Six Flags Entertainment (FUN) 10-Q 4 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 27, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 27, 2022
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		57,041,634
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000811532
Current Fiscal Year End Date	--12-31

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 31, 2021	Mar. 28, 2021
Current Assets:
Cash and cash equivalents	$ 49,963	$ 61,119	$ 271,730
Receivables	61,454	62,109	33,402
Inventories	39,269	32,113	48,004
Current income tax receivable	77,212	84,051	93,496
Other current assets	36,666	24,249	32,773
Total current assets	264,564	263,641	479,405
Property and Equipment:
Land	444,207	443,190	443,579
Land improvements	487,653	486,014	467,390
Buildings	855,436	855,297	845,838
Rides and equipment	1,994,480	1,986,235	1,963,551
Construction in progress	90,555	57,666	83,658
Total property and equipment, gross	3,872,331	3,828,402	3,804,016
Less accumulated depreciation	(2,126,499)	(2,117,659)	(1,993,568)
Total property and equipment, net	1,745,832	1,710,743	1,810,448
Goodwill	268,117	267,232	267,718
Other Intangibles, net	50,185	49,994	50,513
Right-of-Use Asset	16,176	16,294	13,741
Other Assets	5,426	5,116	5,836
Total Assets	2,350,300	2,313,020	2,627,661
Current Liabilities:
Accounts payable	57,838	53,912	22,613
Deferred revenue	224,215	187,599	189,652
Accrued interest	51,133	32,011	58,977
Accrued taxes	9,084	9,075	9,878
Accrued salaries, wages and benefits	24,242	53,833	17,809
Self-insurance reserves	24,268	24,573	22,071
Other accrued liabilities	16,310	20,511	12,011
Total current liabilities	407,090	381,514	333,011
Deferred Tax Liability	53,609	66,483	49,972
Derivative Liability	5,884	20,086	35,524
Lease Liability	13,289	13,345	10,749
Other Liabilities	10,933	11,144	21,534
Long-Term Debt:
Revolving credit loans	125,000	0	0
Term debt	259,246	258,391	255,866
Notes	2,262,830	2,260,545	2,701,615
Total long-term debt	2,647,076	2,518,936	2,957,481
Partners’ Deficit
Special L.P. interests	5,290	5,290	5,290
General partner	(8)	(7)	(8)
Limited partners, 57,042, 56,854 and 56,828 units outstanding as of March 27, 2022, December 31, 2021 and March 28, 2021, respectively	(804,659)	(712,714)	(785,400)
Accumulated other comprehensive income (loss)	11,796	8,943	(492)
Total partners' equity	(787,581)	(698,488)	(780,610)
Total Liabilities and Partners' Equity	$ 2,350,300	$ 2,313,020	$ 2,627,661

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands	Mar. 27, 2022	Dec. 31, 2021	Mar. 28, 2021
Statement of Financial Position [Abstract]
Limited partners, units outstanding (in shares)	57,042	56,854	56,828

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Net revenues:
Revenues	$ 98,835	$ 9,742
Costs and expenses:
Cost of food, merchandise, and games revenues	10,824	2,306
Operating expenses	119,850	66,154
Selling, general and administrative	40,786	30,350
Depreciation and amortization	9,599	1,453
Loss on impairment / retirement of fixed assets, net	1,548	1,539
Gain on sale of investment	0	(2)
Total costs and expenses	182,607	101,800
Operating loss	(83,772)	(92,058)
Interest expense	38,123	44,096
Net effect of swaps	(14,202)	(3,562)
Loss on early debt extinguishment	0	4
Loss (gain) on foreign currency	15	(5,805)
Other income	(49)	(78)
Loss before taxes	(107,659)	(126,713)
Benefit for taxes	(19,150)	(16,297)
Net loss	(88,509)	(110,416)
Net loss allocated to general partner	(1)	(1)
Net loss allocated to limited partners	(88,508)	(110,415)
Other comprehensive income (loss), (net of tax):
Foreign currency translation adjustment	2,853	(3,091)
Other comprehensive income (loss), (net of tax)	2,853	(3,091)
Total comprehensive loss	$ (85,656)	$ (113,507)
Basic loss per limited partner unit:
Weighted average limited partner units outstanding (in shares)	56,678	56,552
Net loss per limited partner unit (in dollars per share)	$ (1.56)	$ (1.95)
Diluted loss per limited partner unit:
Weighted average limited partner units outstanding (in shares)	56,678	56,552
Net loss per limited partner unit (in dollars per share)	$ (1.56)	$ (1.95)
Admissions
Net revenues:
Revenues	$ 49,436	$ 0
Food, merchandise and games
Net revenues:
Revenues	36,715	7,246
Accommodations, extra-charge products and other
Net revenues:
Revenues	$ 12,684	$ 2,496

