Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | DEF 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | CEDAR FAIR, L.P. |
Entity Central Index Key | 0000811532 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure Unit_pure in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Pay vs Performance Disclosure [Table] | |||
Pay vs Performance [Table Text Block] | Pay Versus Performance Disclosure (a) (b) (c) (d) (e) (f) (g) (h) (i) Year Summary Compensation Average Non-PEO Average Non-PEO Value of Initial Fixed $100 Investment Based On: Net Income (in thousands) Functional (in thousands) Total Peer Group (5) 2022 $ 7,285,782 $ 8,372,850 $ 3,013,407 $ 3,296,205 $ 79.72 $ 67.52 $ 307,668 $ 580,644 2021 (4) $ 9,991,165 $ 10,624,247 $ 2,933,892 $ 2,962,471 $ 95.16 $ 135.66 $ (48,518 ) $ 331,396 2020 (4) $ 1,437,733 $ (3,110,511 ) $ 787,701 $ (767,643 ) $ 74.79 $ 139.08 $ (590,243 ) $ (309,114 ) (1) Mr. Zimmerman was the primary exe 2022 2021 2020 Summary Compensation Table (“SCT”) Total $ 7,285,782 $ 9,991,165 $ 1,437,733 Less: SCT - Unit Awards 4,375,035 6,716,340 637,497 Prior fiscal year (“PY”) fair value for awards that were forfeited during fiscal year (“CY”) — — 4,139,387 Plus: Fair value of awards granted during CY that were outstanding and unvested at PY 5,439,517 6,716,340 898,250 Change in fair value of awards granted in prior years that were unvested at PY (318,879 ) 596,903 (549,718 ) Change in fair value of awards granted in prior years that vested in CY 315,429 115,847 (151,817 ) Grant date fair value of awards that were granted and vested in CY — 163,463 — Distributions paid on restricted unit awards during CY 26,036 — 31,925 Compensation Actually Paid $ 8,372,850 $ 10,624,247 $ (3,110,511 ) (2) The 2022 non-primary (“Non-PEO Non-PEO Non-PEO Non-PEO 2022 2021 2020 Summary Compensation Table (“SCT”) Total $3,013,407 $2,933,892 $787,701 Less: SCT - Unit Awards 1,678,512 1,551,155 299,100 Prior fiscal year (“PY”) fair value for awards that were forfeited during fiscal year (“CY”) — — 1,449,486 Plus: Fair value of awards granted during CY that were outstanding and unvested at PY 1,925,121 1,188,835 421,440 Change in fair value of awards granted in prior years that were unvested at PY (109,154 ) 279,877 (191,200) Change in fair value of awards granted in prior years that vested in CY 128,793 60,055 (48,102) Grant date fair value of awards that were granted and vested in CY — 50,967 — Distributions paid on restricted unit awards during CY 16,550 — 11,104 Compensation Actually Paid $ 3,296,205 $ 2,962,471 $ (767,643 ) (3) Functional Currency Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash Compensation Discussion and Analysis - Compensation Performance Measures (4) The COVID-19 (5) The amounts set forth under the heading “Peer Group Total Unitholder Return (TSR)” reflect the comprehensive total unitholder return, as of the applicable fiscal year-end, | ||
Company Selected Measure Name | Functional Currency Adjusted EBITDA | ||
Named Executive Officers, Footnote [Text Block] | The 2022 non-primary (“Non-PEO Non-PEO Non-PEO | ||
Peer Group Issuers, Footnote [Text Block] | The amounts set forth under the heading “Peer Group Total Unitholder Return (TSR)” reflect the comprehensive total unitholder return, as of the applicable fiscal year-end, | ||
PEO Total Compensation Amount | $ 7,285,782 | $ 9,991,165 | $ 1,437,733 |
PEO Actually Paid Compensation Amount | $ 8,372,850 | 10,624,247 | (3,110,511) |
Adjustment To PEO Compensation, Footnote [Text Block] | Mr. Zimmerman was the primary exe 2022 2021 2020 Summary Compensation Table (“SCT”) Total $ 7,285,782 $ 9,991,165 $ 1,437,733 Less: SCT - Unit Awards 4,375,035 6,716,340 637,497 Prior fiscal year (“PY”) fair value for awards that were forfeited during fiscal year (“CY”) — — 4,139,387 Plus: Fair value of awards granted during CY that were outstanding and unvested at PY 5,439,517 6,716,340 898,250 Change in fair value of awards granted in prior years that were unvested at PY (318,879 ) 596,903 (549,718 ) Change in fair value of awards granted in prior years that vested in CY 315,429 115,847 (151,817 ) Grant date fair value of awards that were granted and vested in CY — 163,463 — Distributions paid on restricted unit awards during CY 26,036 — 31,925 Compensation Actually Paid $ 8,372,850 $ 10,624,247 $ (3,110,511 ) | ||
Non-PEO NEO Average Total Compensation Amount | $ 3,013,407 | 2,933,892 | 787,701 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 3,296,205 | 2,962,471 | (767,643) |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | The 2022 non-primary (“Non-PEO Non-PEO Non-PEO Non-PEO 2022 2021 2020 Summary Compensation Table (“SCT”) Total $3,013,407 $2,933,892 $787,701 Less: SCT - Unit Awards 1,678,512 1,551,155 299,100 Prior fiscal year (“PY”) fair value for awards that were forfeited during fiscal year (“CY”) — — 1,449,486 Plus: Fair value of awards granted during CY that were outstanding and unvested at PY 1,925,121 1,188,835 421,440 Change in fair value of awards granted in prior years that were unvested at PY (109,154 ) 279,877 (191,200) Change in fair value of awards granted in prior years that vested in CY 128,793 60,055 (48,102) Grant date fair value of awards that were granted and vested in CY — 50,967 — Distributions paid on restricted unit awards during CY 16,550 — 11,104 Compensation Actually Paid $ 3,296,205 $ 2,962,471 $ (767,643 ) | ||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Relationship Between Company TSR and “Compensation Actually Paid” Our TSR increased over the disclosed period from $74.79 in 2020 to $79.72 at the end of 2022, but was significantly impacted (particularly in 2020) by the COVID-19 non-PEO non-PEO non-PEO one-time Compensation Discussion and Analysis and base salary increases for the non-PEO COVID-19 | ||
