interest rate percentage | 5.375% | 5.375% | ||||
Notes Payable due 2024 [Member] | Senior Unsecured Notes [Member] | Debt redemption, prior to June 1, 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price (percent) | 100.00% | |||||
Notes Payable due 2024 [Member] | Senior Unsecured Notes [Member] | Debt redemption, prior to June 1, 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, redemption price (percent) | 105.375% | |||||
Debt instrument, redemption price, percentage of principal amount redeemed | 35.00% | |||||
Notes Payable Due 2018 [Member] | Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rate (percent) | 9.375% | |||||
Stated interest rate percentage | 9.125% | |||||
Unamortized discount | $ 5,600,000 | |||||
Redemption of long-term debt | $ 405,000,000 | |||||
Standby Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Standby letters of credit outstanding, amount | $ 15,900,000 |
Schedule of Debt Maturities (De
Schedule of Debt Maturities (Details) - March 2013 Credit Agreement [Member] $ in Thousands | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 2,775 |
2,018 | 6,300 |
2,019 | 6,300 |
2,020 | 587,475 |
2,021 | 0 |
2022 & Beyond | 0 |
Long-term Debt | $ 602,850 |
Derivative Financial Instrume42
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | ||||
Net effect of swaps | $ 1,197 | $ 6,884 | $ 2,062 | |
Gain on ineffective portion of derivatives | 11,800 | |||
Forward-Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Losses remaining in AOCI | 18,900 | |||
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months | 9,500 | |||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amortization of deferred hedge gains | 8,700 | 4,900 | ||
Interest Rate Swap [Member] | Designated As Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative Liability | 17,700 | 22,900 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated As Hedging [Member] | Net Effect of Swaps [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) recognized in income | $ 9,868 | 11,791 | ||
2013 forwards [Member] | Forward-Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Number of derivative instruments | 4 | |||
Extension of maturity, period | 2 years | |||
Amount of hedged item | $ 500,000 | |||
Average rate | 2.64% | 2.94% |
Derivative Financial Instrume43
Derivative Financial Instruments Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ (17,721) | $ (22,918) |
Derivative assets (liabilities), at fair value, net | (17,721) | (22,918) |
Designated As Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | (22,918) |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | (17,721) | 0 |
Interest Rate Swap [Member] | Designated As Hedging [Member] | Derivative Liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | (22,918) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liability | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative liability | $ (17,721) | $ 0 |
Derivative Financial Instrume44
Derivative Financial Instruments Income Statement Location (Details) - Designated As Hedging [Member] - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion) | $ (4,671) | $ (8,269) |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount and location of gain (loss) reclassified from accumulated OCI into income (effective portion) | (851) | (517) |
Net Effect of Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) recognized in income | $ 9,868 | $ 11,791 |
Partners' Equity Narrative (Det
Partners' Equity Narrative (Details) | 12 Months Ended | |||||
Dec. 31, 2016USD ($)$ / shares$ / unitshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013 | Jun. 30, 2016shares | May 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Special L.P. interests | $ | $ 5,290,000 | $ 5,290,000 | ||||
Compensation expense related to non-option equity instruments | $ | 10,958,000 | 7,265,000 | $ 9,668,000 | |||
Cash received from unit option exercises | $ | 0 | 0 | 0 | |||
Total intrinsic value of options exercised | $ | $ 2,800,000 | $ 3,000,000 | 1,000,000 | |||
Options, nonvested (in shares) | shares | 0 | 28,302 | ||||
2016 Omnibus incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unit options and other forms of equity authorized under equity incentive plan (in shares) | shares | 2,800,000 | |||||
2008 Omnibus Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unit options and other forms of equity authorized under equity incentive plan (in shares) | shares | 2,500,000 | |||||
Compensation Plans Settable in Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Distribution equivalent liability | $ | $ 800,000 | |||||
Non-cash compensation expense relating to unit options | $ | $ 0 | $ 600,000 | 900,000 | |||
Phantom Share Units (PSUs) [Member] | Compensation Plans Settable in Cash or Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option equity instruments awarded (in shares) | shares | 0 | |||||
Award vesting period | 4 years | |||||
Compensation expense related to non-option equity instruments | $ | $ 0 | 800,000 | 1,700,000 | |||
Performance Units [Member] | Compensation Plans Settable in Cash or Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option equity instruments awarded (in shares) | shares | 0 | |||||
Award vesting period | 3 years | |||||
Compensation expense related to non-option equity instruments | $ | $ 4,600,000 | 8,000,000 | 5,300,000 | |||
Non-option equity instruments, units outstanding (in shares) | shares | 151,316 | |||||
Closing price per unit (in dollars per share) | $ / shares | $ 64.20 | |||||
