Consolidating Financial Information of Guarantors and Issuers (Tables)

6 Months Ended

Jun. 28, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

June 28, 2015

(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	$	—		$	—	$	15,485	$	20,740	$	(778	)	$	35,447
Receivables	1			108,653		119,015		637,007		(794,657		)	70,019
Inventories	—			228		3,143		43,256		—			46,627
Current deferred tax asset	—			15,315		674		4,043		—			20,032
Other current assets	434			1,658		2,681		26,476		(1,445		)	29,804
	435			125,854		140,998		731,522		(796,880		)	201,929
Property and Equipment (net)	—			5,612		204,916		1,364,203		—			1,574,731
Investment in Park	663,494			814,861		164,516		24,292		(1,667,163		)	—
Goodwill	674			—		101,383		119,605		—			221,662
Other Intangibles, net	—			—		14,371		22,907		—			37,278
Deferred Tax Asset	—			24,287		—		—		(24,287		)	—
Other Assets	5,176			20,184		7,405		7,913		—			40,678
	$	669,779		$	990,798	$	633,589	$	2,270,442	$	(2,488,330	)	$	2,076,278
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	311,822		$	213,778	$	3,983	$	305,769	$	(795,435	)	$	39,917
Deferred revenue	—			592		16,235		131,116		—			147,943
Accrued interest	5,487			4,211		1,874		883		—			12,455
Accrued taxes	3,082			—		1,771		8,735		(1,445		)	12,143
Accrued salaries, wages and benefits	—			22,318		1,989		7,926		—			32,233
Self-insurance reserves	—			7,925		1,456		14,639		—			24,020
Current derivative liability	4,127			2,768		—		—		—			6,895
Other accrued liabilities	—			4,587		1,067		9,779		—			15,433
	324,518			256,179		28,375		478,847		(796,880		)	291,039
Deferred Tax Liability	—			—		49,695		127,645		(24,287		)	153,053
Derivative Liability	10,927			7,879		—		—		—			18,806
Other Liabilities	968			3,574		—		11,519		—			16,061
Long-Term Debt:
Revolving credit loans	42,000			—		—		—		—			42,000
Term debt	—			247,890		13,991		346,969		—			608,850
Notes	294,897			205,103		450,000		—		—			950,000
	336,897			452,993		463,991		346,969		—			1,600,850
Equity	(3,531		)	270,173		91,528		1,305,462		(1,667,163		)	(3,531		)
	$	669,779		$	990,798	$	633,589	$	2,270,442	$	(2,488,330	)	$	2,076,278

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014

(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	$	80,000	$	382	$	45,519	$	5,939	$	—		$	131,840
Receivables	8		143,931		85,838		634,112		(836,494		)	27,395
Inventories	—		2,074		1,594		22,215		—			25,883
Current deferred tax asset	—		4,547		674		4,044		—			9,265
Other current assets	680		2,079		23,818		5,905		(23,148		)	9,334
	80,688		153,013		157,443		672,215		(859,642		)	203,717
Property and Equipment (net)	470,851		5,630		218,260		831,810		—			1,526,551
Investment in Park	544,340		812,549		163,904		43,659		(1,564,452		)	—
Goodwill	9,061		—		108,012		111,218		—			228,291
Other Intangibles, net	—		—		15,312		22,879		—			38,191
Deferred Tax Asset	—		24,827		—		—		(24,827		)	—
Other Assets	10,615		20,874		8,034		2,046		—			41,569
	$	1,115,555	$	1,016,893	$	670,965	$	1,683,827	$	(2,448,921	)	$	2,038,319
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	352,518	$	203,895	$	32,691	$	271,323	$	(836,494	)	$	23,933
Deferred revenue	—		60		4,592		56,509		—			61,161
Accrued interest	4,637		3,223		2,056		—		—			9,916
Accrued taxes	4,309		—		—		40,639		(23,148		)	21,800
Accrued salaries, wages and benefits	—		25,851		1,103		7,148		—			34,102
Self-insurance reserves	—		5,386		1,565		16,426		—			23,377
Current derivative liability	7,062		4,729		—		—		—			11,791
Other accrued liabilities	508		8,134		122		3,375		—			12,139
	369,034		251,278		42,129		395,420		(859,642		)	198,219
Deferred Tax Liability	—		—		49,695		127,645		(24,827		)	152,513
Derivative Liability	8,438		6,211		—		—		—			14,649
Other Liabilities	—		6,105		—		11,766		—			17,871
Long-Term Debt:
Term debt	346,969		247,890		13,991		—		—			608,850
Notes	294,897		205,103		450,000		—		—			950,000
	641,866		452,993		463,991		—		—			1,558,850
Equity	96,217		300,306		115,150		1,148,996		(1,564,452		)	96,217
	$	1,115,555	$	1,016,893	$	670,965	$	1,683,827	$	(2,448,921	)	$	2,038,319