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	$ (698,488)	$ (666,437)
Net income (loss)	(88,509)	(110,416)
Limited partnership units related to equity-based compensation	(1,458)	882
Tax effect of units involved in treasury unit transactions	(1,979)	(1,548)
Foreign currency translation adjustment	2,853	(3,091)
Ending balance, value	$ (787,581)	$ (780,610)
Limited Partners
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, units (in shares)	56,854	56,706
Beginning balance, value	$ (712,714)	$ (674,319)
Net income (loss)	$ (88,508)	$ (110,415)
Limited partnership units related to equity-based compensation (in shares)	188	122
Limited partnership units related to equity-based compensation	$ (1,458)	$ 882
Tax effect of units involved in treasury unit transactions	$ (1,979)	$ (1,548)
Ending balance, units (in shares)	57,042	56,828
Ending balance, value	$ (804,659)	$ (785,400)
General Partner’s Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	(7)	(7)
Net income (loss)	(1)	(1)
Ending balance, value	(8)	(8)
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	8,943	2,599
Foreign currency translation adjustment	2,853	(3,091)
Ending balance, value	$ 11,796	$ (492)

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Statement of Partners' Capital [Abstract]
Foreign currency translation adjustment, tax	$ (425)	$ (427)

UNAUDITED CONDENSED CONSOLIDA_6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
CASH FLOWS FOR OPERATING ACTIVITIES
Net loss	$ (88,509)	$ (110,416)
Adjustments to reconcile net loss to net cash for operating activities:
Depreciation and amortization	9,599	1,453
Loss on early debt extinguishment	0	4
Non-cash foreign currency gain on debt	0	(5,435)
Non-cash equity based compensation expense	3,658	5,369
Non-cash deferred income tax (benefit) provision	(13,469)	9,896
Net effect of swaps	(14,202)	(3,562)
Other non-cash expenses	3,802	3,489
Changes in assets and liabilities:
(Increase) decrease in receivables	693	1,077
(Increase) decrease in inventories	(7,107)	(464)
(Increase) decrease in tax receivable	6,902	(25,130)
(Increase) decrease in other assets	(12,620)	(5,534)
Increase (decrease) in accounts payable	(5,150)	8,505
Increase (decrease) in deferred revenue	36,173	11,522
Increase (decrease) in accrued interest	19,121	25,200
Increase (decrease) in accrued salaries, wages and benefits	(29,621)	(7,177)
Increase (decrease) in other liabilities	(4,636)	824
Net cash for operating activities	(95,366)	(90,379)
CASH FLOWS FOR INVESTING ACTIVITIES
Capital expenditures	(33,981)	(8,361)
Net cash for investing activities	(33,981)	(8,361)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings on revolving credit loans	125,000	0
Payments related to tax withholding for equity compensation	(5,114)	(4,489)
Other	(1,980)	(1,596)
Net cash from (for) financing activities	117,906	(6,085)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	285	(181)
CASH AND CASH EQUIVALENTS
Net decrease for the period	(11,156)	(105,006)
Balance, beginning of period	61,119	376,736
Balance, end of period	49,963	271,730
SUPPLEMENTAL INFORMATION
Cash payments for interest expense	16,469	16,085
Interest capitalized	608	559
Net cash refunds for income taxes	(10,559)	(330)
Capital expenditures in accounts payable	$ 16,420	$ 3,401

