Cover
Cover - shares | 3 Months Ended | |
Mar. 28, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 28, 2021 | |
Current Fiscal Year End Date | --12-31 | |
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) | 56,829,250 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000811532 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 31, 2020 | Mar. 29, 2020 |
Current Assets: | |||
Cash and cash equivalents | $ 271,730 | $ 376,736 | $ 26,295 |
Receivables | 33,402 | 34,445 | 25,652 |
Inventories | 48,004 | 47,479 | 7,394 |
Prepaid advertising | 6,926 | 2,838 | 17,435 |
Current income tax receivable | 93,496 | 69,104 | 0 |
Other current assets | 25,847 | 23,909 | 16,183 |
Total current assets | 479,405 | 554,511 | 92,959 |
Property and Equipment: | |||
Land | 443,579 | 442,708 | 435,677 |
Land improvements | 467,390 | 467,176 | 457,922 |
Buildings | 845,838 | 849,404 | 811,048 |
Rides and equipment | 1,963,551 | 1,962,324 | 1,893,596 |
Construction in progress | 83,658 | 75,507 | 114,740 |
Total property and equipment, gross | 3,804,016 | 3,797,119 | 3,712,983 |
Less accumulated depreciation | (1,993,568) | (1,995,138) | (1,836,870) |
Total property and equipment, net | 1,810,448 | 1,801,981 | 1,876,113 |
Goodwill | 267,718 | 266,961 | 274,659 |
Other Intangibles, net | 50,513 | 50,288 | 51,658 |
Right-of-Use Asset | 13,741 | 13,527 | 13,688 |
Other Assets | 5,836 | 6,144 | 80,406 |
Total Assets | 2,627,661 | 2,693,412 | 2,389,483 |
Current Liabilities: | |||
Current maturities of long-term debt | 0 | 0 | 7,500 |
Accounts payable | 22,613 | 14,272 | 39,000 |
Deferred revenue | 189,652 | 183,354 | 30,381 |
Accrued interest | 58,977 | 33,718 | 28,617 |
Accrued taxes | 9,878 | 10,775 | 6,656 |
Accrued salaries, wages and benefits | 17,809 | 24,975 | 16,866 |
Self-insurance reserves | 22,071 | 22,322 | 25,127 |
Other accrued liabilities | 12,011 | 10,565 | 23,692 |
Total current liabilities | 333,011 | 299,981 | 177,839 |
Deferred Tax Liability | 49,972 | 39,595 | 59,021 |
Derivative Liability | 35,524 | 39,086 | 34,298 |
Lease Liability | 10,749 | 10,483 | 10,310 |
Non-Current Deferred Revenue | 15,877 | 10,508 | 164,137 |
Other Liabilities | 5,657 | 5,952 | 806 |
Long-Term Debt: | |||
Revolving credit loans | 0 | 0 | 70,000 |
Term debt | 255,866 | 255,025 | 714,685 |
Notes | 2,701,615 | 2,699,219 | 1,432,601 |
Total long-term debt | 2,957,481 | 2,954,244 | 2,217,286 |
Partners’ Deficit | |||
Special L.P. interests | 5,290 | 5,290 | 5,290 |
General partner | (8) | (7) | (3) |
Limited partners, 56,828, 56,706 and 56,703 units outstanding as of March 28, 2021, December 31, 2020 and March 29, 2020, respectively | (785,400) | (674,319) | (305,152) |
Accumulated other comprehensive (loss) income | (492) | 2,599 | 25,651 |
Total partners' equity | (780,610) | (666,437) | (274,214) |
Total Liabilities and Partners' Equity | $ 2,627,661 | $ 2,693,412 | $ 2,389,483 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands | Mar. 28, 2021 | Dec. 31, 2020 | Mar. 29, 2020 |
Statement of Financial Position [Abstract] | |||
Limited partners, units outstanding (in shares) | 56,828 | 56,706 | 56,703 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Net revenues: | ||
Revenues | $ 9,742 | $ 53,635 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 2,306 | 6,385 |
Operating expenses | 66,154 | 106,368 |
Selling, general and administrative | 30,350 | 24,809 |
Depreciation and amortization | 1,453 | 5,088 |
Loss on impairment / retirement of fixed assets, net | 1,539 | 6,767 |
Loss on impairment of goodwill and other intangibles | 0 | 88,181 |
Gain on sale of investment | (2) | 0 |
Total costs and expenses | 101,800 | 237,598 |
Operating loss | (92,058) | (183,963) |
Interest expense | 44,096 | 27,219 |
Net effect of swaps | (3,562) | 19,779 |
Loss on early debt extinguishment | 4 | 0 |
(Gain) loss on foreign currency | (5,805) | 34,202 |
Other income | (78) | (179) |
Loss before taxes | (126,713) | (264,984) |
Benefit for taxes | (16,297) | (49,007) |
Net loss | (110,416) | (215,977) |
Net loss allocated to general partner | (1) | (2) |
Net loss allocated to limited partners | (110,415) | (215,975) |
Other comprehensive (loss) income, (net of tax): | ||
Foreign currency translation adjustment | (3,091) | 15,905 |
Other comprehensive (loss) income, (net of tax) | (3,091) | 15,905 |
Total comprehensive loss | $ (113,507) | $ (200,072) |
Basic loss per limited partner unit: | ||
Weighted average limited partner units outstanding (in shares) | 56,552 | 56,414 |
Net loss per limited partner unit (in dollars per share) | $ (1.95) | $ (3.83) |
Diluted loss per limited partner unit: | ||
Weighted average limited partner units outstanding (in shares) | 56,552 | 56,414 |
Net loss per limited partner unit (in dollars per share) | $ (1.95) | $ (3.83) |
Admissions | ||
Net revenues: | ||
Revenues | $ 0 | $ 26,649 |
Food, merchandise and games | ||
Net revenues: | ||
Revenues | 7,246 | 19,947 |
Accommodations, extra-charge products and other | ||
Net revenues: | ||
Revenues | $ 2,496 | $ 7,039 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, value | $ (666,437) | $ (9,966) |
Net loss | (110,416) | (215,977) |
Partnership distribution declared | (53,022) | |
Limited partnership units related to equity-based compensation | 882 | (9,413) |
Tax effect of units involved in treasury unit transactions | (1,548) | (1,741) |
Foreign currency translation adjustment | (3,091) | 15,905 |
Ending balance, value | $ (780,610) | $ (274,214) |
Limited Partners | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, units (in shares) | 56,706 | 56,666 |
Beginning balance, value | $ (674,319) | $ (25,001) |
Net loss | $ (110,415) | (215,975) |
Partnership distribution declared | $ (53,022) | |
Limited partnership units related to equity-based compensation (in shares) | 122 | 37 |
Limited partnership units related to equity-based compensation | $ 882 | $ (9,413) |
Tax effect of units involved in treasury unit transactions | $ (1,548) | $ (1,741) |
Ending balance, units (in shares) | 56,828 | 56,703 |
Ending balance, value | $ (785,400) | $ (305,152) |
General Partner’s Deficit | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, value | (7) | (1) |
Net loss | (1) | (2) |
Ending balance, value | (8) | (3) |
Special L.P. Interests | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, value | 5,290 | 5,290 |
Ending balance, value | 5,290 | 5,290 |
Accumulated Other Comprehensive Income (Loss) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance, value | 2,599 | 9,746 |
Foreign currency translation adjustment | (3,091) | 15,905 |
Ending balance, value | $ (492) | $ 25,651 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Statement of Partners' Capital [Abstract] | ||
Partnership distribution declared, per unit (in dollars per share) | $ 0.935 | |
Foreign currency translation adjustment, tax | $ (427) | $ 2,851 |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
CASH FLOWS FOR OPERATING ACTIVITIES | ||
Net loss | $ (110,416) | $ (215,977) |
Adjustments to reconcile net loss to net cash for operating activities: | ||
Depreciation and amortization | 1,453 | 5,088 |
Loss on impairment of goodwill and other intangibles | 0 | 88,181 |
Non-cash foreign currency (gain) loss on debt | (5,435) | 35,332 |
Non-cash equity based compensation expense (benefit) | 5,369 | (4,794) |
