Consolidating Financial Information of Guarantors and Issuers (Tables)

9 Months Ended

Sep. 24, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

September 24, 2017

(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	$	—	$	—	$	92,047	$	160,593	$	(2,694	)	$	249,946
Receivables	—		1,285		33,158		837,594		(819,734		)	52,303
Inventories	—		—		2,423		31,817		—			34,240
Other current assets	275		12,843		743		16,829		(12,066		)	18,624
	275		14,128		128,371		1,046,833		(834,494		)	355,113
Property and Equipment, net	—		842		183,205		1,396,463		—			1,580,510
Investment in Park	566,548		1,016,857		224,464		222,953		(2,030,822		)	—
Goodwill	674		—		64,730		119,606		—			185,010
Other Intangibles, net	—		—		14,443		24,089		—			38,532
Deferred Tax Asset	—		32,190		—		—		(32,190		)	—
Other Assets	—		—		53		17,354		—			17,407
	$	567,497	$	1,064,017	$	615,266	$	2,827,298	$	(2,897,506	)	$	2,176,572
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	478,416	$	345,150	$	6,431	$	26,141	$	(822,428	)	$	33,710
Deferred revenue	—		—		7,137		79,595		—			86,732
Accrued interest	292		195		9,209		14,232		—			23,928
Accrued taxes	1,589		—		14,910		74,224		(12,066		)	78,657
Accrued salaries, wages and benefits	—		28,306		2,360		—		—			30,666
Self-insurance reserves	—		12,090		1,725		13,734		—			27,549
Other accrued liabilities	2,985		7,772		499		9,306		—			20,562
	483,282		393,513		42,271		217,232		(834,494		)	301,804
Deferred Tax Liability	—		—		19,511		125,350		(32,190		)	112,671
Derivative Liability	8,933		5,916		—		—		—			14,849
Other Liabilities	—		1,398		—		10,942		—			12,340
Long-Term Debt:
Term debt	—		127,402		—		595,983		—			723,385
Notes	—		—		444,874		491,367		—			936,241
	—		127,402		444,874		1,087,350		—			1,659,626
Equity	75,282		535,788		108,610		1,386,424		(2,030,822		)	75,282
	$	567,497	$	1,064,017	$	615,266	$	2,827,298	$	(2,897,506	)	$	2,176,572

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 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	$	—	$	—	$	65,563	$	58,178	$	(1,025	)	$	122,716
Receivables	—		1,409		28,019		576,975		(570,989		)	35,414
Inventories	—		—		1,371		24,905		—			26,276
Other current assets	173		796		2,229		9,833		(1,761		)	11,270
	173		2,205		97,182		669,891		(573,775		)	195,676
Property and Equipment, net	—		844		175,358		1,363,018		—			1,539,220
Investment in Park	798,076		937,626		200,075		324,282		(2,260,059		)	—
Goodwill	674		—		59,381		119,605		—			179,660
Other Intangibles, net	—		—		13,255		24,582		—			37,837
Deferred Tax Asset	—		33,303		—		—		(33,303		)	—
Other Assets	—		2,000		108		18,680		—			20,788
	$	798,923	$	975,978	$	545,359	$	2,520,058	$	(2,867,137	)	$	1,973,181
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	572	$	64	$	2,139	$	—		2,775
Accounts payable	428,396		145,258		740		18,471		(572,014		)	20,851
Deferred revenue	—		—		5,601		77,164		—			82,765
Accrued interest	4,613		3,207		2,057		109		—			9,986
Accrued taxes	405		18,653		—		41,661		(1,761		)	58,958
Accrued salaries, wages and benefits	—		29,227		1,131		—		—			30,358
Self-insurance reserves	—		12,490		1,321		13,252					27,063
Other accrued liabilities	2,282		3,018		193		4,434		—			9,927
	435,696		212,425		11,107		157,230		(573,775		)	242,683
Deferred Tax Liability	—		—		12,838		125,350		(33,303		)	104,885
Derivative Liability	10,633		7,088		—		—		—			17,721
Other Liabilities	—		1,236		—		11,926		—			13,162
Long-Term Debt:
Term debt	—		123,672		13,598		456,958		—			594,228
Notes	292,075		203,140		444,768		—		—			939,983
	292,075		326,812		458,366		456,958		—			1,534,211
Equity	60,519		428,417		63,048		1,768,594		(2,260,059		)	60,519
	$	798,923	$	975,978	$	545,359	$	2,520,058	$	(2,867,137	)	$	1,973,181

