Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 23, 2018 | Oct. 26, 2018 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 23, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | 56,440,459 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 23, 2018 | Dec. 31, 2017 | Sep. 24, 2017 |
Current Assets: | |||
Cash and cash equivalents | $ 190,756 | $ 166,245 | $ 249,946 |
Receivables | 58,398 | 37,722 | 52,303 |
Inventories | 36,549 | 29,719 | 34,240 |
Other current assets | 21,875 | 13,297 | 18,624 |
Total current assets | 307,578 | 246,983 | 355,113 |
Property and Equipment: | |||
Land | 272,186 | 271,021 | 272,213 |
Land improvements | 435,513 | 421,593 | 416,629 |
Buildings | 729,108 | 693,899 | 707,964 |
Rides and equipment | 1,817,601 | 1,740,653 | 1,740,826 |
Construction in progress | 61,474 | 72,847 | 57,605 |
Total property and equipment, gross | 3,315,882 | 3,200,013 | 3,195,237 |
Less accumulated depreciation | (1,727,183) | (1,614,241) | (1,614,727) |
Total property and equipment, net | 1,588,699 | 1,585,772 | 1,580,510 |
Goodwill | 182,004 | 183,830 | 185,010 |
Other Intangibles, net | 37,131 | 38,064 | 38,532 |
Other Assets | 13,536 | 9,510 | 17,407 |
Total Assets | 2,128,948 | 2,064,159 | 2,176,572 |
Current Liabilities: | |||
Current maturities of long-term debt | 3,750 | 0 | 0 |
Accounts payable | 32,989 | 24,621 | 33,710 |
Deferred revenue | 102,326 | 86,131 | 83,340 |
Accrued interest | 21,893 | 8,124 | 23,928 |
Accrued taxes | 48,372 | 43,975 | 78,657 |
Accrued salaries, wages and benefits | 30,578 | 18,740 | 30,666 |
Self-insurance reserves | 25,923 | 25,107 | 27,549 |
Other accrued liabilities | 22,232 | 18,796 | 20,562 |
Total current liabilities | 288,063 | 225,494 | 298,412 |
Deferred Tax Liability | 74,637 | 74,798 | 112,671 |
Derivative Liability | 0 | 8,722 | 14,849 |
Other Liabilities | 16,292 | 11,684 | 15,732 |
Long-Term Debt: | |||
Term debt | 720,846 | 723,788 | 723,385 |
Notes | 937,440 | 936,727 | 936,241 |
Total long-term debt | 1,658,286 | 1,660,515 | 1,659,626 |
Partners’ Equity: | |||
Special L.P. interests | 5,290 | 5,290 | 5,290 |
General partner | 0 | 0 | 0 |
Limited partners, 56,441, 56,359 and 56,238 units outstanding as of September 23, 2018, December 31, 2017 and September 24, 2017, respectively | 78,464 | 81,589 | 74,155 |
Accumulated other comprehensive income (loss) | 7,916 | (3,933) | (4,163) |
Total partners' equity | 91,670 | 82,946 | 75,282 |
Total Liabilities and Partners' Equity | $ 2,128,948 | $ 2,064,159 | $ 2,176,572 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Sep. 23, 2018 | Dec. 31, 2017 | Sep. 24, 2017 |
Statement of Financial Position [Abstract] | |||
Limited partners, units outstanding (in shares) | 56,441 | 56,359 | 56,238 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 23, 2018 | Sep. 24, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | |
Net revenues: | ||||
Revenue | $ 663,703 | $ 652,689 | $ 1,098,746 | $ 1,093,805 |
Costs and expenses: | ||||
Cost of food, merchandise, and games revenues | 53,891 | 52,647 | 94,912 | 92,376 |
Operating expenses | 206,505 | 202,710 | 462,750 | 447,379 |
Selling, general and administrative | 67,114 | 71,663 | 149,837 | 151,142 |
Depreciation and amortization | 74,374 | 70,060 | 132,114 | 126,237 |
Loss on impairment / retirement of fixed assets, net | 3,247 | 1,347 | 7,959 | 3,057 |
Gain on sale of investment | 0 | 1,877 | 0 | 1,877 |
Total costs and expenses | 405,131 | 396,550 | 847,572 | 818,314 |
Operating income | 258,572 | 256,139 | 251,174 | 275,491 |
Interest expense | 21,464 | 21,638 | 62,563 | 62,472 |
Net effect of swaps | (1,217) | (952) | (5,751) | 3,717 |
Loss on early debt extinguishment | 0 | 0 | 1,073 | 23,115 |
Loss (gain) on foreign currency | (13,054) | (29,193) | 12,024 | (35,047) |
Other income | (698) | (416) | (1,186) | (464) |
Income before taxes | 252,077 | 265,062 | 182,451 | 221,698 |
Provision for taxes | 38,770 | 73,747 | 33,301 | 63,769 |
Net income | 213,307 | 191,315 | 149,150 | 157,929 |
Net income allocated to general partner | 3 | 1 | 2 | 1 |
Net income allocated to limited partners | 213,304 | 191,314 | 149,148 | 157,928 |
Other comprehensive income (loss), (net of tax): | ||||
Foreign currency translation adjustment | (5,276) | (11,143) | 5,990 | (13,085) |
Unrealized loss on cash flow hedging derivatives | 2,116 | 1,994 | 6,250 | 5,981 |
Other comprehensive income (loss), (net of tax) | (3,160) | (9,149) | 12,240 | (7,104) |
Total comprehensive income | $ 210,147 | $ 182,166 | $ 161,390 | $ 150,825 |
Basic income per limited partner unit: | ||||
Weighted average limited partner units outstanding (in shares) | 56,231 | 56,078 | 56,205 | 56,062 |
Net income (loss) per limited partner unit (in dollars per share) | $ 3.79 | $ 3.41 | $ 2.65 | $ 2.82 |
Diluted income per limited partner unit: | ||||
Weighted average limited partner units outstanding (in shares) | 56,696 | 56,591 | 56,753 | 56,631 |
Net income (loss) per limited partner unit (in dollars per share) | $ 3.76 | $ 3.38 | $ 2.63 | $ 2.79 |
Admission [Member] | ||||
Net revenues: | ||||
Revenue | $ 358,923 | $ 361,279 | $ 590,091 | $ 598,723 |
Food, Merchandise and Gaming [Member] | ||||
Net revenues: | ||||
Revenue | 210,426 | 205,137 | 361,428 | 356,512 |
Accommodations, Extra-Charge Products and Other [Member] | ||||
Net revenues: | ||||
Revenue | $ 94,354 | $ 86,273 | $ 147,227 | $ 138,570 |
Unaudited Condensed Consolida_4
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 | $ (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 | $ 52,288 | $ 0 | $ 18,891 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 157,929 | 157,928 | |||||
Partnership distribution declared ($2.67 and $2.565 per limited partnership unit) | (144,516) | ||||||
Reclassification of stranded tax effect | 0 | 0 | |||||
Exercise of limited partnership unit options | 0 | 0 | |||||
Tax effect of units involved in treasury unit transactions | (2,560) | ||||||
Issuance of limited partnership units as compensation | 11,015 | ||||||
Net income (loss) | 1 | ||||||
Partnership distribution declared | (1) | ||||||
Period activity, net of tax $1,247 and $0 | (13,085) | (13,085) | |||||
Period activity, net of tax ($845) and ($1,113) | 5,981 | 5,981 | |||||
Ending balance, value at Sep. 24, 2017 | 75,282 | $ 74,155 | 0 | $ 5,290 | $ (4,163) | 5,806 | (9,969) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Unrealized gain (loss) on cash flow hedging derivatives: Beginning balance | (7,975) | ||||||
Beginning balance, units (in shares) at Dec. 31, 2017 | 56,359 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Limited partnership unit options exercised (in shares) | 6 | ||||||
Limited partnership unit forfeitures (in shares) | (2) | ||||||
Issuance of limited partnership units as compensation (in shares) | 78 | ||||||
Ending balance, units (in shares) at Sep. 23, 2018 | 56,441 | ||||||
Beginning balance, value at Dec. 31, 2017 | 82,946 | $ 81,589 | 0 | 4,042 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 149,150 | 149,148 | |||||
Partnership distribution declared ($2.67 and $2.565 per limited partnership unit) | (150,850) | ||||||
Reclassification of stranded tax effect | 391 | (391) | |||||
Exercise of limited partnership unit options | 125 | (125) | |||||
Tax effect of units involved in treasury unit transactions | (3,049) | ||||||
Issuance of limited partnership units as compensation | 1,110 | ||||||
Net income (loss) | 2 | ||||||
Partnership distribution declared | (2) | ||||||
Period activity, net of tax $1,247 and $0 | 5,990 | 5,990 | |||||
Period activity, net of tax ($845) and ($1,113) | 6,250 | 6,250 | |||||
Ending balance, value at Sep. 23, 2018 | $ 91,670 | $ 78,464 | $ 0 | $ 5,290 | $ 7,916 | $ 10,032 | $ (2,116) |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Partners' Equity (Parenthetical) - USD ($) | 9 Months Ended | |
Sep. 23, 2018 | Sep. 24, 2017 | |
Statement of Partners' Capital [Abstract] | ||
Foreign currency translation adjustment, tax | $ 1,247,000 | $ 0 |
Unrealized loss on cash flow hedging derivatives, tax | (845,000) | (1,113,000) |
Distribution Made to Limited Partner, Cash Distributions Paid | $ 2.67 | $ 2.565 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 23, 2018 | Sep. 24, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 149,150 | $ 157,929 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 132,114 | 126,237 |
Loss on early debt extinguishment | 1,073 | 23,115 |
Non-cash foreign currency loss (gain) on debt | 13,093 | (39,296) |
Other non-cash expenses | 8,512 | 26,942 |
Net change in working capital | 25,788 | 24,244 |
Net change in other assets/liabilities | 4,704 | 3,447 |
Net cash from operating activities | 334,434 | 322,618 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Capital expenditures | (145,716) | (152,439) |
Proceeds from sale of investment | 0 | 3,281 |
Net cash for investing activities | (145,716) | (149,158) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Term debt borrowings | 0 | 750,000 |
Note borrowings | 0 | 500,000 |
Term debt payments | 0 | (617,850) |
Note payments, including amounts paid for early termination | 0 | (515,458) |
Distributions paid to partners | (150,852) | (144,517) |
Payment of debt issuance costs and original issue discount | (2,521) | (19,684) |
Exercise of limited partnership unit options | 125 | 0 |
Tax effect of units involved in treasury unit transactions | (3,049) | (2,560) |
Payments related to tax withholding for equity compensation | (6,943) | (2,053) |
Net cash for financing activities | (163,240) | (52,122) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (967) | 5,892 |
CASH AND CASH EQUIVALENTS | ||
Net increase for the period | 24,511 | 127,230 |
Balance, beginning of period | 166,245 | 122,716 |
Balance, end of period | 190,756 | 249,946 |
SUPPLEMENTAL INFORMATION | ||
Cash payments for interest expense | 48,128 | 48,729 |
Interest capitalized | 2,173 | 1,770 |
Cash payments for income taxes, net of refunds | 35,403 | 44,090 |
Capital expenditures in accounts payable | $ 4,333 | $ 5,582 |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 9 Months Ended |
Sep. 23, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting and Reporting Policies | Significant Accounting and Reporting Policies: Except for the changes described below, the Partnership’s unaudited condensed consolidated financial statements for the periods ended September 23, 2018 and September 24, 2017 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, 2017 , which were included in the Form 10-K filed on February 23, 2018 . 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. The Partnership adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") effective January 1, 2018 using the modified retrospective method. The adoption of the standard did not have a material effect on the consolidated financial statements. The Partnership's accounting policy as a result of adopting ASU 2014-09 is discussed below: Revenue Recognition and related receivables and contract liabilities As disclosed within the consolidated statements of operations and comprehensive income, revenues are generated from sales of (1) admission to the Partnership's amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. Admission revenues include amounts paid to gain admission into the Partnership's parks, including parking fees. Revenues related to extra-charge products, including premium benefit offerings such as front-of-line products, and online advanced purchase transaction fees charged to customers are included in "Accommodations, extra-charge products and other". Due to the Partnership's highly seasonal operations, a substantial portion of the Partnership's revenues are generated during an approximate 130 - to 140 -day operating season. Most revenues are recognized on a daily basis based on actual guest spend at the properties. Revenues from multi-use products, including season-long products for admission, dining, beverage and other products, are recognized over the estimated number of uses expected for each type of product. The estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season. The number of uses is estimated based on historical usage adjusted for current period trends. For any bundled products that include multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and any inherent discounts are allocated based on the gross margin and expected redemption of each performance obligation. The Partnership does not typically provide for refunds or returns. In some instances, the Partnership arranges with outside parties ("concessionaires") to provide goods to guests, typically food and merchandise, and the Partnership acts as an agent, resulting in net revenue recorded within the income statement. Concessionaire arrangement revenues are recognized over the operating season and are variable. Sponsorship revenues and marina revenues, which are classified as "Accommodations, extra-charge products and other" within the income statement, are recognized over the park operating season which represents the period in which the performance obligations are satisfied. Sponsorship revenues are typically fixed. However, some sponsorship revenues are variable based on achievement of specified operating metrics. The Partnership estimates variable revenues and performs a constraint analysis using both historical information and current trends to determine the amount of revenue that is not probable of a significant reversal. Many products, including season-long products, are sold to customers in advance, resulting in a contract liability ("deferred revenue"). Deferred revenue is at its highest immediately prior to the peak summer season, and at its lowest in the fall after the peak summer season and at the beginning of the selling season for the next year's products. Season-long products represent the majority of the deferred revenue balance in any given period. Of the $86.1 million of deferred revenue recorded as of January 1, 2018 , 88% was related to season-long products. The remainder was related to deferred online advanced purchase transaction fees charged to customers, advanced ticket sales, marina deposits, advanced resort reservations, and other deferred revenue. Most deferred revenue outstanding as of January 1, 2018 will be recognized by December 31, 2018 with the exception of an immaterial amount of deferred revenue for prepaid products such as gift cards and prepaid games cards. During the nine months ended September 23, 2018 , approximately $70.8 million of the deferred revenue balance as of January 1, 2018 was recognized. The difference in the opening and closing balances of the Partnership's deferred revenue balance in the current period was attributable to additional season-long product sales during the current year for both the 2018 and 2019 operating seasons, offset by revenue recognized during the first nine months of 2018. Payment is due immediately on the transaction date for most products. The Partnership's receivable balance includes outstanding amounts on installment purchase plans which are offered for season-long products (and other select products for specific time periods), and includes sales to retailers, group sales and catering activities which are billed. Installment purchase plans vary in length from three monthly installments to twelve monthly installments. Payment terms for billings are typically net 30 days . Receivables are highest in the peak summer months and the lowest in the winter months. The Partnership is not exposed to a significant concentration of customer credit risk. As of September 23, 2018 , December 31, 2017 and September 24, 2017 , the Partnership recorded a $10.7 million , $2.2 million and $10.6 million allowance for doubtful accounts, respectively, representing estimated defaults on installment purchase plans. The default estimate is calculated using the historical default rate adjusted for current period trends. The allowance for doubtful accounts is recorded as a reduction of deferred revenue to the extent revenue has not been recognized on the corresponding season-long products. Most deferred revenue from contracts with customers is classified as current within the balance sheet. However, a portion of deferred revenue from contracts with customers is classified as non-current during the third quarter related to season-long products sold in the current season for use in the subsequent season. Season-long products are sold beginning in August of the year preceding the operating season. Season-long products may be recognized 12 to 16 months after purchase depending on the date of sale. The Partnership estimates the number of uses expected outside of the next twelve months for each type of product and classifies the related deferred revenue as non-current. With the exception of the non-current deferred revenue described above, the Partnership's contracts with customers have an original duration of one year or less. For these short-term contracts, the Partnership uses the practical expedient, a relief provided in the accounting standard to simplify compliance, applicable to such contracts and has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. Further, the Partnership has elected to recognize incremental costs of obtaining a contract as an expense when incurred as the amortization period of the asset would be less than one year. Lastly, the Partnership has elected not to adjust consideration for the effects of significant financing components in the form of installment purchase plans as the period between when the entity transfers the promised service to the customer and when the customer pays for that service does not exceed one year. New Accounting Pronouncements 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. The ASU can be adopted using either the modified retrospective approach, which requires application of the new standard at the beginning of the earliest comparative period presented, or the comparative reporting approach allowable under ASU 2018-11, which requires application of the new standard at the adoption date. The Partnership expects to adopt this standard in the first quarter of 2019 using the comparative reporting approach. 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. Other Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Comprehensive Income ("ASU 2018-02"). The ASU allows a reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for fiscal years after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, and the amendments can be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Partnership elected to adopt ASU 2018-02 in the first quarter of 2018. The amendment was applied in the period of adoption and resulted in a $0.4 million reclassification from accumulated other comprehensive income to limited partners' equity during the first quarter ended March 25, 2018. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ("ASU 2018-15"). The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The capitalized implementation costs of a hosting arrangement that is a service contract will be expensed over the term of the hosting arrangement. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The amendments can be applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. The Partnership has adopted this standard in the third quarter of 2018 using the prospective method. The Partnership anticipates the standard to lengthen the timing of expense recognition associated with upcoming cloud-based projects. |
