Consolidating Financial Information of Guarantors and Issuers

12 Months Ended

Dec. 31, 2012

Condensed Consolidated Financial Information [Abstract]

Consolidating Financial Information of Guarantors and Issuers

Consolidating Financial Information of Guarantors and Issuers:

Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's 9.125% notes (see Note 6). The notes have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum) that guarantees the Partnership's senior secured credit facilities. There are no non-guarantor subsidiaries.

The following consolidating schedules present condensed financial information for Cedar Fair, L.P., Cedar Canada, and Magnum, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum), the guarantors (on a combined basis), as of December 31, 2012 and December 31, 2011 and for the periods ended December 31, 2012, December 31, 2011, and December 31, 2010. In lieu of providing separate audited financial statements for the guarantor subsidiaries, the accompanying condensed consolidating financial statements have been included.

Since Cedar Fair, L.P., Cedar Canada and Magnum are co-issuers of the notes and co-borrowers under the Amended 2010 Credit Agreement, all outstanding debt has been equally reflected within each co-issuer's December 31, 2012 and December 31, 2011 balance sheets in the accompanying condensed consolidating financial statements.

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2012 (As restated)

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	25,000	$	444	$	50,173	$	3,213	$	—		$	78,830
Receivables	4		101,093		71,099		498,555		(652,559		)	18,192
Inventories	—		1,724		2,352		23,764		—			27,840
Current deferred tax asset	—		3,705		816		3,663		—			8,184
Other current assets	563		17,858		530		5,490		(16,381		)	8,060
	25,567		124,824		124,970		534,685		(668,940		)	141,106
Property and Equipment, net	439,506		1,013		268,157		835,596		—			1,544,272
Investment in Park	485,136		772,183		115,401		53,790		(1,426,510		)	—
Goodwill	9,061		—		125,942		111,218		—			246,221
Other Intangibles, net	—		—		17,835		22,817		—			40,652
Deferred Tax Asset	—		36,443		—		90		(36,533		)	—
Intercompany Receivable	877,612		1,070,125		1,116,623		—		(3,064,360		)	—
Other Assets	22,048		14,832		8,419		2,315		—			47,614
	$	1,858,930	$	2,019,420	$	1,777,347	$	1,560,511	$	(5,196,343	)	$	2,019,865
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	147,264	$	213,279	$	16,101	$	286,649	$	(652,559	)	$	10,734
Deferred revenue	—		—		4,996		34,489		—			39,485
Accrued interest	98		64		15,350		—		—			15,512
Accrued taxes	4,518		—		6,239		23,437		(16,381		)	17,813
Accrued salaries, wages and benefits	—		17,932		1,214		5,690		—			24,836
Self-insurance reserves	—		5,528		1,754		16,624		—			23,906
Other accrued liabilities	1,110		2,502		140		2,164		—			5,916
	152,990		239,305		45,794		369,053		(668,940		)	138,202
Deferred Tax Liability	—		—		63,460		126,865		(36,533		)	153,792
Derivative Liability	19,309		12,951		—		—		—			32,260
Other Liabilities	—		5,480		—		3,500		—			8,980
Long-Term Debt:
Term debt	1,131,100		1,131,100		1,131,100		—		(2,262,200		)	1,131,100
Notes	401,080		401,080		401,080		—		(802,160		)	401,080
	1,532,180		1,532,180		1,532,180		—		(3,064,360		)	1,532,180
Equity	154,451		229,504		135,913		1,061,093		(1,426,510		)	154,451
	$	1,858,930	$	2,019,420	$	1,777,347	$	1,560,511	$	(5,196,343	)	$	2,019,865

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2011 (As restated)