Aggregate market value of contingently issuable units | $ | 5,400,000 | |||||
Performance Units [Member] | Compensation Plans Settable in Cash or Equity [Member] | Accrued Salaries, Wages and Benefits [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate market value of contingently issuable units | $ | $ 9,700,000 | |||||
Performance Units [Member] | Compensation Plans Settable in Cash or Equity [Member] | Other Liabilities [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Aggregate market value of contingently issuable units | $ | 7,400,000 | |||||
Performance Units [Member] | Compensation Plans Settable in Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option equity instruments awarded (in shares) | shares | 109,605 | |||||
Non-option equity instruments, units outstanding (in shares) | shares | 487,864 | |||||
Non-option equity instruments, vested units outstanding (in shares) | shares | 231,785 | |||||
Grant price per unit (in dollars per share) | $ / unit | 57.57 | |||||
Share-based compensation expense | $ | $ 7,500,000 | 3,700,000 | 1,400,000 | |||
Unamortized compensation related to unvested phantom unit awards | $ | $ 14,400,000 | |||||
Period to achieve performance targets | 3 years | |||||
Award requisite service period | 3 years | |||||
Unamortized compensation related to unvested phantom unit awards, period for recognition | 2 years 1 month 28 days | |||||
Non-option equity instruments, vested and expected to vested, exercisable (in shares) | shares | 62,117 | |||||
Performance Units [Member] | Compensation Plans Settable in Equity [Member] | Other Liabilities [Member] | Share-based Compensation Award, Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation share-based arrangements, liability | $ | $ 1,100,000 | |||||
Deferred Units [Member] | Compensation Plans Settable in Cash or Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option equity instruments awarded (in shares) | shares | 11,220 | |||||
Award vesting period | 1 year | |||||
Non-option equity instruments, units outstanding (in shares) | shares | 35,311 | |||||
Aggregate market value of contingently issuable units | $ | $ 2,300,000 | 1,300,000 | ||||
Grant price per unit (in dollars per share) | $ / unit | 64.20 | |||||
Share-based compensation expense | $ | $ 1,000,000 | 800,000 | 500,000 | |||
Closing price (in dollars per share) | $ / shares | $ 64.20 | |||||
Unamortized compensation related to unvested phantom unit awards | $ | $ 0 | |||||
Restricted Units February 2013 Award [Member] | Compensation Plans Settable in Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option equity instruments awarded (in shares) | shares | 96,536 | |||||
Restricted Stock Units (RSUs) [Member] | Compensation Plans Settable in Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-option equity instruments awarded (in shares) | shares | 284,328 | |||||
Award vesting period | 3 years | |||||
Compensation expense related to non-option equity instruments | $ | $ 3,900,000 | $ 4,100,000 | $ 3,700,000 | |||
Non-option equity instruments, vested units outstanding (in shares) | shares | 136,285 | |||||
Grant price per unit (in dollars per share) | $ / unit | 57.57 | |||||
Unamortized compensation related to unvested phantom unit awards | $ | $ 8,500,000 | |||||
Unamortized compensation related to unvested phantom unit awards, period for recognition | 2 years 5 months | |||||
Compensation expense related to restricted stock units vested (in shares) | shares | 73,068 | |||||
Compensation expense related to the remaining restricted units following to vest (in shares) | shares | 23,468 | |||||
Nonvested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 60.37 | |||||
Restricted units set to vest (in shares) | shares | 65,264 | |||||
2013 and 2012 Option Awards [Member] | Compensation Plans Settable in Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Expected term, maximum | 10 years | |||||
Fixed Price Options [Member] | Compensation Plans Settable in Equity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unit options outstanding (in shares) | shares | 399,941 |
Unit Option Activity (Details)
Unit Option Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Unit options, outstanding (in shares) | 506,990 | 622,316 |
Unit options, exercised (in shares) | (107,049) | (109,575) |
Unit options, forfeited (in shares) | 0 | (5,751) |
Unit options, outstanding (in shares) | 399,941 | 506,990 |
Unit options exercisable (in shares) | 399,941 | 478,688 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Unit options outstanding, weighted average exercise price (in dollars per share) | $ 34.50 | $ 34.03 |
Unit options exercised, weighted average exercise price (in dollars per share) | 34.80 | 31.79 |
Unit options forfeited, weighted average exercise price (in dollars per share) | 0 | 35.58 |
Unit options outstanding, weighted average exercise price (in dollars per share) | 34.42 | 34.50 |
Unit options exercisable, weighted average exercise price (in dollars per share) | $ 34.42 | $ 34.36 |
Vested Unit Options Outstanding
Vested Unit Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unit options exercisable (in shares) | 399,941 | 478,688 | |
Weighted Average Exercise Price (in dollars per share) | $ 34.42 | $ 34.50 | $ 34.03 |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of Exercise Prices, Lower Limit (in dollars per share) | 29.53 | ||
Range of Exercise Prices, Upper Limit (in dollars per share) | $ 36.95 | ||
Weighted Average Remaining Contractual Life | 5 years 9 months 18 days | ||
