Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 24, 2017 | Oct. 27, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 24, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 56,237,988 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 24, 2017 | Dec. 31, 2016 | Sep. 25, 2016 |
Current Assets: | |||
Cash and cash equivalents | $ 249,946 | $ 122,716 | $ 187,302 |
Receivables | 52,303 | 35,414 | 51,536 |
Inventories | 34,240 | 26,276 | 31,059 |
Other current assets | 18,624 | 11,270 | 13,809 |
Total current assets | 355,113 | 195,676 | 283,706 |
Property and Equipment: | |||
Land | 272,213 | 265,961 | 267,175 |
Land improvements | 416,629 | 402,013 | 394,141 |
Buildings | 707,964 | 663,982 | 675,440 |
Rides and equipment | 1,740,826 | 1,643,770 | 1,653,274 |
Construction in progress | 57,605 | 58,299 | 34,918 |
Total property and equipment, gross | 3,195,237 | 3,034,025 | 3,024,948 |
Less accumulated depreciation | (1,614,727) | (1,494,805) | (1,498,908) |
Total property and equipment, net | 1,580,510 | 1,539,220 | 1,526,040 |
Goodwill | 185,010 | 179,660 | 215,460 |
Other Intangibles, net | 38,532 | 37,837 | 36,430 |
Other Assets | 17,407 | 20,788 | 21,473 |
Total Assets | 2,176,572 | 1,973,181 | 2,083,109 |
Current Liabilities: | |||
Current maturities of long-term debt | 0 | 2,775 | 1,200 |
Accounts payable | 33,710 | 20,851 | 32,891 |
Deferred revenue | 86,732 | 82,765 | 65,748 |
Accrued interest | 23,928 | 9,986 | 10,939 |
Accrued taxes | 78,657 | 58,958 | 69,916 |
Accrued salaries, wages and benefits | 30,666 | 30,358 | 42,744 |
Self-insurance reserves | 27,549 | 27,063 | 26,820 |
Other accrued liabilities | 20,562 | 9,927 | 12,348 |
Total current liabilities | 301,804 | 242,683 | 262,606 |
Deferred Tax Liability | 112,671 | 104,885 | 137,712 |
Derivative Liability | 14,849 | 17,721 | 30,185 |
Other Liabilities | 12,340 | 13,162 | 12,488 |
Long-Term Debt: | |||
Term debt | 723,385 | 594,228 | 595,253 |
Notes | 936,241 | 939,983 | 939,418 |
Total long-term debt | 1,659,626 | 1,534,211 | 1,534,671 |
Partners’ Equity: | |||
Special L.P. interests | 5,290 | 5,290 | 5,290 |
General partner | 0 | 0 | 1 |
Limited partners, 56,238, 56,201 and 56,091 units outstanding at September 24, 2017, December 31, 2016 and September 25, 2016, respectively | 74,155 | 52,288 | 100,956 |
Accumulated other comprehensive income (loss) | (4,163) | 2,941 | (800) |
Total partners' equity | 75,282 | 60,519 | 105,447 |
Total Liabilities and Partners' Equity | $ 2,176,572 | $ 1,973,181 | $ 2,083,109 |
Unaudited Condensed Consolidat3
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Sep. 24, 2017 | Dec. 31, 2016 | Sep. 25, 2016 |
Statement of Financial Position [Abstract] | |||
Limited partners, units outstanding (in shares) | 56,238 | 56,201 | 56,091 |
Unaudited Condensed Consolidat4
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Net revenues: | ||||
Admissions | $ 361,279 | $ 361,949 | $ 598,723 | $ 604,947 |
Food, merchandise and games | 205,137 | 202,341 | 356,512 | 354,032 |
Accommodations, extra-charge products and other | 86,273 | 85,993 | 138,570 | 137,776 |
Total net revenues | 652,689 | 650,283 | 1,093,805 | 1,096,755 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 52,647 | 52,057 | 92,376 | 92,860 |
Operating expenses | 202,710 | 199,292 | 447,379 | 441,421 |
Selling, general and administrative | 71,663 | 65,099 | 151,142 | 142,082 |
Depreciation and amortization | 70,060 | 64,685 | 126,237 | 118,175 |
Loss on impairment / retirement of fixed assets, net | 1,347 | 1,355 | 3,057 | 5,382 |
Gain on sale of investment | (1,877) | 0 | (1,877) | 0 |
Total costs and expenses | 396,550 | 382,488 | 818,314 | 799,920 |
Operating income | 256,139 | 267,795 | 275,491 | 296,835 |
Interest expense | 21,638 | 20,957 | 62,472 | 61,869 |
Net effect of swaps | (952) | 1,650 | 3,717 | 8,902 |
Loss on early debt extinguishment | 0 | 0 | 23,115 | 0 |
(Gain) loss on foreign currency | (29,193) | 7,341 | (35,047) | (23,675) |
Other income | (416) | (58) | (464) | (84) |
Income before taxes | 265,062 | 237,905 | 221,698 | 249,823 |
Provision for taxes | 73,747 | 62,918 | 63,769 | 65,339 |
Net income | 191,315 | 174,987 | 157,929 | 184,484 |
Net income allocated to general partner | 1 | 2 | 1 | 2 |
Net income allocated to limited partners | 191,314 | 174,985 | 157,928 | 184,482 |
Other comprehensive income (loss), (net of tax): | ||||
Foreign currency translation adjustment | (11,143) | 1,397 | (13,085) | (5,447) |
Unrealized gain on cash flow hedging derivatives | 1,994 | 1,994 | 5,981 | 1,356 |
Other comprehensive income (loss), (net of tax) | (9,149) | 3,391 | (7,104) | (4,091) |
Total comprehensive income | $ 182,166 | $ 178,378 | $ 150,825 | $ 180,393 |
Basic income per limited partner unit: | ||||
Weighted average limited partner units outstanding (in shares) | 56,078 | 55,948 | 56,062 | 55,922 |
Net income (loss) per limited partner unit (in dollars per share) | $ 3.41 | $ 3.13 | $ 2.82 | $ 3.30 |
Diluted income per limited partner unit: | ||||
Weighted average limited partner units outstanding (in shares) | 56,591 | 56,365 | 56,631 | 56,392 |
Net income (loss) per limited partner unit (in dollars per share) | $ 3.38 | $ 3.10 | $ 2.79 | $ 3.27 |
Unaudited Condensed Consolidat5
Unaudited Condensed Consolidated Statements of Partners' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Limited Partners [Member] | General Partner [Member] | Special L.P. Interests [Member] | AOCI Attributable to Parent [Member] | Accumulated Translation Adjustment [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Unrealized gain (loss) on cash flow hedging derivatives: Beginning balance | $ (19,300) | ||||||
Beginning balance, units (in shares) at Dec. 31, 2015 | 56,018 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised (in shares) | 29 | ||||||
Limited partnership unit forfeitures (in shares) | 0 | ||||||
Issuance of limited partnership units as compensation (in shares) | 44 | ||||||
Ending balance, units (in shares) at Sep. 25, 2016 | 56,091 | ||||||
Beginning balance, value at Dec. 31, 2015 | $ 48,428 | $ 0 | $ 22,591 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 184,484 | 184,482 | |||||
Partnership distribution declared ($2.565 and $2.475 per limited partnership unit) | (139,041) | ||||||
Expense recognized for limited partnership unit options | 5 | ||||||
Tax effect of units involved in treasury unit transactions | 1,903 | (1,903) | |||||
Issuance of limited partnership units as compensation | 8,985 | ||||||
Net income (loss) | 2 | ||||||
Partnership distribution declared | (1) | ||||||
Period activity, net of tax $0 and $3,131 | (5,447) | (5,447) | |||||
Period activity, net of tax ($1,113) and ($279) | 1,356 | $ 1,356 | |||||
Ending balance, value at Sep. 25, 2016 | 105,447 | $ 100,956 | 1 | 5,290 | $ (800) | 17,144 | (17,944) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Unrealized gain (loss) on cash flow hedging derivatives: Beginning balance | (15,950) | ||||||
Beginning balance, units (in shares) at Dec. 31, 2016 | 56,201 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised (in shares) | 9 | ||||||
Limited partnership unit forfeitures (in shares) | (3) | ||||||
Issuance of limited partnership units as compensation (in shares) | 31 | ||||||
Ending balance, units (in shares) at Sep. 24, 2017 | 56,238 | ||||||
Beginning balance, value at Dec. 31, 2016 | 60,519 | $ 52,288 | 0 | 18,891 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 157,929 | 157,928 | |||||
Partnership distribution declared ($2.565 and $2.475 per limited partnership unit) | (144,516) | ||||||
Expense recognized for limited partnership unit options | 0 | ||||||
Tax effect of units involved in treasury unit transactions | 2,560 | (2,560) | |||||
Issuance of limited partnership units as compensation | 11,015 | ||||||
Net income (loss) | 1 | ||||||
Partnership distribution declared | (1) | ||||||
Period activity, net of tax $0 and $3,131 | (13,085) | (13,085) | |||||
Period activity, net of tax ($1,113) and ($279) | 5,981 | 5,981 | |||||
Ending balance, value at Sep. 24, 2017 | $ 75,282 | $ 74,155 | $ 0 | $ 5,290 | $ (4,163) | $ 5,806 | $ (9,969) |
Unaudited Condensed Consolidat6
Unaudited Condensed Consolidated Statements of Partners' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Statement of Partners' Capital [Abstract] | |||
Foreign currency translation adjustment, tax | $ (803) | $ 0 | $ 3,131 |
Unrealized loss on cash flow hedging derivatives, tax | $ (1,113) | $ (279) | |
Partnership distribution declared, amount per limited partnership unit (in dollars per share) | $ 2.475 | $ 2.565 | $ 2.475 |
Unaudited Condensed Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2017 | Sep. 25, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 157,929 | $ 184,484 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 126,237 | 118,175 |
Loss on early debt extinguishment | 23,115 | 0 |
Non-cash foreign currency gain on debt | (39,296) | (23,891) |
Other non-cash expenses | 26,942 | 36,004 |
Net change in working capital | 27,625 | 31,267 |
Net change in other assets/liabilities | 66 | (5,337) |
Net cash from operating activities | 322,618 | 340,702 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Capital expenditures | (152,373) | (126,864) |
Proceeds from sale of investment | 3,281 | 0 |
Purchase of identifiable intangible assets | (66) | 0 |
Net cash for investing activities | (149,158) | (126,864) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Term debt borrowings | 750,000 | 0 |
Note borrowings | 500,000 | 0 |
Term debt payments | (617,850) | (6,000) |
Note payments, including amounts paid for early termination | (515,458) | 0 |
Distributions paid to partners | (144,517) | (139,042) |
Payment of debt issuance costs | (19,684) | 0 |
Tax effect of units involved in treasury unit transactions | (2,560) | (1,903) |
Payments related to tax withholding for equity compensation | (2,053) | (920) |
Net cash for financing activities | (52,122) | (147,865) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 5,892 | 1,772 |
CASH AND CASH EQUIVALENTS | ||
Net increase for the period | 127,230 | 67,745 |
Balance, beginning of period | 122,716 | 119,557 |
Balance, end of period | 249,946 | 187,302 |
SUPPLEMENTAL INFORMATION | ||
Net cash payments for interest expense | 48,729 | 61,558 |
Interest capitalized | 1,770 | 1,699 |
Cash payments for income taxes, net of refunds | 44,090 | 33,141 |
Capital expenditures in accounts payable | $ 5,582 | $ 3,179 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 24, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements have been prepared from the financial records of Cedar Fair, L.P. (the Partnership) without audit and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to fairly present the results of the interim periods covered in this report. Due to the seasonal nature of the Partnership's amusement and water park operations, the results for any interim period may not be indicative of the results expected for the full fiscal year. |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 9 Months Ended |
Sep. 24, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting and Reporting Policies | Significant Accounting and Reporting Policies: The Partnership’s unaudited condensed consolidated financial statements for the periods ended September 24, 2017 and September 25, 2016 included in this Form 10-Q report have been prepared in accordance with the accounting policies described in the Notes to Consolidated Financial Statements for the year ended December 31, 2016 , which were included in the Form 10-K filed on February 24, 2017 . Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the Commission). These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K referred to above. Adopted Accounting Pronouncements 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. The Partnership adopted this guidance in the first quarter of 2017. The impact of the guidance included: (1) prospective recognition of excess tax benefits and tax deficiencies as income tax expense (as opposed to the previous recognition in additional paid-in-capital), approximately $0.7 million of excess tax benefits were recognized in provision for taxes for the nine months ended September 24, 2017 ; (2) prospective exclusion of future excess tax benefits and deficiencies in the calculation of diluted shares, which had an immaterial impact on net income per limited partner unit for the nine months ending September 24, 2017 ; (3) prospective classification of excess tax benefits as an operating activity within the statement of cash flows (as opposed to the previous classification as a financing activity), approximately $0.7 million of excess tax benefits were classified as an operating activity for the nine months ended September 24, 2017 ; (4) the formal accounting policy election to recognize forfeitures as they occur (as opposed to estimating a forfeiture accrual), which did not have a material impact on the Partnership's financial statements; (5) retrospective classification of employee taxes paid when an employer withholds shares for tax withholding purposes as a financing activity within the statement of cash flows (as opposed to the previous classification as an operating activity), approximately $0.9 million was reclassified for the nine months ended September 25, 2016 . New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The ASU provides 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 modified retrospective transition method, and early adoption is permitted only as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. The Partnership expects to adopt this standard in the first quarter of 2018 using the modified retrospective method. The Partnership anticipates the primary impact of the adoption on the 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 ASU requires the recognition of lease assets and lease liabilities within the balance sheet by lessees for operating leases, as well as requires additional disclosures in the consolidated financial statements regarding the amount, timing, and uncertainty of cash flows arising from leases. The ASU does not significantly change the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee, nor does the ASU change the accounting applied by a lessor. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018. This ASU requires a modified retrospective method and applies to the earliest period presented in the financial statements. The Partnership expects to adopt this standard in the first quarter of 2019. While the Partnership is still in the process of evaluating the effect this standard will have on the consolidated financial statements and related disclosures, the Partnership anticipates recognizing a right-of-use asset and corresponding lease liability on the consolidated balance sheet for the Santa Clara land lease, as well as other operating leases, upon adoption. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates step two from the goodwill impairment test. Instead, an entity should recognize an impairment charge for the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual and any interim impairment tests for periods beginning after December 15, 2019 on a prospective basis. Early adoption is permitted for annual and any interim impairment tests occurring after January 1, 2017. The Partnership has adopted the standard for its 2017 annual impairment test which is currently in process. The Partnership does not anticipate the adoption of the standard to have a material effect on the consolidated financial statements. |
