x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 34-1560655 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | x | Accelerated filer | o | |||
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o |
Title of Class | Units Outstanding as of October 30, 2015 | |
Units Representing Limited Partner Interests | 56,031,776 |
Item 1. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Item 1. | ||||
Item 1A. | ||||
Item 6. | ||||
9/27/2015 | 12/31/2014 | 9/28/2014 | ||||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | 196,323 | $ | 131,840 | $ | 189,374 | ||||||
Receivables | 44,979 | 27,395 | 41,262 | |||||||||
Inventories | 30,162 | 25,883 | 30,461 | |||||||||
Current deferred tax asset | 9,264 | 9,265 | 9,675 | |||||||||
Other current assets | 14,085 | 9,334 | 13,985 | |||||||||
294,813 | 203,717 | 284,757 | ||||||||||
Property and Equipment: | ||||||||||||
Land | 270,358 | 276,297 | 279,350 | |||||||||
Land improvements | 380,356 | 366,863 | 372,145 | |||||||||
Buildings | 651,564 | 599,907 | 607,065 | |||||||||
Rides and equipment | 1,577,635 | 1,535,705 | 1,562,070 | |||||||||
Construction in progress | 25,231 | 70,431 | 39,058 | |||||||||
2,905,144 | 2,849,203 | 2,859,688 | ||||||||||
Less accumulated depreciation | (1,390,062 | ) | (1,322,652 | ) | (1,341,557 | ) | ||||||
1,515,082 | 1,526,551 | 1,518,131 | ||||||||||
Goodwill | 214,319 | 228,291 | 232,513 | |||||||||
Other Intangibles, net | 36,249 | 38,191 | 38,766 | |||||||||
Other Assets | 38,483 | 41,569 | 42,909 | |||||||||
$ | 2,098,946 | $ | 2,038,319 | $ | 2,117,076 | |||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Current maturities of long-term debt | $ | — | $ | — | $ | 4,600 | ||||||
Accounts payable | 21,418 | 23,933 | 21,866 | |||||||||
Deferred revenue | 51,944 | 61,161 | 48,141 | |||||||||
Accrued interest | 11,898 | 9,916 | 12,008 | |||||||||
Accrued taxes | 49,735 | 21,800 | 38,407 | |||||||||
Accrued salaries, wages and benefits | 42,555 | 34,102 | 42,139 | |||||||||
Self-insurance reserves | 24,402 | 23,377 | 23,931 | |||||||||
Current derivative liability | 3,770 | 11,791 | — | |||||||||
Other accrued liabilities | 15,474 | 12,139 | 8,392 | |||||||||
221,196 | 198,219 | 199,484 | ||||||||||
Deferred Tax Liability | 154,228 | 152,513 | 157,389 | |||||||||
Derivative Liability | 24,042 | 14,649 | 25,802 | |||||||||
Other Liabilities | 15,488 | 17,871 | 16,595 | |||||||||
Long-Term Debt: | ||||||||||||
Term debt | 608,850 | 608,850 | 614,250 | |||||||||
Notes | 950,000 | 950,000 | 950,000 | |||||||||
1,558,850 | 1,558,850 | 1,564,250 | ||||||||||
Commitments and Contingencies (Note 10) | ||||||||||||
Partners’ Equity: | ||||||||||||
Special L.P. interests | 5,290 | 5,290 | 5,290 | |||||||||
General partner | 2 | 1 | 3 | |||||||||
Limited partners, 56,008, 55,828 and 55,859 units outstanding at September 27, 2015, December 31, 2014 and September 28, 2014, respectively | 120,912 | 101,556 | 161,157 | |||||||||
Accumulated other comprehensive loss | (1,062 | ) | (10,630 | ) | (12,894 | ) | ||||||
125,142 | 96,217 | 153,556 | ||||||||||
$ | 2,098,946 | $ | 2,038,319 | $ | 2,117,076 |
Three months ended | Nine months ended | ||||||||||||||
9/27/2015 | 9/28/2014 | 9/27/2015 | 9/28/2014 | ||||||||||||
Net revenues: | |||||||||||||||
Admissions | $ | 361,106 | $ | 340,101 | $ | 591,457 | $ | 566,126 | |||||||
Food, merchandise and games | 201,408 | 184,038 | 347,985 | 322,025 | |||||||||||
Accommodations, extra-charge products and other | 82,123 | 71,179 | 129,420 | 110,647 | |||||||||||
644,637 | 595,318 | 1,068,862 | 998,798 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of food, merchandise, and games revenues | 52,174 | 46,812 | 90,868 | 82,887 | |||||||||||
Operating expenses | 188,565 | 178,649 | 424,020 | 406,191 | |||||||||||
Selling, general and administrative | 61,394 | 57,205 | 133,277 | 125,226 | |||||||||||
Depreciation and amortization | 59,059 | 58,244 | 110,175 | 109,525 | |||||||||||
Gain on sale of other assets | — | — | — | (921 | ) | ||||||||||
Loss on impairment / retirement of fixed assets, net | 5,753 | 1,475 | 9,436 | 2,687 | |||||||||||
366,945 | 342,385 | 767,776 | 725,595 | ||||||||||||
Operating income | 277,692 | 252,933 | 301,086 | 273,203 | |||||||||||
Interest expense | 22,159 | 21,462 | 64,164 | 74,101 | |||||||||||
Net effect of swaps | (1,439 | ) | (1,087 | ) | (2,962 | ) | (1,031 | ) | |||||||
Loss on early debt extinguishment | — | (246 | ) | — | 29,027 | ||||||||||
Unrealized/realized foreign currency loss | 33,891 | 21,515 | 64,198 | 22,597 | |||||||||||
Interest income | (4 | ) | (16 | ) | (49 | ) | (95 | ) | |||||||
Income before taxes | 223,085 | 211,305 | 175,735 | 148,604 | |||||||||||
Provision for taxes | 58,934 | 49,403 | 37,834 | 26,340 | |||||||||||
Net income | 164,151 | 161,902 | 137,901 | 122,264 | |||||||||||
Net income allocated to general partner | 2 | 2 | 2 | 1 | |||||||||||
Net income allocated to limited partners | $ | 164,149 | $ | 161,900 | $ | 137,899 | $ | 122,263 | |||||||
Net income | $ | 164,151 | $ | 161,902 | $ | 137,901 | $ | 122,264 | |||||||
Other comprehensive income, (net of tax): | |||||||||||||||
Cumulative foreign currency translation adjustment | 7,688 | 2,975 | 13,144 | 2,279 | |||||||||||
Unrealized income (loss) on cash flow hedging derivatives | (2,978 | ) | 2,726 | (3,576 | ) | (165 | ) | ||||||||
Other comprehensive income (loss), (net of tax) | 4,710 | 5,701 | 9,568 | 2,114 | |||||||||||
Total comprehensive income | $ | 168,861 | $ | 167,603 | $ | 147,469 | $ | 124,378 | |||||||
Basic income per limited partner unit: | |||||||||||||||
Weighted average limited partner units outstanding | 55,770 | 55,439 | 55,721 | 55,448 | |||||||||||
