x | ANNUAL 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.) |
One Cedar Point Drive | ||
Sandusky, Ohio | 44870-5259 | |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (419) 626-0830 |
Title of each class | Name of each exchange on which registered | |||
Depositary Units (Representing Limited Partner Interests) | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | o | |||
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o |
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Certifications | 82 |
Name | Age | Position(s) | |||
Matthew A. Ouimet | 57 | Matt Ouimet has served as Chief Executive Officer since January 2012 and as President since June 2011. Before joining Cedar Fair, Matt served in multiple roles from 2009 through 2010 at Corinthian Colleges, including President and Chief Executive Officer. Prior to joining Corinthian Colleges, he served as President, Hotel Group for Starwood Hotels and Resorts Worldwide from 2006 through 2008. | |||
Richard A. Zimmerman | 55 | Richard Zimmerman has served as Chief Operating Officer since October 2011. Prior to that, he served as Executive Vice President since November 2010, previously serving as Regional Vice President since June 2007 and has been with Cedar Fair since 2006. Richard served as Vice President and General Manager of Kings Dominion from 1998 through 2006. | |||
Brian C. Witherow | 49 | Brian Witherow has served as Executive Vice President and Chief Financial Officer since January 2012. Prior to that, Brian served as Vice President and Corporate Controller beginning in July 2005. Brian has been with Cedar Fair in various other positions since 1995. | |||
H. Philip Bender | 60 | Phil Bender has served as Executive Vice President, Operations, since November 2010, previously serving as Regional Vice President beginning in June 2006. Prior to being promoted to a corporate executive, he served as Vice President and General Manager of Worlds of Fun / Oceans of Fun from 2000 through 2006. | |||
Robert A. Decker | 55 | Rob Decker was promoted to Senior Vice President of Planning & Design in January 2015. Prior to that, Rob served as Corporate Vice President of Planning & Design since the end of 2002, and he has been with Cedar Fair since 1999. Prior to joining Cedar Fair, Rob served as Design Director at Jack Rouse Associates, Inc., a consultant firm to the entertainment industry, from 1989 through 1999. | |||
Craig J. Freeman | 62 | Craig Freeman was promoted to Senior Vice President of Administration in January 2015. Prior to that, he served as Corporate Vice President of Administration since September 2005. Craig served as Vice President and General Manager of Knott’s Camp Snoopy at the Mall of America from 1996 through 2005. | |||
Duffield E. Milkie | 50 | Duff Milkie was promoted to Executive Vice President and General Counsel in January 2015 and has served as Corporate Secretary since February 2012. He served as Corporate Vice President and General Counsel and served as Corporate Secretary from February 2012 to February 2015. He served as Corporate Vice President and General Counsel from February 2008 to February 2012. Prior to joining Cedar Fair, Duff was a partner in the law firm of Wickens, Herzer, Panza, Cook, & Batista from 1998 through 2008. | |||
David R. Hoffman | 47 | Dave Hoffman has served as Senior Vice President and Chief Accounting Officer since January 2012. Prior to that, he served as Vice President of Finance and Corporate Tax since November 2010. He served as Vice President of Corporate Tax from October 2006 until November 2010. Prior to joining Cedar Fair, Dave served as a business advisor with Ernst & Young from 2002 through 2006. | |||
Kelley Semmelroth | 51 | Kelley Semmelroth has served as Executive Vice President and Chief Marketing Officer since February 2012. Prior to joining Cedar Fair, Kelley served as Senior Vice President, Marketing Planning Director for TD Bank from 2010 through 2012. Prior to joining TD Bank, she served as Senior Vice President of Brand Strategy and Management at Bank of America from 2005 through 2010. |
• | pay distributions on or make distributions in respect of our capital stock or units or make other restricted payments; |
• | incur additional debt or issue certain preferred equity; |
• | make certain investments; |
• | sell certain assets; |
• | create restrictions on distributions from restricted subsidiaries; |
• | create liens on certain assets to secure debt; |
• | consolidate, merge, amalgamate, sell or otherwise dispose of all or substantially all of our assets; |
• | enter into certain transactions with our affiliates; and |
• | designate our subsidiaries as unrestricted subsidiaries. |
• | limit our ability to borrow money for our working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes; |
• | limit our flexibility in planning or reacting to changes in business and future business operations; and |
• | make it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure to comply with the obligations of any of our debt instruments, including restrictive covenants and borrowing conditions, could result in an event of default under the agreements governing other indebtedness. |
2015 | Distribution | High | Low | ||||||||
4th quarter | $ | 0.83 | $ | 59.00 | $ | 50.60 | |||||
3rd quarter | 0.75 | 58.12 | 48.94 | ||||||||
2nd quarter | 0.75 | 60.64 | 54.78 | ||||||||
1st quarter | 0.75 | 58.94 | 47.00 | ||||||||
2014 | |||||||||||
4th quarter | $ | 0.75 | $ | 48.25 | $ | 42.75 | |||||
3rd quarter | 0.70 | 53.15 | 45.05 | ||||||||
2nd quarter | 0.70 | 55.77 | 48.84 | ||||||||
1st quarter | 0.70 | 54.70 | 47.21 |
Period | (a) Total Number of Units Purchased (1) | (b) Average Price Paid per Unit | (c) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Units that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
September 28 - October 27 | $ | — | $ | — | $ | — | $ | — | ||||||||
October 28 - November 29 | 268 | 57.00 | — | — | ||||||||||||
November 30 - December 31 | 15,770 | 55.84 | — | — | ||||||||||||
$ | 16,038 | $ | 55.86 | $ | — | $ | — |
(1) | All of the units reported as purchased are attributable to units that were reacquired by the Partnership in satisfaction of tax obligations related to the vesting of restricted units which were granted under the Cedar Fair, L.P. 2008 Omnibus Incentive Plan. |
Base Period | Return | |||||||||||||||||||||||||
2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||||||
Cedar Fair, L.P. | $ | 100.00 | $ | 148.63 | $ | 243.39 | $ | 382.79 | $ | 391.16 | $ | 482.22 | ||||||||||||||
S&P 500 | 100.00 | 102.11 | 118.45 | 156.81 | 178.28 | 180.78 | ||||||||||||||||||||
S&P 400 | 100.00 | 98.27 | 115.84 | 154.65 | 169.76 | 166.06 | ||||||||||||||||||||
S&P Movies and Entertainment | 100.00 | 111.34 | 149.91 | 233.21 | 274.76 | 249.36 |
2015 (1) | 2014 (2) | 2013 (3) | 2012 (4) | 2011 | ||||||||||||||||
(In thousands, except per unit and per capita amounts) | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Net revenues | $ | 1,235,778 | $ | 1,159,605 | $ | 1,134,572 | $ | 1,068,454 | $ | 1,028,472 | ||||||||||
Operating income | 295,331 | 278,332 | 301,761 | 233,675 | 227,946 | |||||||||||||||
Income before taxes | 134,414 | 114,100 | 128,447 | 133,614 | 73,173 | |||||||||||||||
Net income | 112,222 | 104,215 | 108,204 | 101,857 | 65,296 | |||||||||||||||
Net income per unit - basic | 2.01 | 1.88 | 1.95 | 1.83 | 1.18 | |||||||||||||||
Net income per unit - diluted | 1.99 | 1.86 | 1.94 | 1.82 | 1.17 | |||||||||||||||
Balance Sheet Data | ||||||||||||||||||||
Total assets | $ | 1,994,907 | $ | 2,038,319 | $ | 2,014,627 | $ | 2,019,865 | $ | 2,047,168 | ||||||||||
Working capital (deficit) | (2,457 | ) | 5,498 | 27,698 | 2,904 | (104,928 | ) | |||||||||||||
Long-term debt | 1,556,375 | 1,558,850 | 1,520,632 | 1,532,180 | 1,556,379 | |||||||||||||||
Partners' equity | 57,009 | 96,217 | 139,131 | 154,451 | 136,350 | |||||||||||||||
Distributions | ||||||||||||||||||||
Declared per limited partner unit | $ | 3.08 | $ | 2.85 | $ | 2.58 | $ | 1.60 | $ | 1.00 | ||||||||||
Paid per limited partner unit | 3.08 | 2.85 | 2.58 | 1.60 | 1.00 | |||||||||||||||
Other Data | ||||||||||||||||||||
Depreciation and amortization | $ | 125,631 | $ | 124,286 | $ | 122,487 | $ | 126,306 | $ | 125,837 | ||||||||||
Adjusted EBITDA (5) | 459,238 | 431,280 | 425,430 | 390,954 | 374,576 | |||||||||||||||
Capital expenditures | 175,865 | 166,719 | 120,488 | 96,232 | 90,190 | |||||||||||||||
Combined attendance (6) | 24,448 | 23,305 | 23,519 | 23,300 | 23,386 | |||||||||||||||
Combined in-park guest per capita spending (7) | $ | 46.20 | $ | 45.54 | $ | 44.15 | $ | 41.95 | $ | 40.03 |
(1) | Operating results for 2015 include a non-cash charge of $8.6 million for the impairment of a long-lived asset at Cedar Point. |
(2) | Operating results for 2014 include a charge of $29.3 million for the loss on early debt extinguishment and a non-cash charge of $2.4 million for the impairment of long-lived assets at Wildwater Kingdom. |
(3) | Operating results for 2013 include a non-cash charge of $34.6 million for the loss on early debt extinguishment. |
(4) | Operating results for 2012 include a non-cash charge of $25.0 million for the impairment of long-lived assets at Wildwater Kingdom. |
(5) | Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in our current credit agreement. Adjusted EBITDA is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. We believe that Adjusted EBITDA is a meaningful measure of park-level operating profitability and we use it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. A reconciliation of net income to Adjusted EBITDA is provided below. |
(6) | Combined attendance includes attendance figures from the eleven amusement parks and all separately gated outdoor water parks. |
(7) | Combined in-park guest per capita spending ("per capita spending") includes all amusement park, outdoor water park, causeway tolls and parking revenues for the amusement park and water park operating seasons. Revenues from indoor water park, hotel, campground, marina and other out-of-park operations are excluded from per capita statistics. |
2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(In thousands ) | ||||||||||||||||||||
Net income | $ | 112,222 | $ | 104,215 | $ | 108,204 | $ | 101,857 | $ | 65,296 | ||||||||||
Interest expense | 86,849 | 96,286 | 103,071 | 110,619 | 157,185 | |||||||||||||||
Interest income | (64 | ) | (126 | ) | (154 | ) | (68 | ) | (157 | ) | ||||||||||
Provision for taxes | 22,192 | 9,885 | 20,243 | 31,757 | 7,877 | |||||||||||||||
Depreciation and amortization | 125,631 | 124,286 | 122,487 | 126,306 | 125,837 | |||||||||||||||
EBITDA | 346,830 | 334,546 | 353,851 | 370,471 | 356,038 | |||||||||||||||
Loss on early debt extinguishment | — | 29,261 | 34,573 | — | — | |||||||||||||||
Net effect of swaps | (6,884 | ) | (2,062 | ) | 6,883 | (1,492 | ) | (13,119 | ) | |||||||||||
Unrealized foreign currency loss (gain) | 80,946 | 40,883 | 29,085 | (9,181 | ) | 9,830 | ||||||||||||||
Equity-based compensation | 15,470 | 12,536 | 5,535 | 3,265 | (239 | ) | ||||||||||||||
Loss on impairment/retirement of fixed assets, net | 20,873 | 9,757 | 2,539 | 30,336 | 11,355 | |||||||||||||||
Gain on sale of other assets | — | (921 | ) | (8,743 | ) | (6,625 | ) | — | ||||||||||||
Terminated merger costs | — | — | — | — | 230 | |||||||||||||||
Refinancing costs | — | — | — | — | 955 | |||||||||||||||
Class action settlement costs | 259 | 4,953 | — | — | — | |||||||||||||||
Other non-recurring costs (1) | 1,744 | 2,327 | 1,707 | 4,180 | 9,526 | |||||||||||||||
Adjusted EBITDA | $ | 459,238 | $ | 431,280 | $ | 425,430 | $ | 390,954 | $ | 374,576 | ||||||||||
(1) | The Company's current and prior credit agreements reference certain costs as non-recurring or unusual. These items are excluded in the calculation of Adjusted EBITDA and have included litigation expenses and costs for SEC compliance matters related to Special Meeting requests, costs associated with certain unusual ride abandonment and relocation expenses, and costs associated with the transition to a new advertising agency. |
ITEM 7. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. |
For the years ended December 31, | 2015 | 2014 | 2013 | |||||||||||||||||||
( amounts in millions, except attendance, per capita spending and percentages) | ||||||||||||||||||||||
Net revenues: | ||||||||||||||||||||||
Admissions | $ | 687.4 | 55.6 | % | $ | 661.5 | 57.0 | % | $ | 647.0 | 57.0 | % | ||||||||||
Food, merchandise and games | 398.0 | 32.2 | % | 365.5 | 31.5 | % | 356.1 | 31.4 | % | |||||||||||||
Accommodations and other | 150.3 | 12.2 | % | 132.6 | 11.4 | % | 131.5 | 11.6 | % | |||||||||||||
Net revenues | 1,235.7 | 100.0 | % | 1,159.6 | 100.0 | % | 1,134.6 | 100.0 | % | |||||||||||||
Operating costs and expenses | 793.9 | 64.2 | % | 748.1 | 64.5 | % | 716.5 | 63.2 | % | |||||||||||||
Depreciation and amortization | 125.6 | 10.2 | % | 124.2 | 10.7 | % | 122.5 | 10.8 | % | |||||||||||||
Loss on impairment / retirement of fixed assets | 20.9 | 1.7 | % | 9.8 | 0.8 | % | 2.5 | 0.2 | % | |||||||||||||
Gain on sale of other assets | — | — | % | (0.9 | ) | (0.1 | )% | (8.7 | ) | (0.8 | )% | |||||||||||
Operating income | 295.3 | 23.9 | % | 278.4 | 24.0 | % | 301.8 | 26.6 | % | |||||||||||||
Interest and other expense, net | 86.8 | 7.0 | % | 96.2 | 8.3 | % | 102.9 | 9.0 | % | |||||||||||||
Net effect of swaps | (6.9 | ) | (0.6 | )% | (2.1 | ) | (0.2 | )% | 6.9 | 0.6 | % | |||||||||||
Loss on early debt extinguishment | — | — | % | 29.3 | 2.5 | % | 34.6 | 3.0 | % | |||||||||||||
Unrealized / realized foreign currency loss | 81.0 | 6.6 | % | 40.9 | 3.5 | % | 28.9 | 2.5 | % | |||||||||||||
Provision for taxes | 22.2 | 1.8 | % | 9.9 | 0.9 | % | 20.3 | 1.8 | % | |||||||||||||
Net income | $ | 112.2 | 9.1 | % | $ | 104.2 | 9.0 | % | $ | 108.2 | 9.5 | % | ||||||||||
Other data: | ||||||||||||||||||||||
Combined attendance (in thousands) | 24,448 | 23,305 | 23,519 | |||||||||||||||||||
Combined in-park guest per capita spending | $ | 46.20 | $ | 45.54 | $ | 44.15 |
Increase (Decrease) | |||||||||||||||
12/31/15 | 12/31/14 | $ | % | ||||||||||||
Net revenues | $ | 1,235,778 | $ | 1,159,605 | $ | 76,173 | 6.6 | % | |||||||
Operating costs and expenses | 793,943 | 748,151 | 45,792 | 6.1 | % | ||||||||||
Depreciation and amortization | 125,631 | 124,286 | 1,345 | 1.1 | % | ||||||||||
Loss on impairment/retirement of fixed assets | 20,873 | 9,757 | 11,116 | N/M | |||||||||||
Gain on sale of other assets | — | (921 | ) | 921 | N/M | ||||||||||
Operating income | $ | 295,331 | $ | 278,332 | $ | 16,999 | 6.1 | % | |||||||
Other Data: | |||||||||||||||
Adjusted EBITDA (1) | $ | 459,238 | $ | 431,280 | $ | 27,958 | 6.5 | % | |||||||
Adjusted EBITDA margin (2) | 37.2 | % | 37.2 | % | — | — | % | ||||||||
Attendance | 24,448 | 23,305 | 1,143 | 4.9 | % | ||||||||||
Per capita spending | $ | 46.20 | $ | 45.54 | $ | 0.66 | 1.4 | % | |||||||
Out-of-park revenues | $ | 137,698 | $ | 127,156 | $ | 10,542 | 8.3 | % | |||||||
N/M - Not meaningful | |||||||||||||||
(1) for additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation from net income, see Item 6, "Selected Financial Data," on page 15. | |||||||||||||||
(2) 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. |
Increase (Decrease) | |||||||||||||||
12/31/14 | 12/31/13 | $ | % | ||||||||||||
Net revenues | $ | 1,159,605 | $ | 1,134,572 | $ | 25,033 | 2.2 | % | |||||||
Operating costs and expenses | 748,151 | 716,528 | 31,623 | 4.4 | % | ||||||||||
Depreciation and amortization | 124,286 | 122,487 | 1,799 | 1.5 | % | ||||||||||
Loss on impairment/retirement of fixed assets | 9,757 | 2,539 | 7,218 | N/M | |||||||||||
Gain on sale of other assets | (921 | ) | (8,743 | ) | 7,822 | N/M | |||||||||
Operating income | $ | 278,332 | $ | 301,761 | $ | (23,429 | ) | (7.8 | )% | ||||||
Other Data: | |||||||||||||||
Adjusted EBITDA (1) | $ | 431,280 | $ | 425,430 | $ | 5,850 | 1.4 | % | |||||||
Adjusted EBITDA margin (2) | 37.2 | % | 37.5 | % | — | (0.3 | )% | ||||||||
Attendance | 23,305 | 23,519 | (214 | ) | (0.9 | )% | |||||||||
Per capita spending | $ | 45.54 | $ | 44.15 | $ | 1.39 | 3.1 | % | |||||||
Out-of-park revenues | $ | 127,156 | $ | 124,164 | $ | 2,992 | 2.4 | % | |||||||
N/M - Not meaningful | |||||||||||||||
(1) for additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation from net income, see Item 6, "Selected Financial Data," on page 15. | |||||||||||||||
(2) 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. |
Payments Due by Period | |||||||||||||||||||
2021 - | |||||||||||||||||||
Total | 2016 | 2017-2018 | 2019-2020 | Thereafter | |||||||||||||||
Long-term debt (1) | $ | 2,021,218 | $ | 84,593 | $ | 176,214 | $ | 718,848 | $ | 1,041,563 | |||||||||
Capital expenditures (2) | 155,000 | 146,820 | 8,180 | — | — | ||||||||||||||
Lease & other obligations (3) | 152,053 | 21,501 | 16,230 | 12,361 | 101,961 | ||||||||||||||
Total | $ | 2,328,271 | $ | 252,914 | $ | 200,624 | $ | 731,209 | $ | 1,143,524 |
(1) | Represents maturities and mandatory prepayments on long-term debt obligations, fixed interest on senior notes, variable interest on term debt assuming current LIBOR interest rates, and the impact of our various derivative contracts. See Note 5 in “Notes to Consolidated Financial Statements” for further information. |
(2) | Represents contractual obligations in place at year-end for the purchase of new rides, facilities, and attractions. Obligations not denominated in U.S. dollars have been converted based on the currency exchange rates as of December 31, 2015. |
(3) | Represents contractual lease and purchase obligations in place at year-end. |
Net income | Net income | |||||||||||||||||||
(loss) per | (loss) per | |||||||||||||||||||
Operating income | Net income | limited partner | limited partner | |||||||||||||||||
(Unaudited) | Net revenues | (loss) | (loss) | unit-basic | unit-diluted | |||||||||||||||
2015 | ||||||||||||||||||||
1st Quarter | $ | 46,817 | $ | (69,633 | ) | $ | (83,833 | ) | $ | (1.50 | ) | $ | (1.50 | ) | ||||||
2nd Quarter | 377,408 | 93,027 | 57,583 | 1.03 | 1.02 | |||||||||||||||
3rd Quarter | 644,637 | 277,692 | 164,151 | 2.94 | 2.92 | |||||||||||||||
4th Quarter (1) | 166,916 | (5,755 | ) | (25,679 | ) | (0.46 | ) | (0.46 | ) | |||||||||||
2015 Total | 1,235,778 | 295,331 | 112,222 | 2.01 | 1.99 | |||||||||||||||
2014 | ||||||||||||||||||||
1st Quarter | $ | 40,466 | $ | (71,577 | ) | $ | (83,540 | ) | $ | (1.51 | ) | $ | (1.51 | ) | ||||||
2nd Quarter (2) | 363,014 | 91,847 | 43,902 | 0.79 | 0.79 | |||||||||||||||
3rd Quarter | 595,318 | 252,933 | 161,902 | 2.92 | 2.90 | |||||||||||||||
4th Quarter (3) | 160,807 | 5,129 | (18,049 | ) | (0.33 | ) | (0.33 | ) | ||||||||||||
2014 Total | 1,159,605 | 278,332 | 104,215 | 1.88 | 1.86 | |||||||||||||||
(1) | The fourth quarter of 2015 included a non-cash charge of $8.6 million for the impairment of a long-lived asset at Cedar Point. |
(2) | The second quarter of 2014 included a charge of $29.3 million for the loss on early extinguishment of debt due to the June 2014 refinancing. |
(3) | The fourth quarter of 2014 included a non-cash charge of $2.4 million for the impairment of long-lived assets at Wildwater Kingdom. |
Note: | To assure that our highly seasonal operations will not result in misleading comparisons of interim periods, the Partnership has adopted the following reporting procedures: (a) seasonal operating costs are expensed over the operating season, including some costs incurred prior to the season, which are deferred and amortized over the season, and (b) all other costs are expensed as incurred or ratably over the entire year. |
12/31/2015 | 12/31/2014 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 119,557 | $ | 131,840 | ||||
Receivables | 29,494 | 27,395 | ||||||
Inventories | 25,029 | 25,883 | ||||||
Current deferred tax asset | 12,188 | 9,265 | ||||||
Other current assets | 9,946 | 9,334 | ||||||
196,214 | 203,717 | |||||||
Property and Equipment: | ||||||||
Land | 267,782 | 276,297 | ||||||
Land improvements | 381,191 | 366,863 | ||||||
Buildings | 647,514 | 599,907 | ||||||
Rides and equipment | 1,561,234 | 1,535,705 | ||||||
Construction in progress | 50,962 | 70,431 | ||||||
2,908,683 | 2,849,203 | |||||||
Less accumulated depreciation | (1,393,805 | ) | (1,322,652 | ) | ||||
1,514,878 | 1,526,551 | |||||||
Goodwill | 210,811 | 228,291 | ||||||
Other Intangibles, net | 35,895 | 38,191 | ||||||
Other Assets | 37,109 | 41,569 | ||||||
$ | 1,994,907 | $ | 2,038,319 | |||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Current maturities of long-term debt | $ | 2,475 | $ | — | ||||
Accounts payable | 17,122 | 23,933 | ||||||
Deferred revenue | 69,514 | 61,161 | ||||||
Accrued interest | 9,910 | 9,916 | ||||||
Accrued taxes | 41,937 | 21,800 | ||||||