Non-cash deferred income tax benefit | 9,896 | (27,727) |
Net effect of swaps | (3,562) | 19,779 |
Other non-cash expenses | 3,493 | 5,995 |
Changes in assets and liabilities: | ||
(Increase) decrease in receivables | 1,077 | 13,233 |
(Increase) decrease in inventories | (464) | (14,098) |
(Increase) decrease in prepaid advertising | (4,084) | (18,575) |
(Increase) decrease in tax receivable | (25,130) | (25,093) |
(Increase) decrease in other assets | (1,450) | (4,477) |
Increase (decrease) in accounts payable | 8,505 | 8,640 |
Increase (decrease) in deferred revenue | 11,522 | 34,602 |
Increase (decrease) in accrued interest | 25,200 | 7,580 |
Increase (decrease) in other liabilities | (6,353) | (12,828) |
Net cash for operating activities | (90,379) | (105,139) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Capital expenditures | (8,361) | (58,032) |
Net cash for investing activities | (8,361) | (58,032) |
CASH FLOWS (FOR) FROM FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 0 | 70,000 |
Distributions paid to partners | 0 | (53,022) |
Payments related to tax withholding for equity compensation | (4,489) | (4,618) |
Other | (1,596) | (1,741) |
Net cash (for) from financing activities | (6,085) | 10,619 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (181) | (3,405) |
CASH AND CASH EQUIVALENTS | ||
Net decrease for the period | (105,006) | (155,957) |
Balance, beginning of period | 376,736 | 182,252 |
Balance, end of period | 271,730 | 26,295 |
SUPPLEMENTAL INFORMATION | ||
Cash payments for interest expense | 16,085 | 19,342 |
Interest capitalized | 559 | 465 |
Net cash (refunds) payments for income taxes | (330) | 4,000 |
Capital expenditures in accounts payable | $ 3,401 | $ 11,365 |
Description of the Business and
Description of the Business and Significant Accounting Policies | 3 Months Ended |
Mar. 28, 2021 | |
Accounting Policies [Abstract] | |
Description of the Business and Significant Accounting Policies | Significant Accounting Policies: Impact of COVID-19 Pandemic The novel coronavirus (COVID-19) pandemic had a material impact on our business in 2020 and is expected to have a continuing negative impact in 2021. We continue to actively work with state and local officials and anticipate opening all of our parks in May 2021 except for Canada's Wonderland. Upon opening, our parks will continue to operate in accordance with capacity and other operating limitations. Our 2021 operating calendars have been aligned with anticipated capacity restrictions, guest demand and labor availability in a challenging labor market. Due to unfavorable COVID-19 trends in Ontario, Canada's Wonderland is not expected to open in May 2021, but we anticipate opening the park as soon as conditions and the local jurisdiction allow. While full park operations at Knott's Berry Farm, our only year-round park, remained suspended during the first four months of 2021, the park hosted a culinary festival from March 5, 2021 through May 2, 2021. Our future operations are dependent on factors outside of 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. In 2020, we closed our properties for several months beginning in March 2020. We ultimately resumed partial operations at 10 of our 13 properties in 2020, operating in accordance with local and state guidelines. Due to soft demand trends upon reopening in 2020, park operating calendars were adjusted for the remainder of 2020, including reduced operating days per week and operating hours within each operating day. 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 depending on the ultimate extent of the effects of the COVID-19 pandemic. In the prior year quarterly period ended March 29, 2020, we estimated that some or all of our parks would remain closed throughout 2020 due to the effects of the COVID-19 pandemic. As a result, we estimated the following working capital amounts would be realized greater than 12 months from the balance sheet date, and these amounts were classified as non-current within the prior year quarterly period unaudited condensed consolidated balance sheet: (In thousands) Working Capital Account Balance Sheet Location March 29, 2020 Receivables Other Assets $ 23,968 Inventories Other Assets 39,364 Prepaid advertising and other current assets Other Assets 5,177 $ 68,509 Deferred revenue Non-Current Deferred Revenue $ 154,946 In the current year quarterly period ended March 28, 2021, our parks are expected to open in 2021. Therefore, we expect outstanding working capital amounts to be realized within 12 months from the balance sheet date with the exception of $5.4 million of deferred revenue expected to be realized greater than 12 months from the balance sheet date due to the validity extension for Knott's Berry Farm season passes (see Note 3 ). Significant Accounting 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, 2020, which were included in the Form 10-K filed on February 19, 2021. 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 included in the Form 10-K referred to above. Adopted 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 adopted ASU 2019-12 as of January 1, 2021. The standard did not have an effect on the condensed consolidated financial statements and related disclosures. New Accounting Pronouncements In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. We are in the process of evaluating the effect this standard will have on the unaudited condensed consolidated financial statements and related disclosures. |
Interim Reporting
Interim Reporting | 3 Months Ended |
Mar. 28, 2021 | |
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, which is typically open daily on a year-round basis. 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. COVID-19 impacted our parks' operating calendars in 2020 and 2021 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 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 effects of the COVID-19 pandemic on our parks' 2020 operating calendars, we recognized depreciation and certain other operating costs, which were still incurred and which are typically expensed over each park's operating season, over pre-COVID-19 budgeted operating days for 2020. This change in accounting procedure more accurately reflected incurred expense and resulted in greater consistency between parks and with historical results. In 2021, we will recognize these types of expenses over each park's 2021 operating season. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 28, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition: As disclosed within the unaudited condensed consolidated statements of operations and comprehensive loss, 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. The amounts are not comparable due to the effects of the COVID-19 pandemic. Three months ended (In thousands) March 28, 2021 March 29, 2020 In-park revenues $ — $ 43,027 Out-of-park revenues 10,147 12,091 Concessionaire remittance (405) (1,483) Net revenues $ 9,742 $ 53,635 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. 