Weighted Average Exercise Price (in dollars per share) | $ 34.42 | ||
Aggregate intrinsic value | $ 11,910 |
Partners' Equity Nonvested Unit
Partners' Equity Nonvested Unit Options Activity (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] [Roll Forward] | |
Nonvested, beginning of year (in shares) | shares | 28,302 |
Vested (in shares) | shares | (28,302) |
Nonvested, beginning of year (in shares) | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested, beginning of year (in dollars per share) | $ / shares | $ 36.95 |
Vested (in dollars per share) | $ / shares | 36.95 |
Nonvested, end of year (in dollars per share) | $ / shares | $ 0 |
Retirement Plans (Details)
Retirement Plans (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)Employees | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |||
Noncontributory retirement plans, amounts accrued | $ 4.2 | $ 4.3 | $ 4.3 |
Matching contributions made by partnership, net of forfeitures | $ 2.4 | 2.3 | 2.1 |
Multiemployer Plan, Number of Employees | Employees | 250 | ||
Multiemployer plan, contributions made in period | $ 1.7 | $ 1.5 | $ 1.5 |
Income and Partnership Taxes Na
Income and Partnership Taxes Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Sep. 25, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Provision for taxes | $ 1,500 | $ (71,418) | $ (22,192) | $ (9,885) | |
Provision for the PTP tax | 11,400 | 11,700 | 9,600 | ||
Provision (benefit) pertaining to corporate subsidiaries | $ 60,019 | 10,473 | 273 | ||
U.S. federal statutory income tax rate | 35.00% | ||||
Deferred tax liabilities | $ (33,900) | ||||
Deferred income tax adjustment related to Canadian disregarded entity | (33,900) | $ (33,945) | |||
Valuation allowance, amount | (4,207) | (4,207) | (5,680) | ||
Foreign tax credit carryforwards available for U.S. federal income tax purposes | 7,679 | 7,679 | 7,603 | ||
Valuation allowance | (1,473) | 0 | (1,112) | ||
Change in U.S. tax law | 7,366 | 0 | 0 | ||
Tax attribute carryforwards | 1,987 | 1,987 | 3,767 | ||
Deferred tax assets, other comprehensive loss | 3,000 | 3,000 | |||
Deferred tax liabilities, OCI | 12,700 | ||||
Unrecognized Tax Benefits | 900 | 900 | $ 1,100 | $ 1,200 | |
Interest on income taxes accrued | 300 | 300 | |||
Income tax penalties accrued | $ 200 | $ 200 |
Income Before Taxes (Details)
Income Before Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 223,626 | $ 209,268 | $ 186,389 |
Foreign | 25,480 | (74,854) | (72,289) |
Income before taxes | $ 249,106 | $ 134,414 | $ 114,100 |
Income Tax Expense (Details)
Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current federal | $ 40,440 | $ 22,232 | $ 4,513 |
Current state and local | 5,729 | 3,767 | 1,413 |
Current foreign | 3,188 | 530 | (2,692) |
Total current | 49,357 | 26,529 | 3,234 |
Deferred federal, state and local | 5,766 | 4,842 | 9,239 |
Deferred foreign | 4,896 | (20,898) | (12,200) |
Total deferred | 10,662 | (16,056) | (2,961) |
Total provision for income taxes | $ 60,019 | $ 10,473 | $ 273 |
Effective Income Tax Reconcilia
Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision based on the U.S. federal statutory tax rate | $ 87,187 | $ 47,045 | $ 39,935 |
Partnership income not includible in corporate income | (38,702) | (39,279) | (39,922) |
State and local taxes, net of federal income tax benefit | 6,323 | 3,504 | 1,786 |
Valuation allowance | (1,473) | 0 | (1,112) |
Tax credits | (1,066) | (1,253) | (997) |
Change in U.S. tax law | 7,366 | 0 | 0 |
Nondeductible expenses and other | 384 | 456 | 583 |
Total provision for income taxes | $ 60,019 | $ 10,473 | $ 273 |
Deferred Tax Assets and Liabi54
Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Options and deferred compensation | $ 15,716 | $ 13,957 |
Accrued expenses | 6,875 | 6,775 |
Foreign tax credits | 7,679 | 7,603 |
Tax attribute carryforwards | 1,987 | 3,767 |
Derivatives | 2,698 | 3,619 |
Foreign currency | 10,414 | 19,182 |
Deferred revenue | 4,455 | 4,648 |
Deferred tax assets | 49,824 | 59,551 |
Valuation allowance | (4,207) | (5,680) |
Net deferred tax assets | 45,617 | 53,871 |
Deferred tax liabilities: | ||
Property | (136,831) | (171,316) |
Intangibles | (13,671) | (12,318) |
Deferred tax liabilities | 150,502 | 183,634 |
Net deferred tax liability | $ (104,885) | $ (129,763) |
Income and Partnership Taxes Un
Income and Partnership Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at period start | $ 1,100 | $ 1,200 |
Increase resulting from current period tax positions | 0 | 0 |
Increases resulting from prior period tax positions | 100 | 200 |
Decrease from settlements with taxing authority | 0 | 0 |
Decrease from expiration of statute of limitations | (300) | (300) |
Unrecognized tax benefits at period end | $ 900 | $ 1,100 |
Future Minimum Lease Payments (
Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Lease Contingencies and Commitments [Abstract] | |
2,017 | $ 8,922 |
2,018 | 7,859 |
2,019 | 6,771 |
2,020 | 5,871 |
2,021 | 5,677 |
Thereafter | 96,658 |
Total future minimum payments due | $ 131,758 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Lease Commitments and Contingencies [Abstract] | |||
Operating lease expense | $ 12.8 | $ 14.5 | $ 12.7 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | $ 17,721 | $ 22,918 |
Less debt issuance costs | 15,864 | 19,699 |
Not Designated as Hedging Instrument [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 17,721 | 0 |
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 |
