Six Flags Entertainment (FUN) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 27, 2020	Oct. 30, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 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 (Representing Limited 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)		56,706,338
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000811532
Current Fiscal Year End Date	--12-31

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019	Sep. 29, 2019
Current Assets:
Cash and cash equivalents	$ 225,470	$ 182,252	$ 258,116
Receivables	40,305	63,106	68,754
Inventories	50,733	32,902	37,734
Other current assets	24,002	15,921	20,196
Total current assets	340,510	294,181	384,800
Property and Equipment:
Land	438,893	441,038	439,309
Land improvements	463,838	460,534	451,269
Buildings	832,067	816,780	801,175
Rides and equipment	1,954,787	1,907,544	1,900,910
Construction in progress	83,472	70,731	69,050
Total property and equipment, gross	3,773,057	3,696,627	3,661,713
Less accumulated depreciation	(1,959,443)	(1,855,019)	(1,829,382)
Total property and equipment, net	1,813,614	1,841,608	1,832,331
Goodwill	263,860	359,654	358,451
Other Intangibles, net	49,717	59,899	59,693
Right-of-Use Asset	13,021	14,324	11,067
Other Assets	20,796	11,479	11,669
Total Assets	2,501,518	2,581,145	2,658,011
Current Liabilities:
Current maturities of long-term debt	0	7,500	7,500
Accounts payable	16,305	29,344	32,928
Deferred revenue	156,488	151,377	130,265
Accrued interest	50,666	21,442	30,181
Accrued taxes	13,307	39,237	48,265
Accrued salaries, wages and benefits	20,696	29,549	39,206
Self-insurance reserves	22,037	24,665	23,837
Other accrued liabilities	17,864	21,024	17,297
Total current liabilities	297,363	324,138	329,479
Deferred Tax Liability	2,525	82,046	82,658
Derivative Liability	38,713	18,108	27,773
Lease Liability	9,873	10,600	7,440
Non-Current Deferred Revenue (See Note 4)	36,180	9,401	18,205
Other Liabilities	6,260	935	761
Long-Term Debt:
Term debt	256,358	714,150	717,364
Notes	2,405,576	1,431,733	1,431,612
Total long-term debt	2,661,934	2,145,883	2,148,976
Partners’ (Deficit) Equity:
Special L.P. interests	5,290	5,290	5,290
General partner	(6)	(1)	(1)
Limited partners, 56,706, 56,666 and 56,596 units outstanding as of September 27, 2020, December 31, 2019 and September 29, 2019, respectively	(570,922)	(25,001)	21,276
Accumulated other comprehensive income	14,308	9,746	16,154
Total partners' equity	(551,330)	(9,966)	42,719
Total Liabilities and Partners' Equity	$ 2,501,518	$ 2,581,145	$ 2,658,011

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands	Sep. 27, 2020	Dec. 31, 2019	Sep. 29, 2019
Statement of Financial Position [Abstract]
Limited partners, units outstanding (in shares)	56,706	56,666	56,596

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Net revenues:
Revenues	$ 87,457	$ 714,512	$ 147,678	$ 1,217,679
Costs and expenses:
Cost of food, merchandise, and games revenues	11,638	58,475	20,028	105,932
Operating expenses	100,818	227,625	274,169	503,601
Selling, general and administrative	28,145	83,080	76,681	174,527
Depreciation and amortization	67,436	68,335	127,447	137,828
Loss on impairment / retirement of fixed assets, net	727	1,675	8,530	3,781
Loss on impairment of goodwill and other intangibles	15,818	0	103,999	0
Gain on sale of investment	(11)	0	(11)	(617)
Total costs and expenses	224,571	439,190	610,843	925,052
Operating (loss) income	(137,114)	275,322	(463,165)	292,627
Interest expense	40,376	27,967	104,341	71,814
Net effect of swaps	(1,558)	3,910	19,780	21,068
Loss on early debt extinguishment	317	0	2,013	0
(Gain) loss on foreign currency	(9,567)	5,608	11,984	(12,533)
Other income	(28)	(933)	(337)	(808)
(Loss) income before taxes	(166,654)	238,770	(600,946)	213,086
(Benefit) provision for taxes	(30,393)	48,815	(116,156)	43,506
Net (loss) income	(136,261)	189,955	(484,790)	169,580
Net (loss) income allocated to general partner	(1)	2	(5)	2
Net (loss) income allocated to limited partners	(136,260)	189,953	(484,785)	169,578
Other comprehensive (loss) income, (net of tax):
Foreign currency translation adjustment	(4,820)	2,554	4,562	(5,128)
Other comprehensive (loss) income, (net of tax)	(4,820)	2,554	4,562	(5,128)
Total comprehensive (loss) income	$ (141,081)	$ 192,509	$ (480,228)	$ 164,452
Basic (loss) income per limited partner unit:
Weighted average limited partner units outstanding (in shares)	56,497	56,519	56,469	56,344
Net income (loss) per limited partner unit (in dollars per share)	$ (2.41)	$ 3.36	$ (8.58)	$ 3.01
Diluted (loss) income per limited partner unit:
Weighted average limited partner units outstanding (in shares)	56,497	56,931	56,469	56,816
Net income (loss) per limited partner unit (in dollars per share)	$ (2.41)	$ 3.34	$ (8.58)	$ 2.98
Admission [Member]
Net revenues:
Revenues	$ 33,411	$ 382,776	$ 60,728	$ 645,715
Food, Merchandise and Gaming [Member]
Net revenues:
Revenues	34,462	224,444	57,269	399,525
Accommodations, Extra-Charge Products and Other [Member]
Net revenues:
Revenues	$ 19,584	$ 107,292	$ 29,681	$ 172,439