Net income per limited partner unit | $ | 2.94 | $ | 2.92 | $ | 2.47 | $ | 2.21 | |||||||
Diluted income per limited partner unit: | |||||||||||||||
Weighted average limited partner units outstanding | 56,282 | 55,855 | 56,141 | 55,855 | |||||||||||
Net income per limited partner unit | $ | 2.92 | $ | 2.90 | $ | 2.46 | $ | 2.19 |
Nine months ended | Nine months ended | ||||||
9/27/2015 | 9/28/2014 | ||||||
Limited Partnership Units Outstanding | |||||||
Beginning balance | 55,828 | 55,716 | |||||
Limited partnership unit options exercised | 48 | 19 | |||||
Limited partnership unit forfeitures | (1 | ) | — | ||||
Issuance of limited partnership units as compensation | 133 | 128 | |||||
56,008 | 55,863 | ||||||
Limited Partners’ Equity | |||||||
Beginning balance | $ | 101,556 | $ | 148,847 | |||
Net income | 137,899 | 122,263 | |||||
Partnership distribution declared ($2.25 and $2.10 per limited partnership unit) | (126,266 | ) | (117,468 | ) | |||
Expense recognized for limited partnership unit options | 466 | 668 | |||||
Tax effect of units involved in option exercises and treasury unit transactions | (2,048 | ) | (785 | ) | |||
Issuance of limited partnership units as compensation | 9,305 | 7,632 | |||||
120,912 | 161,157 | ||||||
General Partner’s Equity | |||||||
Beginning balance | 1 | 2 | |||||
Net income | 2 | 1 | |||||
Partnership distribution declared | (1 | ) | — | ||||
2 | 3 | ||||||
Special L.P. Interests | 5,290 | 5,290 | |||||
Accumulated Other Comprehensive Income (Loss) | |||||||
Cumulative foreign currency translation adjustment: | |||||||
Beginning balance | 5,936 | 5 | |||||
Period activity, net of tax ($7,554) and ($1,310) | 13,144 | 2,279 | |||||
19,080 | 2,284 | ||||||
Unrealized loss on cash flow hedging derivatives: | |||||||
Beginning balance | (16,566 | ) | (15,013 | ) | |||
Period activity, net of tax $758 and $6 | (3,576 | ) | (165 | ) | |||
(20,142 | ) | (15,178 | ) | ||||
(1,062 | ) | (12,894 | ) | ||||
Total Partners’ Equity | $ | 125,142 | $ | 153,556 |
Nine months ended | |||||||
9/27/2015 | 9/28/2014 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net income | $ | 137,901 | $ | 122,264 | |||
Adjustments to reconcile net income to net cash from operating activities: | |||||||
Depreciation and amortization | 110,175 | 109,525 | |||||
Loss on early debt extinguishment | — | 29,027 | |||||
Unrealized foreign currency loss | 64,143 | 22,523 | |||||
Other non-cash expenses | 16,492 | 11,379 | |||||
Net change in working capital | 16,803 | 10,546 | |||||
Net change in other assets/liabilities | (1,442 | ) | 6,455 | ||||
Net cash from operating activities | 344,072 | 311,719 | |||||
CASH FLOWS FOR INVESTING ACTIVITIES | |||||||
Capital expenditures | (144,476 | ) | (137,013 | ) | |||
Sale of non-core asset | — | 1,377 | |||||
Purchase of preferred equity investment | (2,000 | ) | — | ||||
Net cash for investing activities | (146,476 | ) | (135,636 | ) | |||
CASH FLOWS FOR FINANCING ACTIVITIES | |||||||
Note borrowings | — | 450,000 | |||||
Note payments, including amounts paid for early termination | — | (426,148 | ) | ||||
Distributions paid to partners | (126,267 | ) | (117,468 | ) | |||
Payment of debt issuance costs | — | (9,795 | ) | ||||
Tax effect of units involved in option exercises and treasury unit transactions | (2,048 | ) | (785 | ) | |||
Net cash for financing activities | (128,315 | ) | (104,196 | ) | |||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (4,798 | ) | (569 | ) | |||
CASH AND CASH EQUIVALENTS | |||||||
Net increase for the period | 64,483 | 71,318 | |||||
Balance, beginning of period | 131,840 | 118,056 | |||||
Balance, end of period | $ | 196,323 | $ | 189,374 | |||
SUPPLEMENTAL INFORMATION | |||||||
Cash payments for interest expense | $ | 61,043 | $ | 80,203 | |||
Interest capitalized | 1,890 | 1,167 | |||||
Cash payments for income taxes, net of refunds | 15,926 | 10,283 | |||||
Capital expenditures in accounts payable | 1,158 | 3,414 |
(In thousands) | Goodwill (gross) | Accumulated Impairment Losses | Goodwill (net) | |||||||||
Balance at December 31, 2013 | $ | 317,957 | $ | (79,868 | ) | $ | 238,089 | |||||
Foreign currency translation | (5,576 | ) | — | (5,576 | ) | |||||||
Balance at September 28, 2014 | $ | 312,381 | $ | (79,868 | ) | $ | 232,513 | |||||
Balance at December 31, 2014 | $ | 308,159 | $ | (79,868 | ) | $ | 228,291 | |||||
Foreign currency translation | (13,972 | ) | — | (13,972 | ) | |||||||
Balance at September 27, 2015 | $ | 294,187 | $ | (79,868 | ) | $ | 214,319 |
September 27, 2015 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 35,705 | $ | — | $ | 35,705 | ||||||
License / franchise agreements | 905 | 361 | 544 | |||||||||
Total other intangible assets | $ | 36,610 | $ | 361 | $ | 36,249 | ||||||
December 31, 2014 | ||||||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 37,683 | $ | — | $ | 37,683 | ||||||
License / franchise agreements | 818 | 310 | 508 | |||||||||
Total other intangible assets | $ | 38,501 | $ | 310 | $ | 38,191 | ||||||
September 28, 2014 | ||||||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 38,280 | $ | — | $ | 38,280 | ||||||
License / franchise agreements | 899 | 413 | 486 | |||||||||
Total other intangible assets | $ | 39,179 | $ | 413 | $ | 38,766 |
(In thousands) | Condensed Consolidated Balance Sheet Location | Fair Value as of | Fair Value as of | Fair Value as of | ||||||||||
September 27, 2015 | December 31, 2014 | September 28, 2014 | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | Derivative Liability | $ | (24,042 | ) | $ | (14,649 | ) | $ | (10,044 | ) | ||||