Carrying Value | Derivative Liability | Not Designated as Hedging Instrument [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 | (17,721) | 0 |
Carrying Value | Derivative Liability | 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) |
Carrying Value | Long-Term Debt | 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 | (600,075) | (606,375) |
Carrying Value | March 2013 notes | Long-Term Debt | 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) |
Carrying Value | June 2014 notes | Long-Term Debt | 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) |
Fair Value | Derivative Liability | Not Designated as Hedging Instrument [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 | (17,721) | 0 |
Fair Value | Derivative Liability | 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) |
Fair Value | Long-Term Debt | 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 | (603,075) | (604,859) |
Fair Value | March 2013 notes | Long-Term Debt | 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 | (510,000) | (507,500) |
Fair Value | June 2014 notes | Long-Term Debt | 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 | $ (462,375) | $ (453,375) |
Changes in Accumulated Other 59
Changes in Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 3,291 | $ (10,630) | |
Other comprehensive income before reclassifications | (7,660) | 9,647 | |
Amounts reclassified from accumulated other comprehensive income | 7,310 | 4,274 | |
Net other comprehensive income (loss) | (350) | 13,921 | $ 4,378 |
Ending balance | 2,941 | 3,291 | (10,630) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (19,300) | (16,566) | |
Other comprehensive income before reclassifications | (3,960) | (7,008) | |
Amounts reclassified from accumulated other comprehensive income | 7,310 | 4,274 | |
Net other comprehensive income (loss) | 3,350 | (2,734) | |
Ending balance | (15,950) | (19,300) | (16,566) |
OCI before reclassifications, tax | 711 | 1,258 | |
Reclassification from AOCI, current period, tax | 1,361 | 633 | |
Cumulative Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 22,591 | 5,936 | |
Other comprehensive income before reclassifications | (3,700) | 16,655 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Net other comprehensive income (loss) | (3,700) | 16,655 | |
Ending balance | 18,891 | 22,591 | $ 5,936 |
OCI before reclassifications, tax | 2,127 | (9,050) | |
Reclassification from AOCI, current period, tax | $ 0 | $ 0 |
Changes in Accumulated Other 60
Changes in Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 25, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest rate contracts | $ (83,686) | $ (86,785) | $ (96,160) | |
Benefit for taxes | $ (1,500) | 71,418 | 22,192 | $ 9,885 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Benefit for taxes | (1,361) | (633) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Interest Rate Swap [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest rate contracts | 8,671 | 4,907 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gains and losses on cash flow hedges | $ 7,310 | $ 4,274 |
Consolidating Financial Infor61
Consolidating Financial Information of Guarantors and Issuers (Details) | Dec. 31, 2016 | Jun. 30, 2014 | Mar. 31, 2013 |
Unsecured Debt [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Subsidiary ownership percentage, guaranteeing notes | 100.00% | ||
Subsidiary guarantor ownership percentage | 100.00% | ||
Notes Payable due 2024 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate percentage | 5.375% | ||
Notes Payable due 2024 [Member] | Unsecured Debt [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate percentage | 5.375% | 5.375% | |
March 2013 notes | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate percentage | 5.25% | ||
March 2013 notes | Unsecured Debt [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Effective interest rate (percent) | 5.25% |
Consolidating Financial Infor62
Consolidating Financial Information of Guarantors and Issuers Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets: | ||||
Cash and cash equivalents | $ 122,716 | $ 119,557 | $ 131,840 | $ 118,056 |
Receivables | 35,414 | 29,494 | ||
Inventories | 26,276 | 25,029 | ||
Other current assets | 11,270 | 9,946 | ||
Total current assets | 195,676 | 184,026 | ||
Property and equipment (net) | 1,539,220 | 1,514,878 | ||
Investment In Park | 0 | 0 | ||
Goodwill | 179,660 | 210,811 | 228,291 | |
Other intangibles, net | 37,837 | 35,895 | ||
Deferred tax asset | 0 | 0 | ||
Other Assets | 20,788 | 17,410 | ||
Assets | 1,973,181 | 1,963,020 | ||
Current Liabilities: | ||||
Current maturities of long-term debt | 2,775 | 2,475 | ||
Accounts payable | 20,851 | 17,122 | ||
Deferred revenue | 82,765 | 69,514 | ||
Accrued interest | 9,986 | 9,910 | ||
Accrued taxes | 58,958 | 41,937 | ||
Accrued salaries, wages and benefits | 30,358 | 26,916 | ||
Self-insurance reserves | 27,063 | 23,996 | ||
Other accrued liabilities | 9,927 | 6,801 | ||
Total current liabilities | 242,683 | 198,671 | ||
Deferred Tax Liability | 104,885 | 129,763 | ||
Derivative Liability | 17,721 | 22,918 | ||
Other Liabilities | 13,162 | 17,983 | ||
Long-Term Debt: | ||||
Term debt | 594,228 | 598,346 | ||
Notes | 939,983 | 938,330 | ||
Long-term debt, noncurrent | 1,534,211 | 1,536,676 | ||
Equity | 60,519 | 57,009 | 96,217 | |
Total Partners' Equity and Liabilities | 1,973,181 | 1,963,020 | ||
Cedar Fair L.P. (Parent) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 77,007 | 80,000 | 75,000 |
Receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Other current assets | 173 | 188 | ||
Total current assets | 173 | 77,195 | ||
Property and equipment (net) | 0 | 0 | ||
Investment In Park | 798,076 | 724,592 | ||
Goodwill | 674 | 674 | ||
Other intangibles, net | 0 | 0 | ||
Deferred tax asset | 0 | 0 | ||
Other Assets | 0 | 0 | ||
Assets | 798,923 | 802,461 | ||
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 428,396 | 433,621 | ||
Deferred revenue | 0 | 0 | ||
Accrued interest | 4,613 | 4,602 | ||
Accrued taxes | 405 | 1,066 | ||
Accrued salaries, wages and benefits | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | ||
Other accrued liabilities | 2,282 | 1,355 | ||
Total current liabilities | 435,696 | 440,644 | ||
Deferred Tax Liability | 0 | 0 | ||
Derivative Liability | 10,633 | 13,396 | ||
Other Liabilities | 0 | 0 | ||
Long-Term Debt: | ||||
Term debt | 0 | 0 | ||
Notes | 292,075 | 291,412 | ||
Long-term debt, noncurrent | 292,075 | 291,412 | ||
Equity | 60,519 | 57,009 | ||
Total Partners' Equity and Liabilities | 798,923 | 802,461 | ||
Co-Issuer Subsidiary (Magnum) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 382 | 4,144 |
Receivables | 1,409 | 1,292 | ||
Inventories | 0 | 121 | ||
Other current assets | 796 | 1,261 | ||
Total current assets | 2,205 | 2,674 | ||
Property and equipment (net) | 844 | 5,593 | ||
Investment In Park | 937,626 | 911,910 | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Deferred tax asset | 33,303 | 14,080 | ||
Other Assets | 2,000 | 14,414 | ||
Assets | 975,978 | 948,671 | ||
Current Liabilities: | ||||
Current maturities of long-term debt | 572 | 1,008 | ||
Accounts payable | 145,258 | 115,135 | ||
Deferred revenue | 0 | 85 | ||
Accrued interest | 3,207 | 3,221 | ||
Accrued taxes | 18,653 | 0 | ||
Accrued salaries, wages and benefits | 29,227 | 22,166 | ||
Self-insurance reserves | 12,490 | 7,437 | ||
Other accrued liabilities | 3,018 | 1,531 | ||
Total current liabilities | 212,425 | 150,583 | ||
Deferred Tax Liability | 0 | 0 | ||
Derivative Liability | 7,088 | 9,522 | ||
Other Liabilities | 1,236 | 6,705 | ||
Long-Term Debt: | ||||
Term debt | 123,672 | 244,101 | ||
Notes | 203,140 | 202,679 | ||
Long-term debt, noncurrent | 326,812 | 446,780 | ||
Equity | 428,417 | 335,081 | ||
Total Partners' Equity and Liabilities | 975,978 | 948,671 | ||
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 65,563 | 39,106 | 45,519 | 35,575 |
Receivables | 28,019 | 27,788 | ||
Inventories | 1,371 | 1,222 | ||
Other current assets | 2,229 | 1,332 | ||
Total current assets | 97,182 | 69,448 | ||
Property and equipment (net) | 175,358 | 176,390 | ||
Investment In Park | 200,075 | 179,529 | ||
Goodwill | 59,381 | 90,531 | ||
Other intangibles, net | 13,255 | 12,832 | ||
Deferred tax asset | 0 | 0 | ||
Other Assets | 108 | 210 | ||
Assets | 545,359 | 528,940 | ||
Current Liabilities: | ||||
Current maturities of long-term debt | 64 | 57 | ||
Accounts payable | 740 | 810 | ||
Deferred revenue | 5,601 | 4,397 | ||
Accrued interest | 2,057 | 2,056 | ||
Accrued taxes | 0 | 0 | ||
Accrued salaries, wages and benefits | 1,131 | 1,026 | ||
Self-insurance reserves | 1,321 | 1,400 | ||
Other accrued liabilities | 193 | 167 | ||
Total current liabilities | 11,107 | 9,913 | ||
Deferred Tax Liability | 12,838 | 21,979 | ||
Derivative Liability | 0 | 0 | ||
Other Liabilities | 0 | 0 | ||
Long-Term Debt: | ||||
Term debt | 13,598 | 13,691 | ||
Notes | 444,768 | 444,239 | ||
Long-term debt, noncurrent | 458,366 | 457,930 | ||
Equity | 63,048 | 39,118 | ||
Total Partners' Equity and Liabilities | 545,359 | 528,940 | ||
Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 58,178 | 3,444 | 5,939 | 3,337 |
Receivables | 576,975 | 547,361 | ||
Inventories | 24,905 | 23,686 | ||
Other current assets | 9,833 | 8,781 | ||
Total current assets | 669,891 | 583,272 | ||
Property and equipment (net) | 1,363,018 | 1,332,895 | ||
Investment In Park | 324,282 | 27,862 | ||
Goodwill | 119,605 | 119,606 | ||
Other intangibles, net | 24,582 | 23,063 | ||
Deferred tax asset | 0 | 0 | ||
Other Assets | 18,680 | 2,786 | ||
Assets | 2,520,058 | 2,089,484 | ||
Current Liabilities: | ||||
Current maturities of long-term debt | 2,139 | 1,410 | ||
Accounts payable | 18,471 | 14,503 | ||
Deferred revenue | 77,164 | 65,032 | ||
Accrued interest | 109 | 31 | ||
Accrued taxes | 41,661 | 42,487 | ||
Accrued salaries, wages and benefits | 0 | 3,724 | ||
Self-insurance reserves | 13,252 | 15,159 | ||
Other accrued liabilities | 4,434 | 3,748 | ||
Total current liabilities | 157,230 | 146,094 | ||
Deferred Tax Liability | 125,350 | 121,864 | ||
Derivative Liability | 0 | 0 | ||
Other Liabilities | 11,926 | 11,278 | ||
Long-Term Debt: | ||||
Term debt | 456,958 | 340,554 | ||
Notes | 0 | 0 | ||
Long-term debt, noncurrent | 456,958 | 340,554 | ||
Equity | 1,768,594 | 1,469,694 | ||
Total Partners' Equity and Liabilities | 2,520,058 | 2,089,484 | ||
Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | (1,025) | 0 | $ 0 | $ 0 |
Receivables | (570,989) | (546,947) | ||
Inventories | 0 | 0 | ||
Other current assets | (1,761) | (1,616) | ||
Total current assets | (573,775) | (548,563) | ||
Property and equipment (net) | 0 | 0 | ||
Investment In Park | (2,260,059) | (1,843,893) | ||
Goodwill | 0 | 0 | ||
Other intangibles, net | 0 | 0 | ||
Deferred tax asset | (33,303) | (14,080) | ||
Other Assets | 0 | 0 | ||
Assets | (2,867,137) | (2,406,536) | ||
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | (572,014) | (546,947) | ||
Deferred revenue | 0 | 0 | ||
Accrued interest | 0 | 0 | ||