Interim Reporting
Interim Reporting | 9 Months Ended |
Sep. 24, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Reporting | Interim Reporting: The Partnership owns and operates eleven amusement parks, two separately gated outdoor water parks, one indoor water park and five hotels. The Partnership's seasonal amusement parks are generally open during weekends beginning in April or May, and then daily from Memorial Day until Labor Day, after which they are open during weekends in September and, in most cases, October. The two separately gated outdoor water parks also operate seasonally, generally from Memorial Day to Labor Day, plus some additional weekends before and after this period. As a result, a substantial portion of the Partnership’s revenues from these parks are generated during an approximate 130 - to 140 -day operating season with the major portion concentrated in the third quarter during the peak vacation months of July and August. In 2017, four of the seasonal properties will extend their operating seasons approximately 20 to 25 days to include WinterFest, a holiday event operating during November and December. Knott's Berry Farm continues to be open daily on a year-round basis. Castaway Bay is generally open daily from Memorial Day to Labor Day with an additional limited daily schedule for the balance of the year. To assure that these highly seasonal operations will not result in misleading comparisons of current and subsequent interim periods, the Partnership has adopted the following accounting and reporting procedures for its seasonal parks: (a) revenues on multi-use products are recognized over the estimated number of uses expected for each type of product and are adjusted periodically during the operating season prior to the ticket or product expiration, which occurs no later than the close of the operating season, (b) depreciation, certain advertising and certain seasonal operating costs are expensed over each park’s operating season, including some costs incurred prior to the season, which are deferred and amortized over the season, and (c) all other costs are expensed as incurred or ratably over the entire year. |
Long-Lived Assets
Long-Lived Assets | 9 Months Ended |
Sep. 25, 2016 | |
Property, Plant and Equipment [Abstract] | |
Long-Lived Assets | Long-Lived Assets: Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on the Partnership's consolidated financial statements. The long-lived operating asset impairment test involves a two-step process. The first step is a comparison of each asset group's carrying value to its estimated undiscounted future cash flows expected to result from the use of the assets, including disposition. Projected future cash flows reflect management's best estimates of economic and market conditions over the projected period, including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates. 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. During the third quarter of 2016, the Partnership ceased operations of one of its separately gated outdoor water parks, Wildwater Kingdom, located near Cleveland in Aurora, Ohio. At the date that Wildwater Kingdom ceased operations, the only remaining long-lived asset was the approximate 670 acres of land owned by the Partnership. This land had 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 remaining Wildwater Kingdom acreage, reduced by acreage sold, is classified as assets held-for-sale within "Other Assets" in the unaudited condensed consolidated balance sheet ( $16.5 million as of September 24, 2017 ). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 24, 2017 | |
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. As of September 24, 2017 , there were no indicators of impairment. The Partnership's annual testing date is the first day of the fourth quarter. There were no impairments for any period presented. A summary of changes in the Partnership’s carrying value of goodwill for the nine months ended September 24, 2017 and September 25, 2016 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance at December 31, 2016 $ 259,528 $ (79,868 ) $ 179,660 Foreign currency translation 5,350 — 5,350 Balance at September 24, 2017 $ 264,878 $ (79,868 ) $ 185,010 Balance at December 31, 2015 $ 290,679 $ (79,868 ) $ 210,811 Foreign currency translation 4,649 — 4,649 Balance at September 25, 2016 $ 295,328 $ (79,868 ) $ 215,460 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 Partnership recorded an adjustment that reduced goodwill and deferred tax liabilities by $33.9 million as of December 31, 2016. The adjustment did not impact the statement of operations and comprehensive income or the statement of cash flows for any period presented. As of September 24, 2017 , December 31, 2016 , and September 25, 2016 , the Partnership’s other intangible assets consisted of the following: (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value September 24, 2017 Other intangible assets: Trade names $ 36,794 $ — $ 36,794 License / franchise agreements 3,361 (1,623 ) 1,738 Total other intangible assets $ 40,155 $ (1,623 ) $ 38,532 December 31, 2016 Other intangible assets: Trade names $ 35,603 $ — $ 35,603 License / franchise agreements 3,326 (1,092 ) 2,234 Total other intangible assets $ 38,929 $ (1,092 ) $ 37,837 September 25, 2016 Other intangible assets: Trade names $ 35,866 $ — $ 35,866 License / franchise agreements 1,475 (911 ) 564 Total other intangible assets $ 37,341 $ (911 ) $ 36,430 Amortization expense of other intangible assets is expected to continue to be immaterial going forward. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 24, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt: Long-term debt as of September 24, 2017 , December 31, 2016 , and September 25, 2016 consisted of the following: (In thousands) September 24, 2017 December 31, 2016 September 25, 2016 Term debt (1) April 2017 U.S. term loan averaging 3.38% (due 2017-2024) $ 735,000 $ — $ — March 2013 U.S. term loan averaging 3.25% (due 2013-2020) — 602,850 602,850 Notes April 2017 U.S. fixed rate notes at 5.375% (due 2027) 500,000 — — June 2014 U.S. fixed rate notes at 5.375% (due 2024) 450,000 450,000 450,000 March 2013 U.S. fixed rate notes at 5.25% (due 2021) — 500,000 500,000 1,685,000 1,552,850 1,552,850 Less current portion — (2,775 ) (1,200 ) 1,685,000 1,550,075 1,551,650 Less debt issuance costs (25,374 ) (15,864 ) (16,979 ) $ 1,659,626 $ 1,534,211 $ 1,534,671 (1) The average interest rate is calculated over the life of the instrument and does not reflect the effect of interest rate swap agreements (see Note 6). In April 2017, the Partnership issued $500 million of 5.375% senior unsecured notes ("April 2017 notes"), maturing in 2027 . The net proceeds from the offering of the April 2017 notes, together with borrowings under the 2017 Credit Agreement (defined below), were used to redeem all of the Partnership's 5.25% senior unsecured notes due 2021 ("March 2013 notes"), and pay accrued interest and transaction fees and expenses, to repay in full all amounts outstanding under its existing credit facilities and for general corporate purposes. The redemption of the March 2013 notes and repayments of the amounts outstanding under the existing credit facilities resulted in the write-off of debt issuance costs of $7.6 million and debt premium payments of $15.5 million . Accordingly, the Partnership recorded a loss on debt extinguishment of $23.1 million during the second quarter of 2017. Concurrently with the April 2017 notes issuance, the Partnership amended and restated its existing $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 $1,025 million amended and restated credit agreement (the "2017 Credit Agreement") includes a $750 million senior secured term loan facility and a $275 million senior secured revolving credit facility. The terms of the senior secured term loan facility include a maturity date of April 15, 2024 and an interest rate of London InterBank Offered Rate ("LIBOR") plus 225 basis points (bps). The term loan amortizes at $7.5 million annually. The facilities provided under the 2017 Credit Agreement are collateralized by substantially all of the assets of the Partnership. Terms of the 2017 Credit Agreement include a revolving credit facility of a combined $275 million with a Canadian sub-limit of $15 million . Borrowings under the senior secured revolving credit facility bear interest at LIBOR or Canadian Dollar Offered Rate ("CDOR") plus 200 bps. The revolving credit facility is scheduled to mature in April 2022 and also provides for the issuance of documentary and standby letters of credit. The 2017 Credit Agreement requires the payment of a 37.5 bps commitment fee per annum on the unused portion of the credit facilities. The April 2017 notes pay interest semi-annually in April and October, with the principal due in full on April 15, 2027 . Prior to April 15, 2020 , 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% of the principal amount thereof, together with accrued and unpaid interest and additional interest, if any. The notes may be redeemed, in whole or in part, at any time prior to April 15, 2022 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 and additional interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. In June 2014, the Partnership issued $450 million of 5.375% senior unsecured notes ("June 2014 notes"), maturing in 2024 . The Partnership's June 2014 notes pay interest semi-annually in June and December, with the principal due in full on June 1, 2024 . The notes may be redeemed, in whole or in part, at any time prior to June 1, 2019 at a price equal to 100% of the principal amount of the notes redeemed together plus a "make-whole" premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The 2017 Credit Agreement includes a Consolidated Leverage Ratio, which if breached for any reason and not cured could result in an event of default. The ratio is set at a maximum of 5.50 x consolidated total debt-to-consolidated EBITDA. As of September 24, 2017 , the Partnership was in compliance with this financial condition covenant and all other covenants under the 2017 Credit Agreement. The Partnership's long-term debt agreements include Restricted Payment provisions. Pursuant to the terms of the indenture governing the Partnership's June 2014 notes, which includes the most restrictive of these Restricted Payments provisions, 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. As market conditions warrant, the Partnership may from time to time repurchase debt securities issued by the Partnership, in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 24, 2017 | |
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 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 to a rate of 2.64% . As a result of the amendments, the previously existing interest rate swap agreements were de-designated, and the amounts recorded in AOCI are being amortized into earnings through the original December 31, 2018 maturity. The amended interest rate swap agreements are not designated as hedging instruments. The fair market value of the Partnership's swap portfolio was recorded within "Derivative Liability" on the unaudited condensed consolidated balance sheets as of September 24, 2017 , December 31, 2016 , and September 25, 2016 as follows: (In thousands) September 24, 2017 December 31, 2016 September 25, 2016 Derivatives not designated as hedging instruments: Interest rate swaps $ (14,849 ) $ (17,721 ) $ (30,185 ) 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 are not designated as hedging instruments. As of September 24, 2017 , 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" in the unaudited condensed consolidated statements of operations and comprehensive income. The amounts that were previously recorded as a component of AOCI prior to the de-designation are reclassified to earnings, and a corresponding realized gain or loss will be recognized when the forecasted cash flow occurs. As a result of the first quarter 2016 amendments, the previously existing interest rate swap agreements were de-designated, and the amounts previously recorded in AOCI are being amortized into earnings through the original December 31, 2018 maturity. As of September 24, 2017 , approximately $11.8 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 three months ended September 24, 2017 and September 25, 2016 : (In thousands) Amount of Gain (Loss) Amount and Location of Gain (Loss) Amount and Location of Gain (Loss) Recognized in Income on Derivatives Designated Derivatives Three months ended 9/24/2017 Three months ended 9/25/2016 Designated Derivatives Three months ended 9/24/2017 Three months ended 9/25/2016 Derivatives Not Designated Three months ended 9/24/2017 Three months ended 9/25/2016 Interest rate swaps $ — $ — Interest Expense $ — $ — Net effect of swaps $ 3,318 $ 715 During the quarter ended September 24, 2017 , the Partnership recognized $3.3 million of gains on the derivatives not designated as cash flow hedges and $2.4 million of expense representing the regular amortization of amounts in