Accrued salaries, wages and benefits | 26,916 | 34,102 | ||||||
Self-insurance reserves | 23,996 | 23,377 | ||||||
Current derivative liability | — | 11,791 | ||||||
Other accrued liabilities | 6,801 | 12,139 | ||||||
198,671 | 198,219 | |||||||
Deferred Tax Liability | 141,951 | 152,513 | ||||||
Derivative Liability | 22,918 | 14,649 | ||||||
Other Liabilities | 17,983 | 17,871 | ||||||
Long-Term Debt: | ||||||||
Term debt | 606,375 | 608,850 | ||||||
Notes | 950,000 | 950,000 | ||||||
1,556,375 | 1,558,850 | |||||||
Commitments and Contingencies (Note 10) | ||||||||
Partners’ Equity: | ||||||||
Special L.P. interests | 5,290 | 5,290 | ||||||
General partner | — | 1 | ||||||
Limited partners, 56,018, and 55,828 units outstanding at December 31, 2015 and December 31, 2014, respectively | 48,428 | 101,556 | ||||||
Accumulated other comprehensive income (loss) | 3,291 | (10,630 | ) | |||||
57,009 | 96,217 | |||||||
$ | 1,994,907 | $ | 2,038,319 |
For the years ended December 31, | 2015 | 2014 | 2013 | |||||||||
Net revenues: | ||||||||||||
Admissions | $ | 687,442 | $ | 661,455 | $ | 647,007 | ||||||
Food, merchandise and games | 398,019 | 365,528 | 356,105 | |||||||||
Accommodations, extra-charge products and other | 150,317 | 132,622 | 131,460 | |||||||||
1,235,778 | 1,159,605 | 1,134,572 | ||||||||||
Costs and expenses: | ||||||||||||
Cost of food, merchandise and games revenues | 104,827 | 95,208 | 91,772 | |||||||||
Operating expenses | 517,626 | 496,079 | 472,344 | |||||||||
Selling, general and administrative | 171,490 | 156,864 | 152,412 | |||||||||
Depreciation and amortization | 125,631 | 124,286 | 122,487 | |||||||||
Loss on impairment / retirement of fixed assets, net | 20,873 | 9,757 | 2,539 | |||||||||
Gain on sale of other assets | — | (921 | ) | (8,743 | ) | |||||||
940,447 | 881,273 | 832,811 | ||||||||||
Operating income | 295,331 | 278,332 | 301,761 | |||||||||
Interest expense | 86,849 | 96,286 | 103,071 | |||||||||
Net effect of swaps | (6,884 | ) | (2,062 | ) | 6,883 | |||||||
Loss on early debt extinguishment | — | 29,261 | 34,573 | |||||||||
Unrealized/realized foreign currency loss | 81,016 | 40,873 | 28,941 | |||||||||
Interest income | (64 | ) | (126 | ) | (154 | ) | ||||||
Income before taxes | 134,414 | 114,100 | 128,447 | |||||||||
Provision for taxes | 22,192 | 9,885 | 20,243 | |||||||||
Net income | 112,222 | 104,215 | 108,204 | |||||||||
Net income allocated to general partner | 1 | 1 | 1 | |||||||||
Net income allocated to limited partners | $ | 112,221 | $ | 104,214 | $ | 108,203 | ||||||
Net income | $ | 112,222 | $ | 104,215 | $ | 108,204 | ||||||
Other comprehensive income, (net of tax): | ||||||||||||
Cumulative foreign currency translation adjustment | 16,655 | 5,931 | 2,756 | |||||||||
Unrealized income (loss) on cash flow hedging derivatives | (2,734 | ) | (1,553 | ) | 10,736 | |||||||
Other comprehensive income, (net of tax) | 13,921 | 4,378 | 13,492 | |||||||||
Total comprehensive income | $ | 126,143 | $ | 108,593 | $ | 121,696 | ||||||
Basic earnings per limited partner unit: | ||||||||||||
Weighted average limited partner units outstanding | 55,745 | 55,548 | 55,476 | |||||||||
Net income per limited partner unit | $ | 2.01 | $ | 1.88 | $ | 1.95 | ||||||
Diluted earnings per limited partner unit: | ||||||||||||
Weighted average limited partner units outstanding | 56,362 | 55,992 | 55,825 | |||||||||
Net income per limited partner unit | $ | 1.99 | $ | 1.86 | $ | 1.94 |
For the years ended December 31, | 2015 | 2014 | 2013 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income | $ | 112,222 | $ | 104,215 | $ | 108,204 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Depreciation and amortization | 125,631 | 124,286 | 122,487 | |||||||||
Loss on early debt extinguishment | — | 29,261 | 34,573 | |||||||||
Non-cash foreign currency loss on debt | 81,608 | 39,088 | 27,786 | |||||||||
Other non-cash expenses | 6,530 | 17,943 | 15,693 | |||||||||
Change in operating assets and liabilities: | ||||||||||||
(Increase) decrease in receivables | (2,276 | ) | (6,235 | ) | (6,257 | ) | ||||||
(Increase) decrease in inventories | 607 | 46 | 1,535 | |||||||||
(Increase) decrease in current assets | (1,793 | ) | 1,949 | (317 | ) | |||||||
(Increase) decrease in other assets | 918 | 1,072 | (1,737 | ) | ||||||||
Increase (decrease) in accounts payable | 3,243 | 884 | 174 | |||||||||
Increase (decrease) in deferred revenue | 9,149 | 16,965 | 5,491 | |||||||||
Increase (decrease) in accrued interest | 359 | (12,554 | ) | 8,714 | ||||||||
Increase (decrease) in accrued taxes | 20,965 | 2,319 | 1,690 | |||||||||
Increase (decrease) in accrued salaries and wages | (6,997 | ) | 4,998 | 4,440 | ||||||||
Increase (decrease) in self-insurance reserves | 881 | (133 | ) | (136 | ) | |||||||
Increase (decrease) in other current liabilities | (5,311 | ) | 6,630 | (386 | ) | |||||||
Increase (decrease) in other liabilities | (3,519 | ) | 6,369 | 2,503 | ||||||||
Net cash from operating activities | 342,217 | 337,103 | 324,457 | |||||||||
CASH FLOWS FOR INVESTING ACTIVITIES | ||||||||||||
Capital expenditures | $ | (175,865 | ) | $ | (166,719 | ) | $ | (120,448 | ) | |||
Sale of non-core asset | — | 1,377 | 15,297 | |||||||||
Purchase of preferred equity investment | (2,000 | ) | — | — | ||||||||
Net cash for investing activities | (177,865 | ) | (165,342 | ) | (105,151 | ) | ||||||
CASH FLOWS FOR FINANCING ACTIVITIES | ||||||||||||
Term debt borrowings | — | — | 630,000 | |||||||||
Note borrowings | — | 450,000 | 500,000 | |||||||||
Term debt payments, including early termination penalties | — | (10,000 | ) | (1,142,250 | ) | |||||||
Note payments, including early termination penalties | — | (426,148 | ) | — | ||||||||
Distributions paid to partners | (172,614 | ) | (159,432 | ) | (143,457 | ) | ||||||
Payment of debt issuance costs | — | (9,795 | ) | (23,532 | ) | |||||||
Exercise of limited partnership unit options | — | — | 52 | |||||||||
Tax effect of units involved in treasury unit transactions | (1,589 | ) | 140 | 855 | ||||||||
Net cash for financing activities | (174,203 | ) | (155,235 | ) | (178,332 | ) | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (2,432 | ) | (2,742 | ) | (1,748 | ) | ||||||
CASH AND CASH EQUIVALENTS | ||||||||||||
Net increase (decrease) for the year | (12,283 | ) | 13,784 | 39,226 | ||||||||
Balance, beginning of year | 131,840 | 118,056 | 78,830 | |||||||||
Balance, end of year | $ | 119,557 | $ | 131,840 | $ | 118,056 | ||||||
SUPPLEMENTAL INFORMATION | ||||||||||||
Cash payments for interest expense | $ | 84,963 | $ | 104,198 | $ | 90,834 | ||||||
Interest capitalized | 3,094 | 2,983 | 1,610 | |||||||||
Cash payments for income taxes, net of refunds | 19,976 | 11,162 | 14,822 | |||||||||
Capital expenditures in accounts payable | 2,357 | 12,262 | 4,099 |
For the years ended December 31, | 2015 | 2014 | 2013 | ||||||||
Limited Partnership Units Outstanding | |||||||||||
Beginning balance | 55,828 | 55,716 | 55,618 | ||||||||
Limited partnership unit options exercised | 50 | 19 | 6 | ||||||||
Limited partnership unit forfeitures | (1 | ) | (2 | ) | (1 | ) | |||||
Issuance of limited partnership units related to compensation | 141 | 95 | 93 | ||||||||
56,018 | 55,828 | 55,716 | |||||||||
Limited Partners’ Equity | |||||||||||
Beginning balance | $ | 101,556 | $ | 148,847 | $ | 177,660 | |||||
Net income | 112,221 | 104,214 | 108,203 | ||||||||
Partnership distribution declared (2015 - $3.08; 2014 - $2.85; 2013 - $2.58) | (172,614 | ) | (159,430 | ) | (143,457 | ) | |||||
Expense recognized for limited partnership unit options | 580 | 890 | 903 | ||||||||
Cash received for limited partnership unit options exercised | — | — | 52 | ||||||||
Tax effect of units involved in treasury unit transactions | (1,589 | ) | 140 | 855 | |||||||
Issuance of limited partnership units related to compensation | 8,274 | 6,895 | 4,631 | ||||||||
48,428 | 101,556 | 148,847 | |||||||||
General Partner’s Equity | |||||||||||
Beginning balance | 1 | 2 | 1 | ||||||||
Partnership distribution declared | (2 | ) | (2 | ) | — | ||||||
Net income | 1 | 1 | 1 | ||||||||
— | 1 | 2 | |||||||||
Special L.P. Interests | 5,290 | 5,290 | 5,290 | ||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||
Cumulative foreign currency translation adjustment: | |||||||||||
Beginning balance | 5,936 | 5 | (2,751 | ) | |||||||
Current year activity, net of tax ($9,050) in 2015, ($3,410) in 2014, ($1,586) in 2013) | 16,655 | 5,931 | 2,756 | ||||||||
22,591 | 5,936 | 5 | |||||||||
Unrealized loss on cash flow hedging derivatives: | |||||||||||
Beginning balance | (16,566 | ) | (15,013 | ) | (25,749 | ) | |||||
Current year activity, net of tax $625 in 2015, $288 in 2014, ($1,745) in 2013) | (2,734 | ) | (1,553 | ) | 10,736 | ||||||
(19,300 | ) | (16,566 | ) | (15,013 | ) | ||||||
3,291 | (10,630 | ) | (15,008 | ) | |||||||
Total Partners’ Equity | $ | 57,009 | $ | 96,217 | $ | 139,131 |
Land improvements | Approximately | 25 years | ||
Buildings | 25 years | - | 40 years | |
Rides | Approximately | 20 years | ||
Equipment | 3 years | - | 10 years |
2015 | 2014 | 2013 | ||||||||||
(In thousands except per unit amounts) | ||||||||||||
Basic weighted average units outstanding | 55,745 | 55,548 | 55,476 | |||||||||
Effect of dilutive units: | ||||||||||||
Deferred units (Note 7) | 23 | 6 | — | |||||||||
Performance units (Note 7) | 72 | 31 | — | |||||||||
Restricted units (Note 7) | 358 | 195 | 103 | |||||||||
Unit options (Note 7) | 141 | 123 | 59 | |||||||||
Phantom units (Note 7) | 23 | 89 | 187 | |||||||||
Diluted weighted average units outstanding | 56,362 | 55,992 | 55,825 | |||||||||
Net income per unit - basic | $ | 2.01 | $ | 1.88 | $ | 1.95 | ||||||
Net income per unit - diluted | $ | 1.99 | $ | 1.86 | $ | 1.94 | ||||||
Accumulated | ||||||||||||
Goodwill | Impairment | Goodwill | ||||||||||
(gross) | Losses | (net) | ||||||||||
($'s in thousands) | ||||||||||||
Balance at December 31, 2013 | $ | 317,957 | $ | (79,868 | ) | $ | 238,089 | |||||
Foreign currency exchange translation | (9,798 | ) | — | (9,798 | ) | |||||||
Balance at December 31, 2014 | 308,159 | (79,868 | ) | 228,291 | ||||||||
Foreign currency exchange translation | (17,480 | ) | — | (17,480 | ) | |||||||
Balance at December 31, 2015 | $ | 290,679 | $ | (79,868 | ) | $ | 210,811 |
Weighted | |||||||||||||||
Average | Gross | Net | |||||||||||||
Amortization | Carrying | Accumulated | Carrying | ||||||||||||
Period | Amount | Amortization | Value | ||||||||||||
($'s in thousands) | |||||||||||||||
December 31, 2015 | |||||||||||||||
Other intangible assets: | |||||||||||||||
Trade names | — | $ | 35,208 | $ | — | $ | 35,208 | ||||||||
License / franchise agreements | 8.4 years | 1,067 | 380 | 687 | |||||||||||
Total other intangible assets | 8.4 years | $ | 36,275 | $ | 380 | $ | 35,895 | ||||||||
December 31, 2014 | |||||||||||||||
Other intangible assets: | |||||||||||||||
Trade names | — | $ | 37,683 | $ | — | $ | 37,683 | ||||||||
License / franchise agreements | 13.5 years | 818 | 310 | 508 | |||||||||||
Total other intangible assets | 13.5 years | $ | 38,501 | $ | 310 | $ | 38,191 |
($'s in thousands) | 2015 | 2014 | ||||||
Revolving credit facility (due 2018) | $ | — | $ | — | ||||
Term debt (1) | ||||||||
March 2013 U.S. term loan averaging 3.25% at 2013 (due 2013-2020) | 608,850 | 608,850 | ||||||
Notes | ||||||||
June 2014 U.S. fixed rate note at 5.375% (due 2024) | 450,000 | 450,000 | ||||||
March 2013 U.S. fixed rate note at 5.25% (due 2021) | 500,000 | 500,000 | ||||||
1,558,850 | 1,558,850 | |||||||
Less: current portion | 2,475 | — | ||||||
$ | 1,556,375 | $ | 1,558,850 | |||||
(1) | These average interest rates do not reflect the effect of interest rate swap agreements entered into on variable-rate term debt (see Note 6). |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 & Beyond | Total | |||||||||||||||||||||
U.S. Term loan maturing in 2020 | $ | 2,475 | $ | 6,300 | $ | 6,300 | $ | 6,300 | $ | 587,475 | $ | — | $ | 608,850 |
($'s in thousands): | Consolidated Balance Sheet Location | Fair Value as of | Fair Value as of | |||||||
December 31, 2015 | December 31, 2014 | |||||||||
Derivatives designated as hedging instruments: | ||||||||||
Interest rate swaps | Derivative Liability | $ | (22,918 | ) | $ | (14,649 | ) | |||
Total derivatives designated as hedging instruments: | (22,918 | ) | (14,649 | ) | ||||||
Derivatives not designated as hedging instruments: | ||||||||||
Interest rate swaps | Current Derivative Liability | — | (11,791 | ) | ||||||
Total derivatives not designated as hedging instruments: | — | (11,791 | ) | |||||||
Net derivative liability | $ | (22,918 | ) | $ | (26,440 | ) |
($'s in thousands): | Amount of (Loss) recognized in OCI on Derivatives (Effective Portion) | Amount and Location of (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount and Location of Gain Recognized in Income on Derivatives | |||||||||||||||||||||||||
Designated Derivatives | Year ended 12/31/15 | Year ended 12/31/14 | Designated Derivatives | Year ended 12/31/15 | Year ended 12/31/14 | Derivatives Not Designated | Year ended 12/31/15 | Year ended 12/31/14 | ||||||||||||||||||||
Interest rate swaps | $ | (8,269 | ) | $ | (10,735 | ) | Interest Expense | $ | (517 | ) | $ | — | Net effect of swaps | $ | 11,791 | $ | 10,958 |
2015 | 2014 | |||||||||||||
Weighted Average | Weighted Average | |||||||||||||
Unit Options | Exercise Price | Unit Options | Exercise Price | |||||||||||
Outstanding, beginning of year | 622,316 | $ | 34.03 | 684,822 | $ | 33.97 | ||||||||
Exercised | (109,575 | ) | 31.79 | (49,656 | ) | 32.93 | ||||||||
Forfeited | (5,751 | ) | 35.58 | (12,850 | ) | 34.96 | ||||||||
Outstanding, end of year | 506,990 | $ | 34.50 | 622,316 | $ | 34.03 | ||||||||
Options exercisable, end of year | 478,688 | $ | 34.36 | 476,043 | $ | 33.45 |
Vested Options Outstanding | ||||||||||||||||||
Type | Range of Exercise Prices | Unit Options | Weighted Average Remaining Contractual Life | Weighted Average Exercise Price | ||||||||||||||
Outstanding at year-end | $ | 29.53 | — | $ | 36.95 | 478,688 | 6.8 years | $ | 34.36 | |||||||||
Aggregate intrinsic value ($'s in thousands) | $ | 10,284 |
Unit Options | Weighted Average Exercise Price | ||||||
Nonvested, beginning of year | 146,273 | $ | 35.92 | ||||
Vested | (112,220 | ) | 35.67 | ||||
Forfeited | (5,751 | ) | $ | 35.58 | |||
Nonvested, end of year | 28,302 | $ | 36.95 |
($'s in thousands) | 2015 | 2014 | 2013 | |||||||||
Domestic | $ | 209,268 | $ | 186,389 | $ | 159,256 | ||||||
Foreign | (74,854 | ) | (72,289 | ) | (30,809 | ) | ||||||
$ | 134,414 | $ | 114,100 | $ | 128,447 | |||||||
($'s in thousands) | 2015 | 2014 | 2013 | |||||||||
Income taxes: | ||||||||||||
Current federal | $ | 22,232 | $ | 4,513 | $ | 5,398 | ||||||
Current state and local | 3,767 | 1,413 | 1,436 | |||||||||
Current foreign | 530 | (2,692 | ) | 412 | ||||||||
Total current | 26,529 | 3,234 | 7,246 | |||||||||
Deferred federal, state and local | 4,842 | 9,239 | 9,989 | |||||||||
Deferred foreign | (20,898 | ) | (12,200 | ) | (6,641 | ) | ||||||
Total deferred | (16,056 | ) | (2,961 | ) | 3,348 | |||||||
$ | 10,473 | $ | 273 | $ | 10,594 |
($'s in thousands) | 2015 | 2014 | 2013 | |||||||||
Income tax provision based on the U.S. federal statutory tax rate | $ | 47,045 | $ | 39,935 | $ | 44,956 | ||||||
Partnership income not includible in corporate income | (39,279 | ) | (39,922 | ) | (31,574 | ) | ||||||
State and local taxes, net of federal income tax benefit | 3,504 | 1,786 | 2,459 | |||||||||
Valuation allowance | — | (1,112 | ) | (4,460 | ) | |||||||
Tax credits | (1,253 | ) | (997 | ) | (1,303 | ) | ||||||
Nondeductible expenses and other | 456 | 583 | 516 | |||||||||
$ | 10,473 | $ | 273 | $ | 10,594 |
($'s in thousands) | 2015 | 2014 | ||||||
Deferred tax assets: | ||||||||
Options and deferred compensation | $ | 13,957 | $ | 12,476 | ||||
Accrued expenses | 6,775 | 7,380 | ||||||
Foreign tax credits | 7,603 | 16,844 | ||||||
Tax attribute carryforwards | 3,767 | 7,906 | ||||||
Derivatives | 3,619 | 3,044 | ||||||
Foreign currency | 19,182 | 2,645 | ||||||
Deferred revenue | 4,648 | 4,841 | ||||||
Other | — | 483 | ||||||
Deferred tax assets | 59,551 | 55,619 | ||||||
Valuation allowance | (5,680 | ) | (5,680 | ) | ||||
Net deferred tax assets | 53,871 | 49,939 | ||||||
Deferred tax liabilities: | ||||||||
Property | (171,316 | ) | (182,434 | ) | ||||
Intangibles | (12,318 | ) | (10,753 | ) | ||||
Deferred tax liabilities | (183,634 | ) | (193,187 | ) | ||||
Net deferred tax liability | $ | (129,763 | ) | $ | (143,248 | ) |
($'s in thousands) | 2015 | 2014 | ||||||
Net current deferred tax asset | $ | 12,188 | $ | 9,265 | ||||
Net non-current deferred tax liability | (141,951 | ) | (152,513 | ) | ||||
Net deferred tax liability | $ | (129,763 | ) | $ | (143,248 | ) | ||
($'s in thousands) | ||||
Balance at December 31, 2013 | $ | 1,100 | ||
Increase from 2014 tax positions | — | |||
Increase from 2013 tax positions | 100 | |||
Decrease from settlements with taxing authority | — | |||
Decrease from expiration of statute of limitations | — | |||
Balance at December 31, 2014 | 1,200 | |||
Increase from 2015 tax positions | — | |||
Increase from 2014 tax positions | 200 | |||
Decrease from settlements with taxing authority | — | |||
Decrease from expiration of statute of limitations | (300 | ) | ||
Balance at December 31, 2015 | $ | 1,100 |
2016 | $ | 9,207 | |
2017 | 8,675 | ||
2018 | 7,555 | ||
2019 | 6,568 | ||
2020 | 5,793 | ||
Thereafter | 101,961 | ||
$ | 139,759 | ||
• | 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) | Fair Value | December 31, 2015 | December 31, 2014 | ||||||||||||||
Balance Sheet Location | Hierarchy Level | 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 | $ | — | $ | — | $ | (11,791 | ) | $ | (11,791 | ) | |||||
Interest rate swap agreements designated as cash flow hedges | Derivative Liability | Level 2 | (22,918 | ) | (22,918 | ) | (14,649 | ) | (14,649 | ) | |||||||
Other financial assets (liabilities): | — | — | — | — | |||||||||||||
Term debt | Long-Term Debt | Level 2 | (606,375 | ) | (604,859 | ) | (608,850 | ) | (605,806 | ) | |||||||
March 2013 notes | Long-Term Debt | Level 1 | (500,000 | ) | (507,500 | ) | (500,000 | ) | (501,250 | ) | |||||||
June 2014 notes | Long-Term Debt | (1) | (450,000 | ) | (453,375 | ) | (450,000 | ) | (451,125 | ) |
(1) | The June 2014 notes were based on Level 1 inputs as of December 31, 2015 and Level 2 inputs as of December 31, 2014. |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
($'s in thousands) | |||||||||||||
Unrealized income | Foreign currency | ||||||||||||
on cash flow hedges | translation adjustment | Total | |||||||||||
Balance at December 31, 2014 | $ | (16,566 | ) | $ | 5,936 | $ | (10,630 | ) | |||||
Other comprehensive income (loss) before reclassifications, net of tax $1,258 and $(9,050) | (7,008 | ) | 16,655 | 9,647 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($633) (2) | 4,274 | — | 4,274 | ||||||||||
Net current-period other comprehensive income (loss) | (2,734 | ) | 16,655 | 13,921 | |||||||||
December 31, 2015 | $ | (19,300 | ) | $ | 22,591 | $ | 3,291 |
Changes in Accumulated Other Comprehensive Income by Component (1) | ||||||||||
($'s in thousands) | ||||||||||
Unrealized income | Foreign currency | |||||||||
on cash flow hedges | translation adjustment | Total | ||||||||
Balance at December 31, 2013 | (15,013 | ) | 5 | (15,008 | ) | |||||
Other comprehensive income (loss) before reclassifications, net of tax $1,630 and $(3,410) | (9,105 | ) | 5,931 | (3,174 | ) | |||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,341) (2) | 7,552 | — | 7,552 | |||||||
Net current-period other comprehensive income (loss) | (1,553 | ) | 5,931 | 4,378 | ||||||
December 31, 2014 | (16,566 | ) | 5,936 | (10,630 | ) |
Reclassifications Out of Accumulated Other Comprehensive Income (1) | ||||||||||||
($' in thousands) | ||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | 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 | 12 Months ended 12/31/15 | 12 Months ended 12/31/14 | ||||||||||
Interest rate swaps | $ | 4,907 | $ | 8,893 | Net effect of swaps | |||||||
$ | 4,907 | $ | 8,893 | Total before tax | ||||||||
(633 | ) | (1,341 | ) | Provision (benefit) for taxes | ||||||||
$ | 4,274 | $ | 7,552 | Net of tax |
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 | $ | 77,007 | $ | — | $ | 39,106 | $ | 3,444 | $ | — | $ | 119,557 | ||||||||||||
Receivables | — | 1,292 | 27,788 | 547,361 | (546,947 | ) | 29,494 | |||||||||||||||||
Inventories | — | 121 | 1,222 | 23,686 | — | 25,029 | ||||||||||||||||||
Current deferred tax asset | — | 7,953 | 643 | 3,592 | — | 12,188 | ||||||||||||||||||
Other current assets | 188 | 1,261 | 1,332 | 8,781 | (1,616 | ) | 9,946 | |||||||||||||||||