Accrued taxes | (1,761) | (1,616) | ||
Accrued salaries, wages and benefits | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | ||
Total current liabilities | (573,775) | (548,563) | ||
Deferred Tax Liability | (33,303) | (14,080) | ||
Derivative Liability | 0 | 0 | ||
Other Liabilities | 0 | 0 | ||
Long-Term Debt: | ||||
Term debt | 0 | 0 | ||
Notes | 0 | 0 | ||
Long-term debt, noncurrent | 0 | 0 | ||
Equity | (2,260,059) | (1,843,893) | ||
Total Partners' Equity and Liabilities | $ (2,867,137) | $ (2,406,536) |
Consolidating Financial Infor63
Consolidating Financial Information of Guarantors and Issuers Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 25, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | $ 1,288,721 | $ 1,235,778 | $ 1,159,605 | |
Costs and expenses: | ||||
Cost of food, merchandise and games revenues | 106,608 | 104,827 | 95,208 | |
Operating expenses | 538,881 | 517,626 | 496,079 | |
Selling, general and administrative | 181,830 | 171,490 | 156,864 | |
Depreciation and amortization | 131,876 | 125,631 | 124,286 | |
Loss on impairment / retirement of fixed assets, net | 12,587 | 20,873 | 9,757 | |
Gain on sale of other assets | 0 | 0 | (921) | |
Total costs and expenses | 971,782 | 940,447 | 881,273 | |
Operating income | 316,939 | 295,331 | 278,332 | |
Interest expense (income), net | 83,686 | 86,785 | 96,160 | |
Net effect of swaps | (1,197) | (6,884) | (2,062) | |
Loss on early extinguishment of debt | 0 | 0 | 29,261 | |
Unrealized/realized foreign currency (gain) loss | (14,656) | 81,016 | 40,873 | |
Other (income) expense | 0 | 0 | 0 | |
(Income) loss from investment in affiliates | 0 | 0 | 0 | |
Income before taxes | 249,106 | 134,414 | 114,100 | |
Provision for taxes | $ (1,500) | 71,418 | 22,192 | 9,885 |
Net income | 177,688 | 112,222 | 104,215 | |
Cumulative foreign currency translation adjustment | (3,700) | 16,655 | 5,931 | |
Unrealized gain (loss) on cash flow hedging derivatives | 3,350 | (2,734) | (1,553) | |
Net other comprehensive income (loss) | (350) | 13,921 | 4,378 | |
Total comprehensive income | 177,338 | 126,143 | 108,593 | |
Cedar Fair L.P. (Parent) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 144,042 | 145,571 | 159,454 | |
Costs and expenses: | ||||
Cost of food, merchandise and games revenues | 0 | 0 | 0 | |
Operating expenses | 0 | 1,063 | 5,371 | |
Selling, general and administrative | 3,029 | 3,081 | 5,791 | |
Depreciation and amortization | 0 | 0 | 38,341 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 2,621 | |
Gain on sale of other assets | 0 | |||
Total costs and expenses | 3,029 | 4,144 | 52,124 | |
Operating income | 141,013 | 141,427 | 107,330 | |
Interest expense (income), net | 32,643 | 34,204 | 42,440 | |
Net effect of swaps | (473) | (3,820) | (1,595) | |
Loss on early extinguishment of debt | 0 | |||
Unrealized/realized foreign currency (gain) loss | 0 | 0 | 0 | |
Other (income) expense | 250 | 750 | 750 | |
(Income) loss from investment in affiliates | (80,295) | (13,523) | (48,622) | |
Income before taxes | 188,888 | 123,816 | 114,357 | |
Provision for taxes | 11,200 | 11,594 | 10,142 | |
Net income | 177,688 | 112,222 | 104,215 | |
Cumulative foreign currency translation adjustment | (3,700) | 16,655 | 5,931 | |
Unrealized gain (loss) on cash flow hedging derivatives | 3,350 | (2,734) | (1,553) | |
Net other comprehensive income (loss) | (350) | 13,921 | 4,378 | |
Total comprehensive income | 177,338 | 126,143 | 108,593 | |
Co-Issuer Subsidiary (Magnum) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 320,945 | 240,817 | 295,252 | |
Costs and expenses: | ||||
Cost of food, merchandise and games revenues | 0 | 372 | 273 | |
Operating expenses | 303,974 | 179,139 | 195,899 | |
Selling, general and administrative | 68,422 | 55,551 | 102,021 | |
Depreciation and amortization | 35 | 37 | 294 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 2,463 | |
Gain on sale of other assets | 0 | |||
Total costs and expenses | 372,431 | 235,099 | 300,950 | |
Operating income | (51,486) | 5,718 | (5,698) | |
Interest expense (income), net | 24,114 | 28,210 | 28,718 | |
Net effect of swaps | (724) | (3,064) | (467) | |
Loss on early extinguishment of debt | 0 | |||
Unrealized/realized foreign currency (gain) loss | 0 | 0 | 0 | |
Other (income) expense | (83,657) | (18,649) | (12,920) | |
(Income) loss from investment in affiliates | (73,132) | (15,141) | (12,899) | |
Income before taxes | 81,913 | 14,362 | (8,130) | |
Provision for taxes | 1,621 | 840 | (8,473) | |
Net income | 80,292 | 13,522 | 343 | |
Cumulative foreign currency translation adjustment | 0 | 0 | 0 | |
Unrealized gain (loss) on cash flow hedging derivatives | 1,060 | (1,021) | (66) | |
Net other comprehensive income (loss) | 1,060 | (1,021) | (66) | |
Total comprehensive income | 81,352 | 12,501 | 277 | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 117,962 | 112,217 | 121,249 | |
Costs and expenses: | ||||
Cost of food, merchandise and games revenues | 9,868 | 8,878 | 8,985 | |
Operating expenses | 42,820 | 42,814 | 47,013 | |
Selling, general and administrative | 10,151 | 10,358 | 11,318 | |
Depreciation and amortization | 14,816 | 14,326 | 16,910 | |
Loss on impairment / retirement of fixed assets, net | 159 | 417 | 2,445 | |
Gain on sale of other assets | 0 | |||
Total costs and expenses | 77,814 | 76,793 | 86,671 | |
Operating income | 40,148 | 35,424 | 34,578 | |
Interest expense (income), net | 25,403 | 25,381 | 34,249 | |
Net effect of swaps | 0 | 0 | 0 | |
