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.) |
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 | |||
Emerging growth company | o |
PAGE | ||||
Name | Age | Position(s) | |||
Matthew A. Ouimet | 60 | Matt Ouimet has been the Executive Chairman of the Board of Directors since January 2018 and a member of the Board of Directors since August 2011. Previously, he served as Chief Executive Officer from January 2012 through December 2017 and served as President from June 2011 to October 2016. Before joining Cedar Fair, he 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. In addition, Matt is a 20-year veteran of the amusement park and hospitality industry, including 17 years at the Walt Disney Company, where he held positions including Senior Vice President, Finance and Business Development, and Chief Financial Officer of the Disney Development Company; Executive General Manager of Disney Vacation Club; and President of Disney Cruise Line and of Disneyland Resort. | |||
Richard A. Zimmerman | 58 | Richard Zimmerman has been President and Chief Executive Officer since January 2018. Prior to that, he served as President and Chief Operating Officer from October 2016 through December 2017 and 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 | 52 | Brian Witherow has served as Executive Vice President and Chief Financial Officer since January 2012. Prior to that, he served as Vice President and Corporate Controller beginning in July 2005. Brian has been with Cedar Fair in various other positions since 1995. | |||
Tim V. Fisher | 58 | Tim Fisher joined Cedar Fair as Chief Operating Officer in December 2017. Prior to joining Cedar Fair, he served as Chief Executive Officer of Village Roadshow Theme Parks International, an Australian-based theme park operator, since March 2017. Prior to this appointment with Village Roadshow Theme Parks International, Tim served as Chief Executive Officer of Village Roadshow Theme Parks since January 2009. | |||
Kelley S. Semmelroth | 54 | Kelley Semmelroth has served as Executive Vice President and Chief Marketing Officer since February 2012. Prior to joining Cedar Fair, she served as Senior Vice President, Marketing Planning Director for TD Bank from 2010 through 2012. Prior to joining TD Bank, Kelley served as Senior Vice President of Brand Strategy and Management at Bank of America from 2005 through 2010. | |||
Duffield E. Milkie | 53 | Duff Milkie has served as Executive Vice President and General Counsel since January 2015 and has served as Corporate Secretary since February 2012. He served as Corporate Vice President and General Counsel from February 2008 to January 2015. Prior to joining Cedar Fair, Duff was a partner in the law firm of Wickens, Herzer, Panza, Cook, & Batista from 1998 through 2008. | |||
H. Philip Bender | 63 | Phil Bender has served as Executive Vice President, Operations since November 2010, previously serving as Regional Vice President beginning in June 2006. Prior to that, he served as Vice President and General Manager of Worlds of Fun / Oceans of Fun from 2000 through 2006. | |||
Robert A. Decker | 58 | Rob Decker has served as Senior Vice President of Planning & Design since January 2015. Prior to that, he 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. | |||
David R. Hoffman | 50 | 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. | |||
Craig A. Heckman | 55 | Craig Heckman joined Cedar Fair as Senior Vice President, Human Resources in January 2017. Prior to joining Cedar Fair, he served as Vice President, Human Resources for Vestis Retail Group, a retail operator, from December 2014 through December 2016. Prior to joining Vestis Retail Group, Craig served as Vice President, Human Resources - Stores and International for Express/L Brands, a fashion retailer, from 2006 to 2014. |
• | 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. |
• | 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. |
Park | Location | Approximate Total Acreage | Approximate Developed Acreage | Approximate Undeveloped Acreage | ||||
Cedar Point Cedar Point Shores | (1), (3) | Sandusky, Ohio | 685 | 540 | 145 | |||
Knott's Berry Farm Knott's Soak City | Buena Park, California | 175 | 175 | — | ||||
Canada's Wonderland | Vaughan, Ontario, Canada | 295 | 295 | — | ||||
Kings Island | Mason, Ohio | 680 | 330 | 350 | ||||
Carowinds | Charlotte, North Carolina and Fort Mill, South Carolina | 400 | 300 | 100 | ||||
Kings Dominion | Doswell, Virginia | 740 | 280 | 460 | ||||
California's Great America | (2) | Santa Clara, California | 165 | 165 | — | |||
Dorney Park | Allentown, Pennsylvania | 210 | 180 | 30 | ||||
Worlds of Fun | Kansas City, Missouri | 350 | 250 | 100 | ||||
Valleyfair | Shakopee, Minnesota | 190 | 110 | 80 | ||||
Michigan's Adventure | Muskegon, Michigan | 260 | 120 | 140 |
Base Period | Return | |||||||||||||||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||||||
Cedar Fair, L.P. | $ | 100.00 | $ | 102.19 | $ | 125.98 | $ | 152.97 | $ | 162.87 | $ | 125.98 | ||||||||||||||
S&P 500 | 100.00 | 113.69 | 115.26 | 129.04 | 157.21 | 150.33 | ||||||||||||||||||||
S&P 400 | 100.00 | 109.77 | 107.38 | 129.65 | 150.70 | 134.00 | ||||||||||||||||||||
S&P Movies and Entertainment | 100.00 | 117.82 | 106.93 | 118.02 | 123.94 | 124.70 |
Years Ended December 31, | ||||||||||||||||||||
2018 | 2017 (1) | 2016 | 2015 (2) | 2014 (3) | ||||||||||||||||
(In thousands, except per unit and per capita amounts) | ||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||
Net revenues | $ | 1,348,530 | $ | 1,321,967 | $ | 1,288,721 | $ | 1,235,778 | $ | 1,159,605 | ||||||||||
Operating income | 290,519 | 295,211 | 316,939 | 295,331 | 278,332 | |||||||||||||||
Income before taxes | 161,396 | 216,588 | 249,106 | 134,414 | 114,100 | |||||||||||||||
Net income | 126,653 | 215,476 | 177,688 | 112,222 | 104,215 | |||||||||||||||
Net income per unit - basic | $ | 2.25 | $ | 3.84 | $ | 3.18 | $ | 2.01 | $ | 1.88 | ||||||||||
Net income per unit - diluted | $ | 2.23 | $ | 3.79 | $ | 3.14 | $ | 1.99 | $ | 1.86 | ||||||||||
Balance Sheet Data | ||||||||||||||||||||
Total assets | $ | 2,024,183 | $ | 2,064,159 | $ | 1,973,181 | $ | 1,963,020 | $ | 2,004,448 | ||||||||||
Working capital surplus (deficit) | (34,510 | ) | 21,489 | (47,007 | ) | (14,645 | ) | (3,767 | ) | |||||||||||
Long-term debt | 1,657,568 | 1,660,515 | 1,534,211 | 1,536,676 | 1,534,244 | |||||||||||||||
Partners' equity | 32,416 | 82,946 | 60,519 | 57,009 | 96,217 | |||||||||||||||
Distributions | ||||||||||||||||||||
Declared per limited partner unit | $ | 3.595 | $ | 3.455 | $ | 3.330 | $ | 3.075 | $ | 2.850 | ||||||||||
Paid per limited partner unit | $ | 3.595 | $ | 3.455 | $ | 3.330 | $ | 3.075 | $ | 2.850 | ||||||||||
Other Data | ||||||||||||||||||||
Depreciation and amortization | $ | 155,529 | $ | 153,222 | $ | 131,876 | $ | 125,631 | $ | 124,286 | ||||||||||
Adjusted EBITDA (4) | 467,773 | 478,977 | 481,248 | 459,238 | 431,280 | |||||||||||||||
Capital expenditures | 189,775 | 188,084 | 160,656 | 175,865 | 166,719 | |||||||||||||||
Attendance (5) | 25,912 | 25,723 | 25,104 | 24,448 | 23,305 | |||||||||||||||