Total derivatives designated as hedging instruments | $ | (24,042 | ) | $ | (14,649 | ) | $ | (10,044 | ) | |||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Interest rate swaps | Current Derivative Liability | $ | (3,770 | ) | $ | (11,791 | ) | $ | — | |||||
Interest rate swaps | Derivative Liability | $ | — | $ | — | $ | (15,758 | ) | ||||||
Total derivatives not designated as hedging instruments | $ | (3,770 | ) | $ | (11,791 | ) | $ | (15,758 | ) | |||||
Net derivative liability | $ | (27,812 | ) | $ | (26,440 | ) | $ | (25,802 | ) |
Interest Rate Swaps | |||||||||||||
($'s in thousands) | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||
Notional Amounts | Fixed Rate | Notional Amounts | Fixed Rate | ||||||||||
$ | 200,000 | 3.00 | % | $ | 200,000 | 2.27 | % | ||||||
100,000 | 3.00 | % | 150,000 | 2.43 | % | ||||||||
100,000 | 3.00 | % | 75,000 | 2.30 | % | ||||||||
100,000 | 2.70 | % | 70,000 | 2.54 | % | ||||||||
50,000 | 2.54 | % | |||||||||||
50,000 | 2.54 | % | |||||||||||
50,000 | 2.43 | % | |||||||||||
50,000 | 2.29 | % | |||||||||||
50,000 | 2.29 | % | |||||||||||
30,000 | 2.54 | % | |||||||||||
25,000 | 2.30 | % | |||||||||||
Total $'s / Average Rate | $ | 500,000 | 2.94 | % | $ | 800,000 | 2.38 | % |
(In thousands) | Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) | |||||||
Derivatives designated as Cash Flow Hedging Relationships | Three months ended | Three months ended | ||||||
9/27/2015 | 9/28/2014 | |||||||
Interest rate swaps | $ | (5,237 | ) | $ | 1,235 | |||
(In thousands) | Amount and Location of Gain (Loss) Recognized in Income on Derivative | |||||||||
Derivatives not designated as Cash Flow Hedging Relationships | Three months ended | Three months ended | ||||||||
9/27/2015 | 9/28/2014 | |||||||||
Interest rate swaps | Net effect of swaps | $ | 3,125 | $ | 3,073 | |||||
(In thousands) | Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) | |||||||
Derivatives designated as Cash Flow Hedging Relationships | Nine months ended | Nine months ended | ||||||
9/27/2015 | 9/28/2014 | |||||||
Interest rate swaps | $ | (9,393 | ) | $ | (6,129 | ) | ||
(In thousands) | Amount and Location of Gain (Loss) Recognized in Income on Derivative | |||||||||
Derivatives not designated as Cash Flow Hedging Relationships | Nine months ended | Nine months ended | ||||||||
9/27/2015 | 9/28/2014 | |||||||||
Interest rate swaps | Net effect of swaps | $ | 8,021 | $ | 6,991 | |||||
• | Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
• | Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
• | Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
(In thousands) | Condensed Consolidated | Fair Value | September 27, 2015 | December 31, 2014 | September 28, 2014 | |||||||||||
Balance Sheet Location | Hierarchy Level | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||
Financial assets (liabilities) measured on a recurring basis: | ||||||||||||||||
Interest rate swap agreements not designated as cash flow hedges | Current derivative liability | Level 2 | (3,770 | ) | (3,770 | ) | (11,791 | ) | (11,791 | ) | — | — | ||||
Interest rate swap agreements not designated as cash flow hedges | Derivative Liability | Level 2 | — | — | — | — | (15,758 | ) | (15,758 | ) | ||||||
Interest rate swap agreements designated as cash flow hedges | Derivative Liability | Level 2 | (24,042 | ) | (24,042 | ) | (14,649 | ) | (14,649 | ) | (10,044 | ) | (10,044 | ) | ||
Other financial assets (liabilities): | ||||||||||||||||
Term debt | Long-Term Debt | Level 2 | (608,850 | ) | (609,611 | ) | (608,850 | ) | (605,806 | ) | (614,250 | ) | (609,609 | ) | ||
March 2013 notes | Long-Term Debt | Level 1 | (500,000 | ) | (507,500 | ) | (500,000 | ) | (501,250 | ) | (500,000 | ) | (487,500 | ) | ||
June 2014 notes | Long-Term Debt | (1) | (450,000 | ) | (454,500 | ) | (450,000 | ) | (451,125 | ) | (450,000 | ) | (432,000 | ) |
(1) | The June 2014 notes were based on Level 1 inputs as of September 27, 2015 and Level 2 inputs as of both December 31, 2014 and September 28, 2014. |
Three months ended | Nine months ended | ||||||||||||||
9/27/2015 | 9/28/2014 | 9/27/2015 | 9/28/2014 | ||||||||||||
(In thousands except per unit amounts) | |||||||||||||||
Basic weighted average units outstanding | 55,770 | 55,439 | 55,721 | 55,448 | |||||||||||
Effect of dilutive units: | |||||||||||||||
Deferred units | 21 | — | 15 | — | |||||||||||
Performance Units | — | — | 9 | — | |||||||||||
Restricted units | 365 | 123 | 271 | 186 | |||||||||||
Unit options | 126 | 213 | 102 | 131 | |||||||||||
Phantom units | — | 80 | 23 | 90 | |||||||||||
Diluted weighted average units outstanding | 56,282 | 55,855 | 56,141 | 55,855 | |||||||||||
Net income per unit - basic | $ | 2.94 | $ | 2.92 | $ | 2.47 | $ | 2.21 | |||||||
Net income per unit - diluted | $ | 2.92 | $ | 2.90 | $ | 2.46 | $ | 2.19 | |||||||
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at June 28, 2015 | $ | (17,164 | ) | $ | 11,392 | $ | (5,772 | ) | |||||
Other comprehensive income before reclassifications, net of tax $797 and ($4,418), respectively | (4,440 | ) | 7,688 | 3,248 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($224) (2) | 1,462 | — | 1,462 | ||||||||||
Net other comprehensive income | (2,978 | ) | 7,688 | 4,710 | |||||||||
Balance at September 27, 2015 | $ | (20,142 | ) | $ | 19,080 | $ | (1,062 | ) |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at June 29, 2014 | $ | (17,904 | ) | $ | (691 | ) | $ | (18,595 | ) | ||||
Other comprehensive income before reclassifications, net of tax ($187) and ($1,713), respectively | 1,048 | 2,975 | 4,023 | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($307) (2) | 1,678 | — | 1,678 | ||||||||||