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

September 25, 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	$	—		$	—	$	75,562	$	111,740	$	—		$	187,302
Receivables	(5		)	1,387		24,964		585,190		(560,000		)	51,536
Inventories	—			—		1,519		29,540		—			31,059
Other current assets	275			24,479		680		12,800		(24,425		)	13,809
	270			25,866		102,725		739,270		(584,425		)	283,706
Property and Equipment, net	—			876		179,172		1,345,992		—			1,526,040
Investment in Park	820,465			963,870		197,538		347,137		(2,329,010		)	—
Goodwill	674			—		95,180		119,606		—			215,460
Other Intangibles, net	—			—		13,519		22,911		—			36,430
Deferred Tax Asset	—			3,651		—		—		(3,651		)	—
Other Assets	—			1,999		123		19,351		—			21,473
	$	821,409		$	996,262	$	588,257	$	2,594,267	$	(2,917,086	)	$	2,083,109
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—		$	247	$	28	$	925	$	—		$	1,200
Accounts payable	399,384			164,335		1,342		27,830		(560,000		)	32,891
Deferred revenue	—			—		5,091		60,657		—			65,748
Accrued interest	875			597		7,784		1,683		—			10,939
Accrued taxes	3,325			—		14,109		76,907		(24,425		)	69,916
Accrued salaries, wages and benefits	—			40,588		2,156		—		—			42,744
Self-insurance reserves	—			12,394		1,567		12,859		—			26,820
Other accrued liabilities	2,358			3,532		510		5,948		—			12,348
	405,942			221,693		32,587		186,809		(584,425		)	262,606
Deferred Tax Liability	—			—		19,497		121,866		(3,651		)	137,712
Derivative Liability	18,111			12,074		—		—		—			30,185
Other Liabilities	—			1,520		—		10,968		—			12,488
Long-Term Debt:
Term debt	—			123,996		13,616		457,641		—			595,253
Notes	291,909			203,025		444,484		—		—			939,418
	291,909			327,021		458,100		457,641		—			1,534,671
Equity	105,447			433,954		78,073		1,816,983		(2,329,010		)	105,447
	$	821,409		$	996,262	$	588,257	$	2,594,267	$	(2,917,086	)	$	2,083,109

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 September 24, 2017

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	69,999		$	169,429		$	85,963		$	596,837		$	(269,539	)	$	652,689
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			7,735			44,912			—			52,647
Operating expenses	—			118,614			19,627			334,008			(269,539		)	202,710
Selling, general and administrative	327			21,752			4,539			45,045			—			71,663
Depreciation and amortization	—			9			7,856			62,195			—			70,060
Loss on impairment / retirement of fixed assets, net	—			—			87			1,260			—			1,347
Gain on sale of investment	—			(1,877		)	—			—			—			(1,877		)
	327			138,498			39,844			487,420			(269,539		)	396,550
Operating income	69,672			30,931			46,119			109,417			—			256,139
Interest expense, net	4,857			4,305			6,152			5,973			—			21,287
Net effect of swaps	(578		)	(374		)	—			—			—			(952		)
Gain on foreign currency	—			(27		)	(29,166		)	—			—			(29,193		)
Other (income) expense	62			(26,676		)	1,163			25,386			—			(65		)
Income from investment in affiliates	(132,699		)	(98,522		)	(16,843		)	(58,378		)	306,442			—
Income before taxes	198,030			152,225			84,813			136,436			(306,442		)	265,062
Provision for taxes	6,715			19,526			26,432			21,074			—			73,747
Net income	$	191,315		$	132,699		$	58,381		$	115,362		$	(306,442	)	$	191,315
Other comprehensive income (loss), (net of tax):
Foreign currency translation adjustment	(11,143		)	—			(11,143		)	—			11,143			(11,143		)
Unrealized gain on cash flow hedging derivatives	1,994			605			—			—			(605		)	1,994
Other comprehensive income (loss), (net of tax)	(9,149		)	605			(11,143		)	—			10,538			(9,149		)
Total comprehensive income	$	182,166		$	133,304		$	47,238		$	115,362		$	(295,904	)	$	182,166