Loss on early extinguishment of debt | 29,261 | |||
Unrealized/realized foreign currency (gain) loss | (14,660) | 81,016 | 40,873 | |
Other (income) expense | 3,925 | 3,883 | 2,482 | |
(Income) loss from investment in affiliates | (20,545) | (20,100) | (21,236) | |
Income before taxes | 46,025 | (54,756) | (51,051) | |
Provision for taxes | 18,396 | (27,274) | (25,396) | |
Net income | 27,629 | (27,482) | (25,655) | |
Cumulative foreign currency translation adjustment | (3,700) | 16,655 | 5,931 | |
Unrealized gain (loss) on cash flow hedging derivatives | 0 | 0 | 0 | |
Net other comprehensive income (loss) | (3,700) | 16,655 | 5,931 | |
Total comprehensive income | 23,929 | (10,827) | (19,724) | |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 1,234,075 | 1,118,384 | 1,034,056 | |
Costs and expenses: | ||||
Cost of food, merchandise and games revenues | 96,740 | 95,577 | 85,950 | |
Operating expenses | 720,390 | 675,821 | 698,202 | |
Selling, general and administrative | 100,228 | 102,500 | 37,734 | |
Depreciation and amortization | 117,025 | 111,268 | 68,741 | |
Loss on impairment / retirement of fixed assets, net | 12,428 | 20,456 | 2,228 | |
Gain on sale of other assets | (921) | |||
Total costs and expenses | 1,046,811 | 1,005,622 | 891,934 | |
Operating income | 187,264 | 112,762 | 142,122 | |
Interest expense (income), net | 1,526 | (1,010) | (9,247) | |
Net effect of swaps | 0 | 0 | 0 | |
Loss on early extinguishment of debt | 0 | |||
Unrealized/realized foreign currency (gain) loss | 4 | 0 | 0 | |
Other (income) expense | 79,482 | 14,016 | 9,688 | |
(Income) loss from investment in affiliates | (27,628) | 27,480 | 25,658 | |
Income before taxes | 133,880 | 72,276 | 116,023 | |
Provision for taxes | 40,201 | 37,032 | 33,612 | |
Net income | 93,679 | 35,244 | 82,411 | |
Cumulative foreign currency translation adjustment | 0 | 0 | 0 | |
Unrealized gain (loss) on cash flow hedging derivatives | 0 | 0 | 0 | |
Net other comprehensive income (loss) | 0 | 0 | 0 | |
Total comprehensive income | 93,679 | 35,244 | 82,411 | |
Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | (528,303) | (381,211) | (450,406) | |
Costs and expenses: | ||||
Cost of food, merchandise and games revenues | 0 | 0 | 0 | |
Operating expenses | (528,303) | (381,211) | (450,406) | |
Selling, general and administrative | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | |
Gain on sale of other assets | 0 | |||
Total costs and expenses | (528,303) | (381,211) | (450,406) | |
Operating income | 0 | 0 | 0 | |
Interest expense (income), net | 0 | 0 | 0 | |
Net effect of swaps | 0 | 0 | 0 | |
Loss on early extinguishment of debt | 0 | |||
Unrealized/realized foreign currency (gain) loss | 0 | 0 | 0 | |
Other (income) expense | 0 | 0 | 0 | |
(Income) loss from investment in affiliates | 201,600 | 21,284 | 57,099 | |
Income before taxes | (201,600) | (21,284) | (57,099) | |
Provision for taxes | 0 | 0 | 0 | |
Net income | (201,600) | (21,284) | (57,099) | |
Cumulative foreign currency translation adjustment | 3,700 | (16,655) | (5,931) | |
Unrealized gain (loss) on cash flow hedging derivatives | (1,060) | 1,021 | 66 | |
Net other comprehensive income (loss) | 2,640 | (15,634) | (5,865) | |
Total comprehensive income | $ (198,960) | $ (36,918) | $ (62,964) |
Consolidating Financial Infor64
Consolidating Financial Information of Guarantors and Issuers Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH (FOR) FROM OPERATING ACTIVITIES | $ 357,427 | $ 342,217 | $ 337,103 |
CASH FLOWS FOR INVESTING ACTIVITIES | |||
Intercompany receivables (payments) receipts | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | 0 | 1,377 |
Purchase of identifiable intangible assets | (577) | 0 | 0 |
Purchase of preferred equity investment | 0 | (2,000) | 0 |
(Purchase) sale of subsidiary interest | 0 | ||
Capital expenditures | (160,656) | (175,865) | (166,719) |
Net cash for investing activities | (161,233) | (177,865) | (165,342) |
CASH FLOWS FOR FINANCING ACTIVITIES | |||
Note borrowings | 0 | 0 | 450,000 |
Note payments, including early termination penalties | (426,148) | ||
Term debt payments, including early termination penalties | (6,000) | 0 | (10,000) |
Intercompany payables (payments) receipts | 0 | 0 | 0 |
Distributions (paid) received | (187,182) | (172,614) | (159,432) |
Payment of debt issuance costs | 0 | 0 | (9,795) |
Tax effect of units involved in treasury unit transactions | (422) | (1,589) | 140 |
Net cash for financing activities | (193,604) | (174,203) | (155,235) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 569 | (2,432) | (2,742) |
CASH AND CASH EQUIVALENTS | |||
Net increase (decrease) for the period | 3,159 | (12,283) | 13,784 |
Balance, beginning of year | 119,557 | 131,840 | 118,056 |
Balance, end of year | 122,716 | 119,557 | 131,840 |
Cedar Fair L.P. (Parent) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 118,833 | 89,637 | 138,669 |
CASH FLOWS FOR INVESTING ACTIVITIES | |||
Intercompany receivables (payments) receipts | 0 | 0 | 0 |
Proceeds from sale of assets | 0 | ||
Purchase of identifiable intangible assets | 0 | ||
Purchase of preferred equity investment | 0 | ||
(Purchase) sale of subsidiary interest | (12,024) | ||
Capital expenditures | 0 | 0 | (64,837) |
Net cash for investing activities | 0 | 0 | (76,861) |
CASH FLOWS FOR FINANCING ACTIVITIES | |||
Note borrowings | 0 | ||
Note payments, including early termination penalties | 0 | ||
Term debt payments, including early termination penalties | 0 | (5,698) | |
Intercompany payables (payments) receipts | (6,332) | 82,131 | 110,763 |
