Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 29, 2020 | May 01, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 29, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-9444 | |
Entity Registrant Name | CEDAR FAIR, L.P. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 34-1560655 | |
Entity Address, Address Line One | One Cedar Point Drive | |
Entity Address, City or Town | Sandusky | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44870-5259 | |
City Area Code | 419 | |
Local Phone Number | 626-0830 | |
Title of 12(b) Security | Depositary Units (RepresentingLimited Partner Interests) | |
Trading Symbol | FUN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 56,703,355 | |
Entity Central Index Key | 0000811532 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 29, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Current Assets: | |||
Cash and cash equivalents | $ 26,295 | $ 182,252 | $ 60,272 |
Receivables | 25,652 | 63,106 | 44,331 |
Inventories | 7,394 | 32,902 | 42,629 |
Prepaid advertising | 17,435 | 4,095 | 24,487 |
Other current assets | 16,183 | 11,826 | 13,826 |
Total current assets | 92,959 | 294,181 | 185,545 |
Property and Equipment: | |||
Land | 435,677 | 441,038 | 269,813 |
Land improvements | 457,922 | 460,534 | 437,241 |
Buildings | 811,048 | 816,780 | 735,286 |
Rides and equipment | 1,893,596 | 1,907,544 | 1,837,270 |
Construction in progress | 114,740 | 70,731 | 102,072 |
Total property and equipment, gross | 3,712,983 | 3,696,627 | 3,381,682 |
Less accumulated depreciation | (1,836,870) | (1,855,019) | (1,734,928) |
Total property and equipment, net | 1,876,113 | 1,841,608 | 1,646,754 |
Goodwill | 274,659 | 359,654 | 179,939 |
Other Intangibles, net | 51,658 | 59,899 | 36,642 |
Right-of-Use Asset | 13,688 | 14,324 | 72,594 |
Other Assets (See Note 1) | 80,406 | 11,479 | 10,996 |
Total Assets | 2,389,483 | 2,581,145 | 2,132,470 |
Current Liabilities: | |||
Current maturities of long-term debt | 7,500 | 7,500 | 7,500 |
Accounts payable | 39,000 | 29,344 | 47,254 |
Deferred revenue | 30,381 | 151,377 | 151,336 |
Accrued interest | 28,617 | 21,442 | 20,886 |
Accrued taxes | 6,656 | 39,237 | 9,883 |
Accrued salaries, wages and benefits | 16,866 | 29,549 | 13,996 |
Self-insurance reserves | 25,127 | 24,665 | 23,579 |
Other accrued liabilities | 23,692 | 21,024 | 19,745 |
Total current liabilities | 177,839 | 324,138 | 294,179 |
Deferred Tax Liability | 59,021 | 82,046 | 82,518 |
Derivative Liability | 34,298 | 18,108 | 13,083 |
Lease Liability | 10,310 | 10,600 | 65,399 |
Non-Current Deferred Revenue (See Note 1) | 164,137 | 9,401 | 9,767 |
Other Liabilities | 806 | 935 | 547 |
Long-Term Debt: | |||
Revolving credit loans | 70,000 | 0 | 120,000 |
Term debt | 714,685 | 714,150 | 718,168 |
Notes | 1,432,601 | 1,431,733 | 938,407 |
Total long-term debt | 2,217,286 | 2,145,883 | 1,776,575 |
Partners’ Equity: | |||
Special L.P. interests | 5,290 | 5,290 | 5,290 |
General partner | (3) | (1) | (2) |
Limited partners, 56,703, 56,666 and 56,587 units outstanding as of March 29, 2020, December 31, 2019 and March 31, 2019, respectively | (305,152) | (25,001) | (133,118) |
Accumulated other comprehensive income | 25,651 | 9,746 | 18,232 |
Total partners' equity | (274,214) | (9,966) | (109,598) |
Total Liabilities and Partners' Equity | $ 2,389,483 | $ 2,581,145 | $ 2,132,470 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands | Mar. 29, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | |||
Limited partners, units outstanding (in shares) | 56,703 | 56,666 | 56,587 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Net revenues: | ||
Revenues | $ 53,635 | $ 66,977 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 6,385 | 7,649 |
Operating expenses | 106,368 | 98,205 |
Selling, general and administrative | 24,809 | 31,666 |
Depreciation and amortization | 5,088 | 13,589 |
Loss on impairment / retirement of fixed assets, net | 6,767 | 1,424 |
Loss on impairment of goodwill and other intangibles | 88,181 | 0 |
Gain on sale of investment | 0 | (617) |
Total costs and expenses | 237,598 | 151,916 |
Operating loss | (183,963) | (84,939) |
Interest expense | 27,219 | 20,920 |
Net effect of swaps | 19,779 | 6,379 |
Loss (gain) on foreign currency | 34,202 | (8,669) |
Other expense (income) | 179 | (89) |
Loss before taxes | (264,984) | (103,658) |
Benefit for taxes | (49,007) | (19,985) |
Net loss | (215,977) | (83,673) |
Net loss allocated to general partner | (2) | (1) |
Net loss allocated to limited partners | (215,975) | (83,672) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 15,905 | (3,050) |
Other comprehensive income (loss), (net of tax) | 15,905 | (3,050) |
Total comprehensive loss | $ (200,072) | $ (86,723) |
Basic loss per limited partner unit: | ||
Weighted average limited partner units outstanding (in shares) | 56,414 | 56,310 |
Net income (loss) per limited partner unit (in dollars per share) | $ (3.83) | $ (1.49) |
Diluted loss per limited partner unit: | ||
Weighted average limited partner units outstanding (in shares) | 56,414 | 56,310 |
Net income (loss) per limited partner unit (in dollars per share) | $ (3.83) | $ (1.49) |
Admission [Member] | ||
Net revenues: | ||
Revenues | $ 26,649 | $ 33,217 |
Food, Merchandise and Gaming [Member] | ||
Net revenues: | ||
Revenues | 19,947 | 24,704 |
Accommodations, Extra-Charge Products and Other [Member] | ||
Net revenues: | ||
Revenues | $ 7,039 | $ 9,056 |
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] |
Beginning balance, units (in shares) at Dec. 31, 2018 | 56,564 | ||||
Beginning balance, value at Dec. 31, 2018 | $ 32,416 | $ 5,845 | $ (1) | $ 5,290 | $ 21,282 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (83,673) | (83,672) | (1) | ||
Partnership distribution declared | (52,334) | $ (52,334) | |||
Issuance of limited partnership units as compensation (in shares) | 23 | ||||
Issuance of limited partnership units as compensation | (1,536) | $ (1,536) | |||
Tax effect of units involved in treasury unit transactions | (1,421) | $ (1,421) | |||
Foreign currency translation adjustment | (3,050) | (3,050) | |||
Ending balance, units (in shares) at Mar. 31, 2019 | 56,587 | ||||
Ending balance, value at Mar. 31, 2019 | (109,598) | $ (133,118) | (2) | 5,290 | 18,232 |
Beginning balance, units (in shares) at Dec. 31, 2019 | 56,666 | ||||
Beginning balance, value at Dec. 31, 2019 | (9,966) | $ (25,001) | (1) | 5,290 | 9,746 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (215,977) | (215,975) | (2) | ||
Partnership distribution declared | (53,022) | $ (53,022) | |||
Issuance of limited partnership units as compensation (in shares) | 37 | ||||
Issuance of limited partnership units as compensation | (9,413) | $ (9,413) | |||
Tax effect of units involved in treasury unit transactions | (1,741) | $ (1,741) | |||
Foreign currency translation adjustment | 15,905 | 15,905 | |||
Ending balance, units (in shares) at Mar. 29, 2020 | 56,703 | ||||
Ending balance, value at Mar. 29, 2020 | $ (274,214) | $ (305,152) | $ (3) | $ 5,290 | $ 25,651 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Statement of Partners' Capital [Abstract] | ||
AOCI, foreign currency translation adjustment, tax | $ 2,851 | $ (874) |
Distribution made to limited partner, cash distributions paid (in dollars per share) | $ 0.935 | $ 0.925 |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
CASH FLOWS FOR OPERATING ACTIVITIES | ||
Net loss | $ (215,977) | $ (83,673) |
Adjustments to reconcile net loss to net cash for operating activities: | ||
Depreciation and amortization | 5,088 | 13,589 |
Loss on impairment of goodwill and other intangibles | 88,181 | 0 |
Non-cash foreign currency loss (gain) on debt | 35,332 | (9,438) |
Non-cash equity based compensation expense | (4,827) | 2,543 |
Non-cash deferred income tax benefit | (27,727) | (2,530) |
Net effect of swaps | 19,779 | 6,379 |
Other non-cash expenses | 5,995 | 1,883 |
Changes in assets and liabilities: | ||
(Increase) decrease in receivables | 13,233 | 7,240 |
(Increase) decrease in inventories | (14,098) | (11,827) |
(increase) decrease in other assets | (23,052) | (27,395) |
Increase (decrease) in accounts payable | 8,640 | 18,829 |
Increase (decrease) in deferred revenue | 34,602 | 43,938 |
Increase (decrease) in accrued interest | 7,580 | 12,856 |
Increase (decrease) in accrued taxes | (25,093) | (17,235) |
Increase (decrease) in other liabilities | (12,795) | (11,901) |
Net cash for operating activities | (105,139) | (56,742) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Capital expenditures | (58,032) | (53,397) |
Proceeds from sale of investment | 0 | 617 |
Net cash for investing activities | (58,032) | (52,780) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 70,000 | 120,000 |
Distributions paid to partners | (53,022) | (52,334) |
Tax effect of units involved in treasury unit transactions | (1,741) | (1,421) |
Payments related to tax withholding for equity compensation | (4,618) | (4,079) |
Net cash from financing activities | 10,619 | 62,166 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (3,405) | 2,279 |
CASH AND CASH EQUIVALENTS | ||
Net decrease for the period | (155,957) | (45,077) |
Balance, beginning of period | 182,252 | 105,349 |
Balance, end of period | 26,295 | 60,272 |
SUPPLEMENTAL INFORMATION | ||
Cash payments for interest expense | 19,342 | 8,117 |
Interest capitalized | 465 | 1,118 |
Cash payments for income taxes, net of refunds | 4,000 | 176 |
Capital expenditures in accounts payable | $ 11,365 | $ 9,382 |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 3 Months Ended |
Mar. 29, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting and Reporting Policies | Significant Accounting and Reporting Policies: Impact of COVID-19 Pandemic Due to the coronavirus (COVID-19) pandemic, on March 13, 2020, we announced the closure of certain parks and the decision to delay the opening of other parks in response to the federal and local recommendations and restrictions to mitigate the spread of COVID-19. As of May 6, 2020 , all our parks remain closed. Even after our parks are able to reopen, there may be longer-term negative impacts to our business, results of operations and financial condition as a result of the COVID-19 pandemic, including changes in consumer behavior and preferences causing significant volatility or reductions in demand for or interest in our parks, damage to our brand and reputation, increases in operating expenses to comply with additional hygiene-related protocols, limitations on our ability to recruit and train sufficient employees to staff our parks, limitations on our employees' ability to work and travel, and significant changes in the economic or political conditions in areas in which we operate. Despite our efforts to manage these impacts, their ultimate impact may be material, and will depend on factors beyond our knowledge or control, including the duration and severity of the COVID-19 pandemic and actions taken to contain its spread and mitigate its public health effects. We have taken steps to secure additional liquidity and address any potential debt covenant issues, in the event that the effects of the COVID-19 pandemic continue. These steps include reducing operating expenses, including labor costs; suspending $75 million to $100 million of non-essential capital expenditures planned for both the 2020 and 2021 operating seasons; and suspending quarterly distribution payments. In addition, subsequent to March 29, 2020 , we issued senior secured notes and further amended the Amended 2017 Credit Agreement, including expanding our senior secured revolving credit facility capacity and revising certain financial covenants. See the Subsequent Event footnote at Note 15 for further details. Management has made significant estimates and assumptions to determine our liquidity requirements and estimate the impact of the COVID-19 pandemic on our business, including financial results in the near and long-term. Actual results could materially differ from these estimates. Prior to the COVID-19 pandemic, we had been preparing for our 2020 operating season. As of March 29, 2020 , our working capital accounts were at normal seasonal levels, in particular receivables for our installment purchase plans, inventories and deferred revenue for season-long products. For purposes of preparing our financial statements, as of March 29, 2020 , we estimated that some or all of our parks may remain closed throughout 2020 due to the imposition of external operating restrictions or due to the time it may take to implement additional hygiene protocols and prepare our parks for operation. As a result, we estimated that the following working capital amounts would be realized greater than 12 months from the balance sheet date and they have been classified as non-current as of March 29, 2020 . These amounts represent our best estimate and include material assumptions, including the time frame to reopen our parks, which may differ materially as the COVID-19 pandemic and the related actions taken to contain its spread progress. (In thousands) Balance Sheet Location March 29, 2020 Receivables Other Assets $ 23,968 Inventories Other Assets 39,364 Prepaid advertising and other current assets Other Assets 5,177 $ 68,509 Deferred revenue (See Note 4 ) Non-Current Deferred Revenue $ 154,946 Significant Accounting and Reporting Policies Except for the changes described below, our unaudited condensed consolidated financial statements 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, 2019 , which were included in the Form 10-K filed on February 21, 2020 . Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "Commission"). These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K referred to above. Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASC 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. We adopted ASU 2016-13 as of January 1, 2020. The standard did not have an effect on the unaudited condensed consolidated financial statements. New Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes by removing specific exceptions and clarifying and amending existing guidance under Topic 740, Income Taxes. ASU 2019-12 is effective for fiscal years after December 15, 2020 and interim periods within those years. Early adoption is permitted, including adoption in any interim period, but all amendments must be adopted in the same period. The allowable adoption methods differ under the various amendments. We are in the process of evaluating the effect this standard will have on the unaudited condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. We are in the process of evaluating the effect this standard will have on the unaudited condensed consolidated financial statements and related disclosures. |
Interim Reporting
Interim Reporting | 3 Months Ended |
Mar. 29, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Reporting | Interim Reporting: We are one of the largest regional amusement park operators in the world with 13 properties in our portfolio consisting of amusement parks, water parks and complementary resort facilities. Our parks operate seasonally except for Knott's Berry Farm. Our seasonal parks are generally open during weekends beginning in April or May, and then daily from Memorial Day until Labor Day. After Labor Day, our seasonal parks are open during select weekends in September and, in most cases, in the fourth quarter for Halloween and winter events. As a result, a substantial portion of our revenues from these seasonal 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. Knott's Berry Farm is open daily on a year-round basis. To assure that these highly seasonal operations will not result in misleading comparisons of current and subsequent interim periods, we have adopted the following accounting and reporting procedures: (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. If the COVID-19 pandemic prevents us from opening our parks during the second quarter of 2020, we anticipate recognizing depreciation and certain other operating costs, which are typically expensed over each park's operating season and which will still be incurred, over the calendar year instead of over each park's operating season. This change in accounting procedure would more accurately reflect incurred expense during this unprecedented shutdown. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 29, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions: On July 1, 2019 , we completed the acquisition of two water parks and one resort in Texas, the Schlitterbahn Waterpark & Resort New Braunfels and the Schlitterbahn Waterpark Galveston ("Schlitterbahn parks"), for a cash purchase price of $257.7 million . The acquisition increased our presence in growing and attractive markets and further diversified our portfolio of properties. The Schlitterbahn parks are included within our single reportable segment of amusement/water parks with accompanying resort facilities. The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon management's estimated fair values at the date of acquisition. To the extent the purchase price exceeded the estimated fair value of the net identifiable tangible and intangible assets acquired, such excess was allocated to goodwill. Based on the fair value of the assets acquired and the liabilities assumed, goodwill of $178.0 million , property and equipment of $58.1 million , an indefinite-lived trade name of $23.2 million , covenants not to compete of $0.2 million and a net working capital deficit of $3.3 million were recorded. We also assumed a lease commitment for the land on which Schlitterbahn Waterpark Galveston is located. This land lease resulted in the recognition of an additional right-of-use asset totaling $6.8 million and an additional corresponding lease liability totaling $5.3 million . All goodwill is expected to be deductible for income tax purposes. Due to the negative impact of the COVID-19 pandemic on our expected future operating results, we tested the long-lived assets, goodwill and indefinite-lived intangible assets of the Schlitterbahn parks for impairment as of March 29, 2020 . This resulted in impairment charges at the Schlitterbahn parks of $2.7 million for long-lived assets, $73.6 million for goodwill and $7.9 million for the Schlitterbahn trade name (see Note 5 and Note 6 ). The results of the Schlitterbahn parks' operations, including $0.9 million of net revenues and $91.3 million of net loss, are included within the unaudited condensed consolidated statement of operations and comprehensive income for the three months ended March 29, 2020 . If we had acquired the Schlitterbahn parks on January 1, 2019, our results for the three months ended March 31, 2019 would have included net revenues and net loss of approximately $2 million and $6 million , respectively. Related acquisition transaction costs totaled $7.0 million for the third and fourth quarter of 2019 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 29, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition: As disclosed within the unaudited condensed consolidated statements of operations and comprehensive income, revenues are generated from sales of (1) admission to our 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 our parks, including parking fees. Revenues related to extra-charge products, including premium benefit offerings such as front-of-line products, and online transaction fees charged to customers are included in "Accommodations, extra-charge products and other". The following table presents net revenues disaggregated by revenues generated within the parks and revenues generated from out-of-park operations less amounts remitted to outside parties under concessionaire arrangements for the periods presented: Three months ended (In thousands) March 29, 2020 March 31, 2019 In-park revenues $ 43,027 $ 54,213 Out-of-park revenues 12,091 14,761 Concessionaire remittance (1,483 ) (1,997 ) Net revenues $ 53,635 $ 66,977 Due to our highly seasonal operations, a substantial portion of our 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 our 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 expected usage. 