Compensation Actually Paid vs. Net Income [Text Block] | Relationship Between Net Income and “Compensation Actually Paid” The Company does not directly employ net income as a financial performance measure upon which named executive officer compensation may be earned. However, net income movements impact the metrics we use in our annual incentive plan and the cumulative Functional Currency Adjusted EBITDA metric used in our performance units awarded in and prior to 2021. Because of the severe disruption in our business because of the COVID-19 non-PEO COVID-19 | ||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | Relationship Between Functional Currency Adjusted EBITDA and “Compensation Actually Paid” Reflective of the Company’s strategic objective to deliver consistent profitable growth, Functional Currency Adjusted EBITDA (as defined in our Compensation Discussion and Analysis above) has served as a key financial performance measure upon which annual cash incentive awards and long-term performance units could be earned throughout the period presented. Thus, Functional Currency Adjusted EBITDA in part would impact “Compensation Actually Paid” based on the Company’s achievement against the applicable targets. Over the three-year period measured in the table above, Functional Currency Adjusted EBITDA and “Compensation Actually Paid” both increased: PEO Compensation Actually Paid increased 369% and non-PEO Compensation Discussion and Analysis - Compensation Performance Measures . | ||
Total Shareholder Return Vs Peer Group [Text Block] | Comparison Between Company TSR and Peer Group TSR Over the three-year period measured in the table above, the Company’s TSR has increased by approximately 6.6%, while the TSR of the S&P - Movies and Entertainment Index has decreased by approximately 51% over the same period. | ||
Tabular List [Table Text Block] | Most Important Financial Measures The below tabular list identifies the financial measures deemed by the People, Culture & Compensation Committee to be the most important financial measures for linking the compensation of the Company’s named executive officers to the performance of the Company. See the discussion under Compensation Discussion and Analysis - Compensation Performance Measures for their definitions. MOST IMPORTANT FINANCIAL MEASURES • Functional Currency Adjusted EBITDA • Functional Currency Adjusted EBITDA before incentive compensation expense • Un-Levered Pre-Tax • Net Leverage Ratio | ||
Total Shareholder Return Amount | $ 79.72 | 95.16 | 74.79 |
Peer Group Total Shareholder Return Amount | 67.52 | 135.66 | 139.08 |
Net Income (Loss) | $ 307,668,000 | $ (48,518,000) | $ (590,243,000) |
Company Selected Measure Amount | 580,644 | 331,396 | (309,114) |
PEO Name | Mr. Zimmerman | ||
Measure [Axis]: 1 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Functional Currency Adjusted EBITDA | ||
Measure [Axis]: 2 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Functional Currency Adjusted EBITDA before incentive compensation expense | ||
Measure [Axis]: 3 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Un-Levered Pre-Tax Free Cash Flow | ||
Measure [Axis]: 4 | |||
Pay vs Performance Disclosure [Table] | |||
Measure Name | Net Leverage Ratio | ||
PEO [Member] | Unit Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ (4,375,035) | $ (6,716,340) | $ (637,497) |
PEO [Member] | Prior Fiscal Year PY Fair Value For Awards That Were Forfeited During Fiscal Year CY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | (4,139,387) |
PEO [Member] | Fair value of awards granted during CY that were outstanding and unvested at PY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 5,439,517 | 6,716,340 | 898,250 |
PEO [Member] | Change in fair value of awards granted in prior years that were unvested at PY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (318,879) | 596,903 | (549,718) |
PEO [Member] | Change in fair value of awards granted in prior years that vested in CY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 315,429 | 115,847 | (151,817) |
PEO [Member] | Grant date fair value of awards that were granted and vested in CY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 163,463 | 0 |
PEO [Member] | Distributions paid on restricted unit awards during CY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 26,036 | 0 | 31,925 |
Non-PEO NEO [Member] | Unit Awards [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (1,678,512) | (1,551,155) | (299,100) |
Non-PEO NEO [Member] | Prior Fiscal Year PY Fair Value For Awards That Were Forfeited During Fiscal Year CY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 0 | (1,449,486) |
Non-PEO NEO [Member] | Fair value of awards granted during CY that were outstanding and unvested at PY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 1,925,121 | 1,188,835 | 421,440 |
Non-PEO NEO [Member] | Change in fair value of awards granted in prior years that were unvested at PY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | (109,154) | 279,877 | (191,200) |
Non-PEO NEO [Member] | Change in fair value of awards granted in prior years that vested in CY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 128,793 | 60,055 | (48,102) |
Non-PEO NEO [Member] | Grant date fair value of awards that were granted and vested in CY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | 0 | 50,967 | 0 |
Non-PEO NEO [Member] | Distributions paid on restricted unit awards during CY [Member] | |||
Pay vs Performance Disclosure [Table] | |||
Adjustment to Compensation Amount | $ 16,550 | $ 0 | $ 11,104 |