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. Season-long products represent most of the deferred revenue balance in any given period. Due to the effects of 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. In addition, four of our parks provided their season pass holders a loyalty reward to be used on purchases within the park during the 2021 operating season. We have identified the loyalty reward as a separate performance obligation and have allocated revenue to the season pass and loyalty reward in a manner consistent with other bundled products. The extended validity of the 2020 season-long products, and to a much lesser extent the loyalty reward offering, resulted in a significant amount of revenue being deferred into 2021. Due to the extension of the validity of the 2020 season-long products into 2021, we classified $154.9 million of deferred revenue as non-current as of March 29, 2020 within "Non-Current Deferred Revenue" in the unaudited condensed consolidated balance sheet. In order to calculate revenue recognized in 2020 on 2020 season-long products, management made significant estimates regarding the estimated number of uses expected for these season-long products for admission, dining, beverage and other products for the 2021 operating season. Actual results could materially differ from these estimates depending on the ultimate extent of the effects of the COVID-19 pandemic. In addition to the extended validity through 2021, Knott's Berry Farm is also offering a day-for-day extension into calendar year 2022 for 2020 and 2021 season passes for every day the park is closed in 2021. Due to the Knott's Berry Farm extension, we classified $5.4 million of deferred revenue as non-current as of March 28, 2021. No other parks are offering similar plans. Of the $183.4 million of current deferred revenue recorded as of January 1, 2021, 90% was related to season-long products. The remainder was related to deferred online transaction fees charged to customers, advanced ticket sales, marina deposits, advanced resort reservations, and other deferred revenue. During the three months ended March 28, 2021, a minimal amount of the deferred revenue balance as of January 1, 2021 was recognized as only limited out-of-park attractions were open during the first quarter of 2021. We also recorded $10.5 million of non-current deferred revenue as of January 1, 2021 which largely represents prepaid lease payments for a portion of the California's Great America parking lot. The prepaid lease payments are being recognized through 2039. 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 lowest in the winter months. We are not exposed to a significant concentration of customer credit risk. As of March 28, 2021, December 31, 2020 and March 29, 2020, we recorded an $8.7 million, $8.7 million and $6.0 million allowance for doubtful accounts, respectively, representing estimated defaults on installment purchase plans. The default estimate is calculated using historical default rates adjusted for current period trends, including an adjustment for the impact of the COVID-19 pandemic 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 effects of the COVID-19 pandemic and given the uncertainty around the timing of the reopening of our parks, we paused collections on our installment purchase plans in April 2020. For those parks which opened during the summer of 2020, we resumed collections of guest payments on installment purchase products as each of these parks opened for the 2020 operating season. For those parks which did not open during the summer of 2020, we resumed collections of guest payments in April 2021, except for Canada's Wonderland. We will resume collections at Canada's Wonderland when the park is able to open for the 2021 operating season. |
Long-Lived Assets
Long-Lived Assets | 3 Months Ended |
Mar. 28, 2021 | |
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 unaudited condensed consolidated financial statements. We concluded indicators of impairment did not exist during the first quarter of 2021. We based our conclusion on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions. During the first quarter of 2020 and due to the negative effects of the COVID-19 pandemic on our expected future operating results, we tested our long-lived assets for impairment. We concluded the estimated fair values of the long-lived assets at Schlitterbahn Waterpark & Resort New Braunfels and Schlitterbahn Waterpark Galveston (collectively "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 during the first quarter of 2020. The fair value of the long-lived assets was determined using a real and personal property appraisal which was performed in accordance with ASC 820 - Fair Value Measurement. Management made significant estimates in performing the impairment test, including the anticipated time frame to re-open our parks and the related anticipated demand upon re-opening our parks. Actual results could materially differ from these estimates depending on the ultimate extent of the effects of the COVID-19 pandemic. Remaining acreage from the former WildWater Kingdom, a separately gated outdoor water park near Cleveland in Aurora, Ohio, was recorded within "Other Assets" in the unaudited condensed consolidated balance sheets ($2.1 million as of March 28, 2021 and December 31, 2020 and $9.0 million as of March 29, 2020). All remaining acreage from this property was sold in April 2021. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 28, 2021 | |
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. During the first quarter of 2021, we concluded indicators of impairment did not exist. We based our conclusion on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions. During the first quarter of 2020 and due to the negative effects of the COVID-19 pandemic on our expected future operating results, we tested our goodwill and indefinite-lived intangible assets for impairment. We concluded the estimated fair value of goodwill at the Schlitterbahn parks and Dorney Park reporting units, and the estimated fair value of the Schlitterbahn trade name no longer exceeded their carrying values. Therefore, we recorded a $73.6 million, $6.8 million and $7.9 million impairment of goodwill at the Schlitterbahn parks, goodwill at Dorney Park, and the Schlitterbahn trade name, respectively, during the first quarter of 2020. The impairment charges were equal to the amount by which the carrying amounts exceeded the assets' fair value and were recorded in "Loss on impairment of goodwill and other intangibles" within the unaudited condensed consolidated statement of operations and comprehensive loss. 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, and the related anticipated demand upon re-opening our parks. 