In-park per capita spending (6) | $ | 47.69 | $ | 47.30 | $ | 46.90 | $ | 46.20 | $ | 45.54 |
(1) | Operating results for 2017 include a tax benefit of $54.2 million due to tax law changes, in particular the Tax Cuts and Jobs Act, a charge of $23.1 million for the loss on early debt extinguishment and a charge of $7.6 million for the impairment of the remaining land at Wildwater Kingdom, one of the Partnership's separately gated outdoor water parks which ceased operations in 2016. |
(2) | Operating results for 2015 include a charge of $8.6 million for the impairment of a long-lived asset at Cedar Point. |
(3) | Operating results for 2014 include a charge of $29.3 million for the loss on early debt extinguishment and a charge of $2.4 million for the impairment of long-lived assets at Wildwater Kingdom. |
(4) | Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Amended 2017 Credit Agreement and prior credit agreements. 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 as it is widely used by analysts, investors and comparable companies in our industry to evaluate our operating performance on a consistent basis, as well as more easily compare our results with those of other companies in our industry. Further, management believes 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 is provided in the discussion of results of operations that follows as a supplemental measure of the Partnership's operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. A reconciliation of net income to Adjusted EBITDA is provided below. |
(5) | Attendance includes number of guest visits to the Partnership's amusement parks and separately gated outdoor water parks. |
(6) | In-park per capita spending is calculated as revenues generated within our amusement parks and separately gated outdoor water parks along with related tolls and parking revenues, divided by total attendance. Revenues from resort, marina, sponsorship, online transaction fees charged to customers and all other out-of-park operations are excluded from in-park per capita spending statistics. Net revenues consist of in-park revenues and out-of-park revenues less amounts remitted to outside parties under concessionaire arrangements, see Note 2 for further information. |
Years Ended December 31, | ||||||||||||||||||||
(In thousands) | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
Net income | $ | 126,653 | $ | 215,476 | $ | 177,688 | $ | 112,222 | $ | 104,215 | ||||||||||
Interest expense | 85,687 | 85,603 | 83,863 | 86,849 | 96,286 | |||||||||||||||
Interest income | (1,515 | ) | (855 | ) | (177 | ) | (64 | ) | (126 | ) | ||||||||||
Provision for taxes | 34,743 | 1,112 | 71,418 | 22,192 | 9,885 | |||||||||||||||
Depreciation and amortization | 155,529 | 153,222 | 131,876 | 125,631 | 124,286 | |||||||||||||||
EBITDA | 401,097 | 454,558 | 464,668 | 346,830 | 334,546 | |||||||||||||||
Loss on early debt extinguishment | 1,073 | 23,121 | — | — | 29,261 | |||||||||||||||
Net effect of swaps | 7,442 | (45 | ) | (1,197 | ) | (6,884 | ) | (2,062 | ) | |||||||||||
Non-cash foreign currency (gain) loss | 36,294 | (29,041 | ) | (14,345 | ) | 80,946 | 40,883 | |||||||||||||
Non-cash equity compensation expense | 11,243 | 13,789 | 18,496 | 15,470 | 12,536 | |||||||||||||||
Loss on impairment/retirement of fixed assets, net | 10,178 | 12,728 | 12,587 | 20,873 | 9,757 | |||||||||||||||
Gain on sale of other assets | (112 | ) | (1,877 | ) | — | — | (921 | ) | ||||||||||||
Employment practice litigation costs | — | 4,867 | — | 259 | 4,953 | |||||||||||||||
Other (1) | 558 | 877 | 1,039 | 1,744 | 2,327 | |||||||||||||||
Adjusted EBITDA | $ | 467,773 | $ | 478,977 | $ | 481,248 | $ | 459,238 | $ | 431,280 |
Years Ended December 31, | |||||||||||||||||||||
2018 | 2017 | 2016 | |||||||||||||||||||
(In thousands, except per capita spending and percentages) | |||||||||||||||||||||
Net revenues: | |||||||||||||||||||||
Admissions | $ | 737,676 | 54.7 | % | $ | 734,060 | 55.5 | % | $ | 716,189 | 55.6 | % | |||||||||
Food, merchandise and games | 433,315 | 32.1 | % | 422,469 | 32.0 | % | 407,673 | 31.6 | % | ||||||||||||
Accommodations, extra-charge products and other | 177,539 | 13.2 | % | 165,438 | 12.5 | % | 164,859 | 12.8 | % | ||||||||||||
Net revenues | 1,348,530 | 100.0 | % | 1,321,967 | 100.0 | % | 1,288,721 | 100.0 | % | ||||||||||||
Operating costs and expenses | 892,416 | 66.2 | % | 862,683 | 65.3 | % | 827,319 | 64.2 | % | ||||||||||||
Depreciation and amortization | 155,529 | 11.5 | % | 153,222 | 11.6 | % | 131,876 | 10.2 | % | ||||||||||||
Loss on impairment / retirement of fixed assets, net | 10,178 | 0.8 | % | 12,728 | 1.0 | % | 12,587 | 1.0 | % | ||||||||||||
Gain on sale of investment | (112 | ) | — | % | (1,877 | ) | (0.1 | )% | — | — | % | ||||||||||
Operating income | 290,519 | 21.5 | % | 295,211 | 22.3 | % | 316,939 | 24.6 | % | ||||||||||||
Interest and other expense, net | 84,354 | 6.3 | % | 84,633 | 6.4 | % | 83,686 | 6.5 | % | ||||||||||||
Net effect of swaps | 7,442 | 0.6 | % | (45 | ) | — | % | (1,197 | ) | (0.1 | )% | ||||||||||
Loss on early debt extinguishment | 1,073 | 0.1 | % | 23,121 | 1.7 | % | — | — | % | ||||||||||||
(Gain) loss on foreign currency | 36,254 | 2.7 | % | (29,086 | ) | (2.2 | )% | (14,656 | ) | (1.1 | )% | ||||||||||
Provision for taxes | 34,743 | 2.6 | % | 1,112 | 0.1 | % | 71,418 | 5.5 | % | ||||||||||||
Net income | $ | 126,653 | 9.4 | % | $ | 215,476 | 16.3 | % | $ | 177,688 | 13.8 | % | |||||||||
Other data: | |||||||||||||||||||||
Attendance | 25,912 | 25,723 | 25,104 | ||||||||||||||||||
In-park per capita spending | $ | 47.69 | $ | 47.30 | $ | 46.90 |
Increase (Decrease) | |||||||||||||||
12/31/2018 | 12/31/2017 | $ | % | ||||||||||||
(Amounts in thousands, except for per capita spending) | |||||||||||||||
Net revenues | $ | 1,348,530 | $ | 1,321,967 | $ | 26,563 | 2.0 | % | |||||||
Operating costs and expenses | 892,416 | 862,683 | 29,733 | 3.4 | % | ||||||||||
Depreciation and amortization | 155,529 | 153,222 | 2,307 | 1.5 | % | ||||||||||
Loss on impairment/retirement of fixed assets, net | 10,178 | 12,728 | (2,550 | ) | N/M | ||||||||||
Gain on sale of investment | (112 | ) | (1,877 | ) | 1,765 | N/M | |||||||||
Operating income | $ | 290,519 | $ | 295,211 | $ | (4,692 | ) | (1.6 | )% | ||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA (1) | $ | 467,773 | $ | 478,977 | $ | (11,204 | ) | (2.3 | )% | ||||||
Adjusted EBITDA margin (2) | 34.7 | % | 36.2 | % | — | (1.5 | )% | ||||||||
Attendance | 25,912 | 25,723 | 189 | 0.7 | % | ||||||||||
In-park per capita spending | $ | 47.69 | $ | 47.30 | $ | 0.39 | 0.8 | % | |||||||
Out-of-park revenues | $ | 152,216 | $ | 143,763 | $ | 8,453 | 5.9 | % |
Increase (Decrease) | |||||||||||||||
12/31/2017 | 12/31/2016 | $ | % | ||||||||||||
(Amounts in thousands, except for per capita spending) | |||||||||||||||
Net revenues | $ | 1,321,967 | $ | 1,288,721 | $ | 33,246 | 2.6 | % | |||||||
Operating costs and expenses | 862,683 | 827,319 | 35,364 | 4.3 | % | ||||||||||
Depreciation and amortization | 153,222 | 131,876 | 21,346 | 16.2 | % | ||||||||||