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' (DEFICIT) 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) income	169,580	169,578	2
Partnership distribution declared	(157,045)	$ (157,043)	(2)
Issuance of limited partnership units as compensation (in shares)		32
Issuance of limited partnership units as compensation	4,511	$ 4,511
Tax effect of units involved in treasury unit transactions	(1,615)	$ (1,615)
Foreign currency translation adjustment	(5,128)				(5,128)
Ending balance, units (in shares) at Sep. 29, 2019		56,596
Ending balance, value at Sep. 29, 2019	42,719	$ 21,276	(1)	5,290	16,154
Beginning balance, units (in shares) at Jun. 30, 2019		56,597
Beginning balance, value at Jun. 30, 2019	(100,200)	$ (119,088)	(2)	5,290	13,600
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	189,955	189,953	2
Partnership distribution declared	(52,359)	$ (52,358)	(1)
Issuance of limited partnership units as compensation (in shares)		(1)
Issuance of limited partnership units as compensation	2,823	$ 2,823
Tax effect of units involved in treasury unit transactions	(54)	$ (54)
Foreign currency translation adjustment	2,554				2,554
Ending balance, units (in shares) at Sep. 29, 2019		56,596
Ending balance, value at Sep. 29, 2019	42,719	$ 21,276	(1)	5,290	16,154
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) income	(484,790)	(484,785)	(5)
Partnership distribution declared	(53,020)	$ (53,020)
Issuance of limited partnership units as compensation (in shares)		40
Issuance of limited partnership units as compensation	(6,354)	$ (6,354)
Tax effect of units involved in treasury unit transactions	(1,762)	$ (1,762)
Foreign currency translation adjustment	4,562				4,562
Ending balance, units (in shares) at Sep. 27, 2020		56,706
Ending balance, value at Sep. 27, 2020	(551,330)	$ (570,922)	(6)	5,290	14,308
Beginning balance, units (in shares) at Jun. 28, 2020		56,707
Beginning balance, value at Jun. 28, 2020	(411,862)	$ (436,275)	(5)	5,290	19,128
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(136,261)	(136,260)	(1)
Partnership distribution declared	2	$ 2
Issuance of limited partnership units as compensation (in shares)		(1)
Issuance of limited partnership units as compensation	1,612	$ 1,612
Tax effect of units involved in treasury unit transactions	(1)	$ (1)
Foreign currency translation adjustment	(4,820)				(4,820)
Ending balance, units (in shares) at Sep. 27, 2020		56,706
Ending balance, value at Sep. 27, 2020	$ (551,330)	$ (570,922)	$ (6)	$ 5,290	$ 14,308

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' (DEFICIT) EQUITY (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Statement of Partners' Capital [Abstract]
Distribution made to limited partner, cash distributions paid (in dollars per share)		$ 0.925	$ 0.935	$ 2.775
AOCI, foreign currency translation adjustment, tax	$ (711)	$ 478	$ 1,201	$ (1,142)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
CASH FLOWS (FOR) FROM OPERATING ACTIVITIES
Net (loss) income	$ (484,790)	$ 169,580
Adjustments to reconcile net (loss) income to net cash (for) from operating activities:
Depreciation and amortization	127,447	137,828
Loss on early debt extinguishment	2,013	0
Loss on impairment of goodwill and other intangibles	103,999	0
Non-cash foreign currency loss (gain) on debt	13,647	(13,406)
Non-cash equity based compensation expense	(1,842)	8,236
Non-cash deferred income tax benefit	(78,296)	(220)
Net effect of swaps	19,780	21,068
Other non-cash expenses	12,408	5,530
Changes in assets and liabilities:
(Increase) decrease in receivables	22,712	(13,830)
(Increase) decrease in inventories	(17,950)	(5,094)
(increase) decrease in other assets	(18,858)	(10,261)
Increase (decrease) in accounts payable	(3,499)	8,269
Increase (decrease) in deferred revenue	32,235	24,286
Increase (decrease) in accrued interest	29,380	22,109
Increase (decrease) in accrued taxes	(25,862)	17,819
Increase (decrease) in other liabilities	(7,976)	17,225
Net cash (for) from operating activities	(275,452)	389,139
CASH FLOWS FOR INVESTING ACTIVITIES
Capital expenditures	(120,883)	(296,616)
Acquisitions, net of cash acquired	0	(270,171)
Proceeds from sale of investment	2,109	617
Net cash for investing activities	(118,774)	(566,170)
CASH FLOWS FROM FINANCING ACTIVITIES
Note borrowings	1,000,000	500,000
Term debt payments	(465,125)	(1,875)
Distributions paid to partners	(53,020)	(157,045)
Payment of debt issuance costs	(35,738)	(7,812)
Exercise of limited partnership unit options	112	0
Tax effect of units involved in treasury unit transactions	(1,762)	(1,615)
Payments related to tax withholding for equity compensation	(4,624)	(4,249)
Net cash from financing activities	439,843	327,404
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(2,399)	2,394
CASH AND CASH EQUIVALENTS
Net increase for the period	43,218	152,767
Balance, beginning of period	182,252	105,349
Balance, end of period	225,470	258,116
SUPPLEMENTAL INFORMATION
Cash payments for interest expense	69,780	49,001
Interest capitalized	1,961	2,524
Cash payments for income taxes, net of refunds	7,533	30,604
Capital expenditures in accounts payable	$ 1,146	$ 3,703

