Consolidating Financial Information of Guarantors and Issuers (Tables)

6 Months Ended

Jun. 26, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

June 26, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—		$	—	$	43,844	$	24,894	$	(653	)	$	68,085
Receivables	(9		)	1,565		23,381		567,888		(514,819		)	78,006
Inventories	—			—		3,169		43,038		—			46,207
Other current assets	377			26,236		2,205		29,564		(25,908		)	32,474
	368			27,801		72,599		665,384		(541,380		)	224,772
Property and Equipment (net)	—			885		189,226		1,386,383		—			1,576,494
Investment in Park	667,710			830,528		184,964		295,114		(1,978,316		)	—
Goodwill	674			—		96,746		119,606		—			217,026
Other Intangibles, net	—			—		13,743		23,090		—			36,833
Deferred Tax Asset	—			2,549		—		—		(2,549		)	—
Other Assets	—			2,000		183		15,073		—			17,256
	$	668,752		$	863,763	$	557,461	$	2,504,650	$	(2,522,245	)	$	2,072,381
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	377,726		$	142,024	$	3,139	$	32,825	$	(515,472	)	$	40,242
Deferred revenue	—			—		17,154		155,908		—			173,062
Accrued interest	4,825			3,343		1,771		1,771		—			11,710
Accrued taxes	2,499			—		5,993		48,245		(25,908		)	30,829
Accrued salaries, wages and benefits	—			31,881		2,081		—		—			33,962
Self-insurance reserves	—			11,842		1,483		12,263		—			25,588
Other accrued liabilities	1,846			2,737		1,157		8,307		—			14,047
	386,896			191,827		32,778		259,319		(541,380		)	329,440
Deferred Tax Liability	—			—		18,913		121,865		(2,549		)	138,229
Derivative Liability	18,540			12,360		—		—		—			30,900
Other Liabilities	—			1,388		—		11,086		—			12,474
Long-Term Debt:
Revolving credit loans	—			—		—		55,000		—			55,000
Term debt	—			124,244		13,624		458,034		—			595,902
Notes	291,743			202,910		444,210		—		—			938,863
	291,743			327,154		457,834		513,034		—			1,589,765
Equity	(28,427		)	331,034		47,936		1,599,346		(1,978,316		)	(28,427		)
	$	668,752		$	863,763	$	557,461	$	2,504,650	$	(2,522,245	)	$	2,072,381

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2015

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	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
Other current assets	188		1,261		1,332		8,781		(1,616		)	9,946
	77,195		2,674		69,448		583,272		(548,563		)	184,026
Property and Equipment (net)	—		5,593		176,390		1,332,895		—			1,514,878
Investment in Park	724,592		911,910		179,529		27,862		(1,843,893		)	—
Goodwill	674		—		90,531		119,606		—			210,811
Other Intangibles, net	—		—		12,832		23,063		—			35,895
Deferred Tax Asset	—		14,080		—		—		(14,080		)	—
Other Assets	—		14,414		210		2,786		—			17,410
	$	802,461	$	948,671	$	528,940	$	2,089,484	$	(2,406,536	)	$	1,963,020
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	1,008	$	57	$	1,410	$	—		2,475
Accounts payable	433,621		115,135		810		14,503		(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
	440,644		150,583		9,913		146,094		(548,563		)	198,671
Deferred Tax Liability	—		—		21,979		121,864		(14,080		)	129,763
Derivative Liability	13,396		9,522		—		—		—			22,918
Other Liabilities	—		6,705		—		11,278		—			17,983
Long-Term Debt:
Term debt	—		244,101		13,691		340,554		—			598,346
Notes	291,412		202,679		444,239		—		—			938,330
	291,412		446,780		457,930		340,554		—			1,536,676
Equity	57,009		335,081		39,118		1,469,694		(1,843,893		)	57,009
	$	802,461	$	948,671	$	528,940	$	2,089,484	$	(2,406,536	)	$	1,963,020

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

June 28, 2015

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—		$	—	$	15,485	$	20,740	$	(778	)	$	35,447
Receivables	1			108,653		119,015		635,647		(793,297		)	70,019
Inventories	—			228		3,143		43,256		—			46,627
Other current assets	434			1,658		2,681		26,476		(1,445		)	29,804
	435			110,539		140,324		726,119		(795,520		)	181,897
Property and Equipment (net)	—			5,612		204,916		1,364,203		—			1,574,731
Investment in Park	663,494			814,861		164,516		24,292		(1,667,163		)	—
Goodwill	674			—		101,383		119,605		—			221,662
Other Intangibles, net	—			—		14,371		22,907		—			37,278
Deferred Tax Asset	—			39,602		—		—		(39,602		)	—
Other Assets	—			14,409		321		3,539		—			18,269
	$	664,603		$	985,023	$	625,831	$	2,260,665	$	(2,502,285	)	$	2,033,837
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	310,462		$	213,778	$	3,983	$	305,769	$	(794,075	)	$	39,917
Deferred revenue	—			592		16,235		131,116		—			147,943
Accrued interest	5,487			4,211		1,874		883		—			12,455
Accrued taxes	3,082			—		1,771		8,735		(1,445		)	12,143
Accrued salaries, wages and benefits	—			22,318		1,989		7,926		—			32,233
Self-insurance reserves	—			7,925		1,456		14,639		—			24,020
Current derivative liability	4,127			2,768		—		—		—			6,895
Other accrued liabilities	—			4,587		1,067		9,779		—			15,433
	323,158			256,179		28,375		478,847		(795,520		)	291,039
Deferred Tax Liability	—			—		49,021		123,602		(39,602		)	133,021
Derivative Liability	10,927			7,879		—		—		—			18,806
Other Liabilities	968			3,574		—		11,519		—			16,061
Long-Term Debt:
Revolving credit loans	42,000			—		—		—		—			42,000
Term debt	—			244,769		13,687		341,235		—			599,691
Notes	291,081			202,449		443,220		—		—			936,750
	333,081			447,218		456,907		341,235		—			1,578,441
Equity	(3,531		)	270,173		91,528		1,305,462		(1,667,163		)	(3,531		)
	$	664,603		$	985,023	$	625,831	$	2,260,665	$	(2,502,285	)	$	2,033,837