Loss on impairment/retirement of fixed assets, net | 12,728 | 12,587 | 141 | N/M | |||||||||||
Gain on sale of investment | (1,877 | ) | — | (1,877 | ) | N/M | |||||||||
Operating income | $ | 295,211 | $ | 316,939 | $ | (21,728 | ) | (6.9 | )% | ||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA (1) | $ | 478,977 | $ | 481,248 | $ | (2,271 | ) | (0.5 | )% | ||||||
Adjusted EBITDA margin (2) | 36.2 | % | 37.3 | % | — | (1.1 | )% | ||||||||
Attendance | 25,723 | 25,104 | 619 | 2.5 | % | ||||||||||
In-park per capita spending | $ | 47.30 | $ | 46.90 | $ | 0.40 | 0.9 | % | |||||||
Out-of-park revenue | $ | 143,763 | $ | 146,137 | $ | (2,374 | ) | (1.6 | )% |
• | $500 million of 5.375% senior unsecured notes, maturing in April 2027, issued at par. Prior to April 15, 2020, up to 35% of the notes may be redeemed with net cash proceeds of certain equity offerings at a price equal to 105.375% of the principal amount thereof, together with accrued and unpaid interest and additional interest, if any. The notes may be redeemed, in whole or in part, at any time prior to April 15, 2022 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 and additional 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. The notes pay interest semi-annually in April and October. |
• | $450 million of 5.375% senior unsecured notes, maturing in June 2024, issued at par. The notes may be redeemed, in whole or in part, at any time prior to June 1, 2019 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium, together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The notes pay interest semi-annually in June and December. |
• | $735 million of senior secured term debt, maturing in April 2024 under our Amended 2017 Credit Agreement. The term debt bears interest at London InterBank Offering Rate ("LIBOR") plus 175 basis points (bps), under amendments we entered into on March 14, 2018. The pricing terms for the amendment reflected $0.9 million of Original Issue Discount ("OID"). The term loan amortizes $7.5 million annually. We have $5.6 million of current maturities as of December 31, 2018. |
• | No borrowings under the $275 million senior secured revolving credit facility under our Amended 2017 Credit Agreement with a Canadian sub-limit of $15 million. Borrowings under the senior secured revolving credit facility bear interest at LIBOR or Canadian Dollar Offered Rate ("CDOR") plus 200 bps. The revolving credit facility is scheduled to mature in April 2022 and also provides for the issuance of documentary and standby letters of credit. The Amended 2017 Credit Agreement requires the payment of a 37.5 bps commitment fee per annum on the unused portion of the credit facilities. |
Payments Due by Period | |||||||||||||||||||
(In thousands) | Total | 2019 | 2020-2021 | 2022-2023 | 2024 - Thereafter | ||||||||||||||
Long-term debt (1) | $ | 2,205,956 | $ | 87,694 | $ | 178,394 | $ | 177,325 | $ | 1,762,543 | |||||||||
Capital expenditures (2) | 82,921 | 70,828 | 12,093 | — | — | ||||||||||||||
Lease & other obligations (3) | 147,951 | 22,087 | 17,840 | 16,515 | 91,509 | ||||||||||||||
Total | $ | 2,436,828 | $ | 180,609 | $ | 208,327 | $ | 193,840 | $ | 1,854,052 |
(1) | Represents maturities and mandatory payments on long-term debt obligations, fixed interest on senior notes, variable interest on term debt assuming LIBOR interest rates as of December 31, 2018, and the impact of our various derivative contracts. See Note 5 to our 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, 2018. |
(3) | Represents contractual lease and purchase obligations in place at year-end. Obligations not denominated in U.S. dollars have been converted based on the currency exchange rates as of December 31, 2018. |
Unaudited (In thousands, except per unit amounts) | Net revenues | Operating income (loss) | Net income (loss) | Net income (loss) per limited partner unit-basic | Net income (loss) per limited partner unit-diluted | |||||||||||||||
2018 | ||||||||||||||||||||
1st Quarter | $ | 54,727 | $ | (75,647 | ) | $ | (83,400 | ) | $ | (1.49 | ) | $ | (1.49 | ) | ||||||
2nd Quarter | 380,316 | 68,249 | 19,243 | 0.34 | 0.34 | |||||||||||||||
3rd Quarter | 663,703 | 258,572 | 213,307 | 3.79 | 3.76 | |||||||||||||||
4th Quarter | 249,784 | 39,345 | (22,497 | ) | (0.40 | ) | (0.40 | ) | ||||||||||||
$ | 1,348,530 | $ | 290,519 | $ | 126,653 | 2.25 | 2.23 | |||||||||||||
2017 | ||||||||||||||||||||
1st Quarter | $ | 48,318 | $ | (75,961 | ) | $ | (64,754 | ) | $ | (1.16 | ) | $ | (1.16 | ) | ||||||
2nd Quarter | 392,798 | 95,313 | 31,368 | 0.56 | 0.55 | |||||||||||||||
3rd Quarter | 652,689 | 256,139 | 191,315 | 3.41 | 3.38 | |||||||||||||||
4th Quarter (1) | 228,162 | 19,720 | 57,547 | 1.03 | 1.01 | |||||||||||||||
$ | 1,321,967 | $ | 295,211 | $ | 215,476 | 3.84 | 3.79 |
(1) | The fourth quarter of 2017 includes a $62.7 million benefit for taxes compared with a $1.4 million provision for taxes for the fourth quarter of 2018 primarily due to a $55.3 million tax benefit recorded in 2017 related to the Tax Cuts and Jobs Act (refer to Note 9 to the Consolidated Financial Statements). |
December 31, 2018 | December 31, 2017 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 105,349 | $ | 166,245 | ||||
Receivables | 51,518 | 37,722 | ||||||
Inventories | 30,753 | 29,719 | ||||||
Other current assets | 12,589 | 13,297 | ||||||
200,209 | 246,983 | |||||||
Property and Equipment: | ||||||||
Land | 268,411 | 271,021 | ||||||
Land improvements | 434,501 | 421,593 | ||||||
Buildings | 732,666 | 693,899 | ||||||
Rides and equipment | 1,813,489 | 1,740,653 | ||||||
Construction in progress | 77,716 | 72,847 | ||||||
3,326,783 | 3,200,013 | |||||||
Less accumulated depreciation | (1,727,345 | ) | (1,614,241 | ) | ||||
1,599,438 | 1,585,772 | |||||||
Goodwill | 178,719 | 183,830 | ||||||
Other Intangibles, net | 36,376 | 38,064 | ||||||
Other Assets | 9,441 | 9,510 | ||||||
$ | 2,024,183 | $ | 2,064,159 | |||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Current maturities of long-term debt | $ | 5,625 | $ | — | ||||
Accounts payable | 23,314 | 24,621 | ||||||
Deferred revenue | 107,074 | 86,131 | ||||||
Accrued interest | 7,927 | 8,124 | ||||||
Accrued taxes | 29,591 | 43,975 | ||||||
Accrued salaries, wages and benefits | 18,786 | 18,740 | ||||||
Self-insurance reserves | 24,021 | 25,107 | ||||||
Other accrued liabilities | 18,381 | 18,796 | ||||||
234,719 | 225,494 | |||||||
Deferred Tax Liability | 81,717 | 74,798 | ||||||
Derivative Liability | 6,705 | 8,722 | ||||||
Other Liabilities | 11,058 | 11,684 | ||||||
Long-Term Debt: | ||||||||
Term debt | 719,507 | 723,788 | ||||||
Notes | 938,061 | 936,727 | ||||||
1,657,568 | 1,660,515 | |||||||
Commitments and Contingencies (Note 10) | ||||||||
Partners’ Equity: | ||||||||
Special L.P. interests | 5,290 | 5,290 | ||||||
General partner | (1 | ) | — | |||||
Limited partners, 56,564 and 56,359 units outstanding at December 31, 2018 and December 31, 2017, respectively | 5,845 | 81,589 | ||||||
Accumulated other comprehensive income (loss) | 21,282 | (3,933 | ) | |||||
32,416 | 82,946 | |||||||
$ | 2,024,183 | $ | 2,064,159 |