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

June 29, 2014

(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	$	—	$	—	$	19,425	$	29,986	$	(9,277	)	$	40,134
Receivables	59		104,035		93,286		571,632		(702,451		)	66,561
Inventories	—		5,732		4,091		35,748		—			45,571
Current deferred tax asset	—		18,655		800		3,445		—			22,900
Other current assets	691		14,115		5,974		13,500		(2,882		)	31,398
	750		142,537		123,576		654,311		(714,610		)	206,564
Property and Equipment (net)	471,252		8,206		247,632		830,074		—			1,557,164
Investment in Park	466,213		767,266		149,180		32,308		(1,414,967		)	—
Goodwill	9,061		—		117,371		111,218		—			237,650
Other Intangibles, net	—		—		16,639		22,870		—			39,509
Deferred Tax Asset	—		32,025		—		117		(32,142		)	—
Other Assets	11,680		21,649		9,276		2,304		—			44,909
	$	958,956	$	971,683	$	663,674	$	1,653,202	$	(2,161,719	)	$	2,085,796
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	1,724	$	1,231	$	70	$	—	$	—		$	3,025
Accounts payable	218,225		233,203		15,070		282,733		(711,728		)	37,503
Deferred revenue	—		636		15,824		117,337		—			133,797
Accrued interest	6,422		4,251		1,843		—		—			12,516
Accrued taxes	6,054		1,196		—		2,885		(2,882		)	7,253
Accrued salaries, wages and benefits	—		23,850		2,303		9,487		—			35,640
Self-insurance reserves	—		5,534		1,772		16,353		—			23,659
Current derivative liability	—		—		—		—		—
Other accrued liabilities	376		5,554		1,095		2,380		—			9,405
	232,801		275,455		37,977		431,175		(714,610		)	262,798
Deferred Tax Liability	—		—		57,540		131,648		(32,142		)	157,046
Derivative Liability	17,700		12,410		—		—		—			30,110
Other Liabilities	—		4,039		—		3,363		—			7,402
Long-Term Debt:
Revolving credit loans	39,000		—		—		—		—			39,000
Term debt	350,943		250,730		14,152		—		—			615,825
Notes	294,897		205,103		450,000		—		—			950,000
	684,840		455,833		464,152		—		—			1,604,825
Equity	23,615		223,946		104,005		1,087,016		(1,414,967		)	23,615
	$	958,956	$	971,683	$	663,674	$	1,653,202	$	(2,161,719	)	$	2,085,796

Condensed Consolidating Statement of Operations and Other Comprehensive Income (Loss)

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended June 28, 2015

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	38,071		$	60,260		$	28,003		$	348,613		$	(97,539	)	$	377,408
Costs and expenses:
Cost of food, merchandise, and games revenues	—			71			2,592			30,443			—			33,106
Operating expenses	122			51,419			14,390			88,759			2,635			157,325
Selling, general and administrative	574			8,996			2,464			34,031			—			46,065
Depreciation and amortization	—			9			5,496			41,600			—			47,105
Loss on impairment / retirement of fixed assets, net	—			—			104			676			—			780
	696			60,495			25,046			195,509			2,635			284,381
Operating Income (loss)	37,375			(235		)	2,957			153,104			(100,174		)	93,027
Interest expense (income), net	8,158			7,217			6,305			(212		)	—			21,468
Net effect of swaps	(757		)	(650		)	—			—			—			(1,407		)
Unrealized / realized foreign currency gain	—			—			(7,911		)	—			—			(7,911		)
Other (income) expense	187			(3,015		)	659			2,169			—			—
Income from investment in affiliates	(30,931		)	(33,397		)	(8,591		)	(10,890		)	83,809			—
Income before taxes	60,718			29,610			12,495			162,037			(183,983		)	80,877
Provision (benefit) for taxes	3,135			(1,322		)	1,595			19,886			—			23,294
Net income	$	57,583		$	30,932		$	10,900		$	142,151		$	(183,983	)	$	57,583
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(1,758		)	—			(1,758		)	—			1,758			(1,758		)
Unrealized loss on cash flow hedging derivatives	1,841			475			—			—			(475		)	1,841
Other comprehensive income (loss), (net of tax)	83			475			(1,758		)	—			1,283			83
Total Comprehensive income	$	57,666		$	31,407		$	9,142		$	142,151		$	(182,700	)	$	57,666