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

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended June 26, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	41,344		$	90,525		$	30,354		$	371,023		$	(145,212	)	$	388,034
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			2,974			31,592			—			34,566
Operating expenses	3			87,506			13,087			202,141			(145,212		)	157,525
Selling, general and administrative	761			14,709			3,581			32,320			—			51,371
Depreciation and amortization	—			9			5,398			42,892			—			48,299
Loss on impairment / retirement of fixed assets, net	—			—			5			1,410			—			1,415
	764			102,224			25,045			310,355			(145,212		)	293,176
Operating income (loss)	40,580			(11,699		)	5,309			60,668			—			94,858
Interest expense (income), net	7,754			5,625			6,313			1,425			—			21,117
Net effect of swaps	3,215			2,195			—			—			—			5,410
Unrealized / realized foreign currency gain	—			—			(11,455		)	—			—			(11,455		)
Other (income) expense	63			(20,767		)	875			19,829			—			—
Income from investment in affiliates	(31,140		)	(30,419		)	(8,909		)	(14,937		)	85,405			—
Income before taxes	60,688			31,667			18,485			54,351			(85,405		)	79,786
Provision for taxes	2,705			531			3,548			15,019			—			21,803
Net income	$	57,983		$	31,136		$	14,937		$	39,332		$	(85,405	)	$	57,983
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(2,449		)	—			(2,449		)	—			2,449			(2,449		)
Unrealized gain on cash flow hedging derivatives	1,993			605			—			—			(605		)	1,993
Other comprehensive income (loss), (net of tax)	(456		)	605			(2,449		)	—			1,844			(456		)
Total comprehensive income	$	57,527		$	31,741		$	12,488		$	39,332		$	(83,561	)	$	57,527

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended June 28, 2015

(In thousands)

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

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Six Months Ended June 26, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	38,844		$	98,366		$	30,473		$	429,339		$	(150,550	)	$	446,472
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			2,972			37,831			—			40,803
Operating expenses	12			127,484			18,364			246,819			(150,550		)	242,129
Selling, general and administrative	1,654			27,895			4,344			43,090			—			76,983
Depreciation and amortization	—			18			5,398			48,074			—			53,490
Loss on impairment / retirement of fixed assets, net	—			—			26			4,001			—			4,027
	1,666			155,397			31,104			379,815			(150,550		)	417,432
Operating income (loss)	37,178			(57,031		)	(631		)	49,524			—			29,040
Interest expense (income), net	15,792			12,071			12,349			674			—			40,886
Net effect of swaps	4,658			2,594			—			—			—			7,252
Unrealized / realized foreign currency gain	—			—			(31,016		)	—			—			(31,016		)
Other (income) expense	125			(40,138		)	1,749			38,264			—			—
(Income) loss from investment in affiliates	3,541			(16,275		)	(5,434		)	(15,662		)	33,830			—
Income (loss) before taxes	13,062			(15,283		)	21,721			26,248			(33,830		)	11,918
Provision (benefit) for taxes	3,565			(11,739		)	6,058			4,537			—			2,421
Net income (loss)	$	9,497		$	(3,544	)	$	15,663		$	21,711		$	(33,830	)	$	9,497
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(6,844		)	—			(6,844		)	—			6,844			(6,844		)
Unrealized loss on cash flow hedging derivatives	(638		)	(151		)	—			—			151			(638		)
Other comprehensive loss, (net of tax)	(7,482		)	(151		)	(6,844		)	—			6,995			(7,482		)
Total comprehensive income (loss)	$	2,015		$	(3,695	)	$	8,819		$	21,711		$	(26,835	)	$	2,015

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Six Months Ended June 28, 2015

(In thousands)

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

Condensed Consolidating Statement of Cash Flows

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 26, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	73,921		$	(30,306	)	$	7,756		$	47,717		$	(1,915	)	$	97,173
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			23,844			(23,844		)	—
Capital expenditures	—			—			(5,747		)	(100,486		)	—			(106,233		)
Net cash from (for) investing activities	—			—			(5,747		)	(76,642		)	(23,844		)	(106,233		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings on revolving credit loans	—			—			—			55,000			—			55,000
Term debt (payments) borrowings	—			(1,236		)	(139		)	(4,625		)	—			(6,000		)
Distributions paid	(93,938		)	—			—			—			1,262			(92,676		)
Intercompany payables (payments) receipts	(56,990		)	33,146			—			—			23,844			—
Tax effect of units involved in treasury unit transactions	—			(1,604		)	—			—			—			(1,604		)
Net cash from (for) financing activities	(150,928		)	30,306			(139		)	50,375			25,106			(45,280		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			2,868			—			—			2,868
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(77,007		)	—			4,738			21,450			(653		)	(51,472		)
Balance, beginning of period	77,007			—			39,106			3,444			—			119,557
Balance, end of period	$	—		$	—		$	43,844		$	24,894		$	(653	)	$	68,085

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 28, 2015

(In thousands)

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