Description of the Business and

Description of the Business and Significant Accounting Policies	3 Months Ended
	Mar. 27, 2022
Accounting Policies [Abstract]
Description of the Business and Significant Accounting Policies	Description of the Business and Significant Accounting Policies: Impact of COVID-19 Pandemic The novel coronavirus (COVID-19) pandemic had a material impact on our business in 2020, had a continuing negative impact in 2021 and may have a longer-term negative effect. On March 14, 2020, we closed our properties in response to the spread of COVID-19 and local government mandates. We ultimately resumed only partial operations at 10 of our 13 properties in 2020. Due to soft demand trends upon reopening in 2020, park operating calendars were adjusted, including reduced operating days per week and operating hours within each operating day and earlier closure of certain parks than a typical operating year. Following March 14, 2020, Knott's Berry Farm's partial operations in 2020 were limited to culinary festivals. In May 2021, we opened all of our U.S. properties for the 2021 operating season on a staggered basis with capacity restrictions, guest reservations, and other operating protocols in place. Our 2021 operating calendars were designed to align with anticipated capacity restrictions, guest demand and labor availability, including fewer operating days in July and August at some of our smaller properties and additional operating days in September and the fourth quarter at most of our properties. As vaccination distribution efforts continued during the second quarter of 2021 and we were able to hire additional labor, we removed most capacity restrictions, guest reservation requirements and other protocols at our U.S. properties beginning in July 2021. We were also able to open our Canadian property, Canada's Wonderland, in July 2021. Canada's Wonderland operated with capacity restrictions, guest reservations, and other operating protocols in place throughout 2021. We adjusted our park operating calendars in 2021 and may continue to adjust future park operating calendars as we respond to changes in guest demand, labor availability and any federal, provincial, state and local restrictions. We currently anticipate returning to full park operating calendars for the 2022 operating season at all of our parks. Five of our 13 properties opened for the 2022 operating season in the first quarter of 2022 as planned, including Knott's Berry Farm which has remained open since May 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. Furthermore, 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. 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, 2021, which were included in the Form 10-K filed on February 18, 2022. 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. 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. In January 2021, the FASB amended ASU 2020-04 by issuing Accounting Standards Update No. 2021-01, Reference Rate Reform Scope ("ASU 2021-01"). ASU 2021-01 clarifies the scope of optional expedients and exceptions to derivatives that are affected by the discounting transition. We are in the process of evaluating the effect these standards will have on the unaudited condensed consolidated financial statements and related disclosures.

Interim Reporting

Interim Reporting	3 Months Ended
	Mar. 27, 2022
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 March, 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 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. For those operating costs that are expensed over each park's operating season, we recognize expense over each park's planned operating days.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 27, 2022
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 27, 2022 March 28, 2021 In-park revenues $ 85,535 $ — Out-of-park revenues 16,492 10,147 Concessionaire remittance (3,192) (405) Net revenues $ 98,835 $ 9,742 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 received a full season of access to our parks. The extended validity of the 2020 season-long products resulted in a significant amount of revenue deferred from 2020 into 2021. All 2020 and 2021 season-long product revenue had been recognized as of December 31, 2021 except for season-long product extensions into 2022 at two parks. In the first quarter of 2021, Knott's Berry Farm offered a further day-for-day extension into calendar year 2022 for 2020 and 2021 season-long products for every day the park was closed in 2021, as well as a further extension for out-of-state season pass holders due to more restrictive state guidelines for out-of-state visitors. In the second quarter of 2021, Canada's Wonderland extended its 2020 and 2021 season-long products through September 5, 2022. No other parks offered similar plans. As of March 27, 2022, we expect deferred revenue related to these further extended season-long products to be realized within 12 months from the balance sheet date. As of March 28, 2021, we classified $5.4 million of deferred revenue as non-current due to the Knott's Berry Farm extension. In order to calculate revenue recognized on these extended 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, including during interim periods. Actual results could materially differ from these estimates depending on the ultimate extent of the effects of the COVID-19 pandemic. Of the $187.6 million of current deferred revenue recorded as of January 1, 2022, 91% was related to season-long products. The remainder was related to deferred online transaction fees charged to customers, advanced ticket sales, prepaid games cards, advanced resort reservations, marina deposits and other deferred revenue. Approximately $20 million of the current deferred revenue balance as of January 1, 2022 was recognized during the three months ended March 27, 2022. As of January 1, 2022 and March 27, 2022, we also had recorded $10.0 million and $9.8 million, respectively, of non-current deferred revenue which largely represented 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 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 in a typical operating year are 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 27, 2022, December 31, 2021 and March 28, 2021, we recorded an $8.0 million, $5.7 million and $8.7 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. 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 where we resumed collections in June 2021. All 2020 and 2021 installment plans had concluded as of December 31, 2021.