Years Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Net revenues: | ||||||||||||
Admissions | $ | 737,676 | $ | 734,060 | $ | 716,189 | ||||||
Food, merchandise and games | 433,315 | 422,469 | 407,673 | |||||||||
Accommodations, extra-charge products and other | 177,539 | 165,438 | 164,859 | |||||||||
1,348,530 | 1,321,967 | 1,288,721 | ||||||||||
Costs and expenses: | ||||||||||||
Cost of food, merchandise and games revenues | 114,733 | 110,811 | 106,608 | |||||||||
Operating expenses | 584,350 | 558,102 | 538,881 | |||||||||
Selling, general and administrative | 193,333 | 193,770 | 181,830 | |||||||||
Depreciation and amortization | 155,529 | 153,222 | 131,876 | |||||||||
Loss on impairment / retirement of fixed assets, net | 10,178 | 12,728 | 12,587 | |||||||||
Gain on sale of investment | (112 | ) | (1,877 | ) | — | |||||||
1,058,011 | 1,026,756 | 971,782 | ||||||||||
Operating income | 290,519 | 295,211 | 316,939 | |||||||||
Interest expense | 85,687 | 85,603 | 83,863 | |||||||||
Net effect of swaps | 7,442 | (45 | ) | (1,197 | ) | |||||||
Loss on early debt extinguishment | 1,073 | 23,121 | — | |||||||||
(Gain) loss on foreign currency | 36,254 | (29,086 | ) | (14,656 | ) | |||||||
Other income | (1,333 | ) | (970 | ) | (177 | ) | ||||||
Income before taxes | 161,396 | 216,588 | 249,106 | |||||||||
Provision for taxes | 34,743 | 1,112 | 71,418 | |||||||||
Net income | 126,653 | 215,476 | 177,688 | |||||||||
Net income allocated to general partner | 1 | 2 | 2 | |||||||||
Net income allocated to limited partners | $ | 126,652 | $ | 215,474 | $ | 177,686 | ||||||
Net income | $ | 126,653 | $ | 215,476 | $ | 177,688 | ||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||
Foreign currency translation adjustment | 17,240 | (14,849 | ) | (3,700 | ) | |||||||
Cash flow hedging derivative activity | 8,366 | 7,975 | 3,350 | |||||||||
Other comprehensive income (loss), (net of tax) | 25,606 | (6,874 | ) | (350 | ) | |||||||
Total comprehensive income | $ | 152,259 | $ | 208,602 | $ | 177,338 | ||||||
Basic earnings per limited partner unit: | ||||||||||||
Weighted average limited partner units outstanding | 56,212 | 56,061 | 55,933 | |||||||||
Net income per limited partner unit | $ | 2.25 | $ | 3.84 | $ | 3.18 | ||||||
Diluted earnings per limited partner unit: | ||||||||||||
Weighted average limited partner units outstanding | 56,860 | 56,800 | 56,562 | |||||||||
Net income per limited partner unit | $ | 2.23 | $ | 3.79 | $ | 3.14 |
Limited Partnership Units Outstanding | Limited Partners’ Equity | General Partner’s Equity | Special L.P. Interests | Accumulated Other Comprehensive Income (Loss) | Total Partners’ Equity | |||||||||||||||||
Balance as of December 31, 2015 | 56,018 | $ | 48,428 | $ | — | $ | 5,290 | $ | 3,291 | $ | 57,009 | |||||||||||
Net income | 177,686 | 2 | 177,688 | |||||||||||||||||||
Partnership distribution declared ($3.330) | (187,180 | ) | (2 | ) | (187,182 | ) | ||||||||||||||||
Issuance of limited partnership units related to compensation | 183 | 13,776 | 13,776 | |||||||||||||||||||
Tax effect of units involved in treasury unit transactions | (422 | ) | (422 | ) | ||||||||||||||||||
Foreign currency translation adjustment, net of tax $2,127 | (3,700 | ) | (3,700 | ) | ||||||||||||||||||
Cash flow hedging derivative activity, net of tax ($650) | 3,350 | 3,350 | ||||||||||||||||||||
Balance as of December 31, 2016 | 56,201 | $ | 52,288 | $ | — | $ | 5,290 | $ | 2,941 | $ | 60,519 | |||||||||||
Net income | 215,474 | 2 | 215,476 | |||||||||||||||||||
Partnership distribution declared ($3.455) | (194,754 | ) | (2 | ) | (194,756 | ) | ||||||||||||||||
Issuance of limited partnership units related to compensation | 158 | 13,021 | 13,021 | |||||||||||||||||||
Tax effect of units involved in treasury unit transactions | (4,440 | ) | (4,440 | ) | ||||||||||||||||||
Foreign currency translation adjustment, net of tax ($4,330) | (14,849 | ) | (14,849 | ) | ||||||||||||||||||
Cash flow hedging derivative activity, net of tax ($1,484) | 7,975 | 7,975 | ||||||||||||||||||||
Balance as of December 31, 2017 | 56,359 | $ | 81,589 | $ | — | $ | 5,290 | $ | (3,933 | ) | $ | 82,946 | ||||||||||
Net income | 126,652 | 1 | 126,653 | |||||||||||||||||||
Partnership distribution declared ($3.595) | (203,197 | ) | (2 | ) | (203,199 | ) | ||||||||||||||||
Issuance of limited partnership units related to compensation | 205 | 2,940 | 2,940 | |||||||||||||||||||
Tax effect of units involved in treasury unit transactions | (2,530 | ) | (2,530 | ) | ||||||||||||||||||
Foreign currency translation adjustment, net of tax $3,862 | 17,240 | 17,240 | ||||||||||||||||||||
Cash flow hedging derivative activity, net of tax ($1,094) | 8,366 | 8,366 | ||||||||||||||||||||
Reclassification of stranded tax effect | 391 | (391 | ) | — | ||||||||||||||||||
Balance as of December 31, 2018 | 56,564 | $ | 5,845 | $ | (1 | ) | $ | 5,290 | $ | 21,282 | $ | 32,416 |
Years Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||||||
Net income | $ | 126,653 | $ | 215,476 | $ | 177,688 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Depreciation and amortization | 155,529 | 153,222 | 131,876 | |||||||||
Loss on early debt extinguishment | 1,073 | 23,121 | — | |||||||||
Non-cash foreign currency (gain) loss on debt | 37,724 | (30,912 | ) | (14,771 | ) | |||||||
Non-cash equity based compensation expense | 11,243 | 13,434 | 11,878 | |||||||||
Non-cash deferred income tax expense (benefit) | 11,259 | (35,770 | ) | 10,662 | ||||||||
Other non-cash expenses | 16,146 | 13,516 | 13,300 | |||||||||
Change in operating assets and liabilities: | ||||||||||||
(Increase) decrease in receivables | (13,975 | ) | (2,195 | ) | (5,887 | ) | ||||||
(Increase) decrease in inventories | (1,203 | ) | (3,332 | ) | (1,208 | ) | ||||||
(Increase) decrease in other assets | 148 | (40 | ) | (53 | ) | |||||||
Increase (decrease) in accounts payable | 549 | 1,906 | (407 | ) | ||||||||
Increase (decrease) in deferred revenue | 21,564 | 2,964 | 13,099 | |||||||||
Increase (decrease) in accrued interest | (25 | ) | (2,002 | ) | 13 | |||||||
Increase (decrease) in accrued taxes | (13,842 | ) | (15,398 | ) | 16,888 | |||||||
Increase (decrease) in accrued salaries and wages | 149 | (8,004 | ) | 5,804 | ||||||||
Increase (decrease) in self-insurance reserves | (959 | ) | (2,055 | ) | 3,026 | |||||||
Increase (decrease) in other liabilities | (1,293 | ) | 7,248 | (3,561 | ) | |||||||
Net cash from operating activities | 350,740 | 331,179 | 358,347 | |||||||||
CASH FLOWS FOR INVESTING ACTIVITIES | ||||||||||||
Capital expenditures | (189,775 | ) | (188,084 | ) | (160,656 | ) | ||||||
Sale of preferred equity investment | 112 | 3,281 | — | |||||||||
Purchase of identifiable intangible assets | (41 | ) | (66 | ) | (577 | ) | ||||||
Net cash for investing activities | (189,704 | ) | (184,869 | ) | (161,233 | ) | ||||||
CASH FLOWS FOR FINANCING ACTIVITIES | ||||||||||||
Term debt borrowings | — | 750,000 | — | |||||||||
Note borrowings | — | 500,000 | — | |||||||||
Term debt payments | — | (617,850 | ) | (6,000 | ) | |||||||