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 depending on the ultimate extent of the effects of the COVID-19 pandemic. Changes in the carrying value of goodwill for the three months ended March 28, 2021 and March 29, 2020 were: (In thousands) Goodwill Balance as of December 31, 2020 $ 266,961 Foreign currency translation 757 Balance as of March 28, 2021 $ 267,718 Balance as of December 31, 2019 $ 359,654 Impairment (80,331) Foreign currency translation (4,664) Balance as of March 29, 2020 $ 274,659 As of March 28, 2021, December 31, 2020, and March 29, 2020, other intangible assets consisted of the following: (In thousands) Gross Accumulated Net March 28, 2021 Other intangible assets: Trade names $ 49,623 $ — $ 49,623 License / franchise agreements 4,259 (3,369) 890 Total other intangible assets $ 53,882 $ (3,369) $ 50,513 December 31, 2020 Other intangible assets: Trade names $ 49,454 $ — $ 49,454 License / franchise agreements 4,259 (3,425) 834 Total other intangible assets $ 53,713 $ (3,425) $ 50,288 March 29, 2020 Other intangible assets: Trade names $ 50,361 $ — $ 50,361 License / franchise agreements 4,255 (2,958) 1,297 Total other intangible assets $ 54,616 $ (2,958) $ 51,658 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 28, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt: Long-term debt as of March 28, 2021, December 31, 2020, and March 29, 2020 consisted of the following: (In thousands) March 28, 2021 December 31, 2020 March 29, 2020 Revolving credit facility $ — $ — $ 70,000 U.S. term loan averaging 1.88% YTD 2021; 2.70% in 2020; 3.43% YTD 2020 (1) 264,250 264,250 729,375 Notes 2024 U.S. fixed rate senior unsecured notes at 5.375% 450,000 450,000 450,000 2025 U.S. fixed rate senior secured notes at 5.500% 1,000,000 1,000,000 — 2027 U.S. fixed rate senior unsecured notes at 5.375% 500,000 500,000 500,000 2028 U.S. fixed rate senior unsecured notes at 6.500% 300,000 300,000 — 2029 U.S. fixed rate senior unsecured notes at 5.250% 500,000 500,000 500,000 3,014,250 3,014,250 2,249,375 Less current portion — — (7,500) 3,014,250 3,014,250 2,241,875 Less debt issuance costs and original issue discount (56,769) (60,006) (24,589) $ 2,957,481 $ 2,954,244 $ 2,217,286 (1) The average interest rates do not reflect the effect of interest rate swap agreements (see Note 7 ). 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 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 (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. In September 2020, in response to the continuing effects of the COVID-19 pandemic, we further amended the 2017 Credit Agreement (subsequently referred to as the "Third Amended 2017 Credit Agreement" or "Third Amendment") to further suspend and revise certain of the financial covenants and extend the maturity of and adjust the terms that apply to a portion of our senior secured revolving credit facility. The facilities provided under the Third 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 million bringing our total senior secured revolving credit facility capacity under the 2017 Credit Agreement to $375 million with a Canadian sub-limit of $15 million. Senior secured revolving credit facility borrowings following the Second Amendment bore interest at LIBOR plus 300 bps or Canadian Dollar Offered Rate ("CDOR") plus 200 bps and required the payment of a 37.5 bps commitment fee per annum on the unused portion of the revolving credit facility. The revolving credit facility was scheduled to mature in April 2022 under the Second Amendment. In September 2020, the Third Amendment extended 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 bears interest at LIBOR plus 350 bps or CDOR plus 250 bps and requires 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 remain unchanged from the Second Amendment. Prior to the Second Amendment and Third 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 CDOR plus 200 bps. The Third Amended 2017 Credit Agreement also provides for the issuance of documentary and standby letters of credit. As of March 28, 2021, no borrowings were outstanding under the revolving credit facility. Notes In April 2020, as a result of the anticipated effects of the COVID-19 pandemic and in connection with the Second Amendment, we issued $1.0 billion of 5.500% senior secured notes due 2025 ("2025 senior notes") in a private placement. 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, 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 due 2024 ("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 due 2027 ("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, we issued $500 million of 5.250% senior unsecured notes due 2029 ("2029 senior notes"). 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. In October 2020, in response to the continuing effects of the COVID-19 pandemic, we issued $300 million of 6.500% senior unsecured notes due 2028 ("2028 senior notes") in a private placement. The net proceeds from the offering of the 2028 senior notes is to 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 2028 senior 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 2028 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 our outstanding debt securities in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise. Covenants The Third Amended 2017 Credit Agreement includes: (i) a Senior Secured Leverage Ratio of 4.50x Total First Lien Senior Secured Debt-to-Consolidated EBITDA starting with 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 ("Deemed EBITDA Quarters"); (ii) a requirement that we maintain a minimum liquidity level of at least $125 million, tested at all times, until the earlier of December 31, 2022 or the termination of the 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); and (iii) a suspension of certain restricted payments, including partnership distributions, under the Third Amended 2017 Credit Agreement until the termination of the Additional Restrictions Period. We may terminate the 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 Deemed EBITDA Quarters for any fiscal quarter. As of March 28, 2021, we were in compliance with the applicable financial covenants under the Third Amended 2017 Credit Agreement. Our fixed rate note agreements include Restricted Payment provisions, which could limit our ability to pay partnership distributions. Pursuant to the terms of the indenture governing the 2024 senior notes, which 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 March 28, 2021. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 28, 2021 | |
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 convert $500 million of one month LIBOR to a fixed rate of 2.88% through December 31, 2023. This results in a 4.63% fixed interest rate for borrowings under our senior secured term loan facility after the impact of interest rate swap agreements. As of March 29, 2020, we had four additional interest rate swap agreements that matured on December 31, 2020 and converted the same notional amount of one month LIBOR to a fixed rate of 2.64%. None of the interest rate swap agreements are designated as hedging instruments. The fair market value of our swap portfolio, including the location within the unaudited condensed consolidated balance sheets, for the periods presented were as follows: (In thousands) Balance Sheet Location March 28, 2021 December 31, 2020 March 29, 2020 Derivatives not designated as hedging instruments: Interest Rate Swaps Other accrued liabilities $ — $ — $ (8,718) Derivative Liability (35,524) (39,086) (34,298) $ (35,524) $ (39,086) $ (43,016) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 28, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements: The table below presents the balances of assets and liabilities measured at fair value as of March 28, 2021, December 31, 2020, and March 29, 2020 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited condensed consolidated balance sheets: (In thousands) Balance Sheet Location Fair Value Hierarchy Level March 28, 2021 December 31, 2020 March 29, 2020 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 $ 348 $ 348 $ 280 $ 280 $ 99 $ 99 Interest rate swaps Derivative Liability (1) Level 2 $ (35,524) $ (35,524) $ (39,086) $ (39,086) $ (43,016) $ (43,016) Other financial assets (liabilities): Term debt Long-Term Debt (2) Level 2 $ (264,250) $ (257,644) $ (264,250) $ (253,680) $ (721,875) $ (620,813) 2024 senior notes Long-Term Debt (2) Level 1 $ (450,000) $ (454,500) $ (450,000) $ (451,125) $ (450,000) $ (382,500) 2025 senior notes Long-Term Debt (2) Level 2 $ (1,000,000) $ (1,043,750) $ (1,000,000) $ (1,043,750) — — 2027 senior notes Long-Term Debt (2) Level 1 $ (500,000) $ (513,125) $ (500,000) $ (507,500) $ (500,000) $ (410,000) 2028 senior notes Long-Term Debt (2) Level 2 $ (300,000) $ (321,375) $ (300,000) $ (318,000) — — 2029 senior notes Long-Term Debt (2) Level 1 (3) $ (500,000) $ (510,625) $ (500,000) $ (505,625) $ (500,000) $ (417,500) (1) As of March 29, 2020, $8.7 million of the fair value of our swap portfolio 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 $56.8 million, $60.0 million, and $24.6 million as of March 28, 2021, December 31, 2020, and March 29, 2020, respectively. (3) The 2029 senior notes were based on Level 1 inputs as of March 28, 2021 and December 31, 2020 and Level 2 inputs as of March 29, 2020. 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 effects 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 during the first quarter of 2020. We concluded the estimated fair value of goodwill and long-lived assets 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. Therefore, as of March 29, 2020, these assets were measured at fair value. We recorded a $2.7 million, $73.6 million and $7.9 million impairment charge to long-lived assets, goodwill and the trade name at the Schlitterbahn parks, respectively, and a $6.8 million impairment charge to goodwill at Dorney Park during the first quarter of 2020. The long-lived asset impairment charge was recorded in "Loss on impairment / retirement of fixed assets", and the goodwill and intangible asset impairment charges were recorded in "Loss on impairment of goodwill and other intangibles" within the unaudited condensed consolidated statements of operations and comprehensive loss. 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, the related anticipated demand upon re-opening our parks, 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, the related anticipated demand upon re-opening our parks, terminal value growth rates, and a discount rate based on a weighted-average cost of capital that reflected current market conditions. The carrying value of cash and cash equivalents, revolving credit loans, accounts receivable, current portion of term debt, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. There were no other assets measured at fair value on a non-recurring basis as of March 28, 2021, December 31, 2020 or March 29, 2020. |
Loss per Unit
Loss per Unit | 3 Months Ended |
Mar. 28, 2021 | |
Earnings Per Unit [Abstract] | |
Loss per Unit | Loss per Unit: Net loss per limited partner unit was calculated based on the following unit amounts: Three months ended (In thousands, except per unit amounts) March 28, 2021 March 29, 2020 Basic weighted average units outstanding 56,552 56,414 Diluted weighted average units outstanding 56,552 56,414 Net loss per unit - basic $ (1.95) $ (3.83) Net loss per unit - diluted $ (1.95) $ (3.83) For the three months ended March 28, 2021 and March 29, 2020, there were approximately 0.6 million potentially dilutive units excluded from the computation of diluted loss per limited partner unit as their effect would have been anti-dilutive due to the net loss in each period. |
Income and Partnership Taxes
Income and Partnership Taxes | 3 Months Ended |
Mar. 28, 2021 | |
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. The CARES Act resulted in various changes to the U.S. tax law, including, among other things, allowing net operating losses arising in tax years 2018 through 2020 to be carried back to the preceding five taxable years and removing the limitation that such losses only offset 80% of taxable income. As a result of these changes, we expect to recognize two benefits. First, we expect to carryback tax year 2020 losses incurred by our corporate subsidiaries, which will result in the refund of a portion of federal income taxes paid during the carryback period of approximately $78.6 million. Second, as of March 28, 2021, the annual effective tax rate included a net benefit of $6.1 million from carrying back the projected tax year 2020 losses of the corporate subsidiaries. This tax benefit represents an estimated $6.4 million incremental benefit of tax loss carrybacks for periods when the federal income tax rate was greater than the current 21% rate. The estimated $6.4 million benefit was decreased by $0.3 million for a projected valuation allowance on foreign tax credits originally utilized during the carryback period which would be released as a result of the loss carryback but which are not expected to be utilized. As of March 28, 2021, $78.6 million in tax refunds attributable to the net operating loss in tax year 2020 being carried back to prior years in the United States, and an additional $14.9 million in tax refunds attributable to the net operating loss of our Canadian corporate subsidiary being carried back to prior years in Canada, were recorded within "Current income tax receivable" in the unaudited condensed consolidated balance sheet. We anticipate receiving these tax refunds in the fourth quarter of 2021. Additional benefits from the CARES Act included an $8.2 million deferral of the employer's share of Social Security taxes due in 50% increments in the fourth quarter of 2021 and the fourth quarter of 2022. As of March 28, 2021, the current portion was recorded in "Accrued salaries, wages and benefits" and the non-current portion was recorded in "Other Liabilities" within the unaudited condensed consolidated balance sheet. 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. |
Description of the Business a_2
Description of the Business and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 28, 2021 | |
Accounting Policies [Abstract] | |
Adopted And New Accounting Pronouncements | Adopted 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 adopted ASU 2019-12 as of January 1, 2021. The standard did not have an effect on the condensed consolidated financial statements and related disclosures. New Accounting Pronouncements 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. |
Description of the Business a_3
Description of the Business and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Unusual or Infrequent Items, or Both | As a result, we estimated the following working capital amounts would be realized greater than 12 months from the balance sheet date, and these amounts were classified as non-current within the prior year quarterly period unaudited condensed consolidated balance sheet: (In thousands) Working Capital Account Balance Sheet Location March 29, 2020 Receivables Other Assets $ 23,968 Inventories Other Assets 39,364 Prepaid advertising and other current assets Other Assets 5,177 $ 68,509 Deferred revenue Non-Current Deferred Revenue $ 154,946 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