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	512	$	31,540	$	3,472	$	—		$	35,524
Receivables	—		62,408		69,285		412,095		(536,177		)	7,611
Inventories	—		1,547		2,703		28,819		—			33,069
Current deferred tax asset	—		6,239		772		3,334		—			10,345
Other current assets	508		13,461		1,027		7,822		(10,852		)	11,966
	508		84,167		105,327		455,542		(547,029		)	98,515
Property and Equipment, net	455,579		1,044		266,111		887,968		—			1,610,702
Investment in Park	513,369		655,801		114,810		36,906		(1,320,886		)	—
Intercompany Note Receivable	—		93,845		—		—		(93,845		)	—
Goodwill	9,061		—		123,210		111,219		—			243,490
Other Intangibles, net	—		—		17,448		22,825		—			40,273
Deferred Tax Asset	—		47,646		—		—		(47,646		)	—
Intercompany Receivable	887,344		1,084,112		1,141,302		—		(3,112,758		)	—
Other Assets	27,641		16,158		9,353		1,036		—			54,188
	$	1,893,502	$	1,982,773	$	1,777,561	$	1,515,496	$	(5,122,164	)	$	2,047,168
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	15,921	$	15,921	$	15,921	$	—	$	(31,842	)	$	15,921
Accounts payable	175,968		144,868		25,631		202,566		(536,177		)	12,856
Deferred revenue	—		—		2,891		26,703		—			29,594
Accrued interest	198		131		15,433		—		—			15,762
Accrued taxes	3,909		—		7,374		15,577		(10,852		)	16,008
Accrued salaries, wages and benefits	—		26,916		1,076		5,396		—			33,388
Self-insurance reserves	—		3,977		1,711		15,555		—			21,243
Current derivative liability	—		—		50,772		—		—			50,772
Other accrued liabilities	1,247		5,568		252		832		—			7,899
	197,243		197,381		121,061		266,629		(578,871		)	203,443
Deferred Tax Liability	—		—		58,463		119,610		(47,646		)	130,427
Derivative Liability	19,451		12,949		—		—		—			32,400
Other Liabilities	—		4,090		—		—		—			4,090
Intercompany Note Payable	—		—		—		93,845		(93,845		)	—
Long-Term Debt:
Term debt	1,140,179		1,140,179		1,140,179		—		(2,280,358		)	1,140,179
Notes	400,279		400,279		400,279		—		(800,558		)	400,279
	1,540,458		1,540,458		1,540,458		—		(3,080,916		)	1,540,458
Equity	136,350		227,895		57,579		1,035,412		(1,320,886		)	136,350
	$	1,893,502	$	1,982,773	$	1,777,561	$	1,515,496	$	(5,122,164	)	$	2,047,168

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2012 (As restated)

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	145,715		$	258,136		$	140,418		$	927,668		$	(403,483	)	$	1,068,454
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			10,316			84,732			—			95,048
Operating expenses	5,380			176,356			47,863			625,287			(403,483		)	451,403
Selling, general and administrative	6,495			86,615			11,135			34,066			—			138,311
Depreciation and amortization	37,660			40			18,199			70,407			—			126,306
Loss on impairment / retirement of fixed assets, net	25,997			—			6			4,333			—			30,336
Gain on sale of other assets	(862		)	—			—			(5,763		)	—			(6,625		)
	74,670			263,011			87,519			813,062			(403,483		)	834,779
Operating income (loss)	71,045			(4,875		)	52,899			114,606			—			233,675
Interest expense, net	48,524			29,328			40,870			(8,171		)	—			110,551
Net effect of swaps	(138		)	121			(1,475		)	—			—			(1,492		)
Unrealized / realized foreign currency gain	—			—			(8,998		)	—			—			(8,998		)
Other (income) expense	749			(9,507		)	2,020			6,738			—			—
(Income) loss from investment in affiliates	(90,022		)	(66,150		)	(14,597		)	(31,759		)	202,528			—
Income (loss) before taxes	111,932			41,333			35,079			147,798			(202,528		)	133,614
Provision (benefit) for taxes	10,075			(9,856		)	3,413			28,125			—			31,757
Net income	$	101,857		$	51,189		$	31,666		$	119,673		$	(202,528	)	$	101,857
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	369			—			369			—			(369		)	369
Unrealized income on cash flow hedging derivatives	139			114			21			—			(135		)	139
Other comprehensive income, (net of tax)	508			114			390			—			(504		)	508
Total Comprehensive Income	$	102,365		$	51,303		$	32,056		$	119,673		$	(203,032	)	$	102,365

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2011 (As restated)