Net other comprehensive income | 2,726 | 2,975 | 5,701 | ||||||||||
Balance at September 28, 2014 | $ | (15,178 | ) | $ | 2,284 | $ | (12,894 | ) |
Reclassifications Out of Accumulated Other Comprehensive Income (1) | |||||||||||
(In thousands) | |||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||
Gains and losses on cash flow hedges | Three months ended 9/27/15 | Three months ended 9/28/14 | |||||||||
Interest rate contracts | $ | 1,686 | $ | 1,985 | Net effect of swaps | ||||||
Provision for taxes | (224 | ) | (307 | ) | Provision for taxes | ||||||
$ | 1,462 | $ | 1,678 |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at December 31, 2014 | $ | (16,566 | ) | $ | 5,936 | $ | (10,630 | ) | |||||
Other comprehensive income before reclassifications, net of tax $1,431 and ($7,554), respectively | (7,962 | ) | 13,144 | 5,182 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($673) (2) | 4,386 | — | 4,386 | ||||||||||
Net other comprehensive income | (3,576 | ) | 13,144 | 9,568 | |||||||||
Balance at September 27, 2015 | $ | (20,142 | ) | $ | 19,080 | $ | (1,062 | ) |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at December 31, 2013 | $ | (15,013 | ) | $ | 5 | $ | (15,008 | ) | |||||
Other comprehensive income before reclassifications, net of tax $928 and ($1,310), respectively | (5,200 | ) | 2,279 | (2,921 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($922) (2) | 5,035 | — | 5,035 | ||||||||||
Net other comprehensive income | (165 | ) | 2,279 | 2,114 | |||||||||
Balance at September 28, 2014 | $ | (15,178 | ) | $ | 2,284 | $ | (12,894 | ) |
Reclassifications Out of Accumulated Other Comprehensive Income (1) | |||||||||||
(In thousands) | |||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||
Gains and losses on cash flow hedges | Nine months ended 9/27/15 | Nine months ended 9/28/14 | |||||||||
Interest rate contracts | $ | 5,059 | $ | 5,957 | Net effect of swaps | ||||||
Provision for taxes | (673 | ) | (922 | ) | Provision for taxes | ||||||
$ | 4,386 | $ | 5,035 |
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 | $ | 132,000 | $ | — | $ | 49,512 | $ | 16,632 | $ | (1,821 | ) | $ | 196,323 | |||||||||||
Receivables | 478 | 139,898 | 117,605 | 702,444 | (915,446 | ) | 44,979 | |||||||||||||||||
Inventories | — | 124 | 1,496 | 28,542 | — | 30,162 | ||||||||||||||||||
Current deferred tax asset | — | 4,547 | 674 | 4,043 | — | 9,264 | ||||||||||||||||||
Other current assets | 285 | 25 | 747 | 13,028 | — | 14,085 | ||||||||||||||||||
132,763 | 144,594 | 170,034 | 764,689 | (917,267 | ) | 294,813 | ||||||||||||||||||
Property and Equipment (net) | — | 5,602 | 183,842 | 1,325,638 | — | 1,515,082 | ||||||||||||||||||
Investment in Park | 760,412 | 876,248 | 178,052 | 42,485 | (1,857,197 | ) | — | |||||||||||||||||
Goodwill | 674 | — | 94,040 | 119,605 | — | 214,319 | ||||||||||||||||||
Other Intangibles, net | — | — | 13,330 | 22,919 | — | 36,249 | ||||||||||||||||||
Deferred Tax Asset | — | 23,112 | — | — | (23,112 | ) | — | |||||||||||||||||
Other Assets | 4,883 | 19,903 | 6,660 | 7,037 | — | 38,483 | ||||||||||||||||||
$ | 898,732 | $ | 1,069,459 | $ | 645,958 | $ | 2,282,373 | $ | (2,797,576 | ) | $ | 2,098,946 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 457,441 | $ | 155,898 | $ | 3,062 | $ | 322,284 | $ | (917,267 | ) | $ | 21,418 | |||||||||||
Deferred revenue | — | 30 | 4,582 | 47,332 | — | 51,944 | ||||||||||||||||||
Accrued interest | 1,199 | 2,793 | 7,906 | — | — | 11,898 | ||||||||||||||||||
Accrued taxes | 2,548 | 36,440 | 991 | 9,756 | — | 49,735 | ||||||||||||||||||
Accrued salaries, wages and benefits | — | 31,277 | 2,012 | 9,266 | — | 42,555 | ||||||||||||||||||
Self-insurance reserves | — | 7,861 | 1,391 | 15,150 | — | 24,402 | ||||||||||||||||||
Current derivative liability | 2,257 | 1,513 | — | — | — | 3,770 | ||||||||||||||||||
Other accrued liabilities | 1,183 | 3,641 | 601 | 10,049 | — | 15,474 | ||||||||||||||||||
464,628 | 239,453 | 20,545 | 413,837 | (917,267 | ) | 221,196 | ||||||||||||||||||
Deferred Tax Liability | — | — | 49,695 | 127,645 | (23,112 | ) | 154,228 | |||||||||||||||||
Derivative Liability | 14,065 | 9,976 | — | 1 | — | 24,042 | ||||||||||||||||||
Other Liabilities | — | 4,088 | — | 11,400 | — | 15,488 | ||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | — | 247,890 | 13,991 | 346,969 | — | 608,850 | ||||||||||||||||||
Notes | 294,897 | 205,103 | 450,000 | — | — | 950,000 | ||||||||||||||||||
294,897 | 452,993 | 463,991 | 346,969 | — | 1,558,850 | |||||||||||||||||||
Equity | 125,142 | 362,949 | 111,727 | 1,382,521 | (1,857,197 | ) | 125,142 | |||||||||||||||||
$ | 898,732 | $ | 1,069,459 | $ | 645,958 | $ | 2,282,373 | $ | (2,797,576 | ) | $ | 2,098,946 |
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. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 124,000 | $ | 2,194 | $ | 52,792 | $ | 10,388 | $ | — | $ | 189,374 | ||||||||||||
Receivables | 11 | 131,297 | 88,605 | 651,998 | (830,649 | ) | 41,262 | |||||||||||||||||
Inventories | — | 3,147 | 1,833 | 25,481 | — | 30,461 | ||||||||||||||||||
Current deferred tax asset | — | 5,430 | 800 | 3,445 | — | 9,675 | ||||||||||||||||||
Other current assets | 1,084 | 5,863 | 14,219 | 5,847 | (13,028 | ) | 13,985 | |||||||||||||||||
125,095 | 147,931 | 158,249 | 697,159 | (843,677 | ) | 284,757 | ||||||||||||||||||
Property and Equipment (net) | 459,332 | 8,105 | 230,723 | 819,971 | — | 1,518,131 | ||||||||||||||||||
Investment in Park | 560,750 | 837,800 | 163,809 | 60,788 | (1,623,147 | ) | — | |||||||||||||||||
Goodwill | 9,061 | — | 112,234 | 111,218 | — | 232,513 | ||||||||||||||||||