Interim Reporting
Interim Reporting | 9 Months Ended |
Sep. 23, 2018 | |
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 four 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 for Halloween events. 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. Five of the seasonal properties are open an additional 20 to 25 days to include WinterFest, a holiday event operating during November and December showcasing holiday shows and festivities. 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 from multi-use products are recognized over the estimated number of uses expected for each type of product; and the estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally 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. 23, 2018 | |
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. 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. In the fourth quarter of 2017, the Partnership recorded a $7.6 million impairment charge based on information from ongoing marketing activities. The amount was recorded in "Loss on impairment / retirement of fixed assets, net" in the consolidated statement of operations and comprehensive income. 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 ( $9.0 million as of September 23, 2018 , $9.0 million as of December 31, 2017 and $16.5 million as of September 24, 2017 ). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 23, 2018 | |
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 23, 2018 , 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 23, 2018 and September 24, 2017 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance as of December 31, 2017 $ 263,698 $ (79,868 ) $ 183,830 Foreign currency translation (1,826 ) — (1,826 ) Balance as of September 23, 2018 $ 261,872 $ (79,868 ) $ 182,004 Balance as of December 31, 2016 $ 259,528 $ (79,868 ) $ 179,660 Foreign currency translation 5,350 — 5,350 Balance as of September 24, 2017 $ 264,878 $ (79,868 ) $ 185,010 As of September 23, 2018 , December 31, 2017 , and September 24, 2017 , the Partnership’s other intangible assets consisted of the following: (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value September 23, 2018 Other intangible assets: Trade names $ 36,125 $ — $ 36,125 License / franchise agreements 3,351 (2,345 ) 1,006 Total other intangible assets $ 39,476 $ (2,345 ) $ 37,131 December 31, 2017 Other intangible assets: Trade names $ 36,531 $ — $ 36,531 License / franchise agreements 3,360 (1,827 ) 1,533 Total other intangible assets $ 39,891 $ (1,827 ) $ 38,064 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 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. 23, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt: Long-term debt as of September 23, 2018 , December 31, 2017 , and September 24, 2017 consisted of the following: (In thousands) September 23, 2018 December 31, 2017 September 24, 2017 Term debt (1) April 2017 U.S. term loan averaging 3.59% (due 2017-2024) $ 735,000 $ 735,000 $ 735,000 Notes April 2017 U.S. fixed rate notes at 5.375% (due 2027) 500,000 500,000 500,000 June 2014 U.S. fixed rate notes at 5.375% (due 2024) 450,000 450,000 450,000 1,685,000 1,685,000 1,685,000 Less current portion (3,750 ) — — 1,681,250 1,685,000 1,685,000 Less debt issuance costs and original issue discount (22,964 ) (24,485 ) (25,374 ) $ 1,658,286 $ 1,660,515 $ 1,659,626 (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 $7.7 million and debt premium payments of $15.5 million . Accordingly, the Partnership recorded a loss on early debt extinguishment of $23.1 million during 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 2017 Credit Agreement was amended on March 14, 2018 (subsequently referred to as the "Amended 2017 Credit Agreement"). Specifically, the interest rate for the senior secured term loan facility was amended to London InterBank Offered Rate ("LIBOR") plus 175 basis points (bps). The pricing terms for the amendment reflected $0.9 million of Original Issue Discount ("OID") and resulted in the write-off of debt issuance costs of $1.1 million which was recorded as a loss on early debt extinguishment during the first quarter of 2018. The senior secured term loan facility matures April 15, 2024 and amortizes at $7.5 million annually. The facilities provided under the Amended 2017 Credit Agreement are collateralized by substantially all of the assets of the Partnership. The senior secured revolving credit facility under the Amended 2017 Credit Agreement has a combined limit of $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 Amended 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"). The 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 Amended 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 23, 2018 , the Partnership was in compliance with this financial condition covenant and all other financial covenants under the Amended 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 can make additional Restricted Payments if the Partnership's pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is 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. 23, 2018 | |
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. During the first quarter of 2016, the Partnership amended its four interest rate swap agreements to extend each of the maturities to December 31, 2020 and convert $500 million of variable-rate debt to a rate of 4.39% . During the second quarter of 2018, the Partnership entered into four additional interest rate swap agreements that convert the same notional amount to a rate of 4.63% for the period December 31, 2020 through December 31, 2023 . None of the interest rate swap agreements are designated as hedging instruments. The fair market value of the swap portfolio was recorded on the unaudited condensed consolidated balance sheets within "Other Assets" as of September 23, 2018 and within "Derivative Liability" as of December 31, 2017 and September 24, 2017 as follows: (In thousands) September 23, 2018 December 31, 2017 September 24, 2017 Derivatives not designated as hedging instruments: Interest rate swaps $ 4,123 $ (8,722 ) $ (14,849 ) 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 is 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 for these agreements are being amortized into earnings through the original December 31, 2018 maturity. As of September 23, 2018 , approximately $2.4 million of losses remain in AOCI related to the effective cash flow hedge contracts prior to de-designation, all of which will be reclassified to earnings by December 31, 2018 . The (gains) losses recognized in income on derivatives not designated as cash flow hedges were recorded in "Net effect of swaps" within the income statement for the periods presented as follows: Three months ended Nine months ended (In thousands) September 23, 2018 September 24, 2017 September 23, 2018 September 24, 2017 Change in fair market value $ (3,581 ) $ (3,318 ) $ (12,845 ) $ (3,378 ) Amortization of amounts in AOCI 2,364 2,366 7,094 7,095 Net effect of swaps $ (1,217 ) $ (952 ) $ (5,751 ) $ 3,717 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 23, 2018 | |
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 23, 2018 , December 31, 2017 , and September 24, 2017 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 23, 2018 December 31, 2017 September 24, 2017 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 $ 1,081 $ 1,081 $ 736 $ 736 $ 688 $ 688 Interest rate swaps Other Assets (Derivative Liability) Level 2 $ 4,123 $ 4,123 $ (8,722 ) $ (8,722 ) $ (14,849 ) $ (14,849 ) Other financial assets (liabilities): April 2017 term debt Long-Term Debt (1) Level 2 $ (731,250 ) $ (734,906 ) $ (735,000 ) $ (742,350 ) $ (735,000 ) $ (740,513 ) June 2014 notes Long-Term Debt (1) Level 1 $ (450,000 ) $ (450,000 ) $ (450,000 ) $ (469,125 ) $ (450,000 ) $ (472,500 ) April 2017 notes Long-Term Debt (1) Level 1 (2) $ (500,000 ) $ (485,000 ) $ (500,000 ) $ (525,000 ) $ (500,000 ) $ (527,500 ) (1) Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $23.0 million , $24.5 million , and $25.4 million as of September 23, 2018 , December 31, 2017 , and September 24, 2017 , respectively. (2) The April 2017 notes were based on Level 1 inputs as of September 23, 2018 and Level 2 inputs as of December 31, 2017 and September 24, 2017 . 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. As of December 31, 2017 , the Partnership measured the remaining land at Wildwater Kingdom, one of the Partnership's separately gated outdoor water parks which ceased operations in 2016, at fair value less cost to sell based on Level 3 unobservable market input. In the fourth quarter of 2017, the Partnership recorded a $7.6 million impairment charge based on information from ongoing marketing activities. This amount was recorded in "Loss on impairment / retirement of fixed assets, net" in the consolidated statement of operations and comprehensive income. 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 23, 2018 or September 24, 2017 . |
Earnings per Unit
Earnings per Unit | 9 Months Ended |
Sep. 23, 2018 | |
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 9/23/2018 9/24/2017 9/23/2018 9/24/2017 (In thousands, except per unit amounts) Basic weighted average units outstanding 56,231 56,078 56,205 56,062 Effect of dilutive units: Deferred units 46 44 46 41 Performance units — — 49 48 Restricted units 277 284 289 292 Unit options 142 185 164 188 Diluted weighted average units outstanding 56,696 56,591 56,753 56,631 Net income per unit - basic $ 3.79 $ 3.41 $ 2.65 $ 2.82 Net income per unit - diluted $ 3.76 $ 3.38 $ 2.63 $ 2.79 |
Income and Partnership Taxes
Income and Partnership Taxes | 9 Months Ended |
Sep. 23, 2018 | |
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 2018, the Partnership has recorded $0.5 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. On December 22, 2017, the Tax Cuts and Jobs Act (the "Act"), was signed into law. The Act includes numerous tax law changes, including a reduction in the federal corporate income tax rate from 35% to 21% . The change in tax rates necessitated the remeasurement of deferred tax balances that are expected to reverse following enactment using the applicable tax rates. As a result of the remeasurement of the net deferred tax liability, the Partnership realized a $49.2 million deferred tax benefit during the fourth quarter of 2017. The amounts recorded to reflect the effects of the Act were and remain provisional and are subject to change in accordance with SAB 118. The Partnership expects to complete these calculations and record the final effects of the Act before the end of the fourth quarter of 2018. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 23, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies: The Partnership is a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters are expected to have a material effect in the aggregate on the Partnership's financial statements. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income by Component | 9 Months Ended |
Sep. 23, 2018 | |
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 (loss) related to limited partners' equity for the three months ended September 23, 2018 and September 24, 2017 : Changes in Accumulated Other Comprehensive Income by Component (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance as of June 24, 2018 $ (4,232 ) $ 15,308 $ 11,076 Other comprehensive income before reclassifications, net of tax ($1,055) — (5,276 ) (5,276 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($249) 2,116 — 2,116 Net other comprehensive income (loss) 2,116 (5,276 ) (3,160 ) Balance as of September 23, 2018 $ (2,116 ) $ 10,032 $ 7,916 Changes in Accumulated Other Comprehensive Income by Component (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance as of 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) 1,994 — 1,994 Net other comprehensive income (loss) 1,994 (11,143 ) (9,149 ) Balance as of September 24, 2017 $ (9,969 ) $ 5,806 $ (4,163 ) 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 9/23/2018 Three months ended 9/24/2017 Interest rate contracts $ 2,365 $ 2,365 Net effect of swaps Provision for taxes (249 ) (371 ) Provision (benefit) for taxes Losses on cash flow hedges $ 2,116 $ 1,994 Net of tax The following tables reflect the changes in accumulated other comprehensive income (loss) related to limited partners' equity for the nine months ended September 23, 2018 and September 24, 2017 : Changes in Accumulated Other Comprehensive Income by Component (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance as of December 31, 2017 $ (7,975 ) $ 4,042 $ (3,933 ) Other comprehensive income before reclassifications, net of tax $1,247 — 5,990 5,990 Amounts reclassified from accumulated other comprehensive income, net of tax ($845) 6,250 — 6,250 Net other comprehensive income (loss) 6,250 5,990 12,240 Reclassification of stranded tax effect (391 ) — (391 ) Balance as of September 23, 2018 $ (2,116 ) $ 10,032 $ 7,916 Changes in Accumulated Other Comprehensive Income by Component (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance as of 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) 5,981 — 5,981 Net other comprehensive income (loss) 5,981 (13,085 ) (7,104 ) Balance as of September 24, 2017 $ (9,969 ) $ 5,806 $ (4,163 ) 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 9/23/2018 Nine months ended 9/24/2017 Interest rate contracts $ 7,095 $ 7,094 Net effect of swaps Provision for taxes (845 ) (1,113 ) Provision (benefit) for taxes Losses on cash flow hedges $ 6,250 $ 5,981 Net of tax |
Consolidating Financial Informa
Consolidating Financial Information of Guarantors and Issuers | 9 Months Ended |
Sep. 23, 2018 | |
Condensed Consolidated Financial Information [Abstract] | |
Consolidating Financial Information of Guarantors and Issuers | Consolidating Financial Information of Guarantors and Issuers of June 2014 Notes: 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 23, 2018 , December 31, 2017 , and September 24, 2017 and for the three- and nine -month periods ended September 23, 2018 and September 24, 2017 . In lieu of providing separate unaudited financial statements for the guarantor subsidiaries, the accompanying unaudited condensed consolidating financial statements have been included. CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 77,878 $ 116,511 $ (3,633 ) $ 190,756 Receivables — 991 47,193 895,263 (885,049 ) 58,398 Inventories — — 2,260 34,289 — 36,549 Other current assets 293 1,170 3,594 19,546 (2,728 ) 21,875 293 2,161 130,925 1,065,609 (891,410 ) 307,578 Property and Equipment, net — 811 178,522 1,409,366 — 1,588,699 Investment in Park 648,414 1,205,086 259,710 246,968 (2,360,178 ) — Goodwill 674 — 61,725 119,605 — 182,004 Other Intangibles, net — — 13,763 23,368 — 37,131 Deferred Tax Asset — 19,870 — — (19,870 ) — Other Assets 1,197 2,926 39 9,374 — 13,536 $ 650,578 $ 1,230,854 $ 644,684 $ 2,874,290 $ (3,271,458 ) $ 2,128,948 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 656 $ — $ 3,094 $ — $ 3,750 Accounts payable 553,952 334,696 2,868 30,155 (888,682 ) 32,989 Deferred revenue — — 9,397 92,929 — 102,326 Accrued interest 113 75 7,601 14,104 — 21,893 Accrued taxes 1,551 38,538 — 11,011 (2,728 ) 48,372 Accrued salaries, wages and benefits — 28,162 2,416 — — 30,578 Self-insurance reserves — 10,459 1,635 13,829 — 25,923 Other accrued liabilities 3,292 6,796 585 11,559 — 22,232 558,908 419,382 24,502 176,681 (891,410 ) 288,063 Deferred Tax Liability — — 12,562 81,945 (19,870 ) 74,637 Other Liabilities — 968 390 14,934 — 16,292 Long-Term Debt: Term debt — 126,800 — 594,046 — 720,846 Notes — — 445,846 491,594 — 937,440 — 126,800 445,846 1,085,640 — 1,658,286 Equity 91,670 683,704 161,384 1,515,090 (2,360,178 ) 91,670 $ 650,578 $ 1,230,854 $ 644,684 $ 2,874,290 $ (3,271,458 ) $ 2,128,948 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 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 $ — $ — $ 85,758 $ 81,582 $ (1,095 ) $ 166,245 Receivables — 1,184 15,574 857,205 (836,241 ) 37,722 Inventories — — 1,891 27,828 — 29,719 Other current assets 164 28,297 3,454 10,983 (29,601 ) 13,297 164 29,481 106,677 977,598 (866,937 ) 246,983 Property and Equipment, net — 835 181,673 1,403,264 — 1,585,772 Investment in Park 588,684 1,045,640 238,132 234,238 (2,106,694 ) — Goodwill 674 — 63,551 119,605 — 183,830 Other Intangibles, net — — 14,177 23,887 — 38,064 Deferred Tax Asset — 20,956 — — (20,956 ) — Other Assets — — 40 9,470 — 9,510 $ 589,522 $ 1,096,912 $ 604,250 $ 2,768,062 $ (2,994,587 ) $ 2,064,159 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 497,558 $ 344,410 $ 1,379 $ 18,610 $ (837,336 ) $ 24,621 Deferred revenue — — 6,237 79,894 — 86,131 Accrued interest 27 18 2,055 6,024 — 8,124 Accrued taxes 352 — — 73,224 (29,601 ) 43,975 Accrued salaries, wages and benefits — 17,498 1,242 — — 18,740 Self-insurance reserves — 10,947 1,618 12,542 25,107 Other accrued liabilities 3,406 5,094 157 10,139 — 18,796 501,343 377,967 12,688 200,433 (866,937 ) 225,494 Deferred Tax Liability — — 13,809 81,945 (20,956 ) 74,798 Derivative Liability 5,233 3,489 — — — 8,722 Other Liabilities — 873 — 10,811 — 11,684 Long-Term Debt: Term debt — 127,437 — 596,351 — 723,788 Notes — — 445,156 491,571 — 936,727 — 127,437 445,156 1,087,922 — 1,660,515 Equity 82,946 587,146 132,597 1,386,951 (2,106,694 ) 82,946 $ 589,522 $ 1,096,912 $ 604,250 $ 2,768,062 $ (2,994,587 ) $ 2,064,159 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 — — 6,876 76,464 — 83,340 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 42,010 214,101 (834,494 ) 298,412 Deferred Tax Liability — — 19,511 125,350 (32,190 ) 112,671 Derivative Liability 8,933 5,916 — — — 14,849 Other Liabilities — 1,398 261 14,073 — 15,732 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 STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 71,751 $ 182,833 $ 81,265 $ 613,094 $ (285,240 ) $ 663,703 Costs and expenses: Cost of food, merchandise, and games revenues — — 7,020 46,871 — 53,891 Operating expenses — 122,455 20,145 349,145 (285,240 ) 206,505 Selling, general and administrative 185 20,666 4,582 41,681 — 67,114 Depreciation and amortization — 8 8,379 65,987 — 74,374 Loss on impairment / retirement of fixed assets, net — — — 