77,195 | 10,627 | 70,091 | 586,864 | (548,563 | ) | 196,214 | ||||||||||||||||||
Property and Equipment, net | — | 5,593 | 176,390 | 1,332,895 | — | 1,514,878 | ||||||||||||||||||
Investment in Park | 724,592 | 911,912 | 179,530 | 27,864 | (1,843,898 | ) | — | |||||||||||||||||
Goodwill | 674 | — | 90,531 | 119,606 | — | 210,811 | ||||||||||||||||||
Other Intangibles, net | — | — | 12,832 | 23,063 | — | 35,895 | ||||||||||||||||||
Deferred Tax Asset | — | 6,127 | — | — | (6,127 | ) | — | |||||||||||||||||
Other Assets | 4,590 | 19,619 | 6,214 | 6,686 | — | 37,109 | ||||||||||||||||||
$ | 807,051 | $ | 953,878 | $ | 535,588 | $ | 2,096,978 | $ | (2,398,588 | ) | $ | 1,994,907 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 1,008 | $ | 57 | $ | 1,410 | $ | — | $ | 2,475 | ||||||||||||
Accounts payable | 434,726 | 115,135 | 810 | 13,398 | (546,947 | ) | 17,122 | |||||||||||||||||
Deferred revenue | — | 85 | 4,397 | 65,032 | — | 69,514 | ||||||||||||||||||
Accrued interest | 4,602 | 3,221 | 2,056 | 31 | — | 9,910 | ||||||||||||||||||
Accrued taxes | 1,066 | — | — | 42,487 | (1,616 | ) | 41,937 | |||||||||||||||||
Accrued salaries, wages and benefits | — | 22,166 | 1,026 | 3,724 | — | 26,916 | ||||||||||||||||||
Self-insurance reserves | — | 7,437 | 1,400 | 15,159 | 23,996 | |||||||||||||||||||
Other accrued liabilities | 1,355 | 1,531 | 167 | 3,748 | — | 6,801 | ||||||||||||||||||
441,749 | 150,583 | 9,913 | 144,989 | (548,563 | ) | 198,671 | ||||||||||||||||||
Deferred Tax Liability | — | — | 22,622 | 125,456 | (6,127 | ) | 141,951 | |||||||||||||||||
Derivative Liability | 13,396 | 9,522 | — | — | — | 22,918 | ||||||||||||||||||
Other Liabilities | — | 6,705 | — | 11,278 | — | 17,983 | ||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | — | 246,882 | 13,934 | 345,559 | — | 606,375 | ||||||||||||||||||
Notes | 294,897 | 205,103 | 450,000 | — | — | 950,000 | ||||||||||||||||||
294,897 | 451,985 | 463,934 | 345,559 | — | 1,556,375 | |||||||||||||||||||
Equity | 57,009 | 335,083 | 39,119 | 1,469,696 | (1,843,898 | ) | 57,009 | |||||||||||||||||
$ | 807,051 | $ | 953,878 | $ | 535,588 | $ | 2,096,978 | $ | (2,398,588 | ) | $ | 1,994,907 |
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 | |||||||||||||||||||
Net revenues | $ | 145,571 | $ | 240,817 | $ | 112,217 | $ | 1,118,384 | $ | (381,211 | ) | $ | 1,235,778 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | 372 | 8,878 | 95,577 | — | 104,827 | ||||||||||||||||||
Operating expenses | 1,063 | 179,139 | 42,814 | 675,821 | (381,211 | ) | 517,626 | |||||||||||||||||
Selling, general and administrative | 3,081 | 55,551 | 10,358 | 102,500 | — | 171,490 | ||||||||||||||||||
Depreciation and amortization | — | 37 | 14,326 | 111,268 | — | 125,631 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 417 | 20,456 | — | 20,873 | ||||||||||||||||||
4,144 | 235,099 | 76,793 | 1,005,622 | (381,211 | ) | 940,447 | ||||||||||||||||||
Operating income | 141,427 | 5,718 | 35,424 | 112,762 | — | 295,331 | ||||||||||||||||||
Interest expense, net | 34,204 | 28,210 | 25,381 | (1,010 | ) | 86,785 | ||||||||||||||||||
Net effect of swaps | (3,820 | ) | (3,064 | ) | — | — | (6,884 | ) | ||||||||||||||||
Unrealized / realized foreign currency loss | — | — | 81,016 | — | 81,016 | |||||||||||||||||||
Other (income) expense | 750 | (18,649 | ) | 3,883 | 14,016 | — | ||||||||||||||||||
(Income) loss from investment in affiliates | (13,523 | ) | (15,141 | ) | (20,100 | ) | 27,480 | 21,284 | — | |||||||||||||||
Income (loss) before taxes | 123,816 | 14,362 | (54,756 | ) | 72,276 | (21,284 | ) | 134,414 | ||||||||||||||||
Provision (benefit) for taxes | 11,594 | 840 | (27,274 | ) | 37,032 | — | 22,192 | |||||||||||||||||
Net income (loss) | $ | 112,222 | $ | 13,522 | $ | (27,482 | ) | $ | 35,244 | $ | (21,284 | ) | $ | 112,222 | ||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 16,655 | — | 16,655 | — | (16,655 | ) | 16,655 | |||||||||||||||||
Unrealized loss on cash flow hedging derivatives | (2,734 | ) | (1,021 | ) | — | — | 1,021 | (2,734 | ) | |||||||||||||||
Other comprehensive income (loss), (net of tax) | 13,921 | (1,021 | ) | 16,655 | — | (15,634 | ) | 13,921 | ||||||||||||||||
Total comprehensive income (loss) | $ | 126,143 | $ | 12,501 | $ | (10,827 | ) | $ | 35,244 | $ | (36,918 | ) | $ | 126,143 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 159,454 | $ | 295,252 | $ | 121,249 | $ | 1,034,056 | $ | (450,406 | ) | $ | 1,159,605 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | 273 | 8,985 | 85,950 | — | 95,208 | ||||||||||||||||||
Operating expenses | 5,371 | 195,899 | 47,013 | 698,202 | (450,406 | ) | 496,079 | |||||||||||||||||
Selling, general and administrative | 5,791 | 102,021 | 11,318 | 37,734 | — | 156,864 | ||||||||||||||||||
Depreciation and amortization | 38,341 | 294 | 16,910 | 68,741 | — | 124,286 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 2,621 | 2,463 | 2,445 | 2,228 | — | 9,757 | ||||||||||||||||||
Gain on sale of other assets | — | — | — | (921 | ) | — | (921 | ) | ||||||||||||||||
52,124 | 300,950 | 86,671 | 891,934 | (450,406 | ) | 881,273 | ||||||||||||||||||
Operating income (loss) | 107,330 | (5,698 | ) | 34,578 | 142,122 | — | 278,332 | |||||||||||||||||
Interest expense, net | 42,440 | 28,718 | 34,249 | (9,247 | ) | — | 96,160 | |||||||||||||||||
Net effect of swaps | (1,595 | ) | (467 | ) | — | — | — | (2,062 | ) | |||||||||||||||
Loss on early debt extinguishment | — | — | 29,261 | — | — | 29,261 | ||||||||||||||||||
Unrealized / realized foreign currency loss | — | — | 40,873 | — | — | 40,873 | ||||||||||||||||||
Other (income) expense | 750 | (12,920 | ) | 2,482 | 9,688 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (48,622 | ) | (12,899 | ) | (21,236 | ) | 25,658 | 57,099 | — | |||||||||||||||
Income (loss) before taxes | 114,357 | (8,130 | ) | (51,051 | ) | 116,023 | (57,099 | ) | 114,100 | |||||||||||||||
Provision (benefit) for taxes | 10,142 | (8,473 | ) | (25,396 | ) | 33,612 | — | 9,885 | ||||||||||||||||
Net income (loss) | $ | 104,215 | $ | 343 | $ | (25,655 | ) | $ | 82,411 | $ | (57,099 | ) | $ | 104,215 | ||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 5,931 | — | 5,931 | — | (5,931 | ) | 5,931 | |||||||||||||||||
Unrealized loss on cash flow hedging derivatives | (1,553 | ) | (66 | ) | — | — | 66 | (1,553 | ) | |||||||||||||||
Other comprehensive income (loss), (net of tax) | 4,378 | (66 | ) | 5,931 | — | (5,865 | ) | 4,378 | ||||||||||||||||
Total comprehensive income (loss) | $ | 108,593 | $ | 277 | $ | (19,724 | ) | $ | 82,411 | $ | (62,964 | ) | $ | 108,593 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 152,469 | $ | 296,077 | $ | 127,692 | $ | 1,006,469 | $ | (448,135 | ) | $ | 1,134,572 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 9,322 | 82,450 | — | 91,772 | ||||||||||||||||||
Operating expenses | 6,003 | 183,604 | 47,770 | 683,102 | (448,135 | ) | 472,344 | |||||||||||||||||
Selling, general and administrative | 5,717 | 100,825 | 10,984 | 34,886 | — | 152,412 | ||||||||||||||||||
Depreciation and amortization | 36,807 | 37 | 17,333 | 68,310 | — | 122,487 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 424 | — | 479 | 1,636 | — | 2,539 | ||||||||||||||||||
Gain on sale of other assets | — | — | — | (8,743 | ) | — | (8,743 | ) | ||||||||||||||||
48,951 | 284,466 | 85,888 | 861,641 | (448,135 | ) | 832,811 | ||||||||||||||||||
Operating income | 103,518 | 11,611 | 41,804 | 144,828 | — | 301,761 | ||||||||||||||||||
Interest expense, net | 42,630 | 28,875 | 39,376 | (7,964 | ) | — | 102,917 | |||||||||||||||||
Net effect of swaps | 4,190 | 2,693 | — | — | — | 6,883 | ||||||||||||||||||
Loss on early debt extinguishment | 21,175 | 12,781 | 617 | — | — | 34,573 | ||||||||||||||||||
Unrealized / realized foreign currency loss | — | — | 28,941 | — | — | 28,941 | ||||||||||||||||||
Other (income) expense | 750 | (11,257 | ) | 3,679 | 6,828 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (83,557 | ) | (37,520 | ) | (17,438 | ) | 2,477 | 136,038 | — | |||||||||||||||
Income (loss) before taxes | 118,330 | 16,039 | (13,371 | ) | 143,487 | (136,038 | ) | 128,447 | ||||||||||||||||
Provision (benefit) for taxes | 10,126 | (12,133 | ) | (10,856 | ) | 33,106 | — | 20,243 | ||||||||||||||||
Net income (loss) | $ | 108,204 | $ | 28,172 | $ | (2,515 | ) | $ | 110,381 | $ | (136,038 | ) | $ | 108,204 | ||||||||||
Other comprehensive income, (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 2,756 | — | 2,756 | — | (2,756 | ) | 2,756 | |||||||||||||||||
Unrealized income on cash flow hedging derivatives | 10,736 | 2,848 | — | — | (2,848 | ) | 10,736 | |||||||||||||||||
Other comprehensive income, (net of tax) | 13,492 | 2,848 | 2,756 | — | (5,604 | ) | 13,492 | |||||||||||||||||
Total comprehensive income | $ | 121,696 | $ | 31,020 | $ | 241 | $ | 110,381 | $ | (141,642 | ) | $ | 121,696 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 89,637 | $ | (4,853 | ) | $ | 38,579 | $ | 221,001 | $ | (2,147 | ) | $ | 342,217 | ||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | — | (3,252 | ) | (55,294 | ) | 58,546 | — | ||||||||||||||||
Purchase of preferred equity investment | — | (2,000 | ) | — | — | — | (2,000 | ) | ||||||||||||||||
Capital expenditures | — | — | (7,663 | ) | (168,202 | ) | — | (175,865 | ) | |||||||||||||||
Net cash for investing activities | — | (2,000 | ) | (10,915 | ) | (223,496 | ) | 58,546 | (177,865 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Intercompany payables (payments) receipts | 82,131 | 8,060 | (31,645 | ) | — | (58,546 | ) | — | ||||||||||||||||
Distributions (paid) received | (174,761 | ) | — | — | — | 2,147 | (172,614 | ) | ||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | (1,589 | ) | — | — | — | (1,589 | ) | ||||||||||||||||
Net cash from (for) financing activities | (92,630 | ) | 6,471 | (31,645 | ) | — | (56,399 | ) | (174,203 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (2,432 | ) | — | — | (2,432 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net decrease for the year | (2,993 | ) | (382 | ) | (6,413 | ) | (2,495 | ) | — | (12,283 | ) | |||||||||||||
Balance, beginning of year | 80,000 | 382 | 45,519 | 5,939 | — | 131,840 | ||||||||||||||||||
Balance, end of year | $ | 77,007 | $ | — | $ | 39,106 | $ | 3,444 | $ | — | $ | 119,557 | ||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 138,669 | $ | 12,384 | $ | 9,772 | $ | 180,251 | $ | (3,973 | ) | $ | 337,103 | |||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | 13,794 | — | (79,456 | ) | 65,662 | — | |||||||||||||||||
Sale of other assets | — | — | — | 1,377 | — | 1,377 | ||||||||||||||||||
(Purchase) sale of subsidiary interest | (12,024 | ) | 12,024 | — | — | — | — | |||||||||||||||||
Capital expenditures | (64,837 | ) | (270 | ) | (16,072 | ) | (85,540 | ) | — | (166,719 | ) | |||||||||||||
Net cash from (for) investing activities | (76,861 | ) | 25,548 | (16,072 | ) | (163,619 | ) | 65,662 | (165,342 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Note borrowings | — | — | 450,000 | — | — | 450,000 | ||||||||||||||||||
Note payments, including early termination penalties | — | — | (426,148 | ) | — | — | (426,148 | ) | ||||||||||||||||
Term debt payments, including early termination penalties | (5,698 | ) | (4,072 | ) | (230 | ) | — | — | (10,000 | ) | ||||||||||||||
Intercompany payables (payments) receipts | 110,763 | (37,762 | ) | 5,159 | (14,030 | ) | (64,130 | ) | — | |||||||||||||||
Distributions (paid) received | (161,873 | ) | — | — | — | 2,441 | (159,432 | ) | ||||||||||||||||
Payment of debt issuance costs | — | — | (9,795 | ) | — | — | (9,795 | ) | ||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | 140 | — | — | — | 140 | ||||||||||||||||||
Net cash from (for) financing activities | (56,808 | ) | (41,694 | ) | 18,986 | (14,030 | ) | (61,689 | ) | (155,235 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (2,742 | ) | — | — | (2,742 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the year | 5,000 | (3,762 | ) | 9,944 | 2,602 | — | 13,784 | |||||||||||||||||
Balance, beginning of year | 75,000 | 4,144 | 35,575 | 3,337 | — | 118,056 | ||||||||||||||||||
Balance, end of year | $ | 80,000 | $ | 382 | $ | 45,519 | $ | 5,939 | $ | — | $ | 131,840 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 162,450 | $ | 22,696 | $ | 13,963 | $ | 138,521 | $ | (13,173 | ) | $ | 324,457 | |||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | 44,023 | — | (55,136 | ) | 11,113 | — | |||||||||||||||||
Sale of other assets | — | — | — | 15,297 | — | 15,297 | ||||||||||||||||||
Capital expenditures | (56,254 | ) | — | (9,723 | ) | (54,471 | ) | — | (120,448 | ) | ||||||||||||||
Net cash from (for) investing activities | (56,254 | ) | 44,023 | (9,723 | ) | (94,310 | ) | 11,113 | (105,151 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Term debt borrowings | 359,022 | 256,500 | 14,478 | — | — | 630,000 | ||||||||||||||||||
Note borrowings | 294,897 | 205,103 | — | — | — | 500,000 | ||||||||||||||||||
Intercompany payables (payments) receipts | 112,553 | (54,236 | ) | (3,117 | ) | (44,087 | ) | (11,113 | ) | — | ||||||||||||||
Term debt payments, including early termination penalties | (661,180 | ) | (466,336 | ) | (14,734 | ) | — | — | (1,142,250 | ) | ||||||||||||||
Distributions (paid) received | (146,953 | ) | 3,496 | (13,173 | ) | — | 13,173 | (143,457 | ) | |||||||||||||||
Payment of debt issuance costs | (14,535 | ) | (8,453 | ) | (544 | ) | — | — | (23,532 | ) | ||||||||||||||
Exercise of limited partnership unit options | — | 52 | — | — | — | 52 | ||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | 855 | — | — | — | 855 | ||||||||||||||||||
Net cash from (for) financing activities | (56,196 | ) | (63,019 | ) | (17,090 | ) | (44,087 | ) | 2,060 | (178,332 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (1,748 | ) | — | — | (1,748 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the year | 50,000 | 3,700 | (14,598 | ) | 124 | — | 39,226 | |||||||||||||||||
Balance, beginning of year | 25,000 | 444 | 50,173 | 3,213 | — | 78,830 | ||||||||||||||||||
Balance, end of year | $ | 75,000 | $ | 4,144 | $ | 35,575 | $ | 3,337 | $ | — | $ | 118,056 |
Plan Category | Number of units to be issued upon exercise of outstanding options, warrants and rights (a) | Weighted-average exercise price of outstanding options, warrants and rights (b) (1) | Number of units remaining available for future issuance under equity compensation plans (excluding units reflected in column (a)) (c) | |||||||
Equity compensation plans approved by unitholders | 1,224,720 | $ | 34.50 | 247,892 | ||||||
Equity compensation plans not approved by unitholders | — | — | — | |||||||
Total | 1,224,720 | $ | 34.50 | 247,892 |
Page | |||
(i) | Report of Independent Registered Public Accounting Firm. | 26 | |
(ii) | Consolidated Balance Sheets - December 31, 2015 and 2014. | 27 | |
(iii) | Consolidated Statements of Operations and Comprehensive Income - Years ended December 31, 2015, 2014, and 2013. | 28 | |
(iv) | Consolidated Statements of Cash Flows - Years ended December 31, 2015, 2014, and 2013. | 29 | |
(v) | Consolidated Statements of Partners' Equity - Years ended December 31, 2015, 2014, and 2013. | 30 | |
(vi) | Notes to Consolidated Financial Statements - December 31, 2015, 2014, and 2013. | 31 |
Exhibit Number | Description | |
2.1 | Agreement and Plan of Merger, by and among Siddur Holdings, Ltd., Siddur Merger Sub, LLC, Cedar Fair Management, Inc. and Cedar Fair, L.P., dated as of December 16, 2009. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K (File No. 001-09444) filed on December 17, 2009. | |
2.2 | Termination and Settlement Agreement among Cedar Fair, L.P. and its affiliates, and the Apollo Parties thereto, dated April 5, 2010. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K (File No. 001-09444) filed on April 6, 2010. | |
3.1 | Cedar Fair, L.P. Certificate of Limited Partnership. Incorporated herein by reference to Exhibit 3.6 to the Registration Statement on Form S-4 (File No. 333-172773) filed on March 11, 2011. | |
3.2 | Sixth Amended and Restated Agreement of Limited Partnership of Cedar Fair, L.P. Incorporated herein by reference to Exhibit 3.1 to the Registrant's Form 10-Q (File No. 001-09444) filed November 4, 2011. | |
3.3 | Regulations of Cedar Fair Management Inc. Incorporated herein by reference to Exhibit 3.2 to the Registrant's Form 10-Q filed November 4, 2011. | |
4.1 | Indenture, by and among Cedar Fair, L.P., Canada's Wonderland Company, and Magnum Management Corporation, as issuers, the guarantors named therein, and The Bank of New York Mellon, as trustee, dated as of March 6, 2013 (including form of 5.25% Senior Note due 2021). Incorporated herein by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on March 8, 2013. | |
4.2 | Registration Rights Agreement, among Cedar Fair, L.P., Canada's Wonderland Company, and Magnum Management Corporation, as issuers, the guarantors named therein, and J.P. Morgan Securities Inc., as representative of the initial purchasers named therein, dated March 6, 2013. Incorporated herein by reference to Exhibit 4.3 to the Registrant's Form 8-K filed on March 8, 2013. | |
4.3 | Indenture, dated as of June 3, 2014, by and among Cedar Fair, L.P., Canada’s Wonderland Company and Magnum Management Corporation, as issuers, the guarantors named therein and The Bank of New York Mellon, as trustee (including Form of 5.375% Senior Note due 2024). Incorporated herein by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on June 3, 2014. | |
4.4 | Registration Rights Agreement, dated June 3, 2014, by and among Cedar Fair, L.P., Canada’s Wonderland Company and Magnum Management Corporation, as issuers, the guarantors named therein and J.P. Morgan Securities LLC, on behalf of itself and as representative of the initial purchasers named therein. Incorporated herein by reference to Exhibit 4.3 to the Registrant’s Form 8-K filed on June 3, 2014. | |
10.1 | Cedar Fair, L.P. Amended and Restated Executive Severance Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007. (+) | |
10.2 | Cedar Fair, L.P. Amended and Restated Supplemental Retirement Program dated July 18, 2007. Incorporated herein by reference to Exhibit 10.5 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007. (+) | |
10.3 | Cedar Fair, L.P. 2008 Supplemental Retirement Program dated February 4, 2008. Incorporated herein by reference to Exhibit 10.5 to the Registrant's Annual Report on Form 10-K (File No. 001-09444) filed on February 29, 2008. (+) | |
10.4 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan dated as of May 15, 2008. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No. 001-09444) filed on May 20, 2008. (+) | |
10.5 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Long-Term Incentive Award Agreement. Incorporated herein by reference to Exhibit 10.13 to the Registrant's Form 10-K (File No. 001-09444) filed on March 2, 2009. (+) | |
10.6 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan 2008-2011 Performance Award Agreement. Incorporated herein by reference to Exhibit 10.13 to the Registrant's Form 10-K (File No. 001-09444) filed on March 2, 2009. (+) | |
10.7 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Restricted Phantom Unit Award Agreement. Incorporated herein by reference to Exhibit 10 to the Registrant's Form 10-Q (File No. 001-09444) filed on May 8, 2009 (+) | |
10.8 | Form of Indemnification Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed November 1, 2011. (+) | |
10.9 | 2008 Omnibus Incentive Plan Form of Restricted Unit Award Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed March 28, 2012. (+) | |
10.10 | 2008 Omnibus Incentive Plan Form of Option Award Agreement. Incorporated herein by reference to Exhibit 10.2 to the Registrant's Form 8-K filed March 28, 2012. (+) | |
10.11 | 2008 Omnibus Incentive Plan Form of Performance Award Agreement. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Form 8-K filed March 28, 2012. (+) |
Exhibit Number | Description | |
10.12 | Credit Agreement, among Cedar Fair, L.P., Magnum Management Corporation and Canada's Wonderland Company as borrowers, the several lenders from time to time party thereto, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent and the other parties thereto, dated March 6, 2013. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on March 8, 2013. | |
10.13 | Amendment No. 1, dated September 30, 2013, to Credit Agreement, among Cedar Fair, L.P., Magnum Management Corporation and Canada's Wonderland Company as borrowers, the several lenders from time to time party thereto, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent and the other parties thereto. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 10-Q filed on November 7, 2013. | |