Other Intangibles, net | — | — | 15,911 | 22,855 | — | 38,766 | ||||||||||||||||||
Deferred Tax Asset | — | 29,935 | — | — | (29,935 | ) | — | |||||||||||||||||
Other Assets | 11,147 | 21,071 | 8,587 | 2,104 | — | 42,909 | ||||||||||||||||||
$ | 1,165,385 | $ | 1,044,842 | $ | 689,513 | $ | 1,714,095 | $ | (2,496,759 | ) | $ | 2,117,076 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 2,621 | $ | 1,873 | $ | 106 | $ | — | $ | — | $ | 4,600 | ||||||||||||
Accounts payable | 340,850 | 208,763 | 22,485 | 280,417 | (830,649 | ) | 21,866 | |||||||||||||||||
Deferred revenue | — | — | 4,682 | 43,459 | — | 48,141 | ||||||||||||||||||
Accrued interest | 2,579 | 1,552 | 7,877 | — | — | 12,008 | ||||||||||||||||||
Accrued taxes | 5,255 | 6,534 | — | 39,646 | (13,028 | ) | 38,407 | |||||||||||||||||
Accrued salaries, wages and benefits | — | 29,505 | 1,962 | 10,672 | — | 42,139 | ||||||||||||||||||
Self-insurance reserves | — | 5,797 | 1,747 | 16,387 | — | 23,931 | ||||||||||||||||||
Other accrued liabilities | 446 | 5,388 | 693 | 1,865 | — | 8,392 | ||||||||||||||||||
351,751 | 259,412 | 39,552 | 392,446 | (843,677 | ) | 199,484 | ||||||||||||||||||
Deferred Tax Liability | — | — | 55,676 | 131,648 | (29,935 | ) | 157,389 | |||||||||||||||||
Derivative Liability | 15,115 | 10,687 | — | — | — | 25,802 | ||||||||||||||||||
Other Liabilities | 20 | 4,688 | — | 11,887 | — | 16,595 | ||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | 350,046 | 250,088 | 14,116 | — | — | 614,250 | ||||||||||||||||||
Notes | 294,897 | 205,103 | 450,000 | — | — | 950,000 | ||||||||||||||||||
644,943 | 455,191 | 464,116 | — | — | 1,564,250 | |||||||||||||||||||
Equity | 153,556 | 314,864 | 130,169 | 1,178,114 | (1,623,147 | ) | 153,556 | |||||||||||||||||
$ | 1,165,385 | $ | 1,044,842 | $ | 689,513 | $ | 1,714,095 | $ | (2,496,759 | ) | $ | 2,117,076 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 96,104 | $ | 140,898 | $ | 74,383 | $ | 565,908 | $ | (232,656 | ) | $ | 644,637 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | 301 | 5,911 | 45,962 | — | 52,174 | ||||||||||||||||||
Operating expenses | 1,167 | 67,890 | 16,884 | 102,624 | — | 188,565 | ||||||||||||||||||
Selling, general and administrative | 483 | 16,979 | 4,417 | 39,515 | — | 61,394 | ||||||||||||||||||
Depreciation and amortization | — | 10 | 7,399 | 51,650 | — | 59,059 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 240 | 5,513 | — | 5,753 | ||||||||||||||||||
1,650 | 85,180 | 34,851 | 245,264 | — | 366,945 | |||||||||||||||||||
Operating Income | 94,454 | 55,718 | 39,532 | 320,644 | (232,656 | ) | 277,692 | |||||||||||||||||
Interest expense (income), net | 8,640 | 6,994 | 6,356 | 165 | — | 22,155 | ||||||||||||||||||
Net effect of swaps | (775 | ) | (664 | ) | — | — | — | (1,439 | ) | |||||||||||||||
Unrealized / realized foreign currency gain | — | — | 33,891 | — | — | 33,891 | ||||||||||||||||||
Other (income) expense | 189 | (7,803 | ) | 1,518 | 6,096 | — | — | |||||||||||||||||
Income from investment in affiliates | (84,099 | ) | (48,408 | ) | (13,536 | ) | (12,510 | ) | 158,553 | — | ||||||||||||||
Income before taxes | 170,499 | 105,599 | 11,303 | 326,893 | (391,209 | ) | 223,085 | |||||||||||||||||
Provision (benefit) for taxes | 6,348 | 21,979 | (1,207 | ) | 31,814 | — | 58,934 | |||||||||||||||||
Net income | $ | 164,151 | $ | 83,620 | $ | 12,510 | $ | 295,079 | $ | (391,209 | ) | $ | 164,151 | |||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 7,688 | — | 7,688 | — | (7,688 | ) | 7,688 | |||||||||||||||||
Unrealized loss on cash flow hedging derivatives | (2,978 | ) | (934 | ) | — | — | 934 | (2,978 | ) | |||||||||||||||
Other comprehensive income (loss), (net of tax) | 4,710 | (934 | ) | 7,688 | — | (6,754 | ) | 4,710 | ||||||||||||||||
Total Comprehensive income | $ | 168,861 | $ | 82,686 | $ | 20,198 | $ | 295,079 | $ | (397,963 | ) | $ | 168,861 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 85,161 | $ | 158,384 | $ | 76,325 | $ | 516,002 | $ | (240,554 | ) | $ | 595,318 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | 2,622 | 5,743 | 38,447 | — | 46,812 | ||||||||||||||||||
Operating expenses | 1,248 | 77,814 | 17,561 | 322,580 | (240,554 | ) | 178,649 | |||||||||||||||||
Selling, general and administrative | 1,307 | 35,241 | 5,082 | 15,575 | — | 57,205 | ||||||||||||||||||
Depreciation and amortization | 19,709 | 166 | 8,685 | 29,684 | — | 58,244 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 532 | 1 | 229 | 713 | — | 1,475 | ||||||||||||||||||
22,796 | 115,844 | 37,300 | 406,999 | (240,554 | ) | 342,385 | ||||||||||||||||||
Operating Income | 62,365 | 42,540 | 39,025 | 109,003 | — | 252,933 | ||||||||||||||||||
Interest expense (income), net | 10,622 | 7,073 | 6,243 | (2,492 | ) | — | 21,446 | |||||||||||||||||
Net effect of swaps | (666 | ) | (421 | ) | — | — | — | (1,087 | ) | |||||||||||||||
Loss on early debt extinguishment | — | — | (246 | ) | — | — | (246 | ) | ||||||||||||||||
Unrealized / realized foreign currency gain | — | — | 21,515 | — | — | 21,515 | ||||||||||||||||||
Other (income) expense | 187 | (2,415 | ) | 531 | 1,697 | — | — | |||||||||||||||||
Income from investment in affiliates | (114,725 | ) | (58,671 | ) | (14,629 | ) | (23,774 | ) | 211,799 | — | ||||||||||||||
Income before taxes | 166,947 | 96,974 | 25,611 | 133,572 | (211,799 | ) | 211,305 | |||||||||||||||||
Provision (benefit) for taxes | 5,045 | 12,717 | 1,836 | 29,805 | — | 49,403 | ||||||||||||||||||
Net income | $ | 161,902 | $ | 84,257 | $ | 23,775 | $ | 103,767 | $ | (211,799 | ) | $ | 161,902 | |||||||||||
Other comprehensive income, (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 2,975 | — | 2,975 | — | (2,975 | ) | 2,975 | |||||||||||||||||