3,247 — 3,247 185 143,129 40,126 506,931 (285,240 ) 405,131 Operating income 71,566 39,704 41,139 106,163 — 258,572 Interest expense, net 5,879 4,072 5,986 4,997 — 20,934 Net effect of swaps 265 (1,482 ) — — — (1,217 ) (Gain) loss on foreign currency — 15 (13,069 ) — — (13,054 ) Other (income) expense 63 (28,849 ) 1,484 27,134 — (168 ) Income from investment in affiliates (153,756 ) (100,629 ) (16,509 ) (56,985 ) 327,879 — Income before taxes 219,115 166,577 63,247 131,017 (327,879 ) 252,077 Provision for taxes 5,808 12,823 6,261 13,878 — 38,770 Net income $ 213,307 $ 153,754 $ 56,986 $ 117,139 $ (327,879 ) $ 213,307 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (5,276 ) — (5,276 ) — 5,276 (5,276 ) Unrealized gain on cash flow hedging derivatives 2,116 728 — — (728 ) 2,116 Other comprehensive income (loss), (net of tax) (3,160 ) 728 (5,276 ) — 4,548 (3,160 ) Total comprehensive income $ 210,147 $ 154,482 $ 51,710 $ 117,139 $ (323,331 ) $ 210,147 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 Nine Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 84,921 $ 275,214 $ 111,184 $ 1,023,713 $ (396,286 ) $ 1,098,746 Costs and expenses: Cost of food, merchandise, and games revenues — — 10,204 84,708 — 94,912 Operating expenses — 258,162 40,115 560,759 (396,286 ) 462,750 Selling, general and administrative 1,870 50,754 8,818 88,395 — 149,837 Depreciation and amortization — 24 14,319 117,771 — 132,114 Loss on impairment / retirement of fixed assets, net — — 67 7,892 — 7,959 1,870 308,940 73,523 859,525 (396,286 ) 847,572 Operating income (loss) 83,051 (33,726 ) 37,661 164,188 — 251,174 Interest expense, net 16,519 13,031 17,637 14,565 — 61,752 Net effect of swaps (2,266 ) (3,485 ) — — — (5,751 ) Loss on early debt extinguishment — 187 — 886 — 1,073 Loss on foreign currency — 36 11,988 — — 12,024 Other (income) expense 186 (61,404 ) 3,270 57,573 — (375 ) Income from investment in affiliates (89,426 ) (74,345 ) (21,578 ) (22,798 ) 208,147 — Income before taxes 158,038 92,254 26,344 113,962 (208,147 ) 182,451 Provision for taxes 8,888 2,829 3,545 18,039 — 33,301 Net income $ 149,150 $ 89,425 $ 22,799 $ 95,923 $ (208,147 ) $ 149,150 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment 5,990 — 5,990 — (5,990 ) 5,990 Unrealized gain on cash flow hedging derivatives 6,250 2,085 — — (2,085 ) 6,250 Other comprehensive income (loss), (net of tax) 12,240 2,085 5,990 — (8,075 ) 12,240 Total comprehensive income $ 161,390 $ 91,510 $ 28,789 $ 95,923 $ (216,222 ) $ 161,390 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 CASH FLOWS For the Nine Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM OPERATING ACTIVITIES $ 95,426 $ 13,190 $ 41,319 $ 188,005 $ (3,506 ) $ 334,434 CASH FLOWS FOR INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (31,877 ) (21,515 ) 53,392 — Capital expenditures — — (16,355 ) (129,361 ) — (145,716 ) Net cash for investing activities — — (48,232 ) (150,876 ) 53,392 (145,716 ) CASH FLOWS FOR FINANCING ACTIVITIES Intercompany payables (payments) receipts 56,394 (3,002 ) — — (53,392 ) — Distributions paid to partners (151,820 ) — — — 968 (150,852 ) Payment of debt issuance costs and original issue discount — (321 ) — (2,200 ) — (2,521 ) Exercise of limited partnership unit options — 125 — — — 125 Tax effect of units involved in treasury unit transactions — (3,049 ) — — — (3,049 ) Payments related to tax withholding for equity compensation — (6,943 ) — — — (6,943 ) Net cash for financing activities (95,426 ) (13,190 ) — (2,200 ) (52,424 ) (163,240 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (967 ) — — (967 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the period — — (7,880 ) 34,929 (2,538 ) 24,511 Balance, beginning of period — — 85,758 81,582 (1,095 ) 166,245 Balance, end of period $ — $ — $ 77,878 $ 116,511 $ (3,633 ) $ 190,756 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 $ 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 Capital expenditures — (25 ) (5,679 ) (146,735 ) — (152,439 ) 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 (13) Consolidating Financial Information of Guarantors and Issuers of April 2017 Notes: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), Magnum Management Corporation ("Magnum"), and Millennium Operations LLC ("Millennium") are the co-issuers of the Partnership's April 2017 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, Magnum and Millennium) 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, Magnum, and Millennium, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada, Magnum and Millennium), the guarantors (on a combined basis), as of September 23, 2018 , December 31, 2017 , and September 24, 2017 and for the three- and nine -month periods ended September 23, 2018 and September 24, 2017 . In lieu of providing separate unaudited financial statements for the guarantor subsidiaries, the accompanying unaudited condensed consolidating financial statements have been included. CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 77,878 $ 115,323 $ 1,188 $ (3,633 ) $ 190,756 Receivables — 991 47,193 36,711 858,552 (885,049 ) 58,398 Inventories — — 2,260 28,205 6,084 — 36,549 Other current assets 293 1,170 3,594 15,871 3,675 (2,728 ) 21,875 293 2,161 130,925 196,110 869,499 (891,410 ) 307,578 Property and Equipment, net — 811 178,522 — 1,409,366 — 1,588,699 Investment in Park 648,414 1,205,086 259,710 1,490,666 246,968 (3,850,844 ) — Goodwill 674 — 61,725 8,388 111,217 — 182,004 Other Intangibles, net — — 13,763 — 23,368 — 37,131 Deferred Tax Asset — 19,870 — — — (19,870 ) — Other Assets 1,197 2,926 39 312 9,062 — 13,536 $ 650,578 $ 1,230,854 $ 644,684 $ 1,695,476 $ 2,669,480 $ (4,762,124 ) $ 2,128,948 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 656 $ — $ 3,094 $ — $ — $ 3,750 Accounts payable 553,952 334,696 2,868 23,330 6,825 (888,682 ) 32,989 Deferred revenue — — 9,397 66,342 26,587 — 102,326 Accrued interest 113 75 7,601 14,104 — — 21,893 Accrued taxes 1,551 38,538 — 9,569 1,442 (2,728 ) 48,372 Accrued salaries, wages and benefits — 28,162 2,416 — — — 30,578 Self-insurance reserves — 10,459 1,635 11,856 1,973 — 25,923 Other accrued liabilities 3,292 6,796 585 6,937 4,622 — 22,232 558,908 419,382 24,502 135,232 41,449 (891,410 ) 288,063 Deferred Tax Liability — — 12,562 — 81,945 (19,870 ) 74,637 Other Liabilities — 968 390 3,304 11,630 — 16,292 Long-Term Debt: Term debt — 126,800 — 594,046 — — 720,846 Notes — — 445,846 491,594 — — 937,440 — 126,800 445,846 1,085,640 — — 1,658,286 Equity 91,670 683,704 161,384 471,300 2,534,456 (3,850,844 ) 91,670 $ 650,578 $ 1,230,854 $ 644,684 $ 1,695,476 $ 2,669,480 $ (4,762,124 ) $ 2,128,948 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 85,758 $ 80,430 $ 1,152 $ (1,095 ) $ 166,245 Receivables — 1,184 15,574 26,130 831,075 (836,241 ) 37,722 Inventories — — 1,891 22,528 5,300 — 29,719 Other current assets 164 28,297 3,454 9,341 1,642 (29,601 ) 13,297 164 29,481 106,677 138,429 839,169 (866,937 ) 246,983 Property and Equipment, net — 835 181,673 — 1,403,264 — 1,585,772 Investment in Park 588,684 1,045,640 238,132 1,392,761 234,237 (3,499,454 ) — Goodwill 674 — 63,551 8,387 111,218 — 183,830 Other Intangibles, net — — 14,177 — 23,887 — 38,064 Deferred Tax Asset — 20,956 — — — (20,956 ) — Other Assets — — 40 402 9,068 — 9,510 $ 589,522 $ 1,096,912 $ 604,250 $ 1,539,979 $ 2,620,843 $ (4,387,347 ) $ 2,064,159 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 497,558 $ 344,410 $ 1,379 $ 13,572 $ 5,038 $ (837,336 ) $ 24,621 Deferred revenue — — 6,237 59,307 20,587 — 86,131 Accrued interest 27 18 2,055 6,024 — — 8,124 Accrued taxes 352 — — 6,176 67,048 (29,601 ) 43,975 Accrued salaries, wages and benefits — 17,498 1,242 — — — 18,740 Self-insurance reserves — 10,947 1,618 10,156 2,386 — 25,107 Other accrued liabilities 3,406 5,094 157 5,649 4,490 — 18,796 501,343 377,967 12,688 100,884 99,549 (866,937 ) 225,494 Deferred Tax Liability — — 13,809 — 81,945 (20,956 ) 74,798 Derivative Liability 5,233 3,489 — — — — 8,722 Other Liabilities — 873 — 120 10,691 — 11,684 Long-Term Debt: Term debt — 127,437 — 596,351 — — 723,788 Notes — — 445,156 491,571 — — 936,727 — 127,437 445,156 1,087,922 — — 1,660,515 Equity 82,946 587,146 132,597 351,053 2,428,658 (3,499,454 ) 82,946 $ 589,522 $ 1,096,912 $ 604,250 $ 1,539,979 $ 2,620,843 $ (4,387,347 ) $ 2,064,159 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) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 92,047 $ 158,904 $ 1,689 $ (2,694 ) $ 249,946 Receivables — 1,285 33,158 32,049 805,545 (819,734 ) 52,303 Inventories — — 2,423 26,158 5,659 — 34,240 Other current assets 275 12,843 743 12,874 3,955 (12,066 ) 18,624 275 14,128 128,371 229,985 816,848 (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 1,370,295 222,953 (3,401,117 ) — Goodwill 674 — 64,730 8,388 111,218 — 185,010 Other Intangibles, net — — 14,443 — 24,089 — 38,532 Deferred Tax Asset — 32,190 — — — (32,190 ) — Other Assets — — 53 447 16,907 — 17,407 $ 567,497 $ 1,064,017 $ 615,266 $ 1,609,115 $ 2,588,478 $ (4,267,801 ) $ 2,176,572 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 478,416 $ 345,150 $ 6,431 $ 21,094 $ 5,047 $ (822,428 ) $ 33,710 Deferred revenue — — 6,876 53,120 23,344 — 83,340 Accrued interest 292 195 9,209 14,232 — — 23,928 Accrued taxes 1,589 — 14,910 9,024 65,200 (12,066 ) 78,657 Accrued salaries, wages and benefits — 28,306 2,360 — — — 30,666 Self-insurance reserves — 12,090 1,725 11,525 2,209 — 27,549 Other accrued liabilities 2,985 7,772 499 4,722 4,584 — 20,562 483,282 393,513 42,010 113,717 100,384 (834,494 ) 298,412 Deferred Tax Liability — — 19,511 — 125,350 (32,190 ) 112,671 Derivative Liability 8,933 5,916 — — — — 14,849 Other Liabilities — 1,398 261 2,081 11,992 — 15,732 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 75,282 535,788 108,610 405,967 2,350,752 (3,401,117 ) 75,282 $ 567,497 $ 1,064,017 $ 615,266 $ 1,609,115 $ 2,588,478 $ (4,267,801 ) $ 2,176,572 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ 71,751 $ 182,833 $ 81,265 $ 474,711 $ 189,672 $ (336,529 ) $ 663,703 Costs and expenses: Cost of food, merchandise and games revenues — — 7,020 38,134 8,737 — 53,891 Operating expenses — 122,455 20,145 388,158 12,276 (336,529 ) 206,505 Selling, general and administrative 185 20,666 4,582 34,578 7,103 — 67,114 Depreciation and amortization — 8 8,379 — 65,987 — 74,374 Loss on impairment / retirement of fixed assets, net — — — 422 2,825 — 3,247 185 143,129 40,126 461,292 96,928 (336,529 ) 405,131 Operating income 71,566 39,704 41,139 13,419 92,744 — 258,572 Interest (income) expense, net 5,879 4,072 5,986 12,940 (7,943 ) — 20,934 Net effect of swaps 265 (1,482 ) — — — — (1,217 ) (Gain) loss on foreign currency — 15 (13,069 ) — — — (13,054 ) Other (income) expense 63 (28,849 ) 1,484 — 27,134 — (168 ) Income from investment in affiliates (153,756 ) (100,629 ) (16,509 ) — (56,985 ) 327,879 — Income before taxes 219,115 166,577 63,247 479 130,538 (327,879 ) 252,077 Provision for taxes 5,808 12,823 6,261 479 13,399 — 38,770 Net income $ 213,307 $ 153,754 $ 56,986 $ — $ 117,139 $ (327,879 ) $ 213,307 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (5,276 ) — (5,276 ) — — 5,276 (5,276 ) Unrealized gain on cash flow hedging derivatives 2,116 728 — — — (728 ) 2,116 Other comprehensive income (loss), (net of tax) (3,160 ) 728 (5,276 ) — — 4,548 (3,160 ) Total comprehensive income $ 210,147 $ 154,482 $ 51,710 $ — $ 117,139 $ (323,331 ) $ 210,147 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) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ 69,999 $ 169,429 $ 85,963 $ 457,530 $ 189,586 $ (319,818 ) $ 652,689 Costs and expenses: Cost of food, merchandise and games revenues — — 7,735 36,301 8,611 — 52,647 Operating expenses — 118,614 19,627 371,768 12,519 (319,818 ) 202,710 Selling, general and administrative 327 21,752 4,539 36,021 9,024 — 71,663 Depreciation and amortization — 9 7,856 — 62,195 — 70,060 Loss on impairment / retirement of fixed assets, net — — 87 738 522 — 1,347 Gain on sale of investment — (1,877 ) — — — — (1,877 ) 327 138,498 39,844 444,828 92,871 (319,818 ) 396,550 Operating income 69,672 30,931 46,119 12,702 96,715 — 256,139 Interest (income) expense, net 4,857 4,305 6,152 12,167 (6,194 ) — 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 84,813 535 135,901 (306,442 ) 265,062 Provision for taxes 6,715 19,526 26,432 535 20,539 — 73,747 Net income $ 191,315 $ 132,699 $ 58,381 $ — $ 115,362 $ (306,442 ) $ 191,315 Other comprehensive income (loss), (net of tax): Cumulative 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 Nine Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ 84,921 $ 275,214 $ 111,184 $ 807,575 $ 310,159 $ (490,307 ) $ 1,098,746 Costs and expenses: Cost of food, merchandise and games revenues — — 10,204 69,628 15,080 — 94,912 Operating expenses — 258,162 40,115 622,643 32,137 (490,307 ) 462,750 Selling, general and administrative 1,870 50,754 8,818 73,572 14,823 — 149,837 Depreciation and amortization — 24 14,319 — 117,771 — 132,114 Loss on impairment / retirement of fixed assets, net — — 67 1,868 6,024 — 7,959 1,870 308,940 73,523 767,711 185,835 (490,307 ) 847,572 Operating income (loss) 83,051 (33,726 ) 37,661 39,864 124,324 — 251,174 Interest (income) expense, net 16,519 13,031 17,637 37,539 (22,974 ) — 61,752 Net effect of swaps (2,266 ) (3,485 ) — — — — (5,751 ) Loss on early debt extinguishment — 187 — 886 — — 1,073 Loss on foreign currency — 36 11,988 — — — 12,024 Other (income) expense 186 (61,404 ) 3,270 — 57,573 — (375 ) Income from investment in affiliates (89,426 ) (74,345 ) (21,578 ) — (22,798 ) 208,147 — Income before taxes 158,038 92,254 26,344 1,439 112,523 (208,147 ) 182,451 Provision for taxes 8,888 2,829 3,545 1,439 16,600 — 33,301 Net income $ 149,150 $ 89,425 $ 22,799 $ — $ 95,923 $ (208,147 ) $ 149,150 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment 5,990 — 5,990 — — (5,990 ) 5,990 Unrealized gain on cash flow hedging derivatives 6,250 2,085 — — — (2,085 ) 6,250 Other comprehensive income (loss), (net of tax) 12,240 2,085 5,990 — — (8,075 ) 12,240 Total comprehensive income $ 161,390 $ 91,510 $ 28,789 $ — $ 95,923 $ (216,222 ) $ 161,390 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) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ 92,672 $ 262,739 $ 114,141 $ 788,737 $ 322,763 $ (487,247 ) $ 1,093,805 Costs and expenses: Cost of food, merchandise and games revenues — — 10,569 66,537 15,270 — 92,376 Operating expenses — 248,047 37,701 616,134 32,744 (487,247 ) 447,379 Selling, general and administrative 2,254 51,358 8,592 73,098 15,840 — 151,142 Depreciation and amortization — 26 12,869 — 113,342 — 126,237 Loss on impairment / retirement of fixed assets, net — — 542 1,511 1,004 — 3,057 Gain on sale of investment — (1,877 ) — — — — (1,877 ) 2,254 297,554 70,273 757,280 178,200 (487,247 ) 818,314 Operating income (loss) 90,418 (34,815 ) 43,868 31,457 144,563 — 275,491 Interest (income) expense, net 18,285 13,893 18,317 26,747 (15,169 ) — 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 1,754 164,649 (301,286 ) 221,698 Provision (benefit) for taxes 8,917 (1,223 ) 23,473 1,754 30,848 — 63,769 Net income $ 157,929 $ 108,836 $ 58,649 $ — $ 133,801 $ (301,286 ) $ 157,929 Other comprehensive income (loss), (net of tax): Cumulative 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 CASH FLOWS For the Nine Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total NET CASH FROM OPERATING ACTIVITIES $ 95,426 $ 13,190 $ 41,319 $ 136,066 $ 51,939 $ (3,506 ) $ 334,434 CASH FLOWS FOR INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (31,877 ) — (21,515 ) 53,392 — Capital expenditures — — (16,355 ) (98,973 ) (30,388 ) — (145,716 ) Net cash for investing activities — — (48,232 ) (98,973 ) (51,903 ) 53,392 (145,716 ) CASH FLOWS FOR FINANCING ACTIVITIES Intercompa |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 9 Months Ended |
Sep. 23, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition and related receivable and contract liabilities | Revenue Recognition and related receivables and contract liabilities As disclosed within the consolidated statements of operations and comprehensive income, revenues are generated from sales of (1) admission to the Partnership's amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. Admission revenues include amounts paid to gain admission into the Partnership's parks, including parking fees. Revenues related to extra-charge products, including premium benefit offerings such as front-of-line products, and online advanced purchase transaction fees charged to customers are included in "Accommodations, extra-charge products and other". Due to the Partnership's highly seasonal operations, a substantial portion of the Partnership's revenues are generated during an approximate 130 - to 140 -day operating season. Most revenues are recognized on a daily basis based on actual guest spend at the properties. Revenues from multi-use products, including season-long products for admission, dining, beverage and other products, are recognized over the estimated number of uses expected for each type of product. The estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season. The number of uses is estimated based on historical usage adjusted for current period trends. For any bundled products that include multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and any inherent discounts are allocated based on the gross margin and expected redemption of each performance obligation. The Partnership does not typically provide for refunds or returns. In some instances, the Partnership arranges with outside parties ("concessionaires") to provide goods to guests, typically food and merchandise, and the Partnership acts as an agent, resulting in net revenue recorded within the income statement. Concessionaire arrangement revenues are recognized over the operating season and are variable. Sponsorship revenues and marina revenues, which are classified as "Accommodations, extra-charge products and other" within the income statement, are recognized over the park operating season which represents the period in which the performance obligations are satisfied. Sponsorship revenues are typically fixed. However, some sponsorship revenues are variable based on achievement of specified operating metrics. The Partnership estimates variable revenues and performs a constraint analysis using both historical information and current trends to determine the amount of revenue that is not probable of a significant reversal. Many products, including season-long products, are sold to customers in advance, resulting in a contract liability ("deferred revenue"). Deferred revenue is at its highest immediately prior to the peak summer season, and at its lowest in the fall after the peak summer season and at the beginning of the selling season for the next year's products. Season-long products represent the majority of