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries		Eliminations			Total
Net revenues	$	141,149		$	251,064		$	126,972		$	901,120	$	(391,833	)	$	1,028,472
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			9,932			82,125		—			92,057
Operating expenses	5,491			165,409			45,765			606,019		(391,833		)	430,851
Selling, general and administrative	10,073			84,270			11,314			34,769		—			140,426
Depreciation and amortization	37,283			47			17,325			71,182		—			125,837
Loss on impairment / retirement of fixed assets, net	990			—			(61		)	10,426		—			11,355
	53,837			249,726			84,275			804,521		(391,833		)	800,526
Operating income	87,312			1,338			42,697			96,599		—			227,946
Interest expense, net	84,391			15,030			52,814			4,793		—			157,028
Net effect of swaps	(12,214		)	718			(1,623		)	—		—			(13,119		)
Unrealized / realized foreign currency loss	—			—			9,909			—		—			9,909
Other (income) expense	1,705			(7,798		)	2,349			4,699		—			955
(Income) loss from investment in affiliates	(60,251		)	(11,912		)	(6,945		)	15,573		63,535			—
Income (loss) before taxes	73,681			5,300			(13,807		)	71,534		(63,535		)	73,173
Provision (benefit) for taxes	8,385			(23,000		)	2,970			19,522		—			7,877
Net income (loss)	$	65,296		$	28,300		$	(16,777	)	$	52,012	$	(63,535	)	$	65,296
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	933			—			933			—		(933		)	933
Unrealized income (loss) on cash flow hedging derivatives	3,767			(9,499		)	291			—		9,208			3,767
Other comprehensive income (loss), (net of tax)	4,700			(9,499		)	1,224			—		8,275			4,700
Total Comprehensive Income	$	69,996		$	18,801		$	(15,553	)	$	52,012	$	(55,260	)	$	69,996

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2010

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	136,386		$	245,983		$	113,513		$	863,677		$	(381,967	)	$	977,592
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			8,917			77,702			—			86,619
Operating expenses	5,534			164,750			42,551			580,534			(381,967		)	411,402
Selling, general and administrative	15,093			71,454			10,839			36,615			—			134,001
Depreciation and amortization	36,158			95			16,246			76,357			—			128,856
Loss on impairment of goodwill and other intangibles	—			—			—			2,293			—			2,293
Loss on impairment / retirement of fixed assets, net	732			—			20			62,000			—			62,752
	57,517			236,299			78,573			835,501			(381,967		)	825,923
Operating income	78,869			9,684			34,940			28,176			—			151,669
Interest expense, net	85,313			31,460			31,835			523			—			149,131
Net effect of swaps	10,508			—			7,686			—			—			18,194
Loss on early extinguishment of debt	24,831			—			10,458			—			—			35,289
Unrealized / realized foreign currency loss	—			(3,079		)	(17,484		)	—			—			(20,563		)
Other (income) expense	750			(6,123		)	1,811			3,562			—			—
(Income) loss from investment in affiliates	(17,498		)	993			2,461			2,215			11,829			—
Income (loss) before taxes	(25,035		)	(13,567		)	(1,827		)	21,876			(11,829		)	(30,382		)
Provision (benefit) for taxes	8,017			(320		)	456			(5,483		)	—			2,670
Net income (loss)	$	(33,052	)	$	(13,247	)	$	(2,283	)	$	27,359		$	(11,829	)	$	(33,052	)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(6,475		)	—			(6,475		)	—			6,475			(6,475		)
Unrealized income on cash flow hedging derivatives	60,048			1,916			8,906			—			(10,822		)	60,048
Other comprehensive income, (net of tax)	53,573			1,916			2,431			—			(4,347		)	53,573
Total Comprehensive Income	$	20,521		$	(11,331	)	$	148		$	27,359		$	(16,176	)	$	20,521

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2012 (As restated)