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. We do not typically provide for refunds or returns. In some instances, we arrange with outside parties ("concessionaires") to provide goods to guests, typically food and merchandise, and we act as an agent, resulting in net revenues recorded within the condensed consolidated statements of operations and comprehensive income. 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," 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. We estimate variable revenues and perform 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 at the beginning of the calendar year following the close of our parks' operating seasons, as well as at the end of the third quarter after the peak summer season and at the beginning of the selling season for the next year's products. Season-long products represent most of the deferred revenue balance in any given period. Of the $151.4 million of deferred revenue recorded as of January 1, 2020 , 91% was related to season-long products. The remainder was related to deferred online transaction fees charged to customers, advanced ticket sales, marina deposits, advanced resort reservations, and other deferred revenue. During the three months ended March 29, 2020 , approximately $6.3 million of the deferred revenue balance as of January 1, 2020 was recognized. Due to the COVID-19 pandemic, we have estimated that some or all of our parks may remain closed throughout 2020 . We have announced our intention to extend the validity of our season pass products through the 2021 operating season to compensate for lost days in 2020. As a result, we have classified a portion of our deferred revenue as non-current as of March 29, 2020 . The following table discloses when we expect to recognize our outstanding deferred revenue: (In thousands) March 29, 2020 Balance Sheet Location Estimated to be recognized in 2020 $ 30,381 Deferred revenue Estimated to be recognized in 2021 155,435 Other Non-Current Deferred Revenue Estimated to be recognized from 2022 through 2039 (1) 8,702 Other Non-Current Deferred Revenue 164,137 Total Deferred Revenue $ 194,518 (1) We lease a portion of the California's Great America parking lot to the Santa Clara Stadium Authority during Levi's Stadium events. The lease is effective through the life of the stadium, or approximately 25 years, from the opening of the stadium through 2039. The lease payments were prepaid, and the corresponding revenue is being recognized over the life of the stadium. Payment is due immediately on the transaction date for most products. Our 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 12 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. We are not exposed to a significant concentration of customer credit risk. As of March 29, 2020 , December 31, 2019 and March 31, 2019 , we recorded a $6.0 million , $3.4 million and $3.9 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, including an adjustment for the impact of COVID-19 on our customers' ability to pay based on March 2020 collection rates. 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. As mentioned above, due to the COVID-19 pandemic, we have estimated that some or all of our parks may remain closed throughout 2020 . We have announced a suspension of collections on our installment purchase plans until our parks re-open. As a result, we have classified $24.0 million of our installment purchase plan receivables as non-current as of March 29, 2020 . |
Long-Lived Assets
Long-Lived Assets | 3 Months Ended |
Mar. 29, 2020 | |
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 condensed 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. Due to the negative impact of the COVID-19 pandemic on our expected future operating results, we tested our long-lived assets for impairment as of March 29, 2020 . We concluded the estimated undiscounted future cash flows expected to result from the use of the long-lived assets at the Schlitterbahn parks no longer exceeded the related carrying values. Therefore, we recorded a $2.7 million impairment charge equal to the difference between the fair value and the carrying amounts of the assets in "Loss on impairment / retirement of fixed assets" within the unaudited condensed consolidated statement of operations and comprehensive income as of March 29, 2020 . The fair value of our long-lived assets was determined using a real and personal property appraisal which was performed in accordance with ASC 820 - Fair Value Measurement. During the third quarter of 2016, we ceased operations of one of our 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 approximately 670 acres of land. The Wildwater Kingdom acreage, reduced by acreage sold, is recorded within "Other Assets" in the unaudited condensed consolidated balance sheet ( $9.0 million as of March 29, 2020 , December 31, 2019 and March 31, 2019 ). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 29, 2020 | |
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. Due to the negative impact of the COVID-19 pandemic on our expected future operating results, we tested our goodwill and indefinite-lived intangible assets for impairment as of March 29, 2020 . We concluded the estimated fair value of goodwill at the Schlitterbahn parks and Dorney Park reporting units, and the estimated fair value of the Schlitterbahn trade name no longer exceeded their carrying values. Therefore, we recorded a $73.6 million , $6.8 million and $7.9 million impairment of goodwill at the Schlitterbahn parks, goodwill at Dorney Park, and the Schlitterbahn trade name, respectively, during the first quarter of 2020. The impairment charges were equal to the amount by which the carrying amounts exceeded the assets' fair value and were recorded in "Loss on impairment of goodwill and other intangibles" within the unaudited condensed consolidated statement of operations and comprehensive income. The fair value of our reporting units was established using a combination of an income (discounted cash flow) approach and market approach. The income approach used each reporting unit's projection of estimated operating results and discounted cash flows using a weighted-average cost of capital that reflected current market conditions. Estimated operating results were established using our best estimates of economic and market conditions over the projected period including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures, the anticipated time frame to re-open our parks following the COVID-19 pandemic, and the related demand upon re-opening our parks following the COVID-19 pandemic. Other significant estimates and assumptions included terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. The market approach estimated fair value by applying cash flow multiples to each reporting unit's operating performance. The multiples were derived from comparable publicly traded companies with similar operating and investment characteristics of the reporting units. The impairment charge recognized was for the amount by which the reporting unit's carrying amount exceeded its fair value. Our indefinite-lived intangible assets consist of trade names. The fair value of our trade names was calculated using a relief-from-royalty model. The impairment charge recognized was for the amount by which the trade name's carrying amount exceeded its fair value. Management made significant estimates in calculating the fair value of our reporting units and trade names. Actual results could materially differ from these estimates. Changes in the carrying value of goodwill for the three months ended March 29, 2020 and March 31, 2019 were: (In thousands) Goodwill Balance as of December 31, 2019 $ 359,654 Impairment (80,331 ) Foreign currency translation (4,664 ) Balance as of March 29, 2020 $ 274,659 Balance as of December 31, 2018 $ 178,719 Foreign currency translation 1,220 Balance as of March 31, 2019 $ 179,939 Goodwill included $104.4 million and $178.0 million as of March 29, 2020 and December 31, 2019 , respectively, of goodwill related to the Schlitterbahn parks which were acquired on July 1, 2019 , see Note 3 . As of March 29, 2020 , December 31, 2019 , and March 31, 2019 , other intangible assets consisted of the following: (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value March 29, 2020 Other intangible assets: Trade names $ 50,361 $ — $ 50,361 License / franchise agreements 4,255 (2,958 ) 1,297 Total other intangible assets $ 54,616 $ (2,958 ) $ 51,658 December 31, 2019 Other intangible assets: Trade names $ 59,249 $ — $ 59,249 License / franchise agreements 3,583 (2,933 ) 650 Total other intangible assets $ 62,832 $ (2,933 ) $ 59,899 March 31, 2019 Other intangible assets: Trade names $ 35,665 $ — $ 35,665 License / franchise agreements 3,389 (2,412 ) 977 Total other intangible assets $ 39,054 $ (2,412 ) $ 36,642 Other intangible assets included $15.4 million and $23.2 million as of March 29, 2020 and December 31, 2019 , respectively, for the Schlitterbahn trade name acquired on July 1, 2019 , see Note 3 . The Schlitterbahn trade name is an indefinite-lived intangible asset. Amortization expense of finite-lived other intangible assets is expected to continue to be immaterial going forward. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 29, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt: Long-term debt as of March 29, 2020 , December 31, 2019 , and March 31, 2019 consisted of the following: (In thousands) March 29, 2020 December 31, 2019 March 31, 2019 Revolving credit facility (due 2022) $ 70,000 $ — $ 120,000 U.S. term loan averaging 3.43% YTD 2020; 4.01% in 2019; 4.25% YTD 2019 (due 2017-2024) (1) 729,375 729,375 735,000 Notes 2024 U.S. fixed rate notes at 5.375% 450,000 450,000 450,000 2027 U.S. fixed rate notes at 5.375% 500,000 500,000 500,000 2029 U.S. fixed rate notes at 5.250% 500,000 500,000 — 2,249,375 2,179,375 1,805,000 Less current portion (7,500 ) (7,500 ) (7,500 ) 2,241,875 2,171,875 1,797,500 Less debt issuance costs and original issue discount (24,589 ) (25,992 ) (20,925 ) $ 2,217,286 $ 2,145,883 $ 1,776,575 (1) The average interest rates do not reflect the effect of interest rate swap agreements (see Note 8 ). Term Debt and Revolving Credit Facilities In April 2017, we amended and restated our existing credit agreement (the "2017 Credit Agreement"). As of March 29, 2020 , the 2017 Credit Agreement included 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 2018 amendment reflected $0.9 million of Original Issue Discount ("OID"). The senior secured term loan facility matures April 15, 2024 and, as of March 29, 2020 , $7.5 million was payable annually. The facilities provided under the Amended 2017 Credit Agreement are collateralized by substantially all of the assets of the Partnership. As of March 29, 2020 , the senior secured revolving credit facility under the Amended 2017 Credit Agreement had a combined limit of $275 million with a Canadian sub-limit of $15 million . Borrowings under the senior secured revolving credit facility bore interest at LIBOR or Canadian Dollar Offered Rate ("CDOR") plus 200 bps during the financial statement periods presented. The revolving credit facility is scheduled to mature in April 2022 and also provides for the issuance of documentary and standby letters of credit. As of March 29, 2020 , $70.0 million was outstanding under the revolving credit facility. 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. Subsequent to March 29, 2020 , we further amended the Amended 2017 Credit Agreement in response to the COVID-19 pandemic. See the Subsequent Event footnote at Note 15 for further details. Notes In June 2014, we issued $450 million of 5.375% senior unsecured notes ("2024 senior notes"). The 2024 senior 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 various prices depending on the date redeemed. In April 2017, we issued $500 million of 5.375% senior unsecured notes ("2027 senior notes"). The 2027 senior notes pay interest semi-annually in April and October, with the principal due in full on April 15, 2027 . 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 2019, in conjunction with the acquisition of the Schlitterbahn parks (see Note 3 ), we issued $500 million of 5.250% senior unsecured notes maturing in 2029 ("2029 senior notes"). The net proceeds from the offering of the 2029 senior notes were used to complete the acquisition, complete the purchase of land at California's Great America (see Note 12 ), to pay transaction fees and expenses, and for general corporate purposes and repayment of the revolving credit facility. The 2029 senior notes pay interest semi-annually in January and July, with the principal due in full on July 15, 2029 . Prior to July 15, 2022 , up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.250% 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 July 15, 2024 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. As market conditions warrant, we may from time to time repurchase debt securities issued in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise. Subsequent to March 29, 2020 , we issued $1.0 billion of 5.500% senior secured notes in response to the COVID-19 pandemic. See the Subsequent Event footnote at Note 15 for further details. Covenants As of March 29, 2020 , the Amended 2017 Credit Agreement included a Consolidated Leverage Ratio, which if breached for any reason and not cured could result in an event of default. The ratio was set at a maximum of 5.50 x Consolidated Total Debt-to-Consolidated EBITDA. As of March 29, 2020 , we were in compliance with this financial condition covenant and all other financial covenants under the Amended 2017 Credit Agreement. Our long-term debt agreements include Restricted Payment provisions, which could limit our ability to pay partnership distributions. Pursuant to the terms of the indenture governing the 2024 senior notes, which included the most restrictive of these Restricted Payments provisions as of March 29, 2020 , if our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was greater than 5.00 x, we could still make Restricted Payments of $60 million annually so long as no default or event of default had occurred and was continuing. If our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was less than or equal to 5.00 x, we could make Restricted Payments up to our Restricted Payment pool. Our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was less than or equal to 5.00 x as of March 29, 2020 . See the Subsequent Event footnote at Note 15 for a discussion of changes to our financial covenants made in connection with our April 2020 financing events. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 29, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments: Derivative financial instruments are used within our 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, we are 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 we believe poses minimal credit risk. We do not use derivative financial instruments for trading purposes. We have four interest rate swap agreements that mature on December 31, 2020 and convert $500 million of variable-rate debt to a rate of 4.39% . We also have 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 our swap portfolio, including the location within the unaudited condensed consolidated balance sheets, for the periods presented were as follows: (In thousands) Balance Sheet Location March 29, 2020 December 31, 2019 March 31, 2019 Derivatives not designated as hedging instruments: Interest Rate Swaps Other accrued liabilities $ (8,718 ) $ (5,129 ) $ — Derivative Liability (34,298 ) (18,108 ) (13,083 ) $ (43,016 ) $ (23,237 ) $ (13,083 ) Instruments that do not qualify for hedge accounting or were de-designated are prospectively adjusted to fair value each reporting period through "Net effect of swaps" within the unaudited condensed consolidated statements of operations and comprehensive income. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 29, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements: The table below presents the balances of assets and liabilities measured at fair value as of March 29, 2020 , December 31, 2019 , and March 31, 2019 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited condensed consolidated balance sheets: (In thousands) Balance Sheet Location Fair Value Hierarchy Level March 29, 2020 December 31, 2019 March 31, 2019 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 $ 99 $ 99 $ 275 $ 275 $ 492 $ 492 Interest rate swaps Derivative Liability (1) Level 2 $ (43,016 ) $ (43,016 ) $ (23,237 ) $ (23,237 ) $ (13,083 ) $ (13,083 ) Other financial assets (liabilities): Term debt Long-Term Debt (2) Level 2 $ (721,875 ) $ (620,813 ) $ (721,875 ) $ (725,484 ) $ (727,500 ) $ (723,863 ) 2024 senior notes Long-Term Debt (2) Level 1 $ (450,000 ) $ (382,500 ) $ (450,000 ) $ (462,375 ) $ (450,000 ) $ (457,875 ) 2027 senior notes Long-Term Debt (2) Level 1 $ (500,000 ) $ (410,000 ) $ (500,000 ) $ (535,000 ) $ (500,000 ) $ (505,000 ) 2029 senior notes Long-Term Debt (2) Level 2 $ (500,000 ) $ (417,500 ) $ (500,000 ) $ (539,375 ) — — (1) As of March 29, 2020 and December 31, 2019 , $8.7 million and $5.1 million of the fair value of our swap portfolio, respectively, was classified as current and recorded in "Other accrued liabilities". (2) Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $24.6 million , $26.0 million , and $20.9 million as of March 29, 2020 , December 31, 2019 , and March 31, 2019 , respectively. Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR forward curves, which are considered Level 2 observable market inputs. Due to the negative impact of the COVID-19 pandemic on our expected future operating results, we tested our long-lived assets, goodwill, and indefinite-lived intangible assets for impairment as of March 29, 2020 . We concluded the estimated fair value of the Schlitterbahn parks reporting unit and its related long-lived assets and trade name, and of the Dorney Park reporting unit no longer exceeded their carrying values. Therefore, as of March 29, 2020 , these assets were measured at fair value. We recorded a $2.7 million , $73.6 million and $7.9 million impairment charge to long-lived assets, goodwill and the trade name at the Schlitterbahn parks, respectively, and an $6.8 million impairment charge to goodwill at Dorney Park during the first quarter of 2020. The long-lived asset impairment charge was recorded in "Loss on impairment / retirement of fixed assets", and the goodwill and intangible asset impairment charges were recorded in "Loss on impairment of goodwill and other intangibles" within the unaudited condensed consolidated statement of operations and comprehensive income as of March 29, 2020 . The fair value determination for our long-lived assets, reporting units and indefinite-lived intangible assets included numerous assumptions based on Level 3 inputs. The fair value of our long-lived assets was determined using a real and personal property appraisal of which the principal assumptions included the principal market and market participants upon sale. The primary assumptions used to determine the fair value of our reporting units included growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures, the anticipated time frame to re-open our parks following the COVID-19 pandemic, the related demand upon re-opening our parks following the COVID-19 pandemic, terminal value growth rates, future estimates of capital expenditures, changes in future capital requirements, and a weighted-average cost of capital that reflected current market conditions. The fair value of our indefinite-lived intangible assets was determined using a relief-from-royalty method of which the principal assumptions included royalty rates, growth rates in revenues, estimates of future expected changes in operating margins, the anticipated time frame to re-open our parks following the COVID-19 pandemic, the related demand upon re-opening our parks following the COVID-19 pandemic, terminal value growth rates, and a discount rate based on a weighted-average cost of capital that reflected current market conditions. 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 other assets measured at fair value on a non-recurring basis as of March 29, 2020 , December 31, 2019 or March 31, 2019 . |