AOCI. The effect of these amounts resulted in a benefit to earnings of $1.0 million recorded in “Net effect of swaps.” During the quarter ended September 25, 2016 , the Partnership recognized $0.7 million of gains on the derivatives not designated as cash flow hedges and $2.4 million of expense representing the amortization of amounts in AOCI. The effect of these amounts resulted in a charge to earnings of $1.7 million recorded in “Net effect of swaps.” The following table summarizes the effect of derivative instruments on income and other comprehensive income for the nine months ended September 24, 2017 and September 25, 2016 : (In thousands) Amount of Gain (Loss) Amount and Location of Gain (Loss) Amount and Location of Gain (Loss) Recognized Designated Derivatives Nine months ended 9/24/2017 Nine months ended 9/25/2016 Designated Derivatives Nine months ended 9/24/2017 Nine months ended 9/25/2016 Derivatives Not Designated Nine months ended 9/24/2017 Nine months ended 9/25/2016 Interest rate swaps $ — $ (4,671 ) Interest Expense $ — $ (851 ) Net effect of swaps $ 3,378 $ (2,596 ) During the nine -month period ended September 24, 2017 , the Partnership recognized $3.4 million of gains on the derivatives not designated as cash flow hedges and $7.1 million of expense representing the regular amortization of amounts in AOCI. The effect of these amounts resulted in a charge to earnings of $3.7 million recorded in “Net effect of swaps.” During the nine -month period ended September 25, 2016 , the Partnership recognized $2.6 million of losses on the derivatives not designated as cash flow hedges and $6.3 million of expense representing the amortization of amounts in AOCI. The effect of these amounts resulted in a charge to earnings of $8.9 million recorded in “Net effect of swaps.” |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 24, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements: The FASB's Accounting Standards Codification (ASC) 820 - Fair Value Measurements and Disclosures 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 September 24, 2017 , December 31, 2016 , and September 25, 2016 on a recurring basis as well as the fair values of other financial instruments: (In thousands) Unaudited Condensed Consolidated Balance Sheet Location Fair Value Hierarchy Level September 24, 2017 December 31, 2016 September 25, 2016 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Financial assets (liabilities) measured on a recurring basis: Short-term investments Other current assets Level 1 $ 688 $ 688 — — — — Interest rate swap agreements not designated as cash flow hedges Derivative Liability Level 2 $ (14,849 ) $ (14,849 ) $ (17,721 ) $ (17,721 ) $ (30,185 ) $ (30,185 ) Other financial assets (liabilities): March 2013 term debt Long-Term Debt (1) Level 2 — — $ (600,075 ) $ (603,075 ) $ (601,650 ) $ (603,154 ) April 2017 term debt Long-Term Debt (1) Level 2 $ (735,000 ) $ (740,513 ) — — — — March 2013 notes Long-Term Debt (1) Level 1 — — $ (500,000 ) $ (510,000 ) $ (500,000 ) $ (520,000 ) June 2014 notes Long-Term Debt (1) Level 1 $ (450,000 ) $ (472,500 ) $ (450,000 ) $ (462,375 ) $ (450,000 ) $ (477,000 ) April 2017 notes Long-Term Debt (1) Level 2 $ (500,000 ) $ (527,500 ) — — — — (1) Carrying values of long-term debt balances are before reductions for debt issuance costs of $25.4 million , $15.9 million , and $17.0 million as of September 24, 2017 , December 31, 2016 , and September 25, 2016 , respectively. Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR forward curves, which are considered Level 2 observable market inputs. 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 September 24, 2017 , December 31, 2016 , or September 25, 2016 . |
Earnings per Unit
Earnings per Unit | 9 Months Ended |
Sep. 24, 2017 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | Earnings per Unit: Net income per limited partner unit is calculated based on the following unit amounts: Three months ended Nine months ended 9/24/2017 9/25/2016 9/24/2017 9/25/2016 (In thousands, except per unit amounts) Basic weighted average units outstanding 56,078 55,948 56,062 55,922 Effect of dilutive units: Deferred units 44 33 41 30 Performance units — — 48 43 Restricted units 284 253 292 266 Unit options 185 131 188 131 Diluted weighted average units outstanding 56,591 56,365 56,631 56,392 Net income per unit - basic $ 3.41 $ 3.13 $ 2.82 $ 3.30 Net income per unit - diluted $ 3.38 $ 3.10 $ 2.79 $ 3.27 |
Income and Partnership Taxes
Income and Partnership Taxes | 9 Months Ended |
Sep. 24, 2017 | |
Income Tax Disclosure [Abstract] | |
Income and Partnership Taxes | Income and Partnership Taxes: Under the applicable accounting rules, income taxes are recognized for the amount of taxes payable by the Partnership’s corporate subsidiaries for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. The income tax provision (benefit) for interim periods is determined by applying an estimated annual effective tax rate to the quarterly income (loss) of the Partnership’s corporate subsidiaries. In addition to income taxes on its corporate subsidiaries, the Partnership is subject to a publicly traded partnership tax (PTP tax) on partnership-level gross income (net revenues less cost of food, merchandise and games). As such, the Partnership’s total provision (benefit) for taxes includes amounts for both the PTP tax and for income taxes on its subsidiaries. As of the end of the third quarter of 2017, the Partnership has recorded $0.7 million of unrecognized tax benefits including interest and/or penalties related to state and local tax filing positions. The Partnership recognizes interest and/or penalties related to unrecognized tax benefits in the income tax provision. The Partnership does not anticipate that the balance of the unrecognized tax benefit will change significantly over the next 12 months. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income by Component | 9 Months Ended |
Sep. 24, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income by Component | Changes in Accumulated Other Comprehensive Income by Component: The following tables reflect the changes in accumulated other comprehensive income related to limited partners' equity for the three months ended September 24, 2017 and September 25, 2016 : Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance at June 25, 2017 $ (11,963 ) $ 16,949 $ 4,986 Other comprehensive income before reclassifications — (11,143 ) (11,143 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($371) (2) 1,994 — 1,994 Net other comprehensive income 1,994 (11,143 ) (9,149 ) Balance at September 24, 2017 $ (9,969 ) $ 5,806 $ (4,163 ) (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 Translation Total Balance at June 26, 2016 $ (19,938 ) $ 15,747 $ (4,191 ) Other comprehensive income before reclassifications, net of tax ($803) — 1,397 1,397 Amounts reclassified from accumulated other comprehensive income, net of tax ($371) (2) 1,994 — 1,994 Net other comprehensive income 1,994 1,397 3,391 Balance at September 25, 2016 $ (17,944 ) $ 17,144 $ (800 ) (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 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) Three months ended 9/24/2017 Three months ended 9/25/2016 Interest rate contracts $ 2,365 $ 2,365 Net effect of swaps Provision for taxes (371 ) (371 ) Provision for taxes Losses on cash flow hedges $ 1,994 $ 1,994 Net of tax The following tables reflect the changes in accumulated other comprehensive income related to limited partners' equity for the nine months ended September 24, 2017 and September 25, 2016 : Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance at December 31, 2016 $ (15,950 ) $ 18,891 $ 2,941 Other comprehensive income before reclassifications — (13,085 ) (13,085 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($1,113) (2) 5,981 — 5,981 Net other comprehensive income 5,981 (13,085 ) (7,104 ) Balance at September 24, 2017 $ (9,969 ) $ 5,806 $ (4,163 ) (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 Translation Total Balance at December 31, 2015 $ (19,300 ) $ 22,591 $ 3,291 Other comprehensive income before reclassifications, net of tax $711 and $3,131, respectively (3,960 ) (5,447 ) (9,407 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($990) (2) 5,316 — 5,316 Net other comprehensive income 1,356 (5,447 ) (4,091 ) Balance at September 25, 2016 $ (17,944 ) $ 17,144 $ (800 ) (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 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) Nine months ended 9/24/2017 Nine months ended 9/25/2016 Interest rate contracts $ 7,094 $ 6,306 Net effect of swaps Provision for taxes (1,113 ) (990 ) Provision for taxes Losses on cash flow hedges $ 5,981 $ 5,316 Net of tax |
Contingencies
Contingencies | 9 Months Ended |
Sep. 24, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies: The Partnership is a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters are expected to have a material effect in the aggregate on the Partnership's financial statements. |
Consolidating Financial Informa
Consolidating Financial Information of Guarantors and Issuers | 9 Months Ended |
Sep. 24, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Consolidating Financial Information of Guarantors and Issuers | Consolidating Financial Information of Guarantors and Issuers: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's June 2014 notes (see Note 5). The notes have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum) that guarantees the Partnership's senior secured credit facilities. There are no non-guarantor subsidiaries. The following consolidating schedules present condensed financial information for Cedar Fair, L.P., Cedar Canada, and Magnum, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum), the guarantors (on a combined basis), as of September 24, 2017 , December 31, 2016 , and September 25, 2016 and for the three-month and nine -month periods ended September 24, 2017 and September 25, 2016 . In lieu of providing separate unaudited financial statements for the guarantor subsidiaries, the Partnership has included the accompanying unaudited condensed consolidating financial statements. CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 24, 2017 (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 $ — $ — $ 92,047 $ 160,593 $ (2,694 ) $ 249,946 Receivables — 1,285 33,158 837,594 (819,734 ) 52,303 Inventories — — 2,423 31,817 — 34,240 Other current assets 275 12,843 743 16,829 (12,066 ) 18,624 275 14,128 128,371 1,046,833 (834,494 ) 355,113 Property and Equipment, net — 842 183,205 1,396,463 — 1,580,510 Investment in Park 566,548 1,016,857 224,464 222,953 (2,030,822 ) — Goodwill 674 — 64,730 119,606 — 185,010 Other Intangibles, net — — 14,443 24,089 — 38,532 Deferred Tax Asset — 32,190 — — (32,190 ) — Other Assets — — 53 17,354 — 17,407 $ 567,497 $ 1,064,017 $ 615,266 $ 2,827,298 $ (2,897,506 ) $ 2,176,572 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 478,416 $ 345,150 $ 6,431 $ 26,141 $ (822,428 ) $ 33,710 Deferred revenue — — 7,137 79,595 — 86,732 Accrued interest 292 195 9,209 14,232 — 23,928 Accrued taxes 1,589 — 14,910 74,224 (12,066 ) 78,657 Accrued salaries, wages and benefits — 28,306 2,360 — — 30,666 Self-insurance reserves — 12,090 1,725 13,734 — 27,549 Other accrued liabilities 2,985 7,772 499 9,306 — 20,562 483,282 393,513 42,271 217,232 (834,494 ) 301,804 Deferred Tax Liability — — 19,511 125,350 (32,190 ) 112,671 Derivative Liability 8,933 5,916 — — — 14,849 Other Liabilities — 1,398 — 10,942 — 12,340 Long-Term Debt: Term debt — 127,402 — 595,983 — 723,385 Notes — — 444,874 491,367 — 936,241 — 127,402 444,874 1,087,350 — 1,659,626 Equity 75,282 535,788 108,610 1,386,424 (2,030,822 ) 75,282 $ 567,497 $ 1,064,017 $ 615,266 $ 2,827,298 $ (2,897,506 ) $ 2,176,572 CEDAR FAIR, L.P. UNAUDITED 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. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 25, 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 $ — $ — $ 75,562 $ 111,740 $ — $ 187,302 Receivables (5 ) 1,387 24,964 585,190 (560,000 ) 51,536 Inventories — — 1,519 29,540 — 31,059 Other current assets 275 24,479 680 12,800 (24,425 ) 13,809 270 25,866 102,725 739,270 (584,425 ) 283,706 Property and Equipment, net — 876 179,172 1,345,992 — 1,526,040 Investment in Park 820,465 963,870 197,538 347,137 (2,329,010 ) — Goodwill 674 — 95,180 119,606 — 215,460 Other Intangibles, net — — 13,519 22,911 — 36,430 Deferred Tax Asset — 3,651 — — (3,651 ) — Other Assets — 1,999 123 19,351 — 21,473 $ 821,409 $ 996,262 $ 588,257 $ 2,594,267 $ (2,917,086 ) $ 2,083,109 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 247 $ 28 $ 925 $ — $ 1,200 Accounts payable 399,384 164,335 1,342 27,830 (560,000 ) 32,891 Deferred revenue — — 5,091 60,657 — 65,748 Accrued interest 875 597 7,784 1,683 — 10,939 Accrued taxes 3,325 — 14,109 76,907 (24,425 ) 69,916 Accrued salaries, wages and benefits — 40,588 2,156 — — 42,744 Self-insurance reserves — 12,394 1,567 12,859 — 26,820 Other accrued liabilities 2,358 3,532 510 5,948 — 12,348 405,942 221,693 32,587 186,809 (584,425 ) 262,606 Deferred Tax Liability — — 19,497 121,866 (3,651 ) 137,712 Derivative Liability 18,111 12,074 — — — 30,185 Other Liabilities — 1,520 — 10,968 — 12,488 Long-Term Debt: Term debt — 123,996 13,616 457,641 — 595,253 Notes 291,909 203,025 444,484 — — 939,418 291,909 327,021 458,100 457,641 — 1,534,671 Equity 105,447 433,954 78,073 1,816,983 (2,329,010 ) 105,447 $ 821,409 $ 996,262 $ 588,257 $ 2,594,267 $ (2,917,086 ) $ 2,083,109 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended September 24, 2017 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 69,999 $ 169,429 $ 85,963 $ 596,837 $ (269,539 ) $ 652,689 Costs and expenses: Cost of food, merchandise, and games revenues — — 7,735 44,912 — 52,647 Operating expenses — 118,614 19,627 334,008 (269,539 ) 202,710 Selling, general and administrative 327 21,752 4,539 45,045 — 71,663 Depreciation and amortization — 9 7,856 62,195 — 70,060 Loss on impairment / retirement of fixed assets, net — — 87 1,260 — 1,347 Gain on sale of investment — (1,877 ) — — — (1,877 ) 327 138,498 39,844 487,420 (269,539 ) 396,550 Operating income 69,672 30,931 46,119 109,417 — 256,139 Interest expense, net 4,857 4,305 6,152 5,973 — 21,287 Net effect of swaps (578 ) (374 ) — — — (952 ) Gain on