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. The amounts are not comparable due to the effects of the COVID-19 pandemic. Three months ended (In thousands) March 28, 2021 March 29, 2020 In-park revenues $ — $ 43,027 Out-of-park revenues 10,147 12,091 Concessionaire remittance (405) (1,483) Net revenues $ 9,742 $ 53,635 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
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 three months ended March 28, 2021 and March 29, 2020 were: (In thousands) Goodwill Balance as of December 31, 2020 $ 266,961 Foreign currency translation 757 Balance as of March 28, 2021 $ 267,718 Balance as of December 31, 2019 $ 359,654 Impairment (80,331) Foreign currency translation (4,664) Balance as of March 29, 2020 $ 274,659 |
Schedule of Partnership's Other Intangible Assets | As of March 28, 2021, December 31, 2020, and March 29, 2020, other intangible assets consisted of the following: (In thousands) Gross Accumulated Net March 28, 2021 Other intangible assets: Trade names $ 49,623 $ — $ 49,623 License / franchise agreements 4,259 (3,369) 890 Total other intangible assets $ 53,882 $ (3,369) $ 50,513 December 31, 2020 Other intangible assets: Trade names $ 49,454 $ — $ 49,454 License / franchise agreements 4,259 (3,425) 834 Total other intangible assets $ 53,713 $ (3,425) $ 50,288 March 29, 2020 Other intangible assets: Trade names $ 50,361 $ — $ 50,361 License / franchise agreements 4,255 (2,958) 1,297 Total other intangible assets $ 54,616 $ (2,958) $ 51,658 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of March 28, 2021, December 31, 2020, and March 29, 2020 consisted of the following: (In thousands) March 28, 2021 December 31, 2020 March 29, 2020 Revolving credit facility $ — $ — $ 70,000 U.S. term loan averaging 1.88% YTD 2021; 2.70% in 2020; 3.43% YTD 2020 (1) 264,250 264,250 729,375 Notes 2024 U.S. fixed rate senior unsecured notes at 5.375% 450,000 450,000 450,000 2025 U.S. fixed rate senior secured notes at 5.500% 1,000,000 1,000,000 — 2027 U.S. fixed rate senior unsecured notes at 5.375% 500,000 500,000 500,000 2028 U.S. fixed rate senior unsecured notes at 6.500% 300,000 300,000 — 2029 U.S. fixed rate senior unsecured notes at 5.250% 500,000 500,000 500,000 3,014,250 3,014,250 2,249,375 Less current portion — — (7,500) 3,014,250 3,014,250 2,241,875 Less debt issuance costs and original issue discount (56,769) (60,006) (24,589) $ 2,957,481 $ 2,954,244 $ 2,217,286 (1) The average interest rates do not reflect the effect of interest rate swap agreements (see Note 7 ). |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
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 March 28, 2021 December 31, 2020 March 29, 2020 Derivatives not designated as hedging instruments: Interest Rate Swaps Other accrued liabilities $ — $ — $ (8,718) Derivative Liability (35,524) (39,086) (34,298) $ (35,524) $ (39,086) $ (43,016) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
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 March 28, 2021, December 31, 2020, and March 29, 2020 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited condensed consolidated balance sheets: (In thousands) Balance Sheet Location Fair Value Hierarchy Level March 28, 2021 December 31, 2020 March 29, 2020 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 $ 348 $ 348 $ 280 $ 280 $ 99 $ 99 Interest rate swaps Derivative Liability (1) Level 2 $ (35,524) $ (35,524) $ (39,086) $ (39,086) $ (43,016) $ (43,016) Other financial assets (liabilities): Term debt Long-Term Debt (2) Level 2 $ (264,250) $ (257,644) $ (264,250) $ (253,680) $ (721,875) $ (620,813) 2024 senior notes Long-Term Debt (2) Level 1 $ (450,000) $ (454,500) $ (450,000) $ (451,125) $ (450,000) $ (382,500) 2025 senior notes Long-Term Debt (2) Level 2 $ (1,000,000) $ (1,043,750) $ (1,000,000) $ (1,043,750) — — 2027 senior notes Long-Term Debt (2) Level 1 $ (500,000) $ (513,125) $ (500,000) $ (507,500) $ (500,000) $ (410,000) 2028 senior notes Long-Term Debt (2) Level 2 $ (300,000) $ (321,375) $ (300,000) $ (318,000) — — 2029 senior notes Long-Term Debt (2) Level 1 (3) $ (500,000) $ (510,625) $ (500,000) $ (505,625) $ (500,000) $ (417,500) (1) As of March 29, 2020, $8.7 million of the fair value of our swap portfolio 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 $56.8 million, $60.0 million, and $24.6 million as of March 28, 2021, December 31, 2020, and March 29, 2020, respectively. (3) The 2029 senior notes were based on Level 1 inputs as of March 28, 2021 and December 31, 2020 and Level 2 inputs as of March 29, 2020. |
Loss per Unit (Tables)
Loss per Unit (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Earnings Per Unit [Abstract] | |
Schedule of Net Income (Loss) Per Limited Partner Unit | Net loss per limited partner unit was calculated based on the following unit amounts: Three months ended (In thousands, except per unit amounts) March 28, 2021 March 29, 2020 Basic weighted average units outstanding 56,552 56,414 Diluted weighted average units outstanding 56,552 56,414 Net loss per unit - basic $ (1.95) $ (3.83) Net loss per unit - diluted $ (1.95) $ (3.83) |
Description of the Business a_4
Description of the Business and Significant Accounting Policies (Details) | Dec. 31, 2020property |
Accounting Policies [Abstract] | |
Number of properties in operation | 10 |
Number of properties | 13 |
Description of the Business a_5
Description of the Business and Significant Accounting Policies - Reclassifications Due to Covid-19 (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | Mar. 29, 2020 |
Unusual or Infrequent Item, or Both [Line Items] | ||||
Receivables | $ 33,402 | $ 34,445 | $ 25,652 | |
Inventories | 48,004 | 47,479 | 7,394 | |
Deferred revenue | 189,652 | $ 183,400 | 183,354 | 30,381 |
Non-Current Deferred Revenue | 15,877 | $ 10,508 | 164,137 | |
Pandemic COVID-19 | Other Assets | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Receivables | 23,968 | |||
Inventories | 39,364 | |||
Prepaid advertising and other current assets | 5,177 | |||
Other current assets, excluding cash and cash equivalents | 68,509 | |||
Pandemic COVID-19 | Non-Current Deferred Revenue | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Deferred revenue | 154,946 | |||
Non-Current Deferred Revenue | $ 5,400 | $ 10,500 | $ 154,900 |
Interim Reporting (Details)
Interim Reporting (Details) | 3 Months Ended |
Mar. 28, 2021property | |
Nature of Operations [Line Items] | |
Number of properties owned and operated | 13 |
Minimum | |
Nature of Operations [Line Items] | |
Operating period | 130 days |
Maximum | |
Nature of Operations [Line Items] | |
Operating period | 140 days |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Concessionaire remittance | $ (405) | $ (1,483) |
Net revenues | 9,742 | 53,635 |
In-park revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 43,027 |
Out-of-park revenues | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 10,147 | $ 12,091 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) $ in Thousands | Jan. 01, 2021USD ($) | Mar. 28, 2021USD ($)monthly_installment | Dec. 31, 2020USD ($) | Mar. 29, 2020USD ($) |
Disaggregation of Revenue [Line Items] | ||||
Non-current deferred revenue | $ 15,877 | $ 10,508 | $ 164,137 | |
Deferred revenue | $ 183,400 | $ 189,652 | 183,354 | 30,381 |
Deferred revenue percentage, season-long products | 90.00% | |||
Payment terms for billing | 30 days | |||
Allowance for doubtful accounts receivable | $ 8,700 | $ 8,700 | 6,000 | |