Significant Accounting and Repo

Significant Accounting and Reporting Policies	9 Months Ended
	Sep. 27, 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. Beginning late in the second quarter of 2020, we resumed partial operations at many of our parks on a staggered basis in accordance with local and state guidelines. Parks that reopened and their respective reopening dates follow: Schlitterbahn Waterpark & Resort New Braunfels, which opened on June 13, 2020 Schlitterbahn Waterpark Galveston, which opened on June 13, 2020 Worlds of Fun, which opened on June 22, 2020 Kings Island, which opened on July 2, 2020 Dorney Park, which opened on July 8, 2020 Cedar Point, which opened on July 9, 2020 Michigan's Adventure, which opened on July 16, 2020 Attendance upon reopening was below original expectations. The timing of park openings from mid-June through mid-July coincided with growing concerns about rising COVID-19 cases. Due to the soft demand trends, park operating calendars were adjusted for the remainder of 2020, including reduced operating days per week and operating hours within each operating day. In addition, some of our reopened parks closed earlier than the park's typical operating calendar. Schlitterbahn Waterpark & Resort New Braunfels, Schlitterbahn Waterpark Galveston, Worlds of Fun and Dorney Park closed following the Labor Day holiday on September 7, 2020. Kings Island closed following the fall season on November 1, 2020. Cedar Point and Michigan's Adventure closed as they traditionally would following the fall season on November 1, 2020 and on Labor Day, respectively. Additionally, to alleviate social distancing concerns, Cedar Point and Kings Island changed their fall entertainment programming to allow for better management and maintenance of social distancing and limited park capacity requirements. Knott's Berry Farm, Canada's Wonderland, Carowinds, Kings Dominion, California's Great America and Valleyfair remain closed, with the exception of limited attractions, such as hotel properties and special outdoor events. Of these parks, Knott's Berry Farm and Canada's Wonderland remain in a state of readiness as parks continue their dialogue with government and health authorities about the possibility of opening. On August 4, 2020, we announced the remaining parks (other than Knott's Berry Farm and Canada's Wonderland) will not reopen in 2020 due to the diminishing number of calendar days left in 2020, as well as limited visibility from state and local officials as to when park openings are possible. However, during the fourth quarter of 2020, we received approval from local authorities to open Carowinds. As a result, Carowinds will open for approximately 12 operating days for a winter themed event during November and December. Given the uncertainty around the timing of the parks reopening, and in order to ensure our season pass holders receive a full season of access to our parks, in April 2020, we extended the usage privileges of 2020 season passes through the 2021 season and paused collections of guest payments on installment purchase products in recognition of the pandemic related restrictions that impacted the opening of the parks in the current year. We are resuming collections of guest payments on installment purchase products at each park as it opens. For those parks that we have announced will not reopen in 2020, we will also provide our season pass holders a loyalty reward to be used on purchases within the park during the 2021 operating season. Even after all of our parks are able to reopen and our parks are able to return to full capacity with traditional park operating calendars, there may be longer-term negative impacts to our business, results of operations and financial condition as a result of the COVID-19 pandemic. These impacts may include 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. Following our March 13, 2020 announcement, we took steps to secure additional liquidity and to obtain relief from certain financial covenants, in the event that the effects of the COVID-19 pandemic continued. On April 27, 2020, we issued $1.0 billion of 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 Long-Term Debt footnote at Note 7 for further details. In addition, during the second quarter of 2020, we reduced operating expenses, including labor costs, suspended capital expenditures, and suspended quarterly distribution payments. Following the opening of the parks listed above, we resumed paying full salaries and incurred seasonal and part-time labor expenses, park-level operating expenses and advertising expenses to correspond with lower than typical attendance levels and abbreviated park operating calendars at our open parks. Following the third quarter of 2020 and in response to the continuing impacts of the COVID-19 pandemic, we issued an additional $300 million of senior unsecured notes and further amended the Second Amended 2017 Credit Agreement (as defined below) to further suspend and revise certain of the financial covenants. The credit agreement amendment will also extend the maturity of and adjust the terms that apply to a portion of our senior secured revolving credit facility upon completion of certain customary closing conditions. See the Subsequent Event footnote at Note 12 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. 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	9 Months Ended
	Sep. 27, 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 typically 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. COVID-19 has impacted our parks' operating calendars as described within Note 1 . 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. Due to the impact of COVID-19 on our parks' 2020 operating calendars, we are recognizing depreciation and certain other operating costs, which are typically expensed over each park's operating season and which will still be incurred, over pre-COVID-19 budgeted operating days for 2020. This change in accounting procedure more accurately reflects incurred expense and results in greater consistency between parks and with historical results.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 27, 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 and as of September 27, 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 as of March 29, 2020, and $11.3 million for goodwill and $2.2 million for the Schlitterbahn trade name as of September 27, 2020 (see Note 5 and Note 6 ).

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 27, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition: As disclosed within the unaudited condensed consolidated statements of operations and comprehensive (loss) 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 Nine months ended (In thousands) September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 In-park revenues $ 61,764 $ 658,645 $ 106,008 $ 1,114,240 Out-of-park revenues 29,051 76,347 46,705 140,452 Concessionaire remittance (3,358) (20,480) (5,035) (37,013) Net revenues $ 87,457 $ 714,512 $ 147,678 $ 1,217,679 Due to our highly seasonal operations, a substantial portion of our revenues typically 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 current period trends. For any bundled products that include multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and any inherent discounts are allocated based on the gross margin and expected redemption of each performance obligation. 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 (loss) 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 typically 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 nine months ended September 27, 2020, approximately $20 million of the deferred revenue balance as of January 1, 2020 was recognized. Most deferred revenue from contracts with customers is classified as current within the balance sheet. However, a portion of deferred revenue from contracts with customers is typically classified as non-current during the third quarter related to season-long products sold in the current season for use in the subsequent season. Season-long products are typically sold beginning in August of the year preceding the operating season. Season-long products may subsequently be recognized 12 to 16 months after purchase depending on the date of sale. We estimate the number of uses expected outside of the next twelve months for each type of product and classify the related deferred revenue as non-current within "Non-Current Deferred Revenue" in the unaudited condensed consolidated balance sheets. As of September 27, 2020, we classified $36.2 million of total deferred revenue as non-current. Due to the COVID-19 pandemic, we extended the validity of our 2020 season-long products through the 2021 operating season in order to ensure our season pass holders receive a full season of access to our parks. As a result, $27.1 million of the total non-current deferred revenue balance as of September 27, 2020 represented estimated fourth quarter 2021 usage of both 2020 and 2021 season-long products. The remainder of the non-current deferred revenue balance as of September 27, 2020 was attributable to the lease of 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 typically 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 September 27, 2020, December 31, 2019 and September 29, 2019, we recorded an $8.5 million, $3.4 million and $11.3 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 collection rates since March 2020. 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. Due to the COVID-19 pandemic and given the uncertainty around the timing of the parks reopening, we paused collections on our installment purchase plans in April 2020 and are resuming collections at each park as it opens.

Long-Lived Assets

Long-Lived Assets	9 Months Ended
	Sep. 27, 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 and September 27, 2020. 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 (loss) income during the first quarter of 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. We performed additional impairment testing as of September 27, 2020 due to a further decline in our financial performance projections. Our impairment testing as of September 27, 2020 resulted in no further impairment of our long-lived assets. 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 sheets ($7.5 million as of September 27, 2020 and $9.0 million as of December 31, 2019 and September 29, 2019).