Earnings per Unit
Earnings per Unit | 3 Months Ended |
Mar. 29, 2020 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | Earnings per Unit: Net loss per limited partner unit was calculated based on the following unit amounts: Three months ended (In thousands, except per unit amounts) March 29, 2020 March 31, 2019 Basic weighted average units outstanding 56,414 56,310 Diluted weighted average units outstanding 56,414 56,310 Net loss per unit - basic $ (3.83 ) $ (1.49 ) Net loss per unit - diluted $ (3.83 ) $ (1.49 ) |
Income and Partnership Taxes
Income and Partnership Taxes | 3 Months Ended |
Mar. 29, 2020 | |
Income Tax Disclosure [Abstract] | |
Income and Partnership Taxes | Income and Partnership Taxes: We are subject to publicly traded partnership tax (PTP tax) on certain partnership level gross income (net revenues less cost of food, merchandise, and games revenues), state and local income taxes on partnership income, U.S. federal, state and local income taxes on income from our corporate subsidiaries and foreign income taxes on our foreign subsidiary. As such, the total provision (benefit) for taxes includes amounts for the PTP gross income tax and federal, state, local and foreign income taxes. Under applicable accounting rules, the total provision (benefit) for income taxes includes the amount of taxes payable for the current year and the impact of deferred tax assets and liabilities, which represents future tax consequences of events that are recognized in different periods in the financial statements than for tax purposes. The total tax provision (benefit) for interim periods is determined by applying an estimated annual effective tax rate to the applicable quarterly income (loss). Our consolidated estimated annual effective tax rate differs from the statutory federal income tax rate primarily due to state, local and foreign income taxes, certain partnership level income not being subject to federal tax and beneficial rate differences on loss carrybacks enacted by the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") on March 27, 2020 . Unrecognized tax benefits, including accrued interest and penalties, were not material in any period presented. We recognize interest and penalties related to unrecognized tax benefits as income tax expense. |
Lease Commitments and Contingen
Lease Commitments and Contingencies | 3 Months Ended |
Mar. 29, 2020 | |
Leases [Abstract] | |
Lease Commitments and Contingencies | Lease Commitments and Contingencies: Prior to the second quarter of 2019, our most significant lease commitment was for the land on which California's Great America is located in the City of Santa Clara, which had an initial term through 2039 with renewal options through 2074. On June 28, 2019 , we purchased the land at California's Great America from the lessor, the City of Santa Clara, for $150.3 million . |
Consolidating Financial Informa
Consolidating Financial Information of Guarantors and Issuers | 3 Months Ended |
Mar. 29, 2020 | |
Condensed Consolidated Financial Information [Abstract] | |
Consolidating Financial Information of Guarantors and Issuers | Consolidating Financial Information of Guarantors and Issuers of 2024 Senior Notes: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the 2024 senior notes (see Note 7 ). 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). 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 March 29, 2020 , December 31, 2019 , and March 31, 2019 and for the three month periods ended March 29, 2020 and March 31, 2019 . 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 March 29, 2020 (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 $ — $ — $ 22,316 $ 6,097 $ (2,118 ) $ 26,295 Receivables — 1,383 40,143 1,038,924 (1,054,798 ) 25,652 Inventories — — 498 6,896 — 7,394 Other current assets 74 18,577 5,279 30,988 (21,300 ) 33,618 74 19,960 68,236 1,082,905 (1,078,216 ) 92,959 Property and Equipment, net — 690 169,548 1,705,875 — 1,876,113 Investment in Park 397,743 1,159,177 289,440 174,148 (2,020,508 ) — Goodwill 674 — 56,718 217,267 — 274,659 Other Intangibles, net — — 12,643 39,015 — 51,658 Deferred Tax Asset — 43,179 — — (43,179 ) — Right-of-Use Asset — — 128 13,560 — 13,688 Other Assets — — 4,411 75,995 — 80,406 $ 398,491 $ 1,223,006 $ 601,124 $ 3,308,765 $ (3,141,903 ) $ 2,389,483 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ 7,500 Accounts payable 664,545 393,124 1,660 36,587 (1,056,916 ) 39,000 Deferred revenue — — 3,430 26,951 — 30,381 Accrued interest 268 179 7,966 20,204 — 28,617 Accrued taxes 1,071 — — 26,885 (21,300 ) 6,656 Accrued salaries, wages and benefits — 15,682 1,184 — — 16,866 Self-insurance reserves — 10,345 1,476 13,306 — 25,127 Other accrued liabilities 6,821 9,404 136 7,331 — 23,692 672,705 430,047 15,852 137,451 (1,078,216 ) 177,839 Deferred Tax Liability — — 13,711 88,489 (43,179 ) 59,021 Derivative Liability — 34,298 — — — 34,298 Lease Liability — — 100 10,210 — 10,310 Other Liabilities — 546 7,447 156,950 — 164,943 Long-Term Debt: Revolving credit loans — — — 70,000 — 70,000 Term debt — 125,478 — 589,207 — 714,685 Notes — — 447,194 985,407 — 1,432,601 — 125,478 447,194 1,644,614 — 2,217,286 Partners' (Deficit) Equity (274,214 ) 632,637 116,820 1,271,051 (2,020,508 ) (274,214 ) $ 398,491 $ 1,223,006 $ 601,124 $ 3,308,765 $ (3,141,903 ) $ 2,389,483 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 (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 $ — $ — $ 66,357 $ 116,428 $ (533 ) $ 182,252 Receivables — 1,299 35,309 1,077,688 (1,051,190 ) 63,106 Inventories — — 2,786 30,116 — 32,902 Other current assets 182 1,269 541 13,929 — 15,921 182 2,568 104,993 1,238,161 (1,051,723 ) 294,181 Property and Equipment, net — 769 183,468 1,657,371 — 1,841,608 Investment in Park 641,068 1,356,149 292,744 246,629 (2,536,590 ) — Goodwill 674 — 61,382 297,598 — 359,654 Other Intangibles, net — — 13,682 46,217 — 59,899 Deferred Tax Asset — 24,308 — — (24,308 ) — Right-of-Use Asset — — 157 14,167 — 14,324 Other Assets — — 38 11,441 — 11,479 $ 641,924 $ 1,383,794 $ 656,464 $ 3,511,584 $ (3,612,621 ) $ 2,581,145 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ 7,500 Accounts payable 644,839 407,384 2,799 26,045 (1,051,723 ) 29,344 Deferred revenue — — 10,930 140,447 — 151,377 Accrued interest 7 5 2,054 19,376 — 21,442 Accrued taxes 448 1,656 2,819 34,314 — 39,237 Accrued salaries, wages and benefits — 27,080 2,469 — — 29,549 Self-insurance reserves — 10,549 1,624 12,492 — 24,665 Other accrued liabilities 6,596 6,389 279 7,760 — 21,024 651,890 454,376 22,974 246,621 (1,051,723 ) 324,138 Deferred Tax Liability — — 16,621 89,733 (24,308 ) 82,046 Derivative Liability — 18,108 — — — 18,108 Lease Liability — — 125 10,475 — 10,600 Other Liabilities — 935 — 9,401 — 10,336 Long-Term Debt: Term debt — 125,425 — 588,725 — 714,150 Notes — — 446,781 984,952 — 1,431,733 — 125,425 446,781 1,573,677 — 2,145,883 Partners' (Deficit) Equity (9,966 ) 784,950 169,963 1,581,677 (2,536,590 ) (9,966 ) $ 641,924 $ 1,383,794 $ 656,464 $ 3,511,584 $ (3,612,621 ) $ 2,581,145 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 (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 $ — $ — $ 24,305 $ 36,437 $ (470 ) $ 60,272 Receivables — 1,765 33,390 931,790 (922,614 ) 44,331 Inventories — — 2,553 40,076 — 42,629 Other current assets 73 7,158 10,382 34,569 (13,869 ) 38,313 73 8,923 70,630 1,042,872 (936,953 ) 185,545 Property and Equipment, net — 794 182,520 1,463,440 — 1,646,754 Investment in Park 489,463 1,076,487 257,859 188,484 (2,012,293 ) — Goodwill 674 — 59,660 119,605 — 179,939 Other Intangibles, net — — 13,302 23,340 — 36,642 Deferred Tax Asset — 18,310 — — (18,310 ) — Right-of-Use Asset — — 31 72,563 — 72,594 Other Assets — — 37 10,959 — 10,996 $ 490,210 $ 1,104,514 $ 584,039 $ 2,921,263 $ (2,967,556 ) $ 2,132,470 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ 7,500 Accounts payable 593,593 331,881 2,779 42,085 (923,084 ) 47,254 Deferred revenue — 500 11,009 139,827 — 151,336 Accrued interest 4 2 8,033 12,847 — 20,886 Accrued taxes 1,111 — — 22,641 (13,869 ) 9,883 Accrued salaries, wages and benefits — 13,087 909 — — 13,996 Self-insurance reserves — 9,602 1,441 12,536 — 23,579 Other accrued liabilities 3,201 4,297 148 12,099 — 19,745 597,909 360,682 24,319 248,222 (936,953 ) 294,179 Deferred Tax Liability — — 13,312 87,516 (18,310 ) 82,518 Derivative Liability 1,899 11,184 — — — 13,083 Lease Liability — — 20 65,379 — 65,399 Other Liabilities — 547 — 9,767 — 10,314 Long-Term Debt: Revolving credit loans — — — 120,000 — 120,000 Term debt — 126,250 — 591,918 — 718,168 Notes — — 446,339 492,068 — 938,407 — 126,250 446,339 1,203,986 — 1,776,575 Partners' (Deficit) Equity (109,598 ) 605,851 100,049 1,306,393 (2,012,293 ) (109,598 ) $ 490,210 $ 1,104,514 $ 584,039 $ 2,921,263 $ (2,967,556 ) $ 2,132,470 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 29, 2020 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ (50,355 ) $ (49,885 ) $ 100 $ 33,309 $ 120,466 $ 53,635 Costs and expenses: Cost of food, merchandise, and games revenues — — 3 6,382 — 6,385 Operating expenses 1 53,895 6,046 (74,040 ) 120,466 106,368 Selling, general and administrative (362 ) 8,851 1,017 15,303 — 24,809 Depreciation and amortization — 8 35 5,045 — 5,088 Loss on impairment / retirement of fixed assets, net — — 1,536 5,231 — 6,767 Loss on impairment of goodwill and other intangibles — — — 88,181 — 88,181 (361 ) 62,754 8,637 46,102 120,466 237,598 Operating loss (49,994 ) (112,639 ) (8,537 ) (12,793 ) — (183,963 ) Interest expense, net 6,030 4,769 5,897 10,175 — 26,871 Net effect of swaps 2,154 17,625 — — — 19,779 Loss on foreign currency — 7 34,195 — — 34,202 Other expense (income) 59 (8,200 ) (152 ) 8,462 — 169 Loss from investment in affiliates 157,190 69,205 3,304 49,048 (278,747 ) — Loss before taxes (215,427 ) (196,045 ) (51,781 ) (80,478 ) 278,747 (264,984 ) Provision (benefit) for taxes 550 (38,857 ) (2,730 ) (7,970 ) — (49,007 ) Net loss $ (215,977 ) $ (157,188 ) $ (49,051 ) $ (72,508 ) $ 278,747 $ (215,977 ) Other comprehensive income, (net of tax): Foreign currency translation adjustment 15,905 — 15,905 — (15,905 ) 15,905 Other comprehensive income, (net of tax) 15,905 — 15,905 — (15,905 ) 15,905 Total comprehensive loss $ (200,072 ) $ (157,188 ) $ (33,146 ) $ (72,508 ) $ 262,842 $ (200,072 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ (15,642 ) $ 3,285 $ 296 $ 59,905 $ 19,133 $ 66,977 Costs and expenses: Cost of food, merchandise, and games revenues — — 52 7,597 — 7,649 Operating expenses — 48,172 5,711 25,189 19,133 98,205 Selling, general and administrative 1,439 14,552 1,018 14,657 — 31,666 Depreciation and amortization — 8 — 13,581 — 13,589 Loss on impairment / retirement of fixed assets, net — — 10 1,414 — 1,424 Gain on sale of investment — (617 ) — — — (617 ) 1,439 62,115 6,791 62,438 19,133 151,916 Operating loss (17,081 ) (58,830 ) (6,495 ) (2,533 ) — (84,939 ) Interest expense, net 6,391 5,030 5,713 3,553 — 20,687 Net effect of swaps 991 5,388 — — — 6,379 Gain on foreign currency — (11 ) (8,658 ) — — (8,669 ) Other expense (income) 59 (11,506 ) 1,099 10,670 — 322 Loss from investment in affiliates 58,449 14,659 4,603 6,190 (83,901 ) — Loss before taxes (82,971 ) (72,390 ) (9,252 ) (22,946 ) 83,901 (103,658 ) Provision (benefit) for taxes 702 (13,939 ) (3,059 ) (3,689 ) — (19,985 ) Net loss $ (83,673 ) $ (58,451 ) $ (6,193 ) $ (19,257 ) $ 83,901 $ (83,673 ) Other comprehensive loss, (net of tax): Foreign currency translation adjustment (3,050 ) — (3,050 ) — 3,050 (3,050 ) Other comprehensive loss, (net of tax) (3,050 ) — (3,050 ) — 3,050 (3,050 ) Total comprehensive loss $ (86,723 ) $ (58,451 ) $ (9,243 ) $ (19,257 ) $ 86,951 $ (86,723 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 29, 2020 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 33,452 $ 9,386 $ (19,350 ) $ (126,885 ) $ (1,742 ) $ (105,139 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — 3,370 (3,370 ) — Proceeds from returns on investments — 20,000 — — (20,000 ) — Capital expenditures — 70 (1,286 ) (56,816 ) — (58,032 ) Net cash from (for) investing activities — 20,070 (1,286 ) (53,446 ) (23,370 ) (58,032 ) CASH FLOWS (FOR) FROM FINANCING ACTIVITIES Intercompany payables (payments) receipts 19,727 (23,097 ) — — 3,370 — Payments for returns of capital — — (20,000 ) — 20,000 — Net borrowings on revolving credit loans — — — 70,000 — 70,000 Distributions paid to partners (53,179 ) — — — 157 (53,022 ) Tax effect of units involved in treasury unit transactions — (1,741 ) — — — (1,741 ) Payments related to tax withholding for equity compensation — (4,618 ) — — — (4,618 ) Net cash (for) from financing activities (33,452 ) (29,456 ) (20,000 ) 70,000 23,527 10,619 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (3,405 ) — — (3,405 ) CASH AND CASH EQUIVALENTS Net decrease for the period — — (44,041 ) (110,331 ) (1,585 ) (155,957 ) Balance, beginning of period — — 66,357 116,428 (533 ) 182,252 Balance, end of period $ — $ — $ 22,316 $ 6,097 $ (2,118 ) $ 26,295 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (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 $ 24,410 $ (6,580 ) $ (6,077 ) $ (68,489 ) $ (6 ) $ (56,742 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (1,585 ) 1,585 — Proceeds from returns on investments — 38,030 — — (38,030 ) — Capital expenditures — — (7,193 ) (46,204 ) — (53,397 ) Proceeds from sale of investment — 617 — — — 617 Net cash from (for) investing activities — 38,647 (7,193 ) (47,789 ) (36,445 ) (52,780 ) CASH FLOWS (FOR) FROM FINANCING ACTIVITIES Intercompany payables (payments) receipts 28,152 (26,567 ) — — (1,585 ) — Payments for returns of capital — — (38,030 ) — 38,030 — Net borrowings on revolving credit loans — — — 120,000 — 120,000 Distributions paid to partners (52,562 ) — — — 228 (52,334 ) Tax effect of units involved in treasury unit transactions — (1,421 ) — — — (1,421 ) Payments related to tax withholding for equity compensation — (4,079 ) — — — (4,079 ) Net cash (for) from financing activities (24,410 ) (32,067 ) (38,030 ) 120,000 36,673 62,166 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,279 — — 2,279 CASH AND CASH EQUIVALENTS Net (decrease) increase for the period — — (49,021 ) 3,722 222 (45,077 ) Balance, beginning of period — — 73,326 32,715 (692 ) 105,349 Balance, end of period $ — $ — $ 24,305 $ 36,437 $ (470 ) $ 60,272 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 2027 and 2029 senior notes (see Note 7 ). 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 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 March 29, 2020 , December 31, 2019 , and March 31, 2019 and for the three month periods ended March 29, 2020 and March 31, 2019 . 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 March 29, 2020 (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 $ — $ — $ 22,316 $ 5,962 $ 135 $ (2,118 ) $ 26,295 Receivables — 1,383 40,143 20,670 1,018,254 (1,054,798 ) 25,652 Inventories — — 498 6,235 661 — 7,394 Other current assets 74 18,577 5,279 25,958 5,030 (21,300 ) 33,618 74 19,960 68,236 58,825 1,024,080 (1,078,216 ) 92,959 Property and Equipment, net — 690 169,548 — 1,705,875 — 1,876,113 Investment in Park 397,743 1,159,177 289,440 2,177,030 174,148 (4,197,538 ) — Goodwill 674 — 56,718 106,050 111,217 — 274,659 Other Intangibles, net — — 12,643 — 39,015 — 51,658 Deferred Tax Asset — 43,179 — — — (43,179 ) — Right-of-Use Asset — — 128 12,988 572 — 13,688 Other Assets — — 4,411 54,864 21,131 — 80,406 $ 398,491 $ 1,223,006 $ 601,124 $ 2,409,757 $ 3,076,038 $ (5,318,933 ) $ 2,389,483 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ — $ 7,500 Accounts payable 664,545 393,124 1,660 30,086 6,501 (1,056,916 ) 39,000 Deferred revenue — — 3,430 25,015 1,936 — 30,381 Accrued interest 268 179 7,966 20,204 — — 28,617 Accrued taxes 1,071 — — 7,888 18,997 (21,300 ) 6,656 Accrued salaries, wages and benefits — 15,682 1,184 — — — 16,866 Self-insurance reserves — 10,345 1,476 11,618 1,688 — 25,127 Other accrued liabilities 6,821 9,404 136 5,696 1,635 — 23,692 672,705 430,047 15,852 106,694 30,757 (1,078,216 ) 177,839 Deferred Tax Liability — — 13,711 — 88,489 (43,179 ) 59,021 Derivative Liability — 34,298 — — — — 34,298 Lease Liability — — 100 9,802 408 — 10,310 Other Liabilities — 546 7,447 117,309 39,641 — 164,943 Long-Term Debt: Revolving credit loans — — — 70,000 — — 70,000 Term debt — 125,478 — 589,207 — — 714,685 Notes — — 447,194 985,407 — — 1,432,601 — 125,478 447,194 1,644,614 — — 2,217,286 Partners' (Deficit) Equity (274,214 ) 632,637 116,820 531,338 2,916,743 (4,197,538 ) (274,214 ) $ 398,491 $ 1,223,006 $ 601,124 $ 2,409,757 $ 3,076,038 $ (5,318,933 ) $ 2,389,483 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 (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 $ — $ — $ 66,357 $ 115,437 $ 991 $ (533 ) $ 182,252 Receivables — 1,299 35,309 45,349 1,032,339 (1,051,190 ) 63,106 Inventories — — 2,786 25,413 4,703 — 32,902 Other current assets 182 1,269 541 12,617 1,312 — 15,921 182 2,568 104,993 198,816 1,039,345 (1,051,723 ) 294,181 Property and Equipment, net — 769 183,468 — 1,657,371 — 1,841,608 Investment in Park 641,068 1,356,149 292,744 2,141,806 246,629 (4,678,396 ) — Goodwill 674 — 61,382 186,381 111,217 — 359,654 Other Intangibles, net — — 13,682 — 46,217 — 59,899 Deferred Tax Asset — 24,308 — — — (24,308 ) — Right-of-Use Asset — — 157 13,460 707 — 14,324 Other Assets — — 38 2,470 8,971 — 11,479 $ 641,924 $ 1,383,794 $ 656,464 $ 2,542,933 $ 3,110,457 $ (5,754,427 ) $ 2,581,145 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ — $ 7,500 Accounts payable 644,839 407,384 2,799 19,553 6,492 (1,051,723 ) 29,344 Deferred revenue — — 10,930 112,544 27,903 — 151,377 Accrued interest 7 5 2,054 19,376 — — 21,442 Accrued taxes 448 1,656 2,819 8,791 25,523 — 39,237 Accrued salaries, wages and benefits — 27,080 2,469 — — — 29,549 Self-insurance reserves — 10,549 1,624 10,797 1,695 — 24,665 Other accrued liabilities 6,596 6,389 279 5,853 1,907 — 21,024 651,890 454,376 22,974 183,101 63,520 (1,051,723 ) 324,138 Deferred Tax Liability — — 16,621 — 89,733 (24,308 ) 82,046 Derivative Liability — 18,108 — — — — 18,108 Lease Liability — — 125 10,018 457 — 10,600 Other Liabilities — 935 — 87 9,314 — 10,336 Long-Term Debt: Term debt — 125,425 — 588,725 — — 714,150 Notes — — 446,781 984,952 — — 1,431,733 — 125,425 446,781 1,573,677 — — 2,145,883 Partners' (Deficit) Equity (9,966 ) 784,950 169,963 776,050 2,947,433 (4,678,396 ) (9,966 ) $ 641,924 $ 1,383,794 $ 656,464 $ 2,542,933 $ 3,110,457 $ (5,754,427 ) $ 2,581,145 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 (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 $ — $ — $ 24,305 $ 36,256 $ 181 $ (470 ) $ 60,272 Receivables — 1,765 33,390 32,871 898,919 (922,614 ) 44,331 Inventories — — 2,553 32,774 7,302 — 42,629 Other current assets 73 7,158 10,382 28,086 6,483 (13,869 ) 38,313 73 8,923 70,630 129,987 912,885 (936,953 ) 185,545 Property and Equipment, net — 794 182,520 — 1,463,440 — 1,646,754 Investment in Park 489,463 1,076,487 257,859 1,559,883 188,484 (3,572,176 ) — Goodwill 674 — 59,660 8,388 111,217 — 179,939 Other Intangibles, net — — 13,302 — 23,340 — 36,642 Deferred Tax Asset — 18,310 — — — (18,310 ) — Right-of-Use Asset — — 31 3,479 69,084 — 72,594 Other Assets — — 37 1,976 8,983 — 10,996 $ 490,210 $ 