foreign currency — (27 ) (29,166 ) — — (29,193 ) Other (income) expense 62 (26,676 ) 1,163 25,386 — (65 ) Income from investment in affiliates (132,699 ) (98,522 ) (16,843 ) (58,378 ) 306,442 — Income before taxes 198,030 152,225 84,813 136,436 (306,442 ) 265,062 Provision for taxes 6,715 19,526 26,432 21,074 — 73,747 Net income $ 191,315 $ 132,699 $ 58,381 $ 115,362 $ (306,442 ) $ 191,315 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (11,143 ) — (11,143 ) — 11,143 (11,143 ) Unrealized gain on cash flow hedging derivatives 1,994 605 — — (605 ) 1,994 Other comprehensive income (loss), (net of tax) (9,149 ) 605 (11,143 ) — 10,538 (9,149 ) Total comprehensive income $ 182,166 $ 133,304 $ 47,238 $ 115,362 $ (295,904 ) $ 182,166 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended September 25, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 92,371 $ 172,703 $ 77,164 $ 606,823 $ (298,778 ) $ 650,283 Costs and expenses: Cost of food, merchandise, and games revenues — — 6,417 45,640 — 52,057 Operating expenses (10 ) 119,140 17,885 361,055 (298,778 ) 199,292 Selling, general and administrative 610 21,412 4,413 38,664 — 65,099 Depreciation and amortization — 9 7,624 57,052 — 64,685 Loss on impairment / retirement of fixed assets, net — — 57 1,298 — 1,355 600 140,561 36,396 503,709 (298,778 ) 382,488 Operating income 91,771 32,142 40,768 103,114 — 267,795 Interest expense, net 7,984 5,759 6,323 833 — 20,899 Net effect of swaps 959 691 — — — 1,650 Loss on foreign currency — — 7,337 4 — 7,341 Other (income) expense 62 (29,663 ) 1,302 28,299 — — Income from investment in affiliates (98,451 ) (62,240 ) (12,574 ) (28,737 ) 202,002 — Income before taxes 181,217 117,595 38,380 102,715 (202,002 ) 237,905 Provision for taxes 6,230 19,142 9,643 27,903 — 62,918 Net income $ 174,987 $ 98,453 $ 28,737 $ 74,812 $ (202,002 ) $ 174,987 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment 1,397 — 1,397 — (1,397 ) 1,397 Unrealized gain on cash flow hedging derivatives 1,994 606 — — (606 ) 1,994 Other comprehensive income (loss), (net of tax) 3,391 606 1,397 — (2,003 ) 3,391 Total comprehensive income $ 178,378 $ 99,059 $ 30,134 $ 74,812 $ (204,005 ) $ 178,378 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Nine Months Ended September 24, 2017 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 92,672 $ 262,739 $ 114,141 $ 1,019,399 $ (395,146 ) $ 1,093,805 Costs and expenses: Cost of food, merchandise, and games revenues — — 10,569 81,807 — 92,376 Operating expenses — 248,047 37,701 556,777 (395,146 ) 447,379 Selling, general and administrative 2,254 51,358 8,592 88,938 — 151,142 Depreciation and amortization — 26 12,869 113,342 — 126,237 Loss on impairment / retirement of fixed assets, net — — 542 2,515 — 3,057 Gain on sale of investment — (1,877 ) — — — (1,877 ) 2,254 297,554 70,273 843,379 (395,146 ) 818,314 Operating income (loss) 90,418 (34,815 ) 43,868 176,020 — 275,491 Interest expense, net 18,285 13,893 18,317 11,578 — 62,073 Net effect of swaps 2,162 1,555 — — — 3,717 Loss on early debt extinguishment 11,773 8,188 198 2,956 — 23,115 Gain on foreign currency — (27 ) (35,020 ) — — (35,047 ) Other (income) expense 187 (56,623 ) 2,640 53,731 — (65 ) Income from investment in affiliates (108,835 ) (109,414 ) (24,389 ) (58,648 ) 301,286 — Income before taxes 166,846 107,613 82,122 166,403 (301,286 ) 221,698 Provision (benefit) for taxes 8,917 (1,223 ) 23,473 32,602 — 63,769 Net income $ 157,929 $ 108,836 $ 58,649 $ 133,801 $ (301,286 ) $ 157,929 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (13,085 ) — (13,085 ) — 13,085 (13,085 ) Unrealized gain on cash flow hedging derivatives 5,981 1,816 — — (1,816 ) 5,981 Other comprehensive income (loss), (net of tax) (7,104 ) 1,816 (13,085 ) — 11,269 (7,104 ) Total comprehensive income $ 150,825 $ 110,652 $ 45,564 $ 133,801 $ (290,017 ) $ 150,825 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Nine Months Ended September 25, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 131,215 $ 271,069 $ 107,637 $ 1,036,162 $ (449,328 ) $ 1,096,755 Costs and expenses: Cost of food, merchandise, and games revenues — — 9,389 83,471 — 92,860 Operating expenses 2 246,624 36,249 607,874 (449,328 ) 441,421 Selling, general and administrative 2,264 49,307 8,757 81,754 — 142,082 Depreciation and amortization — 27 13,022 105,126 — 118,175 Loss on impairment / retirement of fixed assets, net — — 83 5,299 — 5,382 2,266 295,958 67,500 883,524 (449,328 ) 799,920 Operating income (loss) 128,949 (24,889 ) 40,137 152,638 — 296,835 Interest expense, net 23,776 17,830 18,672 1,507 — 61,785 Net effect of swaps 5,617 3,285 — — — 8,902 (Gain) loss on foreign currency — — (23,679 ) 4 — (23,675 ) Other (income) expense 187 (69,801 ) 3,051 66,563 — — Income from investment in affiliates (94,910 ) (78,515 ) (18,008 ) (44,399 ) 235,832 — Income before taxes 194,279 102,312 60,101 128,963 (235,832 ) 249,823 Provision for taxes 9,795 7,403 15,701 32,440 — 65,339 Net income $ 184,484 $ 94,909 $ 44,400 $ 96,523 $ (235,832 ) $ 184,484 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (5,447 ) — (5,447 ) — 5,447 (5,447 ) Unrealized gain on cash flow hedging derivatives 1,356 455 — — (455 ) 1,356 Other comprehensive income (loss), (net of tax) (4,091 ) 455 (5,447 ) — 4,992 (4,091 ) Total comprehensive income $ 180,393 $ 95,364 $ 38,953 $ 96,523 $ (230,840 ) $ 180,393 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 24, 2017 (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 $ 61,966 $ (3,954 ) $ 40,125 $ 227,588 $ (3,107 ) $ 322,618 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (248,190 ) 248,190 — Proceeds from returns on investments 338,000 15,500 — 146,500 (500,000 ) — Proceeds from sale of investment — 3,281 — — — 3,281 Purchase of identifiable intangible assets — — — (66 ) — (66 ) Capital expenditures — (25 ) (5,679 ) (146,669 ) — (152,373 ) Net cash from (for) investing activities 338,000 18,756 (5,679 ) (248,425 ) (251,810 ) (149,158 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 50,003 198,187 — — (248,190 ) — Payments for returns of capital — — — (500,000 ) 500,000 — Term debt borrowings — 131,000 — 619,000 — 750,000 Note borrowings — — — 500,000 — 500,000 Term debt payments — (126,619 ) (13,854 ) (477,377 ) — (617,850 ) Note payments, including amounts paid for early termination (304,014 ) (211,444 ) — — — (515,458 ) Distributions paid to partners (145,955 ) — — — 1,438 (144,517 ) Payment of debt issuance costs — (1,313 ) — (18,371 ) — (19,684 ) Tax effect of units involved in treasury unit transactions — (2,560 ) — — — (2,560 ) Payments related to tax withholding for equity compensation — (2,053 ) — — — (2,053 ) Net cash from (for) financing activities (399,966 ) (14,802 ) (13,854 ) 123,252 253,248 (52,122 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 5,892 — — 5,892 CASH AND CASH EQUIVALENTS Net increase for the period — — 26,484 102,415 (1,669 ) 127,230 Balance, beginning of period — — 65,563 58,178 (1,025 ) 122,716 Balance, end of period $ — $ — $ 92,047 $ 160,593 $ (2,694 ) $ 249,946 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 25, 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 $ 99,232 $ (54,042 ) $ 41,273 $ 256,105 $ (1,866 ) $ 340,702 CASH FLOWS FOR INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (22,771 ) 22,771 — Capital expenditures — — (6,451 ) (120,413 ) — (126,864 ) Net cash for investing activities — — (6,451 ) (143,184 ) 22,771 (126,864 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Term debt payments — (1,237 ) (138 ) (4,625 ) — (6,000 ) Distributions paid to partners (140,908 ) — — — 1,866 (139,042 ) Intercompany payables (payments) receipts (35,331 ) 58,102 — — (22,771 ) — Tax effect of units involved in treasury unit transactions — (1,903 ) — — — (1,903 ) Payments related to tax withholding for equity compensation — (920 ) — — — (920 ) Net cash from (for) financing activities (176,239 ) 54,042 (138 ) (4,625 ) (20,905 ) (147,865 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 1,772 — — 1,772 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period (77,007 ) — 36,456 108,296 — 67,745 Balance, beginning of period 77,007 — 39,106 3,444 — 119,557 Balance, end of period $ — $ — $ 75,562 $ 111,740 $ — $ 187,302 |
Significant Accounting and Re21
Significant Accounting and Reporting Policies (Policies) | 9 Months Ended |
Sep. 24, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Adopted Accounting Pronouncements 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. The Partnership adopted this guidance in the first quarter of 2017. The impact of the guidance included: (1) prospective recognition of excess tax benefits and tax deficiencies as income tax expense (as opposed to the previous recognition in additional paid-in-capital), approximately $0.7 million of excess tax benefits were recognized in provision for taxes for the nine months ended September 24, 2017 ; (2) prospective exclusion of future excess tax benefits and deficiencies in the calculation of diluted shares, which had an immaterial impact on net income per limited partner unit for the nine months ending September 24, 2017 ; (3) prospective classification of excess tax benefits as an operating activity within the statement of cash flows (as opposed to the previous classification as a financing activity), approximately $0.7 million of excess tax benefits were classified as an operating activity for the nine months ended September 24, 2017 ; (4) the formal accounting policy election to recognize forfeitures as they occur (as opposed to estimating a forfeiture accrual), which did not have a material impact on the Partnership's financial statements; (5) retrospective classification of employee taxes paid when an employer withholds shares for tax withholding purposes as a financing activity within the statement of cash flows (as opposed to the previous classification as an operating activity), approximately $0.9 million was reclassified for the nine months ended September 25, 2016 . New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The ASU provides 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 modified retrospective transition method, and early adoption is permitted only as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. The Partnership expects to adopt this standard in the first quarter of 2018 using the modified retrospective method. The Partnership anticipates the primary impact of the adoption on the 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 ASU requires the recognition of lease assets and lease liabilities within the balance sheet by lessees for operating leases, as well as requires additional disclosures in the consolidated financial statements regarding the amount, timing, and uncertainty of cash flows arising from leases. The ASU does not significantly change the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee, nor does the ASU change the accounting applied by a lessor. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018. This ASU requires a modified retrospective method and applies to the earliest period presented in the financial statements. The Partnership expects to adopt this standard in the first quarter of 2019. While the Partnership is still in the process of evaluating the effect this standard will have on the consolidated financial statements and related disclosures, the Partnership anticipates recognizing a right-of-use asset and corresponding lease liability on the consolidated balance sheet for the Santa Clara land lease, as well as other operating leases, upon adoption. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates step two from the goodwill impairment test. Instead, an entity should recognize an impairment charge for the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for annual and any interim impairment tests for periods beginning after December 15, 2019 on a prospective basis. Early adoption is permitted for annual and any interim impairment tests occurring after January 1, 2017. The Partnership has adopted the standard for its 2017 annual impairment test which is currently in process. The Partnership does not anticipate the adoption of the standard to have a material effect on the consolidated financial statements. |
Goodwill and Other Intangible22
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
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 nine months ended September 24, 2017 and September 25, 2016 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance at December 31, 2016 $ 259,528 $ (79,868 ) $ 179,660 Foreign currency translation 5,350 — 5,350 Balance at September 24, 2017 $ 264,878 $ (79,868 ) $ 185,010 Balance at December 31, 2015 $ 290,679 $ (79,868 ) $ 210,811 Foreign currency translation 4,649 — 4,649 Balance at September 25, 2016 $ 295,328 $ (79,868 ) $ 215,460 |
Partnership's other intangible assets | As of September 24, 2017 , December 31, 2016 , and September 25, 2016 , the Partnership’s other intangible assets consisted of the following: (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value September 24, 2017 Other intangible assets: Trade names $ 36,794 $ — $ 36,794 License / franchise agreements 3,361 (1,623 ) 1,738 Total other intangible assets $ 40,155 $ (1,623 ) $ 38,532 December 31, 2016 Other intangible assets: Trade names $ 35,603 $ — $ 35,603 License / franchise agreements 3,326 (1,092 ) 2,234 Total other intangible assets $ 38,929 $ (1,092 ) $ 37,837 September 25, 2016 Other intangible assets: Trade names $ 35,866 $ — $ 35,866 License / franchise agreements 1,475 (911 ) 564 Total other intangible assets $ 37,341 $ (911 ) $ 36,430 |
Long-Term Debt Long term debt t
Long-Term Debt Long term debt table (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of September 24, 2017 , December 31, 2016 , and September 25, 2016 consisted of the following: (In thousands) September 24, 2017 December 31, 2016 September 25, 2016 Term debt (1) April 2017 U.S. term loan averaging 3.38% (due 2017-2024) $ 735,000 $ — $ — March 2013 U.S. term loan averaging 3.25% (due 2013-2020) — 602,850 602,850 Notes April 2017 U.S. fixed rate notes at 5.375% (due 2027) 500,000 — — June 2014 U.S. fixed rate notes at 5.375% (due 2024) 450,000 450,000 450,000 March 2013 U.S. fixed rate notes at 5.25% (due 2021) — 500,000 500,000 1,685,000 1,552,850 1,552,850 Less current portion — (2,775 ) (1,200 ) 1,685,000 1,550,075 1,551,650 Less debt issuance costs (25,374 ) (15,864 ) (16,979 ) $ 1,659,626 $ 1,534,211 $ 1,534,671 (1) The average interest rate is calculated over the life of the instrument and does not reflect the effect of interest rate swap agreements (see Note 6) |