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 27, 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 and September 27, 2020. As of March 29, 2020 and September 27, 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. We also recorded an $11.3 million, $2.3 million and $2.2 million impairment of goodwill at the Schlitterbahn parks, goodwill at Dorney Park, and the Schlitterbahn trade name, respectively, during the third 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 (loss) 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 anticipated 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 charges recognized were 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 charges recognized were for the amount by which the trade name's carrying amount exceeded its fair value. Management made significant estimates 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 nine months ended September 27, 2020 and September 29, 2019 were: (In thousands) Goodwill Balance as of December 31, 2019 $ 359,654 Impairment (93,929) Foreign currency translation (1,865) Balance as of September 27, 2020 $ 263,860 Balance as of December 31, 2018 $ 178,719 Acquisition 177,994 Foreign currency translation 1,738 Balance as of September 29, 2019 $ 358,451 Goodwill included $93.1 million and $178.0 million as of September 27, 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 September 27, 2020, December 31, 2019, and September 29, 2019, other intangible assets consisted of the following: (In thousands) Gross Accumulated Net September 27, 2020 Other intangible assets: Trade names $ 48,764 $ — $ 48,764 License / franchise agreements 4,257 (3,304) 953 Total other intangible assets $ 53,021 $ (3,304) $ 49,717 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 September 29, 2019 Other intangible assets: Trade names $ 58,981 $ — $ 58,981 License / franchise agreements 3,509 (2,797) 712 Total other intangible assets $ 62,490 $ (2,797) $ 59,693 Other intangible assets included $13.1 million and $23.2 million as of September 27, 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	9 Months Ended
	Sep. 27, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt: Long-term debt as of September 27, 2020, December 31, 2019, and September 29, 2019 consisted of the following: (In thousands) September 27, 2020 December 31, 2019 September 29, 2019 U.S. term loan averaging 2.85% YTD 2020; 4.01% in 2019; 4.16% YTD 2019 (due 2017-2024) (1) $ 264,250 $ 729,375 $ 733,125 Notes 2024 U.S. fixed rate notes at 5.375% 450,000 450,000 450,000 2025 U.S. fixed rate notes at 5.500% 1,000,000 — — 2027 U.S. fixed rate notes at 5.375% 500,000 500,000 500,000 2029 U.S. fixed rate notes at 5.250% 500,000 500,000 500,000 2,714,250 2,179,375 2,183,125 Less current portion — (7,500) (7,500) 2,714,250 2,171,875 2,175,625 Less debt issuance costs and original issue discount (52,316) (25,992) (26,649) $ 2,661,934 $ 2,145,883 $ 2,148,976 (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") which includes our senior secured term loan facility and senior secured revolving credit facility. The $750 million senior secured term loan facility under the 2017 Credit Agreement matures on April 15, 2024 and, following an amendment in March 2018, bears interest at London InterBank Offered Rate ("LIBOR") plus 175 basis points (bps). The pricing terms for the March 2018 amendment reflected $0.9 million of Original Issue Discount ("OID"). In April 2020, as a result of the anticipated effects of the COVID-19 pandemic, we further amended the 2017 Credit Agreement (subsequently referred to as the "Second Amended 2017 Credit Agreement" or the "Second Amendment") to suspend and revise certain financial covenants, and to adjust the interest rate on and reflect additional commitments and capacity for our revolving credit facility. In conjunction with the Second Amendment, we prepaid $463.3 million of our outstanding senior secured term loan facility. Following the prepayment, we do not have any required remaining scheduled quarterly payments on our senior secured term loan facility. The facilities provided under the Second Amended 2017 Credit Agreement are collateralized by substantially all of the assets of the Partnership. In connection with 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 under the Second Amended 2017 Credit Agreement to $375 million with a Canadian sub-limit of $15 million. Senior secured revolving credit facility borrowings under the Second Amended 2017 Credit Agreement bore interest at LIBOR plus 300 bps or Canadian Dollar Offered Rate ("CDOR") plus 200 bps. Prior to the Second Amendment, our senior secured revolving credit facility had a combined limit of $275 million with a Canadian sub-limit of $15 million and bore interest at LIBOR or Canadian Dollar Offered Rate ("CDOR") plus 200 bps. The revolving credit facility was scheduled to mature in April 2022 under the Second Amendment. The Second Amended 2017 Credit Agreement also provides for the issuance of documentary and standby letters of credit. As of September 27, 2020, no borrowings were outstanding under the revolving credit facility. The Second Amended 2017 Credit Agreement required the payment of a 37.5 bps commitment fee per annum on the unused portion of the credit facilities. Subsequent to September 27, 2020, we further amended the Second Amended 2017 Credit Agreement in response to the continuing impacts of the COVID-19 pandemic. See the Subsequent Events footnote at Note 12 for further details. Notes In April 2020, as a result of the anticipated effects of the COVID-19 pandemic and in connection with the Second Amendment to the 2017 Credit Agreement, we issued $1.0 billion of 5.500% senior secured notes ("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 2025 senior 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 then-outstanding senior secured term loan facility. The remaining amount is to be used for general corporate and working capital purposes, including fees and expenses related to the transaction. 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 2025 senior 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 2025 senior 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 2025 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. 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 2024 senior 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 2027 senior 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 2027 senior 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, 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 2029 senior 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 2029 senior 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 2029 senior 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 September 27, 2020, we issued $300 million of 6.500% senior unsecured notes due 2028 in response to the continuing impacts of the COVID-19 pandemic. See the Subsequent Events footnote at Note 12 for further details. Covenants The Second Amendment to the 2017 Credit Agreement suspended and revised certain financial covenants including: (i) suspended testing of the Consolidated Leverage Ratio (which was previously set at a maximum of 5.50x Consolidated Total Debt-to-Consolidated EBITDA) after the first quarter of 2020, (ii) replaced such Consolidated Leverage Ratio testing with a Senior Secured Leverage Ratio of 4.00x Total First Lien Senior Secured Debt-to-Consolidated EBITDA to be tested quarterly starting with the first quarter of 2021, which would have stepped down to 3.75x in the fourth quarter of 2021, with the covenant calculations for the first, second, and third quarters in 2021 to include Consolidated EBITDA from the second, third and fourth quarters of the fiscal year ended December 31, 2019 in lieu of the Consolidated EBITDA for the corresponding quarters in 2020 ("Deemed EBITDA Quarters"), (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 would have included the period from the effective date of the Second Amendment until the delivery of the compliance certificate for the fourth quarter of 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 termination of the Additional Restrictions Period, and (v) permitted the incurrence of the portion of the 2025 senior notes that were issued and were not applied to repay a portion of the senior secured term loan facility. Under the Second Amendment, we had the ability to 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. As of September 27, 2020, we were in compliance with the financial condition covenants under the Second Amended 2017 Credit Agreement. See the Subsequent Events footnote at Note 12 for a discussion of changes to our financial covenants under the Second Amended 2017 Credit Agreement following the third quarter of 2020. Our fixed rate note agreements also 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 includes the most restrictive of these Restricted Payments provisions under our fixed rate note agreements, if our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is greater than 5.00x, we can still make Restricted Payments of $60 million annually so long as no default or event of default has occurred and is continuing. If our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is less than or equal to 5.00x, we can make Restricted Payments up to our Restricted Payment pool. Our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was greater than 5.00x as of September 27, 2020.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 27, 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 September 27, 2020 December 31, 2019 September 29, 2019 Derivatives not designated as hedging instruments: Interest Rate Swaps Other accrued liabilities $ (4,303) $ (5,129) $ — Derivative Liability (38,713) (18,108) (27,773) $ (43,016) $ (23,237) $ (27,773) 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 (loss) income.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 27, 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 September 27, 2020, December 31, 2019, and September 29, 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 September 27, 2020 December 31, 2019 September 29, 2019 Carrying Value Fair Carrying Value Fair Carrying Value Fair Financial assets (liabilities) measured on a recurring basis: Short-term investments Other current assets Level 1 $ 163 $ 163 $ 275 $ 275 $ 476 $ 476 Interest rate swaps Derivative Liability (1) Level 2 $ (43,016) $ (43,016) $ (23,237) $ (23,237) $ (27,773) $ (27,773) Other financial assets (liabilities): Term debt Long-Term Debt (2) Level 2 $ (264,250) $ (244,431) $ (721,875) $ (725,484) $ (725,625) $ (727,439) 2024 senior notes Long-Term Debt (2) Level 1 $ (450,000) $ (433,125) $ (450,000) $ (462,375) $ (450,000) $ (462,938) 2025 senior notes Long-Term Debt (2) Level 2 $ (1,000,000) $ (1,010,000) — — — — 2027 senior notes Long-Term Debt (2) Level 1 $ (500,000) $ (487,500) $ (500,000) $ (535,000) $ (500,000) $ (535,000) 2029 senior notes Long-Term Debt (2) Level 1 (3) $ (500,000) $ (476,250) $ (500,000) $ (539,375) $ (500,000) $ (533,750) (1) As of September 27, 2020 and December 31, 2019, $4.3 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 $52.3 million, $26.0 million, and $26.6 million as of September 27, 2020, December 31, 2019, and September 29, 2019, respectively. (3) The 2029 senior notes were based on Level 1 inputs as of September 27, 2020 and Level 2 inputs as of December 31, 2019 and September 29, 2019. 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 and September 27, 2020. We concluded the estimated fair value of goodwill at the Schlitterbahn parks reporting unit and the Schlitterbahn trade name, and the estimated fair value of goodwill at the Dorney Park reporting unit no longer exceeded their carrying values. As of March 29, 2020, we also concluded the estimated fair value of the long-lived assets of the Schlitterbahn parks no longer exceeded their carrying values. Therefore, as of March 29, 2020 and September 27, 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 a $6.8 million impairment charge to goodwill at Dorney Park during the first quarter of 2020. We also recorded an $11.3 million and $2.2 million impairment charge to goodwill and the trade name at the Schlitterbahn parks, respectively, and a $2.3 million impairment charge to goodwill at Dorney Park during the third 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 (loss) income. 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 anticipated 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 anticipated 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 September 27, 2020, December 31, 2019 or September 29, 2019.