1,104,514 $ 584,039 $ 1,703,713 $ 2,777,433 $ (4,527,439 ) $ 2,132,470 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ — $ 7,500 Accounts payable 593,593 331,881 2,779 33,811 8,274 (923,084 ) 47,254 Deferred revenue — 500 11,009 109,806 30,021 — 151,336 Accrued interest 4 2 8,033 12,847 — — 20,886 Accrued taxes 1,111 — — 8,231 14,410 (13,869 ) 9,883 Accrued salaries, wages and benefits — 13,087 909 — — — 13,996 Self-insurance reserves — 9,602 1,441 10,640 1,896 — 23,579 Other accrued liabilities 3,201 4,297 148 4,236 7,863 — 19,745 597,909 360,682 24,319 185,758 62,464 (936,953 ) 294,179 Deferred Tax Liability — — 13,312 — 87,516 (18,310 ) 82,518 Derivative Liability 1,899 11,184 — — — — 13,083 Lease Liability — — 20 1,769 63,610 — 65,399 Other Liabilities — 547 — 87 9,680 — 10,314 Long-Term Debt: Revolving credit loans — — — 120,000 — — 120,000 Term debt — 126,250 — 591,918 — — 718,168 Notes — — 446,339 492,068 — — 938,407 — 126,250 446,339 1,203,986 — — 1,776,575 Partners' (Deficit) Equity (109,598 ) 605,851 100,049 312,113 2,554,163 (3,572,176 ) (109,598 ) $ 490,210 $ 1,104,514 $ 584,039 $ 1,703,713 $ 2,777,433 $ (4,527,439 ) $ 2,132,470 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 29, 2020 (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 $ (50,355 ) $ (49,885 ) $ 100 $ 46,355 $ (10,356 ) $ 117,776 $ 53,635 Costs and expenses: Cost of food, merchandise and games revenues — — 3 6,259 123 — 6,385 Operating expenses 1 53,895 6,046 (74,016 ) 2,666 117,776 106,368 Selling, general and administrative (362 ) 8,851 1,017 14,664 639 — 24,809 Depreciation and amortization — 8 35 — 5,045 — 5,088 Loss on impairment / retirement of fixed assets, net — — 1,536 441 4,790 — 6,767 Loss on impairment of goodwill and other intangibles — — — 80,331 7,850 — 88,181 (361 ) 62,754 8,637 27,679 21,113 117,776 237,598 Operating (loss) income (49,994 ) (112,639 ) (8,537 ) 18,676 (31,469 ) — (183,963 ) Interest expense (income), net 6,030 4,769 5,897 18,676 (8,501 ) — 26,871 Net effect of swaps 2,154 17,625 — — — — 19,779 Loss on foreign currency — 7 34,195 — — — 34,202 Other expense (income) 59 (8,200 ) (152 ) — 8,462 — 169 Loss from investment in affiliates 157,190 69,205 3,304 — 49,048 (278,747 ) — Loss before taxes (215,427 ) (196,045 ) (51,781 ) — (80,478 ) 278,747 (264,984 ) Provision (benefit) for taxes 550 (38,857 ) (2,730 ) — (7,970 ) — (49,007 ) Net loss $ (215,977 ) $ (157,188 ) $ (49,051 ) $ — $ (72,508 ) $ 278,747 $ (215,977 ) Other comprehensive income, (net of tax): Foreign currency translation adjustment 15,905 — 15,905 — — (15,905 ) 15,905 Other comprehensive income, (net of tax) 15,905 — 15,905 — — (15,905 ) 15,905 Total comprehensive loss $ (200,072 ) $ (157,188 ) $ (33,146 ) $ — $ (72,508 ) $ 262,842 $ (200,072 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2019 (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 $ (15,642 ) $ 3,285 $ 296 $ 64,587 $ 8,717 $ 5,734 $ 66,977 Costs and expenses: Cost of food, merchandise and games revenues — — 52 7,241 356 — 7,649 Operating expenses — 48,172 5,711 29,551 9,037 5,734 98,205 Selling, general and administrative 1,439 14,552 1,018 13,562 1,095 — 31,666 Depreciation and amortization — 8 — — 13,581 — 13,589 Loss on impairment / retirement of fixed assets, net — — 10 386 1,028 — 1,424 Gain on sale of investment — (617 ) — — — — (617 ) 1,439 62,115 6,791 50,740 25,097 5,734 151,916 Operating (loss) income (17,081 ) (58,830 ) (6,495 ) 13,847 (16,380 ) — (84,939 ) Interest expense (income), net 6,391 5,030 5,713 13,384 (9,831 ) — 20,687 Net effect of swaps 991 5,388 — — — — 6,379 Gain on foreign currency — (11 ) (8,658 ) — — — (8,669 ) Other expense (income) 59 (11,506 ) 1,099 — 10,670 — 322 Loss from investment in affiliates 58,449 14,659 4,603 — 6,190 (83,901 ) — (Loss) income before taxes (82,971 ) (72,390 ) (9,252 ) 463 (23,409 ) 83,901 (103,658 ) Provision (benefit) for taxes 702 (13,939 ) (3,059 ) 463 (4,152 ) — (19,985 ) Net loss $ (83,673 ) $ (58,451 ) $ (6,193 ) $ — $ (19,257 ) $ 83,901 $ (83,673 ) Other comprehensive loss, (net of tax): Foreign currency translation adjustment (3,050 ) — (3,050 ) — — 3,050 (3,050 ) Other comprehensive loss, (net of tax) (3,050 ) — (3,050 ) — — 3,050 (3,050 ) Total comprehensive loss $ (86,723 ) $ (58,451 ) $ (9,243 ) $ — $ (19,257 ) $ 86,951 $ (86,723 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 29, 2020 (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 $ 33,452 $ 9,386 $ (19,350 ) $ (140,331 ) $ 13,446 $ (1,742 ) $ (105,139 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — — 3,370 (3,370 ) — Proceeds from returns on investments — 20,000 — — — (20,000 ) — Capital expenditures — 70 (1,286 ) (39,144 ) (17,672 ) — (58,032 ) Net cash from (for) investing activities — 20,070 (1,286 ) (39,144 ) (14,302 ) (23,370 ) (58,032 ) CASH FLOWS (FOR) FROM FINANCING ACTIVITIES Intercompany payables (payments) receipts 19,727 (23,097 ) — — — 3,370 — Payments for returns of capital — — (20,000 ) — — 20,000 — Net borrowings on revolving credit loans — — — 70,000 — — 70,000 Distributions paid to partners (53,179 ) — — — — 157 (53,022 ) Tax effect of units involved in treasury unit transactions — (1,741 ) — — — — (1,741 ) Payments related to tax withholding for equity compensation — (4,618 ) — — — — (4,618 ) Net cash (for) from financing activities (33,452 ) (29,456 ) (20,000 ) 70,000 — 23,527 10,619 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (3,405 ) — — — (3,405 ) CASH AND CASH EQUIVALENTS Net decrease for the period — — (44,041 ) (109,475 ) (856 ) (1,585 ) (155,957 ) Balance, beginning of period — — 66,357 115,437 991 (533 ) 182,252 Balance, end of period $ — $ — $ 22,316 $ 5,962 $ 135 $ (2,118 ) $ 26,295 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (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 $ 24,410 $ (6,580 ) $ (6,077 ) $ (76,937 ) $ 8,448 $ (6 ) $ (56,742 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — — (1,585 ) 1,585 — Proceeds from returns on investments — 38,030 — — — (38,030 ) — Capital expenditures — — (7,193 ) (37,470 ) (8,734 ) — (53,397 ) Proceeds from sale of investment — 617 — — — — 617 Net cash from (for) investing activities — 38,647 (7,193 ) (37,470 ) (10,319 ) (36,445 ) (52,780 ) CASH FLOWS (FOR) FROM FINANCING ACTIVITIES Intercompany payables (payments) receipts 28,152 (26,567 ) — — — (1,585 ) — Payments for returns of capital — — (38,030 ) — — 38,030 — Net borrowings on revolving credit loans — — — 120,000 — — 120,000 Distributions paid to partners (52,562 ) — — — — 228 (52,334 ) Tax effect of units involved in treasury unit transactions — (1,421 ) — — — — (1,421 ) Payments related to tax withholding for equity compensation — (4,079 ) — — — — (4,079 ) Net cash (for) from financing activities (24,410 ) (32,067 ) (38,030 ) 120,000 — 36,673 62,166 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,279 — — — 2,279 CASH AND CASH EQUIVALENTS Net (decrease) increase for the period — — (49,021 ) 5,593 (1,871 ) 222 (45,077 ) Balance, beginning of period — — 73,326 30,663 2,052 (692 ) 105,349 Balance, end of period $ — $ — $ 24,305 $ 36,256 $ 181 $ (470 ) $ 60,272 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 29, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event: On April 27, 2020 , we issued $1.0 billion of 5.500% senior secured notes due 2025 ("2025 senior notes") in a private placement. 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 2025 senior notes. 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). The 2025 senior notes and the related guarantees are secured by first-priority liens on the issuers' and the guarantors' assets that secure all the obligations under our credit facilities. The net proceeds from the offering of the 2025 senior notes were used to repay $463.3 million of our outstanding senior secured term loan facility under the Amended 2017 Credit Agreement, and the remaining amount will be used for general corporate and working capital purposes, including fees and expenses related to the transaction. Following the prepayment of our senior secured term loan facility, the outstanding balance on our senior secured term loan facility was $264.3 million as of April 27, 2020 , and we do not have any required remaining scheduled quarterly payments on our senior secured term loan facility. In connection with the 2025 senior notes offering and the prepayment of a portion of our outstanding senior secured term loan facility, we further amended the Amended 2017 Credit Agreement (subsequently referred to as the "Second Amended 2017 Credit Agreement" or the "Second Amendment") to, among other things, suspend and revise certain of the financial covenants, in part, in response to the COVID-19 pandemic. Financial covenant revisions included: (i) suspended testing of the Consolidated Leverage Ratio (which was previously set at a maximum of 5.50 x Consolidated Total Debt-to-Consolidated EBITDA under the Amended 2017 Credit Agreement) after the first quarter of the fiscal year ended December 31, 2020, (ii) replaced such Consolidated Leverage Ratio testing with a Senior Secured Leverage Ratio of 4.00 x Total First Lien Senior Secured Debt-to-Consolidated EBITDA to be tested quarterly starting with the first quarter of the fiscal year ended December 31, 2021, which will step down to 3.75 x in the fourth quarter of the fiscal year ended December 31, 2021, with the covenant calculation to include Consolidated EBITDA from the first quarter of the fiscal year ended December 31, 2021 and the second, third and fourth quarters of the fiscal year ended December 31, 2019 (the "Deemed EBITDA Quarters") until the fourth quarter of the fiscal year ended December 31, 2021, from and after which time the then current Consolidated EBITDA calculations will be used, (iii) added a requirement that we maintain a minimum liquidity level of at least $125.0 million , tested at all times, until the earlier of December 31, 2021 or the termination of the Additional Restrictions Period (which generally includes the period from the effective date of the Second Amendment until December 31, 2021), (iv) suspended certain restricted payments, including partnership distributions, certain payments in respect of senior unsecured debt, cash mergers and/or acquisition investments and the incurrence of incremental loans and commitments under the Second Amended 2017 Credit Agreement until the earlier of the delivery of the compliance certificate for the fourth quarter of the fiscal year ended December 31, 2021 or the termination of the Additional Restrictions Period, and (v) permitted the incurrence of the portion of the 2025 senior notes that were issued, the proceeds of which were not applied to repay a portion of the senior secured term loan facility. We may terminate the Additional Restrictions Period prior to December 31, 2021 by achieving compliance with the Senior Secured Leverage Ratio covenant as of the end of a fiscal quarter without giving effect to Deemed EBITDA Quarters for any fiscal quarter. Additionally, the Second Amendment increased the interest rate for the senior secured revolving credit facility. Previously, borrowings under the senior secured revolving credit facility bore interest at LIBOR or CDOR plus 200 bps. Under the Second Amendment, borrowings under the senior secured revolving credit facility will bear interest at LIBOR plus 300 bps or CDOR plus 200 bps. Lastly, immediately after giving effect to the Second Amendment, we received additional commitments under the U.S. senior secured revolving credit facility of $100.0 million bringing our total senior secured revolving credit facility capacity to $375.0 million with a Canadian sub-limit of $15.0 million . The 2025 senior notes pay interest semi-annually in May and November, beginning November 1, 2020, with the principal due in full on May 1, 2025 . Prior to May 1, 2022 , up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.500% 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 May 1, 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. |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 3 Months Ended |
Mar. 29, 2020 | |
Accounting Policies [Abstract] | |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Measurement of Credit Losses on Financial Instruments ("ASC 2016-13"). ASU 2016-13 replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. We adopted ASU 2016-13 as of January 1, 2020. The standard did not have an effect on the unaudited condensed consolidated financial statements. New Accounting Pronouncements In December 2019, the FASB issued Accounting Standards Update No. 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 simplifies the accounting for income taxes by removing specific exceptions and clarifying and amending existing guidance under Topic 740, Income Taxes. ASU 2019-12 is effective for fiscal years after December 15, 2020 and interim periods within those years. Early adoption is permitted, including adoption in any interim period, but all amendments must be adopted in the same period. The allowable adoption methods differ under the various amendments. We are in the process of evaluating the effect this standard will have on the unaudited condensed consolidated financial statements and related disclosures. In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. We are in the process of evaluating the effect this standard will have on the unaudited condensed consolidated financial statements and related disclosures. |
Significant Accounting and Re_3
Significant Accounting and Reporting Policies (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Unusual or Infrequent Items, or Both | These amounts represent our best estimate and include material assumptions, including the time frame to reopen our parks, which may differ materially as the COVID-19 pandemic and the related actions taken to contain its spread progress. (In thousands) Balance Sheet Location March 29, 2020 Receivables Other Assets $ 23,968 Inventories Other Assets 39,364 Prepaid advertising and other current assets Other Assets 5,177 $ 68,509 Deferred revenue (See Note 4 ) Non-Current Deferred Revenue $ 154,946 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents net revenues disaggregated by revenues generated within the parks and revenues generated from out-of-park operations less amounts remitted to outside parties under concessionaire arrangements for the periods presented: Three months ended (In thousands) March 29, 2020 March 31, 2019 In-park revenues $ 43,027 $ 54,213 Out-of-park revenues 12,091 14,761 Concessionaire remittance (1,483 ) (1,997 ) Net revenues $ 53,635 $ 66,977 |
Contract with Customer, Liability | The following table discloses when we expect to recognize our outstanding deferred revenue: (In thousands) March 29, 2020 Balance Sheet Location Estimated to be recognized in 2020 $ 30,381 Deferred revenue Estimated to be recognized in 2021 155,435 Other Non-Current Deferred Revenue Estimated to be recognized from 2022 through 2039 (1) 8,702 Other Non-Current Deferred Revenue 164,137 Total Deferred Revenue $ 194,518 (1) We lease a portion of the California's Great America parking lot to the Santa Clara Stadium Authority during Levi's Stadium events. The lease is effective through the life of the stadium, or approximately 25 years, from the opening of the stadium through 2039. The lease payments were prepaid, and the corresponding revenue is being recognized over the life of the stadium. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of changes in Partnership's carrying value of goodwill | Changes in the carrying value of goodwill for the three months ended March 29, 2020 and March 31, 2019 were: (In thousands) Goodwill Balance as of December 31, 2019 $ 359,654 Impairment (80,331 ) Foreign currency translation (4,664 ) Balance as of March 29, 2020 $ 274,659 Balance as of December 31, 2018 $ 178,719 Foreign currency translation 1,220 Balance as of March 31, 2019 $ 179,939 |
Partnership's other intangible assets | As of March 29, 2020 , December 31, 2019 , and March 31, 2019 , other intangible assets consisted of the following: (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value March 29, 2020 Other intangible assets: Trade names $ 50,361 $ — $ 50,361 License / franchise agreements 4,255 (2,958 ) 1,297 Total other intangible assets $ 54,616 $ (2,958 ) $ 51,658 December 31, 2019 Other intangible assets: Trade names $ 59,249 $ — $ 59,249 License / franchise agreements 3,583 (2,933 ) 650 Total other intangible assets $ 62,832 $ (2,933 ) $ 59,899 March 31, 2019 Other intangible assets: Trade names $ 35,665 $ — $ 35,665 License / franchise agreements 3,389 (2,412 ) 977 Total other intangible assets $ 39,054 $ (2,412 ) $ 36,642 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of March 29, 2020 , December 31, 2019 , and March 31, 2019 consisted of the following: (In thousands) March 29, 2020 December 31, 2019 March 31, 2019 Revolving credit facility (due 2022) $ 70,000 $ — $ 120,000 U.S. term loan averaging 3.43% YTD 2020; 4.01% in 2019; 4.25% YTD 2019 (due 2017-2024) (1) 729,375 729,375 735,000 Notes 2024 U.S. fixed rate notes at 5.375% 450,000 450,000 450,000 2027 U.S. fixed rate notes at 5.375% 500,000 500,000 500,000 2029 U.S. fixed rate notes at 5.250% 500,000 500,000 — 2,249,375 2,179,375 1,805,000 Less current portion (7,500 ) (7,500 ) (7,500 ) 2,241,875 2,171,875 1,797,500 Less debt issuance costs and original issue discount (24,589 ) (25,992 ) (20,925 ) $ 2,217,286 $ 2,145,883 $ 1,776,575 (1) The average interest rates do not reflect the effect of interest rate swap agreements (see Note 8 ). |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value of derivative instruments in Condensed Consolidated Balance Sheet | The fair market value of our swap portfolio, including the location within the unaudited condensed consolidated balance sheets, for the periods presented were as follows: (In thousands) Balance Sheet Location March 29, 2020 December 31, 2019 March 31, 2019 Derivatives not designated as hedging instruments: Interest Rate Swaps Other accrued liabilities $ (8,718 ) $ (5,129 ) $ — Derivative Liability (34,298 ) (18,108 ) (13,083 ) $ (43,016 ) $ (23,237 ) $ (13,083 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
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 March 29, 2020 , December 31, 2019 , and March 31, 2019 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited condensed consolidated balance sheets: (In thousands) Balance Sheet Location Fair Value Hierarchy Level March 29, 2020 December 31, 2019 March 31, 2019 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 $ 99 $ 99 $ 275 $ 275 $ 492 $ 492 Interest rate swaps Derivative Liability (1) Level 2 $ (43,016 ) $ (43,016 ) $ (23,237 ) $ (23,237 ) $ (13,083 ) $ (13,083 ) Other financial assets (liabilities): Term debt Long-Term Debt (2) Level 2 $ (721,875 ) $ (620,813 ) $ (721,875 ) $ (725,484 ) $ (727,500 ) $ (723,863 ) 2024 senior notes Long-Term Debt (2) Level 1 $ (450,000 ) $ (382,500 ) $ (450,000 ) $ (462,375 ) $ (450,000 ) $ (457,875 ) 2027 senior notes Long-Term Debt (2) Level 1 $ (500,000 ) $ (410,000 ) $ (500,000 ) $ (535,000 ) $ (500,000 ) $ (505,000 ) 2029 senior notes Long-Term Debt (2) Level 2 $ (500,000 ) $ (417,500 ) $ (500,000 ) $ (539,375 ) — — (1) As of March 29, 2020 and December 31, 2019 , $8.7 million and $5.1 million of the fair value of our swap portfolio, respectively, was classified as current and recorded in "Other accrued liabilities". (2) Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $24.6 million , $26.0 million , and $20.9 million as of March 29, 2020 , December 31, 2019 , and March 31, 2019 , respectively. |
Earnings per Unit (Tables)
Earnings per Unit (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Earnings Per Unit [Abstract] | |