Note payments, including amounts paid for early termination | — | (515,458 | ) | — | ||||||||
Distributions paid to partners | (203,199 | ) | (194,756 | ) | (187,182 | ) | ||||||
Payment of debt issuance costs and original issue discount | (2,543 | ) | (19,809 | ) | — | |||||||
Exercise of limited partnership unit options | 125 | 65 | — | |||||||||
Tax effect of units involved in treasury unit transactions | (2,530 | ) | (4,440 | ) | (422 | ) | ||||||
Payments related to tax withholding for equity compensation | (8,428 | ) | (4,173 | ) | (920 | ) | ||||||
Net cash for financing activities | (216,575 | ) | (106,421 | ) | (194,524 | ) | ||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (5,357 | ) | 3,640 | 569 | ||||||||
Net increase (decrease) for the year | (60,896 | ) | 43,529 | 3,159 | ||||||||
Balance, beginning of year | 166,245 | 122,716 | 119,557 | |||||||||
Balance, end of year | $ | 105,349 | $ | 166,245 | $ | 122,716 | ||||||
SUPPLEMENTAL INFORMATION | ||||||||||||
Net cash payments for interest expense | $ | 84,947 | $ | 85,975 | $ | 82,015 | ||||||
Interest capitalized | 2,864 | 2,524 | 2,331 | |||||||||
Cash payments for income taxes, net of refunds | 42,159 | 55,989 | 44,502 | |||||||||
Capital expenditures in accounts payable | 5,083 | 5,365 | 5,425 |
Note 1 | ||||
Note 2 | ||||
Note 3 | ||||
Note 4 | ||||
Note 5 | ||||
Note 6 | ||||
Note 7 | ||||
Note 8 | ||||
Note 9 | ||||
Note 10 | ||||
Note 11 | ||||
Note 12 | ||||
Note 13 | ||||
Note 14 |
Years Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
(Gain) loss on foreign currency related to re-measurement of U.S. dollar denominated debt held in Canada | $ | 37,724 | $ | (30,912 | ) | $ | (14,771 | ) | ||||
(Gain) loss on other transactions | (1,470 | ) | 1,826 | 115 | ||||||||
(Gain) loss on foreign currency | $ | 36,254 | $ | (29,086 | ) | $ | (14,656 | ) |
Land improvements | Approximately | 25 years | |
Buildings | 25 years | - | 40 years |
Rides | Approximately | 20 years | |
Equipment | 3 years | - | 10 years |
Years Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
In-park revenues | $ | 1,235,742 | $ | 1,216,698 | $ | 1,177,447 | ||||||
Out-of-park revenues | 152,216 | 143,763 | 146,137 | |||||||||
Concessionaire remittance | (39,428 | ) | (38,494 | ) | (34,863 | ) | ||||||
Net revenues | $ | 1,348,530 | $ | 1,321,967 | $ | 1,288,721 |
Years Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
(In thousands, except per unit amounts) | ||||||||||||
Basic weighted average units outstanding | 56,212 | 56,061 | 55,933 | |||||||||
Effect of dilutive units: | ||||||||||||
Deferred units (Note 7) | 48 | 42 | 31 | |||||||||
Performance units (Note 7) | 135 | 188 | 181 | |||||||||
Restricted units (Note 7) | 312 | 324 | 288 | |||||||||
Unit options (Note 7) | 153 | 185 | 129 | |||||||||
Diluted weighted average units outstanding | 56,860 | 56,800 | 56,562 | |||||||||
Net income per unit - basic | $ | 2.25 | $ | 3.84 | $ | 3.18 | ||||||
Net income per unit - diluted | $ | 2.23 | $ | 3.79 | $ | 3.14 |
(In thousands) | Goodwill (gross) | Accumulated Impairment Losses | Goodwill (net) | |||||||||
Balance as of December 31, 2016 | $ | 259,528 | $ | (79,868 | ) | $ | 179,660 | |||||
Foreign currency exchange translation | 4,170 | — | 4,170 | |||||||||
Balance as of December 31, 2017 | 263,698 | (79,868 | ) | 183,830 | ||||||||
Foreign currency exchange translation | (5,111 | ) | — | (5,111 | ) | |||||||
Balance as of December 31, 2018 | $ | 258,587 | $ | (79,868 | ) | $ | 178,719 |
(In thousands) | Weighted Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||||
December 31, 2018 | |||||||||||||||
Other intangible assets: | |||||||||||||||
Trade names | — | $ | 35,394 | $ | — | $ | 35,394 | ||||||||
License / franchise agreements | 6.9 years | 3,379 | (2,397 | ) | 982 | ||||||||||
Total other intangible assets | $ | 38,773 | $ | (2,397 | ) | $ | 36,376 | ||||||||
December 31, 2017 | |||||||||||||||
Other intangible assets: | |||||||||||||||
Trade names | — | $ | 36,531 | $ | — | $ | 36,531 | ||||||||
License / franchise agreements | 5.9 years | 3,360 | (1,827 | ) | 1,533 | ||||||||||
Total other intangible assets | $ | 39,891 | $ | (1,827 | ) | $ | 38,064 |
(In thousands) | December 31, 2018 | December 31, 2017 | ||||||
Term debt (1) | ||||||||
April 2017 U.S. term loan averaging 3.83% in 2018; 3.43% in 2017 (due 2017-2024) | $ | 735,000 | $ | 735,000 | ||||
Notes | ||||||||
April 2017 U.S. fixed rate notes at 5.375% (due 2027) | 500,000 | 500,000 | ||||||
June 2014 U.S. fixed rate notes at 5.375% (due 2024) | 450,000 | 450,000 | ||||||
1,685,000 | 1,685,000 | |||||||
Less current portion | (5,625 | ) | — | |||||
1,679,375 | 1,685,000 | |||||||
Less debt issuance costs and original issue discount | (21,807 | ) | (24,485 | ) | ||||
$ | 1,657,568 | $ | 1,660,515 |
(1) | The average interest rates do not reflect the effect of interest rate swap agreements (see Note 6 to the Consolidated Financial Statements). |
(In thousands) | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 & Beyond | Total | ||||||||||||||||||||
April 2017 U.S. term loan averaging 3.83% in 2018; 3.43% in 2017 (due 2017-2024) | $ | 5,625 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 699,375 | $ | 735,000 |
(In thousands) | December 31, 2018 | December 31, 2017 | |||||
Derivatives not designated as hedging instruments: | |||||||
Interest rate swaps | $ | (6,705 | ) | $ | (8,722 | ) |
Years Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Change in fair market value | $ | (2,017 | ) | $ | (9,504 | ) | $ | (9,868 | ) | |||
Amortization of amounts in AOCI | 9,459 | 9,459 | 8,671 | |||||||||
Net effect of swaps | $ | 7,442 | $ | (45 | ) | $ | (1,197 | ) |
Years Ended December 31, | ||||||||||||
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Awards Payable in Cash or Equity | ||||||||||||
Performance units | $ | — | $ | 507 | $ | 4,586 | ||||||
Deferred units | (266 | ) | 627 | 993 | ||||||||
Awards Payable in Equity | ||||||||||||
Performance units | 5,413 | 8,822 | 7,519 | |||||||||
Restricted units | 5,830 | 4,612 | 3,856 | |||||||||
Unit Options | — | — | 5 | |||||||||
Total equity-based compensation expense | $ | 10,977 | $ | 14,568 | $ | 16,959 |
(In thousands, except per unit amounts) | Number of Units | Weighted Average Grant Date Fair Value Per Unit | |||||
Outstanding deferred units at December 31, 2017 | 44 | $ | 55.41 | ||||
Granted (1) | 12 | $ | 49.35 | ||||
Forfeited | — | — | |||||
Vested | — | — | |||||
Outstanding deferred units at December 31, 2018 | 56 | $ | 54.21 |
(In thousands, except per unit amounts) | Number of Units | Weighted Average Grant Date Fair Value Per Unit | |||||
Unvested performance units at December 31, 2017 | 532 | $ | 57.18 | ||||
Granted (1) | 122 | $ | 52.56 | ||||
Forfeited | (58 | ) | $ | 59.10 | |||
Vested | (217 | ) | $ | 54.63 | |||
Unvested performance units at December 31, 2018 | 379 | $ | 56.86 |
(In thousands, except per unit amounts) | Number of Units | Weighted Average Grant Date Fair Value Per Unit | |||||
Unvested restricted units at December 31, 2017 | 252 | $ | 59.75 | ||||
Granted | 130 | $ | 53.62 | ||||
Forfeited | (5 | ) | $ | 60.74 | |||