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended September 25, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	92,371		$	172,703		$	77,164		$	606,823		$	(298,778	)	$	650,283
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			6,417			45,640			—			52,057
Operating expenses	(10		)	119,140			17,885			361,055			(298,778		)	199,292
Selling, general and administrative	610			21,412			4,413			38,664			—			65,099
Depreciation and amortization	—			9			7,624			57,052			—			64,685
Loss on impairment / retirement of fixed assets, net	—			—			57			1,298			—			1,355
	600			140,561			36,396			503,709			(298,778		)	382,488
Operating income	91,771			32,142			40,768			103,114			—			267,795
Interest expense, net	7,984			5,759			6,323			833			—			20,899
Net effect of swaps	959			691			—			—			—			1,650
Loss on foreign currency	—			—			7,337			4			—			7,341
Other (income) expense	62			(29,663		)	1,302			28,299			—			—
Income from investment in affiliates	(98,451		)	(62,240		)	(12,574		)	(28,737		)	202,002			—
Income before taxes	181,217			117,595			38,380			102,715			(202,002		)	237,905
Provision for taxes	6,230			19,142			9,643			27,903			—			62,918
Net income	$	174,987		$	98,453		$	28,737		$	74,812		$	(202,002	)	$	174,987
Other comprehensive income (loss), (net of tax):
Foreign currency translation adjustment	1,397			—			1,397			—			(1,397		)	1,397
Unrealized gain on cash flow hedging derivatives	1,994			606			—			—			(606		)	1,994
Other comprehensive income (loss), (net of tax)	3,391			606			1,397			—			(2,003		)	3,391
Total comprehensive income	$	178,378		$	99,059		$	30,134		$	74,812		$	(204,005	)	$	178,378

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Nine Months Ended September 24, 2017

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	92,672		$	262,739		$	114,141		$	1,019,399		$	(395,146	)	$	1,093,805
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			10,569			81,807			—			92,376
Operating expenses	—			248,047			37,701			556,777			(395,146		)	447,379
Selling, general and administrative	2,254			51,358			8,592			88,938			—			151,142
Depreciation and amortization	—			26			12,869			113,342			—			126,237
Loss on impairment / retirement of fixed assets, net	—			—			542			2,515			—			3,057
Gain on sale of investment	—			(1,877		)	—			—			—			(1,877		)
	2,254			297,554			70,273			843,379			(395,146		)	818,314
Operating income (loss)	90,418			(34,815		)	43,868			176,020			—			275,491
Interest expense, net	18,285			13,893			18,317			11,578			—			62,073
Net effect of swaps	2,162			1,555			—			—			—			3,717
Loss on early debt extinguishment	11,773			8,188			198			2,956			—			23,115
Gain on foreign currency	—			(27		)	(35,020		)	—			—			(35,047		)
Other (income) expense	187			(56,623		)	2,640			53,731			—			(65		)
Income from investment in affiliates	(108,835		)	(109,414		)	(24,389		)	(58,648		)	301,286			—
Income before taxes	166,846			107,613			82,122			166,403			(301,286		)	221,698
Provision (benefit) for taxes	8,917			(1,223		)	23,473			32,602			—			63,769
Net income	$	157,929		$	108,836		$	58,649		$	133,801		$	(301,286	)	$	157,929
Other comprehensive income (loss), (net of tax):
Foreign currency translation adjustment	(13,085		)	—			(13,085		)	—			13,085			(13,085		)
Unrealized gain on cash flow hedging derivatives	5,981			1,816			—			—			(1,816		)	5,981
Other comprehensive income (loss), (net of tax)	(7,104		)	1,816			(13,085		)	—			11,269			(7,104		)
Total comprehensive income	$	150,825		$	110,652		$	45,564		$	133,801		$	(290,017	)	$	150,825