Earnings per Unit

Earnings per Unit	9 Months Ended
	Sep. 27, 2020
Earnings Per Unit [Abstract]
Earnings per Unit	Earnings per Unit: Net (loss) income per limited partner unit was calculated based on the following unit amounts: Three months ended Nine months ended (In thousands, except per unit amounts) September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 Basic weighted average units outstanding 56,497 56,519 56,469 56,344 Effect of dilutive units: Deferred units — 48 — 51 Performance units — — — 33 Restricted units — 239 — 263 Unit options — 125 — 125 Diluted weighted average units outstanding 56,497 56,931 56,469 56,816 Net (loss) income per unit - basic $ (2.41) $ 3.36 $ (8.58) $ 3.01 Net (loss) income per unit - diluted $ (2.41) $ 3.34 $ (8.58) $ 2.98

Income and Partnership Taxes

Income and Partnership Taxes	9 Months Ended
	Sep. 27, 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 carry backs allowed 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 27, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: In response to the continuing impacts of the COVID-19 pandemic, on September 28, 2020, we further amended the Second Amended 2017 Credit Agreement (subsequently referred to as the "Third Amended 2017 Credit Agreement" or the "Third Amendment") to, among other things: (i) extend the suspension of testing of the Senior Secured Leverage Ratio through 2021, (ii) modify the quarterly testing of the Senior Secured Leverage Ratio to 4.50x Total First Lien Senior Secured Debt-to-Consolidated EBITDA in the first quarter of 2022, which will step down to 4.00x in the second quarter of 2023 and which will step down further to 3.75x in the third quarter of 2023, with the covenant calculations for the first, second, and third quarters in 2022 to include Consolidated EBITDA from the second, third and fourth quarters of the fiscal year ended December 31, 2019 in lieu of the Consolidated EBITDA for the corresponding quarters in 2021 ("revised Deemed EBITDA Quarters"), (iii) extend the requirement that we maintain a minimum liquidity level of at least $125.0 million, tested at all times, until the earlier of December 31, 2022 or the termination of the revised Additional Restrictions Period (which generally includes the period from the effective date of the Second Amendment until the delivery of the compliance certificate for the fourth quarter of 2022), (iv) extend the suspension of 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 Third Amended 2017 Credit Agreement until the termination of the revised Additional Restrictions Period, and (v) permit the incurrence of the 2028 senior notes described below. We have the ability to terminate the revised Additional Restrictions Period prior to December 31, 2022 by achieving compliance with the Senior Secured Leverage Ratio covenant as of the end of a fiscal quarter without giving effect to revised Deemed EBITDA Quarters for any fiscal quarter. In addition to suspending and revising certain financial covenants, the Third Amendment, upon completion of certain customary closing conditions, will extend the maturity date of $300 million of the $375 million senior secured revolving credit facility to December 2023 (which the portion of the facility is subsequently referred to as the "2023 Revolving Credit Facility Capacity"). Under the Third Amendment, the 2023 Revolving Credit Facility Capacity will bear interest at LIBOR plus 350 bps or Canadian Dollar Offered Rate plus 250 bps and will require the payment of a 62.5 bps commitment fee per annum on the unused portion of the 2023 Revolving Credit Facility Capacity, in each case without any step-downs. The terms of the remaining $75 million available under the senior secured revolving credit facility (the "2022 Revolving Credit Facility Capacity") will remain unchanged from the Second Amended 2017 Credit Agreement. Following the Third Amendment, on October 7, 2020, we issued $300 million of 6.500% senior unsecured notes due 2028 ("2028 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 2028 senior notes. The 2028 senior 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 net proceeds from the offering of the 2028 senior notes will be used for general corporate and working capital purposes, including fees and expenses related to the transaction. The 2028 senior notes pay interest semi-annually in April and October, beginning April 1, 2021, with the principal due in full on October 1, 2028. Prior to October 1, 2023, up to 35% of the 2028 senior notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 106.500% of the principal amount thereof, together with accrued and unpaid interest, if any. The notes may be redeemed, in whole or in part, at any time prior to October 1, 2023 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 note 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)	9 Months Ended
	Sep. 27, 2020
Accounting Policies [Abstract]
Adopted And New 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 27, 2020
Revenue from Contract with Customer [Abstract]
Schedule of 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 Nine months ended (In thousands) September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 In-park revenues $ 61,764 $ 658,645 $ 106,008 $ 1,114,240 Out-of-park revenues 29,051 76,347 46,705 140,452 Concessionaire remittance (3,358) (20,480) (5,035) (37,013) Net revenues $ 87,457 $ 714,512 $ 147,678 $ 1,217,679