the deferred revenue balance in any given period. Of the $86.1 million of deferred revenue recorded as of January 1, 2018 , 88% was related to season-long products. The remainder was related to deferred online advanced purchase transaction fees charged to customers, advanced ticket sales, marina deposits, advanced resort reservations, and other deferred revenue. Most deferred revenue outstanding as of January 1, 2018 will be recognized by December 31, 2018 with the exception of an immaterial amount of deferred revenue for prepaid products such as gift cards and prepaid games cards. During the nine months ended September 23, 2018 , approximately $70.8 million of the deferred revenue balance as of January 1, 2018 was recognized. The difference in the opening and closing balances of the Partnership's deferred revenue balance in the current period was attributable to additional season-long product sales during the current year for both the 2018 and 2019 operating seasons, offset by revenue recognized during the first nine months of 2018. Payment is due immediately on the transaction date for most products. The Partnership's receivable balance includes outstanding amounts on installment purchase plans which are offered for season-long products (and other select products for specific time periods), and includes sales to retailers, group sales and catering activities which are billed. Installment purchase plans vary in length from three monthly installments to twelve monthly installments. Payment terms for billings are typically net 30 days . Receivables are highest in the peak summer months and the lowest in the winter months. The Partnership is not exposed to a significant concentration of customer credit risk. As of September 23, 2018 , December 31, 2017 and September 24, 2017 , the Partnership recorded a $10.7 million , $2.2 million and $10.6 million allowance for doubtful accounts, respectively, representing estimated defaults on installment purchase plans. The default estimate is calculated using the historical default rate adjusted for current period trends. The allowance for doubtful accounts is recorded as a reduction of deferred revenue to the extent revenue has not been recognized on the corresponding season-long products. Most deferred revenue from contracts with customers is classified as current within the balance sheet. However, a portion of deferred revenue from contracts with customers is classified as non-current during the third quarter related to season-long products sold in the current season for use in the subsequent season. Season-long products are sold beginning in August of the year preceding the operating season. Season-long products may be recognized 12 to 16 months after purchase depending on the date of sale. The Partnership estimates the number of uses expected outside of the next twelve months for each type of product and classifies the related deferred revenue as non-current. With the exception of the non-current deferred revenue described above, the Partnership's contracts with customers have an original duration of one year or less. For these short-term contracts, the Partnership uses the practical expedient, a relief provided in the accounting standard to simplify compliance, applicable to such contracts and has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. Further, the Partnership has elected to recognize incremental costs of obtaining a contract as an expense when incurred as the amortization period of the asset would be less than one year. Lastly, the Partnership has elected not to adjust consideration for the effects of significant financing components in the form of installment purchase plans as the period between when the entity transfers the promised service to the customer and when the customer pays for that service does not exceed one year. |
New Accounting Pronouncements | New Accounting Pronouncements 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. The ASU can be adopted using either the modified retrospective approach, which requires application of the new standard at the beginning of the earliest comparative period presented, or the comparative reporting approach allowable under ASU 2018-11, which requires application of the new standard at the adoption date. The Partnership expects to adopt this standard in the first quarter of 2019 using the comparative reporting approach. 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. Other Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Comprehensive Income ("ASU 2018-02"). The ASU allows a reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for fiscal years after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, and the amendments can be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Partnership elected to adopt ASU 2018-02 in the first quarter of 2018. The amendment was applied in the period of adoption and resulted in a $0.4 million reclassification from accumulated other comprehensive income to limited partners' equity during the first quarter ended March 25, 2018. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ("ASU 2018-15"). The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The capitalized implementation costs of a hosting arrangement that is a service contract will be expensed over the term of the hosting arrangement. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The amendments can be applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. The Partnership has adopted this standard in the third quarter of 2018 using the prospective method. The Partnership anticipates the standard to lengthen the timing of expense recognition associated with upcoming cloud-based projects. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 23, 2018 | |
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 23, 2018 and September 24, 2017 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance as of December 31, 2017 $ 263,698 $ (79,868 ) $ 183,830 Foreign currency translation (1,826 ) — (1,826 ) Balance as of September 23, 2018 $ 261,872 $ (79,868 ) $ 182,004 Balance as of December 31, 2016 $ 259,528 $ (79,868 ) $ 179,660 Foreign currency translation 5,350 — 5,350 Balance as of September 24, 2017 $ 264,878 $ (79,868 ) $ 185,010 |
Partnership's other intangible assets | As of September 23, 2018 , December 31, 2017 , and September 24, 2017 , the Partnership’s other intangible assets consisted of the following: (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value September 23, 2018 Other intangible assets: Trade names $ 36,125 $ — $ 36,125 License / franchise agreements 3,351 (2,345 ) 1,006 Total other intangible assets $ 39,476 $ (2,345 ) $ 37,131 December 31, 2017 Other intangible assets: Trade names $ 36,531 $ — $ 36,531 License / franchise agreements 3,360 (1,827 ) 1,533 Total other intangible assets $ 39,891 $ (1,827 ) $ 38,064 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 |
Long-Term Debt Long term debt t
Long-Term Debt Long term debt table (Tables) | 9 Months Ended |
Sep. 23, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of September 23, 2018 , December 31, 2017 , and September 24, 2017 consisted of the following: (In thousands) September 23, 2018 December 31, 2017 September 24, 2017 Term debt (1) April 2017 U.S. term loan averaging 3.59% (due 2017-2024) $ 735,000 $ 735,000 $ 735,000 Notes April 2017 U.S. fixed rate notes at 5.375% (due 2027) 500,000 500,000 500,000 June 2014 U.S. fixed rate notes at 5.375% (due 2024) 450,000 450,000 450,000 1,685,000 1,685,000 1,685,000 Less current portion (3,750 ) — — 1,681,250 1,685,000 1,685,000 Less debt issuance costs and original issue discount (22,964 ) (24,485 ) (25,374 ) $ 1,658,286 $ 1,660,515 $ 1,659,626 (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 Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 23, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative instruments in Condensed Consolidated Balance Sheet | The fair market value of the swap portfolio was recorded on the unaudited condensed consolidated balance sheets within "Other Assets" as of September 23, 2018 and within "Derivative Liability" as of December 31, 2017 and September 24, 2017 as follows: (In thousands) September 23, 2018 December 31, 2017 September 24, 2017 Derivatives not designated as hedging instruments: Interest rate swaps $ 4,123 $ (8,722 ) $ (14,849 ) |
Schedule of Derivative Instruments | The (gains) losses recognized in income on derivatives not designated as cash flow hedges were recorded in "Net effect of swaps" within the income statement for the periods presented as follows: Three months ended Nine months ended (In thousands) September 23, 2018 September 24, 2017 September 23, 2018 September 24, 2017 Change in fair market value $ (3,581 ) $ (3,318 ) $ (12,845 ) $ (3,378 ) Amortization of amounts in AOCI 2,364 2,366 7,094 7,095 Net effect of swaps $ (1,217 ) $ (952 ) $ (5,751 ) $ 3,717 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 23, 2018 | |
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 23, 2018 , December 31, 2017 , and September 24, 2017 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 23, 2018 December 31, 2017 September 24, 2017 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 $ 1,081 $ 1,081 $ 736 $ 736 $ 688 $ 688 Interest rate swaps Other Assets (Derivative Liability) Level 2 $ 4,123 $ 4,123 $ (8,722 ) $ (8,722 ) $ (14,849 ) $ (14,849 ) Other financial assets (liabilities): April 2017 term debt Long-Term Debt (1) Level 2 $ (731,250 ) $ (734,906 ) $ (735,000 ) $ (742,350 ) $ (735,000 ) $ (740,513 ) June 2014 notes Long-Term Debt (1) Level 1 $ (450,000 ) $ (450,000 ) $ (450,000 ) $ (469,125 ) $ (450,000 ) $ (472,500 ) April 2017 notes Long-Term Debt (1) Level 1 (2) $ (500,000 ) $ (485,000 ) $ (500,000 ) $ (525,000 ) $ (500,000 ) $ (527,500 ) (1) Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $23.0 million , $24.5 million , and $25.4 million as of September 23, 2018 , December 31, 2017 , and September 24, 2017 , respectively. (2) The April 2017 notes were based on Level 1 inputs as of September 23, 2018 and Level 2 inputs as of December 31, 2017 and September 24, 2017 . |
Earnings per Unit (Tables)
Earnings per Unit (Tables) | 9 Months Ended |
Sep. 23, 2018 | |
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 9/23/2018 9/24/2017 9/23/2018 9/24/2017 (In thousands, except per unit amounts) Basic weighted average units outstanding 56,231 56,078 56,205 56,062 Effect of dilutive units: Deferred units 46 44 46 41 Performance units — — 49 48 Restricted units 277 284 289 292 Unit options 142 185 164 188 Diluted weighted average units outstanding 56,696 56,591 56,753 56,631 Net income per unit - basic $ 3.79 $ 3.41 $ 2.65 $ 2.82 Net income per unit - diluted $ 3.76 $ 3.38 $ 2.63 $ 2.79 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 9 Months Ended |
Sep. 23, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) related to limited partners' equity for the three months ended September 23, 2018 and September 24, 2017 : Changes in Accumulated Other Comprehensive Income by Component (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance as of June 24, 2018 $ (4,232 ) $ 15,308 $ 11,076 Other comprehensive income before reclassifications, net of tax ($1,055) — (5,276 ) (5,276 ) Amounts reclassified from accumulated other comprehensive income, net of tax ($249) 2,116 — 2,116 Net other comprehensive income (loss) 2,116 (5,276 ) (3,160 ) Balance as of September 23, 2018 $ (2,116 ) $ 10,032 $ 7,916 Changes in Accumulated Other Comprehensive Income by Component (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance as of 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) 1,994 — 1,994 Net other comprehensive income (loss) 1,994 (11,143 ) (9,149 ) Balance as of September 24, 2017 $ (9,969 ) $ 5,806 $ (4,163 ) 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 9/23/2018 Three months ended 9/24/2017 Interest rate contracts $ 2,365 $ 2,365 Net effect of swaps Provision for taxes (249 ) (371 ) Provision (benefit) for taxes Losses on cash flow hedges $ 2,116 $ 1,994 Net of tax The following tables reflect the changes in accumulated other comprehensive income (loss) related to limited partners' equity for the nine months ended September 23, 2018 and September 24, 2017 : Changes in Accumulated Other Comprehensive Income by Component (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance as of December 31, 2017 $ (7,975 ) $ 4,042 $ (3,933 ) Other comprehensive income before reclassifications, net of tax $1,247 — 5,990 5,990 Amounts reclassified from accumulated other comprehensive income, net of tax ($845) 6,250 — 6,250 Net other comprehensive income (loss) 6,250 5,990 12,240 Reclassification of stranded tax effect (391 ) — (391 ) Balance as of September 23, 2018 $ (2,116 ) $ 10,032 $ 7,916 Changes in Accumulated Other Comprehensive Income by Component (In thousands) Gains and Losses on Cash Flow Hedges Foreign Currency Translation Total Balance as of 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) 5,981 — 5,981 Net other comprehensive income (loss) 5,981 (13,085 ) (7,104 ) Balance as of September 24, 2017 $ (9,969 ) $ 5,806 $ (4,163 ) |
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 9/23/2018 Three months ended 9/24/2017 Interest rate contracts $ 2,365 $ 2,365 Net effect of swaps Provision for taxes (249 ) (371 ) Provision (benefit) for taxes Losses on cash flow hedges $ 2,116 $ 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 9/23/2018 Nine months ended 9/24/2017 Interest rate contracts $ 7,095 $ 7,094 Net effect of swaps Provision for taxes (845 ) (1,113 ) Provision (benefit) for taxes Losses on cash flow hedges $ 6,250 $ 5,981 Net of tax |
Consolidating Financial Infor_2
Consolidating Financial Information of Guarantors and Issuers (Tables) | 9 Months Ended |
Sep. 23, 2018 | |
Condensed Consolidated Financial Information [Abstract] | |
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 77,878 $ 116,511 $ (3,633 ) $ 190,756 Receivables — 991 47,193 895,263 (885,049 ) 58,398 Inventories — — 2,260 34,289 — 36,549 Other current assets 293 1,170 3,594 19,546 (2,728 ) 21,875 293 2,161 130,925 1,065,609 (891,410 ) 307,578 Property and Equipment, net — 811 178,522 1,409,366 — 1,588,699 Investment in Park 648,414 1,205,086 259,710 246,968 (2,360,178 ) — Goodwill 674 — 61,725 119,605 — 182,004 Other Intangibles, net — — 13,763 23,368 — 37,131 Deferred Tax Asset — 19,870 — — (19,870 ) — Other Assets 1,197 2,926 39 9,374 — 13,536 $ 650,578 $ 1,230,854 $ 644,684 $ 2,874,290 $ (3,271,458 ) $ 2,128,948 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 656 $ — $ 3,094 $ — $ 3,750 Accounts payable 553,952 334,696 2,868 30,155 (888,682 ) 32,989 Deferred revenue — — 9,397 92,929 — 102,326 Accrued interest 113 75 7,601 14,104 — 21,893 Accrued taxes 1,551 38,538 — 11,011 (2,728 ) 48,372 Accrued salaries, wages and benefits — 28,162 2,416 — — 30,578 Self-insurance reserves — 10,459 1,635 13,829 — 25,923 Other accrued liabilities 3,292 6,796 585 11,559 — 22,232 558,908 419,382 24,502 176,681 (891,410 ) 288,063 Deferred Tax Liability — — 12,562 81,945 (19,870 ) 74,637 Other Liabilities — 968 390 14,934 — 16,292 Long-Term Debt: Term debt — 126,800 — 594,046 — 720,846 Notes — — 445,846 491,594 — 937,440 — 126,800 445,846 1,085,640 — 1,658,286 Equity 91,670 683,704 161,384 1,515,090 (2,360,178 ) 91,670 $ 650,578 $ 1,230,854 $ 644,684 $ 2,874,290 $ (3,271,458 ) $ 2,128,948 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 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 $ — $ — $ 85,758 $ 81,582 $ (1,095 ) $ 166,245 Receivables — 1,184 15,574 857,205 (836,241 ) 37,722 Inventories — — 1,891 27,828 — 29,719 Other current assets 164 28,297 3,454 10,983 (29,601 ) 13,297 164 29,481 106,677 977,598 (866,937 ) 246,983 Property and Equipment, net — 835 181,673 1,403,264 — 1,585,772 Investment in Park 588,684 1,045,640 238,132 234,238 (2,106,694 ) — Goodwill 674 — 63,551 119,605 — 183,830 Other Intangibles, net — — 14,177 23,887 — 38,064 Deferred Tax Asset — 20,956 — — (20,956 ) — Other Assets — — 40 9,470 — 9,510 $ 589,522 $ 1,096,912 $ 604,250 $ 2,768,062 $ (2,994,587 ) $ 2,064,159 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 497,558 $ 344,410 $ 1,379 $ 18,610 $ (837,336 ) $ 24,621 Deferred revenue — — 6,237 79,894 — 86,131 Accrued interest 27 18 2,055 6,024 — 8,124 Accrued taxes 352 — — 73,224 (29,601 ) 43,975 Accrued salaries, wages and benefits — 17,498 1,242 — — 18,740 Self-insurance reserves — 10,947 1,618 12,542 25,107 Other accrued liabilities 3,406 5,094 157 10,139 — 18,796 501,343 377,967 12,688 200,433 (866,937 ) 225,494 Deferred Tax Liability — — 13,809 81,945 (20,956 ) 74,798 Derivative Liability 5,233 3,489 — — — 8,722 Other Liabilities — 873 — 10,811 — 11,684 Long-Term Debt: Term debt — 127,437 — 596,351 — 723,788 Notes — — 445,156 491,571 — 936,727 — 127,437 445,156 1,087,922 — 1,660,515 Equity 82,946 587,146 132,597 1,386,951 (2,106,694 ) 82,946 $ 589,522 $ 1,096,912 $ 604,250 $ 2,768,062 $ (2,994,587 ) $ 2,064,159 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 — — 6,876 76,464 — 83,340 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 42,010 214,101 (834,494 ) 298,412 Deferred Tax Liability — — 19,511 125,350 (32,190 ) 112,671 Derivative Liability 8,933 5,916 — — — 14,849 Other Liabilities — 1,398 261 14,073 — 15,732 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 September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 77,878 $ 115,323 $ 1,188 $ (3,633 ) $ 190,756 Receivables — 991 47,193 36,711 858,552 (885,049 ) 58,398 Inventories — — 2,260 28,205 6,084 — 36,549 Other current assets 293 1,170 3,594 15,871 3,675 (2,728 ) 21,875 293 2,161 130,925 196,110 869,499 (891,410 ) 307,578 Property and Equipment, net — 811 178,522 — 1,409,366 — 1,588,699 Investment in Park 648,414 1,205,086 259,710 1,490,666 246,968 (3,850,844 ) — Goodwill 674 — 61,725 8,388 111,217 — 182,004 Other Intangibles, net — — 13,763 — 23,368 — 37,131 Deferred Tax Asset — 19,870 — — — (19,870 ) — Other Assets 1,197 2,926 39 312 9,062 — 13,536 $ 650,578 $ 1,230,854 $ 644,684 $ 1,695,476 $ 2,669,480 $ (4,762,124 ) $ 2,128,948 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 656 $ — $ 3,094 $ — $ — $ 3,750 Accounts payable 553,952 334,696 2,868 23,330 6,825 (888,682 ) 32,989 Deferred revenue — — 9,397 66,342 26,587 — 102,326 Accrued interest 113 75 7,601 14,104 — — 21,893 Accrued taxes 1,551 38,538 — 9,569 1,442 (2,728 ) 48,372 Accrued salaries, wages and benefits — 28,162 2,416 — — — 30,578 Self-insurance reserves — 10,459 1,635 11,856 1,973 — 25,923 Other accrued liabilities 3,292 6,796 585 6,937 4,622 — 22,232 558,908 419,382 24,502 135,232 41,449 (891,410 ) 288,063 Deferred Tax Liability — — 12,562 — 81,945 (19,870 ) 74,637 Other Liabilities — 968 390 3,304 11,630 — 16,292 Long-Term Debt: Term debt — 126,800 — 594,046 — — 720,846 Notes — — 445,846 491,594 — — 937,440 — 126,800 445,846 1,085,640 — — 1,658,286 Equity 91,670 683,704 161,384 471,300 2,534,456 (3,850,844 ) 91,670 $ 650,578 $ 1,230,854 $ 644,684 $ 1,695,476 $ 2,669,480 $ (4,762,124 ) $ 2,128,948 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2017 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 85,758 $ 80,430 $ 1,152 $ (1,095 ) $ 166,245 Receivables — 1,184 15,574 26,130 831,075 (836,241 ) 37,722 Inventories — — 1,891 22,528 5,300 — 29,719 Other current assets 164 28,297 3,454 9,341 1,642 (29,601 ) 13,297 164 29,481 106,677 138,429 839,169 (866,937 ) 246,983 Property and Equipment, net — 835 181,673 — 1,403,264 — 1,585,772 Investment in Park 588,684 1,045,640 238,132 1,392,761 234,237 (3,499,454 ) — Goodwill 674 — 63,551 8,387 111,218 — 183,830 Other Intangibles, net — — 14,177 — 23,887 — 38,064 Deferred Tax Asset — 20,956 — — — (20,956 ) — Other Assets — — 40 402 9,068 — 9,510 $ 589,522 $ 1,096,912 $ 604,250 $ 1,539,979 $ 2,620,843 $ (4,387,347 ) $ 2,064,159 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 497,558 $ 344,410 $ 1,379 $ 13,572 $ 5,038 $ (837,336 ) $ 24,621 Deferred revenue — — 6,237 59,307 20,587 — 86,131 Accrued interest 27 18 2,055 6,024 — — 8,124 Accrued taxes 352 — — 6,176 67,048 (29,601 ) 43,975 Accrued salaries, wages and benefits — 17,498 1,242 — — — 18,740 Self-insurance reserves — 10,947 1,618 10,156 2,386 — 25,107 Other accrued liabilities 3,406 5,094 157 5,649 4,490 — 18,796 501,343 377,967 12,688 100,884 99,549 (866,937 ) 225,494 Deferred Tax Liability — — 13,809 — 81,945 (20,956 ) 74,798 Derivative Liability 5,233 3,489 — — — — 8,722 Other Liabilities — 873 — 120 10,691 — 11,684 Long-Term Debt: Term debt — 127,437 — 596,351 — — 723,788 Notes — — 445,156 491,571 — — 936,727 — 127,437 445,156 1,087,922 — — 1,660,515 Equity 82,946 587,146 132,597 351,053 2,428,658 (3,499,454 ) 82,946 $ 589,522 $ 1,096,912 $ 604,250 $ 1,539,979 $ 2,620,843 $ (4,387,347 ) $ 2,064,159 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) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 92,047 $ 158,904 $ 1,689 $ (2,694 ) $ 249,946 Receivables — 1,285 33,158 32,049 805,545 (819,734 ) 52,303 Inventories — — 2,423 26,158 5,659 — 34,240 Other current assets 275 12,843 743 12,874 3,955 (12,066 ) 18,624 275 14,128 128,371 229,985 816,848 (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 1,370,295 222,953 (3,401,117 ) — Goodwill 674 — 64,730 8,388 111,218 — 185,010 Other Intangibles, net — — 14,443 — 24,089 — 38,532 Deferred Tax Asset — 32,190 — — — (32,190 ) — Other Assets — — 53 447 16,907 — 17,407 $ 567,497 $ 1,064,017 $ 615,266 $ 1,609,115 $ 2,588,478 $ (4,267,801 ) $ 2,176,572 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 478,416 $ 345,150 $ 6,431 $ 21,094 $ 5,047 $ (822,428 ) $ 33,710 Deferred revenue — — 6,876 53,120 23,344 — 83,340 Accrued interest 292 195 9,209 14,232 — — 23,928 Accrued taxes 1,589 — 14,910 9,024 65,200 (12,066 ) 78,657 Accrued salaries, wages and benefits — 28,306 2,360 — — — 30,666 Self-insurance reserves — 12,090 1,725 11,525 2,209 — 27,549 Other accrued liabilities 2,985 7,772 499 4,722 4,584 — 20,562 483,282 393,513 42,010 113,717 100,384 (834,494 ) 298,412 Deferred Tax Liability — — 19,511 — 125,350 (32,190 ) 112,671 Derivative Liability 8,933 5,916 — — — — 14,849 Other Liabilities — 1,398 261 2,081 11,992 — 15,732 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 75,282 535,788 108,610 405,967 2,350,752 (3,401,117 ) 75,282 $ 567,497 $ 1,064,017 $ 615,266 $ 1,609,115 $ 2,588,478 $ (4,267,801 ) $ 2,176,572 |
Condensed Consolidating Statement of Operations | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 71,751 $ 182,833 $ 81,265 $ 613,094 $ (285,240 ) $ 663,703 Costs and expenses: Cost of food, merchandise, and games revenues — — 7,020 46,871 — 53,891 Operating expenses — 122,455 20,145 349,145 (285,240 ) 206,505 Selling, general and administrative 185 20,666 4,582 41,681 — 67,114 Depreciation and amortization — 8 8,379 65,987 — 74,374 Loss on impairment / retirement of fixed assets, net — — — 3,247 — 3,247 185 143,129 40,126 506,931 (285,240 ) 405,131 Operating income 71,566 39,704 41,139 106,163 — 258,572 Interest expense, net 5,879 4,072 5,986 4,997 — 20,934 Net effect of swaps 265 (1,482 ) — — — (1,217 ) (Gain) loss on foreign currency — 15 (13,069 ) — — (13,054 ) Other (income) expense 63 (28,849 ) 1,484 27,134 — (168 ) Income from investment in affiliates (153,756 ) (100,629 ) (16,509 ) (56,985 ) 327,879 — Income before taxes 219,115 166,577 63,247 131,017 (327,879 ) 252,077 Provision for taxes 5,808 12,823 6,261 13,878 — 38,770 Net income $ 213,307 $ 153,754 $ 56,986 $ 117,139 $ (327,879 ) $ 213,307 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (5,276 ) — (5,276 ) — 5,276 (5,276 ) Unrealized gain on cash flow hedging derivatives 2,116 728 — — (728 ) 2,116 Other comprehensive income (loss), (net of tax) (3,160 ) 728 (5,276 ) — 4,548 (3,160 ) Total comprehensive income $ 210,147 $ 154,482 $ 51,710 $ 117,139 $ (323,331 ) $ 210,147 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 Nine Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ 84,921 $ 275,214 $ 111,184 $ 1,023,713 $ (396,286 ) $ 1,098,746 Costs and expenses: Cost of food, merchandise, and games revenues — — 10,204 84,708 — 94,912 Operating expenses — 258,162 40,115 560,759 (396,286 ) 462,750 Selling, general and administrative 1,870 50,754 8,818 88,395 — 149,837 Depreciation and amortization — 24 14,319 117,771 — 132,114 Loss on impairment / retirement of fixed assets, net — — 67 7,892 — 7,959 1,870 308,940 73,523 859,525 (396,286 ) 847,572 Operating income (loss) 83,051 (33,726 ) 37,661 164,188 — 251,174 Interest expense, net 16,519 13,031 17,637 14,565 — 61,752 Net effect of swaps (2,266 ) (3,485 ) — — — (5,751 ) Loss on early debt extinguishment — 187 — 886 — 1,073 Loss on foreign currency — 36 11,988 — — 12,024 Other (income) expense 186 (61,404 ) 3,270 57,573 — (375 ) Income from investment in affiliates (89,426 ) (74,345 ) (21,578 ) (22,798 ) 208,147 — Income before taxes 158,038 92,254 26,344 113,962 (208,147 ) 182,451 Provision for taxes 8,888 2,829 3,545 18,039 — 33,301 Net income $ 149,150 $ 89,425 $ 22,799 $ 95,923 $ (208,147 ) $ 149,150 Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment 5,990 — 5,990 — (5,990 ) 5,990 Unrealized gain on cash flow hedging derivatives 6,250 2,085 — — (2,085 ) 6,250 Other comprehensive income (loss), (net of tax) 12,240 2,085 5,990 — (8,075 ) 12,240 Total comprehensive income $ 161,390 $ 91,510 $ 28,789 $ 95,923 $ (216,222 ) $ 161,390 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 Three Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ 71,751 $ 182,833 $ 81,265 $ 474,711 $ 189,672 $ (336,529 ) $ 663,703 Costs and expenses: Cost of food, merchandise and games revenues — — 7,020 38,134 8,737 — 53,891 Operating expenses — 122,455 20,145 388,158 12,276 (336,529 ) 206,505 Selling, general and administrative 185 20,666 4,582 34,578 7,103 — 67,114 Depreciation and amortization — 8 8,379 — 65,987 — 74,374 Loss on impairment / retirement of fixed assets, net — — — 422 2,825 — 3,247 185 143,129 40,126 461,292 96,928 (336,529 ) 405,131 Operating income 71,566 39,704 41,139 13,419 92,744 — 258,572 Interest (income) expense, net 5,879 4,072 5,986 12,940 (7,943 ) — 20,934 Net effect of swaps 265 (1,482 ) — — — — (1,217 ) (Gain) loss on foreign currency — 15 (13,069 ) — — — (13,054 ) Other (income) expense 63 (28,849 ) 1,484 — 27,134 — (168 ) Income from investment in affiliates (153,756 ) (100,629 ) (16,509 ) — (56,985 ) 327,879 — Income before taxes 219,115 166,577 63,247 479 130,538 (327,879 ) 252,077 Provision for taxes 5,808 12,823 6,261 479 13,399 — 38,770 Net income $ 213,307 $ 153,754 $ 56,986 $ — $ 117,139 $ (327,879 ) $ 213,307 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment (5,276 ) — (5,276 ) — — 5,276 (5,276 ) Unrealized gain on cash flow hedging derivatives 2,116 728 — — — (728 ) 2,116 Other comprehensive income (loss), (net of tax) (3,160 ) 728 (5,276 ) — — 4,548 (3,160 ) Total comprehensive income $ 210,147 $ 154,482 $ 51,710 $ — $ 117,139 $ (323,331 ) $ 210,147 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) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ 69,999 $ 169,429 $ 85,963 $ 457,530 $ 189,586 $ (319,818 ) $ 652,689 Costs and expenses: Cost of food, merchandise and games revenues — — 7,735 36,301 8,611 — 52,647 Operating expenses — 118,614 19,627 371,768 12,519 (319,818 ) 202,710 Selling, general and administrative 327 21,752 4,539 36,021 9,024 — 71,663 Depreciation and amortization — 9 7,856 — 62,195 — 70,060 Loss on impairment / retirement of fixed assets, net — — 87 738 522 — 1,347 Gain on sale of investment — (1,877 ) — — — — (1,877 ) 327 138,498 39,844 444,828 92,871 (319,818 ) 396,550 Operating income 69,672 30,931 46,119 12,702 96,715 — 256,139 Interest (income) expense, net 4,857 4,305 6,152 12,167 (6,194 ) — 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 84,813 535 135,901 (306,442 ) 265,062 Provision for taxes 6,715 19,526 26,432 535 20,539 — 73,747 Net income $ 191,315 $ 132,699 $ 58,381 $ — $ 115,362 $ (306,442 ) $ 191,315 Other comprehensive income (loss), (net of tax): Cumulative 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 Nine Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ 84,921 $ 275,214 $ 111,184 $ 807,575 $ 310,159 $ (490,307 ) $ 1,098,746 Costs and expenses: Cost of food, merchandise and games revenues — — 10,204 69,628 15,080 — 94,912 Operating expenses — 258,162 40,115 622,643 32,137 (490,307 ) 462,750 Selling, general and administrative 1,870 50,754 8,818 73,572 14,823 — 149,837 Depreciation and amortization — 24 14,319 — 117,771 — 132,114 Loss on impairment / retirement of fixed assets, net — — 67 1,868 6,024 — 7,959 1,870 308,940 73,523 767,711 185,835 (490,307 ) 847,572 Operating income (loss) 83,051 (33,726 ) 37,661 39,864 124,324 — 251,174 Interest (income) expense, net 16,519 13,031 17,637 37,539 (22,974 ) — 61,752 Net effect of swaps (2,266 ) (3,485 ) — — — — (5,751 ) Loss on early debt extinguishment — 187 — 886 — — 1,073 Loss on foreign currency — 36 11,988 — — — 12,024 Other (income) expense 186 (61,404 ) 3,270 — 57,573 — (375 ) Income from investment in affiliates (89,426 ) (74,345 ) (21,578 ) — (22,798 ) 208,147 — Income before taxes 158,038 92,254 26,344 1,439 112,523 (208,147 ) 182,451 Provision for taxes 8,888 2,829 3,545 1,439 16,600 — 33,301 Net income $ 149,150 $ 89,425 $ 22,799 $ — $ 95,923 $ (208,147 ) $ 149,150 Other comprehensive income (loss), (net of tax): Cumulative foreign currency translation adjustment 5,990 — 5,990 — — (5,990 ) 5,990 Unrealized gain on cash flow hedging derivatives 6,250 2,085 — — — (2,085 ) 6,250 Other comprehensive income (loss), (net of tax) 12,240 2,085 5,990 — — (8,075 ) 12,240 Total comprehensive income $ 161,390 $ 91,510 $ 28,789 $ — $ 95,923 $ (216,222 ) $ 161,390 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) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ 92,672 $ 262,739 $ 114,141 $ 788,737 $ 322,763 $ (487,247 ) $ 1,093,805 Costs and expenses: Cost of food, merchandise and games revenues — — 10,569 66,537 15,270 — 92,376 Operating expenses — 248,047 37,701 616,134 32,744 (487,247 ) 447,379 Selling, general and administrative 2,254 51,358 8,592 73,098 15,840 — 151,142 Depreciation and amortization — 26 12,869 — 113,342 — 126,237 Loss on impairment / retirement of fixed assets, net — — 542 1,511 1,004 — 3,057 Gain on sale of investment — (1,877 ) — — — — (1,877 ) 2,254 297,554 70,273 757,280 178,200 (487,247 ) 818,314 Operating income (loss) 90,418 (34,815 ) 43,868 31,457 144,563 — 275,491 Interest (income) expense, net 18,285 13,893 18,317 26,747 (15,169 ) — 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 1,754 164,649 (301,286 ) 221,698 Provision (benefit) for taxes 8,917 (1,223 ) 23,473 1,754 30,848 — 63,769 Net income $ 157,929 $ 108,836 $ 58,649 $ — $ 133,801 $ (301,286 ) $ 157,929 Other comprehensive income (loss), (net of tax): Cumulative 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 |
Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Nine Months Ended September 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM OPERATING ACTIVITIES $ 95,426 $ 13,190 $ 41,319 $ 188,005 $ (3,506 ) $ 334,434 CASH FLOWS FOR INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (31,877 ) (21,515 ) 53,392 — Capital expenditures — — (16,355 ) (129,361 ) — (145,716 ) Net cash for investing activities — — (48,232 ) (150,876 ) 53,392 (145,716 ) CASH FLOWS FOR FINANCING ACTIVITIES Intercompany payables (payments) receipts 56,394 (3,002 ) — — (53,392 ) — Distributions paid to partners (151,820 ) — — — 968 (150,852 ) Payment of debt issuance costs and original issue discount — (321 ) — (2,200 ) — (2,521 ) Exercise of limited partnership unit options — 125 — — — 125 Tax effect of units involved in treasury unit transactions — (3,049 ) — — — (3,049 ) Payments related to tax withholding for equity compensation — (6,943 ) — — — (6,943 ) Net cash for financing activities (95,426 ) (13,190 ) — (2,200 ) (52,424 ) (163,240 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (967 ) — — (967 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the period — — (7,880 ) 34,929 (2,538 ) 24,511 Balance, beginning of period — — 85,758 81,582 (1,095 ) 166,245 Balance, end of period $ — $ — $ 77,878 $ 116,511 $ (3,633 ) $ 190,756 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 $ 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 Capital expenditures — (25 ) (5,679 ) (146,735 ) — (152,439 ) 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 23, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total NET CASH FROM OPERATING ACTIVITIES $ 95,426 $ 13,190 $ 41,319 $ 136,066 $ 51,939 $ (3,506 ) $ 334,434 CASH FLOWS FOR INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (31,877 ) — (21,515 ) 53,392 — Capital expenditures — — (16,355 ) (98,973 ) (30,388 ) — (145,716 ) Net cash for investing activities — — (48,232 ) (98,973 ) (51,903 ) 53,392 (145,716 ) CASH FLOWS FOR FINANCING ACTIVITIES Intercompany payables (payments) receipts 56,394 (3,002 ) — — — (53,392 ) — Distributions paid to partners (151,820 ) — — — — 968 (150,852 ) Payment of debt issuance costs and original issue discount — (321 ) — (2,200 ) — — (2,521 ) Exercise of limited partnership unit options — 125 — — — — 125 Tax effect of units involved in treasury unit transactions — (3,049 ) — — — — (3,049 ) Payments related to tax withholding for equity compensation — (6,943 ) — — — — (6,943 ) Net cash for financing activities (95,426 ) (13,190 ) — (2,200 ) — (52,424 ) (163,240 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (967 ) — — — (967 ) CASH AND CASH EQUIVALENTS Net increase (decrease) for the period — — (7,880 ) 34,893 36 (2,538 ) 24,511 Balance, beginning of period — — 85,758 80,430 1,152 (1,095 ) 166,245 Balance, end of period $ — $ — $ 77,878 $ 115,323 $ 1,188 $ (3,633 ) $ 190,756 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) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 61,966 $ (3,954 ) $ 40,125 $ 103,553 $ 124,035 $ (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 Capital expenditures — (25 ) (5,679 ) (125,726 ) (21,009 ) — (152,439 ) Net cash from (for) investing activities 338,000 18,756 (5,679 ) (125,726 ) (122,699 ) (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 — — 26,484 101,079 1,336 (1,669 ) 127,230 Balance, beginning of period — — 65,563 57,825 353 (1,025 ) 122,716 Balance, end of period $ — $ — $ 92,047 $ 158,904 $ 1,689 $ (2,694 ) $ 249,946 |
Significant Accounting and Re_3
Significant Accounting and Reporting Policies (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 25, 2018 | Sep. 23, 2018 | Dec. 31, 2017 | Sep. 24, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Deferred revenue | $ 102,326 | $ 86,131 | $ 83,340 | ||
Deferred revenue percentage, season-long products | 88.00% | ||||
Revenue from contract with customer | 70,800 | ||||
Allowance for doubtful accounts receivable | $ 10,700 | $ 2,200 | $ 10,600 | ||
Reclassification of stranded tax effect | $ 400 | ||||
Minimum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating period | 130 days | ||||
Maximum [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating period | 140 days |
Interim Reporting (Details)
Interim Reporting (Details) | 9 Months Ended |
Sep. 23, 2018property | |
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 | 4 |
Winterfest parks | 5 |
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 | |||
Dec. 31, 2017USD ($) | Sep. 25, 2016USD ($)aproperty | Sep. 23, 2018USD ($) | Sep. 24, 2017USD ($) | |
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 | |||
Wildwater Kingdom [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets held-for-use | $ 7,600,000 | |||
Wildwater Kingdom [Member] | Other Assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of real estate | $ 0 | |||
Assets held-for-sale | $ 9,000,000 | $ 9,000,000 | $ 16,500,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 23, 2018 | Sep. 24, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill (gross), beginning of period | $ 263,698 | $ 259,528 |
Accumulated Impairment Losses, beginning of period | (79,868) | (79,868) |
Goodwill (net), beginning of period | 183,830 | 179,660 |
Foreign currency translation | (1,826) | 5,350 |
Goodwill (gross), end of period | 261,872 | 264,878 |
Accumulated Impairment Losses, ending of period | (79,868) | (79,868) |
Goodwill (net), end of period | $ 182,004 | $ 185,010 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 23, 2018 | Dec. 31, 2017 | Sep. 24, 2017 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Accumulated Amortization | $ (2,345) | $ (1,827) | $ (1,623) |
Total other intangible assets, gross carrying amount | 39,476 | 39,891 | 40,155 |
Total other intangibe assets, net carrying value | 37,131 | 38,064 | 38,532 |
License / Franchise Agreements [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | 3,351 | 3,360 | 3,361 |
Accumulated Amortization | (2,345) | (1,827) | (1,623) |
Net Carrying Value | 1,006 | 1,533 | 1,738 |
Trade Names [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Carrying Amount/Value | $ 36,125 | $ 36,531 | $ 36,794 |
Long-Term Debt Schedule of Long
Long-Term Debt Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 23, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,685,000 | $ 1,685,000 | $ 1,685,000 |
Current maturities of long-term debt | (3,750) | 0 | 0 |
Long-term debt, excluding current maturities, gross | 1,681,250 | 1,685,000 | 1,685,000 |
Deferred finance costs | (22,964) | (24,485) | (25,374) |
Total long-term debt | $ 1,658,286 | 1,660,515 | 1,659,626 |
April 2017 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.375% | ||
Long-term debt, gross | $ 500,000 | 500,000 | 500,000 |
5.375% Note [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.375% | ||
Long-term debt, gross | $ 450,000 | 450,000 | 450,000 |