Long-Lived Assets

Long-Lived Assets	3 Months Ended
	Mar. 27, 2022
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 decrease in the market price of a long-lived asset; a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; a significant adverse change in legal factors or in the business climate; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; past, current or future operating or cash flow losses that demonstrate continuing losses associated with the use of a long-lived asset; and a current expectation that a long-lived asset will be sold or disposed significantly before the end of its previously estimated useful life. 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 no indicators of impairment existed during the first three months of 2022 and 2021, respectively. We based our conclusions on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions. Remaining acreage from the former WildWater Kingdom, a separately gated outdoor water park located near Cleveland in Aurora, Ohio, was recorded within "Other Assets" in the prior period unaudited condensed consolidated balance sheet ($2.1 million as of March 28, 2021). All remaining acreage from this property was sold during the second quarter of 2021.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 27, 2022
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. We concluded no indicators of impairment existed during the first three months of 2022 and 2021, respectively. We based our conclusions on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions. Changes in the carrying value of goodwill for the three months ended March 27, 2022 and March 28, 2021 were: (In thousands) Goodwill Balance as of December 31, 2021 $ 267,232 Foreign currency translation 885 Balance as of March 27, 2022 $ 268,117 Balance as of December 31, 2020 $ 266,961 Foreign currency translation 757 Balance as of March 28, 2021 $ 267,718 As of March 27, 2022, December 31, 2021, and March 28, 2021, other intangible assets consisted of the following: (In thousands) Gross Accumulated Net March 27, 2022 Other intangible assets: Trade names $ 49,712 $ — $ 49,712 License / franchise agreements 4,271 (3,798) 473 Total other intangible assets $ 53,983 $ (3,798) $ 50,185 December 31, 2021 Other intangible assets: Trade names $ 49,515 $ — $ 49,515 License / franchise agreements 4,262 (3,783) 479 Total other intangible assets $ 53,777 $ (3,783) $ 49,994 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