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 27, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Summary of Changes in Partnership's Carrying Value of Goodwill	Changes in the carrying value of goodwill for the nine months ended September 27, 2020 and September 29, 2019 were: (In thousands) Goodwill Balance as of December 31, 2019 $ 359,654 Impairment (93,929) Foreign currency translation (1,865) Balance as of September 27, 2020 $ 263,860 Balance as of December 31, 2018 $ 178,719 Acquisition 177,994 Foreign currency translation 1,738 Balance as of September 29, 2019 $ 358,451
Schedule of Partnership's Other Intangible Assets	As of September 27, 2020, December 31, 2019, and September 29, 2019, other intangible assets consisted of the following: (In thousands) Gross Accumulated Net September 27, 2020 Other intangible assets: Trade names $ 48,764 $ — $ 48,764 License / franchise agreements 4,257 (3,304) 953 Total other intangible assets $ 53,021 $ (3,304) $ 49,717 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 September 29, 2019 Other intangible assets: Trade names $ 58,981 $ — $ 58,981 License / franchise agreements 3,509 (2,797) 712 Total other intangible assets $ 62,490 $ (2,797) $ 59,693

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 27, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt as of September 27, 2020, December 31, 2019, and September 29, 2019 consisted of the following: (In thousands) September 27, 2020 December 31, 2019 September 29, 2019 U.S. term loan averaging 2.85% YTD 2020; 4.01% in 2019; 4.16% YTD 2019 (due 2017-2024) (1) $ 264,250 $ 729,375 $ 733,125 Notes 2024 U.S. fixed rate notes at 5.375% 450,000 450,000 450,000 2025 U.S. fixed rate notes at 5.500% 1,000,000 — — 2027 U.S. fixed rate notes at 5.375% 500,000 500,000 500,000 2029 U.S. fixed rate notes at 5.250% 500,000 500,000 500,000 2,714,250 2,179,375 2,183,125 Less current portion — (7,500) (7,500) 2,714,250 2,171,875 2,175,625 Less debt issuance costs and original issue discount (52,316) (25,992) (26,649) $ 2,661,934 $ 2,145,883 $ 2,148,976 (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)	9 Months Ended
	Sep. 27, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of 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 September 27, 2020 December 31, 2019 September 29, 2019 Derivatives not designated as hedging instruments: Interest Rate Swaps Other accrued liabilities $ (4,303) $ (5,129) $ — Derivative Liability (38,713) (18,108) (27,773) $ (43,016) $ (23,237) $ (27,773)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 27, 2020
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The table below presents the balances of assets and liabilities measured at fair value as of September 27, 2020, December 31, 2019, and September 29, 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 September 27, 2020 December 31, 2019 September 29, 2019 Carrying Value Fair Carrying Value Fair Carrying Value Fair Financial assets (liabilities) measured on a recurring basis: Short-term investments Other current assets Level 1 $ 163 $ 163 $ 275 $ 275 $ 476 $ 476 Interest rate swaps Derivative Liability (1) Level 2 $ (43,016) $ (43,016) $ (23,237) $ (23,237) $ (27,773) $ (27,773) Other financial assets (liabilities): Term debt Long-Term Debt (2) Level 2 $ (264,250) $ (244,431) $ (721,875) $ (725,484) $ (725,625) $ (727,439) 2024 senior notes Long-Term Debt (2) Level 1 $ (450,000) $ (433,125) $ (450,000) $ (462,375) $ (450,000) $ (462,938) 2025 senior notes Long-Term Debt (2) Level 2 $ (1,000,000) $ (1,010,000) — — — — 2027 senior notes Long-Term Debt (2) Level 1 $ (500,000) $ (487,500) $ (500,000) $ (535,000) $ (500,000) $ (535,000) 2029 senior notes Long-Term Debt (2) Level 1 (3) $ (500,000) $ (476,250) $ (500,000) $ (539,375) $ (500,000) $ (533,750) (1) As of September 27, 2020 and December 31, 2019, $4.3 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 $52.3 million, $26.0 million, and $26.6 million as of September 27, 2020, December 31, 2019, and September 29, 2019, respectively. (3) The 2029 senior notes were based on Level 1 inputs as of September 27, 2020 and Level 2 inputs as of December 31, 2019 and September 29, 2019.

Earnings per Unit (Tables)

Earnings per Unit (Tables)	9 Months Ended
	Sep. 27, 2020
Earnings Per Unit [Abstract]
Schedule of Net Income (Loss) Per Limited Partner Unit	Net (loss) income per limited partner unit was calculated based on the following unit amounts: Three months ended Nine months ended (In thousands, except per unit amounts) September 27, 2020 September 29, 2019 September 27, 2020 September 29, 2019 Basic weighted average units outstanding 56,497 56,519 56,469 56,344 Effect of dilutive units: Deferred units — 48 — 51 Performance units — — — 33 Restricted units — 239 — 263 Unit options — 125 — 125 Diluted weighted average units outstanding 56,497 56,931 56,469 56,816 Net (loss) income per unit - basic $ (2.41) $ 3.36 $ (8.58) $ 3.01 Net (loss) income per unit - diluted $ (2.41) $ 3.34 $ (8.58) $ 2.98

Significant Accounting and Re_3

Significant Accounting and Reporting Policies (Narrative) (Details) - USD ($)	Oct. 07, 2020	Apr. 27, 2020
2025 Senior Notes [Member] | Secured Debt [Member]
Short-term Debt [Line Items]
Debt instrument, face amount		$ 1,000,000,000
2028 Senior Notes at 6.500% [Member] | Senior Unsecured Notes [member] | Subsequent Event [Member]
Short-term Debt [Line Items]
Debt instrument, face amount	$ 300,000,000