Senior Secured Term Loan [Member] | 2017 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 3.59% | ||
Long-term debt, gross | $ 735,000 | $ 735,000 | $ 735,000 |
Long-Term Debt Narrative (Detai
Long-Term Debt Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | Dec. 31, 2017 | Mar. 14, 2018 | Jun. 30, 2014 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | |||||||||
Loss on early debt extinguishment | $ 0 | $ 0 | $ 1,073,000 | $ 23,115,000 | $ 23,100,000 | ||||
Senior Secured Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
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 | $ 7,700,000 | ||||||||
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 | ||||||||
Original issue discount | $ 900,000 | ||||||||
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% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Credit Agreement [Member] | Senior Secured Term Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective interest rate percentage | 1.75% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - Cash Flow Hedging [Member] $ in Millions | Sep. 23, 2018USD ($)contract | Mar. 27, 2016USD ($)contract |
Interest Rate Swap at 4.39% [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments | contract | 4 | |
Derivative, amount of hedged item | $ | $ 500 | |
Average rate | 4.39% | |
Interest Rate Swap at 4.63% [Member] | ||
Derivative [Line Items] | ||
Number of derivative instruments | contract | 4 | |
Derivative, amount of hedged item | $ | $ 500 | |
Derivative, forward interest rate | 4.627% |
Derivative Financial Instrume_4
Derivative Financial Instruments Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 23, 2018 | Dec. 31, 2017 | Sep. 24, 2017 |
Derivatives, Fair Value [Line Items] | |||
Derivative Liability | $ 0 | $ (8,722) | $ (14,849) |
Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative asset | $ 4,123 | ||
Derivative Liability | $ (8,722) | $ (14,849) |
Derivative Financial Instrume_5
Derivative Financial Instruments Income Statement Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 23, 2018 | Sep. 24, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | |
Derivative [Line Items] | ||||
Net effect of swaps | $ (1,217) | $ (952) | $ (5,751) | $ 3,717 |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amortization of deferred hedge gains | 2,364 | 2,366 | 7,094 | 7,095 |
Cash Flow Hedging [Member] | Forward-Starting Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Accumulated other comprehensive income (loss) related to cash flow hedges | (2,400) | (2,400) | ||
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 | $ 3,581 | $ 3,318 | $ 12,845 | $ 3,378 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred finance costs | $ 24,485 | $ 22,964 | $ 25,374 |
Other Assets [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 | 4,123 | ||
Derivative Liability [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 | (8,722) | (14,849) | |
Reported Value Measurement [Member] | Other Assets [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 | 4,123 | ||
Reported Value Measurement [Member] | Derivative Liability [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 | (8,722) | (14,849) | |
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 | (742,350) | (734,906) | (740,513) |
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) | (731,250) | (735,000) |
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 | (469,125) | (450,000) | (472,500) |
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 | (525,000) | (485,000) | (527,500) |
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) | (500,000) | (500,000) |
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 | 736 | 1,081 | 688 |
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 | 736 | $ 1,081 | $ 688 |
Wildwater Kingdom [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of long-lived assets held-for-use | $ 7,600 |
Earnings per Unit (Details)
Earnings per Unit (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 23, 2018 | Sep. 24, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | |
Earnings Per Unit [Abstract] | ||||
Basic weighted average units outstanding (in shares) | 56,231 | 56,078 | 56,205 | 56,062 |
Effect of dilutive units: | ||||
Deferred units (in shares) | 46 | 44 | 46 | 41 |
Performance units (in shares) | 0 | 0 | 49 | 48 |
Restricted units (in shares) | 277 | 284 | 289 | 292 |
Unit options (in shares) | 142 | 185 | 164 | 188 |
Diluted weighted average units outstanding (in shares) | 56,696 | 56,591 | 56,753 | 56,631 |
Net income (loss) per limited partner unit - basic (in dollars per share) | $ 3.79 | $ 3.41 | $ 2.65 | $ 2.82 |
Net income (loss) per limited partner unit - diluted (in dollars per share) | $ 3.76 | $ 3.38 | $ 2.63 | $ 2.79 |
Income and Partnership Taxes Un
Income and Partnership Taxes Unrecognized Tax Position (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Dec. 31, 2017 | Sep. 23, 2018 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefit | $ 0.5 | |
Tax Cuts and Jobs Act of 2017, deferred tax liability, existing income tax expense (benefit) | $ 49.2 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income by Component Changes in AOCI by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 23, 2018 | Mar. 25, 2018 | Sep. 24, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Net current-period other comprehensive income | $ (3,160) | $ (9,149) | $ 12,240 | $ (7,104) | |
Reclassification of stranded tax effect | $ (400) | ||||
Provision (benefit) for taxes | (38,770) | (73,747) | (33,301) | (63,769) | |
OCI before reclassifications, tax | (1,055) | 1,247 | |||
Gains and Losses on Cash Flow Hedges [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Balance, beginning | (4,232) | (7,975) | (11,963) | (7,975) | (15,950) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 2,116 | 1,994 | 6,250 | 5,981 | |
Net current-period other comprehensive income | 2,116 | 1,994 | 6,250 | 5,981 | |
Reclassification of stranded tax effect | (391) | ||||
Balance, ending | (2,116) | (9,969) | (2,116) | (9,969) | |
Foreign Currency Items [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Balance, beginning | 15,308 | 4,042 | 16,949 | 4,042 | 18,891 |
Other comprehensive income before reclassifications | (5,276) | (11,143) | 5,990 | (13,085) | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | |
Net current-period other comprehensive income | (5,276) | (11,143) | 5,990 | (13,085) | |
Reclassification of stranded tax effect | 0 | ||||
Balance, ending | 10,032 | 5,806 | 10,032 | 5,806 | |
AOCI Attributable to Parent [Member] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||
Balance, beginning | 11,076 | $ (3,933) | 4,986 | (3,933) | 2,941 |
Other comprehensive income before reclassifications | (5,276) | (11,143) | 5,990 | (13,085) | |
Amounts reclassified from accumulated other comprehensive income | 2,116 | 1,994 | 6,250 | 5,981 | |
Net current-period other comprehensive income | (3,160) | (9,149) | 12,240 | (7,104) | |
Reclassification of stranded tax effect | (391) | ||||
Balance, ending | $ 7,916 | $ (4,163) | $ 7,916 | $ (4,163) |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Income by Component Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 23, 2018 | Sep. 24, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Interest Income (Expense), Net | $ (20,934) | $ (21,287) | $ (61,752) | $ (62,073) |
Provision (benefit) for taxes | (38,770) | (73,747) | (33,301) | (63,769) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision (benefit) for taxes | (249) | (371) | (845) | (1,113) |
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 | (249) | (371) | (845) | (1,113) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,116 | 1,994 | 6,250 | 5,981 |
Interest Rate Swap [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] | ||||
Interest Income (Expense), Net | $ 2,365 | $ 2,365 | $ 7,095 | $ 7,094 |
Consolidating Financial Infor_3
Consolidating Financial Information of Guarantors and Issuers (Details) - Unsecured Debt [Member] | Sep. 23, 2018 |
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary ownership percentage, guaranteeing notes | 100.00% |
Subsidiary guarantor ownership percentage | 100.00% |
Consolidating Financial Infor_4
Consolidating Financial Information of Guarantors and Issuers Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 23, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Dec. 31, 2016 |
Current Assets: | ||||
Cash and cash equivalents | $ 190,756 | $ 166,245 | $ 249,946 | $ 122,716 |
Receivables | 58,398 | 37,722 | 52,303 | |
Inventories | 36,549 | 29,719 | 34,240 | |
Other current assets | 21,875 | 13,297 | 18,624 | |
Total current assets | 307,578 | 246,983 | 355,113 | |
Property and equipment (net) | 1,588,699 | 1,585,772 | 1,580,510 | |
Investment In Park | 0 | 0 | 0 | |
Goodwill | 182,004 | 183,830 | 185,010 | 179,660 |
Other intangibles, net | 37,131 | 38,064 | 38,532 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 13,536 | 9,510 | 17,407 | |
Total Assets | 2,128,948 | 2,064,159 | 2,176,572 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 3,750 | 0 | 0 | |
Accounts payable | 32,989 | 24,621 | 33,710 | |
Deferred revenue | 102,326 | 86,131 | 83,340 | |
Accrued interest | 21,893 | 8,124 | 23,928 | |
Accrued taxes | 48,372 | 43,975 | 78,657 | |
Accrued salaries, wages and benefits | 30,578 | 18,740 | 30,666 | |
Self-insurance reserves | 25,923 | 25,107 | 27,549 | |
Other accrued liabilities | 22,232 | 18,796 | 20,562 | |
Total current liabilities | 288,063 | 225,494 | 298,412 | |
Deferred Tax Liability | 74,637 | 74,798 | 112,671 | |
Derivative Liability | 0 | 8,722 | 14,849 | |
Other Liabilities | 16,292 | 11,684 | 15,732 | |
Long-Term Debt: | ||||
Term debt | 720,846 | 723,788 | 723,385 | |
Notes | 937,440 | 936,727 | 936,241 | |
Total long-term debt | 1,658,286 | 1,660,515 | 1,659,626 | |
Equity | 91,670 | 82,946 | 75,282 | |
Total Liabilities and Partners' Equity | 2,128,948 | 2,064,159 | 2,176,572 | |
June 2014 Notes [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 190,756 | 166,245 | 249,946 | 122,716 |
Receivables | 58,398 | 37,722 | 52,303 | |
Inventories | 36,549 | 29,719 | 34,240 | |
Other current assets | 21,875 | 13,297 | 18,624 | |
Total current assets | 307,578 | 246,983 | 355,113 | |
Property and equipment (net) | 1,588,699 | 1,585,772 | 1,580,510 | |
Investment In Park | 0 | 0 | 0 | |
Goodwill | 182,004 | 183,830 | 185,010 | |
Other intangibles, net | 37,131 | 38,064 | 38,532 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 13,536 | 9,510 | 17,407 | |
Total Assets | 2,128,948 | 2,064,159 | 2,176,572 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 3,750 | |||
Accounts payable | 32,989 | 24,621 | 33,710 | |
Deferred revenue | 102,326 | 86,131 | 83,340 | |
Accrued interest | 21,893 | 8,124 | 23,928 | |
Accrued taxes | 48,372 | 43,975 | 78,657 | |
Accrued salaries, wages and benefits | 30,578 | 18,740 | 30,666 | |
Self-insurance reserves | 25,923 | 25,107 | 27,549 | |
Other accrued liabilities | 22,232 | 18,796 | 20,562 | |
Total current liabilities | 288,063 | 225,494 | 298,412 | |
Deferred Tax Liability | 74,637 | 74,798 | 112,671 | |
Derivative Liability | 8,722 | 14,849 | ||
Other Liabilities | 16,292 | 11,684 | 15,732 | |
Long-Term Debt: | ||||
Term debt | 720,846 | 723,788 | 723,385 | |
Notes | 937,440 | 936,727 | 936,241 | |
Total long-term debt | 1,658,286 | 1,660,515 | 1,659,626 | |
Equity | 91,670 | 82,946 | 75,282 | |
Total Liabilities and Partners' Equity | 2,128,948 | 2,064,159 | 2,176,572 | |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Other current assets | 293 | 164 | 275 | |
Total current assets | 293 | 164 | 275 | |
Property and equipment (net) | 0 | 0 | 0 | |
Investment In Park | 648,414 | 588,684 | 566,548 | |
Goodwill | 674 | 674 | 674 | |
Other intangibles, net | 0 | 0 | 0 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 1,197 | 0 | 0 | |
Total Assets | 650,578 | 589,522 | 567,497 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | 553,952 | 497,558 | 478,416 | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 113 | 27 | 292 | |
Accrued taxes | 1,551 | 352 | 1,589 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | 0 | |
Other accrued liabilities | 3,292 | 3,406 | 2,985 | |
Total current liabilities | 558,908 | 501,343 | 483,282 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 5,233 | 8,933 | ||
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Term debt | 0 | 0 | 0 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 0 | 0 | 0 | |
Equity | 91,670 | 82,946 | 75,282 | |
Total Liabilities and Partners' Equity | 650,578 | 589,522 | 567,497 | |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 116,511 | 81,582 | 160,593 | 58,178 |
Receivables | 895,263 | 857,205 | 837,594 | |
Inventories | 34,289 | 27,828 | 31,817 | |
Other current assets | 19,546 | 10,983 | 16,829 | |
Total current assets | 1,065,609 | 977,598 | 1,046,833 | |
Property and equipment (net) | 1,409,366 | 1,403,264 | 1,396,463 | |
Investment In Park | 246,968 | 234,238 | 222,953 | |
Goodwill | 119,605 | 119,605 | 119,606 | |
Other intangibles, net | 23,368 | 23,887 | 24,089 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 9,374 | 9,470 | 17,354 | |
Total Assets | 2,874,290 | 2,768,062 | 2,827,298 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 3,094 | |||
Accounts payable | 30,155 | 18,610 | 26,141 | |
Deferred revenue | 92,929 | 79,894 | 76,464 | |
Accrued interest | 14,104 | 6,024 | 14,232 | |
Accrued taxes | 11,011 | 73,224 | 74,224 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 13,829 | 12,542 | 13,734 | |
Other accrued liabilities | 11,559 | 10,139 | 9,306 | |
Total current liabilities | 176,681 | 200,433 | 214,101 | |
Deferred Tax Liability | 81,945 | 81,945 | 125,350 | |
Derivative Liability | 0 | 0 | ||
Other Liabilities | 14,934 | 10,811 | 14,073 | |
Long-Term Debt: | ||||
Term debt | 594,046 | 596,351 | 595,983 | |
Notes | 491,594 | 491,571 | 491,367 | |
Total long-term debt | 1,085,640 | 1,087,922 | 1,087,350 | |
Equity | 1,515,090 | 1,386,951 | 1,386,424 | |
Total Liabilities and Partners' Equity | 2,874,290 | 2,768,062 | 2,827,298 | |
June 2014 Notes [Member] | Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | (3,633) | (1,095) | (2,694) | (1,025) |
Receivables | (885,049) | (836,241) | (819,734) | |
Inventories | 0 | 0 | 0 | |
Other current assets | (2,728) | (29,601) | (12,066) | |
Total current assets | (891,410) | (866,937) | (834,494) | |
Property and equipment (net) | 0 | 0 | 0 | |
Investment In Park | (2,360,178) | (2,106,694) | (2,030,822) | |
Goodwill | 0 | 0 | 0 | |
Other intangibles, net | 0 | 0 | 0 | |
Deferred tax asset | (19,870) | (20,956) | (32,190) | |
Other Assets | 0 | 0 | 0 | |
Total Assets | (3,271,458) | (2,994,587) | (2,897,506) | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | (888,682) | (837,336) | (822,428) | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 0 | 0 | 0 | |
Accrued taxes | (2,728) | (29,601) | (12,066) | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | 0 | |
Total current liabilities | (891,410) | (866,937) | (834,494) | |
Deferred Tax Liability | (19,870) | (20,956) | (32,190) | |
Derivative Liability | 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 | |
Equity | (2,360,178) | (2,106,694) | (2,030,822) | |
Total Liabilities and Partners' Equity | (3,271,458) | (2,994,587) | (2,897,506) | |
June 2014 Notes [Member] | Co-Issuer Subsidiary (Magnum) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 991 | 1,184 | 1,285 | |
Inventories | 0 | 0 | 0 | |
Other current assets | 1,170 | 28,297 | 12,843 | |
Total current assets | 2,161 | 29,481 | 14,128 | |
Property and equipment (net) | 811 | 835 | 842 | |
Investment In Park | 1,205,086 | 1,045,640 | 1,016,857 | |
Goodwill | 0 | 0 | 0 | |
Other intangibles, net | 0 | 0 | 0 | |
Deferred tax asset | 19,870 | 20,956 | 32,190 | |
Other Assets | 2,926 | 0 | 0 | |
Total Assets | 1,230,854 | 1,096,912 | 1,064,017 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 656 | |||
Accounts payable | 334,696 | 344,410 | 345,150 | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 75 | 18 | 195 | |
Accrued taxes | 38,538 | 0 | 0 | |
Accrued salaries, wages and benefits | 28,162 | 17,498 | 28,306 | |
Self-insurance reserves | 10,459 | 10,947 | 12,090 | |
Other accrued liabilities | 6,796 | 5,094 | 7,772 | |
Total current liabilities | 419,382 | 377,967 | 393,513 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 3,489 | 5,916 | ||
Other Liabilities | 968 | 873 | 1,398 | |
Long-Term Debt: | ||||
Term debt | 126,800 | 127,437 | 127,402 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 126,800 | 127,437 | 127,402 | |
Equity | 683,704 | 587,146 | 535,788 | |
Total Liabilities and Partners' Equity | 1,230,854 | 1,096,912 | 1,064,017 | |
June 2014 Notes [Member] | Co-Issuer Subsidiary (Cedar Canada) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 77,878 | 85,758 | 92,047 | 65,563 |
Receivables | 47,193 | 15,574 | 33,158 | |
Inventories | 2,260 | 1,891 | 2,423 | |
Other current assets | 3,594 | 3,454 | 743 | |
Total current assets | 130,925 | 106,677 | 128,371 | |
Property and equipment (net) | 178,522 | 181,673 | 183,205 | |
Investment In Park | 259,710 | 238,132 | 224,464 | |
Goodwill | 61,725 | 63,551 | 64,730 | |
Other intangibles, net | 13,763 | 14,177 | 14,443 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 39 | 40 | 53 | |
Total Assets | 644,684 | 604,250 | 615,266 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | 2,868 | 1,379 | 6,431 | |
Deferred revenue | 9,397 | 6,237 | 6,876 | |
Accrued interest | 7,601 | 2,055 | 9,209 | |
Accrued taxes | 0 | 0 | 14,910 | |
Accrued salaries, wages and benefits | 2,416 | 1,242 | 2,360 | |
Self-insurance reserves | 1,635 | 1,618 | 1,725 | |
Other accrued liabilities | 585 | 157 | 499 | |
Total current liabilities | 24,502 | 12,688 | 42,010 | |
Deferred Tax Liability | 12,562 | 13,809 | 19,511 | |
Derivative Liability | 0 | 0 | ||
Other Liabilities | 390 | 0 | 261 | |
Long-Term Debt: | ||||
Term debt | 0 | 0 | 0 | |
Notes | 445,846 | 445,156 | 444,874 | |
Total long-term debt | 445,846 | 445,156 | 444,874 | |
Equity | 161,384 | 132,597 | 108,610 | |
Total Liabilities and Partners' Equity | 644,684 | 604,250 | 615,266 | |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Other current assets | 293 | 164 | 275 | |
Total current assets | 293 | 164 | 275 | |
Property and equipment (net) | 0 | 0 | 0 | |
Investment In Park | 648,414 | 588,684 | 566,548 | |
Goodwill | 674 | 674 | 674 | |
Other intangibles, net | 0 | 0 | 0 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 1,197 | 0 | 0 | |
Total Assets | 650,578 | 589,522 | 567,497 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | 553,952 | 497,558 | 478,416 | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 113 | 27 | 292 | |
Accrued taxes | 1,551 | 352 | 1,589 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | 0 | |