Distributions (paid) received | (189,508) | (174,761) | (161,873) |
Payment of debt issuance costs | 0 | ||
Tax effect of units involved in treasury unit transactions | 0 | 0 | 0 |
Net cash for financing activities | (195,840) | (92,630) | (56,808) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Net increase (decrease) for the period | (77,007) | (2,993) | 5,000 |
Balance, beginning of year | 77,007 | 80,000 | 75,000 |
Balance, end of year | 0 | 77,007 | 80,000 |
Co-Issuer Subsidiary (Magnum) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH (FOR) FROM OPERATING ACTIVITIES | (29,235) | (4,853) | 12,384 |
CASH FLOWS FOR INVESTING ACTIVITIES | |||
Intercompany receivables (payments) receipts | 0 | 0 | 13,794 |
Proceeds from sale of assets | 0 | ||
Purchase of identifiable intangible assets | 0 | ||
Purchase of preferred equity investment | (2,000) | ||
(Purchase) sale of subsidiary interest | 12,024 | ||
Capital expenditures | 0 | 0 | (270) |
Net cash for investing activities | 0 | (2,000) | 25,548 |
CASH FLOWS FOR FINANCING ACTIVITIES | |||
Note borrowings | 0 | ||
Note payments, including early termination penalties | 0 | ||
Term debt payments, including early termination penalties | (1,237) | (4,072) | |
Intercompany payables (payments) receipts | 30,894 | 8,060 | (37,762) |
Distributions (paid) received | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | ||
Tax effect of units involved in treasury unit transactions | (422) | (1,589) | 140 |
Net cash for financing activities | 29,235 | 6,471 | (41,694) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Net increase (decrease) for the period | 0 | (382) | (3,762) |
Balance, beginning of year | 0 | 382 | 4,144 |
Balance, end of year | 0 | 0 | 382 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 33,918 | 38,579 | 9,772 |
CASH FLOWS FOR INVESTING ACTIVITIES | |||
Intercompany receivables (payments) receipts | 0 | (3,252) | 0 |
Proceeds from sale of assets | 0 | ||
Purchase of identifiable intangible assets | (29) | ||
Purchase of preferred equity investment | 0 | ||
(Purchase) sale of subsidiary interest | 0 | ||
Capital expenditures | (7,863) | (7,663) | (16,072) |
Net cash for investing activities | (7,892) | (10,915) | (16,072) |
CASH FLOWS FOR FINANCING ACTIVITIES | |||
Note borrowings | 450,000 | ||
Note payments, including early termination penalties | (426,148) | ||
Term debt payments, including early termination penalties | (138) | (230) | |
Intercompany payables (payments) receipts | 0 | (31,645) | 5,159 |
Distributions (paid) received | 0 | 0 | 0 |
Payment of debt issuance costs | (9,795) | ||
Tax effect of units involved in treasury unit transactions | 0 | 0 | 0 |
Net cash for financing activities | (138) | (31,645) | 18,986 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 569 | (2,432) | (2,742) |
CASH AND CASH EQUIVALENTS | |||
Net increase (decrease) for the period | 26,457 | (6,413) | 9,944 |
Balance, beginning of year | 39,106 | 45,519 | 35,575 |
Balance, end of year | 65,563 | 39,106 | 45,519 |
Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 237,262 | 221,001 | 180,251 |
CASH FLOWS FOR INVESTING ACTIVITIES | |||
Intercompany receivables (payments) receipts | (24,562) | (55,294) | (79,456) |
Proceeds from sale of assets | 1,377 | ||
Purchase of identifiable intangible assets | (548) | ||
Purchase of preferred equity investment | 0 | ||
(Purchase) sale of subsidiary interest | 0 | ||
Capital expenditures | (152,793) | (168,202) | (85,540) |
Net cash for investing activities | (177,903) | (223,496) | (163,619) |
CASH FLOWS FOR FINANCING ACTIVITIES | |||
Note borrowings | 0 | ||
Note payments, including early termination penalties | 0 | ||
Term debt payments, including early termination penalties | (4,625) | 0 | |
Intercompany payables (payments) receipts | 0 | 0 | (14,030) |
Distributions (paid) received | 0 | 0 | 0 |
Payment of debt issuance costs | 0 | ||
Tax effect of units involved in treasury unit transactions | 0 | 0 | 0 |
Net cash for financing activities | (4,625) | 0 | (14,030) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Net increase (decrease) for the period | 54,734 | (2,495) | 2,602 |
Balance, beginning of year | 3,444 | 5,939 | 3,337 |
Balance, end of year | 58,178 | 3,444 | 5,939 |
Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
NET CASH (FOR) FROM OPERATING ACTIVITIES | (3,351) | (2,147) | (3,973) |
CASH FLOWS FOR INVESTING ACTIVITIES | |||
Intercompany receivables (payments) receipts | 24,562 | 58,546 | 65,662 |
Proceeds from sale of assets | 0 | ||
Purchase of identifiable intangible assets | 0 | ||
Purchase of preferred equity investment | 0 | ||
(Purchase) sale of subsidiary interest | 0 | ||
Capital expenditures | 0 | 0 | 0 |
Net cash for investing activities | 24,562 | 58,546 | 65,662 |
CASH FLOWS FOR FINANCING ACTIVITIES | |||
Note borrowings | 0 | ||
Note payments, including early termination penalties | 0 | ||
Term debt payments, including early termination penalties | 0 | 0 | |
Intercompany payables (payments) receipts | (24,562) | (58,546) | (64,130) |
Distributions (paid) received | 2,326 | 2,147 | 2,441 |
Payment of debt issuance costs | 0 | ||
Tax effect of units involved in treasury unit transactions | 0 | 0 | 0 |
Net cash for financing activities | (22,236) | (56,399) | (61,689) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS | |||
Net increase (decrease) for the period | (1,025) | 0 | 0 |
Balance, beginning of year | 0 | 0 | 0 |
Balance, end of year | $ (1,025) | $ 0 | $ 0 |