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Nine Months Ended September 25, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	131,215		$	271,069		$	107,637		$	1,036,162		$	(449,328	)	$	1,096,755
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			9,389			83,471			—			92,860
Operating expenses	2			246,624			36,249			607,874			(449,328		)	441,421
Selling, general and administrative	2,264			49,307			8,757			81,754			—			142,082
Depreciation and amortization	—			27			13,022			105,126			—			118,175
Loss on impairment / retirement of fixed assets, net	—			—			83			5,299			—			5,382
	2,266			295,958			67,500			883,524			(449,328		)	799,920
Operating income (loss)	128,949			(24,889		)	40,137			152,638			—			296,835
Interest expense, net	23,776			17,830			18,672			1,507			—			61,785
Net effect of swaps	5,617			3,285			—			—			—			8,902
(Gain) loss on foreign currency	—			—			(23,679		)	4			—			(23,675		)
Other (income) expense	187			(69,801		)	3,051			66,563			—			—
Income from investment in affiliates	(94,910		)	(78,515		)	(18,008		)	(44,399		)	235,832			—
Income before taxes	194,279			102,312			60,101			128,963			(235,832		)	249,823
Provision for taxes	9,795			7,403			15,701			32,440			—			65,339
Net income	$	184,484		$	94,909		$	44,400		$	96,523		$	(235,832	)	$	184,484
Other comprehensive income (loss), (net of tax):
Foreign currency translation adjustment	(5,447		)	—			(5,447		)	—			5,447			(5,447		)
Unrealized gain on cash flow hedging derivatives	1,356			455			—			—			(455		)	1,356
Other comprehensive income (loss), (net of tax)	(4,091		)	455			(5,447		)	—			4,992			(4,091		)
Total comprehensive income	$	180,393		$	95,364		$	38,953		$	96,523		$	(230,840	)	$	180,393

Condensed Consolidating Statement of Cash Flows

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 24, 2017

(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	$	61,966		$	(3,954	)	$	40,125		$	227,588		$	(3,107	)	$	322,618
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			(248,190		)	248,190			—
Proceeds from returns on investments	338,000			15,500			—			146,500			(500,000		)	—
Proceeds from sale of investment	—			3,281			—			—			—			3,281
Purchase of identifiable intangible assets	—			—			—			(66		)	—			(66		)
Capital expenditures	—			(25		)	(5,679		)	(146,669		)	—			(152,373		)
Net cash from (for) investing activities	338,000			18,756			(5,679		)	(248,425		)	(251,810		)	(149,158		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Intercompany payables (payments) receipts	50,003			198,187			—			—			(248,190		)	—
Payments for returns of capital	—			—			—			(500,000		)	500,000			—
Term debt borrowings	—			131,000			—			619,000			—			750,000
Note borrowings	—			—			—			500,000			—			500,000
Term debt payments	—			(126,619		)	(13,854		)	(477,377		)	—			(617,850		)
Note payments, including amounts paid for early termination	(304,014		)	(211,444		)	—			—			—			(515,458		)
Distributions paid to partners	(145,955		)	—			—			—			1,438			(144,517		)
Payment of debt issuance costs	—			(1,313		)	—			(18,371		)	—			(19,684		)
Tax effect of units involved in treasury unit transactions	—			(2,560		)	—			—			—			(2,560		)
Payments related to tax withholding for equity compensation	—			(2,053		)	—			—			—			(2,053		)
Net cash from (for) financing activities	(399,966		)	(14,802		)	(13,854		)	123,252			253,248			(52,122		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			5,892			—			—			5,892
CASH AND CASH EQUIVALENTS
Net increase for the period	—			—			26,484			102,415			(1,669		)	127,230
Balance, beginning of period	—			—			65,563			58,178			(1,025		)	122,716
Balance, end of period	$	—		$	—		$	92,047		$	160,593		$	(2,694	)	$	249,946

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 25, 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	$	99,232		$	(54,042	)	$	41,273		$	256,105		$	(1,866	)	$	340,702
CASH FLOWS FOR INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			(22,771		)	22,771			—
Capital expenditures	—			—			(6,451		)	(120,413		)	—			(126,864		)
Net cash for investing activities	—			—			(6,451		)	(143,184		)	22,771			(126,864		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Term debt payments	—			(1,237		)	(138		)	(4,625		)	—			(6,000		)
Distributions paid to partners	(140,908		)	—			—			—			1,866			(139,042		)
Intercompany payables (payments) receipts	(35,331		)	58,102			—			—			(22,771		)	—
Tax effect of units involved in treasury unit transactions	—			(1,903		)	—			—			—			(1,903		)
Payments related to tax withholding for equity compensation	—			(920		)	—			—			—			(920		)
Net cash from (for) financing activities	(176,239		)	54,042			(138		)	(4,625		)	(20,905		)	(147,865		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			1,772			—			—			1,772
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(77,007		)	—			36,456			108,296			—			67,745
Balance, beginning of period	77,007			—			39,106			3,444			—			119,557
Balance, end of period	$	—		$	—		$	75,562		$	111,740		$	—		$	187,302