Interim Reporting (Details)

Interim Reporting (Details)	9 Months Ended
	Sep. 27, 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 ($)	Sep. 27, 2020USD ($)	Mar. 29, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 27, 2020USD ($)	Sep. 29, 2019USD ($)	Jul. 01, 2019water_park	Jul. 01, 2019resort
Business Combination Segment Allocation [Line Items]
Acquisition						$ 177,994
Right-of-use asset		$ 13,021		$ 14,324	$ 13,021	11,067
Goodwill, impairment loss					93,929
Schlitterbahn [Member]
Business Combination Segment Allocation [Line Items]
Number of assets acquired							2	1
Payments for asset acquisitions	$ 257,700
Acquisition	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		11,300	73,600
Pro forma revenue					10,700	41,500
Pro forma net income (loss)					(117,500)	20,200
Asset acquisition, transaction costs				7,000
Schlitterbahn [Member] | Pro Forma [Member]
Business Combination Segment Allocation [Line Items]
Pro forma revenue						68,000
Pro forma net income (loss)						20,000
Trade Names [Member]
Business Combination Segment Allocation [Line Items]
Indefinite-lived intangible assets		48,764		59,249	48,764	$ 58,981
Trade Names [Member] | Schlitterbahn [Member]
Business Combination Segment Allocation [Line Items]
Indefinite-lived intangible assets	23,200	13,100		23,200	$ 13,100
Impairment of intangible assets		$ 2,200	$ 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		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Disaggregation of Revenue [Line Items]
Concessionaire remittance	$ (3,358)	$ (20,480)	$ (5,035)	$ (37,013)
Net revenues	87,457	714,512	147,678	1,217,679
In-park revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	61,764	658,645	106,008	1,114,240
Out-of-park revenues [Member]
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 29,051	$ 76,347	$ 46,705	$ 140,452

Revenue Recognition (Narrative)

Revenue Recognition (Narrative) (Details) $ in Thousands	Jan. 01, 2020USD ($)	Sep. 27, 2020USD ($)monthly_installment	Dec. 31, 2019USD ($)	Sep. 29, 2019USD ($)
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 151,400	$ 156,488	$ 151,377	$ 130,265
Deferred revenue percentage, season-long products	91.00%
Revenue from contract with customer		20,000
Non-current deferred revenue		$ 36,180	9,401	18,205
Term of contract		25 years
Payment terms for billing		30 days
Allowance for doubtful accounts receivable		$ 8,500	$ 3,400	$ 11,300
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
Pandemic COVID-19 [Member] | Revision of Prior Period, Reclassification, Adjustment [Member]
Disaggregation of Revenue [Line Items]
Non-current deferred revenue		$ 36,200
Non-Current Deferred Revenue [Member] | Pandemic COVID-19 [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue		$ 27,100

Long-Lived Assets (Details)

Long-Lived Assets (Details) $ in Millions	3 Months Ended
	Mar. 29, 2020USD ($)	Sep. 25, 2016aproperty	Sep. 27, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 29, 2019USD ($)
Property, Plant and Equipment [Line Items]
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			$ 7.5	$ 9	$ 9
Schlitterbahn [Member]
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 2.7

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Mar. 29, 2020	Sep. 27, 2020	Dec. 31, 2019	Sep. 29, 2019	Jul. 01, 2019	Dec. 31, 2018
Goodwill [Line Items]
Goodwill, impairment loss			$ 93,929
Goodwill	$ 263,860		263,860	$ 359,654	$ 358,451		$ 178,719
Schlitterbahn [Member]
Goodwill [Line Items]
Goodwill, impairment loss	11,300	$ 73,600
Goodwill	93,100		93,100	178,000
Trade Names [Member]
Goodwill [Line Items]
Indefinite-lived intangible assets	48,764		48,764	59,249	$ 58,981
Trade Names [Member] | Schlitterbahn [Member]
Goodwill [Line Items]
Impairment of intangible assets	2,200	7,900
Indefinite-lived intangible assets	13,100		$ 13,100	$ 23,200		$ 23,200
Dorney Park [Member]
Goodwill [Line Items]
Goodwill, impairment loss	$ 2,300	$ 6,800

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Goodwill [Roll Forward]
Goodwill (net), beginning of period	$ 359,654	$ 178,719
Impairment	(93,929)
Foreign currency translation	(1,865)	1,738
Acquisition		177,994
Goodwill (net), end of period	$ 263,860	$ 358,451

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 31, 2019	Sep. 29, 2019
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (3,304)	$ (2,933)	$ (2,797)
Total other intangible assets, gross carrying amount	53,021	62,832	62,490
Total other intangible assets, net carrying value	49,717	59,899	59,693
License / Franchise Agreements [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	4,257	3,583	3,509
Accumulated Amortization	(3,304)	(2,933)	(2,797)
Net Carrying Value	953	650	712
Trade Names [Member]
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Carrying Amount/Value	$ 48,764	$ 59,249	$ 58,981

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Dec. 31, 2019	Apr. 27, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,714,250	$ 2,183,125	$ 2,179,375
Current maturities of long-term debt	0	(7,500)	(7,500)
Long-term debt, excluding current maturities, gross	2,714,250	2,175,625	2,171,875
Deferred finance costs	(52,316)	(26,649)	(25,992)
Total long-term debt	2,661,934	2,148,976	2,145,883
2024 U.S. fixed rate notes at 5.375%[Member]
Debt Instrument [Line Items]
Long-term debt, gross	450,000	450,000	450,000
2025 Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,000,000	0	0
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	$ 500,000	$ 500,000
Senior Secured Term Loan [Member] | 2017 Credit Agreement [Member]
Debt Instrument [Line Items]
Interest rate during period	2.85%	4.16%	4.01%
Long-term debt, gross	$ 264,250	$ 733,125	$ 729,375
Secured Debt [Member] | 2024 U.S. fixed rate notes at 5.375%[Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%
Secured Debt [Member] | 2025 Senior Notes [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%			5.50%

Long-Term Debt (Details)