Minimum | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating period | 130 days | |||
Number of monthly installments | monthly_installment | 3 | |||
Maximum | ||||
Disaggregation of Revenue [Line Items] | ||||
Operating period | 140 days | |||
Number of monthly installments | monthly_installment | 12 | |||
Pandemic COVID-19 | Non-Current Deferred Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-current deferred revenue | $ 10,500 | $ 5,400 | $ 154,900 | |
Deferred revenue | $ 154,946 |
Long-Lived Assets (Details)
Long-Lived Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 29, 2020 | Mar. 28, 2021 | Dec. 31, 2020 | |
Wildwater Kingdom | Other Assets | |||
Property, Plant and Equipment [Line Items] | |||
Assets held-for-sale | $ 9 | $ 2.1 | $ 2.1 |
Schlitterbahn | |||
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) $ in Thousands | 3 Months Ended |
Mar. 29, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill, impairment loss | $ 80,331 |
Dorney Park | |
Goodwill [Line Items] | |
Goodwill, impairment loss | 6,800 |
Schlitterbahn | |
Goodwill [Line Items] | |
Goodwill, impairment loss | 73,600 |
Schlitterbahn | Trade Names | |
Goodwill [Line Items] | |
Impairment of intangible assets | $ 7,900 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill (net), beginning of period | $ 266,961 | $ 359,654 |
Impairment | (80,331) | |
Foreign currency translation | 757 | (4,664) |
Goodwill (net), end of period | $ 267,718 | $ 274,659 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 31, 2020 | Mar. 29, 2020 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Accumulated Amortization | $ (3,369) | $ (3,425) | $ (2,958) |
Total other intangible assets, gross carrying amount | 53,882 | 53,713 | 54,616 |
Total other intangible assets, net carrying value | 50,513 | 50,288 | 51,658 |
License / Franchise Agreements | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
License / franchise agreements | 4,259 | 4,259 | 4,255 |
Accumulated Amortization | (3,369) | (3,425) | (2,958) |
Net Carrying Value | 890 | 834 | 1,297 |
Trade Names | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Carrying Amount/Value | $ 49,623 | $ 49,454 | $ 50,361 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Dec. 31, 2020 | Apr. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 3,014,250 | $ 2,249,375 | $ 3,014,250 | |
Less current portion | 0 | (7,500) | 0 | |
Long-term debt, excluding current maturities, gross | 3,014,250 | 2,241,875 | 3,014,250 | |
Less debt issuance costs and original issue discount | (56,769) | (24,589) | (60,006) | |
Total long-term debt | 2,957,481 | 2,217,286 | 2,954,244 | |
Revolving credit facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | $ 70,000 | $ 0 | |
Term debt | Senior Secured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate during period | 1.88% | 3.43% | 2.70% | |
Long-term debt, gross | $ 264,250 | $ 729,375 | $ 264,250 | |
2024 U.S. fixed rate senior unsecured notes at 5.375% | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 5.375% | |||
Long-term debt, gross | $ 450,000 | 450,000 | 450,000 | |
2025 U.S. fixed rate senior secured notes at 5.500% | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 5.50% | 5.50% | ||
Long-term debt, gross | $ 1,000,000 | 0 | 1,000,000 | |
2027 U.S. fixed rate senior unsecured notes at 5.375% | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 5.375% | |||
Long-term debt, gross | $ 500,000 | 500,000 | 500,000 | |
2028 U.S. fixed rate senior unsecured notes at 6.500% | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 6.50% | |||
Long-term debt, gross | $ 300,000 | 0 | 300,000 | |
2029 U.S. fixed rate senior unsecured notes at 5.250% | Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate, stated percentage | 5.25% | |||
Long-term debt, gross | $ 500,000 | $ 500,000 | $ 500,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | Apr. 30, 2020USD ($) | Oct. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Apr. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Apr. 30, 2017USD ($) | Mar. 28, 2021USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||
Line of credit facility, increase (decrease), net | $ 75,000,000 | $ 100,000,000 | |||||||
Restricted Payments | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument consolidated leverage ratio | 5 | ||||||||
Restricted payment | $ 60,000,000 | ||||||||
Term debt | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of secured debt | $ 463,300,000 | ||||||||
Term debt | Senior Secured Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 750,000,000 | ||||||||
Original issue discount | $ 900,000 | ||||||||
Term debt | Senior Secured Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 275,000,000 | ||||||||
Term debt | Senior Secured Revolving Credit Facility | Bridge Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | 15,000,000 | ||||||||
Second Amended 2017 Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin over LIBOR | 3.00% | 3.00% | |||||||
Second Amended 2017 Credit Agreement | Bridge Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 15,000,000 | $ 15,000,000 | |||||||
Second Amended 2017 Credit Agreement | Secured Debt | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 375,000,000 | 375,000,000 | |||||||
Second Amended 2017 Credit Agreement | Senior Secured Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Commitment fee percentage | 0.375% | ||||||||
Line of credit outstanding | 0 | ||||||||
Third Amendment, 2017 Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Covenant, liquidity level, minimum | $ 125,000,000 | ||||||||
Third Amendment, 2017 Credit Agreement | Secured Debt | Debt Instrument, Redemption, Period One | |||||||||
Debt Instrument [Line Items] | |||||||||
Total indebtedness to consolidated cash flow ratio requirement | 4.50 | ||||||||
Third Amendment, 2017 Credit Agreement | Secured Debt | Debt Instrument, Redemption, Period Two | |||||||||
Debt Instrument [Line Items] | |||||||||
Total indebtedness to consolidated cash flow ratio requirement | 4 | ||||||||
Third Amendment, 2017 Credit Agreement | Secured Debt | Debt Instrument, Redemption, Period Three | |||||||||
Debt Instrument [Line Items] | |||||||||
Total indebtedness to consolidated cash flow ratio requirement | 3.75 | ||||||||
Third Amendment, 2017 Credit Agreement | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Commitment fee percentage | 0.625% | ||||||||
Third Amendment, 2017 Credit Agreement | Secured Debt | 2023 Revolving Credit Facility, Capacity | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||||
2025 U.S. fixed rate senior secured notes at 5.500% | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 1,000,000,000 | $ 1,000,000,000 | |||||||
Interest rate, stated percentage | 5.50% | 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 | Senior Unsecured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 450,000,000 | ||||||||
Interest rate, stated percentage | 5.375% | ||||||||
2027 U.S. fixed rate senior unsecured notes at 5.375% | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 5.375% | ||||||||
2027 U.S. fixed rate senior unsecured notes at 5.375% | Senior Unsecured Notes | |||||||||
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 U.S. fixed rate senior unsecured notes at 5.250% | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 5.25% | ||||||||