Derivative Financial Instrume24
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
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 recorded within "Derivative Liability" on the unaudited condensed consolidated balance sheets as of September 24, 2017 , December 31, 2016 , and September 25, 2016 as follows: (In thousands) September 24, 2017 December 31, 2016 September 25, 2016 Derivatives not designated as hedging instruments: Interest rate swaps $ (14,849 ) $ (17,721 ) $ (30,185 ) |
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 nine months ended September 24, 2017 and September 25, 2016 : (In thousands) Amount of Gain (Loss) Amount and Location of Gain (Loss) Amount and Location of Gain (Loss) Recognized Designated Derivatives Nine months ended 9/24/2017 Nine months ended 9/25/2016 Designated Derivatives Nine months ended 9/24/2017 Nine months ended 9/25/2016 Derivatives Not Designated Nine months ended 9/24/2017 Nine months ended 9/25/2016 Interest rate swaps $ — $ (4,671 ) Interest Expense $ — $ (851 ) Net effect of swaps $ 3,378 $ (2,596 ) The following table summarizes the effect of derivative instruments on income and other comprehensive income for the three months ended September 24, 2017 and September 25, 2016 : (In thousands) Amount of Gain (Loss) Amount and Location of Gain (Loss) Amount and Location of Gain (Loss) Recognized in Income on Derivatives Designated Derivatives Three months ended 9/24/2017 Three months ended 9/25/2016 Designated Derivatives Three months ended 9/24/2017 Three months ended 9/25/2016 Derivatives Not Designated Three months ended 9/24/2017 Three months ended 9/25/2016 Interest rate swaps $ — $ — Interest Expense $ — $ — Net effect of swaps $ 3,318 $ 715 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
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 September 24, 2017 , December 31, 2016 , and September 25, 2016 on a recurring basis as well as the fair values of other financial instruments: (In thousands) Unaudited Condensed Consolidated Balance Sheet Location Fair Value Hierarchy Level September 24, 2017 December 31, 2016 September 25, 2016 Carrying Value Fair Value Carrying Value Fair Value Carrying Value Fair Value Financial assets (liabilities) measured on a recurring basis: Short-term investments Other current assets Level 1 $ 688 $ 688 — — — — Interest rate swap agreements not designated as cash flow hedges Derivative Liability Level 2 $ (14,849 ) $ (14,849 ) $ (17,721 ) $ (17,721 ) $ (30,185 ) $ (30,185 ) Other financial assets (liabilities): March 2013 term debt Long-Term Debt (1) Level 2 — — $ (600,075 ) $ (603,075 ) $ (601,650 ) $ (603,154 ) April 2017 term debt Long-Term Debt (1) Level 2 $ (735,000 ) $ (740,513 ) — — — — March 2013 notes Long-Term Debt (1) Level 1 — — $ (500,000 ) $ (510,000 ) $ (500,000 ) $ (520,000 ) June 2014 notes Long-Term Debt (1) Level 1 $ (450,000 ) $ (472,500 ) $ (450,000 ) $ (462,375 ) $ (450,000 ) $ (477,000 ) April 2017 notes Long-Term Debt (1) Level 2 $ (500,000 ) $ (527,500 ) — — — — (1) Carrying values of long-term debt balances are before reductions for debt issuance costs of $25.4 million , $15.9 million , and $17.0 million as of September 24, 2017 , December 31, 2016 , and September 25, 2016 , respectively. |
Earnings per Unit (Tables)
Earnings per Unit (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Earnings Per Unit [Abstract] | |
Net income (loss) per limited partner unit | Net income per limited partner unit is calculated based on the following unit amounts: Three months ended Nine months ended 9/24/2017 9/25/2016 9/24/2017 9/25/2016 (In thousands, except per unit amounts) Basic weighted average units outstanding 56,078 55,948 56,062 55,922 Effect of dilutive units: Deferred units 44 33 41 30 Performance units — — 48 43 Restricted units 284 253 292 266 Unit options 185 131 188 131 Diluted weighted average units outstanding 56,591 56,365 56,631 56,392 Net income per unit - basic $ 3.41 $ 3.13 $ 2.82 $ 3.30 Net income per unit - diluted $ 3.38 $ 3.10 $ 2.79 $ 3.27 |
Changes in Accumulated Other 27
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income related to limited partners' equity for the nine months ended September 24, 2017 and September 25, 2016 : Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance at December 31, 2016 $ (15,950 ) $ 18,891 $ 2,941 Other comprehensive income before reclassifications — (13,085 ) (13,085 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($1,113) (2) 5,981 — 5,981 Net other comprehensive income 5,981 (13,085 ) (7,104 ) Balance at September 24, 2017 $ (9,969 ) $ 5,806 $ (4,163 ) (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 Translation Total Balance at December 31, 2015 $ (19,300 ) $ 22,591 $ 3,291 Other comprehensive income before reclassifications, net of tax $711 and $3,131, respectively (3,960 ) (5,447 ) (9,407 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($990) (2) 5,316 — 5,316 Net other comprehensive income 1,356 (5,447 ) (4,091 ) Balance at September 25, 2016 $ (17,944 ) $ 17,144 $ (800 ) (1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details. The following tables reflect the changes in accumulated other comprehensive income related to limited partners' equity for the three months ended September 24, 2017 and September 25, 2016 : Changes in Accumulated Other Comprehensive Income by Component (1) (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance at June 25, 2017 $ (11,963 ) $ 16,949 $ 4,986 Other comprehensive income before reclassifications — (11,143 ) (11,143 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($371) (2) 1,994 — 1,994 Net other comprehensive income 1,994 (11,143 ) (9,149 ) Balance at September 24, 2017 $ (9,969 ) $ 5,806 $ (4,163 ) (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 Translation Total Balance at June 26, 2016 $ (19,938 ) $ 15,747 $ (4,191 ) Other comprehensive income before reclassifications, net of tax ($803) — 1,397 1,397 Amounts reclassified from accumulated other comprehensive income, net of tax ($371) (2) 1,994 — 1,994 Net other comprehensive income 1,994 1,397 3,391 Balance at September 25, 2016 $ (17,944 ) $ 17,144 $ (800 ) (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 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) Three months ended 9/24/2017 Three months ended 9/25/2016 Interest rate contracts $ 2,365 $ 2,365 Net effect of swaps Provision for taxes (371 ) (371 ) Provision for taxes Losses on cash flow hedges $ 1,994 $ 1,994 Net of tax Reclassifications Out of Accumulated Other Comprehensive Income 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) Nine months ended 9/24/2017 Nine months ended 9/25/2016 Interest rate contracts $ 7,094 $ 6,306 Net effect of swaps Provision for taxes (1,113 ) (990 ) Provision for taxes Losses on cash flow hedges $ 5,981 $ 5,316 Net of tax |
Consolidating Financial Infor28
Consolidating Financial Information of Guarantors and Issuers (Tables) | 9 Months Ended |
Sep. 24, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 24, 2017 (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 $ — $ — $ 92,047 $ 160,593 $ (2,694 ) $ 249,946 Receivables — 1,285 33,158 837,594 (819,734 ) 52,303 Inventories — — 2,423 31,817 — 34,240 Other current assets 275 12,843 743 16,829 (12,066 ) 18,624 275 14,128 128,371 1,046,833 (834,494 ) 355,113 Property and Equipment, net — 842 183,205 1,396,463 — 1,580,510 Investment in Park 566,548 1,016,857 224,464 222,953 (2,030,822 ) — Goodwill 674 — 64,730 119,606 — 185,010 Other Intangibles, net — — 14,443 24,089 — 38,532 Deferred Tax Asset — 32,190 — — (32,190 ) — Other Assets — — 53 17,354 — 17,407 $ 567,497 $ 1,064,017 $ 615,266 $ 2,827,298 $ (2,897,506 ) $ 2,176,572 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 478,416 $ 345,150 $ 6,431 $ 26,141 $ (822,428 ) $ 33,710 Deferred revenue — — 7,137 79,595 — 86,732 Accrued interest 292 195 9,209 14,232 — 23,928 Accrued taxes 1,589 — 14,910 74,224 (12,066 ) 78,657 Accrued salaries, wages and benefits — 28,306 2,360 — — 30,666 Self-insurance reserves — 12,090 1,725 13,734 — 27,549 Other accrued liabilities 2,985 7,772 499 9,306 — 20,562 483,282 393,513 42,271 217,232 (834,494 ) 301,804 Deferred Tax Liability — — 19,511 125,350 (32,190 ) 112,671 Derivative Liability 8,933 5,916 — — — 14,849 Other Liabilities — 1,398 — 10,942 — 12,340 Long-Term Debt: Term debt — 127,402 — 595,983 — 723,385 Notes — — 444,874 491,367 — 936,241 — 127,402 444,874 1,087,350 — 1,659,626 Equity 75,282 535,788 108,610 1,386,424 (2,030,822 ) 75,282 $ 567,497 $ 1,064,017 $ 615,266 $ 2,827,298 $ (2,897,506 ) $ 2,176,572 CEDAR FAIR, L.P. UNAUDITED 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. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 25, 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 $ — $ — $ 75,562 $ 111,740 $ — $ 187,302 Receivables (5 ) 1,387 24,964 585,190 (560,000 ) 51,536 Inventories — — 1,519 29,540 — 31,059 Other current assets 275 24,479 680 12,800 (24,425 ) 13,809 270 25,866 102,725 739,270 (584,425 ) 283,706 Property and Equipment, net — 876 179,172 1,345,992 — 1,526,040 Investment in Park 820,465 963,870 197,538 347,137 (2,329,010 ) — Goodwill 674 — 95,180 119,606 — 215,460 Other Intangibles, net — — 13,519 22,911 — 36,430 Deferred Tax Asset — 3,651 — — (3,651 ) — Other Assets — 1,999 123 19,351 — 21,473 $ 821,409 $ 996,262 $ 588,257 $ 2,594,267 $ (2,917,086 ) $ 2,083,109 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 247 $ 28 $ 925 $ — $ 1,200 Accounts payable 399,384 164,335 1,342 27,830 (560,000 ) 32,891 Deferred revenue — — 5,091 60,657 — 65,748 Accrued interest 875 597 7,784 1,683 — 10,939 Accrued taxes 3,325 — 14,109 76,907 (24,425 ) 69,916 Accrued salaries, wages and benefits — 40,588 2,156 — — 42,744 Self-insurance reserves — 12,394 1,567 12,859 — 26,820 Other accrued liabilities 2,358 3,532 510 5,948 — 12,348 405,942 221,693 32,587 186,809 (584,425 ) 262,606 Deferred Tax Liability — — 19,497 121,866 (3,651 ) 137,712 Derivative Liability 18,111 12,074 — — — 30,185 Other Liabilities — 1,520 — 10,968 — 12,488 Long-Term Debt: Term debt — 123,996 13,616 457,641 — 595,253 Notes 291,909 203,025 444,484 — — 939,418 291,909 327,021 458,100 457,641 — 1,534,671 Equity 105,447 433,954 78,073 1,816,983 (2,329,010 ) 105,447 $ 821,409 $ 996,262 $ 588,257 $ 2,594,267 $ (2,917,086 ) $ 2,083,109 |
Condensed Consolidating Statement of Operations and Other Comprehensive Income (Loss) | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended September 24, 2017 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 69,999 $ 169,429 $ 85,963 $ 596,837 $ (269,539 ) $ 652,689 Costs and expenses: Cost of food, merchandise, and games revenues — — 7,735 44,912 — 52,647 Operating expenses — 118,614 19,627 334,008 (269,539 ) 202,710 Selling, general and administrative 327 21,752 4,539 45,045 — 71,663 Depreciation and amortization — 9 7,856 62,195 — 70,060 Loss on impairment / retirement of fixed assets, net — — 87 1,260 — 1,347 Gain on sale of investment — (1,877 ) — — — (1,877 ) 327 138,498 39,844 487,420 (269,539 ) 396,550 Operating income 69,672 30,931 46,119 109,417 — 256,139 Interest expense, net 4,857 4,305 6,152 5,973 — 21,287 Net effect of swaps (578 ) (374 ) — — — (952 ) Gain on foreign currency — (27 ) (29,166 ) — — (29,193 ) Other (income) expense 62 (26,676 ) 1,163 25,386 — (65 ) Income from investment in affiliates (132,699 ) (98,522 ) (16,843 ) (58,378 ) 306,442 — Income before taxes 198,030 152,225 84,813 136,436 (306,442 ) 265,062 Provision for taxes 6,715 19,526 26,432 21,074 — 73,747 Net income $ 191,315 $ 132,699 $ 58,381 $ 115,362 $ (306,442 ) $ 191,315 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (11,143 ) — (11,143 ) — 11,143 (11,143 ) Unrealized gain on cash flow hedging derivatives 1,994 605 — — (605 ) 1,994 Other comprehensive income (loss), (net of tax) (9,149 ) 605 (11,143 ) — 10,538 (9,149 ) Total comprehensive income $ 182,166 $ 133,304 $ 47,238 $ 115,362 $ (295,904 ) $ 182,166 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended September 25, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 92,371 $ 172,703 $ 77,164 $ 606,823 $ (298,778 ) $ 650,283 Costs and expenses: Cost of food, merchandise, and games revenues — — 6,417 45,640 — 52,057 Operating expenses (10 ) 119,140 17,885 361,055 (298,778 ) 199,292 Selling, general and administrative 610 21,412 4,413 38,664 — 65,099 Depreciation and amortization — 9 7,624 57,052 — 64,685 Loss on impairment / retirement of fixed assets, net — — 57 1,298 — 1,355 600 140,561 36,396 503,709 (298,778 ) 382,488 Operating income 91,771 32,142 40,768 103,114 — 267,795 Interest expense, net 7,984 5,759 6,323 833 — 20,899 Net effect of swaps 959 691 — — — 1,650 Loss on foreign currency — — 7,337 4 — 7,341 Other (income) expense 62 (29,663 ) 1,302 28,299 — — Income from investment in affiliates (98,451 ) (62,240 ) (12,574 ) (28,737 ) 202,002 — Income before taxes 181,217 117,595 38,380 102,715 (202,002 ) 237,905 Provision for taxes 6,230 19,142 9,643 27,903 — 62,918 Net income $ 174,987 $ 98,453 $ 28,737 $ 74,812 $ (202,002 ) $ 174,987 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment 1,397 — 1,397 — (1,397 ) 1,397 Unrealized gain on cash flow hedging derivatives 1,994 606 — — (606 ) 1,994 Other comprehensive income (loss), (net of tax) 3,391 606 1,397 — (2,003 ) 3,391 Total comprehensive income $ 178,378 $ 99,059 $ 30,134 $ 74,812 $ (204,005 ) $ 178,378 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Nine Months Ended September 24, 2017 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 92,672 $ 262,739 $ 114,141 $ 1,019,399 $ (395,146 ) $ 1,093,805 Costs and expenses: Cost of food, merchandise, and games revenues — — 10,569 81,807 — 92,376 Operating expenses — 248,047 37,701 556,777 (395,146 ) 447,379 Selling, general and administrative 2,254 51,358 8,592 88,938 — 151,142 Depreciation and amortization — 26 12,869 113,342 — 126,237 Loss on impairment / retirement of fixed assets, net — — 542 2,515 — 3,057 Gain on sale of investment — (1,877 ) — — — (1,877 ) 2,254 297,554 70,273 843,379 (395,146 ) 818,314 Operating income (loss) 90,418 (34,815 ) 43,868 176,020 — 275,491 Interest expense, net 18,285 13,893 18,317 11,578 — 62,073 Net effect of swaps 2,162 1,555 — — — 3,717 Loss on early debt extinguishment 11,773 8,188 198 2,956 — 23,115 Gain on foreign currency — (27 ) (35,020 ) — — (35,047 ) Other (income) expense 187 (56,623 ) 2,640 53,731 — (65 ) Income from investment in affiliates (108,835 ) (109,414 ) (24,389 ) (58,648 ) 301,286 — Income before taxes 166,846 107,613 82,122 166,403 (301,286 ) 221,698 Provision (benefit) for taxes 8,917 (1,223 ) 23,473 32,602 — 63,769 Net income $ 157,929 $ 108,836 $ 58,649 $ 133,801 $ (301,286 ) $ 157,929 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (13,085 ) — (13,085 ) — 13,085 (13,085 ) Unrealized gain on cash flow hedging derivatives 5,981 1,816 — — (1,816 ) 5,981 Other comprehensive income (loss), (net of tax) (7,104 ) 1,816 (13,085 ) — 11,269 (7,104 ) Total comprehensive income $ 150,825 $ 110,652 $ 45,564 $ 133,801 $ (290,017 ) $ 150,825 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Nine Months Ended September 25, 2016 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 131,215 $ 271,069 $ 107,637 $ 1,036,162 $ (449,328 ) $ 1,096,755 Costs and expenses: Cost of food, merchandise, and games revenues — — 9,389 83,471 — 92,860 Operating expenses 2 246,624 36,249 607,874 (449,328 ) 441,421 Selling, general and administrative 2,264 49,307 8,757 81,754 — 142,082 Depreciation and amortization — 27 13,022 105,126 — 118,175 Loss on impairment / retirement of fixed assets, net — — 83 5,299 — 5,382 2,266 295,958 67,500 883,524 (449,328 ) 799,920 Operating income (loss) 128,949 (24,889 ) 40,137 152,638 — 296,835 Interest expense, net 23,776 17,830 18,672 1,507 — 61,785 Net effect of swaps 5,617 3,285 — — — 8,902 (Gain) loss on foreign currency — — (23,679 ) 4 — (23,675 ) Other (income) expense 187 (69,801 ) 3,051 66,563 — — Income from investment in affiliates (94,910 ) (78,515 ) (18,008 ) (44,399 ) 235,832 — Income before taxes 194,279 102,312 60,101 128,963 (235,832 ) 249,823 Provision for taxes 9,795 7,403 15,701 32,440 — 65,339 Net income $ 184,484 $ 94,909 $ 44,400 $ 96,523 $ (235,832 ) $ 184,484 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (5,447 ) — (5,447 ) — 5,447 (5,447 ) Unrealized gain on cash flow hedging derivatives 1,356 455 — — (455 ) 1,356 Other comprehensive income (loss), (net of tax) (4,091 ) 455 (5,447 ) — 4,992 (4,091 ) Total comprehensive income $ 180,393 $ 95,364 $ 38,953 $ 96,523 $ (230,840 ) $ 180,393 |
Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 24, 2017 (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 $ 61,966 $ (3,954 ) $ 40,125 $ 227,588 $ (3,107 ) $ 322,618 CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (248,190 ) 248,190 — Proceeds from returns on investments 338,000 15,500 — 146,500 (500,000 ) — Proceeds from sale of investment — 3,281 — — — 3,281 Purchase of identifiable intangible assets — — — (66 ) — (66 ) Capital expenditures — (25 ) (5,679 ) (146,669 ) — (152,373 ) Net cash from (for) investing activities 338,000 18,756 (5,679 ) (248,425 ) (251,810 ) (149,158 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 50,003 198,187 — — (248,190 ) — Payments for returns of capital — — — (500,000 ) 500,000 — Term debt borrowings — 131,000 — 619,000 — 750,000 Note borrowings — — — 500,000 — 500,000 Term debt payments — (126,619 ) (13,854 ) (477,377 ) — (617,850 ) Note payments, including amounts paid for early termination (304,014 ) (211,444 ) — — — (515,458 ) Distributions paid to partners (145,955 ) — — — 1,438 (144,517 ) Payment of debt issuance costs — (1,313 ) — (18,371 ) — (19,684 ) Tax effect of units involved in treasury unit transactions — (2,560 ) — — — (2,560 ) Payments related to tax withholding for equity compensation — (2,053 ) — — — (2,053 ) Net cash from (for) financing activities (399,966 ) (14,802 ) (13,854 ) 123,252 253,248 (52,122 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 5,892 — — 5,892 CASH AND CASH EQUIVALENTS Net increase for the period — — 26,484 102,415 (1,669 ) 127,230 Balance, beginning of period — — 65,563 58,178 (1,025 ) 122,716 Balance, end of period $ — $ — $ 92,047 $ 160,593 $ (2,694 ) $ 249,946 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 25, 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 $ 99,232 $ (54,042 ) $ 41,273 $ 256,105 $ (1,866 ) $ 340,702 CASH FLOWS FOR INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (22,771 ) 22,771 — Capital expenditures — — (6,451 ) (120,413 ) — (126,864 ) Net cash for investing activities — — (6,451 ) (143,184 ) 22,771 (126,864 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Term debt payments — (1,237 ) (138 ) (4,625 ) — (6,000 ) Distributions paid to partners (140,908 ) — — — 1,866 (139,042 ) Intercompany payables (payments) receipts (35,331 ) 58,102 — — (22,771 ) — Tax effect of units involved in treasury unit transactions — (1,903 ) — — — (1,903 ) Payments related to tax withholding for equity compensation — (920 ) — — — (920 ) Net cash from (for) financing activities (176,239 ) 54,042 (138 ) (4,625 ) (20,905 ) (147,865 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 1,772 — — 1,772 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period (77,007 ) — 36,456 108,296 — 67,745 Balance, beginning of period 77,007 — 39,106 3,444 — 119,557 Balance, end of period $ — $ — $ 75,562 $ 111,740 $ — $ 187,302 |
Significant Accounting and Re29
Significant Accounting and Reporting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Excess tax benefit amount | $ 700 | ||
Net cash from financing activities | (52,122) | $ (147,865) | |
Net cash for operating activities | $ (322,618) | (340,702) | |
Accounting Standards Update 2016-09, Statutory Tax Withholding Component [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net cash from financing activities | $ 900 | ||
Net cash for operating activities | $ 900 |
Interim Reporting (Details)
Interim Reporting (Details) | 9 Months Ended |
Sep. 24, 2017property | |
Nature of Operations [Line Items] | |
Number of amusement parks owned and operated | 11 |
Number of outdoor water parks owned and operated | 2 |
Number of indoor water parks owned and operated | 1 |
Number of hotels owned and operated | 5 |
Winterfest parks | 4 |
Minimum [Member] | |
Nature of Operations [Line Items] | |
Operating period | 130 days |
Operating cycle, WinterFest | 20 days |
Maximum [Member] | |
Nature of Operations [Line Items] | |
Operating period | 140 days |
Operating cycle, WinterFest | 25 days |
Long-Lived Assets - Wildwater K
Long-Lived Assets - Wildwater Kingdom Held for Sale (Details) | 3 Months Ended | |
Sep. 25, 2016USD ($)property | Sep. 24, 2017USD ($)a | |
Property, Plant and Equipment [Line Items] | ||
Closed operations, properties | property | 1 | |
Area of land | a | 670 | |
Other Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Land Available-for-sale | $ 17,100,000 | |
Impairment of real estate | $ 0 | |
Assets held-for-sale | $ 16,500,000 |
Goodwill and Other Intangible32
Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 24, 2017 | Sep. 25, 2016 | Dec. 31, 2016 | |
Goodwill [Roll Forward] | |||
Goodwill (gross), beginning of period | $ 259,528 | $ 290,679 | $ 290,679 |
Accumulated Impairment Losses, beginning of period | (79,868) | (79,868) | (79,868) |
Goodwill (net), beginning of period | 179,660 | 210,811 | 210,811 |
Foreign currency translation | 5,350 | 4,649 | |
Goodwill (gross), end of period | 264,878 | 295,328 | 259,528 |
Accumulated Impairment Losses, ending of period | (79,868) | (79,868) | (79,868) |
Goodwill (net), end of period | $ 185,010 | $ 215,460 | 179,660 |
Adjustment to reduce goodwill and deferred tax liabilities | $ 33,900 |
Goodwill and Other Intangible33
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Dec. 31, 2016 | Sep. 25, 2016 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Carrying Amount/Value | $ 36,794 | $ 35,603 | $ 35,866 |
Accumulated Amortization | (1,623) | (1,092) | (911) |
Total other intangible assets, gross carrying amount | 40,155 | 38,929 | 37,341 |
Total other intangibe assets, net carrying value | 38,532 | 37,837 | 36,430 |
License / Franchise Agreements [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | 3,361 | 3,326 | 1,475 |
Accumulated Amortization | (1,623) | (1,092) | (911) |
Net Carrying Value | $ 1,738 | $ 2,234 | $ 564 |
Long-Term Debt Schedule of Long
Long-Term Debt Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 24, 2017 | Dec. 31, 2016 | Sep. 25, 2016 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,685,000 | $ 1,552,850 | $ 1,552,850 |
Current maturities of long-term debt | 0 | (2,775) | (1,200) |
Long-term debt, excluding current maturities, gross | 1,685,000 | 1,550,075 | 1,551,650 |
Deferred finance costs | (25,374) | (15,864) | (16,979) |
Total long-term debt | $ 1,659,626 | 1,534,211 | 1,534,671 |
April 2017 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.375% | ||
Long-term debt, gross | $ 500,000 | 0 | 0 |
5.375% Note [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.375% | ||
Long-term debt, gross | $ 450,000 | 450,000 | 450,000 |
5.25% Note [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.25% | ||
Long-term debt, gross | $ 0 | 500,000 | 500,000 |
Senior Secured Term Loan [Member] | 2017 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 3.38% | ||
Long-term debt, gross | $ 735,000 | 0 | 0 |
Senior Secured Term Loan [Member] | 2013 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 3.25% | ||
Long-term debt, gross | $ 0 | $ 602,850 | $ 602,850 |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) - USD ($) | Apr. 13, 2017 | Apr. 30, 2017 | Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | Jun. 30, 2014 | Mar. 31, 2013 |
Debt Instrument [Line Items] | ||||||||
Loss on early debt extinguishment | $ 0 | $ 0 | $ (23,115,000) | $ 0 | ||||
Senior Secured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective interest rate percentage | 2.25% | |||||||
Periodic principal payment | $ 7,500,000 | |||||||
April 2017 Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 5.375% | 5.375% | ||||||
April 2017 Notes [Member] | Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||
Interest rate, stated percentage | 5.375% | |||||||
Redemption price, percentage | 35.00% | |||||||
Early call date, premium price, percentage | 105.375% | |||||||
Redemption percentage of original face amount | 100.00% | |||||||
Notes Payable Due 2021 [Member] | Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 5.25% | |||||||
2013 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 885,000,000 | |||||||
2013 Credit Agreement [Member] | Canadian Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 7,600,000 | |||||||
Amortization of debt issuance costs | 15,500,000 | |||||||
2013 Credit Agreement [Member] | Senior Secured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | 630,000,000 | |||||||
2013 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 255,000,000 | |||||||
2017 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | 1,025,000,000 | |||||||
Total indebtedness to consolidated cash flow ratio requirement | 5.5 | |||||||
2017 Credit Agreement [Member] | Canadian Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 15,000,000 | |||||||
2017 Credit Agreement [Member] | Canadian Revolving Credit Facility CAD and USD [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin over LIBOR | 2.00% | |||||||
2017 Credit Agreement [Member] | Senior Secured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 750,000,000 | |||||||
2017 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 275,000,000 | |||||||
Commitment fee percentage | 0.375% | |||||||
Notes Payable due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total indebtedness to consolidated cash flow ratio requirement | 5 | |||||||
Notes Payable due 2024 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Restricted payment | $ 60,000,000 | |||||||
Notes Payable due 2024 [Member] | Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 450,000,000 | |||||||
Interest rate, stated percentage | 5.375% | |||||||
Redemption percentage of original face amount | 100.00% |
Derivative Financial Instrume36
Derivative Financial Instruments (Narrative) (Details) - 2013 forwards [Member] - Cash Flow Hedging [Member] - Forward-Starting Interest Rate Swap [Member] $ in Millions | 3 Months Ended |
Mar. 27, 2016USD ($)contract | |
Derivative [Line Items] | |
Number of derivative instruments | contract | 4 |
Derivative, extension of maturity (in years) | 2 years |
Derivative, amount of hedged item | $ | $ 500 |
Average rate | 2.64% |
Derivative Financial Instrume37
Derivative Financial Instruments Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Dec. 31, 2016 | Sep. 25, 2016 |
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | $ (14,849) | $ (17,721) | $ (30,185) |
Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | $ (14,849) | $ (17,721) | $ (30,185) |
Derivative Financial Instrume38
Derivative Financial Instruments Income Statement Location (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Derivative [Line Items] | ||||
Net effect of swaps | $ 952,000 | $ (1,650,000) | $ (3,717,000) | $ (8,902,000) |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amortization of deferred hedge gains | 2,400,000 | 2,400,000 | 7,100,000 | 6,300,000 |
Cash Flow Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Interest rate cash flow hedge gain (loss) to be reclassified | 9,500,000 | 9,500,000 | ||
Accumulated other comprehensive income (loss) related to cash flow hedges | (11,800,000) | (11,800,000) | ||
Designated As Hedging [Member] | ||||
Derivative [Line Items] | ||||
Interest rate cash flow hedge gain (loss) to be reclassified | 0 | 0 | ||
Designated As Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) recognized in OCI on Derivatives (Effective Portion) | 0 | 0 | 0 | (4,671,000) |
Interest Expense [Member] | Designated As Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amount and Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | 0 | (851,000) |
Net Effect of Swaps [Member] | Designated As Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amount and Location of Gain (Loss) Recognized in Income on Derivatives | $ 3,318,000 | $ 715,000 | $ 3,378,000 | $ (2,596,000) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Dec. 31, 2016 | Sep. 25, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred finance costs | $ 25,374 | $ 15,864 | $ 16,979 |