10.14 | Amended and Restated Employment Agreement by and among Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and Matthew A. Ouimet, dated October 21, 2013. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed October 21, 2013. (+) | |
10.15 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Performance Award Agreement, dated March 31, 2014, by and between Magnum Management Corporation and Matthew A. Ouimet. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on April 4, 2014. (+) | |
10.16 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Restricted Unit Award Agreement. Incorporated herein by reference to Exhibit 10.2 to the Registrant’s Form 10-Q filed on May 9, 2014. (+) | |
10.17 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Deferred Unit Award Agreement. Incorporated herein by reference to Exhibit 10.3 to the Registrant’s Form 10-Q filed on May 9, 2014. (+) | |
10.18 | Amendment No. 2, dated December 18, 2014, to Credit Agreement, among Cedar Fair, L.P., Magnum Management Corporation and Canada’s Wonderland Company as borrowers, the several lenders from time to time party thereto, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent and the other parties thereto. | |
10.19 | Section 16 Officer Standard Form of Employment Contract (non-CEO) (December 2014). Incorporated herein by reference to Exhibit 10.31 to teh Registrant's Form 10-K filed on February 26, 2015. (+) | |
10.20 | Cedar, L.P. 2008 Omnibus Incentive Plan Form of Performance Unit Award Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 10-Q filed on May 1, 2015. (+) | |
10.21 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Deferred Unit Award Agreement (2016 Version). (+) | |
12.1 | Computation of Ratio of Earnings to Fixed Charges | |
21 | Subsidiaries of Cedar Fair, L.P. | |
23 | Consent of Independent Registered Public Accounting Firm | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
32 | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101 | The following materials from the Partnership's Annual Report on Form 10-K for the year ended December 31, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Operations and Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Partners' Equity, and (v) related notes. |
/S/ Matthew A. Ouimet |
Matthew A. Ouimet |
President and Chief Executive Officer |
Signature | Title | Date | ||
/S/ | Matthew A. Ouimet | President and Chief Executive Officer | February 26, 2016 | |
Matthew A. Ouimet | Director | |||
/S/ | Brian C. Witherow | Executive Vice President and Chief Financial Officer | February 26, 2016 | |
Brian C. Witherow | (Principal Financial Officer) | |||
/S/ | David R. Hoffman | Senior Vice President and Chief Accounting Officer | February 26, 2016 | |
David R. Hoffman | (Principal Accounting Officer) | |||
/S/ | Eric L. Affeldt | Chairman | February 26, 2016 | |
Eric L. Affeldt | ||||
/S/ | Gina D. France | Director | February 26, 2016 | |
Gina D. France | ||||
/S/ | Daniel J. Hanrahan | Director | February 26, 2016 | |
Daniel J. Hanrahan | ||||
/S/ | Tom Klein | Director | February 26, 2016 | |
Tom Klein | ||||
/S/ | D. Scott Olivet | Director | February 26, 2016 | |
D. Scott Olivet | ||||
/S/ | John M. Scott III | Director | February 26, 2016 | |
John M. Scott III | ||||
/S/ | Lauri M. Shanahan | Director | February 26, 2016 | |
Lauri M. Shanahan | ||||
/S/ | Debra Smithart-Oglesby | Director | February 26, 2016 | |
Debra Smithart-Oglesby | ||||
Exhibit Number | Description | Page | |
2.1 | Agreement and Plan of Merger, by and among Siddur Holdings, Ltd., Siddur Merger Sub, LLC, Cedar Fair Management, Inc. and Cedar Fair, L.P., dated as of December 16, 2009. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K (File No. 001-09444) filed on December 17, 2009. | * | |
2.2 | Termination and Settlement Agreement among Cedar Fair, L.P. and its affiliates, and the Apollo Parties thereto, dated April 5, 2010. Incorporated herein by reference to Exhibit 2.1 to the Registrant's Form 8-K (File No. 001-09444) filed on April 6, 2010. | * | |
3.1 | Cedar Fair, L.P. Certificate of Limited Partnership. Incorporated herein by reference to Exhibit 3.6 to the Registration Statement on Form S-4 (File No. 333-172773) filed on March 11, 2011. | * | |
3.2 | Sixth Amended and Restated Agreement of Limited Partnership of Cedar Fair, L.P. Incorporated herein by reference to Exhibit 3.1 to the Registrant's Form 10-Q (File No. 001-09444) filed November 4, 2011. | * | |
3.3 | Regulations of Cedar Fair Management Inc. Incorporated herein by reference to Exhibit 3.2 to the Registrant's Form 10-Q filed November 4, 2011. | * | |
4.1 | Indenture, by and among Cedar Fair, L.P., Canada's Wonderland Company, and Magnum Management Corporation, as issuers, the guarantors named therein, and The Bank of New York Mellon, as trustee, dated as of March 6, 2013 (including form of 5.25% Senior Note due 2021). Incorporated herein by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on March 8, 2013. | * | |
4.2 | Registration Rights Agreement, among Cedar Fair, L.P., Canada's Wonderland Company, and Magnum Management Corporation, as issuers, the guarantors named therein, and J.P. Morgan Securities Inc., as representative of the initial purchasers named therein, dated March 6, 2013. Incorporated herein by reference to Exhibit 4.3 to the Registrant's Form 8-K filed on March 8, 2013. | * | |
4.3 | Indenture, dated as of June 3, 2014, by and among Cedar Fair, L.P., Canada’s Wonderland Company and Magnum Management Corporation, as issuers, the guarantors named therein and The Bank of New York Mellon, as trustee (including Form of 5.375% Senior Note due 2024). Incorporated herein by reference to Exhibit 4.1 to the Registrant’s Form 8-K filed on June 3, 2014. | * | |
4.4 | Registration Rights Agreement, dated June 3, 2014, by and among Cedar Fair, L.P., Canada’s Wonderland Company and Magnum Management Corporation, as issuers, the guarantors named therein and J.P. Morgan Securities LLC, on behalf of itself and as representative of the initial purchasers named therein. Incorporated herein by reference to Exhibit 4.3 to the Registrant’s Form 8-K filed on June 3, 2014. | * | |
10.1 | Cedar Fair, L.P. Amended and Restated Executive Severance Plan dated July 18, 2007. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007. (+) | * | |
10.2 | Cedar Fair, L.P. Amended and Restated Supplemental Retirement Program dated July 18, 2007. Incorporated herein by reference to Exhibit 10.5 to the Registrant's Quarterly Report on Form 10-Q (File No. 001-09444) filed on August 3, 2007. (+) | * | |
10.3 | Cedar Fair, L.P. 2008 Supplemental Retirement Program dated February 4, 2008. Incorporated herein by reference to Exhibit 10.5 to the Registrant's Annual Report on Form 10-K (File No. 001-09444) filed on February 29, 2008. (+) | * | |
10.4 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan dated as of May 15, 2008. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No. 001-09444) filed on May 20, 2008. (+) | * | |
10.5 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Long-Term Incentive Award Agreement. Incorporated herein by reference to Exhibit 10.13 to the Registrant's Form 10-K (File No. 001-09444) filed on March 2, 2009. (+) | * | |
10.6 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan 2008-2011 Performance Award Agreement. Incorporated herein by reference to Exhibit 10.13 to the Registrant's Form 10-K (File No. 001-09444) filed on March 2, 2009. (+) | * | |
10.7 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Restricted Phantom Unit Award Agreement. Incorporated herein by reference to Exhibit 10 to the Registrant's Form 10-Q (File No. 001-09444) filed on May 8, 2009 (+) | * | |
10.8 | Form of Indemnification Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed November 1, 2011. (+) | * | |
10.9 | 2008 Omnibus Incentive Plan Form of Restricted Unit Award Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed March 28, 2012. (+) | * | |
10.10 | 2008 Omnibus Incentive Plan Form of Option Award Agreement. Incorporated herein by reference to Exhibit 10.2 to the Registrant's Form 8-K filed March 28, 2012. (+) | * | |
10.11 | 2008 Omnibus Incentive Plan Form of Performance Award Agreement. Incorporated herein by reference to Exhibit 10.3 to the Registrant's Form 8-K filed March 28, 2012. (+) | * |
Exhibit Number | Description | Page | |
10.12 | Credit Agreement, among Cedar Fair, L.P., Magnum Management Corporation and Canada's Wonderland Company as borrowers, the several lenders from time to time party thereto, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent and the other parties thereto, dated March 6, 2013. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on March 8, 2013. | * | |
10.13 | Amendment No. 1, dated September 30, 2013, to Credit Agreement, among Cedar Fair, L.P., Magnum Management Corporation and Canada's Wonderland Company as borrowers, the several lenders from time to time party thereto, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent and the other parties thereto. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 10-Q filed on November 7, 2013. | * | |
10.14 | Amended and Restated Employment Agreement by and among Cedar Fair, L.P., Cedar Fair Management, Inc., Magnum Management Corporation and Matthew A. Ouimet, dated October 21, 2013. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed October 21, 2013. (+) | * | |
10.15 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Performance Award Agreement, dated March 31, 2014, by and between Magnum Management Corporation and Matthew A. Ouimet. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on April 4, 2014. (+) | * | |
10.16 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Restricted Unit Award Agreement. Incorporated herein by reference to Exhibit 10.2 to the Registrant’s Form 10-Q filed on May 9, 2014. (+) | * | |
10.17 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Deferred Unit Award Agreement. Incorporated herein by reference to Exhibit 10.3 to the Registrant’s Form 10-Q filed on May 9, 2014. (+) | * | |
10.18 | Amendment No. 2, dated December 18, 2014, to Credit Agreement, among Cedar Fair, L.P., Magnum Management Corporation and Canada’s Wonderland Company as borrowers, the several lenders from time to time party thereto, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent and the other parties thereto. | 65 | |
10.19 | Section 16 Officer Standard Form of Employment Contract (non-CEO) (December 2014). Incorporated herein by reference to Exhibit 10.31 to teh Registrant's Form 10-K filed on February 26, 2015. (+) | * | |
10.20 | Cedar, L.P. 2008 Omnibus Incentive Plan Form of Performance Unit Award Agreement. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 10-Q filed on May 1, 2015. (+) | * | |
10.21 | Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Deferred Unit Award Agreement (2016 Version). (+) | 77 | |
12.1 | Computation of Ratio of Earnings to Fixed Charges | 79 | |
21 | Subsidiaries of Cedar Fair, L.P. | 80 | |
23 | Consent of Independent Registered Public Accounting Firm | 81 | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 82 | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | 83 | |
32 | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | 84 | |
101 | The following materials from the Partnership's Annual Report on Form 10-K for the year ended December 31, 2015 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Operations and Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Partners' Equity, and (v) related notes. | * |
By: | Cedar Fair Management Inc, its General Partner | ||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
MAGNUM MANAGEMENT CORPORATION | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
CANADA'S WONDERLAND COMPANY | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO |
CAROWINDS LLC | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
CEDAR FAIR | |||
By: | Magnum Management Corporation, its Managing General Partner | ||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
CEDAR FAIR SOUTHWEST INC. | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
CEDAR POINT PARK LLC | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
DORNEY PARK LLC | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO |
GEAUGA LAKE LLC | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
KINGS DOMINION LLC | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
KINGS ISLAND COMPANY | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
KINGS ISLAND PARK LLC | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
KNOTTS BERRY FARM | |||
By: | Cedar Fair L.P., its General Partner | ||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
MICHIGAN'S ADVENTURE, INC. | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO |
VALLEYFAIR LLC | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
WONDERLAND COMPANY INC. | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
WORLDS OF FUN LLC | |||
By: | /s/ Brian C. Witherow | ||
Name: | Brian C. Witherow | ||
Title: | Exec. V.P. & CFO | ||
JPMORGAN CHASE BANK, N.A. as Administrative Agent and Lender | ||
By: | /s/ Sandeep S. Parihar | |
Name: | Sandeep S. Parihar | |
Title: | Vice President | |
CEDAR FAIR L.P. | |||
By: | |||
Name: | |||
Title: | |||
[NAME OF SUBSIDIARY GUARANTOR DES- | |||
IGNATED AS A BOROWER | |||
By: | |||
Name: | |||
Title: |
Accepted and Agreed: | |||
JPMORGAN CHASE BANK, N.A. | |||
as Administrative Agent | |||
By: | |||
Name: | |||
Title: |
Participant Name: | |||
Grant Date: | |||
Number of Deferred Units Awarded: | Per Section 1 Below | ||
Vesting Schedule: | Vesting will occur upon termination as a member of the Board of Directors of Cedar Fair Management, Inc. (“CFMI”) | ||
Payment Date: | Payable upon termination as a member of the Board of Directors of Cedar Fair Management, Inc. (“Board”) | ||
CEDAR FAIR, L.P. | |
By: | |
Title: | |
PARTICIPANT | |
Signature: | |
Printed Name: | |
Address: | |
For the years ended December 31, | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||
Fixed charges: | ||||||||||||||||||||||
Interest expensed | $ | 86,849 | $ | 96,286 | $ | 103,071 | $ | 110,619 | $ | 157,185 | ||||||||||||
Interest capitalized | 3,094 | 2,983 | 1,610 | 1,322 | 1,835 | |||||||||||||||||
Amortization of capitalized debt costs | 4,039 | 4,602 | 6,130 | 10,417 | 10,000 | |||||||||||||||||
Interest component of rental expense | 4,841 | 4,220 | 3,142 | 2,970 | 2,419 | |||||||||||||||||
Total fixed charges | $ | 98,823 | $ | 108,091 | $ | 113,953 | $ | 125,328 | $ | 171,439 | ||||||||||||
Earnings: | ||||||||||||||||||||||
Net income (loss) | $ | 112,222 | $ | 104,215 | $ | 108,204 | $ | 101,857 | $ | 65,296 | ||||||||||||
Add: | ||||||||||||||||||||||
Income tax expense | 22,192 | 9,885 | 20,243 | 31,757 | 7,877 | |||||||||||||||||
Fixed charges | 98,823 | 108,091 | 113,953 | 125,328 | 171,439 | |||||||||||||||||
Amortization of capitalized interest | 1,021 | 897 | 830 | 761 | 659 | |||||||||||||||||
Less: | ||||||||||||||||||||||
Interest capitalized | (3,094 | ) | (2,983 | ) | (1,610 | ) | (1,322 | ) | (1,835 | ) | ||||||||||||
Total earnings | $ | 231,164 | $ | 220,105 | $ | 241,620 | $ | 258,381 | $ | 243,436 | ||||||||||||
Ratio of total earnings to total fixed charges | 2.3x | 2.0x | 2.1x | 2.1x | 1.4x | |||||||||||||||||
Excess | 132,341 | 112,014 | 127,667 | 133,053 | 71,997 |
Name | Jurisdiction of Organization |
Millennium Operations LLC | Delaware |
Magnum Management Corporation | Ohio |
Michigan's Adventure, Inc. | Michigan |
Cedar Fair Southwest Inc. | Delaware |
Kings Island Company | Delaware |
Wonderland Company Inc. | Delaware |
Canada's Wonderland Company | Canada (Nova Scotia) |
Cedar Point Park LLC | Delaware |
Valleyfair LLC | Delaware |
Worlds of Fun LLC | Delaware |
Dorney Park LLC | Delaware |
Knotts Berry Farm LLC | Delaware |
Carowinds LLC | Delaware |
Kings Dominion LLC | Delaware |
Michigans Adventure Park LLC | Delaware |
Kings Island Park LLC | Delaware |
Geauga Lake LLC | Delaware |
1) | I have reviewed this annual report on Form 10-K 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: | February 26, 2016 | /s/ Matthew A. Ouimet | |
Matthew A. Ouimet | |||
President and Chief Executive Officer |
1) | I have reviewed this annual report on Form 10-K 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: | February 26, 2016 | /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 |
Document and Entity Information Document - USD ($) |
12 Months Ended | ||
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Dec. 31, 2015 |
Feb. 19, 2016 |
Jun. 28, 2015 |
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Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CEDAR FAIR L P | ||
Entity Central Index Key | 0000811532 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 56,019,973 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 3,047,889,483 |
Consolidated Balance Sheet (Parenthetical) - shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
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Statement of Financial Position [Abstract] | ||
Limited Partners' Capital Account, Units Outstanding | 56,017,824 | 55,827,658 |
Consolidated Statements of Partners' Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
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Partnership distribution declared, per unit | $ 3.08 | $ 2.85 | $ 2.58 |
Cumulative Foreign Currency Translation Adjustment [Member] | |||
Foreign currency translation adjustment, tax | $ (9,050) | $ (3,410) | $ (1,586) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Unrealized loss on cash flow hedging derivatives, tax | $ 625 | $ 288 | $ (1,745) |
Partnership Organization |
12 Months Ended |
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Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Partnership Organization | Partnership Organization: Cedar Fair, L.P. (together with its affiliated companies, the "Partnership") is a Delaware limited partnership that commenced operations in 1983 when it acquired Cedar Point, Inc., and became a publicly traded partnership in 1987. The Partnership's general partner is Cedar Fair Management, Inc., an Ohio corporation (the “General Partner”), whose shares are held by an Ohio trust. The General Partner owns a 0.001% interest in the Partnership's income, losses and cash distributions, except in defined circumstances, and has full responsibility for management of the Partnership. At December 31, 2015 there were 56,017,824 outstanding limited partnership units listed on The New York Stock Exchange, net of 1,044,159 units held in treasury. At December 31, 2014, there were 55,827,658 outstanding limited partnership units listed, net of 1,234,325 units held in treasury. The General Partner may, with the approval of a specified percentage of the limited partners, make additional capital contributions to the Partnership, but is only obligated to do so if the liabilities of the Partnership cannot otherwise be paid or there exists a negative balance in its capital account at the time of its withdrawal from the Partnership. The General Partner, in accordance with the terms of the Partnership Agreement, is required to make regular cash distributions on a quarterly basis of all the Partnership's available cash, as defined in the Partnership Agreement. In accordance with the Partnership agreement and restrictions within the Partnership's 2013 Credit Agreement, the General Partner paid $3.08 per limited partner unit in distributions, or approximately $172.6 million in aggregate, in 2015. |
Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies: The following policies are used by the Partnership in its preparation of the accompanying consolidated financial statements. Principles of Consolidation The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation. Foreign Currency The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive income in partners' equity. In 2015, the Partnership recognized a $81.0 million charge to earnings for unrealized/realized foreign currency losses, $81.6 million related to U.S.-dollar denominated debt held at its Canadian property. In 2014, the Partnership recognized a $40.9 million charge to earnings for unrealized/realized foreign currency losses, $39.1 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated debt held at its Canadian property. In 2013, the Partnership recognized a $28.9 million charge to earnings for unrealized/realized foreign currency losses, $27.8 million of which represented an unrealized foreign currency losses on the U.S.-dollar denominated debt held at its Canadian property. All other transaction gains and losses included in the 2015, 2014 and 2013 consolidated statements of operations were not material. Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, guest per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within the single reportable segment of amusement/water parks with accompanying resort facilities. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates. Cash and Cash Equivalents The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. Inventories The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level. Property and Equipment Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Depreciation expense totaled $125.5 million in 2015, $124.3 million in 2014, and $122.4 million in 2013. The estimated useful lives of the assets are as follows:
Impairment of Long-Lived Assets Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. Goodwill FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. The Partnership changed the annual goodwill impairment testing date from the last day of the fourth quarter to the first day of the fourth quarter during 2015. The Partnership believes this voluntary change is preferable because it better aligns our goodwill impairment testing procedures with the completion of our annual financial and strategic planning process and provides us with adequate time to evaluate goodwill for impairment. This change in accounting principle did not delay, accelerate or avoid an impairment loss, nor did the change have a cumulative effect on net income or loss, or partners' equity. The Partnership determined that it would be impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each first day of the fourth quarter for each of our prior reporting periods without the use of hindsight. As such, the Partnership applied the change in annual goodwill impairment testing date prospectively beginning September 28, 2015, the first day of the fourth quarter, and concluded there was no impairment of the carrying value of the goodwill as of the testing date. Other Intangible Assets The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are no longer amortized, but rather are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from five to twenty years. Self-Insurance Reserves Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (IBNR) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. At December 31, 2015 and 2014 the accrued reserves totaled $24.0 million and $23.4 million, respectively. Derivative Financial Instruments The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership does not use derivative financial instruments for trading purposes. The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. For the ineffective portion of a derivative, the change in fair value, if any, is reported in “Net effect of swaps” in earnings together with the changes in fair value of derivatives not designated as hedges. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures. Revenue Recognition Revenues on multi-use products are recognized over the estimated number of uses expected for each type of product and are adjusted periodically during the operating season prior to the ticket or product expiration, which occurs no later than the close of the operating season or December 31 each year. Other revenues are recognized on a daily basis based on actual guest spending at our facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. Revenues on multi-use products for the next operating season are deferred in the year received and recognized as revenue in the following operating season. Admission revenues include amounts paid to gain admission into our parks, including parking fees. Revenues related to extra-charge attractions, including our premium benefit offerings like our front-of-line products, are included in Accommodations, extra-charge products and other revenue. Advertising Costs The Partnership expenses all costs associated with its advertising, promotion and marketing programs over each park's operating season, including certain costs incurred prior to the season that are amortized over the season. Advertising expense totaled $58.7 million in 2015, $58.4 million in 2014 and $57.8 million in 2013. Certain prepaid costs incurred through year-end for the following year's advertising programs are included in other current assets. Unit-Based Compensation The Partnership accounts for unit-based compensation in accordance with FASB ASC 718 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value. Income Taxes The Partnership's legal entity structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes. Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources. The Partnership's corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income at the time of enactment of such change in tax rates. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9). Earnings Per Unit For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income. The unit amounts used are as follows:
The effect of out-of-the-money and/or antidilutive unit options for 2015, 2014, and 2013, respectively, had they not been out of the money or antidilutive, would have been immaterial in all periods presented. Accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The amendments in ASU 2014-09 provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. ASU 2014-09 is effective for annual and interim periods beginning on or after December 15, 2017 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is not permitted. The Partnership has not yet selected a transition method and is in the process of evaluating the effect this standard will have on the consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying value of the corresponding debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for annual and interim periods beginning on or after December 15, 2015 with early adoption permitted. We do not expect adoption of ASU 2015-03 to have an impact on our consolidated statements of operations or consolidated statements of cash flows. The impact of the adoption of this guidance will result in the reclassification of the unamortized debt issuance costs on the consolidated balance sheets, which were $19.7 million and $24.6 million, at December 31, 2015 and 2014, respectively. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). The amendments in ASU 2015-17 require that deferred tax assets and liabilities to be classified as non-current in the Consolidated Balance Sheet. This ASU is effective for fiscal years beginning after December 15, 2016 and for interim periods within those fiscal years, with early adoption permitted. The guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The impact of the adoption of this guidance will result in the reclassification of the current deferred tax assets to net against the deferred tax liability on the consolidated balance sheets, which would reduce both current deferred tax asset and deferred tax liability by $12.2 million and $9.3 million, at December 31, 2015 and 2014, respectively. |
Long-Lived Assets |
12 Months Ended |
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Dec. 31, 2015 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | |
Long-Lived Assets | Long-Lived Assets: Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements. The long-lived asset impairment test involves a two-step process. The first step is a comparison of each asset group's carrying value to its estimated undiscounted future cash flows expected to result from the use of the assets, including disposition. Projected future cash flows reflect management's best estimates of economic and market conditions over the projected period, including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates. If the carrying value of the asset group is higher than its undiscounted future cash flows, there is an indication that impairment exists and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of the asset group to its carrying value in a manner consistent with the highest and best use of those assets. The Partnership estimates fair value of operating assets using an income (discounted cash flows) approach, which uses an asset group's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital reflective of current market conditions. If the implied fair value of the assets is less than their carrying value, an impairment charge is recorded for the difference. Non-operating assets are evaluated for impairment based on changes in market conditions. When changes in market conditions are observed, impairment is estimated using a market-based approach. If the estimated fair value of the non-operating assets is less than their carrying value, an impairment charge is recorded for the difference. At the end of the fourth quarter of 2015, the Partnership decided to permanently remove from service a long-lived asset at Cedar Point. Accordingly, the Partnership recognized and recorded an $8.6 million charge for impairment equal to the remaining net book value of this long-lived asset. The amount was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income. At the end of the fourth quarter of 2014, the Partnership concluded based on current operating results and updated forecasts, that a review of the carrying value of operating long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that the park's fixed assets were impaired by $2.4 million. A charge for this amount was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income. |
Goodwill and Other Intangible Assets |
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Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets: Goodwill and other indefinite-lived intangible assets, including trade-names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a sustained, significant decline in equity price and market capitalization; a significant adverse change in legal factors or in the business climate; unanticipated competition; the testing for recoverability of a significant asset group within a reporting unit; and slower growth rates. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on our consolidated financial statements. The goodwill impairment test involves a two-step process. The first step is a comparison of each reporting unit's fair value to its carrying value. The Partnership estimates fair value using both an income (discounted cash flows) and market approach. The income approach uses a reporting unit's projection of estimated operating results and cash flows that is discounted using a weighted-average cost of capital that reflects current market conditions. The projection uses management's best estimates of economic and market conditions over the projected period including growth rates in revenues and costs, estimates of future expected changes in operating margins and cash expenditures. Other significant estimates and assumptions include terminal value growth rates, future estimates of capital expenditures and changes in future working capital requirements. A market approach estimates fair value by applying cash flow multiples to the reporting unit's operating performance. The multiples are derived from comparable publicly traded companies with similar operating and investment characteristics of the reporting units. If the carrying value of the reporting unit is higher than its fair value, there is an indication that impairment may exist and the second step must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of reporting unit goodwill to the carrying value of the goodwill in the same manner as if the reporting unit was being acquired in a business combination. If the implied fair value of goodwill is less than the recorded goodwill, an impairment charge is recorded for the difference. A relief-from-royalty model is used to determine whether the fair value of trade-names exceed their carrying amounts. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name. A summary of changes in the Partnership's carrying value of goodwill is as follows:
The Partnership's other intangible assets consisted of the following at December 31, 2015 and 2014:
Amortization expense of other intangible assets for 2015, 2014, and 2013 was immaterial and is expected to be immaterial going forward. |
Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt: Long-term debt at December 31, 2015 and 2014:
In March 2013, the Partnership issued $500 million of 5.25% senior unsecured notes, maturing in 2021. Concurrently with this offering, the Partnership entered into a new $885 million credit agreement (as amended, the "2013 Credit Agreement"), which included a $630 million senior secured term loan facility and a $255 million senior secured revolving credit facility. The Partnership has historically used LIBOR as its rate for borrowings. The terms of the senior secured term loan facility include a maturity date of March 6, 2020 and an interest rate of LIBOR plus 250 bps with a LIBOR floor of 75 bps. The term loan amortizes at $6.3 million annually. During the fourth quarter of 2014, $10 million of term debt was prepaid, resulting in no amortizing amounts due until the third quarter of 2016. The net proceeds from the notes issued in March 2013 and borrowings under the 2013 Credit Agreement were used to repay in full all amounts outstanding under the previous credit facilities. The facilities provided under the 2013 Credit Agreement are collateralized by substantially all of the assets of the Partnership. In June of 2014, the Partnership issued $450 million of 5.375% senior unsecured notes ("June 2014 notes"), maturing in 2024. The net proceeds from the offering of the June 2014 notes were used to redeem in full all of the Partnership’s $405 million of 9.125% senior unsecured notes that were scheduled to mature in 2018 (and which included $5.6 million of Original Issue Discount ("OID") to yield 9.375%), to satisfy and discharge the indenture governing the notes that were redeemed and for general corporate purposes. Cedar Fair, L.P., Canada’s Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the notes and co-borrowers of the senior secured credit facilities. In December 2014, the Partnership amended its credit agreement in order to add Millennium Operations, LLC, a newly converted wholly-owned limited liability company, as a co-borrower in connection with the Partnership's on-going long term tax planning efforts. The amendment was effective beginning on January 1, 2015. Both the notes and senior secured credit facilities 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). There are no non-guarantor subsidiaries. Revolving Credit Loans Terms of the 2013 Credit Agreement include a combined $255 million revolving credit facility. Under the 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 basis points (bps). The revolving credit facility, which matures in March 2018, also provides for the issuance of documentary and standby letters of credit. As of December 31, 2015, no borrowings under the revolving credit facility were outstanding and standby letters of credit totaled $16.3 million. After letters of credit, the Partnership had $238.7 million of available borrowings under its revolving credit facility as of December 31, 2015. The maximum outstanding balance during 2015 was $85.0 million under the revolving credit facility. The 2013 Credit Agreement requires the Partnership to pay a commitment fee of 38 bps per annum on the unused portion of the credit facilities. Term Debt The credit facilities provided under the 2013 Credit Agreement include a $630 million U.S. term loan maturing in March 2020. As of December 31, 2015, the U.S. term loan bore interest at a rate of LIBOR plus 250 bps, with a LIBOR floor of 75 bps. At December 31, 2015, the scheduled annual maturities of term debt were as follows ($'s in thousands):
The Partnership may prepay some or all of its term debt maturing in 2020 without premium or penalty at any time. Notes The notes issued by the Partnership in March 2013 pay interest semi-annually in March and September, with the principal due in full on March 15, 2021. 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. The notes issued by the Partnership in June 2014 pay interest semi-annually in June and December, with the principal due in full on June 1, 2024. 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. As market conditions warrant, the Partnership may from time to time repurchase debt securities issued by the Partnership, in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise. Covenants The 2013 Credit Agreement requires us to maintain specified financial ratios, which if breached for any reason and not cured, could result in an event of default under the agreement. The most restrictive of these ratios is the Consolidated Leverage Ratio. At the end of the fourth quarter of 2015 and 2014, this ratio was set at a maximum of 5.75x and 6.00x consolidated total debt (excluding the revolving debt)-to-consolidated EBITDA, respectively. The ratio decreased by 0.25x at the beginning of the second quarter and will decrease each second quarter until it reaches 5.25x. As of December 31, 2015 and 2014 , we were in compliance with this ratio and all other covenants under the 2013 Credit Agreement. The 2013 Credit Agreement allows restricted payments of up to $60 million annually so long as no default or event of default has occurred and is continuing and so long as the Partnership would be in compliance with certain financial ratios after giving effect to the payments. Additional restricted payments are allowed to be made based on an Excess-Cash-Flow formula, should our pro-forma Consolidated Leverage Ratio be less than or equal to 5.00x. The indentures governing our notes also include annual restricted payment limitations and additional permitted payment formulas. We can make restricted payments of $60 million annually so long as no default or event of default has occurred and is continuing. We can make additional restricted payments if our pro forma Total Indebtedness-to-Consolidated-Cash-Flow Ratio is less than or equal to 5.00x. |
Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments: Derivative financial instruments are used within the Partnership’s overall risk management program to manage certain interest rate and foreign currency risks. By utilizing a derivative instrument to hedge our exposure to LIBOR rate changes, the Partnership is exposed to counterparty credit risk. Counterparty credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, hedging instruments are placed with a counterparty that the Partnership believes poses minimal credit risk. The Partnership does not use derivative financial instruments for trading purposes. As of December 31, 2015, the Partnership has four interest rate swap agreements that effectively convert $500 million of variable-rate debt to fixed rates. These swaps, which are designated as cash flow hedges, mature on December 31, 2018 and fix LIBOR at a weighted average rate of 2.94%. As of December 31, 2014, in addition to the $500 million of swaps maturing on December 31, 2018, the Partnership had $800 million of variable-rate debt to fixed rates swaps which subsequently matured in December 2015 and fixed LIBOR at a weighted average rate of 2.38%. These swaps were de-designated as cash flow hedges. The fair market value of the Partnership's swap portfolio was a liability of $22.9 million and $26.4 million, at December 31, 2015 and 2014, respectively, and was recorded on the consolidated balance sheet as listed below.
Derivatives Designated as Hedging Instruments Changes in fair value of highly effective hedges are recorded as a component of accumulated other comprehensive income in the consolidated balance sheets. Any ineffectiveness is recognized immediately in income. Amounts recorded as a component of accumulated other comprehensive loss are reclassified into earnings in the same period the forecasted transactions affect earnings. In January 2016, the Partnership amended each of its four interest rate swap agreements to extend each of the maturities by two years and fix LIBOR at a rate of 2.64%. As a result of the amendment, the existing interest rate swap agreements were de-designated and the amounts recorded in AOCI will be amortized into earnings through the original December 2018 maturity. The amended interest rate swap agreements were not designated as hedging instruments. There were no other changes to the terms of the agreements beyond those disclosed. Derivatives Not Designated as Hedging Instruments Certain interest rate swap contracts were deemed ineffective in prior years and no longer qualified for hedge accounting. As a result of discontinued hedge accounting, the instruments are prospectively adjusted to fair value each reporting period through "Net effect of swaps" on the consolidated statements of operations and comprehensive income. The amounts that were previously recorded as a component of accumulated other comprehensive income prior to the de-designation are reclassified to earnings and a corresponding realized gain or loss was recognized when the forecasted cash flow occurred. As of December 31, 2015 we had no amounts that were forecasted to be reclassified into earnings in the next twelve months for de-designated derivatives. Effects of Derivative Instruments on Income and Other Comprehensive Income (Loss):