2029 U.S. fixed rate senior unsecured notes at 5.250% | Senior Unsecured Notes | |||||||||
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 U.S. fixed rate senior unsecured notes at 6.500% | Secured Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, stated percentage | 6.50% | ||||||||
2028 U.S. fixed rate senior unsecured notes at 6.500% | Senior Unsecured Notes | |||||||||
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) | Term debt | Senior Secured Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Effective interest rate percentage | 1.75% | ||||||||
London Interbank Offered Rate (LIBOR) | Third Amendment, 2017 Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin over LIBOR | 3.50% | ||||||||
Canadian Dollar Offered Rate (CDOR) | Term debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin over LIBOR | 2.00% | ||||||||
Canadian Dollar Offered Rate (CDOR) | Second Amended 2017 Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin over LIBOR | 2.00% | 2.00% | |||||||
Canadian Dollar Offered Rate (CDOR) | Third Amendment, 2017 Credit Agreement | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate margin over LIBOR | 2.50% |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - Cash Flow Hedging | Mar. 28, 2021USD ($)contractinterest_rate_swap_agreement | Dec. 31, 2020 | Mar. 29, 2020USD ($) |
Interest Rate Swap at 2.88% | |||
Derivative [Line Items] | |||
Number of derivative instruments | contract | 4 | ||
Derivative, amount of hedged item | $ | $ 500,000,000 | ||
Derivative, forward interest rate | 2.88% | ||
Interest Rate Swap at 4.63% | |||
Derivative [Line Items] | |||
Derivative, forward interest rate | 4.63% | ||
Interest Rate Swap at 2.64% | |||
Derivative [Line Items] | |||
Number of derivative instruments | contract | 4 | ||
Derivative, amount of hedged item | $ | $ 500,000,000 | ||
Derivative, forward interest rate | 2.64% | ||
Forward Starting Interest Rate Swap | |||
Derivative [Line Items] | |||
Number of derivative instruments | interest_rate_swap_agreement | 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Balance Sheet Location) (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 31, 2020 | Mar. 29, 2020 |
Derivatives, Fair Value [Line Items] | |||
Derivative liability | $ (35,524) | $ (39,086) | $ (34,298) |
Interest Rate Swaps | Not Designated As Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | (35,524) | (39,086) | (43,016) |
Other accrued liabilities | Interest Rate Swaps | Not Designated As Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | 0 | 0 | (8,718) |
Derivative Liability | Interest Rate Swaps | Not Designated As Hedging | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | $ (35,524) | $ (39,086) | $ (34,298) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 31, 2020 | Mar. 29, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt issuance costs | $ 56,769 | $ 60,006 | $ 24,589 |
Other current assets | Level 1 | Fair Value, Recurring | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 348 | 280 | 99 |
Other current assets | Level 1 | Reported Value Measurement | Fair Value, Recurring | Short-term investments | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term investments | 348 | 280 | 99 |
Derivative Liability | Level 2 | Fair Value, Recurring | Interest Rate Swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability | (35,524) | (39,086) | (43,016) |
Derivative Liability | Level 2 | Reported Value Measurement | Fair Value, Recurring | Interest Rate Swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liability | (35,524) | (39,086) | (43,016) |
Long-term Debt | Level 1 | Fair Value, Recurring | 2024 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (454,500) | (451,125) | (382,500) |
Long-term Debt | Level 1 | Fair Value, Recurring | 2027 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (513,125) | (507,500) | (410,000) |
Long-term Debt | Level 1 | Fair Value, Recurring | 2029 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (510,625) | (505,625) | (417,500) |
Long-term Debt | Level 1 | Reported Value Measurement | Fair Value, Recurring | 2024 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (450,000) | (450,000) | (450,000) |
Long-term Debt | Level 1 | Reported Value Measurement | Fair Value, Recurring | 2027 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (500,000) | (500,000) | (500,000) |
Long-term Debt | Level 1 | Reported Value Measurement | Fair Value, Recurring | 2029 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (500,000) | (500,000) | (500,000) |
Long-term Debt | Level 2 | Fair Value, Recurring | Term debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (257,644) | (253,680) | (620,813) |
Long-term Debt | Level 2 | Fair Value, Recurring | 2025 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (1,043,750) | (1,043,750) | 0 |
Long-term Debt | Level 2 | Fair Value, Recurring | 2028 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (321,375) | (318,000) | 0 |
Long-term Debt | Level 2 | Reported Value Measurement | Fair Value, Recurring | Term debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (264,250) | (264,250) | (721,875) |
Long-term Debt | Level 2 | Reported Value Measurement | Fair Value, Recurring | 2025 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (1,000,000) | (1,000,000) | 0 |
Long-term Debt | Level 2 | Reported Value Measurement | Fair Value, Recurring | 2028 senior notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | $ (300,000) | $ (300,000) | 0 |
Other accrued liabilities | Level 2 | Fair Value, Recurring | Interest Rate Swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivatives designated as cash flow hedges | $ 8,700 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 3 Months Ended |
Mar. 29, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Goodwill, impairment loss | $ 80,331 |
Dorney Park | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Goodwill, impairment loss | 6,800 |
Schlitterbahn | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment of long-lived assets | 2,700 |
Goodwill, impairment loss | 73,600 |
Schlitterbahn | Trade Names | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Impairment of intangible assets | $ 7,900 |
Loss per Unit (Details)
Loss per Unit (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Earnings Per Unit [Abstract] | ||
Basic weighted average units outstanding (in shares) | 56,552 | 56,414 |
Weighted average limited partner units outstanding (in shares) | 56,552 | 56,414 |
Net loss per unit - basic (in dollars per share) | $ (1.95) | $ (3.83) |
Net loss per unit - diluted (in dollars per share) | $ (1.95) | $ (3.83) |
Loss per Unit - Narrative (Deta
Loss per Unit - Narrative (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Earnings Per Share [Abstract] | ||
Computation of earnings per share, amount | 0.6 | 0.6 |
Income and Partnership Taxes (D
Income and Partnership Taxes (Details) $ in Millions | 3 Months Ended |
Mar. 28, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Income taxes receivable, CARES Act | $ 78.6 |
Income tax benefit, carry back, CARES Act | 6.1 |
Incremental tax benefit, CARES Act | 6.4 |
Change in deferred tax assets valuation allowance, CARES Act | (0.3) |
Additional income taxes receivable | 14.9 |
Deferred employer's share of social security taxes due to CARES Act | $ 8.2 |
Taxes due in increments | 50.00% |