Unrealized loss on cash flow hedging derivatives | 2,726 | 807 | — | — | (807 | ) | 2,726 | |||||||||||||||||
Other comprehensive income, (net of tax) | 5,701 | 807 | 2,975 | — | (3,782 | ) | 5,701 | |||||||||||||||||
Total Comprehensive income | $ | 167,603 | $ | 85,064 | $ | 26,750 | $ | 103,767 | $ | (215,581 | ) | $ | 167,603 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 132,792 | $ | 205,178 | $ | 102,464 | $ | 961,258 | $ | (332,830 | ) | $ | 1,068,862 | |||||||||||
Costs and expenses: | — | |||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | 372 | 8,503 | 81,993 | — | 90,868 | ||||||||||||||||||
Operating expenses | 1,423 | 142,366 | 36,245 | 243,986 | — | 424,020 | ||||||||||||||||||
Selling, general and administrative | 1,856 | 39,250 | 8,624 | 83,547 | — | 133,277 | ||||||||||||||||||
Depreciation and amortization | — | 28 | 12,895 | 97,252 | — | 110,175 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 344 | 9,092 | — | 9,436 | ||||||||||||||||||
3,279 | 182,016 | 66,611 | 515,870 | — | 767,776 | |||||||||||||||||||
Operating Income | 129,513 | 23,162 | 35,853 | 445,388 | (332,830 | ) | 301,086 | |||||||||||||||||
Interest expense (income), net | 24,634 | 21,048 | 18,781 | (348 | ) | — | 64,115 | |||||||||||||||||
Net effect of swaps | (1,518 | ) | (1,444 | ) | — | — | — | (2,962 | ) | |||||||||||||||
Unrealized / realized foreign currency loss | — | — | 64,198 | — | — | 64,198 | ||||||||||||||||||
Other (income) expense | 564 | (15,634 | ) | 3,223 | 11,847 | — | — | |||||||||||||||||
Income from investment in affiliates | (42,244 | ) | (30,060 | ) | (18,624 | ) | 12,089 | 78,839 | — | |||||||||||||||
Income before taxes | 148,077 | 49,252 | (31,725 | ) | 421,800 | (411,669 | ) | 175,735 | ||||||||||||||||
Provision (benefit) for taxes | 10,176 | 7,485 | (19,636 | ) | 39,809 | — | 37,834 | |||||||||||||||||
Net income | $ | 137,901 | $ | 41,767 | $ | (12,089 | ) | $ | 381,991 | $ | (411,669 | ) | $ | 137,901 | ||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 13,144 | — | 13,144 | — | (13,144 | ) | 13,144 | |||||||||||||||||
Unrealized loss on cash flow hedging derivatives | (3,576 | ) | (1,236 | ) | — | — | 1,236 | (3,576 | ) | |||||||||||||||
Other comprehensive income (loss), (net of tax) | 9,568 | (1,236 | ) | 13,144 | — | (11,908 | ) | 9,568 | ||||||||||||||||
Total Comprehensive income | $ | 147,469 | $ | 40,531 | $ | 1,055 | $ | 381,991 | $ | (423,577 | ) | $ | 147,469 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 133,000 | $ | 246,800 | $ | 110,354 | $ | 884,327 | $ | (375,683 | ) | $ | 998,798 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | 2,701 | 8,625 | 71,561 | — | 82,887 | ||||||||||||||||||
Operating expenses | 3,908 | 155,169 | 39,622 | 583,175 | (375,683 | ) | 406,191 | |||||||||||||||||
Selling, general and administrative | 4,170 | 79,408 | 9,841 | 31,807 | — | 125,226 | ||||||||||||||||||
Depreciation and amortization | 34,194 | 269 | 15,187 | 59,875 | — | 109,525 | ||||||||||||||||||
Gain on sale of other assets | — | — | — | (921 | ) | — | (921 | ) | ||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 781 | — | 229 | 1,677 | — | 2,687 | ||||||||||||||||||
43,053 | 237,547 | 73,504 | 747,174 | (375,683 | ) | 725,595 | ||||||||||||||||||
Operating Income | 89,947 | 9,253 | 36,850 | 137,153 | — | 273,203 | ||||||||||||||||||
Interest expense (income), net | 31,354 | 21,438 | 27,644 | (6,430 | ) | — | 74,006 | |||||||||||||||||
Net effect of swaps | (650 | ) | (381 | ) | — | — | — | (1,031 | ) | |||||||||||||||
Loss on early debt extinguishment | — | — | 29,027 | — | — | 29,027 | ||||||||||||||||||
Unrealized / realized foreign currency loss | — | — | 22,597 | — | — | 22,597 | ||||||||||||||||||
Other (income) expense | 562 | (8,104 | ) | 1,436 | 6,106 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (72,051 | ) | (33,249 | ) | (21,141 | ) | 6,399 | 120,042 | — | |||||||||||||||
Income (loss) before taxes | 130,732 | 29,549 | (22,713 | ) | 131,078 | (120,042 | ) | 148,604 | ||||||||||||||||
Provision (benefit) for taxes | 8,468 | (1,186 | ) | (16,315 | ) | 35,373 | — | 26,340 | ||||||||||||||||
Net income (loss) | $ | 122,264 | $ | 30,735 | $ | (6,398 | ) | $ | 95,705 | $ | (120,042 | ) | $ | 122,264 | ||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 2,279 | — | 2,279 | — | (2,279 | ) | 2,279 | |||||||||||||||||
Unrealized loss on cash flow hedging derivatives | (165 | ) | (10 | ) | — | — | 10 | (165 | ) | |||||||||||||||
Other comprehensive income (loss), (net of tax) | 2,114 | (10 | ) | 2,279 | — | (2,269 | ) | 2,114 | ||||||||||||||||
Total Comprehensive income (loss) | $ | 124,378 | $ | 30,725 | $ | (4,119 | ) | $ | 95,705 | $ | (122,311 | ) | $ | 124,378 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM OPERATING ACTIVITIES | $ | 76,056 | $ | 30 | $ | 31,546 | $ | 239,848 | $ | (3,408 | ) | $ | 344,072 | |||||||||||
CASH FLOWS FOR INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | — | (8,296 | ) | (91,289 | ) | 99,585 | — | ||||||||||||||||
Purchase of preferred equity investment | — | (2,000 | ) | — | — | — | (2,000 | ) | ||||||||||||||||
Capital expenditures | — | — | (6,610 | ) | (137,866 | ) | — | (144,476 | ) | |||||||||||||||
Net cash for investing activities | — | (2,000 | ) | (14,906 | ) | (229,155 | ) | 99,585 | (146,476 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Distributions paid | (127,854 | ) | — | — | — | 1,587 | (126,267 | ) | ||||||||||||||||
Intercompany payables (payments) receipts | 103,798 | 3,636 | (7,849 | ) | — | (99,585 | ) | — | ||||||||||||||||