Net income (loss) per limited partner unit | Net loss per limited partner unit was calculated based on the following unit amounts: Three months ended (In thousands, except per unit amounts) March 29, 2020 March 31, 2019 Basic weighted average units outstanding 56,414 56,310 Diluted weighted average units outstanding 56,414 56,310 Net loss per unit - basic $ (3.83 ) $ (1.49 ) Net loss per unit - diluted $ (3.83 ) $ (1.49 ) |
Consolidating Financial Infor_2
Consolidating Financial Information of Guarantors and Issuers (Tables) | 3 Months Ended |
Mar. 29, 2020 | |
Condensed Consolidated Financial Information [Abstract] | |
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 29, 2020 (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 $ — $ — $ 22,316 $ 6,097 $ (2,118 ) $ 26,295 Receivables — 1,383 40,143 1,038,924 (1,054,798 ) 25,652 Inventories — — 498 6,896 — 7,394 Other current assets 74 18,577 5,279 30,988 (21,300 ) 33,618 74 19,960 68,236 1,082,905 (1,078,216 ) 92,959 Property and Equipment, net — 690 169,548 1,705,875 — 1,876,113 Investment in Park 397,743 1,159,177 289,440 174,148 (2,020,508 ) — Goodwill 674 — 56,718 217,267 — 274,659 Other Intangibles, net — — 12,643 39,015 — 51,658 Deferred Tax Asset — 43,179 — — (43,179 ) — Right-of-Use Asset — — 128 13,560 — 13,688 Other Assets — — 4,411 75,995 — 80,406 $ 398,491 $ 1,223,006 $ 601,124 $ 3,308,765 $ (3,141,903 ) $ 2,389,483 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ 7,500 Accounts payable 664,545 393,124 1,660 36,587 (1,056,916 ) 39,000 Deferred revenue — — 3,430 26,951 — 30,381 Accrued interest 268 179 7,966 20,204 — 28,617 Accrued taxes 1,071 — — 26,885 (21,300 ) 6,656 Accrued salaries, wages and benefits — 15,682 1,184 — — 16,866 Self-insurance reserves — 10,345 1,476 13,306 — 25,127 Other accrued liabilities 6,821 9,404 136 7,331 — 23,692 672,705 430,047 15,852 137,451 (1,078,216 ) 177,839 Deferred Tax Liability — — 13,711 88,489 (43,179 ) 59,021 Derivative Liability — 34,298 — — — 34,298 Lease Liability — — 100 10,210 — 10,310 Other Liabilities — 546 7,447 156,950 — 164,943 Long-Term Debt: Revolving credit loans — — — 70,000 — 70,000 Term debt — 125,478 — 589,207 — 714,685 Notes — — 447,194 985,407 — 1,432,601 — 125,478 447,194 1,644,614 — 2,217,286 Partners' (Deficit) Equity (274,214 ) 632,637 116,820 1,271,051 (2,020,508 ) (274,214 ) $ 398,491 $ 1,223,006 $ 601,124 $ 3,308,765 $ (3,141,903 ) $ 2,389,483 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 (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 $ — $ — $ 66,357 $ 116,428 $ (533 ) $ 182,252 Receivables — 1,299 35,309 1,077,688 (1,051,190 ) 63,106 Inventories — — 2,786 30,116 — 32,902 Other current assets 182 1,269 541 13,929 — 15,921 182 2,568 104,993 1,238,161 (1,051,723 ) 294,181 Property and Equipment, net — 769 183,468 1,657,371 — 1,841,608 Investment in Park 641,068 1,356,149 292,744 246,629 (2,536,590 ) — Goodwill 674 — 61,382 297,598 — 359,654 Other Intangibles, net — — 13,682 46,217 — 59,899 Deferred Tax Asset — 24,308 — — (24,308 ) — Right-of-Use Asset — — 157 14,167 — 14,324 Other Assets — — 38 11,441 — 11,479 $ 641,924 $ 1,383,794 $ 656,464 $ 3,511,584 $ (3,612,621 ) $ 2,581,145 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ 7,500 Accounts payable 644,839 407,384 2,799 26,045 (1,051,723 ) 29,344 Deferred revenue — — 10,930 140,447 — 151,377 Accrued interest 7 5 2,054 19,376 — 21,442 Accrued taxes 448 1,656 2,819 34,314 — 39,237 Accrued salaries, wages and benefits — 27,080 2,469 — — 29,549 Self-insurance reserves — 10,549 1,624 12,492 — 24,665 Other accrued liabilities 6,596 6,389 279 7,760 — 21,024 651,890 454,376 22,974 246,621 (1,051,723 ) 324,138 Deferred Tax Liability — — 16,621 89,733 (24,308 ) 82,046 Derivative Liability — 18,108 — — — 18,108 Lease Liability — — 125 10,475 — 10,600 Other Liabilities — 935 — 9,401 — 10,336 Long-Term Debt: Term debt — 125,425 — 588,725 — 714,150 Notes — — 446,781 984,952 — 1,431,733 — 125,425 446,781 1,573,677 — 2,145,883 Partners' (Deficit) Equity (9,966 ) 784,950 169,963 1,581,677 (2,536,590 ) (9,966 ) $ 641,924 $ 1,383,794 $ 656,464 $ 3,511,584 $ (3,612,621 ) $ 2,581,145 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 (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 $ — $ — $ 24,305 $ 36,437 $ (470 ) $ 60,272 Receivables — 1,765 33,390 931,790 (922,614 ) 44,331 Inventories — — 2,553 40,076 — 42,629 Other current assets 73 7,158 10,382 34,569 (13,869 ) 38,313 73 8,923 70,630 1,042,872 (936,953 ) 185,545 Property and Equipment, net — 794 182,520 1,463,440 — 1,646,754 Investment in Park 489,463 1,076,487 257,859 188,484 (2,012,293 ) — Goodwill 674 — 59,660 119,605 — 179,939 Other Intangibles, net — — 13,302 23,340 — 36,642 Deferred Tax Asset — 18,310 — — (18,310 ) — Right-of-Use Asset — — 31 72,563 — 72,594 Other Assets — — 37 10,959 — 10,996 $ 490,210 $ 1,104,514 $ 584,039 $ 2,921,263 $ (2,967,556 ) $ 2,132,470 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ 7,500 Accounts payable 593,593 331,881 2,779 42,085 (923,084 ) 47,254 Deferred revenue — 500 11,009 139,827 — 151,336 Accrued interest 4 2 8,033 12,847 — 20,886 Accrued taxes 1,111 — — 22,641 (13,869 ) 9,883 Accrued salaries, wages and benefits — 13,087 909 — — 13,996 Self-insurance reserves — 9,602 1,441 12,536 — 23,579 Other accrued liabilities 3,201 4,297 148 12,099 — 19,745 597,909 360,682 24,319 248,222 (936,953 ) 294,179 Deferred Tax Liability — — 13,312 87,516 (18,310 ) 82,518 Derivative Liability 1,899 11,184 — — — 13,083 Lease Liability — — 20 65,379 — 65,399 Other Liabilities — 547 — 9,767 — 10,314 Long-Term Debt: Revolving credit loans — — — 120,000 — 120,000 Term debt — 126,250 — 591,918 — 718,168 Notes — — 446,339 492,068 — 938,407 — 126,250 446,339 1,203,986 — 1,776,575 Partners' (Deficit) Equity (109,598 ) 605,851 100,049 1,306,393 (2,012,293 ) (109,598 ) $ 490,210 $ 1,104,514 $ 584,039 $ 2,921,263 $ (2,967,556 ) $ 2,132,470 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 29, 2020 (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 $ — $ — $ 22,316 $ 5,962 $ 135 $ (2,118 ) $ 26,295 Receivables — 1,383 40,143 20,670 1,018,254 (1,054,798 ) 25,652 Inventories — — 498 6,235 661 — 7,394 Other current assets 74 18,577 5,279 25,958 5,030 (21,300 ) 33,618 74 19,960 68,236 58,825 1,024,080 (1,078,216 ) 92,959 Property and Equipment, net — 690 169,548 — 1,705,875 — 1,876,113 Investment in Park 397,743 1,159,177 289,440 2,177,030 174,148 (4,197,538 ) — Goodwill 674 — 56,718 106,050 111,217 — 274,659 Other Intangibles, net — — 12,643 — 39,015 — 51,658 Deferred Tax Asset — 43,179 — — — (43,179 ) — Right-of-Use Asset — — 128 12,988 572 — 13,688 Other Assets — — 4,411 54,864 21,131 — 80,406 $ 398,491 $ 1,223,006 $ 601,124 $ 2,409,757 $ 3,076,038 $ (5,318,933 ) $ 2,389,483 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ — $ 7,500 Accounts payable 664,545 393,124 1,660 30,086 6,501 (1,056,916 ) 39,000 Deferred revenue — — 3,430 25,015 1,936 — 30,381 Accrued interest 268 179 7,966 20,204 — — 28,617 Accrued taxes 1,071 — — 7,888 18,997 (21,300 ) 6,656 Accrued salaries, wages and benefits — 15,682 1,184 — — — 16,866 Self-insurance reserves — 10,345 1,476 11,618 1,688 — 25,127 Other accrued liabilities 6,821 9,404 136 5,696 1,635 — 23,692 672,705 430,047 15,852 106,694 30,757 (1,078,216 ) 177,839 Deferred Tax Liability — — 13,711 — 88,489 (43,179 ) 59,021 Derivative Liability — 34,298 — — — — 34,298 Lease Liability — — 100 9,802 408 — 10,310 Other Liabilities — 546 7,447 117,309 39,641 — 164,943 Long-Term Debt: Revolving credit loans — — — 70,000 — — 70,000 Term debt — 125,478 — 589,207 — — 714,685 Notes — — 447,194 985,407 — — 1,432,601 — 125,478 447,194 1,644,614 — — 2,217,286 Partners' (Deficit) Equity (274,214 ) 632,637 116,820 531,338 2,916,743 (4,197,538 ) (274,214 ) $ 398,491 $ 1,223,006 $ 601,124 $ 2,409,757 $ 3,076,038 $ (5,318,933 ) $ 2,389,483 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2019 (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 $ — $ — $ 66,357 $ 115,437 $ 991 $ (533 ) $ 182,252 Receivables — 1,299 35,309 45,349 1,032,339 (1,051,190 ) 63,106 Inventories — — 2,786 25,413 4,703 — 32,902 Other current assets 182 1,269 541 12,617 1,312 — 15,921 182 2,568 104,993 198,816 1,039,345 (1,051,723 ) 294,181 Property and Equipment, net — 769 183,468 — 1,657,371 — 1,841,608 Investment in Park 641,068 1,356,149 292,744 2,141,806 246,629 (4,678,396 ) — Goodwill 674 — 61,382 186,381 111,217 — 359,654 Other Intangibles, net — — 13,682 — 46,217 — 59,899 Deferred Tax Asset — 24,308 — — — (24,308 ) — Right-of-Use Asset — — 157 13,460 707 — 14,324 Other Assets — — 38 2,470 8,971 — 11,479 $ 641,924 $ 1,383,794 $ 656,464 $ 2,542,933 $ 3,110,457 $ (5,754,427 ) $ 2,581,145 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ — $ 7,500 Accounts payable 644,839 407,384 2,799 19,553 6,492 (1,051,723 ) 29,344 Deferred revenue — — 10,930 112,544 27,903 — 151,377 Accrued interest 7 5 2,054 19,376 — — 21,442 Accrued taxes 448 1,656 2,819 8,791 25,523 — 39,237 Accrued salaries, wages and benefits — 27,080 2,469 — — — 29,549 Self-insurance reserves — 10,549 1,624 10,797 1,695 — 24,665 Other accrued liabilities 6,596 6,389 279 5,853 1,907 — 21,024 651,890 454,376 22,974 183,101 63,520 (1,051,723 ) 324,138 Deferred Tax Liability — — 16,621 — 89,733 (24,308 ) 82,046 Derivative Liability — 18,108 — — — — 18,108 Lease Liability — — 125 10,018 457 — 10,600 Other Liabilities — 935 — 87 9,314 — 10,336 Long-Term Debt: Term debt — 125,425 — 588,725 — — 714,150 Notes — — 446,781 984,952 — — 1,431,733 — 125,425 446,781 1,573,677 — — 2,145,883 Partners' (Deficit) Equity (9,966 ) 784,950 169,963 776,050 2,947,433 (4,678,396 ) (9,966 ) $ 641,924 $ 1,383,794 $ 656,464 $ 2,542,933 $ 3,110,457 $ (5,754,427 ) $ 2,581,145 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 (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 $ — $ — $ 24,305 $ 36,256 $ 181 $ (470 ) $ 60,272 Receivables — 1,765 33,390 32,871 898,919 (922,614 ) 44,331 Inventories — — 2,553 32,774 7,302 — 42,629 Other current assets 73 7,158 10,382 28,086 6,483 (13,869 ) 38,313 73 8,923 70,630 129,987 912,885 (936,953 ) 185,545 Property and Equipment, net — 794 182,520 — 1,463,440 — 1,646,754 Investment in Park 489,463 1,076,487 257,859 1,559,883 188,484 (3,572,176 ) — Goodwill 674 — 59,660 8,388 111,217 — 179,939 Other Intangibles, net — — 13,302 — 23,340 — 36,642 Deferred Tax Asset — 18,310 — — — (18,310 ) — Right-of-Use Asset — — 31 3,479 69,084 — 72,594 Other Assets — — 37 1,976 8,983 — 10,996 $ 490,210 $ 1,104,514 $ 584,039 $ 1,703,713 $ 2,777,433 $ (4,527,439 ) $ 2,132,470 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ — $ 7,500 Accounts payable 593,593 331,881 2,779 33,811 8,274 (923,084 ) 47,254 Deferred revenue — 500 11,009 109,806 30,021 — 151,336 Accrued interest 4 2 8,033 12,847 — — 20,886 Accrued taxes 1,111 — — 8,231 14,410 (13,869 ) 9,883 Accrued salaries, wages and benefits — 13,087 909 — — — 13,996 Self-insurance reserves — 9,602 1,441 10,640 1,896 — 23,579 Other accrued liabilities 3,201 4,297 148 4,236 7,863 — 19,745 597,909 360,682 24,319 185,758 62,464 (936,953 ) 294,179 Deferred Tax Liability — — 13,312 — 87,516 (18,310 ) 82,518 Derivative Liability 1,899 11,184 — — — — 13,083 Lease Liability — — 20 1,769 63,610 — 65,399 Other Liabilities — 547 — 87 9,680 — 10,314 Long-Term Debt: Revolving credit loans — — — 120,000 — — 120,000 Term debt — 126,250 — 591,918 — — 718,168 Notes — — 446,339 492,068 — — 938,407 — 126,250 446,339 1,203,986 — — 1,776,575 Partners' (Deficit) Equity (109,598 ) 605,851 100,049 312,113 2,554,163 (3,572,176 ) (109,598 ) $ 490,210 $ 1,104,514 $ 584,039 $ 1,703,713 $ 2,777,433 $ (4,527,439 ) $ 2,132,470 |
Condensed Consolidating Statement of Operations | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 29, 2020 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ (50,355 ) $ (49,885 ) $ 100 $ 33,309 $ 120,466 $ 53,635 Costs and expenses: Cost of food, merchandise, and games revenues — — 3 6,382 — 6,385 Operating expenses 1 53,895 6,046 (74,040 ) 120,466 106,368 Selling, general and administrative (362 ) 8,851 1,017 15,303 — 24,809 Depreciation and amortization — 8 35 5,045 — 5,088 Loss on impairment / retirement of fixed assets, net — — 1,536 5,231 — 6,767 Loss on impairment of goodwill and other intangibles — — — 88,181 — 88,181 (361 ) 62,754 8,637 46,102 120,466 237,598 Operating loss (49,994 ) (112,639 ) (8,537 ) (12,793 ) — (183,963 ) Interest expense, net 6,030 4,769 5,897 10,175 — 26,871 Net effect of swaps 2,154 17,625 — — — 19,779 Loss on foreign currency — 7 34,195 — — 34,202 Other expense (income) 59 (8,200 ) (152 ) 8,462 — 169 Loss from investment in affiliates 157,190 69,205 3,304 49,048 (278,747 ) — Loss before taxes (215,427 ) (196,045 ) (51,781 ) (80,478 ) 278,747 (264,984 ) Provision (benefit) for taxes 550 (38,857 ) (2,730 ) (7,970 ) — (49,007 ) Net loss $ (215,977 ) $ (157,188 ) $ (49,051 ) $ (72,508 ) $ 278,747 $ (215,977 ) Other comprehensive income, (net of tax): Foreign currency translation adjustment 15,905 — 15,905 — (15,905 ) 15,905 Other comprehensive income, (net of tax) 15,905 — 15,905 — (15,905 ) 15,905 Total comprehensive loss $ (200,072 ) $ (157,188 ) $ (33,146 ) $ (72,508 ) $ 262,842 $ (200,072 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ (15,642 ) $ 3,285 $ 296 $ 59,905 $ 19,133 $ 66,977 Costs and expenses: Cost of food, merchandise, and games revenues — — 52 7,597 — 7,649 Operating expenses — 48,172 5,711 25,189 19,133 98,205 Selling, general and administrative 1,439 14,552 1,018 14,657 — 31,666 Depreciation and amortization — 8 — 13,581 — 13,589 Loss on impairment / retirement of fixed assets, net — — 10 1,414 — 1,424 Gain on sale of investment — (617 ) — — — (617 ) 1,439 62,115 6,791 62,438 19,133 151,916 Operating loss (17,081 ) (58,830 ) (6,495 ) (2,533 ) — (84,939 ) Interest expense, net 6,391 5,030 5,713 3,553 — 20,687 Net effect of swaps 991 5,388 — — — 6,379 Gain on foreign currency — (11 ) (8,658 ) — — (8,669 ) Other expense (income) 59 (11,506 ) 1,099 10,670 — 322 Loss from investment in affiliates 58,449 14,659 4,603 6,190 (83,901 ) — Loss before taxes (82,971 ) (72,390 ) (9,252 ) (22,946 ) 83,901 (103,658 ) Provision (benefit) for taxes 702 (13,939 ) (3,059 ) (3,689 ) — (19,985 ) Net loss $ (83,673 ) $ (58,451 ) $ (6,193 ) $ (19,257 ) $ 83,901 $ (83,673 ) Other comprehensive loss, (net of tax): Foreign currency translation adjustment (3,050 ) — (3,050 ) — 3,050 (3,050 ) Other comprehensive loss, (net of tax) (3,050 ) — (3,050 ) — 3,050 (3,050 ) Total comprehensive loss $ (86,723 ) $ (58,451 ) $ (9,243 ) $ (19,257 ) $ 86,951 $ (86,723 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 29, 2020 (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 $ (50,355 ) $ (49,885 ) $ 100 $ 46,355 $ (10,356 ) $ 117,776 $ 53,635 Costs and expenses: Cost of food, merchandise and games revenues — — 3 6,259 123 — 6,385 Operating expenses 1 53,895 6,046 (74,016 ) 2,666 117,776 106,368 Selling, general and administrative (362 ) 8,851 1,017 14,664 639 — 24,809 Depreciation and amortization — 8 35 — 5,045 — 5,088 Loss on impairment / retirement of fixed assets, net — — 1,536 441 4,790 — 6,767 Loss on impairment of goodwill and other intangibles — — — 80,331 7,850 — 88,181 (361 ) 62,754 8,637 27,679 21,113 117,776 237,598 Operating (loss) income (49,994 ) (112,639 ) (8,537 ) 18,676 (31,469 ) — (183,963 ) Interest expense (income), net 6,030 4,769 5,897 18,676 (8,501 ) — 26,871 Net effect of swaps 2,154 17,625 — — — — 19,779 Loss on foreign currency — 7 34,195 — — — 34,202 Other expense (income) 59 (8,200 ) (152 ) — 8,462 — 169 Loss from investment in affiliates 157,190 69,205 3,304 — 49,048 (278,747 ) — Loss before taxes (215,427 ) (196,045 ) (51,781 ) — (80,478 ) 278,747 (264,984 ) Provision (benefit) for taxes 550 (38,857 ) (2,730 ) — (7,970 ) — (49,007 ) Net loss $ (215,977 ) $ (157,188 ) $ (49,051 ) $ — $ (72,508 ) $ 278,747 $ (215,977 ) Other comprehensive income, (net of tax): Foreign currency translation adjustment 15,905 — 15,905 — — (15,905 ) 15,905 Other comprehensive income, (net of tax) 15,905 — 15,905 — — (15,905 ) 15,905 Total comprehensive loss $ (200,072 ) $ (157,188 ) $ (33,146 ) $ — $ (72,508 ) $ 262,842 $ (200,072 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2019 (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 $ (15,642 ) $ 3,285 $ 296 $ 64,587 $ 8,717 $ 5,734 $ 66,977 Costs and expenses: Cost of food, merchandise and games revenues — — 52 7,241 356 — 7,649 Operating expenses — 48,172 5,711 29,551 9,037 5,734 98,205 Selling, general and administrative 1,439 14,552 1,018 13,562 1,095 — 31,666 Depreciation and amortization — 8 — — 13,581 — 13,589 Loss on impairment / retirement of fixed assets, net — — 10 386 1,028 — 1,424 Gain on sale of investment — (617 ) — — — — (617 ) 1,439 62,115 6,791 50,740 25,097 5,734 151,916 Operating (loss) income (17,081 ) (58,830 ) (6,495 ) 13,847 (16,380 ) — (84,939 ) Interest expense (income), net 6,391 5,030 5,713 13,384 (9,831 ) — 20,687 Net effect of swaps 991 5,388 — — — — 6,379 Gain on foreign currency — (11 ) (8,658 ) — — — (8,669 ) Other expense (income) 59 (11,506 ) 1,099 — 10,670 — 322 Loss from investment in affiliates 58,449 14,659 4,603 — 6,190 (83,901 ) — (Loss) income before taxes (82,971 ) (72,390 ) (9,252 ) 463 (23,409 ) 83,901 (103,658 ) Provision (benefit) for taxes 702 (13,939 ) (3,059 ) 463 (4,152 ) — (19,985 ) Net loss $ (83,673 ) $ (58,451 ) $ (6,193 ) $ — $ (19,257 ) $ 83,901 $ (83,673 ) Other comprehensive loss, (net of tax): Foreign currency translation adjustment (3,050 ) — (3,050 ) — — 3,050 (3,050 ) Other comprehensive loss, (net of tax) (3,050 ) — (3,050 ) — — 3,050 (3,050 ) Total comprehensive loss $ (86,723 ) $ (58,451 ) $ (9,243 ) $ — $ (19,257 ) $ 86,951 $ (86,723 ) |
Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 29, 2020 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 33,452 $ 9,386 $ (19,350 ) $ (126,885 ) $ (1,742 ) $ (105,139 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — 3,370 (3,370 ) — Proceeds from returns on investments — 20,000 — — (20,000 ) — Capital expenditures — 70 (1,286 ) (56,816 ) — (58,032 ) Net cash from (for) investing activities — 20,070 (1,286 ) (53,446 ) (23,370 ) (58,032 ) CASH FLOWS (FOR) FROM FINANCING ACTIVITIES Intercompany payables (payments) receipts 19,727 (23,097 ) — — 3,370 — Payments for returns of capital — — (20,000 ) — 20,000 — Net borrowings on revolving credit loans — — — 70,000 — 70,000 Distributions paid to partners (53,179 ) — — — 157 (53,022 ) Tax effect of units involved in treasury unit transactions — (1,741 ) — — — (1,741 ) Payments related to tax withholding for equity compensation — (4,618 ) — — — (4,618 ) Net cash (for) from financing activities (33,452 ) (29,456 ) (20,000 ) 70,000 23,527 10,619 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (3,405 ) — — (3,405 ) CASH AND CASH EQUIVALENTS Net decrease for the period — — (44,041 ) (110,331 ) (1,585 ) (155,957 ) Balance, beginning of period — — 66,357 116,428 (533 ) 182,252 Balance, end of period $ — $ — $ 22,316 $ 6,097 $ (2,118 ) $ 26,295 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (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 $ 24,410 $ (6,580 ) $ (6,077 ) $ (68,489 ) $ (6 ) $ (56,742 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (1,585 ) 1,585 — Proceeds from returns on investments — 38,030 — — (38,030 ) — Capital expenditures — — (7,193 ) (46,204 ) — (53,397 ) Proceeds from sale of investment — 617 — — — 617 Net cash from (for) investing activities — 38,647 (7,193 ) (47,789 ) (36,445 ) (52,780 ) CASH FLOWS (FOR) FROM FINANCING ACTIVITIES Intercompany payables (payments) receipts 28,152 (26,567 ) — — (1,585 ) — Payments for returns of capital — — (38,030 ) — 38,030 — Net borrowings on revolving credit loans — — — 120,000 — 120,000 Distributions paid to partners (52,562 ) — — — 228 (52,334 ) Tax effect of units involved in treasury unit transactions — (1,421 ) — — — (1,421 ) Payments related to tax withholding for equity compensation — (4,079 ) — — — (4,079 ) Net cash (for) from financing activities (24,410 ) (32,067 ) (38,030 ) 120,000 36,673 62,166 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,279 — — 2,279 CASH AND CASH EQUIVALENTS Net (decrease) increase for the period — — (49,021 ) 3,722 222 (45,077 ) Balance, beginning of period — — 73,326 32,715 (692 ) 105,349 Balance, end of period $ — $ — $ 24,305 $ 36,437 $ (470 ) $ 60,272 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 29, 2020 (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 $ 33,452 $ 9,386 $ (19,350 ) $ (140,331 ) $ 13,446 $ (1,742 ) $ (105,139 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — — 3,370 (3,370 ) — Proceeds from returns on investments — 20,000 — — — (20,000 ) — Capital expenditures — 70 (1,286 ) (39,144 ) (17,672 ) — (58,032 ) Net cash from (for) investing activities — 20,070 (1,286 ) (39,144 ) (14,302 ) (23,370 ) (58,032 ) CASH FLOWS (FOR) FROM FINANCING ACTIVITIES Intercompany payables (payments) receipts 19,727 (23,097 ) — — — 3,370 — Payments for returns of capital — — (20,000 ) — — 20,000 — Net borrowings on revolving credit loans — — — 70,000 — — 70,000 Distributions paid to partners (53,179 ) — — — — 157 (53,022 ) Tax effect of units involved in treasury unit transactions — (1,741 ) — — — — (1,741 ) Payments related to tax withholding for equity compensation — (4,618 ) — — — — (4,618 ) Net cash (for) from financing activities (33,452 ) (29,456 ) (20,000 ) 70,000 — 23,527 10,619 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (3,405 ) — — — (3,405 ) CASH AND CASH EQUIVALENTS Net decrease for the period — — (44,041 ) (109,475 ) (856 ) (1,585 ) (155,957 ) Balance, beginning of period — — 66,357 115,437 991 (533 ) 182,252 Balance, end of period $ — $ — $ 22,316 $ 5,962 $ 135 $ (2,118 ) $ 26,295 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (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 $ 24,410 $ (6,580 ) $ (6,077 ) $ (76,937 ) $ 8,448 $ (6 ) $ (56,742 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — — (1,585 ) 1,585 — Proceeds from returns on investments — 38,030 — — — (38,030 ) — Capital expenditures — — (7,193 ) (37,470 ) (8,734 ) — (53,397 ) Proceeds from sale of investment — 617 — — — — 617 Net cash from (for) investing activities — 38,647 (7,193 ) (37,470 ) (10,319 ) (36,445 ) (52,780 ) CASH FLOWS (FOR) FROM FINANCING ACTIVITIES Intercompany payables (payments) receipts 28,152 (26,567 ) — — — (1,585 ) — Payments for returns of capital — — (38,030 ) — — 38,030 — Net borrowings on revolving credit loans — — — 120,000 — — 120,000 Distributions paid to partners (52,562 ) — — — — 228 (52,334 ) Tax effect of units involved in treasury unit transactions — (1,421 ) — — — — (1,421 ) Payments related to tax withholding for equity compensation — (4,079 ) — — — — (4,079 ) Net cash (for) from financing activities (24,410 ) (32,067 ) (38,030 ) 120,000 — 36,673 62,166 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,279 — — — 2,279 CASH AND CASH EQUIVALENTS Net (decrease) increase for the period — — (49,021 ) 5,593 (1,871 ) 222 (45,077 ) Balance, beginning of period — — 73,326 30,663 2,052 (692 ) 105,349 Balance, end of period $ — $ — $ 24,305 $ 36,256 $ 181 $ (470 ) $ 60,272 |
Significant Accounting and Re_4
Significant Accounting and Reporting Policies (Details) - Forecast [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in non-essential capital expenditures | $ 75 | $ 75 |
Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Decrease in non-essential capital expenditures | $ 100 | $ 100 |
Significant Accounting and Re_5
Significant Accounting and Reporting Policies - Reclassifications Due to Covid-19 (Details) - USD ($) $ in Thousands | Mar. 29, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Unusual or Infrequent Item, or Both [Line Items] | ||||
Receivables | $ 25,652 | $ 63,106 | $ 44,331 | |
Inventories | 7,394 | 32,902 | 42,629 | |
Prepaid advertising and other current assets | 33,618 | 15,921 | 38,313 | |
Deferred revenue | 30,381 | $ 151,400 | $ 151,377 | $ 151,336 |
Pandemic COVID-19 [Member] | Other Assets [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Inventories | 39,364 | |||
Prepaid advertising and other current assets | 5,177 | |||
Other current assets, excluding cash and cash equivalents | 68,509 | |||
Pandemic COVID-19 [Member] | Non-Current Deferred Revenue [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Receivables | 23,968 | |||
Deferred revenue | $ 154,946 |
Interim Reporting (Details)
Interim Reporting (Details) | 3 Months Ended |
Mar. 29, 2020property | |
Nature of Operations [Line Items] | |
Number of properties owned and operated | 13 |
Minimum [Member] | |
Nature of Operations [Line Items] | |
Operating period | 130 days |
Maximum [Member] | |
Nature of Operations [Line Items] | |
Operating period | 140 days |
Acquisitions (Details)
Acquisitions (Details) $ in Thousands | Jul. 01, 2019USD ($)water_park | Mar. 29, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Jul. 01, 2019USD ($) | Jul. 01, 2019resort |
Business Combination Segment Allocation [Line Items] | ||||||
Right-of-use asset | $ 13,688 | $ 72,594 | $ 14,324 | |||
Goodwill, impairment loss | 80,331 | |||||
Schlitterbahn [Member] | ||||||
Business Combination Segment Allocation [Line Items] | ||||||
Number of assets acquired | 2 | 1 | ||||
Payments for asset acquisitions | $ 257,700 | |||||
Goodwill, acquired during period | 178,000 | |||||
Property, plant and equipment, additions | $ 58,100 | |||||
Asset acquisition, net working capital | 3,300 | |||||
Impairment of long-lived assets | 2,700 | |||||
Goodwill, impairment loss | 73,600 | |||||
Pro forma revenue | 900 | 2,000 | ||||
Pro forma net income (loss) | 91,300 | 6,000 | ||||
Asset acquisition, transaction costs | 7,000 | |||||
Trade Names [Member] | ||||||
Business Combination Segment Allocation [Line Items] | ||||||
Indefinite-lived intangible assets | 50,361 | $ 35,665 | 59,249 | |||
Trade Names [Member] | Schlitterbahn [Member] | ||||||
Business Combination Segment Allocation [Line Items] | ||||||
Indefinite-lived intangible assets | 15,400 | 23,200 | $ 23,200 | |||
Impairment of intangible assets | $ 7,900 | |||||
Non-Compete Covenants [Member] | Schlitterbahn [Member] | ||||||
Business Combination Segment Allocation [Line Items] | ||||||
Indefinite-lived intangible assets | $ 200 | |||||
Galveston Land [Member] | ||||||
Business Combination Segment Allocation [Line Items] | ||||||
Right-of-use asset | 6,800 | |||||
Operating lease, liability | $ 5,300 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Concessionaire remittance | $ (1,483) | $ (1,997) |
Net revenues | 53,635 | 66,977 |
In-park revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 43,027 | 54,213 |
Out-of-park revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 12,091 | $ 14,761 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) $ in Thousands | Jan. 01, 2020USD ($) | Mar. 29, 2020USD ($)monthly_installment | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) |
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue | $ 151,400 | $ 30,381 | $ 151,377 | $ 151,336 |
Deferred revenue percentage, season-long products | 91.00% | |||
Revenue from contract with customer | $ 6,300 | |||
Payment terms for billing | 30 days | |||
Allowance for doubtful accounts receivable | $ 6,000 | 3,400 | 3,900 | |
Receivables | $ 25,652 | $ 63,106 | $ 44,331 | |
Minimum [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating period | 130 days | |||
Number of monthly installments | monthly_installment | 3 | |||
Maximum [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating period | 140 days | |||
Number of monthly installments | monthly_installment | 12 | |||
Non-Current Deferred Revenue [Member] | Pandemic COVID-19 [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue | $ 154,946 | |||
Receivables | $ 23,968 |
Revenue Recognition (Expected R
Revenue Recognition (Expected Revenue Recognition) (Details) - USD ($) $ in Thousands | Mar. 29, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||||
Deferred revenue | $ 30,381 | $ 151,400 | $ 151,377 | $ 151,336 |
Other Non-Current Deferred Revenue | 164,137 | $ 9,401 | $ 9,767 | |
Total Deferred Revenue | $ 194,518 | |||
Term of contract | 25 years | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||||
Revenue from Contract with Customer [Abstract] | ||||
Remaining performance obligation, amount | $ 155,435 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Expected timing of satisfaction, period | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||||
Revenue from Contract with Customer [Abstract] | ||||
Remaining performance obligation, amount | $ 8,702 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||||
Expected timing of satisfaction, period | 1 year |
Long-Lived Assets (Details)
Long-Lived Assets (Details) $ in Thousands | 3 Months Ended | |||
Mar. 29, 2020USD ($) | Mar. 31, 2019USD ($) | Sep. 25, 2016aproperty | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Loss on impairment / retirement of fixed assets, net | $ 6,767 | $ 1,424 | ||
Closed operations, properties | property | 1 | |||
Area of land | a | 670 | |||
Wildwater Kingdom [Member] | Other Assets [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Assets held-for-sale | 9,000 | $ 9,000 | $ 9,000 | |
Schlitterbahn [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets | $ 2,700 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 29, 2020 | Dec. 31, 2019 | Jul. 01, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | |||||
Goodwill, impairment loss | $ 80,331 | ||||
Goodwill | 274,659 | $ 359,654 | $ 179,939 | $ 178,719 | |
Schlitterbahn [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, impairment loss | 73,600 | ||||
Goodwill | 104,400 | 178,000 | |||
Trade Names [Member] | |||||
Goodwill [Line Items] | |||||
Indefinite-lived intangible assets | 50,361 | 59,249 | $ 35,665 | ||
Trade Names [Member] | Schlitterbahn [Member] | |||||
Goodwill [Line Items] | |||||
Impairment of intangible assets | 7,900 | ||||
Indefinite-lived intangible assets | 15,400 | $ 23,200 | $ 23,200 | ||
Dorney Park [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, impairment loss | $ 6,800 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill (net), beginning of period | $ 359,654 | $ 178,719 |
Impairment | (80,331) | |
Foreign currency translation | (4,664) | 1,220 |
Goodwill (net), end of period | $ 274,659 | $ 179,939 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 29, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Accumulated Amortization | $ (2,958) | $ (2,933) | $ (2,412) |
Total other intangible assets, gross carrying amount | 54,616 | 62,832 | 39,054 |
Total other intangible assets, net carrying value | 51,658 | 59,899 | 36,642 |
License / Franchise Agreements [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | 4,255 | 3,583 | 3,389 |
Accumulated Amortization | (2,958) | (2,933) | (2,412) |
Net Carrying Value | 1,297 | 650 | 977 |
Trade Names [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Carrying Amount/Value | $ 50,361 | $ 59,249 | $ 35,665 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 29, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 2,249,375 | $ 1,805,000 | $ 2,179,375 | |
Current maturities of long-term debt | (7,500) | (7,500) | (7,500) | |
Long-term debt, excluding current maturities, gross | 2,241,875 | 1,797,500 | 2,171,875 | |
Deferred finance costs | (24,589) | (20,925) | (25,992) | |
Total long-term debt | $ 2,217,286 | 1,776,575 | 2,145,883 | |
2024 U.S. fixed rate notes at 5.375%[Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 5.375% | |||
Long-term debt, gross | $ 450,000 | 450,000 | 450,000 | |
2027 Senior Notes at 5.375% [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 5.375% | |||
Long-term debt, gross | $ 500,000 | 500,000 | 500,000 | |
2029 Notes at 5.250% [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 5.25% | |||
Long-term debt, gross | $ 500,000 | $ 0 | 500,000 | |
Senior Secured Term Loan [Member] | 2017 Credit Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate during period | 3.43% | 4.25% | 4.01% | |
Long-term debt, gross | $ 729,375 | $ 735,000 | 729,375 | |
Revolving Credit Facility [Member] | Revolving Credit Facility Due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 70,000 | $ 120,000 | $ 0 |
Long-Term Debt (Details)
Long-Term Debt (Details) | Apr. 27, 2020USD ($) | Jun. 30, 2019 | Apr. 30, 2017USD ($) | Mar. 29, 2020USD ($) | Mar. 14, 2018USD ($) | Jun. 30, 2014USD ($) |
Senior Secured Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Periodic principal payment | $ 7,500,000 | |||||
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 | |||||
Line of credit outstanding | $ 70,000,000 | |||||
Commitment fee percentage | 0.375% | |||||
Note Payable 5.250%, Due 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness to consolidated cash flow ratio requirement | 5 | |||||
Note Payable 5.250%, Due 2029 [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Restricted payment | $ 60,000,000 | |||||
Note Payable 5.250%, Due 2029 [Member] | Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 450,000,000 | |||||
Interest rate, stated percentage | 5.375% | |||||
2027 Senior Notes at 5.375% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 5.375% | |||||
2027 Senior Notes at 5.375% [Member] | Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 500,000,000 | |||||
Interest rate, stated percentage | 5.375% | |||||
Redemption percentage of original face amount | 100.00% | |||||
2029 Notes at 5.250% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate, stated percentage | 5.25% | |||||
2029 Notes at 5.250% [Member] | Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 500,000,000 | |||||
Interest rate, stated percentage | 5.25% | |||||
Redemption price, percentage | 35.00% | |||||
Early call date, premium price, percentage | 105.25% | |||||
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% | |||||
Subsequent Event [Member] | 2025 Senior Notes [Member] | Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 1,000,000,000 | |||||
Interest rate, stated percentage | 5.50% | |||||
Redemption price, percentage | 35.00% | |||||
Early call date, premium price, percentage | 105.50% | |||||
Redemption percentage of original face amount | 100.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - Cash Flow Hedging [Member] | Mar. 29, 2020USD ($)contract |
Interest Rate Swap at 4.39% [Member] | |
Derivative [Line Items] | |
Number of derivative instruments | contract | 4 |
Derivative, amount of hedged item | $ | $ 500,000,000 |
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 | $ | $ 500,000,000 |
Derivative, forward interest rate | 4.63% |
Derivative Financial Instrume_4
Derivative Financial Instruments (Balance Sheet Location) (Details) - USD ($) $ in Thousands | Mar. 29, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Derivatives, Fair Value [Line Items] | |||
Derivative liability | $ (34,298) | $ (18,108) | $ (13,083) |
Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | (43,016) | (23,237) | (13,083) |
Other Accrued Liabilities [Member] | Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | 0 | ||
Derivative Liability [Member] | Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | $ (34,298) | $ (18,108) | $ (13,083) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 29, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | $ 34,298 | $ 18,108 | $ 13,083 |
Deferred finance costs | 24,589 | 25,992 | 20,925 |
Goodwill, impairment loss | 80,331 | ||
Derivative Liability [Member] | Level 2 [Member] | Fair Value, 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 | (43,016) | (23,237) | (13,083) |
Other Accrued Liabilities [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Liability | 8,718 | 5,129 | |
Reported Value Measurement [Member] | Derivative Liability [Member] | Level 2 [Member] | Fair Value, 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 | (43,016) | (23,237) | (13,083) |
2017 Credit Agreement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (620,813) | (725,484) | (723,863) |
2017 Credit Agreement [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (721,875) | (721,875) | (727,500) |
2024 U.S. fixed rate notes at 5.375%[Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (382,500) | (462,375) | (457,875) |
2024 U.S. fixed rate notes at 5.375%[Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, 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) |
2027 Senior Notes at 5.375% [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (410,000) | (535,000) | (505,000) |
2027 Senior Notes at 5.375% [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, 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) |
2029 Notes at 5.250% [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (417,500) | (539,375) | 0 |
2029 Notes at 5.250% [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (500,000) | (500,000) | 0 |
Short-term Investments [Member] | Other Current Assets [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | 99 | 275 | 492 |
Short-term Investments [Member] | Reported Value Measurement [Member] | Other Current Assets [Member] | Level 1 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | 99 | $ 275 | $ 492 |
Schlitterbahn [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of long-lived assets | 2,700 | ||
Goodwill, impairment loss | 73,600 | ||
Trade Names [Member] | Schlitterbahn [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of intangible assets | 7,900 | ||
Dorney Park [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill, impairment loss | $ 6,800 |
Earnings per Unit (Details)
Earnings per Unit (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Earnings Per Unit [Abstract] | ||
Basic weighted average units outstanding (in shares) | 56,414 | 56,310 |
Diluted weighted average units outstanding (in shares) | 56,414 | 56,310 |
Net income (loss) per unit - basic (in dollars per share) | $ (3.83) | $ (1.49) |
Net income (loss) per unit - diluted (in dollars per share) | $ (3.83) | $ (1.49) |
Lease Commitments and Conting_2
Lease Commitments and Contingencies (Narrative) (Details) $ in Millions | Jun. 28, 2019USD ($) |
Leases [Abstract] | |
Payments to acquire land | $ 150.3 |
Consolidating Financial Infor_3
Consolidating Financial Information of Guarantors and Issuers (Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 29, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets: | |||||
Cash and cash equivalents | $ 26,295 | $ 182,252 | $ 60,272 | ||
Receivables | 25,652 | 63,106 | 44,331 | ||
Inventories | 7,394 | 32,902 | 42,629 | ||
Other current assets | 33,618 | 15,921 | 38,313 | ||
Total current assets | 92,959 | 294,181 | 185,545 | ||
Property and equipment (net) | 1,876,113 | 1,841,608 | 1,646,754 | ||
Investment in Park | 0 | 0 | 0 | ||
Goodwill | 274,659 | 359,654 | 179,939 | $ 178,719 | |
Other Intangibles, net | 51,658 | 59,899 | 36,642 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 13,688 | 14,324 | 72,594 | ||
Other Assets | 80,406 | 11,479 | 10,996 | ||
Total Assets | 2,389,483 | 2,581,145 | 2,132,470 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 7,500 | 7,500 | 7,500 | ||
Accounts payable | 39,000 | 29,344 | 47,254 | ||
Deferred revenue | 30,381 | $ 151,400 | 151,377 | 151,336 | |
Accrued interest | 28,617 | 21,442 | 20,886 | ||
Accrued taxes | 6,656 | 39,237 | 9,883 | ||
Accrued salaries, wages and benefits | 16,866 | 29,549 | 13,996 | ||
Self-insurance reserves | 25,127 | 24,665 | 23,579 | ||
Other accrued liabilities | 23,692 | 21,024 | 19,745 | ||
Total current liabilities | 177,839 | 324,138 | 294,179 | ||
Deferred Tax Liability | 59,021 | 82,046 | 82,518 | ||
Derivative Liability | 34,298 | 18,108 | 13,083 | ||
Lease Liability | 10,310 | 10,600 | 65,399 | ||
Other Liabilities | 164,943 | 10,336 | 10,314 | ||
Long-Term Debt: | |||||
Revolving credit loans | 70,000 | 0 | 120,000 | ||
Term debt | 714,685 | 714,150 | 718,168 | ||
Notes | 1,432,601 | 1,431,733 | 938,407 | ||
Total long-term debt | 2,217,286 | 2,145,883 | 1,776,575 | ||