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 27, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt: Long-term debt as of March 27, 2022, December 31, 2021, and March 28, 2021 consisted of the following: (In thousands) March 27, 2022 December 31, 2021 March 28, 2021 Revolving credit facility $ 125,000 $ — $ — U.S. term loan averaging 1.88% YTD 2022; 1.85% in 2021; 1.88% YTD 2021 (1) 264,250 264,250 264,250 Notes 2024 U.S. fixed rate senior unsecured notes at 5.375% — — 450,000 2025 U.S. fixed rate senior secured notes at 5.500% 1,000,000 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% 300,000 300,000 300,000 2029 U.S. fixed rate senior unsecured notes at 5.250% 500,000 500,000 500,000 2,689,250 2,564,250 3,014,250 Less current portion — — — 2,689,250 2,564,250 3,014,250 Less debt issuance costs and original issue discount (42,174) (45,314) (56,769) $ 2,647,076 $ 2,518,936 $ 2,957,481 (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 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 (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 (the "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. We also amended the 2017 Credit Agreement in December 2021 to allow for the redemption of the 2024 senior notes and in February 2022 to allow for greater sale and leaseback transactions. The facilities provided under the 2017 Credit Agreement are collateralized by substantially all of the assets of the Partnership. As of March 27, 2022, our total senior secured revolving credit facility capacity under the 2017 Credit Agreement was $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, required the payment of a 37.5 bps commitment fee per annum on the unused portion of the revolving credit facility and were scheduled to mature in April 2022. 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 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 remained unchanged from the Second Amendment, and such amount matured and was repaid in April 2022. The 2017 Credit Agreement also provides for the issuance of documentary and standby letters of credit. After outstanding borrowings of $125.0 million and letters of credit of $15.8 million, we had $234.2 million of available borrowings under our revolving credit facility as of March 27, 2022. 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 was 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. 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 paid interest semi-annually in June and December, with the principal due in full on June 1, 2024. On December 17, 2021, we redeemed all of the 2024 senior notes at a redemption price equal to 100.896% of the principal amount plus accrued and unpaid interest. As a result, we recognized a $5.9 million loss on early debt extinguishment during the fourth quarter of 2021, inclusive of debt premium payments of $4.1 million and the write-off of debt issuance costs of $1.8 million. 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 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"). The net proceeds from the offering of the 2028 senior notes was 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 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 2017 Credit Agreement, as amended, includes 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. The 2017 Credit Agreement, as amended, included an Additional Restrictions Period to provide further covenant relief during the COVID-19 pandemic. We terminated the Additional Restrictions Period during the first quarter of 2022 by achieving compliance with the Senior Secured Leverage Ratio covenant as of the end of the fourth quarter of 2021 without giving effect to deemed EBITDA from 2019 for any fiscal quarter of 2021 under the Additional Restrictions Period. During the Additional Restrictions Period, the credit agreement allowed 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. The credit agreement also required 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; and required that we suspend certain Restricted Payments, including partnership distributions, under the credit agreement until the termination of the Additional Restrictions Period. We were in compliance with the applicable financial covenants under our credit agreement during the three months ended March 27, 2022. 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 2027 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 5.25x, we can still make Restricted Payments of $100 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 5.25x, we can make Restricted Payments up to our Restricted Payment pool. Our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was greater than 5.25x as of March 27, 2022.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 27, 2022
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 with a notional value of $500 million that convert one-month variable rate 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. None of the interest rate swap agreements are designated as hedging instruments. The fair 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 27, 2022 December 31, 2021 March 28, 2021 Derivatives not designated as hedging instruments: Interest Rate Swaps Derivative Liability $ 5,884 $ 20,086 $ 35,524 Instruments that do not qualify for hedge accounting are adjusted to fair value each reporting period through "Net effect of swaps" within the unaudited condensed consolidated statements of operations and comprehensive loss.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 27, 2022
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 27, 2022, December 31, 2021, and March 28, 2021 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 27, 2022 December 31, 2021 March 28, 2021 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 $ 474 $ 474 $ 478 $ 478 $ 348 $ 348 Interest rate swaps Derivative Liability Level 2 $ (5,884) $ (5,884) $ (20,086) $ (20,086) $ (35,524) $ (35,524) Other financial assets (liabilities): Term debt Long-Term Debt (1) Level 2 $ (264,250) $ (260,286) $ (264,250) $ (257,644) $ (264,250) $ (257,644) 2024 senior notes Long-Term Debt (1) Level 1 — — — — $ (450,000) $ (454,500) 2025 senior notes Long-Term Debt (1) Level 2 $ (1,000,000) $ (1,015,000) $ (1,000,000) $ (1,035,000) $ (1,000,000) $ (1,043,750) 2027 senior notes Long-Term Debt (1) Level 1 $ (500,000) $ (493,750) $ (500,000) $ (513,750) $ (500,000) $ (513,125) 2028 senior notes Long-Term Debt (1) Level 1 (2) $ (300,000) $ (304,500) $ (300,000) $ (319,125) $ (300,000) $ (321,375) 2029 senior notes Long-Term Debt (1) Level 1 $ (500,000) $ (486,250) $ (500,000) $ (513,750) $ (500,000) $ (510,625) (1) Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $42.2 million, $45.3 million and $56.8 million as of March 27, 2022, December 31, 2021 and March 28, 2021, respectively. (2) The 2028 senior notes were based on Level 1 inputs as of March 27, 2022 and December 31, 2021, and Level 2 inputs as of March 28, 2021. Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR forward curves, which are considered Level 2 observable market inputs. The carrying value of cash and cash equivalents, revolving credit loans, accounts receivable, current portion of term debt, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. There were no assets measured at fair value on a non-recurring basis as of March 27, 2022, December 31, 2021 or March 28, 2021.

Loss per Unit

Loss per Unit	3 Months Ended
	Mar. 27, 2022
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 27, 2022 March 28, 2021 Basic weighted average units outstanding 56,678 56,552 Diluted weighted average units outstanding 56,678 56,552 Net loss per unit - basic $ (1.56) $ (1.95) Net loss per unit - diluted $ (1.56) $ (1.95) There were approximately 0.6 million potentially dilutive units excluded from the computation of diluted loss per limited partner unit for both the three months ended March 27, 2022 and March 28, 2021 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. 27, 2022
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, and certain partnership level income not being subject to federal tax. As of March 27, 2022 and December 31, 2021, $79.7 million in tax refunds attributable to the net operating loss in tax year 2020 being carried back to prior years in the United States were recorded within "Current income tax receivable" in the unaudited condensed consolidated balance sheet. We anticipate receiving these tax refunds during 2022. This amount was offset by accrued tax payables within the same jurisdictions for the three months ended March 27, 2022. We received $10.3 million in tax refunds attributable to the net operating loss of our Canadian corporate subsidiary being carried back to prior years in Canada during the first quarter of 2022. The Canadian refunds were recorded as a receivable as of December 31, 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. The current portion was recorded in "Accrued salaries, wages and benefits" and the non-current portion as of March 28, 2021 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. 27, 2022
Accounting Policies [Abstract]
Adopted And New Accounting Pronouncements	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. In January 2021, the FASB amended ASU 2020-04 by issuing Accounting Standards Update No. 2021-01, Reference Rate Reform Scope ("ASU 2021-01"). ASU 2021-01 clarifies the scope of optional expedients and exceptions to derivatives that are affected by the discounting transition. We are in the process of evaluating the effect these standards will have on the unaudited condensed consolidated financial statements and related disclosures.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 27, 2022
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 27, 2022 March 28, 2021 In-park revenues $ 85,535 $ — Out-of-park revenues 16,492 10,147 Concessionaire remittance (3,192) (405) Net revenues $ 98,835 $ 9,742