Tax effect of units involved in option exercises and treasury unit transactions | — | (2,048 | ) | — | — | — | (2,048 | ) | ||||||||||||||||
Net cash from (for) financing activities | (24,056 | ) | 1,588 | (7,849 | ) | — | (97,998 | ) | (128,315 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (4,798 | ) | — | — | (4,798 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | 52,000 | (382 | ) | 3,993 | 10,693 | (1,821 | ) | 64,483 | ||||||||||||||||
Balance, beginning of period | 80,000 | 382 | 45,519 | 5,939 | — | 131,840 | ||||||||||||||||||
Balance, end of period | $ | 132,000 | $ | — | $ | 49,512 | $ | 16,632 | $ | (1,821 | ) | $ | 196,323 | |||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM OPERATING ACTIVITIES | $ | 122,796 | $ | 11,832 | $ | 14,637 | $ | 164,278 | $ | (1,824 | ) | $ | 311,719 | |||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | 13,794 | — | (77,332 | ) | 63,538 | — | |||||||||||||||||
Sale of non-core asset | — | — | — | 1,377 | — | 1,377 | ||||||||||||||||||
Capital expenditures | (55,105 | ) | (257 | ) | (14,394 | ) | (67,257 | ) | — | (137,013 | ) | |||||||||||||
Net cash from (for) investing activities | (55,105 | ) | 13,537 | (14,394 | ) | (143,212 | ) | 63,538 | (135,636 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Note borrowings | — | — | 450,000 | — | — | 450,000 | ||||||||||||||||||
Note payments, including amounts paid for early termination | — | — | (426,148 | ) | — | — | (426,148 | ) | ||||||||||||||||
Distributions paid | (119,292 | ) | — | — | — | 1,824 | (117,468 | ) | ||||||||||||||||
Payment of debt issuance costs | — | — | (9,795 | ) | — | — | (9,795 | ) | ||||||||||||||||
Intercompany payables (payments) receipts | 100,601 | (26,534 | ) | 3,486 | (14,015 | ) | (63,538 | ) | — | |||||||||||||||
Excess tax benefit from unit-based compensation expense | — | (785 | ) | — | — | — | (785 | ) | ||||||||||||||||
Net cash from (for) financing activities | (18,691 | ) | (27,319 | ) | 17,543 | (14,015 | ) | (61,714 | ) | (104,196 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (569 | ) | — | — | (569 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | 49,000 | (1,950 | ) | 17,217 | 7,051 | — | 71,318 | |||||||||||||||||
Balance, beginning of period | 75,000 | 4,144 | 35,575 | 3,337 | — | 118,056 | ||||||||||||||||||
Balance, end of period | $ | 124,000 | $ | 2,194 | $ | 52,792 | $ | 10,388 | $ | — | $ | 189,374 | ||||||||||||
• | Income Taxes |
Three months ended | Nine months ended | ||||||||||||||
9/27/2015 | 9/28/2014 | 9/27/2015 | 9/28/2014 | ||||||||||||
(13 weeks) | (13 weeks) | (39 weeks) | (39 weeks) | ||||||||||||
(In thousands) | |||||||||||||||
Net income | $ | 164,151 | $ | 161,902 | $ | 137,901 | $ | 122,264 | |||||||
Interest expense | 22,159 | 21,462 | 64,164 | 74,101 | |||||||||||
Interest income | (4 | ) | (16 | ) | (49 | ) | (95 | ) | |||||||
Provision for taxes | 58,934 | 49,403 | 37,834 | 26,340 | |||||||||||
Depreciation and amortization | 59,059 | 58,244 | 110,175 | 109,525 | |||||||||||
EBITDA | 304,299 | 290,995 | 350,025 | 332,135 | |||||||||||
Loss on early extinguishment of debt | — | (246 | ) | — | 29,027 | ||||||||||
Net effect of swaps | (1,439 | ) | (1,087 | ) | (2,962 | ) | (1,031 | ) | |||||||
Unrealized foreign currency loss | 33,889 | 21,503 | 64,143 | 22,523 | |||||||||||
Non-cash equity expense | 1,934 | 1,592 | 7,195 | 8,369 | |||||||||||
Loss on impairment / retirement of fixed assets, net | 5,753 | 1,475 | 9,436 | 2,687 | |||||||||||
Gain on sale of other assets | — | — | — | (921 | ) | ||||||||||
Class action settlement costs | — | — | 177 | — | |||||||||||
Other non-recurring items (as defined) (1) | 1,205 | 1,377 | 1,404 | 1,935 | |||||||||||
Adjusted EBITDA | $ | 345,641 | $ | 315,609 | $ | 429,418 | $ | 394,724 | |||||||
(1) The Company's 2013 Credit Agreement references certain costs as non-recurring or unusual. These items are excluded in the calculation of Adjusted EBITDA and have included certain litigation expenses, costs associated with certain ride abandonment or relocation expenses, contract termination costs, and severance expenses. |
Nine months ended | Nine months ended | Increase (Decrease) | |||||||||||||
9/27/2015 | 9/28/2014 | $ | % | ||||||||||||
(39 weeks) | (39 weeks) | ||||||||||||||
(Amounts in thousands) | |||||||||||||||
Net revenues | $ | 1,068,862 | $ | 998,798 | $ | 70,064 | 7.0 | % | |||||||
Operating costs and expenses | 648,165 | 614,304 | 33,861 | 5.5 | % | ||||||||||
Depreciation and amortization | 110,175 | 109,525 | 650 | 0.6 | % | ||||||||||
Loss on impairment / retirement of fixed assets, net | 9,436 | 2,687 | 6,749 | N/M | |||||||||||
Gain on sale of other assets | — | (921 | ) | 921 | N/M | ||||||||||
Operating income | $ | 301,086 | $ | 273,203 | $ | 27,883 | 10.2 | % | |||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA | $ | 429,418 | $ | 394,724 | 34,694 | 8.8 | % | ||||||||
Adjusted EBITDA margin (1) | 40.2 | % | 39.5 | % | — | 0.7 | % | ||||||||
Attendance | 21,189 | 20,272 | 917 | 4.5 | % | ||||||||||
Per capita spending | $ | 46.30 | $ | 45.41 | $ | 0.89 | 2.0 | % | |||||||
Out-of-park revenues | $ | 115,124 | $ | 103,820 | $ | 11,304 | 10.9 | % | |||||||
(1) Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) is not a measurement computed in accordance with generally accepted accounting principles ("GAAP") or a substitute for measures computed in accordance with GAAP and may not be comparable to similarly titled measures of other companies. The Partnership provides Adjusted EBITDA margin because it believes the measure provides a meaningful metric of operating profitability. |
Three months ended | Three months ended | Increase (Decrease) | |||||||||||||