Other accrued liabilities | 3,292 | 3,406 | 2,985 | |
Total current liabilities | 558,908 | 501,343 | 483,282 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 5,233 | 8,933 | ||
Other Liabilities | 0 | 0 | 0 | |
Long-Term Debt: | ||||
Term debt | 0 | 0 | 0 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 0 | 0 | 0 | |
Equity | 91,670 | 82,946 | 75,282 | |
Total Liabilities and Partners' Equity | 650,578 | 589,522 | 567,497 | |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 1,188 | 1,152 | 1,689 | 353 |
Receivables | 858,552 | 831,075 | 805,545 | |
Inventories | 6,084 | 5,300 | 5,659 | |
Other current assets | 3,675 | 1,642 | 3,955 | |
Total current assets | 869,499 | 839,169 | 816,848 | |
Property and equipment (net) | 1,409,366 | 1,403,264 | 1,396,463 | |
Investment In Park | 246,968 | 234,237 | 222,953 | |
Goodwill | 111,217 | 111,218 | 111,218 | |
Other intangibles, net | 23,368 | 23,887 | 24,089 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 9,062 | 9,068 | 16,907 | |
Total Assets | 2,669,480 | 2,620,843 | 2,588,478 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | 6,825 | 5,038 | 5,047 | |
Deferred revenue | 26,587 | 20,587 | 23,344 | |
Accrued interest | 0 | 0 | 0 | |
Accrued taxes | 1,442 | 67,048 | 65,200 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 1,973 | 2,386 | 2,209 | |
Other accrued liabilities | 4,622 | 4,490 | 4,584 | |
Total current liabilities | 41,449 | 99,549 | 100,384 | |
Deferred Tax Liability | 81,945 | 81,945 | 125,350 | |
Derivative Liability | 0 | 0 | ||
Other Liabilities | 11,630 | 10,691 | 11,992 | |
Long-Term Debt: | ||||
Term debt | 0 | 0 | 0 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 0 | 0 | 0 | |
Equity | 2,534,456 | 2,428,658 | 2,350,752 | |
Total Liabilities and Partners' Equity | 2,669,480 | 2,620,843 | 2,588,478 | |
April 2017 Notes [Member] | Eliminations [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | (3,633) | (1,095) | (2,694) | (1,025) |
Receivables | (885,049) | (836,241) | (819,734) | |
Inventories | 0 | 0 | 0 | |
Other current assets | (2,728) | (29,601) | (12,066) | |
Total current assets | (891,410) | (866,937) | (834,494) | |
Property and equipment (net) | 0 | 0 | 0 | |
Investment In Park | (3,850,844) | (3,499,454) | (3,401,117) | |
Goodwill | 0 | 0 | 0 | |
Other intangibles, net | 0 | 0 | 0 | |
Deferred tax asset | (19,870) | (20,956) | (32,190) | |
Other Assets | 0 | 0 | 0 | |
Total Assets | (4,762,124) | (4,387,347) | (4,267,801) | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | (888,682) | (837,336) | (822,428) | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 0 | 0 | 0 | |
Accrued taxes | (2,728) | (29,601) | (12,066) | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 0 | 0 | 0 | |
Other accrued liabilities | 0 | 0 | 0 | |
Total current liabilities | (891,410) | (866,937) | (834,494) | |
Deferred Tax Liability | (19,870) | (20,956) | (32,190) | |
Derivative Liability | 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 | |
Equity | (3,850,844) | (3,499,454) | (3,401,117) | |
Total Liabilities and Partners' Equity | (4,762,124) | (4,387,347) | (4,267,801) | |
April 2017 Notes [Member] | Co-Issuer Subsidiary (Magnum) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 991 | 1,184 | 1,285 | |
Inventories | 0 | 0 | 0 | |
Other current assets | 1,170 | 28,297 | 12,843 | |
Total current assets | 2,161 | 29,481 | 14,128 | |
Property and equipment (net) | 811 | 835 | 842 | |
Investment In Park | 1,205,086 | 1,045,640 | 1,016,857 | |
Goodwill | 0 | 0 | 0 | |
Other intangibles, net | 0 | 0 | 0 | |
Deferred tax asset | 19,870 | 20,956 | 32,190 | |
Other Assets | 2,926 | 0 | 0 | |
Total Assets | 1,230,854 | 1,096,912 | 1,064,017 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 656 | |||
Accounts payable | 334,696 | 344,410 | 345,150 | |
Deferred revenue | 0 | 0 | 0 | |
Accrued interest | 75 | 18 | 195 | |
Accrued taxes | 38,538 | 0 | 0 | |
Accrued salaries, wages and benefits | 28,162 | 17,498 | 28,306 | |
Self-insurance reserves | 10,459 | 10,947 | 12,090 | |
Other accrued liabilities | 6,796 | 5,094 | 7,772 | |
Total current liabilities | 419,382 | 377,967 | 393,513 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 3,489 | 5,916 | ||
Other Liabilities | 968 | 873 | 1,398 | |
Long-Term Debt: | ||||
Term debt | 126,800 | 127,437 | 127,402 | |
Notes | 0 | 0 | 0 | |
Total long-term debt | 126,800 | 127,437 | 127,402 | |
Equity | 683,704 | 587,146 | 535,788 | |
Total Liabilities and Partners' Equity | 1,230,854 | 1,096,912 | 1,064,017 | |
April 2017 Notes [Member] | Co-Issuer Subsidiary (Cedar Canada) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 77,878 | 85,758 | 92,047 | 65,563 |
Receivables | 47,193 | 15,574 | 33,158 | |
Inventories | 2,260 | 1,891 | 2,423 | |
Other current assets | 3,594 | 3,454 | 743 | |
Total current assets | 130,925 | 106,677 | 128,371 | |
Property and equipment (net) | 178,522 | 181,673 | 183,205 | |
Investment In Park | 259,710 | 238,132 | 224,464 | |
Goodwill | 61,725 | 63,551 | 64,730 | |
Other intangibles, net | 13,763 | 14,177 | 14,443 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 39 | 40 | 53 | |
Total Assets | 644,684 | 604,250 | 615,266 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 0 | |||
Accounts payable | 2,868 | 1,379 | 6,431 | |
Deferred revenue | 9,397 | 6,237 | 6,876 | |
Accrued interest | 7,601 | 2,055 | 9,209 | |
Accrued taxes | 0 | 0 | 14,910 | |
Accrued salaries, wages and benefits | 2,416 | 1,242 | 2,360 | |
Self-insurance reserves | 1,635 | 1,618 | 1,725 | |
Other accrued liabilities | 585 | 157 | 499 | |
Total current liabilities | 24,502 | 12,688 | 42,010 | |
Deferred Tax Liability | 12,562 | 13,809 | 19,511 | |
Derivative Liability | 0 | 0 | ||
Other Liabilities | 390 | 0 | 261 | |
Long-Term Debt: | ||||
Term debt | 0 | 0 | 0 | |
Notes | 445,846 | 445,156 | 444,874 | |
Total long-term debt | 445,846 | 445,156 | 444,874 | |
Equity | 161,384 | 132,597 | 108,610 | |
Total Liabilities and Partners' Equity | 644,684 | 604,250 | 615,266 | |
April 2017 Notes [Member] | Co-Issuer Subsidiary (Millennium) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Current Assets: | ||||
Cash and cash equivalents | 115,323 | 80,430 | 158,904 | $ 57,825 |
Receivables | 36,711 | 26,130 | 32,049 | |
Inventories | 28,205 | 22,528 | 26,158 | |
Other current assets | 15,871 | 9,341 | 12,874 | |
Total current assets | 196,110 | 138,429 | 229,985 | |
Property and equipment (net) | 0 | 0 | 0 | |
Investment In Park | 1,490,666 | 1,392,761 | 1,370,295 | |
Goodwill | 8,388 | 8,387 | 8,388 | |
Other intangibles, net | 0 | 0 | 0 | |
Deferred tax asset | 0 | 0 | 0 | |
Other Assets | 312 | 402 | 447 | |
Total Assets | 1,695,476 | 1,539,979 | 1,609,115 | |
Current Liabilities: | ||||
Current maturities of long-term debt | 3,094 | |||
Accounts payable | 23,330 | 13,572 | 21,094 | |
Deferred revenue | 66,342 | 59,307 | 53,120 | |
Accrued interest | 14,104 | 6,024 | 14,232 | |
Accrued taxes | 9,569 | 6,176 | 9,024 | |
Accrued salaries, wages and benefits | 0 | 0 | 0 | |
Self-insurance reserves | 11,856 | 10,156 | 11,525 | |
Other accrued liabilities | 6,937 | 5,649 | 4,722 | |
Total current liabilities | 135,232 | 100,884 | 113,717 | |
Deferred Tax Liability | 0 | 0 | 0 | |
Derivative Liability | 0 | 0 | ||
Other Liabilities | 3,304 | 120 | 2,081 | |
Long-Term Debt: | ||||
Term debt | 594,046 | 596,351 | 595,983 | |
Notes | 491,594 | 491,571 | 491,367 | |
Total long-term debt | 1,085,640 | 1,087,922 | 1,087,350 | |
Equity | 471,300 | 351,053 | 405,967 | |
Total Liabilities and Partners' Equity | $ 1,695,476 | $ 1,539,979 | $ 1,609,115 |
Consolidating Financial Infor_5
Consolidating Financial Information of Guarantors and Issuers Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 23, 2018 | Sep. 24, 2017 | Sep. 23, 2018 | Sep. 24, 2017 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | $ 663,703 | $ 652,689 | $ 1,098,746 | $ 1,093,805 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 53,891 | 52,647 | 94,912 | 92,376 | |
Operating expenses | 206,505 | 202,710 | 462,750 | 447,379 | |
Selling, general and administrative | 67,114 | 71,663 | 149,837 | 151,142 | |
Depreciation and amortization | 74,374 | 70,060 | 132,114 | 126,237 | |
Loss on impairment / retirement of fixed assets, net | 3,247 | 1,347 | 7,959 | 3,057 | |
Gain on sale of investment | 0 | (1,877) | 0 | (1,877) | |
Total costs and expenses | 405,131 | 396,550 | 847,572 | 818,314 | |
Operating income | 258,572 | 256,139 | 251,174 | 275,491 | |
Interest (income) expense, net | 20,934 | 21,287 | 61,752 | 62,073 | |
Net effect of swaps | (1,217) | (952) | (5,751) | 3,717 | |
Loss on early debt extinguishment | 0 | 0 | 1,073 | 23,115 | $ 23,100 |
Loss (gain) on foreign currency | (13,054) | (29,193) | 12,024 | (35,047) | |
Other (income) expense | (168) | (65) | (375) | (65) | |
(Income) loss from investment in affiliates | 0 | 0 | 0 | 0 | |
Income before taxes | 252,077 | 265,062 | 182,451 | 221,698 | |
Provision for taxes | 38,770 | 73,747 | 33,301 | 63,769 | |
Net income | 213,307 | 191,315 | 149,150 | 157,929 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | (5,276) | (11,143) | 5,990 | (13,085) | |
Unrealized loss on cash flow hedging derivatives | 2,116 | 1,994 | 6,250 | 5,981 | |
Other comprehensive income (loss), (net of tax) | (3,160) | (9,149) | 12,240 | (7,104) | |
Total comprehensive income | 210,147 | 182,166 | 161,390 | 150,825 | |
June 2014 Notes [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 663,703 | 652,689 | 1,098,746 | 1,093,805 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 53,891 | 52,647 | 94,912 | 92,376 | |
Operating expenses | 206,505 | 202,710 | 462,750 | 447,379 | |
Selling, general and administrative | 67,114 | 71,663 | 149,837 | 151,142 | |
Depreciation and amortization | 74,374 | 70,060 | 132,114 | 126,237 | |
Loss on impairment / retirement of fixed assets, net | 3,247 | 1,347 | 7,959 | 3,057 | |
Gain on sale of investment | (1,877) | (1,877) | |||
Total costs and expenses | 405,131 | 396,550 | 847,572 | 818,314 | |
Operating income | 258,572 | 256,139 | 251,174 | 275,491 | |
Interest (income) expense, net | 20,934 | 21,287 | 61,752 | 62,073 | |
Net effect of swaps | (1,217) | (952) | (5,751) | 3,717 | |
Loss on early debt extinguishment | 1,073 | 23,115 | |||
Loss (gain) on foreign currency | (13,054) | (29,193) | 12,024 | (35,047) | |
Other (income) expense | (168) | (65) | (375) | (65) | |
(Income) loss from investment in affiliates | 0 | 0 | 0 | 0 | |
Income before taxes | 252,077 | 265,062 | 182,451 | 221,698 | |
Provision for taxes | 38,770 | 73,747 | 33,301 | 63,769 | |
Net income | 213,307 | 191,315 | 149,150 | 157,929 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | (5,276) | (11,143) | 5,990 | (13,085) | |
Unrealized loss on cash flow hedging derivatives | 2,116 | 1,994 | 6,250 | 5,981 | |
Other comprehensive income (loss), (net of tax) | (3,160) | (9,149) | 12,240 | (7,104) | |
Total comprehensive income | 210,147 | 182,166 | 161,390 | 150,825 | |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Cedar Fair L.P. (Parent) [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 71,751 | 69,999 | 84,921 | 92,672 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 | |
Operating expenses | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 185 | 327 | 1,870 | 2,254 | |
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 | 185 | 327 | 1,870 | 2,254 | |
Operating income | 71,566 | 69,672 | 83,051 | 90,418 | |
Interest (income) expense, net | 5,879 | 4,857 | 16,519 | 18,285 | |
Net effect of swaps | 265 | (578) | (2,266) | 2,162 | |
Loss on early debt extinguishment | 0 | 11,773 | |||
Loss (gain) on foreign currency | 0 | 0 | 0 | 0 | |
Other (income) expense | 63 | 62 | 186 | 187 | |
(Income) loss from investment in affiliates | (153,756) | (132,699) | (89,426) | (108,835) | |
Income before taxes | 219,115 | 198,030 | 158,038 | 166,846 | |
Provision for taxes | 5,808 | 6,715 | 8,888 | 8,917 | |
Net income | 213,307 | 191,315 | 149,150 | 157,929 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | (5,276) | (11,143) | 5,990 | (13,085) | |
Unrealized loss on cash flow hedging derivatives | 2,116 | 1,994 | 6,250 | 5,981 | |
Other comprehensive income (loss), (net of tax) | (3,160) | (9,149) | 12,240 | (7,104) | |
Total comprehensive income | 210,147 | 182,166 | 161,390 | 150,825 | |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 613,094 | 596,837 | 1,023,713 | 1,019,399 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 46,871 | 44,912 | 84,708 | 81,807 | |
Operating expenses | 349,145 | 334,008 | 560,759 | 556,777 | |
Selling, general and administrative | 41,681 | 45,045 | 88,395 | 88,938 | |
Depreciation and amortization | 65,987 | 62,195 | 117,771 | 113,342 | |
Loss on impairment / retirement of fixed assets, net | 3,247 | 1,260 | 7,892 | 2,515 | |
Gain on sale of investment | 0 | 0 | |||
Total costs and expenses | 506,931 | 487,420 | 859,525 | 843,379 | |
Operating income | 106,163 | 109,417 | 164,188 | 176,020 | |
Interest (income) expense, net | 4,997 | 5,973 | 14,565 | 11,578 | |
Net effect of swaps | 0 | 0 | 0 | 0 | |
Loss on early debt extinguishment | 886 | 2,956 | |||
Loss (gain) on foreign currency | 0 | 0 | 0 | 0 | |
Other (income) expense | 27,134 | 25,386 | 57,573 | 53,731 | |
(Income) loss from investment in affiliates | (56,985) | (58,378) | (22,798) | (58,648) | |
Income before taxes | 131,017 | 136,436 | 113,962 | 166,403 | |
Provision for taxes | 13,878 | 21,074 | 18,039 | 32,602 | |
Net income | 117,139 | 115,362 | 95,923 | 133,801 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | |
Unrealized loss on cash flow hedging derivatives | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), (net of tax) | 0 | 0 | 0 | 0 | |
Total comprehensive income | 117,139 | 115,362 | 95,923 | 133,801 | |
June 2014 Notes [Member] | Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | (285,240) | (269,539) | (396,286) | (395,146) | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 | |
Operating expenses | (285,240) | (269,539) | (396,286) | (395,146) | |
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 | (285,240) | (269,539) | (396,286) | (395,146) | |
Operating income | 0 | 0 | 0 | 0 | |
Interest (income) expense, net | 0 | 0 | 0 | 0 | |
Net effect of swaps | 0 | 0 | 0 | 0 | |
Loss on early debt extinguishment | 0 | 0 | |||
Loss (gain) on foreign currency | 0 | 0 | 0 | 0 | |
Other (income) expense | 0 | 0 | 0 | 0 | |
(Income) loss from investment in affiliates | 327,879 | 306,442 | 208,147 | 301,286 | |
Income before taxes | (327,879) | (306,442) | (208,147) | (301,286) | |
Provision for taxes | 0 | 0 | 0 | 0 | |
Net income | (327,879) | (306,442) | (208,147) | (301,286) | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | 5,276 | 11,143 | (5,990) | 13,085 | |
Unrealized loss on cash flow hedging derivatives | (728) | (605) | (2,085) | (1,816) | |
Other comprehensive income (loss), (net of tax) | 4,548 | 10,538 | (8,075) | 11,269 | |
Total comprehensive income | (323,331) | (295,904) | (216,222) | (290,017) | |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Cedar Fair L.P. (Parent) [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 71,751 | 69,999 | 84,921 | 92,672 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 | |
Operating expenses | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 185 | 327 | 1,870 | 2,254 | |
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 | 185 | 327 | 1,870 | 2,254 | |
Operating income | 71,566 | 69,672 | 83,051 | 90,418 | |
Interest (income) expense, net | 5,879 | 4,857 | 16,519 | 18,285 | |
Net effect of swaps | 265 | (578) | (2,266) | 2,162 | |
Loss on early debt extinguishment | 0 | 11,773 | |||
Loss (gain) on foreign currency | 0 | 0 | 0 | 0 | |
Other (income) expense | 63 | 62 | 186 | 187 | |
(Income) loss from investment in affiliates | (153,756) | (132,699) | (89,426) | (108,835) | |
Income before taxes | 219,115 | 198,030 | 158,038 | 166,846 | |
Provision for taxes | 5,808 | 6,715 | 8,888 | 8,917 | |
Net income | 213,307 | 191,315 | 149,150 | 157,929 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | (5,276) | (11,143) | 5,990 | (13,085) | |
Unrealized loss on cash flow hedging derivatives | 2,116 | 1,994 | 6,250 | 5,981 | |
Other comprehensive income (loss), (net of tax) | (3,160) | (9,149) | 12,240 | (7,104) | |
Total comprehensive income | 210,147 | 182,166 | 161,390 | 150,825 | |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 189,672 | 189,586 | 310,159 | 322,763 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 8,737 | 8,611 | 15,080 | 15,270 | |
Operating expenses | 12,276 | 12,519 | 32,137 | 32,744 | |
Selling, general and administrative | 7,103 | 9,024 | 14,823 | 15,840 | |
Depreciation and amortization | 65,987 | 62,195 | 117,771 | 113,342 | |
Loss on impairment / retirement of fixed assets, net | 2,825 | 522 | 6,024 | 1,004 | |
Gain on sale of investment | 0 | 0 | |||
Total costs and expenses | 96,928 | 92,871 | 185,835 | 178,200 | |
Operating income | 92,744 | 96,715 | 124,324 | 144,563 | |
Interest (income) expense, net | (7,943) | (6,194) | (22,974) | (15,169) | |
Net effect of swaps | 0 | 0 | 0 | 0 | |
Loss on early debt extinguishment | 0 | 0 | |||
Loss (gain) on foreign currency | 0 | 0 | 0 | 0 | |
Other (income) expense | 27,134 | 25,386 | 57,573 | 53,731 | |
(Income) loss from investment in affiliates | (56,985) | (58,378) | (22,798) | (58,648) | |
Income before taxes | 130,538 | 135,901 | 112,523 | 164,649 | |
Provision for taxes | 13,399 | 20,539 | 16,600 | 30,848 | |
Net income | 117,139 | 115,362 | 95,923 | 133,801 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | |
Unrealized loss on cash flow hedging derivatives | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), (net of tax) | 0 | 0 | 0 | 0 | |
Total comprehensive income | 117,139 | 115,362 | 95,923 | 133,801 | |
April 2017 Notes [Member] | Eliminations [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | (336,529) | (319,818) | (490,307) | (487,247) | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 | |
Operating expenses | (336,529) | (319,818) | (490,307) | (487,247) | |
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 | (336,529) | (319,818) | (490,307) | (487,247) | |
Operating income | 0 | 0 | 0 | 0 | |
Interest (income) expense, net | 0 | 0 | 0 | 0 | |
Net effect of swaps | 0 | 0 | 0 | 0 | |
Loss on early debt extinguishment | 0 | 0 | |||
Loss (gain) on foreign currency | 0 | 0 | 0 | 0 | |
Other (income) expense | 0 | 0 | 0 | 0 | |
(Income) loss from investment in affiliates | 327,879 | 306,442 | 208,147 | 301,286 | |
Income before taxes | (327,879) | (306,442) | (208,147) | (301,286) | |
Provision for taxes | 0 | 0 | 0 | 0 | |
Net income | (327,879) | (306,442) | (208,147) | (301,286) | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | 5,276 | 11,143 | (5,990) | 13,085 | |