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 27, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Partnership's Carrying Value of Goodwill	Changes in the carrying value of goodwill for the three months ended March 27, 2022 and March 28, 2021 were: (In thousands) Goodwill Balance as of December 31, 2021 $ 267,232 Foreign currency translation 885 Balance as of March 27, 2022 $ 268,117 Balance as of December 31, 2020 $ 266,961 Foreign currency translation 757 Balance as of March 28, 2021 $ 267,718
Schedule of Partnership's Other Intangible Assets	As of March 27, 2022, December 31, 2021, and March 28, 2021, other intangible assets consisted of the following: (In thousands) Gross Accumulated Net March 27, 2022 Other intangible assets: Trade names $ 49,712 $ — $ 49,712 License / franchise agreements 4,271 (3,798) 473 Total other intangible assets $ 53,983 $ (3,798) $ 50,185 December 31, 2021 Other intangible assets: Trade names $ 49,515 $ — $ 49,515 License / franchise agreements 4,262 (3,783) 479 Total other intangible assets $ 53,777 $ (3,783) $ 49,994 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

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 27, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt as of March 27, 2022, December 31, 2021, and March 28, 2021 consisted of the following: (In thousands) March 27, 2022 December 31, 2021 March 28, 2021 Revolving credit facility $ 125,000 $ — $ — U.S. term loan averaging 1.88% YTD 2022; 1.85% in 2021; 1.88% YTD 2021 (1) 264,250 264,250 264,250 Notes 2024 U.S. fixed rate senior unsecured notes at 5.375% — — 450,000 2025 U.S. fixed rate senior secured notes at 5.500% 1,000,000 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% 300,000 300,000 300,000 2029 U.S. fixed rate senior unsecured notes at 5.250% 500,000 500,000 500,000 2,689,250 2,564,250 3,014,250 Less current portion — — — 2,689,250 2,564,250 3,014,250 Less debt issuance costs and original issue discount (42,174) (45,314) (56,769) $ 2,647,076 $ 2,518,936 $ 2,957,481 (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. 27, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Instruments in Condensed Consolidated Balance Sheet	The fair 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 27, 2022 December 31, 2021 March 28, 2021 Derivatives not designated as hedging instruments: Interest Rate Swaps Derivative Liability $ 5,884 $ 20,086 $ 35,524

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 27, 2022
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 27, 2022, December 31, 2021, and March 28, 2021 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 27, 2022 December 31, 2021 March 28, 2021 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 $ 474 $ 474 $ 478 $ 478 $ 348 $ 348 Interest rate swaps Derivative Liability Level 2 $ (5,884) $ (5,884) $ (20,086) $ (20,086) $ (35,524) $ (35,524) Other financial assets (liabilities): Term debt Long-Term Debt (1) Level 2 $ (264,250) $ (260,286) $ (264,250) $ (257,644) $ (264,250) $ (257,644) 2024 senior notes Long-Term Debt (1) Level 1 — — — — $ (450,000) $ (454,500) 2025 senior notes Long-Term Debt (1) Level 2 $ (1,000,000) $ (1,015,000) $ (1,000,000) $ (1,035,000) $ (1,000,000) $ (1,043,750) 2027 senior notes Long-Term Debt (1) Level 1 $ (500,000) $ (493,750) $ (500,000) $ (513,750) $ (500,000) $ (513,125) 2028 senior notes Long-Term Debt (1) Level 1 (2) $ (300,000) $ (304,500) $ (300,000) $ (319,125) $ (300,000) $ (321,375) 2029 senior notes Long-Term Debt (1) Level 1 $ (500,000) $ (486,250) $ (500,000) $ (513,750) $ (500,000) $ (510,625) (1) Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $42.2 million, $45.3 million and $56.8 million as of March 27, 2022, December 31, 2021 and March 28, 2021, respectively. (2) The 2028 senior notes were based on Level 1 inputs as of March 27, 2022 and December 31, 2021, and Level 2 inputs as of March 28, 2021.