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	130,043		$	30,996		$	21,256		$	143,489		$	(39,851	)	$	285,933
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	30,855			(56,099		)	2,172			(16,779		)	39,851			—
Sale of other assets	1,173			—			—			14,885			—			16,058
Capital expenditures	(33,664		)	(8		)	(14,551		)	(48,009		)	—			(96,232		)
Net cash for investing activities	(1,636		)	(56,107		)	(12,379		)	(49,903		)	39,851			(80,174		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Term debt payments, including early termination penalties	(14,468		)	(10,212		)	(320		)	—			—			(25,000		)
Derivative settlement	—			—			(50,450		)	—			—			(50,450		)
Intercompany (payments) receipts	—			93,845			—			(93,845		)	—			—
Distributions (paid) received	(88,939		)	126			—			—			—			(88,813		)
Capital (contribution) infusion	—			(60,000		)	60,000			—			—			—
Exercise of limited partnership unit options	—			76			—			—			—			76
Excess tax benefit from unit-based compensation expense	—			1,208			—			—			—			1,208
Net cash from (for) financing activities	(103,407		)	25,043			9,230			(93,845		)	—			(162,979		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			526			—			—			526
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	25,000			(68		)	18,633			(259		)	—			43,306
Balance, beginning of year	—			512			31,540			3,472			—			35,524
Balance, end of year	$	25,000		$	444		$	50,173		$	3,213		$	—		$	78,830

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2011 (As restated)

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	141,935		$	(155,251	)	$	47,935		$	183,753		$	(195	)	$	218,177
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	(8,954		)	(13,523		)	(1,414		)	23,696			195			—
Capital expenditures	(41,851		)	—			(19,344		)	(28,995		)	—			(90,190		)
Net cash from (for) investing activities	(50,805		)	(13,523		)	(20,758		)	(5,299		)	195			(90,190		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net payments on revolving credit loans	(23,200		)	—			—			—			—			(23,200		)
Term debt borrowings	13,246			9,357			335			—			—			22,938
Intercompany term debt (payments) receipts	—			176,343			—			(176,343		)	—			—
Term debt payments, including early termination penalties	(13,831		)	(9,763		)	(306		)	—			—			(23,900		)
Distributions (paid) received	(55,562		)	215			—			—			—			(55,347		)
Payment of debt issuance costs	(11,783		)	(8,332		)	(1,099		)	—			—			(21,214		)
Exercise of limited partnership unit options	—			5			—			—			—			5
Net cash from (for) financing activities	(91,130		)	167,825			(1,070		)	(176,343		)	—			(100,718		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(1,510		)	—			—			(1,510		)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			(949		)	24,597			2,111			—			25,759
Balance, beginning of year	—			1,461			6,943			1,361			—			9,765
Balance, end of year	$	—		$	512		$	31,540		$	3,472		$	—		$	35,524

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2010

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	82,230		$	(62,109	)	$	(3,649	)	$	41,710		$	123,933		$	182,115
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Investment in joint ventures and affiliates	14,840			222,495			(113,173		)	(229		)	(123,933		)	—
Capital expenditures	(26,165		)	—			(7,433		)	(38,108		)	—			(71,706		)
Net cash from (for) investing activities	(11,325		)	222,495			(120,606		)	(38,337		)	(123,933		)	(71,706		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings (payments) on revolving credit loans	(63,100		)	—			—			—			—			(63,100		)
Term debt borrowings	680,000			480,000			15,000			—			—			1,175,000
Note borrowings	—			—			399,383			—			—			399,383
Intercompany term debt (payments) receipts	699,625			(696,875		)	—			(2,750		)	—			—
Term debt payments, including early termination penalties	(1,351,464		)	(7,327		)	(208,099		)	—			—			(1,566,890		)
Distributions (paid) received	(13,891		)	57			—			—			—			(13,834		)
Return of capital	—			75,247			(75,247		)	—			—			—
Payment of debt issuance costs	(22,075		)	(11,277		)	(9,912		)	—			—			(43,264		)
Exercise of limited partnership unit options	—			7			—			—			—			7
Net cash from (for) financing activities	(70,905		)	(160,168		)	121,125			(2,750		)	—			(112,698		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			126			—			—			126
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			218			(3,004		)	623			—			(2,163		)
Balance, beginning of year	—			1,243			9,947			738			—			11,928
Balance, end of year	$	—		$	1,461		$	6,943		$	1,361		$	—		$	9,765