For 2015, the Partnership recognized $11.8 million in income for the gain on the derivatives not designated as cash flow hedges as noted in the table above, $4.9 million of expense representing the amortization of amounts in AOCI for the swaps. The net effect of these amounts resulted in a benefit to earnings for the year of $6.9 million recorded in “Net effect of swaps.” For 2014, the Partnership recognized $11.0 million of gain in income on the ineffective portion of both designated and not designated derivatives as noted in the table above, $7.9 million of expense representing the amortization of amounts in AOCI for the swaps and $1.0 million of expense related to the write off of OCI balances on our swaps. The net effect of these amounts resulted in a benefit to earnings for the year of $2.1 million recorded in “Net effect of swaps.” |
Partners' Equity |
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Partners' Capital Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Equity | Partners' Equity: Special L.P. Interests In accordance with the Partnership Agreement, certain partners were allocated $5.3 million of 1987 and 1988 taxable income (without any related cash distributions) for which they received Special L.P. Interests. The Special L.P. Interests do not participate in cash distributions and have no voting rights. However, the holders of Special L.P. Interests will receive in the aggregate $5.3 million upon liquidation of the Partnership. Equity-Based Incentive Plan The 2008 Omnibus Incentive Plan was approved by the Partnership's unitholders in May of 2008 allowing the award of up to 2.5 million unit options and other forms of equity as determined by the Compensation Committee of the Board of Directors as an element of compensation to senior management and other key employees. The 2008 Omnibus Plan provides an opportunity for officers, directors, and eligible persons to acquire an interest in the growth and performance of our units and provides employees annual and long-term incentive awards as determined by the Board of Directors. Under the 2008 Omnibus Plan, the Compensation Committee of the Board of Directors may grant unit options, unit appreciation rights, restricted units, performance awards, other unit awards, cash incentive awards and long-term incentive awards. Awards Payable in Cash or Equity Phantom Units During 2015, none of these "phantom units" were awarded. Outstanding "phantom unit" awards generally vest over an approximate four-year period and can be settled with cash, limited partnership units, or a combination of both, as determined by the Compensation Committee. The effect of these outstanding "phantom unit” awards has been included in the diluted earnings per unit calculation, as a portion of the awards are expected to be paid in limited partnership units. Approximately $0.8 million, $1.7 million and $5.0 million in compensation expense related to liability “phantom unit” awards was recognized in 2015, 2014 and 2013, respectively. These amounts are included in “Selling, General and Administrative Expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income. At December 31, 2015, the Partnership had no “phantom units” outstanding. At December 31, 2014, the aggregate market value of the accrued “phantom units" totaled $3.9 million and was reflected in "Accrued salaries, wages and benefits" on the Balance Sheet. Performance Units During 2015, none of these "performance units” were awarded. The number of "performance units” issuable under these awards are contingently based upon certain performance targets over a three-year period and these awards can be paid with cash, limited partnership units, or a combination of both as determined by the Compensation Committee, after the end of the performance period. The effect of these outstanding "performance unit” awards for which the performance condition has been met has been included in the diluted earnings per unit calculation, as a portion of the awards are expected to be settled in limited partnership units. The effect of these outstanding "performance unit” awards for which the performance condition has not been met has been excluded from the diluted earnings per unit calculation. Approximately $8.0 million, $5.3 million and $3.6 million in 2015, 2014 and 2013, respectively, were recorded in compensation expense related to these types of “performance units” and are included in “Selling, General and Administrative Expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income. At December 31, 2015, the Partnership had 276,656 of these types of "performance units” outstanding, 228,394 of which have been accrued for as a liability, at the December 31, 2015 closing price of $55.84 per unit. The estimated aggregate market value of "performance units” contingently issuable under these types of awards at year-end has been reflected on the Balance Sheet, with the current portion being recorded in "Accrued salaries, wages and benefits" and the long-term portion in “Other Liabilities.” At December 31, 2015, the current and long-term portions were $7.4 million and $5.4 million, respectively. At December 31, 2014, the current and long-term portions were $5.2 million and $3.6 million, respectively. At December 31, 2015, unamortized compensation related to unvested "performance unit” awards of this type totaled approximately $2.7 million, which is expected to be amortized over a weighted average period of 1.0 years. The Partnership expects to settle 132,000 of these outstanding "performance units" upon vesting during 2016. Deferred Units During 2015, 12,685 "deferred units" were awarded at a grant price of $47.30. Compensation expense related to "deferred units" vests ratably over a 1-year period and the settlement of these units is deferred until the individual's service to the Partnership ends. The "deferred units" accumulate distribution-equivalents once fully vested, which will be paid when the restriction ends. The effect of outstanding "deferred unit” awards has been included in the diluted earnings per unit calculation, as a portion of the awards are expected to be settled in limited partnership units. Approximately $0.8 million, $0.5 million, and $0.0 million in 2015, 2014, and 2013, respectively, were recorded in compensation expense related to "deferred units" and are included in "Selling, General, and Administrative Expense" in the accompanying Consolidated Statement of Operations and Comprehensive Income. At December 31, 2015, the Partnership had 22,810 "deferred units” outstanding and vested, at the December 31, 2015 closing price of $55.84 per unit. The estimated aggregate market value of the "deferred units” at year-end has been reflected as a liability on the Balance Sheet, with the current portion being recorded in "Other accrued liabilities" and the long-term portion in “Other Liabilities.” At December 31, 2015 and 2014, the market value of the current and long-term portions totaled $1.3 million and $0.5 million, respectively. At December 31, 2015, there was no unamortized expense related to unvested "deferred unit” awards. Awards Payable in Equity Performance Units During 2015, 189,929 of these "performance units” were awarded at a weighted-average grant price of $56.41 per unit. The number of "performance units” issuable under these awards are contingently based upon certain performance targets over the vesting period. The three-year vesting for the annual performance awards and the related forfeitable distribution equivalents, generally are paid out in the first quarter following the performance period in limited partnership units. The 2014 "performance units" payable in equity were retention grant units that would be paid out in limited partnership units in December of the two years following a three-year performance period and the forfeitable distribution equivalents would be paid in cash at that same time. The effect of these types of outstanding "performance unit” awards for which the performance conditions have been met, have been included in the diluted earnings per unit calculation. The effect of these outstanding "performance unit” awards which the performance conditions have not been meet, have been excluded from the diluted earnings per unit calculation. Approximately $3.7 million, $1.4 million, and $0.0 million, in 2015, 2014, and 2013, respectively, were recorded in compensation expense related to “performance units” under this award and are included in “Selling, General and Administrative Expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income. At December 31, 2015, the Partnership had 313,650 of these "performance units” outstanding, 93,854 of which have been accrued for within equity. At December 31, 2015, unamortized compensation related to these unvested "performance unit” awards totaled approximately $11.9 million, which is expected to be amortized over a weighted average period of 2.7 years. The Partnership does not expect to settle any of these outstanding "performance units" during 2016. Restricted Units During 2015, 130,087 "restricted units" were awarded at a weighted-average grant price of $56.43. Compensation expense related to restricted units vests ratably over a three-year period and the restrictions on these units lapse upon vesting. During the time of restriction, the units accumulate forfeitable distribution-equivalents, which, when the units are fully vested, will be paid in the form accrued. Approximately $4.1 million, $3.7 million, and $2.6 million in 2015, 2014, and 2013, respectively, were recorded in compensation expense related to "restricted units" and are included in "Selling, General, and Administrative Expense" in the accompanying Consolidated Statement of Operations and Comprehensive Income. As of December 31, 2015, the amount of forfeitable distribution equivalents accrued and recorded on the Balance Sheet in "Other Liabilities" was approximately $0.8 million. At December 31, 2015, the Partnership had 193,587 "restricted units" outstanding, 72,032 of which have been accrued for within equity. The intrinsic value of "restricted units" for which expense was accrued in 2015 was approximately $0.7 million. At December 31, 2015, unamortized compensation expense related to unvested "restricted unit" awards totaled approximately, $6.9 million, which is expected to be amortized over a weighted average period of 2.3 years. The Partnership expects to settle 40,028 of these outstanding "restricted units" upon vesting during 2016. Unit Options The Partnership's "unit options" are issued with an exercise price no less than the market closing price of the Partnership's units on the day before the date of grant. Outstanding "unit options" vest ratably over a three-year period and have a maximum term of ten years. As of December 31, 2015, the Partnership had 506,990 fixed-price "unit options" outstanding under the 2008 Omnibus Incentive Plan. None of these "unit options" were granted during 2015 and 2014. During 2013, 413,248 unit options were granted at a fair value of $3.47. The significant assumptions used in the Black Scholes model to determine the fair value of these "unit options" include the "unit option" exercise price equal to the grant price, the "unit options" have a maximum term of ten years, the expected volatility is 30.1%, the assumed risk-free interest rate is 1.88% and units received an annual distribution of $2.50 per unit at the time of grant. Non-cash compensation expense relating to unit options in 2015, 2014, and 2013 totaled $0.6 million, $0.9 million, and $0.9 million, respectively. A summary of "unit option" activity in 2015 and 2014 is presented below:
Cash received from "unit option" exercises totaled approximately $0 in 2015, $0 in 2014 and $52,000 in 2013. The following table summarizes information about vested "unit options" outstanding at December 31, 2015:
A summary of the status of the Partnership's nonvested "unit options" at December 31, 2015 is presented below:
The total intrinsic value of "unit options" exercised during the years ended December 31, 2015, 2014 and 2013 were $3.0 million, $1.0 million, and $0.2 million, respectively. The Partnership had 28,302 unvested "unit options" at December 31, 2015. In addition, the Partnership had $0.1 million of unamortized compensation expense related to unvested "unit options" which is expected to be amortized over a weighted average period of 0.3 years. The Partnership has a policy of issuing limited partnership units from treasury to satisfy "unit option" exercises and expects its treasury unit balance to be sufficient for 2016, based on estimates of "unit option" exercises for that period. |
Retirement Plans |
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Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Retirement Plans: The Partnership has trusteed, noncontributory retirement plans for the majority of its full-time employees. Contributions are discretionary and amounts accrued were approximately $4.3 million in 2015, $4.3 million in 2014 and $4.4 million in 2013. Additionally, the Partnership has a trusteed, contributory retirement plan for the majority of its full-time employees. This plan permits employees to contribute specified percentages of their salary, matched up to a limit by the Partnership. Matching contributions, net of forfeitures, approximated $2.3 million in 2015, $2.1 million in 2014 and $1.9 million in 2013. In addition, 228 employees are covered by union-sponsored, multi-employer pension plans for which approximately $1.5 million, $1.5 million and $1.3 million were contributed for the years ended December 31, 2015, 2014, and 2013, respectively. The Partnership has no plans to withdraw from any of the multi-employer plans. The Partnership believes that the liability resulting from any such withdrawal, as defined by the Multi-employer Pension Plan Amendments Act of 1980, would not be material. |
Income and Partnership Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income and Partnership Taxes | Income and Partnership Taxes: Federal and state tax legislation in 1997 provided a permanent income tax exemption to existing publicly traded partnerships (PTP), such as Cedar Fair, L.P., with a PTP tax levied on partnership gross income (net revenues less cost of food, merchandise and games) beginning in 1998. In addition, income taxes are recognized for the amount of taxes payable by the Partnership's corporate subsidiaries for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. As such, the Partnership's "Provision for taxes" includes amounts for both the PTP tax and for income taxes on the Partnership's corporate subsidiaries. The Partnership's 2015 tax provision totals $22.2 million, which consists of an $11.7 million provision for the PTP tax and a $10.5 million provision for income taxes. This compares to the Partnership's 2014 tax provision of $9.9 million, which consisted of a $9.6 million provision for the PTP tax and a $0.3 million provision for income taxes, and the 2013 tax provision of $20.2 million, which consisted of a $9.6 million provision for the PTP tax and a $10.6 million provision for income taxes. The calculation of the provision for taxes involves significant estimates and assumptions and actual results could differ from those estimates. Significant components of income (loss) before taxes are as follows:
The provision (benefit) for income taxes is comprised of the following:
The provision (benefit) for income taxes for the Partnership's corporate subsidiaries differs from the amount computed by applying the U.S. federal statutory income tax rate of 35% to the Partnership's income (loss) before taxes. The sources and tax effects of the differences are as follows:
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:
The Partnership records a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized. Through December 31, 2014, the Partnership had recorded an $5.7 million valuation allowance related to a $16.8 million deferred tax asset for foreign tax credit carryforwards. The need for this allowance was based on several factors including the ten-year carryforward period allowed for excess foreign tax credits, experience to date of foreign tax credit limitations, and management's long term estimates of domestic and foreign source income. During 2015, the Partnership did not adjust the valuation allowance. The valuation allowance was reduced by $1.1 million and $4.5 million for the years ended December 31, 2014 and 2013, respectively. Further, the Partnership believes based on its update of long term estimates of domestic and foreign source income that no additional adjustments to the valuation allowance are warranted. As of December 31, 2015, the Partnership had a $7.6 million deferred tax asset for foreign tax credit carryforwards and a related $5.7 million valuation allowance. Additionally, as of December 31, 2015, the Partnership had $3.8 million of tax attribute carryforwards consisting of alternative minimum tax credits ($1.2 million) and the tax effect of state net operating loss carryforwards ($2.6 million). Alternative minimum tax credits do not expire. Unused state net operating loss carryforwards will expire from 2018 to 2028. The Partnership expects to fully realize these tax attribute carryforwards. As such, no valuation allowance has been recorded relating to these tax attribute carryforwards. The net current and non-current components of deferred taxes recognized as of December 31, 2015 and 2014 in the consolidated balance sheets are as follows:
The Partnership has recorded a deferred tax liability of $12.7 million and $4.3 million as of December 31, 2015 and 2014, respectively, to account for the tax effect of derivatives and foreign currency translation adjustments included in Other Comprehensive Income. The Partnership has unrecognized income tax benefits as of December 31, 2015. The following is a reconciliation of beginning and ending unrecognized tax benefits:
At December 31, 2015 a total of $1.1 million of unrecognized tax benefits was recorded for state and local income tax positions. There were $1.2 million of unrecognized tax positions during 2014 and $1.1 million unrecognized tax positions during 2013. If recognized, the tax benefits would decrease the Partnership taxes by $1.1 million. The Partnership recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. Related to the unrecognized tax benefits noted, the Partnership accrued interest of $0.4 million and penalties of $0.2 million during 2015. The Partnership does not anticipate a significant change to the amount of unrecognized tax benefits over the next 12 months. The Partnership and its corporate subsidiaries are subject to taxation in the U.S., Canada and various state and local jurisdictions. The tax returns of the Partnership are subject to examination by state and federal tax authorities. With few exceptions, the Partnership and its corporate subsidiaries are no longer subject to examination by the major taxing authorities for tax years before 2011. |
Operating Lease Commitments and Contingencies |
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Operating Lease Commitments and Contingencies | Operating Lease Commitments and Contingencies: Operating Lease Commitments The Partnership has commitments under various operating leases at its parks. Minimum lease payments under non-cancelable operating leases as of December 31, 2015 are as follows ($'s in thousands):
The amount due after 2020 includes the land lease at California's Great America which is renewable in 2039. Lease expense, which includes short-term rentals for equipment and machinery, for 2015, 2014 and 2013 totaled $14.5 million, $12.7 million and $12.7 million, respectively. Contingencies The Partnership is also a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters are expected to have a material effect in the aggregate on the Partnership's financial statements. |
Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements: The FASB's ASC 820 "Fair Value Measurement" emphasizes that fair value is a market-based measurement that should be determined based on assumptions (inputs) that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable, and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Accordingly, the FASB’s ASC 820 establishes a hierarchal disclosure framework that ranks the quality and reliability of information used to determine fair values. The hierarchy is associated with the level of pricing observability utilized in measuring fair value and defines three levels of inputs to the fair value measurement process—quoted prices are the most reliable valuation inputs, whereas model values that include inputs based on unobservable data are the least reliable. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by the fair value hierarchy are as follows:
The table below presents the balances of assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014 on a recurring basis as well as the fair values of other financial instruments:
Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR forward curves, which are considered Level 2 observable market inputs. In addition, the Partnership considered the effect of its credit and non-performance risk on the fair values provided, and recognized an adjustment decreasing the net derivative liability by approximately $0.6 million as of December 31, 2015 and $0.8 million as of December 31, 2014. At the end of the fourth quarter of 2015, the Partnership concluded based on guest usage and updated capital planning for the coming years, that a certain long-lived asset at Cedar Point would be taken out of service. After performing a review of this asset, the Partnership determined that the asset was impaired. Based on Level 3 unobservable valuation assumptions and other market inputs, the asset was marked to a fair value of $0, resulting in an impairment charge of $8.6 million for this asset during the quarter. This amount was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income. At the end of the fourth quarter of 2014, the Partnership concluded based on 2014 operating results and updated forecasts for the coming years, that a review of the carrying value of operating long-lived assets at Wildwater Kingdom was warranted. After performing its review, the Partnership determined that the park's fixed assets were impaired. Based on Level 3 unobservable valuation assumptions and other market inputs, the assets were marked to a fair value of $17.1 million, resulting in an impairment charge of $2.4 million for operating assets during the quarter. This amount was recorded in "Loss on impairment / retirement of fixed assets, net" on the consolidated statement of operations and comprehensive income. The carrying value of cash and cash equivalents, revolver, accounts receivable, current portion of term debt, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. A relief-from-royalty model is used to determine whether the fair value of trade-names exceeds their carrying amount. The fair value of the trade-names is determined as the present value of fees avoided by owning the respective trade-name. |
Changes in Accumulated Other Comprehensive Income (Notes) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income | Changes in Accumulated Other Comprehensive Income ("AOCI"): The following tables reflect the changes in AOCI related to limited partners' equity for the twelve-month period ended December 31, 2015:
(1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details.
(1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details.
(1) Amounts in parentheses indicate gains. |
Consolidating Financial Information of Guarantors and Issuers |
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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 5.375% and 5.25% notes (see Note 5). 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, 2015 and December 31, 2014 and for the years ended December 31, 2015, December 31, 2014, and December 31, 2013. In lieu of providing separate audited financial statements for the guarantor subsidiaries, the accompanying condensed consolidating financial statements have been included. CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2015 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2014 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 (In thousands)
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Partnership and its subsidiaries, all of which are wholly owned. Intercompany transactions and balances are eliminated in consolidation. |
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Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The financial statements of the Partnership's Canadian subsidiary are measured using the Canadian dollar as its functional currency. Assets and liabilities are translated into U.S. dollars at current currency exchange rates, while income and expenses are translated at average monthly currency exchange rates. Translation gains and losses are included as components of accumulated other comprehensive income in partners' equity. In 2015, the Partnership recognized a $81.0 million charge to earnings for unrealized/realized foreign currency losses, $81.6 million related to U.S.-dollar denominated debt held at its Canadian property. In 2014, the Partnership recognized a $40.9 million charge to earnings for unrealized/realized foreign currency losses, $39.1 million of which represented an unrealized foreign currency loss on the U.S.-dollar denominated debt held at its Canadian property. In 2013, the Partnership recognized a $28.9 million charge to earnings for unrealized/realized foreign currency losses, $27.8 million of which represented an unrealized foreign currency losses on the U.S.-dollar denominated debt held at its Canadian property. All other transaction gains and losses included in the 2015, 2014 and 2013 consolidated statements of operations were not material. |
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Segment Reporting, Policy [Policy Text Block] | Segment Reporting Each of the Partnership's parks operates autonomously, and management reviews operating results, evaluates performance and makes operating decisions, including the allocation of resources, on a property-by-property basis. In addition to reviewing and evaluating performance of the business at the individual park level, the structure of the Partnership's management incentive compensation systems are centered around the operating results of each park as an integrated operating unit. Therefore, each park represents a separate operating segment of the Partnership's business. Although the Partnership manages its parks with a high degree of autonomy, each park offers and markets a similar collection of products and services to similar customers. In addition, the parks all have similar economic characteristics, in that they all show similar long-term growth trends in key industry metrics such as attendance, guest per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within the single reportable segment of amusement/water parks with accompanying resort facilities. |
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Use of Estimates, Policy [Policy Text Block] | Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during each period. Actual results could differ from those estimates. |
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Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. |
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Inventory, Policy [Policy Text Block] | Inventories The Partnership's inventories primarily consist of purchased products, such as merchandise and food, for sale to its customers. Inventories are stated at the lower of cost or market using the first-in, first-out (FIFO) or average cost methods of accounting at the park level. |
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Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Expenditures made to maintain such assets in their original operating condition are expensed as incurred, and improvements and upgrades are generally capitalized. Depreciation is computed on a straight-line basis over the estimated useful lives of the assets. Depreciation expense totaled $125.5 million in 2015, $124.3 million in 2014, and $122.4 million in 2013. The estimated useful lives of the assets are as follows:
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Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 360 “Property, Plant, and Equipment” requires that long-lived assets be reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based on a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. |
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Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill FASB ASC 350 “Intangibles - Goodwill and Other” requires that goodwill be tested for impairment. An impairment charge would be recognized for the amount, if any, by which the carrying amount of goodwill exceeds its implied fair value. The fair value of a reporting unit and the related implied fair value of its respective goodwill are established using a combination of an income (discounted cash flow) approach and market approach. Goodwill is reviewed annually for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. All of the Partnership's goodwill is allocated to its reporting units and goodwill impairment tests are performed at the reporting unit level. The Partnership changed the annual goodwill impairment testing date from the last day of the fourth quarter to the first day of the fourth quarter during 2015. The Partnership believes this voluntary change is preferable because it better aligns our goodwill impairment testing procedures with the completion of our annual financial and strategic planning process and provides us with adequate time to evaluate goodwill for impairment. This change in accounting principle did not delay, accelerate or avoid an impairment loss, nor did the change have a cumulative effect on net income or loss, or partners' equity. The Partnership determined that it would be impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each first day of the fourth quarter for each of our prior reporting periods without the use of hindsight. As such, the Partnership applied the change in annual goodwill impairment testing date prospectively beginning September 28, 2015, the first day of the fourth quarter, and concluded there was no impairment of the carrying value of the goodwill as of the testing date. |
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Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Other Intangible Assets The Partnership's other intangible assets consist primarily of trade-names and license and franchise agreements. The Partnership assesses the indefinite-lived trade-names for impairment separately from goodwill. After considering the expected use of the trade-names and reviewing any legal, regulatory, contractual, obsolescence, demand, competitive or other economic factors that could limit the useful lives of the trade-names, in accordance with FASB ASC 350, the Partnership determined that the trade-names had indefinite lives. Pursuant to FASB ASC 350, indefinite-lived intangible assets are no longer amortized, but rather are reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from five to twenty years. |
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Self Insurance Reserves [Policy Text Block] | Self-Insurance Reserves Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (IBNR) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Partnership's own historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims, which are not material to our consolidated financial statements, are based upon the Partnership's own claims data history. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. At December 31, 2015 and 2014 the accrued reserves totaled $24.0 million and $23.4 million, respectively. |
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Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Partnership is exposed to market risks, primarily resulting from changes in interest rates and currency exchange rates. To manage these risks, it may enter into derivative transactions pursuant to its overall financial risk management program. The Partnership does not use derivative financial instruments for trading purposes. The Partnership accounts for the use of derivative financial instruments according to FASB ASC 815 “Derivatives and Hedging”. For derivative instruments that hedge the exposure of variability in short-term rates, designated as cash flow hedges, the effective portion of the change in fair value of the derivative instrument is reported as a component of “Other comprehensive income (loss)” and reclassified into earnings in the period during which the hedged transaction affects earnings. For the ineffective portion of a derivative, the change in fair value, if any, is reported in “Net effect of swaps” in earnings together with the changes in fair value of derivatives not designated as hedges. Derivative financial instruments used in hedging transactions are assessed both at inception and quarterly thereafter to ensure they are effective in offsetting changes in either the fair value or cash flows of the related underlying exposures. |
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Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenues on multi-use products are recognized over the estimated number of uses expected for each type of product and are adjusted periodically during the operating season prior to the ticket or product expiration, which occurs no later than the close of the operating season or December 31 each year. Other revenues are recognized on a daily basis based on actual guest spending at our facilities, or over the park operating season in the case of certain marina revenues and certain sponsorship revenues. Revenues on multi-use products for the next operating season are deferred in the year received and recognized as revenue in the following operating season. Admission revenues include amounts paid to gain admission into our parks, including parking fees. Revenues related to extra-charge attractions, including our premium benefit offerings like our front-of-line products, are included in Accommodations, extra-charge products and other revenue. |
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Advertising Costs, Policy [Policy Text Block] | Advertising Costs The Partnership expenses all costs associated with its advertising, promotion and marketing programs over each park's operating season, including certain costs incurred prior to the season that are amortized over the season. Advertising expense totaled $58.7 million in 2015, $58.4 million in 2014 and $57.8 million in 2013. Certain prepaid costs incurred through year-end for the following year's advertising programs are included in other current assets. |
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Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Unit-Based Compensation The Partnership accounts for unit-based compensation in accordance with FASB ASC 718 “Compensation - Stock Compensation” which requires measurement of compensation cost for all equity-based awards at fair value on the date of grant and recognition of compensation over the service period for awards expected to vest. The Partnership uses a binomial option-pricing model for all grant date estimations of fair value. |
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Income Tax, Policy [Policy Text Block] | Income Taxes The Partnership's legal entity structure includes both partnerships and corporate subsidiaries. As a publicly traded partnership, the Partnership is subject to an entity-level tax (the "PTP tax"). Accordingly, the Partnership itself is not subject to corporate income taxes; rather, the Partnership's tax attributes (except those of the corporate subsidiaries) are included in the tax returns of its partners. The Partnership's corporate subsidiaries are subject to entity-level income taxes. Neither the Partnership's financial reporting income, nor the cash distributions to unitholders, can be used as a substitute for the detailed tax calculations that the Partnership must perform annually for its partners. Net income from the Partnership is not treated as “passive income” for federal income tax purposes. As a result, partners subject to the passive activity loss rules are not permitted to offset income from the Partnership with passive losses from other sources. The Partnership's corporate subsidiaries account for income taxes under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income at the time of enactment of such change in tax rates. Any interest or penalties due for payment of income taxes are included in the provision for income taxes. The Partnership's total provision for taxes includes PTP taxes owed (see Note 9). |
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Earnings Per Share, Policy [Policy Text Block] | Earnings Per Unit For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income. The unit amounts used are as follows:
The effect of out-of-the-money and/or antidilutive unit options for 2015, 2014, and 2013, respectively, had they not been out of the money or antidilutive, would have been immaterial in all periods presented. |
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New Accounting Pronouncements, Policy [Policy Text Block] | Accounting pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The amendments in ASU 2014-09 provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. ASU 2014-09 is effective for annual and interim periods beginning on or after December 15, 2017 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. It permits the use of either a retrospective or cumulative effect transition method and early adoption is not permitted. The Partnership has not yet selected a transition method and is in the process of evaluating the effect this standard will have on the consolidated financial statements and related disclosures. In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"). The amendments in ASU 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying value of the corresponding debt liability, consistent with debt discounts. This ASU requires retrospective adoption and will be effective for annual and interim periods beginning on or after December 15, 2015 with early adoption permitted. We do not expect adoption of ASU 2015-03 to have an impact on our consolidated statements of operations or consolidated statements of cash flows. The impact of the adoption of this guidance will result in the reclassification of the unamortized debt issuance costs on the consolidated balance sheets, which were $19.7 million and $24.6 million, at December 31, 2015 and 2014, respectively. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes ("ASU 2015-17"). The amendments in ASU 2015-17 require that deferred tax assets and liabilities to be classified as non-current in the Consolidated Balance Sheet. This ASU is effective for fiscal years beginning after December 15, 2016 and for interim periods within those fiscal years, with early adoption permitted. The guidance may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The impact of the adoption of this guidance will result in the reclassification of the current deferred tax assets to net against the deferred tax liability on the consolidated balance sheets, which would reduce both current deferred tax asset and deferred tax liability by $12.2 million and $9.3 million, at December 31, 2015 and 2014, respectively. |
Summary of Significant Accounting Policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment. Weighted Average Useful Lives | The estimated useful lives of the assets are as follows:
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Schedule of Weighted Average Number of Units | For purposes of calculating the basic and diluted earnings per limited partner unit, no adjustments have been made to the reported amounts of net income. The unit amounts used are as follows:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in Partnership's carrying value of goodwill | A summary of changes in the Partnership's carrying value of goodwill is as follows:
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Partnership's other intangible assets | The Partnership's other intangible assets consisted of the following at December 31, 2015 and 2014:
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Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt at December 31, 2015 and 2014:
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Schedule of Maturities of Long-term Debt | At December 31, 2015, the scheduled annual maturities of term debt were as follows ($'s in thousands):
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Derivative Financial Instruments (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of derivative instruments in Condensed Consolidated Balance Sheet | The fair market value of the Partnership's swap portfolio was a liability of $22.9 million and $26.4 million, at December 31, 2015 and 2014, respectively, and was recorded on the consolidated balance sheet as listed below.