Long-Term Debt (Details)	Oct. 07, 2020USD ($)	Apr. 30, 2020USD ($)	Apr. 27, 2020USD ($)	Jun. 30, 2019	Apr. 30, 2017USD ($)	Mar. 29, 2020	Sep. 27, 2020USD ($)	Dec. 31, 2021	Sep. 29, 2019USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2014USD ($)
Debt Instrument [Line Items]
Line of credit facility, increase (decrease), net		$ 100,000,000
2017 Credit Agreement [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Repayments of secured debt			$ 463,300,000
Total indebtedness to consolidated cash flow ratio requirement						5.50
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
2017 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member] | Bridge Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity					15,000,000
Second Amended 2017 Credit Agreement [Member]
Debt Instrument [Line Items]
Interest rate margin over LIBOR		3.00%
Second Amended 2017 Credit Agreement [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Total indebtedness to consolidated cash flow ratio requirement			4
Second Amended 2017 Credit Agreement [Member] | Secured Debt [Member] | Forecast [Member]
Debt Instrument [Line Items]
Total indebtedness to consolidated cash flow ratio requirement								3.75
Second Amended 2017 Credit Agreement [Member] | Bridge Loan [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 15,000,000
Second Amended 2017 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit outstanding							$ 0
Commitment fee percentage		0.375%
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%				5.50%
Redemption price, percentage			35.00%
Early call date, premium price, percentage			105.50%
Redemption percentage of original face amount			100.00%
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%
2028 Senior Notes at 6.500% [Member] | Senior Unsecured Notes [member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Interest rate, stated percentage	6.50%
Redemption price, percentage	35.00%
Early call date, premium price, percentage	106.50%
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%
Canadian Dollar Offered Rate (CDOR) [Member] | 2017 Credit Agreement [Member]
Debt Instrument [Line Items]
Interest rate margin over LIBOR					2.00%
Canadian Dollar Offered Rate (CDOR) [Member] | Second Amended 2017 Credit Agreement [Member]
Debt Instrument [Line Items]
Interest rate margin over LIBOR		2.00%

Derivative Financial Instrume_3

Derivative Financial Instruments (Narrative) (Details) - Cash Flow Hedging [Member]	Sep. 27, 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	Sep. 27, 2020	Dec. 31, 2019	Sep. 29, 2019
Derivatives, Fair Value [Line Items]
Derivative liability	$ (38,713)	$ (18,108)	$ (27,773)
Interest Rate Swap [Member] | Not Designated As Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	(43,016)	(23,237)	(27,773)
Other Accrued Liabilities [Member] | Interest Rate Swap [Member] | Not Designated As Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	(4,303)	(5,129)	0
Derivative Liability [Member] | Interest Rate Swap [Member] | Not Designated As Hedging [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	$ (38,713)	$ (18,108)	$ (27,773)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Mar. 29, 2020	Sep. 27, 2020	Dec. 31, 2019	Sep. 29, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred finance costs	$ 52,316		$ 52,316	$ 25,992	$ 26,649
Goodwill, impairment loss			93,929
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)		(43,016)	(23,237)	(27,773)
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, current	4,300		4,300	5,100
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)		(43,016)	(23,237)	(27,773)
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	(244,431)		(244,431)	(725,484)	(727,439)
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	(264,250)		(264,250)	(721,875)	(725,625)
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	(433,125)		(433,125)	(462,375)	(462,938)
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)	(450,000)
2025 Senior Notes [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	(1,010,000)		(1,010,000)	0	0
2025 Senior Notes [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	(1,000,000)		(1,000,000)	0	0
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	(487,500)		(487,500)	(535,000)	(535,000)
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)	(500,000)
2029 Notes at 5.250% [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	(476,250)		(476,250)	(539,375)	(533,750)
2029 Notes at 5.250% [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)	(500,000)
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	163		163	275	476
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	163		$ 163	$ 275	$ 476
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	11,300	73,600
Trade Names [Member] | Schlitterbahn [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of intangible assets	2,200	7,900
Dorney Park [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill, impairment loss	$ 2,300	$ 6,800

Earnings per Unit (Details)

Earnings per Unit (Details) - $ / shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Earnings Per Unit [Abstract]
Basic weighted average units outstanding (in shares)	56,497	56,519	56,469	56,344
Effect of dilutive units:
Deferred units (in shares)	0	48	0	51
Performance units (in shares)	0	0	0	33
Restricted units (in shares)	0	239	0	263
Unit options (in shares)	0	125	0	125
Weighted average limited partner units outstanding (in shares)	56,497	56,931	56,469	56,816
Net income (loss) per unit - basic (in dollars per share)	$ (2.41)	$ 3.36	$ (8.58)	$ 3.01
Net income (loss) per unit - diluted (in dollars per share)	$ (2.41)	$ 3.34	$ (8.58)	$ 2.98

Subsequent Event (Details)

Subsequent Event (Details)	Oct. 07, 2020USD ($)	Sep. 28, 2020USD ($)	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2022	Apr. 30, 2020USD ($)
Second Amended 2017 Credit Agreement [Member]
Subsequent Event [Line Items]
Interest rate margin over LIBOR						3.00%
Third Amendment, 2017 Credit Agreement [Member] | Forecast [Member]
Subsequent Event [Line Items]
Total indebtedness to consolidated cash flow ratio requirement			3.75	4	4.50
Third Amendment, 2017 Credit Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Covenant, liquidity level, minimum		$ 125,000,000
London Interbank Offered Rate (LIBOR) [Member] | Third Amendment, 2017 Credit Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Interest rate margin over LIBOR		3.50%
Canadian Dollar Offered Rate (CDOR) [Member] | Second Amended 2017 Credit Agreement [Member]
Subsequent Event [Line Items]
Interest rate margin over LIBOR						2.00%
Canadian Dollar Offered Rate (CDOR) [Member] | Third Amendment, 2017 Credit Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Interest rate margin over LIBOR		2.50%
Secured Debt [Member] | Third Amendment, 2017 Credit Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Commitment fee percentage		0.625%
Secured Debt [Member] | 2023 Revolving Credit Facility, Capacity [Member] | Third Amendment, 2017 Credit Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 300,000,000
Secured Debt [Member] | 2022 Revolving Credit Facility, Capacity [Member] | Third Amendment, 2017 Credit Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity		$ 75,000,000
Secured Debt [Member] | Revolving Credit Facility [Member] | Second Amended 2017 Credit Agreement [Member]
Subsequent Event [Line Items]
Maximum borrowing capacity						$ 375,000,000
Senior Unsecured Notes [member] | 2028 Senior Notes at 6.500% [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt instrument, face amount	$ 300,000,000
Interest rate, stated percentage	6.50%
Redemption price, percentage	35.00%
Early call date, premium price, percentage	106.50%
Redemption percentage of original face amount	100.00%