Partners' (Deficit) Equity | (274,214) | (9,966) | (109,598) | $ 32,416 | |
Total Liabilities and Partners' Equity | 2,389,483 | 2,581,145 | 2,132,470 | ||
2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Parent Company [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables | 0 | 0 | 0 | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | 74 | 182 | 73 | ||
Total current assets | 74 | 182 | 73 | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment in Park | 397,743 | 641,068 | 489,463 | ||
Goodwill | 674 | 674 | 674 | ||
Other Intangibles, net | 0 | 0 | 0 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 0 | 0 | 0 | ||
Other Assets | 0 | 0 | 0 | ||
Total Assets | 398,491 | 641,924 | 490,210 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | 0 | ||
Accounts payable | 664,545 | 644,839 | 593,593 | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 268 | 7 | 4 | ||
Accrued taxes | 1,071 | 448 | 1,111 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Other accrued liabilities | 6,821 | 6,596 | 3,201 | ||
Total current liabilities | 672,705 | 651,890 | 597,909 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 0 | 0 | 1,899 | ||
Lease Liability | 0 | 0 | 0 | ||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Partners' (Deficit) Equity | (274,214) | (9,966) | (109,598) | ||
Total Liabilities and Partners' Equity | 398,491 | 641,924 | 490,210 | ||
2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 6,097 | 116,428 | 36,437 | ||
Receivables | 1,038,924 | 1,077,688 | 931,790 | ||
Inventories | 6,896 | 30,116 | 40,076 | ||
Other current assets | 30,988 | 13,929 | 34,569 | ||
Total current assets | 1,082,905 | 1,238,161 | 1,042,872 | ||
Property and equipment (net) | 1,705,875 | 1,657,371 | 1,463,440 | ||
Investment in Park | 174,148 | 246,629 | 188,484 | ||
Goodwill | 217,267 | 297,598 | 119,605 | ||
Other Intangibles, net | 39,015 | 46,217 | 23,340 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 13,560 | 14,167 | 72,563 | ||
Other Assets | 75,995 | 11,441 | 10,959 | ||
Total Assets | 3,308,765 | 3,511,584 | 2,921,263 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 6,187 | 6,187 | 6,187 | ||
Accounts payable | 36,587 | 26,045 | 42,085 | ||
Deferred revenue | 26,951 | 140,447 | 139,827 | ||
Accrued interest | 20,204 | 19,376 | 12,847 | ||
Accrued taxes | 26,885 | 34,314 | 22,641 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 13,306 | 12,492 | 12,536 | ||
Other accrued liabilities | 7,331 | 7,760 | 12,099 | ||
Total current liabilities | 137,451 | 246,621 | 248,222 | ||
Deferred Tax Liability | 88,489 | 89,733 | 87,516 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 10,210 | 10,475 | 65,379 | ||
Other Liabilities | 156,950 | 9,401 | 9,767 | ||
Long-Term Debt: | |||||
Revolving credit loans | 70,000 | 120,000 | |||
Term debt | 589,207 | 588,725 | 591,918 | ||
Notes | 985,407 | 984,952 | 492,068 | ||
Total long-term debt | 1,644,614 | 1,573,677 | 1,203,986 | ||
Partners' (Deficit) Equity | 1,271,051 | 1,581,677 | 1,306,393 | ||
Total Liabilities and Partners' Equity | 3,308,765 | 3,511,584 | 2,921,263 | ||
2024 U.S. fixed rate notes at 5.375%[Member] | Eliminations [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | (2,118) | (533) | (470) | ||
Receivables | (1,054,798) | (1,051,190) | (922,614) | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | (21,300) | 0 | (13,869) | ||
Total current assets | (1,078,216) | (1,051,723) | (936,953) | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment in Park | (2,020,508) | (2,536,590) | (2,012,293) | ||
Goodwill | 0 | 0 | 0 | ||
Other Intangibles, net | 0 | 0 | 0 | ||
Deferred Tax Asset | (43,179) | (24,308) | (18,310) | ||
Right-of-Use Asset | 0 | 0 | 0 | ||
Other Assets | 0 | 0 | 0 | ||
Total Assets | (3,141,903) | (3,612,621) | (2,967,556) | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | 0 | ||
Accounts payable | (1,056,916) | (1,051,723) | (923,084) | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 0 | 0 | 0 | ||
Accrued taxes | (21,300) | 0 | (13,869) | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | 0 | ||
Total current liabilities | (1,078,216) | (1,051,723) | (936,953) | ||
Deferred Tax Liability | (43,179) | (24,308) | (18,310) | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 0 | 0 | 0 | ||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Partners' (Deficit) Equity | (2,020,508) | (2,536,590) | (2,012,293) | ||
Total Liabilities and Partners' Equity | (3,141,903) | (3,612,621) | (2,967,556) | ||
2024 U.S. fixed rate notes at 5.375%[Member] | Co-Issuer Subsidiary (Magnum) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables | 1,383 | 1,299 | 1,765 | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | 18,577 | 1,269 | 7,158 | ||
Total current assets | 19,960 | 2,568 | 8,923 | ||
Property and equipment (net) | 690 | 769 | 794 | ||
Investment in Park | 1,159,177 | 1,356,149 | 1,076,487 | ||
Goodwill | 0 | 0 | 0 | ||
Other Intangibles, net | 0 | 0 | 0 | ||
Deferred Tax Asset | 43,179 | 24,308 | 18,310 | ||
Right-of-Use Asset | 0 | 0 | 0 | ||
Other Assets | 0 | 0 | 0 | ||
Total Assets | 1,223,006 | 1,383,794 | 1,104,514 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 1,313 | 1,313 | 1,313 | ||
Accounts payable | 393,124 | 407,384 | 331,881 | ||
Deferred revenue | 0 | 0 | 500 | ||
Accrued interest | 179 | 5 | 2 | ||
Accrued taxes | 0 | 1,656 | 0 | ||
Accrued salaries, wages and benefits | 15,682 | 27,080 | 13,087 | ||
Self-insurance reserves | 10,345 | 10,549 | 9,602 | ||
Other accrued liabilities | 9,404 | 6,389 | 4,297 | ||
Total current liabilities | 430,047 | 454,376 | 360,682 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 34,298 | 18,108 | 11,184 | ||
Lease Liability | 0 | 0 | 0 | ||
Other Liabilities | 546 | 935 | 547 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 125,478 | 125,425 | 126,250 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 125,478 | 125,425 | 126,250 | ||
Partners' (Deficit) Equity | 632,637 | 784,950 | 605,851 | ||
Total Liabilities and Partners' Equity | 1,223,006 | 1,383,794 | 1,104,514 | ||
2024 U.S. fixed rate notes at 5.375%[Member] | Co-Issuer Subsidiary (Cedar Canada) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 22,316 | 66,357 | 24,305 | ||
Receivables | 40,143 | 35,309 | 33,390 | ||
Inventories | 498 | 2,786 | 2,553 | ||
Other current assets | 5,279 | 541 | 10,382 | ||
Total current assets | 68,236 | 104,993 | 70,630 | ||
Property and equipment (net) | 169,548 | 183,468 | 182,520 | ||
Investment in Park | 289,440 | 292,744 | 257,859 | ||
Goodwill | 56,718 | 61,382 | 59,660 | ||
Other Intangibles, net | 12,643 | 13,682 | 13,302 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 128 | 157 | 31 | ||
Other Assets | 4,411 | 38 | 37 | ||
Total Assets | 601,124 | 656,464 | 584,039 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | 0 | ||
Accounts payable | 1,660 | 2,799 | 2,779 | ||
Deferred revenue | 3,430 | 10,930 | 11,009 | ||
Accrued interest | 7,966 | 2,054 | 8,033 | ||
Accrued taxes | 0 | 2,819 | 0 | ||
Accrued salaries, wages and benefits | 1,184 | 2,469 | 909 | ||
Self-insurance reserves | 1,476 | 1,624 | 1,441 | ||
Other accrued liabilities | 136 | 279 | 148 | ||
Total current liabilities | 15,852 | 22,974 | 24,319 | ||
Deferred Tax Liability | 13,711 | 16,621 | 13,312 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 100 | 125 | 20 | ||
Other Liabilities | 7,447 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 447,194 | 446,781 | 446,339 | ||
Total long-term debt | 447,194 | 446,781 | 446,339 | ||
Partners' (Deficit) Equity | 116,820 | 169,963 | 100,049 | ||
Total Liabilities and Partners' Equity | 601,124 | 656,464 | 584,039 | ||
2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables | 0 | 0 | 0 | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | 74 | 182 | 73 | ||
Total current assets | 74 | 182 | 73 | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment in Park | 397,743 | 641,068 | 489,463 | ||
Goodwill | 674 | 674 | 674 | ||
Other Intangibles, net | 0 | 0 | 0 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 0 | 0 | 0 | ||
Other Assets | 0 | 0 | 0 | ||
Total Assets | 398,491 | 641,924 | 490,210 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | 0 | ||
Accounts payable | 664,545 | 644,839 | 593,593 | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 268 | 7 | 4 | ||
Accrued taxes | 1,071 | 448 | 1,111 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Other accrued liabilities | 6,821 | 6,596 | 3,201 | ||
Total current liabilities | 672,705 | 651,890 | 597,909 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 0 | 0 | 1,899 | ||
Lease Liability | 0 | 0 | 0 | ||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Partners' (Deficit) Equity | (274,214) | (9,966) | (109,598) | ||
Total Liabilities and Partners' Equity | 398,491 | 641,924 | 490,210 | ||
2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 135 | 991 | 181 | ||
Receivables | 1,018,254 | 1,032,339 | 898,919 | ||
Inventories | 661 | 4,703 | 7,302 | ||
Other current assets | 5,030 | 1,312 | 6,483 | ||
Total current assets | 1,024,080 | 1,039,345 | 912,885 | ||
Property and equipment (net) | 1,705,875 | 1,657,371 | 1,463,440 | ||
Investment in Park | 174,148 | 246,629 | 188,484 | ||
Goodwill | 111,217 | 111,217 | 111,217 | ||
Other Intangibles, net | 39,015 | 46,217 | 23,340 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 572 | 707 | 69,084 | ||
Other Assets | 21,131 | 8,971 | 8,983 | ||
Total Assets | 3,076,038 | 3,110,457 | 2,777,433 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | 0 | ||
Accounts payable | 6,501 | 6,492 | 8,274 | ||
Deferred revenue | 1,936 | 27,903 | 30,021 | ||
Accrued interest | 0 | 0 | 0 | ||
Accrued taxes | 18,997 | 25,523 | 14,410 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 1,688 | 1,695 | 1,896 | ||
Other accrued liabilities | 1,635 | 1,907 | 7,863 | ||
Total current liabilities | 30,757 | 63,520 | 62,464 | ||
Deferred Tax Liability | 88,489 | 89,733 | 87,516 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 408 | 457 | 63,610 | ||
Other Liabilities | 39,641 | 9,314 | 9,680 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Partners' (Deficit) Equity | 2,916,743 | 2,947,433 | 2,554,163 | ||
Total Liabilities and Partners' Equity | 3,076,038 | 3,110,457 | 2,777,433 | ||
2027 Senior Notes [Member] | Eliminations [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | (2,118) | (533) | (470) | ||
Receivables | (1,054,798) | (1,051,190) | (922,614) | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | (21,300) | 0 | (13,869) | ||
Total current assets | (1,078,216) | (1,051,723) | (936,953) | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment in Park | (4,197,538) | (4,678,396) | (3,572,176) | ||
Goodwill | 0 | 0 | 0 | ||
Other Intangibles, net | 0 | 0 | 0 | ||
Deferred Tax Asset | (43,179) | (24,308) | (18,310) | ||
Right-of-Use Asset | 0 | 0 | 0 | ||
Other Assets | 0 | 0 | 0 | ||
Total Assets | (5,318,933) | (5,754,427) | (4,527,439) | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | 0 | ||
Accounts payable | (1,056,916) | (1,051,723) | (923,084) | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 0 | 0 | 0 | ||
Accrued taxes | (21,300) | 0 | (13,869) | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | 0 | ||
Total current liabilities | (1,078,216) | (1,051,723) | (936,953) | ||
Deferred Tax Liability | (43,179) | (24,308) | (18,310) | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 0 | 0 | 0 | ||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Partners' (Deficit) Equity | (4,197,538) | (4,678,396) | (3,572,176) | ||
Total Liabilities and Partners' Equity | (5,318,933) | (5,754,427) | (4,527,439) | ||
2027 Senior Notes [Member] | Co-Issuer Subsidiary (Magnum) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables | 1,383 | 1,299 | 1,765 | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | 18,577 | 1,269 | 7,158 | ||
Total current assets | 19,960 | 2,568 | 8,923 | ||
Property and equipment (net) | 690 | 769 | 794 | ||
Investment in Park | 1,159,177 | 1,356,149 | 1,076,487 | ||
Goodwill | 0 | 0 | 0 | ||
Other Intangibles, net | 0 | 0 | 0 | ||
Deferred Tax Asset | 43,179 | 24,308 | 18,310 | ||
Right-of-Use Asset | 0 | 0 | 0 | ||
Other Assets | 0 | 0 | 0 | ||
Total Assets | 1,223,006 | 1,383,794 | 1,104,514 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 1,313 | 1,313 | 1,313 | ||
Accounts payable | 393,124 | 407,384 | 331,881 | ||
Deferred revenue | 0 | 0 | 500 | ||
Accrued interest | 179 | 5 | 2 | ||
Accrued taxes | 0 | 1,656 | 0 | ||
Accrued salaries, wages and benefits | 15,682 | 27,080 | 13,087 | ||
Self-insurance reserves | 10,345 | 10,549 | 9,602 | ||
Other accrued liabilities | 9,404 | 6,389 | 4,297 | ||
Total current liabilities | 430,047 | 454,376 | 360,682 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 34,298 | 18,108 | 11,184 | ||
Lease Liability | 0 | 0 | 0 | ||
Other Liabilities | 546 | 935 | 547 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 125,478 | 125,425 | 126,250 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 125,478 | 125,425 | 126,250 | ||
Partners' (Deficit) Equity | 632,637 | 784,950 | 605,851 | ||
Total Liabilities and Partners' Equity | 1,223,006 | 1,383,794 | 1,104,514 | ||
2027 Senior Notes [Member] | Co-Issuer Subsidiary (Cedar Canada) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 22,316 | 66,357 | 24,305 | ||
Receivables | 40,143 | 35,309 | 33,390 | ||
Inventories | 498 | 2,786 | 2,553 | ||
Other current assets | 5,279 | 541 | 10,382 | ||
Total current assets | 68,236 | 104,993 | 70,630 | ||
Property and equipment (net) | 169,548 | 183,468 | 182,520 | ||
Investment in Park | 289,440 | 292,744 | 257,859 | ||
Goodwill | 56,718 | 61,382 | 59,660 | ||
Other Intangibles, net | 12,643 | 13,682 | 13,302 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 128 | 157 | 31 | ||
Other Assets | 4,411 | 38 | 37 | ||
Total Assets | 601,124 | 656,464 | 584,039 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | 0 | ||
Accounts payable | 1,660 | 2,799 | 2,779 | ||
Deferred revenue | 3,430 | 10,930 | 11,009 | ||
Accrued interest | 7,966 | 2,054 | 8,033 | ||
Accrued taxes | 0 | 2,819 | 0 | ||
Accrued salaries, wages and benefits | 1,184 | 2,469 | 909 | ||
Self-insurance reserves | 1,476 | 1,624 | 1,441 | ||
Other accrued liabilities | 136 | 279 | 148 | ||
Total current liabilities | 15,852 | 22,974 | 24,319 | ||
Deferred Tax Liability | 13,711 | 16,621 | 13,312 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 100 | 125 | 20 | ||
Other Liabilities | 7,447 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 447,194 | 446,781 | 446,339 | ||
Total long-term debt | 447,194 | 446,781 | 446,339 | ||
Partners' (Deficit) Equity | 116,820 | 169,963 | 100,049 | ||
Total Liabilities and Partners' Equity | 601,124 | 656,464 | 584,039 | ||
2027 Senior Notes [Member] | Co-Issuer Subsidiary (Millennium) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 5,962 | 115,437 | 36,256 | ||
Receivables | 20,670 | 45,349 | 32,871 | ||
Inventories | 6,235 | 25,413 | 32,774 | ||
Other current assets | 25,958 | 12,617 | 28,086 | ||
Total current assets | 58,825 | 198,816 | 129,987 | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment in Park | 2,177,030 | 2,141,806 | 1,559,883 | ||
Goodwill | 106,050 | 186,381 | 8,388 | ||
Other Intangibles, net | 0 | 0 | 0 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 12,988 | 13,460 | 3,479 | ||
Other Assets | 54,864 | 2,470 | 1,976 | ||
Total Assets | 2,409,757 | 2,542,933 | 1,703,713 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 6,187 | 6,187 | 6,187 | ||
Accounts payable | 30,086 | 19,553 | 33,811 | ||
Deferred revenue | 25,015 | 112,544 | 109,806 | ||
Accrued interest | 20,204 | 19,376 | 12,847 | ||
Accrued taxes | 7,888 | 8,791 | 8,231 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 11,618 | 10,797 | 10,640 | ||
Other accrued liabilities | 5,696 | 5,853 | 4,236 | ||
Total current liabilities | 106,694 | 183,101 | 185,758 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 9,802 | 10,018 | 1,769 | ||
Other Liabilities | 117,309 | 87 | 87 | ||
Long-Term Debt: | |||||
Revolving credit loans | 70,000 | 120,000 | |||
Term debt | 589,207 | 588,725 | 591,918 | ||
Notes | 985,407 | 984,952 | 492,068 | ||
Total long-term debt | 1,644,614 | 1,573,677 | 1,203,986 | ||
Partners' (Deficit) Equity | 531,338 | 776,050 | 312,113 | ||
Total Liabilities and Partners' Equity | $ 2,409,757 | $ 2,542,933 | $ 1,703,713 |
Consolidating Financial Infor_4
Consolidating Financial Information of Guarantors and Issuers (Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | $ 53,635 | $ 66,977 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 6,385 | 7,649 |
Operating expenses | 106,368 | 98,205 |
Selling, general and administrative | 24,809 | 31,666 |
Depreciation and amortization | 5,088 | 13,589 |
(Gain) loss on impairment / retirement of fixed assets, net | 6,767 | 1,424 |
Loss on impairment of goodwill and other intangibles | 88,181 | 0 |
Gain on sale of investment | 0 | (617) |
Total costs and expenses | 237,598 | 151,916 |
Operating loss | (183,963) | (84,939) |
Interest (income) expense, net | 26,871 | 20,687 |
Net effect of swaps | 19,779 | 6,379 |
Loss (gain) on foreign currency | 34,202 | (8,669) |
Other expense (income) | (169) | (322) |
(Income) loss from investment in affiliates | 0 | 0 |
Loss before taxes | (264,984) | (103,658) |
Provision for taxes | (49,007) | (19,985) |
Net loss | (215,977) | (83,673) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 15,905 | (3,050) |
Other comprehensive income (loss), (net of tax) | 15,905 | (3,050) |
Total comprehensive loss | (200,072) | (86,723) |
2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Cedar Fair L.P. (Parent) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | (50,355) | (15,642) |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 0 | 0 |
Operating expenses | 1 | 0 |
Selling, general and administrative | (362) | 1,439 |
Depreciation and amortization | 0 | 0 |
(Gain) loss on impairment / retirement of fixed assets, net | 0 | 0 |
Loss on impairment of goodwill and other intangibles | 0 | |
Gain on sale of investment | 0 | |
Total costs and expenses | (361) | 1,439 |
Operating loss | (49,994) | (17,081) |
Interest (income) expense, net | 6,030 | 6,391 |
Net effect of swaps | 2,154 | 991 |
Loss (gain) on foreign currency | 0 | 0 |
Other expense (income) | (59) | (59) |
(Income) loss from investment in affiliates | 157,190 | 58,449 |
Loss before taxes | (215,427) | (82,971) |
Provision for taxes | 550 | 702 |
Net loss | (215,977) | (83,673) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 15,905 | (3,050) |
Other comprehensive income (loss), (net of tax) | 15,905 | (3,050) |
Total comprehensive loss | (200,072) | (86,723) |
2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 33,309 | 59,905 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 6,382 | 7,597 |
Operating expenses | (74,040) | 25,189 |
Selling, general and administrative | 15,303 | 14,657 |
Depreciation and amortization | 5,045 | 13,581 |
(Gain) loss on impairment / retirement of fixed assets, net | 5,231 | 1,414 |
Loss on impairment of goodwill and other intangibles | 88,181 | |
Gain on sale of investment | 0 | |
Total costs and expenses | 46,102 | 62,438 |
Operating loss | (12,793) | (2,533) |
Interest (income) expense, net | 10,175 | 3,553 |
Net effect of swaps | 0 | 0 |
Loss (gain) on foreign currency | 0 | 0 |
Other expense (income) | (8,462) | (10,670) |
(Income) loss from investment in affiliates | 49,048 | 6,190 |
Loss before taxes | (80,478) | (22,946) |
Provision for taxes | (7,970) | (3,689) |
Net loss | (72,508) | (19,257) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 0 | 0 |
Other comprehensive income (loss), (net of tax) | 0 | 0 |
Total comprehensive loss | (72,508) | (19,257) |
2024 U.S. fixed rate notes at 5.375%[Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 120,466 | 19,133 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 0 | 0 |