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Effects of derivative instruments on income (loss) and other comprehensive income (loss) | Effects of Derivative Instruments on Income and Other Comprehensive Income (Loss):
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Partners' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Partners' Capital Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of "unit option" activity in 2015 and 2014 is presented below:
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Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding | The following table summarizes information about vested "unit options" outstanding at December 31, 2015:
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Schedule of Nonvested Share Activity [Table Text Block] | A summary of the status of the Partnership's nonvested "unit options" at December 31, 2015 is presented below:
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Deferred Tax Assets and Liabilities (Tables) |
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Significant components of income (loss) before taxes are as follows:
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Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes is comprised of the following:
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Schedule of Effective Income Tax Rate Reconciliation | The sources and tax effects of the differences are as follows:
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Schedule of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:
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Schedule of Net Current and Noncurrent Components of Deferred Taxes | The net current and non-current components of deferred taxes recognized as of December 31, 2015 and 2014 in the consolidated balance sheets are as follows:
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Summary of Income Tax Contingencies | The following is a reconciliation of beginning and ending unrecognized tax benefits:
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Operating Lease Commitments and Contingencies (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||
Operating Lease Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum lease payments under non-cancelable operating leases as of December 31, 2015 are as follows ($'s in thousands):
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on recurring basis | The table below presents the balances of assets and liabilities measured at fair value as of December 31, 2015 and December 31, 2014 on a recurring basis as well as the fair values of other financial instruments:
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Changes in Accumulated Other Comprehensive Income (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in AOCI related to limited partners' equity for the twelve-month period ended December 31, 2015:
(1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details.
(1) All amounts are net of tax. Amounts in parentheses indicate debits. (2) See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details. |
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Reclassification out of Accumulated Other Comprehensive Income |
(1) Amounts in parentheses indicate gains. |
Consolidating Financial Information of Guarantors and Issuers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Consolidated Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2015 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2014 (In thousands)
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Condensed Consolidating Statement of Operations | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2015 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2014 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2013 (In thousands)
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Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2015 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2013 (In thousands)
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Partnership Organization (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
General partner ownership interest (in percent) | 0.001% | |
Limited Partners' Capital Account, Units Outstanding | 56,017,824 | 55,827,658 |
Partners' capital account, units held in treasury | 1,044,159 | 1,234,325 |
Per-unit distribution made to limited partners | $ 3.075 | |
Aggregate distribution made to limited partners | $ 172.6 |
Summary of Significant Accounting Policies Useful Lives (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Land Improvements [Member] | |
Useful lives (in years) | 25 years |
Other Machinery and Equipment [Member] | |
Useful lives (in years) | 20 years |
Minimum [Member] | Building [Member] | |
Useful lives (in years) | 25 years |
Minimum [Member] | Equipment [Member] | |
Useful lives (in years) | 3 years |
Maximum [Member] | Building [Member] | |
Useful lives (in years) | 40 years |
Maximum [Member] | Equipment [Member] | |
Useful lives (in years) | 10 years |
Summary of Significant Accounting Policies Earnings per Unit (Details) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Accounting Policies [Abstract] | |||
Basic weighted average units outstanding | 55,745 | 55,548 | 55,476 |
Effect of dilutive units: | |||
Deferred units | 23 | 6 | 0 |
Performance units | 72 | 31 | 0 |
Restricted units | 358 | 195 | 103 |
Unit options | 141 | 123 | 59 |
Phantom units | 23 | 89 | 187 |
Diluted weighted average units outstanding | 56,362 | 55,992 | 55,825 |
Net income (loss) per unit - basic | $ 2.01 | $ 1.88 | $ 1.95 |
Net income (loss) per unit - diluted | $ 1.99 | $ 1.86 | $ 1.94 |
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Unrealized / realized foreign currency (gain) loss | $ 81,016 | $ 40,873 | $ 28,941 |
Unrealized foreign currency (gain) loss on notes | 81,608 | 39,088 | 27,786 |
Depreciation and amortization | 125,500 | 124,300 | 122,400 |
Self-insurance reserves | 23,996 | 23,377 | |
Advertising expense | 58,700 | 58,400 | $ 57,800 |
Deferred Tax Assets, Net, Current | (12,188) | (9,265) | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||
Unamortized Debt Issuance Expense | 19,700 | 24,600 | |
Deferred Tax Assets, Net, Current | $ 12,200 | $ 9,300 | |
Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Long-Lived Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Cedar Point [Member] [Domain] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived assets held-for-use | $ 8.6 | |
Wildwater Kingdom [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived assets held-for-use | $ 2.4 |
Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Goodwill [Line Items] | |||
Goodwill (gross) | $ 290,679 | $ 308,159 | $ 317,957 |
Accumulated Impairment Losses | (79,868) | (79,868) | (79,868) |
Goodwill (net) | 210,811 | 228,291 | $ 238,089 |
Foreign currency translation | $ (17,480) | $ (9,798) |
Other Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Carrying Amount/Value | $ 35,208 | $ 37,683 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 5 months 10 days | 13 years 5 months 28 days |
Accumulated Amortization | $ 380 | $ 310 |
Total other intangible assets, gross carrying amount | 36,275 | 38,501 |
Total other intangible assets, net carrying value | $ 35,895 | $ 38,191 |
License / Franchise Agreements [Member] | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 5 months 10 days | 13 years 5 months 28 days |
Gross Carrying Amount | $ 1,067 | $ 818 |
Accumulated Amortization | 380 | 310 |
Net Carrying Value | $ 687 | $ 508 |
Debt Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 0 | $ 0 |
Notes payable | 950,000 | 950,000 |
Long-term debt | 1,558,850 | 1,558,850 |
Less: current portion | (2,475) | 0 |
Long-term debt, noncurrent | $ 1,556,375 | $ 1,558,850 |
March 2013 Credit Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 3.25% | 3.25% |
Term debt | $ 608,850 | $ 608,850 |
Notes Payable due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 5.375% | 5.375% |
Notes payable | $ 450,000 | $ 450,000 |
March 2013 notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate percentage | 5.25% | 5.25% |
Notes payable | $ 500,000 | $ 500,000 |
Schedule of Debt Maturities (Details) - March 2013 Credit Agreement [Member] - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
2016 | $ 2,475 | |
2017 | 6,300 | |
2018 | 6,300 | |
2019 | 6,300 | |
2020 | 587,475 | |
2021 & Beyond | 0 | |
Total | $ 608,850 | $ 608,850 |
Derivative Financial Instruments Balance Sheet Location (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Current derivative liability | $ 0 | $ (11,791) |
Derivative Liability | (22,918) | (14,649) |
Derivative assets (liabilities), at fair value, net | (22,918) | (26,440) |
Designated As Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | (22,918) | (14,649) |
Not Designated As Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | (11,791) |
Interest Rate Swap [Member] | Designated As Hedging [Member] | Derivative Liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | (22,918) | (14,649) |
Interest Rate Swap [Member] | Not Designated As Hedging [Member] | Current derivative liability | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative liability | $ 0 | $ (11,791) |
Derivative Financial Instruments Income Statement Location (Details) - Designated As Hedging [Member] - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of gain (loss) recognized in accumulated OCI on derivatives (effective portion) | $ (8,269) | $ (10,735) |
Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount and location of gain (loss) reclassified from accumulated OCI into income (effective portion) | (517) | 0 |
Net Effect of Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ 11,791 | $ 10,958 |
Unit Option Activity (Details) - $ / shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Unit options, outstanding | 622,316 | 684,822 |
Unit options, exercised | (109,575) | (49,656) |
Unit options, forfeited | (5,751) | (12,850) |
Unit options, outstanding | 506,990.00 | 622,316 |
Unit options exercisable | 478,688 | 476,043 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Unit options outstanding, weighted average exercise price | $ 34.03 | $ 33.97 |
Unit options exercised, weighted average exercise price | 31.79 | 32.93 |
Unit options forfeited, weighted average exercise price | 35.58 | 34.96 |
Unit options outstanding, weighted average exercise price | 34.50 | 34.03 |
Unit options exercisable, weighted average exercise price | $ 34.36 | $ 33.45 |
Vested Unit Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Exercise Price | $ 34.50 | $ 34.03 | $ 33.97 |
Unit options exercisable | 478,688 | 476,043 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Remaining Contractual Life | 6 years 9 months 18 days | ||
Weighted Average Exercise Price | $ 34.36 | ||
Range of Exercise Prices, Lower Limit | 29.53 | ||
Range of Exercise Prices, Upper Limit | $ 36.95 | ||
Aggregate intrinsic value | $ 10,284 |
Partners' Equity Nonvested Unit Options Activity (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] [Roll Forward] | |
Nonvested, beginning of year | shares | 146,273 |
Vested | shares | (112,220) |
Forfeited | shares | (5,751) |
Nonvested, beginning of year | shares | 28,302 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested, beginning of year | $ / shares | $ 35.92 |
Vested | $ / shares | 35.67 |
Forfeited | $ / shares | 35.58 |
Nonvested, end of year | $ / shares | $ 36.95 |
Retirement Plans (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
Employees
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Compensation and Retirement Disclosure [Abstract] | |||
Noncontributory retirement plans, amounts accrued | $ 4.3 | $ 4.3 | $ 4.4 |
Matching contributions made by partnership, net of forfeitures | $ 2.3 | 2.1 | 1.9 |
Multiemployer Plan, Number of Employees | Employees | 228 | ||
Multiemployer plan, contributions made in period | $ 1.5 | $ 1.5 | $ 1.3 |
Income and Partnership Taxes Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Provision (benefit) for taxes | $ 22,192 | $ 9,885 | $ 20,243 |
Provision for the PTP tax | 11,700 | 9,600 | 9,600 |
Provision (benefit) pertaining to corporate subsidiaries | $ 10,473 | 273 | 10,594 |
U.S. federal statutory income tax rate | 35.00% | ||
Valuation Allowance, Amount | $ 5,680 | 5,680 | |
Foreign tax credit carryforwards available for U.S. federal income tax purposes | 7,603 | 16,844 | |
Valuation allowance | 0 | (1,112) | (4,460) |
Tax attribute carryforwards | 3,767 | 7,906 | |
Alternative minimum tax credits | 1,200 | ||
State net operating loss carryforwards | 2,600 | ||
Deferred Tax Liabilities, Other Comprehensive Income | 12,700 | 4,300 | |
Unrecognized Tax Benefits | 1,100 | $ 1,200 | $ 1,100 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 400 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | $ 200 |
Income Before Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 209,268 | $ 186,389 | $ 159,256 |
Foreign | (74,854) | (72,289) | (30,809) |
Income (loss) before taxes | $ 134,414 | $ 114,100 | $ 128,447 |
Income Tax Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Current federal | $ 22,232 | $ 4,513 | $ 5,398 |
Current state and local | 3,767 | 1,413 | 1,436 |
Current foreign | 530 | (2,692) | 412 |
Total current | 26,529 | 3,234 | 7,246 |
Deferred federal, state and local | 4,842 | 9,239 | 9,989 |
Deferred foreign | (20,898) | (12,200) | (6,641) |
Total deferred | (16,056) | (2,961) | 3,348 |
Provision (benefit) pertaining to corporate subsidiaries | $ 10,473 | $ 273 | $ 10,594 |
Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Income tax expense based on U.S. federal statutory income tax rate | $ 47,045 | $ 39,935 | $ 44,956 |
Partnership loss (income) not deductible (includible) from (in) corporate income | (39,279) | (39,922) | (31,574) |
State and local taxes, net of federal income tax benefit | 3,504 | 1,786 | 2,459 |
Valuation allowance | 0 | (1,112) | (4,460) |
Tax credits | (1,253) | (997) | (1,303) |
Nondeductible expenses and other | 456 | 583 | 516 |
Provision (benefit) pertaining to corporate subsidiaries | $ 10,473 | $ 273 | $ 10,594 |
Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred tax assets: | ||
Options and deferred compensation | $ 13,957 | $ 12,476 |
Accrued expenses | 6,775 | 7,380 |
Foreign tax credits | 7,603 | 16,844 |
Tax attribute carryforwards | 3,767 | 7,906 |
Derivatives | 3,619 | 3,044 |
Foreign currency | 19,182 | 2,645 |
Deferred revenue | 4,648 | 4,841 |
Other, net | 0 | 483 |
Deferred tax assets | 59,551 | 55,619 |
Valuation allowance | (5,680) | (5,680) |
Net deferred tax assets | 53,871 | 49,939 |
Deferred tax liabilities: | ||
Property | (171,316) | (182,434) |
Intangibles | (12,318) | (10,753) |
Deferred tax liabilities | 183,634 | 193,187 |
Net deferred tax liability | (129,763) | (143,248) |
Net current and non-current components of deferred taxes: | ||
Net current deferred tax asset | 12,188 | 9,265 |
Net non-current deferred tax liability | $ (141,951) | $ (152,513) |
Income and Partnership Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized Tax Benefits | $ 1,200 | $ 1,100 |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 0 | 0 |
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 200 | 100 |
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | 0 | 0 |
Unrecognized Tax Benefits, Reductions Resulting from Lapse of Applicable Statute of Limitations | (300) | 0 |
Unrecognized Tax Benefits | $ 1,100 | $ 1,200 |
Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Operating Lease Commitments and Contingencies [Abstract] | |||
Operating lease expense | $ 14.5 | $ 12.7 | $ 12.7 |
Future Minimum Lease Payments (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Operating Lease Contingencies and Commitments [Abstract] | |
2016 | $ 9,207 |
2017 | 8,675 |
2018 | 7,555 |
2019 | 6,568 |
2020 | 5,793 |
Thereafter | 101,961 |
Total future minimum payments due | $ 139,759 |
Changes in Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Net effect of swaps | $ 6,884 | $ 2,062 | $ (6,883) |
Total before tax | 134,414 | 114,100 | 128,447 |
Provision (benefit) for taxes | (22,192) | (9,885) | (20,243) |
Net income (loss) | 112,222 | 104,215 | $ 108,204 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | 4,907 | 8,893 | |
Provision (benefit) for taxes | (633) | (1,341) | |
Net income (loss) | 4,274 | 7,552 | |
Interest Rate Swap [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | |||
Net effect of swaps | $ 4,907 | $ 8,893 |
Consolidating Financial Information of Guarantors and Issuers (Details) |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2014 |
---|---|---|---|
Unsecured Debt [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Subsidiary ownership percentage, guaranteeing notes | 100.00% | ||
Subsidiary guarantor ownership percentage | 100.00% | ||
Notes Payable due 2024 [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate percentage | 5.375% | 5.375% | |
Notes Payable due 2024 [Member] | Unsecured Debt [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate percentage | 5.375% | 5.375% | |
March 2013 notes | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate percentage | 5.25% | 5.25% | |
March 2013 notes | Unsecured Debt [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Effective interest rate (percent) | 5.25% |
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