Loss per Unit (Tables)

Loss per Unit (Tables)	3 Months Ended
	Mar. 27, 2022
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 27, 2022 March 28, 2021 Basic weighted average units outstanding 56,678 56,552 Diluted weighted average units outstanding 56,678 56,552 Net loss per unit - basic $ (1.56) $ (1.95) Net loss per unit - diluted $ (1.56) $ (1.95)

Description of the Business a_3

Description of the Business and Significant Accounting Policies (Details) - property	Mar. 27, 2022	Dec. 31, 2020
Accounting Policies [Abstract]
Number of properties in operation	5	10
Number of properties	13

Interim Reporting (Details)

Interim Reporting (Details)	3 Months Ended
	Mar. 27, 2022property
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 - Schedule

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Disaggregation of Revenue [Line Items]
Concessionaire remittance	$ (3,192)	$ (405)
Net revenues	98,835	9,742
In-park revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	85,535	0
Out-of-park revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 16,492	$ 10,147

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Thousands	Jan. 01, 2022USD ($)	Mar. 27, 2022USD ($)monthly_installment	Dec. 31, 2021USD ($)	Mar. 28, 2021USD ($)
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 187,600	$ 224,215	$ 187,599	$ 189,652
Deferred revenue percentage, season-long products	91.00%
Revenue from contract with customer		$ 20,000
Payment terms for billing		30 days
Allowance for doubtful accounts receivable		$ 8,000	$ 5,700	8,700
Non-Current Deferred Revenue | Pandemic COVID-19
Disaggregation of Revenue [Line Items]
Non-current deferred revenue	$ 10,000	$ 9,800		$ 5,400
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

Long-Lived Assets (Details)

Long-Lived Assets (Details) $ in Millions	Mar. 28, 2021USD ($)
Wildwater Kingdom | Other Assets
Property, Plant and Equipment [Line Items]
Land held for sale	$ 2.1

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Changes in Partnership's Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Goodwill [Roll Forward]
Goodwill (net), beginning of period	$ 267,232	$ 266,961
Foreign currency translation	885	757
Goodwill (net), end of period	$ 268,117	$ 267,718

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 31, 2021	Mar. 28, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (3,798)	$ (3,783)	$ (3,369)
Total other intangible assets, gross carrying amount	53,983	53,777	53,882
Total other intangible assets, net carrying value	50,185	49,994	50,513
License / franchise agreements
Intangible Assets, Net (Excluding Goodwill) [Abstract]
License / franchise agreements	4,271	4,262	4,259
Accumulated Amortization	(3,798)	(3,783)	(3,369)
Net Carrying Value	473	479	890
Trade names
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Carrying Amount/Value	$ 49,712	$ 49,515	$ 49,623