Operating expenses | 120,466 | 19,133 |
Selling, general and administrative | 0 | 0 |
Depreciation and amortization | 0 | 0 |
(Gain) loss on impairment / retirement of fixed assets, net | 0 | 0 |
Loss on impairment of goodwill and other intangibles | 0 | |
Gain on sale of investment | 0 | |
Total costs and expenses | 120,466 | 19,133 |
Operating loss | 0 | 0 |
Interest (income) expense, net | 0 | 0 |
Net effect of swaps | 0 | 0 |
Loss (gain) on foreign currency | 0 | 0 |
Other expense (income) | 0 | 0 |
(Income) loss from investment in affiliates | (278,747) | (83,901) |
Loss before taxes | 278,747 | 83,901 |
Provision for taxes | 0 | 0 |
Net loss | 278,747 | 83,901 |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | (15,905) | 3,050 |
Other comprehensive income (loss), (net of tax) | (15,905) | 3,050 |
Total comprehensive loss | 262,842 | 86,951 |
2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Cedar Fair L.P. (Parent) [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | (50,355) | (15,642) |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 0 | 0 |
Operating expenses | 1 | 0 |
Selling, general and administrative | (362) | 1,439 |
Depreciation and amortization | 0 | 0 |
(Gain) loss on impairment / retirement of fixed assets, net | 0 | 0 |
Loss on impairment of goodwill and other intangibles | 0 | |
Gain on sale of investment | 0 | |
Total costs and expenses | (361) | 1,439 |
Operating loss | (49,994) | (17,081) |
Interest (income) expense, net | 6,030 | 6,391 |
Net effect of swaps | 2,154 | 991 |
Loss (gain) on foreign currency | 0 | 0 |
Other expense (income) | (59) | (59) |
(Income) loss from investment in affiliates | 157,190 | 58,449 |
Loss before taxes | (215,427) | (82,971) |
Provision for taxes | 550 | 702 |
Net loss | (215,977) | (83,673) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 15,905 | (3,050) |
Other comprehensive income (loss), (net of tax) | 15,905 | (3,050) |
Total comprehensive loss | (200,072) | (86,723) |
2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | (10,356) | 8,717 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 123 | 356 |
Operating expenses | 2,666 | 9,037 |
Selling, general and administrative | 639 | 1,095 |
Depreciation and amortization | 5,045 | 13,581 |
(Gain) loss on impairment / retirement of fixed assets, net | 4,790 | 1,028 |
Loss on impairment of goodwill and other intangibles | 7,850 | |
Gain on sale of investment | 0 | |
Total costs and expenses | 21,113 | 25,097 |
Operating loss | (31,469) | (16,380) |
Interest (income) expense, net | (8,501) | (9,831) |
Net effect of swaps | 0 | 0 |
Loss (gain) on foreign currency | 0 | 0 |
Other expense (income) | (8,462) | (10,670) |
(Income) loss from investment in affiliates | 49,048 | 6,190 |
Loss before taxes | (80,478) | (23,409) |
Provision for taxes | (7,970) | (4,152) |
Net loss | (72,508) | (19,257) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 0 | 0 |
Other comprehensive income (loss), (net of tax) | 0 | 0 |
Total comprehensive loss | (72,508) | (19,257) |
2027 Senior Notes [Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 117,776 | 5,734 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 0 | 0 |
Operating expenses | 117,776 | 5,734 |
Selling, general and administrative | 0 | 0 |
Depreciation and amortization | 0 | 0 |
(Gain) loss on impairment / retirement of fixed assets, net | 0 | 0 |
Loss on impairment of goodwill and other intangibles | 0 | |
Gain on sale of investment | 0 | |
Total costs and expenses | 117,776 | 5,734 |
Operating loss | 0 | 0 |
Interest (income) expense, net | 0 | 0 |
Net effect of swaps | 0 | 0 |
Loss (gain) on foreign currency | 0 | 0 |
Other expense (income) | 0 | 0 |
(Income) loss from investment in affiliates | (278,747) | (83,901) |
Loss before taxes | 278,747 | 83,901 |
Provision for taxes | 0 | 0 |
Net loss | 278,747 | 83,901 |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | (15,905) | 3,050 |
Other comprehensive income (loss), (net of tax) | (15,905) | 3,050 |
Total comprehensive loss | 262,842 | 86,951 |
Co-Issuer Subsidiary (Magnum) [Member] | 2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | (49,885) | 3,285 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 0 | 0 |
Operating expenses | 53,895 | 48,172 |
Selling, general and administrative | 8,851 | 14,552 |
Depreciation and amortization | 8 | 8 |
(Gain) loss on impairment / retirement of fixed assets, net | 0 | 0 |
Loss on impairment of goodwill and other intangibles | 0 | |
Gain on sale of investment | (617) | |
Total costs and expenses | 62,754 | 62,115 |
Operating loss | (112,639) | (58,830) |
Interest (income) expense, net | 4,769 | 5,030 |
Net effect of swaps | 17,625 | 5,388 |
Loss (gain) on foreign currency | 7 | (11) |
Other expense (income) | 8,200 | 11,506 |
(Income) loss from investment in affiliates | 69,205 | 14,659 |
Loss before taxes | (196,045) | (72,390) |
Provision for taxes | (38,857) | (13,939) |
Net loss | (157,188) | (58,451) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 0 | 0 |
Other comprehensive income (loss), (net of tax) | 0 | 0 |
Total comprehensive loss | (157,188) | (58,451) |
Co-Issuer Subsidiary (Magnum) [Member] | 2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | (49,885) | 3,285 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 0 | 0 |
Operating expenses | 53,895 | 48,172 |
Selling, general and administrative | 8,851 | 14,552 |
Depreciation and amortization | 8 | 8 |
(Gain) loss on impairment / retirement of fixed assets, net | 0 | 0 |
Loss on impairment of goodwill and other intangibles | 0 | |
Gain on sale of investment | (617) | |
Total costs and expenses | 62,754 | 62,115 |
Operating loss | (112,639) | (58,830) |
Interest (income) expense, net | 4,769 | 5,030 |
Net effect of swaps | 17,625 | 5,388 |
Loss (gain) on foreign currency | 7 | (11) |
Other expense (income) | 8,200 | 11,506 |
(Income) loss from investment in affiliates | 69,205 | 14,659 |
Loss before taxes | (196,045) | (72,390) |
Provision for taxes | (38,857) | (13,939) |
Net loss | (157,188) | (58,451) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 0 | 0 |
Other comprehensive income (loss), (net of tax) | 0 | 0 |
Total comprehensive loss | (157,188) | (58,451) |
Co-Issuer Subsidiary (Cedar Canada) [Member] | 2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 100 | 296 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 3 | 52 |
Operating expenses | 6,046 | 5,711 |
Selling, general and administrative | 1,017 | 1,018 |
Depreciation and amortization | 35 | 0 |
(Gain) loss on impairment / retirement of fixed assets, net | 1,536 | 10 |
Loss on impairment of goodwill and other intangibles | 0 | |
Gain on sale of investment | 0 | |
Total costs and expenses | 8,637 | 6,791 |
Operating loss | (8,537) | (6,495) |
Interest (income) expense, net | 5,897 | 5,713 |
Net effect of swaps | 0 | 0 |
Loss (gain) on foreign currency | 34,195 | (8,658) |
Other expense (income) | 152 | (1,099) |
(Income) loss from investment in affiliates | 3,304 | 4,603 |
Loss before taxes | (51,781) | (9,252) |
Provision for taxes | (2,730) | (3,059) |
Net loss | (49,051) | (6,193) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 15,905 | (3,050) |
Other comprehensive income (loss), (net of tax) | 15,905 | (3,050) |
Total comprehensive loss | (33,146) | (9,243) |
Co-Issuer Subsidiary (Cedar Canada) [Member] | 2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 100 | 296 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 3 | 52 |
Operating expenses | 6,046 | 5,711 |
Selling, general and administrative | 1,017 | 1,018 |
Depreciation and amortization | 35 | 0 |
(Gain) loss on impairment / retirement of fixed assets, net | 1,536 | 10 |
Loss on impairment of goodwill and other intangibles | 0 | |
Gain on sale of investment | 0 | |
Total costs and expenses | 8,637 | 6,791 |
Operating loss | (8,537) | (6,495) |
Interest (income) expense, net | 5,897 | 5,713 |
Net effect of swaps | 0 | 0 |
Loss (gain) on foreign currency | 34,195 | (8,658) |
Other expense (income) | 152 | (1,099) |
(Income) loss from investment in affiliates | 3,304 | 4,603 |
Loss before taxes | (51,781) | (9,252) |
Provision for taxes | (2,730) | (3,059) |
Net loss | (49,051) | (6,193) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 15,905 | (3,050) |
Other comprehensive income (loss), (net of tax) | 15,905 | (3,050) |
Total comprehensive loss | (33,146) | (9,243) |
Co-Issuer Subsidiary (Millennium) [Member] | 2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net revenues | 46,355 | 64,587 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 6,259 | 7,241 |
Operating expenses | (74,016) | 29,551 |
Selling, general and administrative | 14,664 | 13,562 |
Depreciation and amortization | 0 | 0 |
(Gain) loss on impairment / retirement of fixed assets, net | 441 | 386 |
Loss on impairment of goodwill and other intangibles | 80,331 | |
Gain on sale of investment | 0 | |
Total costs and expenses | 27,679 | 50,740 |
Operating loss | 18,676 | 13,847 |
Interest (income) expense, net | 18,676 | 13,384 |
Net effect of swaps | 0 | 0 |
Loss (gain) on foreign currency | 0 | 0 |
Other expense (income) | 0 | 0 |
(Income) loss from investment in affiliates | 0 | 0 |
Loss before taxes | 0 | 463 |
Provision for taxes | 0 | 463 |
Net loss | 0 | 0 |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | 0 | 0 |
Other comprehensive income (loss), (net of tax) | 0 | 0 |
Total comprehensive loss | $ 0 | $ 0 |
Consolidating Financial Infor_5
Consolidating Financial Information of Guarantors and Issuers (Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 29, 2020 | Mar. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ (105,139) | $ (56,742) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | 0 |
Capital expenditures | (58,032) | (53,397) |
Proceeds from sale of investment | 0 | 617 |
Net cash for investing activities | (58,032) | (52,780) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | 0 |
Net borrowings on revolving credit loans | 70,000 | 120,000 |
Distributions paid to partners | (53,022) | (52,334) |
Tax effect of units involved in treasury unit transactions | (1,741) | (1,421) |
Payments related to tax withholding for equity compensation | (4,618) | (4,079) |
Net cash from financing activities | 10,619 | 62,166 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (3,405) | 2,279 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (155,957) | (45,077) |
Balance, beginning of period | 182,252 | 105,349 |
Balance, end of period | 26,295 | 60,272 |
2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 33,452 | 24,410 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 19,727 | 28,152 |
Payments for returns of capital | 0 | 0 |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | (53,179) | (52,562) |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from financing activities | (33,452) | (24,410) |
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 |
2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (126,885) | (68,489) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 3,370 | (1,585) |
Proceeds from returns on investments | 0 | 0 |
Capital expenditures | (56,816) | (46,204) |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | (53,446) | (47,789) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | 0 |
Net borrowings on revolving credit loans | 70,000 | 120,000 |
Distributions paid to partners | 0 | 0 |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from financing activities | 70,000 | 120,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (110,331) | 3,722 |
Balance, beginning of period | 116,428 | 32,715 |
Balance, end of period | 6,097 | 36,437 |
2024 U.S. fixed rate notes at 5.375%[Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (1,742) | (6) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (3,370) | 1,585 |
Proceeds from returns on investments | (20,000) | (38,030) |
Capital expenditures | 0 | 0 |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | (23,370) | (36,445) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 3,370 | (1,585) |
Payments for returns of capital | 20,000 | 38,030 |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 157 | 228 |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from financing activities | 23,527 | 36,673 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (1,585) | 222 |
Balance, beginning of period | (533) | (692) |
Balance, end of period | (2,118) | (470) |
2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 33,452 | 24,410 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 19,727 | 28,152 |
Payments for returns of capital | 0 | 0 |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | (53,179) | (52,562) |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from financing activities | (33,452) | (24,410) |
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 |
2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 13,446 | 8,448 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 3,370 | (1,585) |
Proceeds from returns on investments | 0 | 0 |
Capital expenditures | (17,672) | (8,734) |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | (14,302) | (10,319) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | 0 |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from 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 | (856) | (1,871) |
Balance, beginning of period | 991 | 2,052 |
Balance, end of period | 135 | 181 |
2027 Senior Notes [Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (1,742) | (6) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (3,370) | 1,585 |
Proceeds from returns on investments | (20,000) | (38,030) |
Capital expenditures | 0 | 0 |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | (23,370) | (36,445) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 3,370 | (1,585) |
Payments for returns of capital | 20,000 | 38,030 |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 157 | 228 |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from financing activities | 23,527 | 36,673 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (1,585) | 222 |
Balance, beginning of period | (533) | (692) |
Balance, end of period | (2,118) | (470) |
Co-Issuer Subsidiary (Magnum) [Member] | 2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 9,386 | (6,580) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 20,000 | 38,030 |
Capital expenditures | 70 | 0 |
Proceeds from sale of investment | 617 | |
Net cash for investing activities | 20,070 | 38,647 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (23,097) | (26,567) |
Payments for returns of capital | 0 | 0 |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Tax effect of units involved in treasury unit transactions | (1,741) | (1,421) |
Payments related to tax withholding for equity compensation | (4,618) | (4,079) |
Net cash from financing activities | (29,456) | (32,067) |
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] | 2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 9,386 | (6,580) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 20,000 | 38,030 |
Capital expenditures | 70 | 0 |
Proceeds from sale of investment | 617 | |
Net cash for investing activities | 20,070 | 38,647 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (23,097) | (26,567) |
Payments for returns of capital | 0 | 0 |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Tax effect of units involved in treasury unit transactions | (1,741) | (1,421) |
Payments related to tax withholding for equity compensation | (4,618) | (4,079) |
Net cash from financing activities | (29,456) | (32,067) |
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] | 2024 U.S. fixed rate notes at 5.375%[Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (19,350) | (6,077) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | 0 |
Capital expenditures | (1,286) | (7,193) |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | (1,286) | (7,193) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | (20,000) | (38,030) |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from financing activities | (20,000) | (38,030) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (3,405) | 2,279 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (44,041) | (49,021) |
Balance, beginning of period | 66,357 | 73,326 |
Balance, end of period | 22,316 | 24,305 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | 2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (19,350) | (6,077) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | 0 |
Capital expenditures | (1,286) | (7,193) |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | (1,286) | (7,193) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | (20,000) | (38,030) |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from financing activities | (20,000) | (38,030) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (3,405) | 2,279 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (44,041) | (49,021) |
Balance, beginning of period | 66,357 | 73,326 |
Balance, end of period | 22,316 | 24,305 |
Co-Issuer Subsidiary (Millennium) [Member] | 2027 Senior Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (140,331) | (76,937) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | 0 |
Capital expenditures | (39,144) | (37,470) |
Proceeds from sale of investment | 0 | |
Net cash for investing activities | (39,144) | (37,470) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | 0 |
Net borrowings on revolving credit loans | 70,000 | 120,000 |
Distributions paid to partners | 0 | 0 |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from financing activities | 70,000 | 120,000 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (109,475) | 5,593 |
Balance, beginning of period | 115,437 | 30,663 |
Balance, end of period | $ 5,962 | $ 36,256 |
Subsequent Event (Details)
Subsequent Event (Details) | Apr. 27, 2020USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2017USD ($) |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of credit facility, increase (decrease), net | $ 100,000,000 | |||
Revolving Credit Facility [Member] | 2017 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | 375,000,000 | |||
Secured Debt [Member] | 2017 Credit Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Total indebtedness to consolidated cash flow ratio requirement | 5.50 | |||
Secured Debt [Member] | 2017 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayments of secured debt | 463,300,000 | |||
Line of credit outstanding | $ 264,300,000 | |||
Secured Debt [Member] | Second Amended 2017 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Total indebtedness to consolidated cash flow ratio requirement | 4 | 3.75 | ||
Covenant, liquidity level, minimum | $ 125,000,000 | |||
Bridge Loan [Member] | 2017 Credit Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Maximum borrowing capacity | $ 15,000,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | 2017 Credit Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Interest rate margin over LIBOR | 2.00% | |||
London Interbank Offered Rate (LIBOR) [Member] | Secured Debt [Member] | 2017 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Interest rate margin over LIBOR | 3.00% | |||
Canadian Dollar Offered Rate (CDOR) [Member] | Secured Debt [Member] | 2017 Credit Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Interest rate margin over LIBOR | 2.00% | |||
Canadian Dollar Offered Rate (CDOR) [Member] | Secured Debt [Member] | 2017 Credit Agreement [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Interest rate margin over LIBOR | 2.00% | |||
Secured Debt [Member] | 2025 Senior Notes [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, face amount | $ 1,000,000,000 | |||
Interest rate, stated percentage | 5.50% | |||
Redemption price, percentage | 35.00% | |||
Early call date, premium price, percentage | 105.50% | |||
Redemption percentage of original face amount | 100.00% |