Derivative Liability [Member] | Not Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | (14,849) | (17,721) | (30,185) |
Reported Value Measurement [Member] | Derivative Liability [Member] | Not Designated As Hedging [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | (14,849) | (17,721) | (30,185) |
Credit Agreement 2013 [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | 0 | (603,075) | (603,154) |
Credit Agreement 2013 [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | 0 | (600,075) | (601,650) |
2017 Credit Agreement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (740,513) | 0 | 0 |
2017 Credit Agreement [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (735,000) | 0 | 0 |
Notes Payable Due 2021 [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | 0 | (510,000) | (520,000) |
Notes Payable Due 2021 [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | 0 | (500,000) | (500,000) |
Notes Payable due 2024 [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (472,500) | (462,375) | (477,000) |
Notes Payable due 2024 [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (450,000) | (450,000) | (450,000) |
April 2017 Notes [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (527,500) | 0 | 0 |
April 2017 Notes [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (500,000) | 0 | 0 |
Short-term Investments [Member] | Other Current Assets [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | 688 | 0 | 0 |
Short-term Investments [Member] | Reported Value Measurement [Member] | Other Current Assets [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | $ 688 | $ 0 | $ 0 |
Earnings per Unit (Details)
Earnings per Unit (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Earnings Per Unit [Abstract] | ||||
Basic weighted average units outstanding (in shares) | 56,078 | 55,948 | 56,062 | 55,922 |
Effect of dilutive units: | ||||
Deferred units (in shares) | 44 | 33 | 41 | 30 |
Performance units (in shares) | 0 | 0 | 48 | 43 |
Restricted units (in shares) | 284 | 253 | 292 | 266 |
Unit options (in shares) | 185 | 131 | 188 | 131 |
Diluted weighted average units outstanding (in shares) | 56,591 | 56,365 | 56,631 | 56,392 |
Net income (loss) per limited partner unit - basic (in dollars per share) | $ 3.41 | $ 3.13 | $ 2.82 | $ 3.30 |
Net income (loss) per limited partner unit - diluted (in dollars per share) | $ 3.38 | $ 3.10 | $ 2.79 | $ 3.27 |
Income and Partnership Taxes Un
Income and Partnership Taxes Unrecognized Tax Position (Details) $ in Millions | 9 Months Ended |
Sep. 24, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefit | $ 0.7 |
Changes in Accumulated Other 42
Changes in Accumulated Other Comprehensive Income by Component Changes in AOCI by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Net current-period other comprehensive income | $ (9,149) | $ 3,391 | $ (7,104) | $ (4,091) |
Other comprehensive income before reclassification tax effect | 0 | 0 | 0 | 711 |
Provision (benefit) for taxes | (73,747) | (62,918) | (63,769) | (65,339) |
Foreign currency translation adjustment, tax | (803) | 0 | 3,131 | |
Gains and Losses on Cash Flow Hedges [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (11,963) | (19,938) | (15,950) | (19,300) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | (3,960) |
Amounts reclassified from accumulated other comprehensive income | 1,994 | 1,994 | 5,981 | 5,316 |
Net current-period other comprehensive income | 1,994 | 1,994 | 5,981 | 1,356 |
Balance, ending | (9,969) | (17,944) | (9,969) | (17,944) |
Foreign Currency Items [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | 16,949 | 15,747 | 18,891 | 22,591 |
Other comprehensive income before reclassifications | (11,143) | 1,397 | (13,085) | (5,447) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income | (11,143) | 1,397 | (13,085) | (5,447) |
Balance, ending | 5,806 | 17,144 | 5,806 | 17,144 |
AOCI Attributable to Parent [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | 4,986 | (4,191) | 2,941 | 3,291 |
Other comprehensive income before reclassifications | (11,143) | 1,397 | (13,085) | (9,407) |
Amounts reclassified from accumulated other comprehensive income | 1,994 | 1,994 | 5,981 | 5,316 |
Net current-period other comprehensive income | (9,149) | 3,391 | (7,104) | (4,091) |
Balance, ending | $ (4,163) | $ (800) | $ (4,163) | $ (800) |
Changes in Accumulated Other 43
Changes in Accumulated Other Comprehensive Income by Component Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net effect of swaps | $ 952 | $ (1,650) | $ (3,717) | $ (8,902) |
Provision (benefit) for taxes | (73,747) | (62,918) | (63,769) | (65,339) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision (benefit) for taxes | (371) | (371) | (1,113) | (990) |
Net income (loss) | 1,994 | 1,994 | 5,981 | 5,316 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision (benefit) for taxes | (371) | (371) | (1,113) | (990) |
Interest Rate Contracts [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net effect of swaps | $ 2,365 | $ 2,365 | $ 7,094 | $ 6,306 |
Consolidating Financial Infor44
Consolidating Financial Information of Guarantors and Issuers (Details) | Sep. 24, 2017 |
Senior Unsecured Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary Ownership Percentage Guaranteering Notes | 100.00% |
Consolidating Financial Infor45
Consolidating Financial Information of Guarantors and Issuers Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 24, 2017 | Dec. 31, 2016 | Sep. 25, 2016 | Dec. 31, 2015 |
Current Assets: | ||||
Cash and cash equivalents | $ 249,946 | $ 122,716 | $ 187,302 | $ 119,557 |
Receivables | 52,303 | 35,414 | 51,536 | |
Inventories | 34,240 | 26,276 | 31,059 | |
Other current assets | 18,624 | 11,270 | 13,809 | |
Total current assets | 355,113 | 195,676 | 283,706 | |
Property and Equipment, net | 1,580,510 | 1,539,220 | 1,526,040 | |
Investment in Park | 0 | 0 | 0 | |
Goodwill | 185,010 | 179,660 | 215,460 | 210,811 |
Other Intangibles, net | 38,532 | 37,837 | 36,430 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 17,407 | 20,788 | 21,473 | |
Total Assets | 2,176,572 | 1,973,181 | 2,083,109 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | 2,775 | 1,200 | |
Accounts payable | 33,710 | 20,851 | 32,891 | |
Deferred revenue | 86,732 | 82,765 | 65,748 | |
Accrued interest | 23,928 | 9,986 | 10,939 | |
Accrued taxes | 78,657 | 58,958 | 69,916 | |
Accrued salaries, wages and benefits | 30,666 | 30,358 | 42,744 | |
Self-insurance reserves | 27,549 | 27,063 | 26,820 | |
Other accrued liabilities | 20,562 | 9,927 | 12,348 | |
Total current liabilities | 301,804 | 242,683 | 262,606 | |
Deferred Tax Liability | 112,671 | 104,885 | 137,712 | |
Derivative Liability | 14,849 | 17,721 | 30,185 | |
Other Liabilities | 12,340 | 13,162 | 12,488 | |
Long-Term Debt: | ||||
Term debt | 723,385 | 594,228 | 595,253 | |
Notes | 936,241 | 939,983 | 939,418 | |
Total long-term debt | 1,659,626 | 1,534,211 | 1,534,671 | |
Total partners' equity | 75,282 | 60,519 | 105,447 | |
Total Liabilities and Partners' Equity | 2,176,572 | 1,973,181 | 2,083,109 | |
Cedar Fair L.P. (Parent) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 77,007 |
Receivables | 0 | 0 | (5) | |
Inventories | 0 | 0 | 0 | |
Other current assets | 275 | 173 | 275 | |
Total current assets | 275 | 173 | 270 | |
Property and Equipment, net | 0 | 0 | 0 | |
Investment in Park | 566,548 | 798,076 | 820,465 | |
Goodwill | 674 | 674 | 674 | |
Other Intangibles, net | 0 | 0 | 0 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 0 | 0 | 0 | |
Total Assets | 567,497 | 798,923 | 821,409 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | 478,416 | 428,396 | 399,384 | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 292 | 4,613 | 875 | |
Accrued taxes | 1,589 | 405 | 3,325 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | 0 | |
Other accrued liabilities | 2,985 | 2,282 | 2,358 | |
Total current liabilities | 483,282 | 435,696 | 405,942 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 8,933 | 10,633 | 18,111 | |
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Term debt | 0 | 0 | 0 | |
Notes | 0 | 292,075 | 291,909 | |
Total long-term debt | 0 | 292,075 | 291,909 | |
Total partners' equity | 75,282 | 60,519 | 105,447 | |
Total Liabilities and Partners' Equity | 567,497 | 798,923 | 821,409 | |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 1,285 | 1,409 | 1,387 | |
Inventories | 0 | 0 | 0 | |
Other current assets | 12,843 | 796 | 24,479 | |
Total current assets | 14,128 | 2,205 | 25,866 | |
Property and Equipment, net | 842 | 844 | 876 | |
Investment in Park | 1,016,857 | 937,626 | 963,870 | |
Goodwill | 0 | 0 | 0 | |
Other Intangibles, net | 0 | 0 | 0 | |
Deferred Tax Asset | 32,190 | 33,303 | 3,651 | |
Other Assets | 0 | 2,000 | 1,999 | |
Total Assets | 1,064,017 | 975,978 | 996,262 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 572 | 247 | ||
Accounts payable | 345,150 | 145,258 | 164,335 | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 195 | 3,207 | 597 | |
Accrued taxes | 0 | 18,653 | 0 | |
Accrued salaries, wages and benefits | 28,306 | 29,227 | 40,588 | |
Self-insurance reserves | 12,090 | 12,490 | 12,394 | |
Other accrued liabilities | 7,772 | 3,018 | 3,532 | |
Total current liabilities | 393,513 | 212,425 | 221,693 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 5,916 | 7,088 | 12,074 | |
Other Liabilities | 1,398 | 1,236 | 1,520 | |
Long-Term Debt: | ||||
Term debt | 127,402 | 123,672 | 123,996 | |
Notes | 0 | 203,140 | 203,025 | |
Total long-term debt | 127,402 | 326,812 | 327,021 | |
Total partners' equity | 535,788 | 428,417 | 433,954 | |
Total Liabilities and Partners' Equity | 1,064,017 | 975,978 | 996,262 | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 92,047 | 65,563 | 75,562 | 39,106 |
Receivables | 33,158 | 28,019 | 24,964 | |
Inventories | 2,423 | 1,371 | 1,519 | |
Other current assets | 743 | 2,229 | 680 | |
Total current assets | 128,371 | 97,182 | 102,725 | |
Property and Equipment, net | 183,205 | 175,358 | 179,172 | |
Investment in Park | 224,464 | 200,075 | 197,538 | |
Goodwill | 64,730 | 59,381 | 95,180 | |
Other Intangibles, net | 14,443 | 13,255 | 13,519 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 53 | 108 | 123 | |
Total Assets | 615,266 | 545,359 | 588,257 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 64 | 28 | ||
Accounts payable | 6,431 | 740 | 1,342 | |
Deferred revenue | 7,137 | 5,601 | 5,091 | |
Accrued interest | 9,209 | 2,057 | 7,784 | |
Accrued taxes | 14,910 | 0 | 14,109 | |
Accrued salaries, wages and benefits | 2,360 | 1,131 | 2,156 | |
Self-insurance reserves | 1,725 | 1,321 | 1,567 | |
Other accrued liabilities | 499 | 193 | 510 | |
Total current liabilities | 42,271 | 11,107 | 32,587 | |
Deferred Tax Liability | 19,511 | 12,838 | 19,497 | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Term debt | 0 | 13,598 | 13,616 | |
Notes | 444,874 | 444,768 | 444,484 | |
Total long-term debt | 444,874 | 458,366 | 458,100 | |
Total partners' equity | 108,610 | 63,048 | 78,073 | |
Total Liabilities and Partners' Equity | 615,266 | 545,359 | 588,257 | |
Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 160,593 | 58,178 | 111,740 | 3,444 |
Receivables | 837,594 | 576,975 | 585,190 | |
Inventories | 31,817 | 24,905 | 29,540 | |
Other current assets | 16,829 | 9,833 | 12,800 | |
Total current assets | 1,046,833 | 669,891 | 739,270 | |
Property and Equipment, net | 1,396,463 | 1,363,018 | 1,345,992 | |
Investment in Park | 222,953 | 324,282 | 347,137 | |
Goodwill | 119,606 | 119,605 | 119,606 | |
Other Intangibles, net | 24,089 | 24,582 | 22,911 | |
Deferred Tax Asset | 0 | 0 | 0 | |
Other Assets | 17,354 | 18,680 | 19,351 | |
Total Assets | 2,827,298 | 2,520,058 | 2,594,267 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 2,139 | 925 | ||
Accounts payable | 26,141 | 18,471 | 27,830 | |
Deferred revenue | 79,595 | 77,164 | 60,657 | |
Accrued interest | 14,232 | 109 | 1,683 | |
Accrued taxes | 74,224 | 41,661 | 76,907 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 13,734 | 13,252 | 12,859 | |
Other accrued liabilities | 9,306 | 4,434 | 5,948 | |
Total current liabilities | 217,232 | 157,230 | 186,809 | |
Deferred Tax Liability | 125,350 | 125,350 | 121,866 | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 10,942 | 11,926 | 10,968 | |
Long-Term Debt: | ||||
Term debt | 595,983 | 456,958 | 457,641 | |
Notes | 491,367 | 0 | 0 | |
Total long-term debt | 1,087,350 | 456,958 | 457,641 | |
Total partners' equity | 1,386,424 | 1,768,594 | 1,816,983 | |
Total Liabilities and Partners' Equity | 2,827,298 | 2,520,058 | 2,594,267 | |
Consolidation, Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | (2,694) | (1,025) | 0 | $ 0 |
Receivables | (819,734) | (570,989) | (560,000) | |
Inventories | 0 | 0 | 0 | |
Other current assets | (12,066) | (1,761) | (24,425) | |
Total current assets | (834,494) | (573,775) | (584,425) | |
Property and Equipment, net | 0 | 0 | 0 | |
Investment in Park | (2,030,822) | (2,260,059) | (2,329,010) | |
Goodwill | 0 | 0 | 0 | |
Other Intangibles, net | 0 | 0 | 0 | |
Deferred Tax Asset | (32,190) | (33,303) | (3,651) | |
Other Assets | 0 | 0 | 0 | |
Total Assets | (2,897,506) | (2,867,137) | (2,917,086) | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | 0 | ||
Accounts payable | (822,428) | (572,014) | (560,000) | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 0 | 0 | 0 | |
Accrued taxes | (12,066) | (1,761) | (24,425) | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | 0 | |
Total current liabilities | (834,494) | (573,775) | (584,425) | |
Deferred Tax Liability | (32,190) | (33,303) | (3,651) | |
Derivative Liability | 0 | 0 | 0 | |
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Term debt | 0 | 0 | 0 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 0 | 0 | 0 | |
Total partners' equity | (2,030,822) | (2,260,059) | (2,329,010) | |
Total Liabilities and Partners' Equity | $ (2,897,506) | $ (2,867,137) | $ (2,917,086) |
Consolidating Financial Infor46
Consolidating Financial Information of Guarantors and Issuers Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 24, 2017 | Sep. 25, 2016 | Sep. 24, 2017 | Sep. 25, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | $ 652,689 | $ 650,283 | $ 1,093,805 | $ 1,096,755 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 52,647 | 52,057 | 92,376 | 92,860 |