Vested | (67 | ) | $ | 56.59 | |||
Unvested restricted units at December 31, 2018 | 310 | $ | 57.85 |
(In thousands, except per unit amounts) | Unit Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life | Aggregate Intrinsic Value | |||||||||
Options outstanding at December 31, 2017 | 374 | $ | 34.55 | ||||||||||
Exercised | (6 | ) | 36.95 | ||||||||||
Options outstanding at December 31, 2018 | 368 | $ | 34.51 | ||||||||||
Options exercisable, end of year | 368 | $ | 34.51 | 3.8 years | $ | 4,707 |
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Domestic | $ | 185,749 | $ | 171,382 | $ | 223,626 | ||||||
Foreign | (24,353 | ) | 45,206 | 25,480 | ||||||||
Total income before taxes | $ | 161,396 | $ | 216,588 | $ | 249,106 |
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Income taxes: | ||||||||||||
Current federal | $ | 2,682 | $ | 18,640 | $ | 40,440 | ||||||
Current state and local | 4,901 | 4,631 | 5,729 | |||||||||
Current foreign | 4,301 | 2,501 | 3,188 | |||||||||
Total current | 11,884 | 25,772 | 49,357 | |||||||||
Deferred federal, state and local | 15,525 | (41,133 | ) | 5,766 | ||||||||
Deferred foreign | (4,266 | ) | 5,363 | 4,896 | ||||||||
Total deferred | 11,259 | (35,770 | ) | 10,662 | ||||||||
Total provision (benefit) for income taxes | $ | 23,143 | $ | (9,998 | ) | $ | 60,019 |
(In thousands) | 2018 | 2017 | 2016 | |||||||||
Income tax provision based on the U.S. federal statutory tax rate | $ | 33,893 | $ | 75,806 | $ | 87,187 | ||||||
Partnership income not includible in corporate income | (16,403 | ) | (23,644 | ) | (38,702 | ) | ||||||
State and local taxes, net of federal income tax benefit | 5,278 | 4,878 | 6,323 | |||||||||
Valuation allowance | 2,321 | (119 | ) | (1,473 | ) | |||||||
Tax credits | (1,300 | ) | (1,063 | ) | (1,066 | ) | ||||||
Change in U.S. tax law | (8,730 | ) | (54,171 | ) | 7,366 | |||||||
Foreign currency translation (gains) losses | 7,949 | (10,756 | ) | — | ||||||||
Nondeductible expenses and other | 135 | (929 | ) | 384 | ||||||||
Total provision (benefit) for income taxes | $ | 23,143 | $ | (9,998 | ) | $ | 60,019 |
(In thousands) | 2018 | 2017 | ||||||
Deferred tax assets: | ||||||||
Compensation | $ | 5,899 | $ | 9,022 | ||||
Accrued expenses | 3,932 | 4,647 | ||||||
Foreign tax credits | 8,758 | 8,654 | ||||||
Tax attribute carryforwards | 2,321 | 2,016 | ||||||
Derivatives | 1,478 | 938 | ||||||
Foreign currency | 8,965 | 5,443 | ||||||
Deferred revenue | 2,521 | 2,653 | ||||||
Deferred tax assets | 33,874 | 33,373 | ||||||
Valuation allowance | (6,410 | ) | (4,088 | ) | ||||
Net deferred tax assets | 27,464 | 29,285 | ||||||
Deferred tax liabilities: | ||||||||
Property | (94,847 | ) | (91,730 | ) | ||||
Intangibles | (14,334 | ) | (12,353 | ) | ||||
Deferred tax liabilities | (109,181 | ) | (104,083 | ) | ||||
Net deferred tax liability | $ | (81,717 | ) | $ | (74,798 | ) |
(In thousands) | Future Minimum Lease Payments | ||
Year: | |||
2019 | $ | 7,563 | |
2020 | 6,494 | ||
2021 | 5,742 | ||
2022 | 5,438 | ||
2023 | 5,366 | ||
Thereafter | 85,689 | ||
Total | $ | 116,292 |
• | 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) | December 31, 2018 | December 31, 2017 | |||||||||||||||
Consolidated Balance Sheet Location | Fair Value Hierarchy Level | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Financial assets (liabilities) measured on a recurring basis: | |||||||||||||||||
Short-term investments | Other current assets | Level 1 | $ | 511 | $ | 511 | $ | 736 | $ | 736 | |||||||
Interest rate swaps | Derivative Liability | Level 2 | $ | (6,705 | ) | $ | (6,705 | ) | $ | (8,722 | ) | $ | (8,722 | ) | |||
Other financial assets (liabilities): | |||||||||||||||||
April 2017 term debt | Long-Term Debt (1) | Level 2 | $ | (729,375 | ) | $ | (707,494 | ) | $ | (735,000 | ) | $ | (742,350 | ) | |||
April 2017 notes | Long-Term Debt (1) | Level 1 (2) | $ | (500,000 | ) | $ | (475,000 | ) | $ | (500,000 | ) | $ | (525,000 | ) | |||
June 2014 notes | Long-Term Debt (1) | Level 1 | $ | (450,000 | ) | $ | (441,000 | ) | $ | (450,000 | ) | $ | (469,125 | ) |
(1) | Carrying values of long-term debt balances are before reductions of debt issuance costs and original issue discount of $21.8 million and $24.5 million as of December 31, 2018 and December 31, 2017, respectively. |
(2) | The April 2017 notes were based on Level 1 inputs as of December 31, 2018 and Level 2 inputs as of December 31, 2017. |
Changes in Accumulated Other Comprehensive Income by Component | ||||||||||||
(In thousands) | Losses on Cash Flow Hedges | Foreign Currency Translation | Total | |||||||||
Balance as of December 31, 2015 | $ | (19,300 | ) | $ | 22,591 | $ | 3,291 | |||||
Other comprehensive income before reclassifications, net of tax $711 and $2,127 | (3,960 | ) | (3,700 | ) | (7,660 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,361) | 7,310 | — | 7,310 | |||||||||
Balance as of December 31, 2016 | $ | (15,950 | ) | $ | 18,891 | $ | 2,941 | |||||
Other comprehensive income before reclassifications, net of tax ($4,330) | — | (14,849 | ) | (14,849 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,484) | 7,975 | — | 7,975 | |||||||||
Balance as of December 31, 2017 | $ | (7,975 | ) | $ | 4,042 | $ | (3,933 | ) | ||||
Other comprehensive income before reclassifications, net of tax $3,862 | — | 17,240 | 17,240 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,094) | 8,366 | — | 8,366 | |||||||||
Reclassification of stranded tax effect | (391 | ) | — | (391 | ) | |||||||
Balance as of December 31, 2018 | $ | — | $ | 21,282 | $ | 21,282 |
Reclassifications Out of Accumulated Other Comprehensive Income | |||||||||||||
(In thousands) | Affected Income Statement Location | Years Ended December 31, | |||||||||||
AOCI Component | 2018 | 2017 | 2016 | ||||||||||
Interest rate contracts | Net effect of swaps | $ | 9,460 | $ | 9,459 | $ | 8,671 | ||||||
Provision for taxes | Provision for taxes | (1,094 | ) | (1,484 | ) | (1,361 | ) | ||||||
Losses on cash flow hedges | Net of tax | $ | 8,366 | $ | 7,975 | $ | 7,310 |
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 | $ | — | $ | — | $ | 73,326 | $ | 32,715 | $ | (692 | ) | $ | 105,349 | |||||||||||
Receivables | — | 1,093 | 34,497 | 938,397 | (922,469 | ) | 51,518 | |||||||||||||||||
Inventories | — | — | 2,135 | 28,618 | — | 30,753 | ||||||||||||||||||
Other current assets | 179 | 1,411 | 5,462 | 10,544 | (5,007 | ) | 12,589 | |||||||||||||||||
179 | 2,504 | 115,420 | 1,010,274 | (928,168 | ) | 200,209 | ||||||||||||||||||
Property and Equipment, net | — | 802 | 172,344 | 1,426,292 | — | 1,599,438 | ||||||||||||||||||
Investment in Park | 601,706 | 1,182,345 | 262,462 | 218,575 | (2,265,088 | ) | — | |||||||||||||||||
Goodwill | 674 | — | 58,440 | 119,605 | — | 178,719 | ||||||||||||||||||
Other Intangibles, net | — | — | 13,030 | 23,346 | — | 36,376 | ||||||||||||||||||
Deferred Tax Asset | — | 18,224 | — | — | (18,224 | ) | — | |||||||||||||||||
Other Assets | — | — | 36 | 9,405 | — | 9,441 | ||||||||||||||||||