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended June 29, 2014

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	43,084		$	79,737		$	33,878		$	328,013		$	(121,698	)	$	363,014
Costs and expenses:
Cost of food, merchandise, and games revenues	—			79			2,881			28,130			—			31,090
Operating expenses	1,312			54,893			15,124			197,561			(121,698		)	147,192
Selling, general and administrative	1,467			27,495			3,886			13,769			—			46,617
Depreciation and amortization	14,011			94			6,502			26,367			—			46,974
Gain on sale of other assets	—			—			—			(921		)	—			(921		)
Loss on impairment / retirement of fixed assets, net	—			(1		)	—			216			—			215
	16,790			82,560			28,393			265,122			(121,698		)	271,167
Operating Income (loss)	26,294			(2,823		)	5,485			62,891			—			91,847
Interest expense (income), net	10,533			7,354			11,933			(1,919		)	—			27,901
Net effect of swaps	(178		)	(137		)	—			—			—			(315		)
Loss on early debt extinguishment	—			—			29,273			—			—			29,273
Unrealized / realized foreign currency gain	—			—			(16,102		)	—			—			(16,102		)
Other (income) expense	188			(2,415		)	531			1,696			—			—
(Income) loss from investment in affiliates	(30,914		)	(21,721		)	(10,576		)	1,929			61,282			—
Income (loss) before taxes	46,665			14,096			(9,574		)	61,185			(61,282		)	51,090
Provision (benefit) for taxes	2,763			(3,481		)	(7,645		)	15,551			—			7,188
Net income (loss)	$	43,902		$	17,577		$	(1,929	)	$	45,634		$	(61,282	)	$	43,902
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(2,317		)	—			(2,317		)	—			2,317			(2,317		)
Unrealized loss on cash flow hedging derivatives	(2,241		)	(644		)	—			—			644			(2,241		)
Other comprehensive income (loss), (net of tax)	(4,558		)	(644		)	(2,317		)	—			2,961			(4,558		)
Total Comprehensive income (loss)	$	39,344		$	16,933		$	(4,246	)	$	45,634		$	(58,321	)	$	39,344

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Six Months Ended June 28, 2015

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	36,688		$	64,280		$	28,081		$	395,350		$	(100,174	)	$	424,225
Costs and expenses:																—
Cost of food, merchandise, and games revenues	—			71			2,592			36,031			—			38,694
Operating expenses	256			74,476			19,361			141,362			—			235,455
Selling, general and administrative	1,373			22,271			4,207			44,032			—			71,883
Depreciation and amortization	—			18			5,496			45,602			—			51,116
Loss on impairment / retirement of fixed assets, net	—			—			104			3,579			—			3,683
	1,629			96,836			31,760			270,606			—			400,831
Operating Income (loss)	35,059			(32,556		)	(3,679		)	124,744			(100,174		)	23,394
Interest expense (income), net	15,994			14,054			12,425			(513		)	—			41,960
Net effect of swaps	(743		)	(780		)	—			—			—			(1,523		)
Unrealized / realized foreign currency loss	—			—			30,307			—			—			30,307
Other (income) expense	375			(7,831		)	1,705			5,751			—			—
Income from investment in affiliates	41,855			18,348			(5,088		)	24,599			(79,714		)	—
Income before taxes	(22,422		)	(56,347		)	(43,028		)	94,907			(20,460		)	(47,350		)
Provision (benefit) for taxes	3,828			(14,494		)	(18,429		)	7,995			—			(21,100		)
Net income	$	(26,250	)	$	(41,853	)	$	(24,599	)	$	86,912		$	(20,460	)	$	(26,250	)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	5,456			—			5,456			—			(5,456		)	5,456
Unrealized loss on cash flow hedging derivatives	(598		)	(302		)	—			—			302			(598		)
Other comprehensive income (loss), (net of tax)	4,858			(302		)	5,456			—			(5,154		)	4,858
Total Comprehensive income	$	(21,392	)	$	(42,155	)	$	(19,143	)	$	86,912		$	(25,614	)	$	(21,392	)

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Six Months Ended June 29, 2014