Unrealized loss on cash flow hedging derivatives | (728) | (605) | (2,085) | (1,816) | |
Other comprehensive income (loss), (net of tax) | 4,548 | 10,538 | (8,075) | 11,269 | |
Total comprehensive income | (323,331) | (295,904) | (216,222) | (290,017) | |
Co-Issuer Subsidiary (Magnum) [Member] | June 2014 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 182,833 | 169,429 | 275,214 | 262,739 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 | |
Operating expenses | 122,455 | 118,614 | 258,162 | 248,047 | |
Selling, general and administrative | 20,666 | 21,752 | 50,754 | 51,358 | |
Depreciation and amortization | 8 | 9 | 24 | 26 | |
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 | 143,129 | 138,498 | 308,940 | 297,554 | |
Operating income | 39,704 | 30,931 | (33,726) | (34,815) | |
Interest (income) expense, net | 4,072 | 4,305 | 13,031 | 13,893 | |
Net effect of swaps | (1,482) | (374) | (3,485) | 1,555 | |
Loss on early debt extinguishment | 187 | 8,188 | |||
Loss (gain) on foreign currency | 15 | (27) | 36 | (27) | |
Other (income) expense | (28,849) | (26,676) | (61,404) | (56,623) | |
(Income) loss from investment in affiliates | (100,629) | (98,522) | (74,345) | (109,414) | |
Income before taxes | 166,577 | 152,225 | 92,254 | 107,613 | |
Provision for taxes | 12,823 | 19,526 | 2,829 | (1,223) | |
Net income | 153,754 | 132,699 | 89,425 | 108,836 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | |
Unrealized loss on cash flow hedging derivatives | 728 | 605 | 2,085 | 1,816 | |
Other comprehensive income (loss), (net of tax) | 728 | 605 | 2,085 | 1,816 | |
Total comprehensive income | 154,482 | 133,304 | 91,510 | 110,652 | |
Co-Issuer Subsidiary (Magnum) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 182,833 | 169,429 | 275,214 | 262,739 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 0 | 0 | 0 | 0 | |
Operating expenses | 122,455 | 118,614 | 258,162 | 248,047 | |
Selling, general and administrative | 20,666 | 21,752 | 50,754 | 51,358 | |
Depreciation and amortization | 8 | 9 | 24 | 26 | |
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 | 143,129 | 138,498 | 308,940 | 297,554 | |
Operating income | 39,704 | 30,931 | (33,726) | (34,815) | |
Interest (income) expense, net | 4,072 | 4,305 | 13,031 | 13,893 | |
Net effect of swaps | (1,482) | (374) | (3,485) | 1,555 | |
Loss on early debt extinguishment | 187 | 8,188 | |||
Loss (gain) on foreign currency | 15 | (27) | 36 | (27) | |
Other (income) expense | (28,849) | (26,676) | (61,404) | (56,623) | |
(Income) loss from investment in affiliates | (100,629) | (98,522) | (74,345) | (109,414) | |
Income before taxes | 166,577 | 152,225 | 92,254 | 107,613 | |
Provision for taxes | 12,823 | 19,526 | 2,829 | (1,223) | |
Net income | 153,754 | 132,699 | 89,425 | 108,836 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | |
Unrealized loss on cash flow hedging derivatives | 728 | 605 | 2,085 | 1,816 | |
Other comprehensive income (loss), (net of tax) | 728 | 605 | 2,085 | 1,816 | |
Total comprehensive income | 154,482 | 133,304 | 91,510 | 110,652 | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | June 2014 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 81,265 | 85,963 | 111,184 | 114,141 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 7,020 | 7,735 | 10,204 | 10,569 | |
Operating expenses | 20,145 | 19,627 | 40,115 | 37,701 | |
Selling, general and administrative | 4,582 | 4,539 | 8,818 | 8,592 | |
Depreciation and amortization | 8,379 | 7,856 | 14,319 | 12,869 | |
Loss on impairment / retirement of fixed assets, net | 0 | 87 | 67 | 542 | |
Gain on sale of investment | 0 | 0 | |||
Total costs and expenses | 40,126 | 39,844 | 73,523 | 70,273 | |
Operating income | 41,139 | 46,119 | 37,661 | 43,868 | |
Interest (income) expense, net | 5,986 | 6,152 | 17,637 | 18,317 | |
Net effect of swaps | 0 | 0 | 0 | 0 | |
Loss on early debt extinguishment | 0 | 198 | |||
Loss (gain) on foreign currency | (13,069) | (29,166) | 11,988 | (35,020) | |
Other (income) expense | 1,484 | 1,163 | 3,270 | 2,640 | |
(Income) loss from investment in affiliates | (16,509) | (16,843) | (21,578) | (24,389) | |
Income before taxes | 63,247 | 84,813 | 26,344 | 82,122 | |
Provision for taxes | 6,261 | 26,432 | 3,545 | 23,473 | |
Net income | 56,986 | 58,381 | 22,799 | 58,649 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | (5,276) | (11,143) | 5,990 | (13,085) | |
Unrealized loss on cash flow hedging derivatives | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), (net of tax) | (5,276) | (11,143) | 5,990 | (13,085) | |
Total comprehensive income | 51,710 | 47,238 | 28,789 | 45,564 | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 81,265 | 85,963 | 111,184 | 114,141 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 7,020 | 7,735 | 10,204 | 10,569 | |
Operating expenses | 20,145 | 19,627 | 40,115 | 37,701 | |
Selling, general and administrative | 4,582 | 4,539 | 8,818 | 8,592 | |
Depreciation and amortization | 8,379 | 7,856 | 14,319 | 12,869 | |
Loss on impairment / retirement of fixed assets, net | 0 | 87 | 67 | 542 | |
Gain on sale of investment | 0 | 0 | |||
Total costs and expenses | 40,126 | 39,844 | 73,523 | 70,273 | |
Operating income | 41,139 | 46,119 | 37,661 | 43,868 | |
Interest (income) expense, net | 5,986 | 6,152 | 17,637 | 18,317 | |
Net effect of swaps | 0 | 0 | 0 | 0 | |
Loss on early debt extinguishment | 0 | 198 | |||
Loss (gain) on foreign currency | (13,069) | (29,166) | 11,988 | (35,020) | |
Other (income) expense | 1,484 | 1,163 | 3,270 | 2,640 | |
(Income) loss from investment in affiliates | (16,509) | (16,843) | (21,578) | (24,389) | |
Income before taxes | 63,247 | 84,813 | 26,344 | 82,122 | |
Provision for taxes | 6,261 | 26,432 | 3,545 | 23,473 | |
Net income | 56,986 | 58,381 | 22,799 | 58,649 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | (5,276) | (11,143) | 5,990 | (13,085) | |
Unrealized loss on cash flow hedging derivatives | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), (net of tax) | (5,276) | (11,143) | 5,990 | (13,085) | |
Total comprehensive income | 51,710 | 47,238 | 28,789 | 45,564 | |
Co-Issuer Subsidiary (Millennium) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net revenues | 474,711 | 457,530 | 807,575 | 788,737 | |
Costs and expenses: | |||||
Cost of food, merchandise, and games revenues | 38,134 | 36,301 | 69,628 | 66,537 | |
Operating expenses | 388,158 | 371,768 | 622,643 | 616,134 | |
Selling, general and administrative | 34,578 | 36,021 | 73,572 | 73,098 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 422 | 738 | 1,868 | 1,511 | |
Gain on sale of investment | 0 | 0 | |||
Total costs and expenses | 461,292 | 444,828 | 767,711 | 757,280 | |
Operating income | 13,419 | 12,702 | 39,864 | 31,457 | |
Interest (income) expense, net | 12,940 | 12,167 | 37,539 | 26,747 | |
Net effect of swaps | 0 | 0 | 0 | 0 | |
Loss on early debt extinguishment | 886 | 2,956 | |||
Loss (gain) on foreign currency | 0 | 0 | 0 | 0 | |
Other (income) expense | 0 | 0 | 0 | 0 | |
(Income) loss from investment in affiliates | 0 | 0 | 0 | 0 | |
Income before taxes | 479 | 535 | 1,439 | 1,754 | |
Provision for taxes | 479 | 535 | 1,439 | 1,754 | |
Net income | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), (net of tax): | |||||
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | |
Unrealized loss on cash flow hedging derivatives | 0 | 0 | 0 | 0 | |
Other comprehensive income (loss), (net of tax) | 0 | 0 | 0 | 0 | |
Total comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidating Financial Infor_6
Consolidating Financial Information of Guarantors and Issuers Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 23, 2018 | Sep. 24, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | $ 334,434 | $ 322,618 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | 3,281 |
Capital expenditures | (145,716) | (152,439) |
Net cash for investing activities | (145,716) | (149,158) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | |
Term debt borrowings | 0 | 750,000 |
Note borrowings | 0 | 500,000 |
Term debt payments | 0 | (617,850) |
Note payments, including amounts paid for early termination | 0 | (515,458) |
Distributions paid to partners | (150,852) | (144,517) |
Payment of debt issuance costs and original issue discount | (2,521) | (19,684) |
Exercise of limited partnership unit options | 125 | 0 |
Tax effect of units involved in treasury unit transactions | (3,049) | (2,560) |
Payments related to tax withholding for equity compensation | (6,943) | (2,053) |
Net cash for financing activities | (163,240) | (52,122) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (967) | 5,892 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 24,511 | 127,230 |
Balance, beginning of period | 166,245 | 122,716 |
Balance, end of period | 190,756 | 249,946 |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 95,426 | 61,966 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 338,000 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 0 | 338,000 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 56,394 | 50,003 |
Payments for returns of capital | 0 | |
Term debt borrowings | 0 | |
Note borrowings | 0 | |
Term debt payments | 0 | |
Note payments, including amounts paid for early termination | (304,014) | |
Distributions paid to partners | (151,820) | (145,955) |
Payment of debt issuance costs and original issue discount | 0 | 0 |
Exercise of limited partnership unit options | 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 | (95,426) | (399,966) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 51,939 | 124,035 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (21,515) | (248,190) |
Proceeds from returns on investments | 146,500 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (30,388) | (21,009) |
Net cash for investing activities | (51,903) | (122,699) |
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 | 0 | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | 0 | 0 |
Exercise of limited partnership unit options | 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 | 0 | 0 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 36 | 1,336 |
Balance, beginning of period | 1,152 | 353 |
Balance, end of period | 1,188 | 1,689 |
April 2017 Notes [Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | (3,506) | (3,107) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 53,392 | 248,190 |
Proceeds from returns on investments | (500,000) | |
Proceeds from sale of investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 53,392 | (251,810) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (53,392) | (248,190) |
Payments for returns of capital | 500,000 | |
Term debt borrowings | 0 | |
Note borrowings | 0 | |
Term debt payments | 0 | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 968 | 1,438 |
Payment of debt issuance costs and original issue discount | 0 | 0 |
Exercise of limited partnership unit options | 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 | (52,424) | 253,248 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (2,538) | (1,669) |
Balance, beginning of period | (1,095) | (1,025) |
Balance, end of period | (3,633) | (2,694) |
June 2014 Notes [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 334,434 | 322,618 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 3,281 | |
Capital expenditures | (145,716) | (152,439) |
Net cash for investing activities | (145,716) | (149,158) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | |
Term debt borrowings | 750,000 | |
Note borrowings | 500,000 | |
Term debt payments | (617,850) | |
Note payments, including amounts paid for early termination | (515,458) | |
Distributions paid to partners | (150,852) | (144,517) |
Payment of debt issuance costs and original issue discount | (2,521) | (19,684) |
Exercise of limited partnership unit options | 125 | |
Tax effect of units involved in treasury unit transactions | (3,049) | (2,560) |
Payments related to tax withholding for equity compensation | (6,943) | (2,053) |
Net cash for financing activities | (163,240) | (52,122) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (967) | 5,892 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 24,511 | 127,230 |
Balance, beginning of period | 166,245 | 122,716 |
Balance, end of period | 190,756 | 249,946 |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 95,426 | 61,966 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 338,000 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 0 | 338,000 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 56,394 | 50,003 |
Payments for returns of capital | 0 | |
Term debt borrowings | 0 | |
Note borrowings | 0 | |
Term debt payments | 0 | |
Note payments, including amounts paid for early termination | (304,014) | |
Distributions paid to partners | (151,820) | (145,955) |
Payment of debt issuance costs and original issue discount | 0 | 0 |
Exercise of limited partnership unit options | 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 | (95,426) | (399,966) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 188,005 | 227,588 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (21,515) | (248,190) |
Proceeds from returns on investments | 146,500 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (129,361) | (146,735) |
Net cash for investing activities | (150,876) | (248,425) |
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) | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | (2,200) | (18,371) |
Exercise of limited partnership unit options | 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 | (2,200) | 123,252 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 34,929 | 102,415 |
Balance, beginning of period | 81,582 | 58,178 |
Balance, end of period | 116,511 | 160,593 |
June 2014 Notes [Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | (3,506) | (3,107) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 53,392 | 248,190 |
Proceeds from returns on investments | (500,000) | |
Proceeds from sale of investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 53,392 | (251,810) |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (53,392) | (248,190) |
Payments for returns of capital | 500,000 | |
Term debt borrowings | 0 | |
Note borrowings | 0 | |
Term debt payments | 0 | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 968 | 1,438 |
Payment of debt issuance costs and original issue discount | 0 | 0 |
Exercise of limited partnership unit options | 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 | (52,424) | 253,248 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (2,538) | (1,669) |
Balance, beginning of period | (1,095) | (1,025) |
Balance, end of period | (3,633) | (2,694) |
Co-Issuer Subsidiary (Magnum) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 13,190 | (3,954) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 15,500 | |
Proceeds from sale of investment | 3,281 | |
Capital expenditures | 0 | (25) |
Net cash for investing activities | 0 | 18,756 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (3,002) | 198,187 |
Payments for returns of capital | 0 | |
Term debt borrowings | 131,000 | |
Note borrowings | 0 | |
Term debt payments | (126,619) | |
Note payments, including amounts paid for early termination | (211,444) | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | (321) | (1,313) |
Exercise of limited partnership unit options | 125 | |
Tax effect of units involved in treasury unit transactions | (3,049) | (2,560) |
Payments related to tax withholding for equity compensation | (6,943) | (2,053) |
Net cash for financing activities | (13,190) | (14,802) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
Co-Issuer Subsidiary (Magnum) [Member] | June 2014 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 13,190 | (3,954) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 15,500 | |
Proceeds from sale of investment | 3,281 | |
Capital expenditures | 0 | (25) |
Net cash for investing activities | 0 | 18,756 |
CASH FLOWS FOR FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (3,002) | 198,187 |
Payments for returns of capital | 0 | |
Term debt borrowings | 131,000 | |
Note borrowings | 0 | |
Term debt payments | (126,619) | |
Note payments, including amounts paid for early termination | (211,444) | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | (321) | (1,313) |
Exercise of limited partnership unit options | 125 | |
Tax effect of units involved in treasury unit transactions | (3,049) | (2,560) |
Payments related to tax withholding for equity compensation | (6,943) | (2,053) |
Net cash for financing activities | (13,190) | (14,802) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 41,319 | 40,125 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (31,877) | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (16,355) | (5,679) |
Net cash for investing activities | (48,232) | (5,679) |
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) | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | 0 | 0 |
Exercise of limited partnership unit options | 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 | 0 | (13,854) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (967) | 5,892 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (7,880) | 26,484 |
Balance, beginning of period | 85,758 | 65,563 |
Balance, end of period | 77,878 | 92,047 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | June 2014 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 41,319 | 40,125 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (31,877) | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (16,355) | (5,679) |
Net cash for investing activities | (48,232) | (5,679) |
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) | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | 0 | 0 |
Exercise of limited partnership unit options | 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 | 0 | (13,854) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (967) | 5,892 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (7,880) | 26,484 |
Balance, beginning of period | 85,758 | 65,563 |
Balance, end of period | 77,878 | 92,047 |
Co-Issuer Subsidiary (Millennium) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (FOR) FROM OPERATING ACTIVITIES | 136,066 | 103,553 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (98,973) | (125,726) |
Net cash for investing activities | (98,973) | (125,726) |
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) | |
Note payments, including amounts paid for early termination | 0 | |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | (2,200) | (18,371) |
Exercise of limited partnership unit options | 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 | (2,200) | 123,252 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 34,893 | 101,079 |
Balance, beginning of period | 80,430 | 57,825 |
Balance, end of period | $ 115,323 | $ 158,904 |