$ | 602,559 | $ | 1,203,875 | $ | 621,732 | $ | 2,807,497 | $ | (3,211,480 | ) | $ | 2,024,183 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 984 | $ | — | $ | 4,641 | $ | — | $ | 5,625 | ||||||||||||
Accounts payable | 565,472 | 359,953 | 2,430 | 18,620 | (923,161 | ) | 23,314 | |||||||||||||||||
Deferred revenue | — | — | 8,460 | 98,614 | — | 107,074 | ||||||||||||||||||
Accrued interest | 1 | 1 | 2,054 | 5,871 | — | 7,927 | ||||||||||||||||||
Accrued taxes | 443 | 6,668 | — | 27,487 | (5,007 | ) | 29,591 | |||||||||||||||||
Accrued salaries, wages and benefits | — | 17,552 | 1,234 | — | — | 18,786 | ||||||||||||||||||
Self-insurance reserves | — | 10,214 | 1,433 | 12,374 | — | 24,021 | ||||||||||||||||||
Other accrued liabilities | 3,318 | 4,903 | 136 | 10,024 | — | 18,381 | ||||||||||||||||||
569,234 | 400,275 | 15,747 | 177,631 | (928,168 | ) | 234,719 | ||||||||||||||||||
Deferred Tax Liability | — | — | 12,425 | 87,516 | (18,224 | ) | 81,717 | |||||||||||||||||
Derivative Liability | 909 | 5,796 | — | — | — | 6,705 | ||||||||||||||||||
Other Liabilities | — | 1,169 | — | 9,889 | — | 11,058 | ||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | — | 126,525 | — | 592,982 | — | 719,507 | ||||||||||||||||||
Notes | — | — | 446,241 | 491,820 | — | 938,061 | ||||||||||||||||||
— | 126,525 | 446,241 | 1,084,802 | — | 1,657,568 | |||||||||||||||||||
Equity | 32,416 | 670,110 | 147,319 | 1,447,659 | (2,265,088 | ) | 32,416 | |||||||||||||||||
$ | 602,559 | $ | 1,203,875 | $ | 621,732 | $ | 2,807,497 | $ | (3,211,480 | ) | $ | 2,024,183 |
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 | $ | — | $ | — | $ | 85,758 | $ | 81,582 | $ | (1,095 | ) | $ | 166,245 | |||||||||||
Receivables | — | 1,184 | 15,574 | 857,205 | (836,241 | ) | 37,722 | |||||||||||||||||
Inventories | — | — | 1,891 | 27,828 | — | 29,719 | ||||||||||||||||||
Other current assets | 164 | 28,297 | 3,454 | 10,983 | (29,601 | ) | 13,297 | |||||||||||||||||
164 | 29,481 | 106,677 | 977,598 | (866,937 | ) | 246,983 | ||||||||||||||||||
Property and Equipment, net | — | 835 | 181,673 | 1,403,264 | — | 1,585,772 | ||||||||||||||||||
Investment in Park | 588,684 | 1,045,640 | 238,132 | 234,238 | (2,106,694 | ) | — | |||||||||||||||||
Goodwill | 674 | — | 63,551 | 119,605 | — | 183,830 | ||||||||||||||||||
Other Intangibles, net | — | — | 14,177 | 23,887 | — | 38,064 | ||||||||||||||||||
Deferred Tax Asset | — | 20,956 | — | — | (20,956 | ) | — | |||||||||||||||||
Other Assets | — | — | 40 | 9,470 | — | 9,510 | ||||||||||||||||||
$ | 589,522 | $ | 1,096,912 | $ | 604,250 | $ | 2,768,062 | $ | (2,994,587 | ) | $ | 2,064,159 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 497,558 | $ | 344,410 | $ | 1,379 | $ | 18,610 | $ | (837,336 | ) | $ | 24,621 | |||||||||||
Deferred revenue | — | — | 6,237 | 79,894 | — | 86,131 | ||||||||||||||||||
Accrued interest | 27 | 18 | 2,055 | 6,024 | — | 8,124 | ||||||||||||||||||
Accrued taxes | 352 | — | — | 73,224 | (29,601 | ) | 43,975 | |||||||||||||||||
Accrued salaries, wages and benefits | — | 17,498 | 1,242 | — | — | 18,740 | ||||||||||||||||||
Self-insurance reserves | — | 10,947 | 1,618 | 12,542 | — | 25,107 | ||||||||||||||||||
Other accrued liabilities | 3,406 | 5,094 | 157 | 10,139 | — | 18,796 | ||||||||||||||||||
501,343 | 377,967 | 12,688 | 200,433 | (866,937 | ) | 225,494 | ||||||||||||||||||
Deferred Tax Liability | — | — | 13,809 | 81,945 | (20,956 | ) | 74,798 | |||||||||||||||||
Derivative Liability | 5,233 | 3,489 | — | — | — | 8,722 | ||||||||||||||||||
Other Liabilities | — | 873 | — | 10,811 | — | 11,684 | ||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | — | 127,437 | — | 596,351 | — | 723,788 | ||||||||||||||||||
Notes | — | — | 445,156 | 491,571 | — | 936,727 | ||||||||||||||||||
— | 127,437 | 445,156 | 1,087,922 | — | 1,660,515 | |||||||||||||||||||
Equity | 82,946 | 587,146 | 132,597 | 1,386,951 | (2,106,694 | ) | 82,946 | |||||||||||||||||
$ | 589,522 | $ | 1,096,912 | $ | 604,250 | $ | 2,768,062 | $ | (2,994,587 | ) | $ | 2,064,159 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 103,687 | $ | 336,778 | $ | 124,506 | $ | 1,268,200 | $ | (484,641 | ) | $ | 1,348,530 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 10,841 | 103,892 | — | 114,733 | ||||||||||||||||||
Operating expenses | — | 328,709 | 47,551 | 692,731 | (484,641 | ) | 584,350 | |||||||||||||||||
Selling, general and administrative | 2,301 | 67,582 | 10,586 | 112,864 | — | 193,333 | ||||||||||||||||||
Depreciation and amortization | — | 33 | 15,273 | 140,223 | — | 155,529 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 221 | 9,957 | — | 10,178 | ||||||||||||||||||
Gain on sale of investment | — | (112 | ) | — | — | — | (112 | ) | ||||||||||||||||
2,301 | 396,212 | 84,472 | 1,059,667 | (484,641 | ) | 1,058,011 | ||||||||||||||||||
Operating income (loss) | 101,386 | (59,434 | ) | 40,034 | 208,533 | — | 290,519 | |||||||||||||||||
Interest expense, net | 23,339 | 18,331 | 23,988 | 18,514 | — | 84,172 | ||||||||||||||||||
Net effect of swaps | 1,228 | 6,214 | — | — | — | 7,442 | ||||||||||||||||||
Loss on early debt extinguishment | — | 187 | — | 886 | — | 1,073 | ||||||||||||||||||
Loss on foreign currency | — | 51 | 36,203 | — | — | 36,254 | ||||||||||||||||||
Other (income) expense | 250 | (78,571 | ) | 4,196 | 74,307 | — | 182 | |||||||||||||||||
(Income) loss from investment in affiliates | (61,484 | ) | (62,244 | ) | (24,329 | ) | 2,517 | 145,540 | — | |||||||||||||||
Income (loss) before taxes | 138,053 | 56,598 | (24 | ) | 112,309 | (145,540 | ) | 161,396 | ||||||||||||||||
Provision (benefit) for taxes | 11,400 | (4,886 | ) | 2,494 | 25,735 | — | 34,743 | |||||||||||||||||
Net income (loss) | $ | 126,653 | $ | 61,484 | $ | (2,518 | ) | $ | 86,574 | $ | (145,540 | ) | $ | 126,653 | ||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 17,240 | — | 17,240 | — | (17,240 | ) | 17,240 | |||||||||||||||||
Cash flow hedging derivative activity | 8,366 | 2,813 | — | — | (2,813 | ) | 8,366 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | 25,606 | 2,813 | 17,240 | — | (20,053 | ) | 25,606 | |||||||||||||||||
Total comprehensive income | $ | 152,259 | $ | 64,297 | $ | 14,722 | $ | 86,574 | $ | (165,593 | ) | $ | 152,259 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 104,080 | $ | 317,496 | $ | 127,929 | $ | 1,239,067 | $ | (466,605 | ) | $ | 1,321,967 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 11,483 | 99,328 | — | 110,811 | ||||||||||||||||||
Operating expenses | — | 313,654 | 44,990 | 666,063 | (466,605 | ) | 558,102 | |||||||||||||||||
Selling, general and administrative | 3,007 | 67,872 | 10,497 | 112,394 | — | 193,770 | ||||||||||||||||||
Depreciation and amortization | — | 33 | 15,654 | 137,535 | — | 153,222 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 656 | 12,072 | — | 12,728 | ||||||||||||||||||
Gain on sale of investment | — | (1,877 | ) | — | — | — | (1,877 | ) | ||||||||||||||||
3,007 | 379,682 | 83,280 | 1,027,392 | (466,605 | ) | 1,026,756 | ||||||||||||||||||
Operating income (loss) | 101,073 | (62,186 | ) | 44,649 | 211,675 | — | 295,211 | |||||||||||||||||
Interest expense, net | 23,739 | 18,837 | 24,839 | 17,333 | — | 84,748 | ||||||||||||||||||