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	47,839		$	88,416		$	34,029		$	368,325		$	(135,129	)	$	403,480
Costs and expenses:
Cost of food, merchandise, and games revenues	—			79			2,882			33,114			—			36,075
Operating expenses	2,660			77,355			22,061			260,595			(135,129		)	227,542
Selling, general and administrative	2,863			44,167			4,759			16,232			—			68,021
Depreciation and amortization	14,485			103			6,502			30,191			—			51,281
Gain on sale of other assets	—			—			—			(921		)	—			(921		)
Loss on impairment / retirement of fixed assets, net	249			(1		)	—			964			—			1,212
	20,257			121,703			36,204			340,175			(135,129		)	383,210
Operating Income (loss)	27,582			(33,287		)	(2,175		)	28,150			—			20,270
Interest expense (income), net	20,732			14,365			21,401			(3,938		)	—			52,560
Net effect of swaps	16			40			—			—			—			56
Loss on early debt extinguishment	—			—			29,273			—			—			29,273
Unrealized / realized foreign currency loss	—			—			1,082			—			—			1,082
Other (income) expense	375			(5,689		)	905			4,409			—			—
(Income) loss from investment in affiliates	42,674			25,422			(6,512		)	30,173			(91,757		)	—
Loss before taxes	(36,215		)	(67,425		)	(48,324		)	(2,494		)	91,757			(62,701		)
Provision (benefit) for taxes	3,423			(13,903		)	(18,151		)	5,568			—			(23,063		)
Net loss	$	(39,638	)	$	(53,522	)	$	(30,173	)	$	(8,062	)	$	91,757		$	(39,638	)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(696		)	—			(696		)	—			696			(696		)
Unrealized loss on cash flow hedging derivatives	(2,891		)	(817		)	—			—			817			(2,891		)
Other comprehensive income (loss), (net of tax)	(3,587		)	(817		)	(696		)	—			1,513			(3,587		)
Total Comprehensive loss	$	(43,225	)	$	(54,339	)	$	(30,869	)	$	(8,062	)	$	93,270		$	(43,225	)

Condensed Consolidating Statement of Cash Flows

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 28, 2015

(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	$	3,954		$	(55,759	)	$	(2,970	)	$	129,912		$	(1,860	)	$	73,277
CASH FLOWS FOR INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			(10,576		)	(282		)	10,858			—
Purchase of preferred equity investment	—			(2,000		)	—			—			—			(2,000		)
Capital expenditures	—			—			(5,551		)	(114,829		)	—			(120,380		)
Net cash for investing activities	—			(2,000		)	(16,127		)	(115,111		)	10,858			(122,380		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings on revolving credit loans	42,000			—			—			—			—			42,000
Distributions paid	(85,236		)	—			—			—			1,082			(84,154		)
Intercompany payables (payments) receipts	(40,718		)	59,425			(7,849		)	—			(10,858		)	—
Tax effect of units involved in option exercises and treasury unit transactions	—			(2,048		)	—			—			—			(2,048		)
Net cash from (for) financing activities	(83,954		)	57,377			(7,849		)	—			(9,776		)	(44,202		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(3,088		)	—			—			(3,088		)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(80,000		)	(382		)	(30,034		)	14,801			(778		)	(96,393		)
Balance, beginning of period	80,000			382			45,519			5,939			—			131,840
Balance, end of period	$	—		$	—		$	15,485		$	20,740		$	(778	)	$	35,447

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 29, 2014

(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	$	57,348		$	(48,952	)	$	(22,362	)	$	76,734		$	(10,531	)	$	52,237
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			7,625			—			3,829			(11,454		)	—
Sale of non-core asset	—			—			—			1,377			—			1,377
Capital expenditures	(47,494		)	(193		)	(11,573		)	(47,430		)	—			(106,690		)
Net cash from (for) investing activities	(47,494		)	7,432			(11,573		)	(42,224		)	(11,454		)	(105,313		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings on revolving credit loans	39,000			—			—			—			—			39,000
Note borrowings	—			—			450,000			—			—			450,000
Term debt payments, including amounts paid for early termination	—			—			(426,148		)	—			—			(426,148		)
Distributions/dividends (paid) received	(79,544		)	—			—			—			1,269			(78,275		)
Intercompany payables (payments) receipts	(44,310		)	38,101			2,631			(7,861		)	11,439			—
Payment of debt issuance costs	—			—			(9,795		)	—			—			(9,795		)
Tax effect of units involved in option exercises and treasury unit transactions	—			(725		)	—			—			—			(725		)
Net cash from (for) financing activities	(84,854		)	37,376			16,688			(7,861		)	12,708			(25,943		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			1,097			—			—			1,097
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(75,000		)	(4,144		)	(16,150		)	26,649			(9,277		)	(77,922		)
Balance, beginning of period	75,000			4,144			35,575			3,337			—			118,056
Balance, end of period	$	—		$	—		$	19,425		$	29,986		$	(9,277	)	$	40,134