Operating expenses | 202,710 | 199,292 | 447,379 | 441,421 |
Selling, general and administrative | 71,663 | 65,099 | 151,142 | 142,082 |
Depreciation and amortization | 70,060 | 64,685 | 126,237 | 118,175 |
Loss on impairment / retirement of fixed assets, net | 1,347 | 1,355 | 3,057 | 5,382 |
Gain on sale of investment | (1,877) | 0 | (1,877) | 0 |
Total costs and expenses | 396,550 | 382,488 | 818,314 | 799,920 |
Operating income | 256,139 | 267,795 | 275,491 | 296,835 |
Interest expense, net | 21,287 | 20,899 | 62,073 | 61,785 |
Net effect of swaps | (952) | 1,650 | 3,717 | 8,902 |
Loss on early debt extinguishment | 0 | 0 | 23,115 | 0 |
Unrealized / realized foreign currency (gain) loss | (29,193) | 7,341 | (35,047) | (23,675) |
Other (income) expense | (65) | 0 | (65) | 0 |
Income from investment in affiliates | 0 | 0 | 0 | 0 |
Income before taxes | 265,062 | 237,905 | 221,698 | 249,823 |
Provision for taxes | 73,747 | 62,918 | 63,769 | 65,339 |
Net income | 191,315 | 174,987 | 157,929 | 184,484 |
Other comprehensive income (loss), (net of tax): | ||||
Foreign currency translation adjustment | (11,143) | 1,397 | (13,085) | (5,447) |
Unrealized gain on cash flow hedging derivatives | 1,994 | 1,994 | 5,981 | 1,356 |
Other comprehensive income (loss), (net of tax) | (9,149) | 3,391 | (7,104) | (4,091) |
Total comprehensive income | 182,166 | 178,378 | 150,825 | 180,393 |
Consolidation, Eliminations [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | (269,539) | (298,778) | (395,146) | (449,328) |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 |
Operating expenses | (269,539) | (298,778) | (395,146) | (449,328) |
Selling, general and administrative | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | 0 |
Gain on sale of investment | 0 | 0 | ||
Total costs and expenses | (269,539) | (298,778) | (395,146) | (449,328) |
Operating income | 0 | 0 | 0 | 0 |
Interest expense, net | 0 | 0 | 0 | 0 |
Net effect of swaps | 0 | 0 | 0 | 0 |
Loss on early debt extinguishment | 0 | |||
Unrealized / realized foreign currency (gain) loss | 0 | 0 | 0 | 0 |
Other (income) expense | 0 | 0 | 0 | 0 |
Income from investment in affiliates | 306,442 | 202,002 | 301,286 | 235,832 |
Income before taxes | (306,442) | (202,002) | (301,286) | (235,832) |
Provision for taxes | 0 | 0 | 0 | 0 |
Net income | (306,442) | (202,002) | (301,286) | (235,832) |
Other comprehensive income (loss), (net of tax): | ||||
Foreign currency translation adjustment | 11,143 | (1,397) | 13,085 | 5,447 |
Unrealized gain on cash flow hedging derivatives | (605) | (606) | (1,816) | (455) |
Other comprehensive income (loss), (net of tax) | 10,538 | (2,003) | 11,269 | 4,992 |
Total comprehensive income | (295,904) | (204,005) | (290,017) | (230,840) |
Cedar Fair L.P. (Parent) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 69,999 | 92,371 | 92,672 | 131,215 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 |
Operating expenses | 0 | (10) | 0 | 2 |
Selling, general and administrative | 327 | 610 | 2,254 | 2,264 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | 0 |
Gain on sale of investment | 0 | 0 | ||
Total costs and expenses | 327 | 600 | 2,254 | 2,266 |
Operating income | 69,672 | 91,771 | 90,418 | 128,949 |
Interest expense, net | 4,857 | 7,984 | 18,285 | 23,776 |
Net effect of swaps | (578) | 959 | 2,162 | 5,617 |
Loss on early debt extinguishment | 11,773 | |||
Unrealized / realized foreign currency (gain) loss | 0 | 0 | 0 | 0 |
Other (income) expense | 62 | 62 | 187 | 187 |
Income from investment in affiliates | (132,699) | (98,451) | (108,835) | (94,910) |
Income before taxes | 198,030 | 181,217 | 166,846 | 194,279 |
Provision for taxes | 6,715 | 6,230 | 8,917 | 9,795 |
Net income | 191,315 | 174,987 | 157,929 | 184,484 |
Other comprehensive income (loss), (net of tax): | ||||
Foreign currency translation adjustment | (11,143) | 1,397 | (13,085) | (5,447) |
Unrealized gain on cash flow hedging derivatives | 1,994 | 1,994 | 5,981 | 1,356 |
Other comprehensive income (loss), (net of tax) | (9,149) | 3,391 | (7,104) | (4,091) |
Total comprehensive income | 182,166 | 178,378 | 150,825 | 180,393 |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 169,429 | 172,703 | 262,739 | 271,069 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 |
Operating expenses | 118,614 | 119,140 | 248,047 | 246,624 |
Selling, general and administrative | 21,752 | 21,412 | 51,358 | 49,307 |
Depreciation and amortization | 9 | 9 | 26 | 27 |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | 0 | 0 |
Gain on sale of investment | (1,877) | (1,877) | ||
Total costs and expenses | 138,498 | 140,561 | 297,554 | 295,958 |
Operating income | 30,931 | 32,142 | (34,815) | (24,889) |
Interest expense, net | 4,305 | 5,759 | 13,893 | 17,830 |
Net effect of swaps | (374) | 691 | 1,555 | 3,285 |
Loss on early debt extinguishment | 8,188 | |||
Unrealized / realized foreign currency (gain) loss | (27) | 0 | (27) | 0 |
Other (income) expense | (26,676) | (29,663) | (56,623) | (69,801) |
Income from investment in affiliates | (98,522) | (62,240) | (109,414) | (78,515) |
Income before taxes | 152,225 | 117,595 | 107,613 | 102,312 |
Provision for taxes | 19,526 | 19,142 | (1,223) | 7,403 |
Net income | 132,699 | 98,453 | 108,836 | 94,909 |
Other comprehensive income (loss), (net of tax): | ||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized gain on cash flow hedging derivatives | 605 | 606 | 1,816 | 455 |
Other comprehensive income (loss), (net of tax) | 605 | 606 | 1,816 | 455 |
Total comprehensive income | 133,304 | 99,059 | 110,652 | 95,364 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 85,963 | 77,164 | 114,141 | 107,637 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 7,735 | 6,417 | 10,569 | 9,389 |
Operating expenses | 19,627 | 17,885 | 37,701 | 36,249 |
Selling, general and administrative | 4,539 | 4,413 | 8,592 | 8,757 |
Depreciation and amortization | 7,856 | 7,624 | 12,869 | 13,022 |
Loss on impairment / retirement of fixed assets, net | 87 | 57 | 542 | 83 |
Gain on sale of investment | 0 | 0 | ||
Total costs and expenses | 39,844 | 36,396 | 70,273 | 67,500 |
Operating income | 46,119 | 40,768 | 43,868 | 40,137 |
Interest expense, net | 6,152 | 6,323 | 18,317 | 18,672 |
Net effect of swaps | 0 | 0 | 0 | 0 |
Loss on early debt extinguishment | 198 | |||
Unrealized / realized foreign currency (gain) loss | (29,166) | 7,337 | (35,020) | (23,679) |
Other (income) expense | 1,163 | 1,302 | 2,640 | 3,051 |
Income from investment in affiliates | (16,843) | (12,574) | (24,389) | (18,008) |
Income before taxes | 84,813 | 38,380 | 82,122 | 60,101 |
Provision for taxes | 26,432 | 9,643 | 23,473 | 15,701 |
Net income | 58,381 | 28,737 | 58,649 | 44,400 |
Other comprehensive income (loss), (net of tax): | ||||
Foreign currency translation adjustment | (11,143) | 1,397 | (13,085) | (5,447) |
Unrealized gain on cash flow hedging derivatives | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), (net of tax) | (11,143) | 1,397 | (13,085) | (5,447) |
Total comprehensive income | 47,238 | 30,134 | 45,564 | 38,953 |
Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net revenues | 596,837 | 606,823 | 1,019,399 | 1,036,162 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 44,912 | 45,640 | 81,807 | 83,471 |
Operating expenses | 334,008 | 361,055 | 556,777 | 607,874 |
Selling, general and administrative | 45,045 | 38,664 | 88,938 | 81,754 |
Depreciation and amortization | 62,195 | 57,052 | 113,342 | 105,126 |
Loss on impairment / retirement of fixed assets, net | 1,260 | 1,298 | 2,515 | 5,299 |
Gain on sale of investment | 0 | 0 | ||
Total costs and expenses | 487,420 | 503,709 | 843,379 | 883,524 |
Operating income | 109,417 | 103,114 | 176,020 | 152,638 |
Interest expense, net | 5,973 | 833 | 11,578 | 1,507 |
Net effect of swaps | 0 | 0 | 0 | 0 |
Loss on early debt extinguishment | 2,956 | |||
Unrealized / realized foreign currency (gain) loss | 0 | 4 | 0 | 4 |
Other (income) expense | 25,386 | 28,299 | 53,731 | 66,563 |
Income from investment in affiliates | (58,378) | (28,737) | (58,648) | (44,399) |
Income before taxes | 136,436 | 102,715 | 166,403 | 128,963 |
Provision for taxes | 21,074 | 27,903 | 32,602 | 32,440 |
Net income | 115,362 | 74,812 | 133,801 | 96,523 |
Other comprehensive income (loss), (net of tax): | ||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 |
Unrealized gain on cash flow hedging derivatives | 0 | 0 | 0 | 0 |
Other comprehensive income (loss), (net of tax) | 0 | 0 | 0 | 0 |
Total comprehensive income | $ 115,362 | $ 74,812 | $ 133,801 | $ 96,523 |
Consolidating Financial Infor47
Consolidating Financial Information of Guarantors and Issuers Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 24, 2017 | Sep. 25, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ 322,618 | $ 340,702 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 3,281 | 0 |
Purchase of identifiable intangible assets | (66) | 0 |
Capital expenditures | (152,373) | (126,864) |
Net cash for investing activities | (149,158) | (126,864) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | |
Term debt borrowings | 750,000 | 0 |
Note borrowings | 500,000 | 0 |
Term debt payments | (617,850) | (6,000) |
Note payments, including amounts paid for early termination | (515,458) | 0 |
Distributions paid to partners | (144,517) | (139,042) |
Payment of debt issuance costs | (19,684) | 0 |
Tax effect of units involved in treasury unit transactions | (2,560) | (1,903) |
Payments related to tax withholding for equity compensation | (2,053) | (920) |
Net cash for financing activities | (52,122) | (147,865) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 5,892 | 1,772 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 127,230 | 67,745 |
Balance, beginning of period | 122,716 | 119,557 |
Balance, end of period | 249,946 | 187,302 |
Consolidation, Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (3,107) | (1,866) |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 248,190 | 22,771 |
Proceeds from returns on investments | (500,000) | |
Proceeds from sale of investment | 0 | |
Purchase of identifiable intangible assets | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | (251,810) | 22,771 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (248,190) | (22,771) |
Payments for returns of capital | 500,000 | |
Term debt borrowings | 0 | |
Note borrowings | 0 | |
Term debt payments | 0 | 0 |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 1,438 | 1,866 |
Payment of debt issuance costs | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash for financing activities | 253,248 | (20,905) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | (1,669) | 0 |
Balance, beginning of period | (1,025) | 0 |
Balance, end of period | (2,694) | 0 |
Cedar Fair L.P. (Parent) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 61,966 | 99,232 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 338,000 | |
Proceeds from sale of investment | 0 | |
Purchase of identifiable intangible assets | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 338,000 | 0 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 50,003 | (35,331) |
Payments for returns of capital | 0 | |
Term debt borrowings | 0 | |
Note borrowings | 0 | |
Term debt payments | 0 | 0 |
Note payments, including amounts paid for early termination | (304,014) | |
Distributions paid to partners | (145,955) | (140,908) |
Payment of debt issuance costs | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash for financing activities | (399,966) | (176,239) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 0 | (77,007) |
Balance, beginning of period | 0 | 77,007 |
Balance, end of period | 0 | 0 |
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (3,954) | (54,042) |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 15,500 | |
Proceeds from sale of investment | 3,281 | |
Purchase of identifiable intangible assets | 0 | |
Capital expenditures | (25) | 0 |
Net cash for investing activities | 18,756 | 0 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 198,187 | 58,102 |
Payments for returns of capital | 0 | |
Term debt borrowings | 131,000 | |
Note borrowings | 0 | |
Term debt payments | (126,619) | (1,237) |
Note payments, including amounts paid for early termination | (211,444) | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs | (1,313) | |
Tax effect of units involved in treasury unit transactions | (2,560) | (1,903) |
Payments related to tax withholding for equity compensation | (2,053) | (920) |
Net cash for financing activities | (14,802) | 54,042 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 40,125 | 41,273 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Purchase of identifiable intangible assets | 0 | |
Capital expenditures | (5,679) | (6,451) |
Net cash for investing activities | (5,679) | (6,451) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | |
Term debt borrowings | 0 | |
Note borrowings | 0 | |
Term debt payments | (13,854) | (138) |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash for financing activities | (13,854) | (138) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 5,892 | 1,772 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 26,484 | 36,456 |
Balance, beginning of period | 65,563 | 39,106 |
Balance, end of period | 92,047 | 75,562 |
Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 227,588 | 256,105 |
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (248,190) | (22,771) |
Proceeds from returns on investments | 146,500 | |
Proceeds from sale of investment | 0 | |
Purchase of identifiable intangible assets | (66) | |
Capital expenditures | (146,669) | (120,413) |
Net cash for investing activities | (248,425) | (143,184) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | (500,000) | |
Term debt borrowings | 619,000 | |
Note borrowings | 500,000 | |
Term debt payments | (477,377) | (4,625) |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs | (18,371) | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash for financing activities | 123,252 | (4,625) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the period | 102,415 | 108,296 |
Balance, beginning of period | 58,178 | 3,444 |
Balance, end of period | $ 160,593 | $ 111,740 |