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 27, 2022	Mar. 28, 2021	Dec. 31, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,689,250	$ 3,014,250	$ 2,564,250
Less current portion	0	0	0
Long-term debt, excluding current maturities, gross	2,689,250	3,014,250	2,564,250
Less debt issuance costs and original issue discount	(42,174)	(56,769)	(45,314)
Total long-term debt	2,647,076	2,957,481	2,518,936
Revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 125,000	$ 0	$ 0
Term debt | Senior Secured Term Loan
Debt Instrument [Line Items]
Interest rate during period	1.88%	1.88%	1.85%
Long-term debt, gross	$ 264,250	$ 264,250	$ 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	$ 0	$ 450,000	0
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	1,000,000	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	300,000	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) - USD ($)	Dec. 17, 2021	Oct. 31, 2020	Sep. 30, 2020	Apr. 30, 2020	Jun. 30, 2019	Mar. 27, 2022	Dec. 31, 2021	Mar. 28, 2021	Mar. 31, 2018	Apr. 30, 2017	Jun. 30, 2014
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 125,000,000
Line of credit facility, increase (decrease), net			$ 75,000,000
Available borrowings under revolving credit facility						234,200,000
Loss on early debt extinguishment						$ 0		$ 4,000
Restricted Payments
Debt Instrument [Line Items]
Debt instrument consolidated leverage ratio						5.25
Restricted payment						$ 100,000,000
Term debt | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount										$ 750,000,000
Original issue discount									$ 900,000
Term debt | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Effective interest rate percentage									1.75%
Term debt | Senior Notes | Secured Debt
Debt Instrument [Line Items]
Repayments of secured debt				$ 463,300,000
Second Amended 2017 Credit Agreement
Debt Instrument [Line Items]
Interest rate margin over LIBOR						3.00%
Second Amended 2017 Credit Agreement | Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 15,000,000
Second Amended 2017 Credit Agreement | Canadian Dollar Offered Rate (CDOR)
Debt Instrument [Line Items]
Interest rate margin over LIBOR						2.00%
Second Amended 2017 Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Commitment fee percentage						0.375%
Second Amended 2017 Credit Agreement | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 375,000,000
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 | Canadian Dollar Offered Rate (CDOR)
Debt Instrument [Line Items]
Interest rate margin over LIBOR			2.50%
Third Amendment, 2017 Credit Agreement | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margin over LIBOR			3.50%
Third Amendment, 2017 Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Commitment fee percentage			0.625%
Third Amendment, 2017 Credit Agreement | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 300,000,000
Standby Letters of Credit
Debt Instrument [Line Items]
Standby letters of credit outstanding, amount						$ 15,800,000
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
Interest rate, stated percentage				5.50%		5.50%
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%
Notes Payable due 2024 | Senior Notes
Debt Instrument [Line Items]
Early call date, premium price, percentage	100.896%
Loss on early debt extinguishment							$ 5,900,000
Debt premium payments							4,100,000
Write off of debt issuance cost							$ 1,800,000
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%
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%
Early call date, premium price, percentage					105.25%
Redemption price, percentage					35.00%
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%
Early call date, premium price, percentage		106.50%
Redemption price, percentage		35.00%
Redemption percentage of original face amount		100.00%

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - Cash Flow Hedging	Mar. 27, 2022USD ($)contractinterest_rate_swap_agreement
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%
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. 27, 2022	Dec. 31, 2021	Mar. 28, 2021
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 5,884	$ 20,086	$ 35,524
Derivative Liability | Interest Rate Swaps | Not Designated As Hedging
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 5,884	$ 20,086	$ 35,524

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 31, 2021	Mar. 28, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance costs	$ 42,174	$ 45,314	$ 56,769
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	474	478	348
Other current assets | Level 1 | Carrying Value | Fair Value, Recurring | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	474	478	348
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	(5,884)	(20,086)	(35,524)
Derivative Liability | Level 2 | Carrying Value | Fair Value, Recurring | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	(5,884)	(20,086)	(35,524)
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	0	0	(454,500)
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	(493,750)	(513,750)	(513,125)
Long-term Debt | Level 1 | Fair Value, Recurring | 2028 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	(304,500)	(319,125)	(321,375)
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	(486,250)	(513,750)	(510,625)
Long-term Debt | Level 1 | Carrying Value | Fair Value, Recurring | 2024 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	0	0	(450,000)
Long-term Debt | Level 1 | Carrying Value | 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 | Carrying Value | 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)	(300,000)
Long-term Debt | Level 1 | Carrying Value | 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	(260,286)	(257,644)	(257,644)
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	(1,015,000)	(1,035,000)	(1,043,750)
Long-term Debt | Level 2 | Carrying Value | 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)	(264,250)
Long-term Debt | Level 2 | Carrying Value | 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)	$ (1,000,000)

Loss per Unit - Schedule of Net

Loss per Unit - Schedule of Net Income (Loss) Per Limited Partner Unit (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Earnings Per Unit [Abstract]
Basic weighted average units outstanding (in shares)	56,678	56,552
Weighted average limited partner units outstanding (in shares)	56,678	56,552
Net loss per unit - basic (in dollars per share)	$ (1.56)	$ (1.95)
Net loss per unit - diluted (in dollars per share)	$ (1.56)	$ (1.95)

Loss per Unit - Narrative (Deta

Loss per Unit - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Earnings Per Share [Abstract]
Computation of earnings per share, amount	0.6	0.6

Income and Partnership Taxes (D

Income and Partnership Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income taxes receivable, CARES Act	$ 79.7	$ 79.7
Additional income taxes receivable	10.3
Deferred employer's share of social security taxes due to CARES Act	$ 8.2
Taxes due in increments	50.00%