9/27/2015 | 9/28/2014 | $ | % | ||||||||||||
(13 weeks) | (13 weeks) | ||||||||||||||
(Amounts in thousands) | |||||||||||||||
Net revenues | $ | 644,637 | $ | 595,318 | $ | 49,319 | 8.3 | % | |||||||
Operating costs and expenses | 302,133 | 282,666 | 19,467 | 6.9 | % | ||||||||||
Depreciation and amortization | 59,059 | 58,244 | 815 | 1.4 | % | ||||||||||
Loss on impairment / retirement of fixed assets, net | 5,753 | 1,475 | 4,278 | N/M | |||||||||||
Operating income | $ | 277,692 | $ | 252,933 | $ | 24,759 | 9.8 | % | |||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA | $ | 345,641 | $ | 315,609 | $ | 30,032 | 9.5 | % | |||||||
Attendance | 12,546 | 11,849 | 697 | 5.9 | % | ||||||||||
Per capita spending | $ | 47.49 | $ | 46.58 | $ | 0.91 | 2.0 | % | |||||||
Out-of-park revenues | $ | 64,607 | $ | 58,103 | $ | 6,504 | 11.2 | % |
• | $450 million of 5.375% senior unsecured notes, maturing in 2024, issued at par. The notes may be redeemed, in whole or in part, at any time prior to June 1, 2019 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, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to June 1, 2017, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.375% together with accrued and unpaid interest. The notes pay interest semi-annually in June and December. |
• | $500 million of 5.25% senior unsecured notes, maturing in 2021, issued at par. The notes may be redeemed, in whole or in part, at any time prior to March 15, 2016 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, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to March 15, 2016, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.25% together with accrued and unpaid interest. These notes pay interest semi-annually in March and September. |
• | $608.9 million of senior secured term debt, maturing in March 2020 under our 2013 Credit Agreement. The term debt bears interest at a rate of LIBOR plus 250 bps with a LIBOR floor of 75 bps. The term loan amortizes at $6.3 million annually. Due to a prepayment made during 2014, we have no current maturities as of September 27, 2015. |
• | No borrowings under the $255 million senior secured revolving credit facility under our 2013 Credit Agreement. Under the 2013 Credit Agreement, the Canadian portion of the revolving credit facility has a sub-limit of $15 million. U.S. denominated and Canadian denominated loans made under the revolving credit facility bear interest at a rate of LIBOR plus 225 bps (with no LIBOR floor). The revolving credit facility is scheduled to mature in March 2018 and also provides for the issuance of documentary and standby letters of credit. The 2013 Credit Agreement requires that we pay a commitment fee of 38 bps per annum on the unused portion of the credit facilities. After letters of credit, which totaled $16.3 million at September 27, 2015, we had $238.7 million of available borrowings under the revolving credit facility and cash on hand of $196.3 million. |
Exhibit (31.1) | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Exhibit (31.2) | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Exhibit (32) | Certifications Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Exhibit (101) | The following materials from the Partnership's Quarterly Report on Form 10-Q for the quarter ended September 27, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flow, (iv) the Condensed Consolidated Statement of Equity, and (v) related notes. |
CEDAR FAIR, L.P. | |||
(Registrant) | |||
By Cedar Fair Management, Inc. | |||
General Partner | |||
Date: | November 5, 2015 | /s/ Matthew A. Ouimet | |
Matthew A. Ouimet | |||
President and Chief Executive Officer | |||
Date: | November 5, 2015 | /s/ Brian C. Witherow | |
Brian C. Witherow | |||
Executive Vice President and | |||
Chief Financial Officer |
Exhibit (31.1) | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Exhibit (31.2) | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
Exhibit (32) | Certifications Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
Exhibit (101) | The following materials from the Partnership's Quarterly Report on Form 10-Q for the quarter ended September 27, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flow, (iv) the Condensed Consolidated Statement of Equity, and (v) related notes. |
1) | I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 5, 2015 | /s/ Matthew A. Ouimet | |
Matthew A. Ouimet | |||
President and Chief Executive Officer |
1) | I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | November 5, 2015 | /s/ Brian C. Witherow | |
Brian C. Witherow | |||
Executive Vice President and Chief Financial Officer | |||
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
/s/ Matthew A. Ouimet | |
Matthew A. Ouimet | |
President and Chief Executive Officer | |
/s/ Brian C. Witherow | |
Brian C. Witherow | |
Executive Vice President and | |
Chief Financial Officer | |
Changes in Accumulated Other Comprehensive Income by Component Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 27, 2015 |
Sep. 28, 2014 |
Sep. 27, 2015 |
Sep. 28, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net effect of swaps | $ 1,439 | $ 1,087 | $ 2,962 | $ 1,031 |
Provision (benefit) for taxes | (58,934) | (49,403) | (37,834) | (26,340) |
Net income | 164,151 | 161,902 | 137,901 | 122,264 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Provision (benefit) for taxes | 224 | 307 | 673 | 922 |
Net income | 1,462 | 1,678 | 4,386 | 5,035 |
Interest Rate Contracts [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net effect of swaps | $ 1,686 | $ 1,985 | $ 5,059 | $ 5,957 |
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