Net effect of swaps | (150 | ) | 105 | — | — | — | (45 | ) | ||||||||||||||||
Loss on early debt extinguishment | 11,773 | 8,188 | 205 | 2,955 | — | 23,121 | ||||||||||||||||||
Gain on foreign currency | — | (25 | ) | (29,061 | ) | — | — | (29,086 | ) | |||||||||||||||
Other (income) expense | 250 | (73,581 | ) | 3,460 | 69,756 | — | (115 | ) | ||||||||||||||||
Income from investment in affiliates | (160,925 | ) | (176,698 | ) | (38,057 | ) | (84,398 | ) | 460,078 | — | ||||||||||||||
Income before taxes | 226,386 | 160,988 | 83,263 | 206,029 | (460,078 | ) | 216,588 | |||||||||||||||||
Provision (benefit) for taxes | 10,910 | 60 | (1,134 | ) | (8,724 | ) | — | 1,112 | ||||||||||||||||
Net income | $ | 215,476 | $ | 160,928 | $ | 84,397 | $ | 214,753 | $ | (460,078 | ) | $ | 215,476 | |||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | (14,849 | ) | — | (14,849 | ) | — | 14,849 | (14,849 | ) | |||||||||||||||
Cash flow hedging derivative activity | 7,975 | 2,422 | — | — | (2,422 | ) | 7,975 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | (6,874 | ) | 2,422 | (14,849 | ) | — | 12,427 | (6,874 | ) | |||||||||||||||
Total comprehensive income | $ | 208,602 | $ | 163,350 | $ | 69,548 | $ | 214,753 | $ | (447,651 | ) | $ | 208,602 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 144,042 | $ | 320,945 | $ | 117,962 | $ | 1,234,075 | $ | (528,303 | ) | $ | 1,288,721 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 9,868 | 96,740 | — | 106,608 | ||||||||||||||||||
Operating expenses | — | 303,974 | 42,820 | 720,390 | (528,303 | ) | 538,881 | |||||||||||||||||
Selling, general and administrative | 3,029 | 68,422 | 10,151 | 100,228 | — | 181,830 | ||||||||||||||||||
Depreciation and amortization | — | 35 | 14,816 | 117,025 | — | 131,876 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 159 | 12,428 | — | 12,587 | ||||||||||||||||||
3,029 | 372,431 | 77,814 | 1,046,811 | (528,303 | ) | 971,782 | ||||||||||||||||||
Operating income (loss) | 141,013 | (51,486 | ) | 40,148 | 187,264 | — | 316,939 | |||||||||||||||||
Interest expense, net | 32,643 | 24,114 | 25,403 | 1,526 | — | 83,686 | ||||||||||||||||||
Net effect of swaps | (473 | ) | (724 | ) | — | — | — | (1,197 | ) | |||||||||||||||
(Gain) loss on foreign currency | — | — | (14,660 | ) | 4 | — | (14,656 | ) | ||||||||||||||||
Other (income) expense | 250 | (83,657 | ) | 3,925 | 79,482 | — | — | |||||||||||||||||
Income from investment in affiliates | (80,295 | ) | (73,132 | ) | (20,545 | ) | (27,628 | ) | 201,600 | — | ||||||||||||||
Income before taxes | 188,888 | 81,913 | 46,025 | 133,880 | (201,600 | ) | 249,106 | |||||||||||||||||
Provision for taxes | 11,200 | 1,621 | 18,396 | 40,201 | — | 71,418 | ||||||||||||||||||
Net income | $ | 177,688 | $ | 80,292 | $ | 27,629 | $ | 93,679 | $ | (201,600 | ) | $ | 177,688 | |||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | (3,700 | ) | — | (3,700 | ) | — | 3,700 | (3,700 | ) | |||||||||||||||
Cash flow hedging derivative activity | 3,350 | 1,060 | — | — | (1,060 | ) | 3,350 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | (350 | ) | 1,060 | (3,700 | ) | — | 2,640 | (350 | ) | |||||||||||||||
Total comprehensive income | $ | 177,338 | $ | 81,352 | $ | 23,929 | $ | 93,679 | $ | (198,960 | ) | $ | 177,338 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM OPERATING ACTIVITIES | $ | 136,471 | $ | 11,057 | $ | 12,901 | $ | 191,056 | $ | (745 | ) | $ | 350,740 | |||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | — | — | (67,861 | ) | 67,861 | — | |||||||||||||||||
Purchase of identifiable intangible assets | — | — | — | (41 | ) | — | (41 | ) | ||||||||||||||||
Sale of preferred equity investment | — | 112 | — | — | — | 112 | ||||||||||||||||||
Capital expenditures | — | — | (19,976 | ) | (169,799 | ) | — | (189,775 | ) | |||||||||||||||
Net cash from (for) investing activities | — | 112 | (19,976 | ) | (237,701 | ) | 67,861 | (189,704 | ) | |||||||||||||||
CASH FLOWS FOR FINANCING ACTIVITIES | ||||||||||||||||||||||||
Intercompany payables (payments) receipts | 67,876 | (15 | ) | — | — | (67,861 | ) | — | ||||||||||||||||
Distributions paid to partners | (204,347 | ) | — | — | — | 1,148 | (203,199 | ) | ||||||||||||||||
Payment of debt issuance costs and original issue discount | — | (321 | ) | — | (2,222 | ) | — | (2,543 | ) | |||||||||||||||
Exercise of limited partnership unit options | — | 125 | — | — | — | 125 | ||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | (2,530 | ) | — | — | — | (2,530 | ) | ||||||||||||||||
Payments related to tax withholding for equity compensation | — | (8,428 | ) | — | — | — | (8,428 | ) | ||||||||||||||||
Net cash for financing activities | (136,471 | ) | (11,169 | ) | — | (2,222 | ) | (66,713 | ) | (216,575 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (5,357 | ) | — | — | (5,357 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net decrease for the year | — | — | (12,432 | ) | (48,867 | ) | 403 | (60,896 | ) | |||||||||||||||
Balance, beginning of year | — | — | 85,758 | 81,582 | (1,095 | ) | 166,245 | |||||||||||||||||
Balance, end of year | $ | — | $ | — | $ | 73,326 | $ | 32,715 | $ | (692 | ) | $ | 105,349 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 93,378 | $ | (10,710 | ) | $ | 40,569 | $ | 209,780 | $ | (1,838 | ) | $ | 331,179 | ||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | — | — | (278,051 | ) | 278,051 | — | |||||||||||||||||
Proceeds from returns on investments | 338,000 | 15,500 | — | 146,500 | (500,000 | ) | — | |||||||||||||||||
Purchase of identifiable intangible assets | — | — | — | (66 | ) | — | (66 | ) | ||||||||||||||||
Proceeds from sale of preferred equity investment | — | 3,281 | — | — | — | 3,281 | ||||||||||||||||||
Capital expenditures | — | (25 | ) | (10,160 | ) | (177,899 | ) | — | (188,084 | ) | ||||||||||||||
Net cash from (for) investing activities | 338,000 | 18,756 | (10,160 | ) | (309,516 | ) | (221,949 | ) | (184,869 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Intercompany payables (payments) receipts | 69,160 | 208,891 | — | — | (278,051 | ) | — | |||||||||||||||||
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 | (196,524 | ) | — | — | — | 1,768 | (194,756 | ) | ||||||||||||||||
Payment of debt issuance costs | — | (1,326 | ) | — | (18,483 | ) | — | (19,809 | ) | |||||||||||||||
Exercise of limited partnership unit options | — | 65 | — | — | — | 65 | ||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | (4,440 | ) | — | — | — | (4,440 | ) | ||||||||||||||||
Payments related to tax withholding for equity compensation | — | (4,173 | ) | — | — | — | (4,173 | ) | ||||||||||||||||
Net cash from (for) financing activities | (431,378 | ) | (8,046 | ) | (13,854 | ) | 123,140 | 223,717 | (106,421 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 3,640 | — | — | 3,640 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase for the year | — | — | 20,195 | 23,404 | (70 | ) | 43,529 | |||||||||||||||||
Balance, beginning of year | — | — | 65,563 | 58,178 | (1,025 | ) | 122,716 | |||||||||||||||||
Balance, end of year | $ | — | $ | — | $ | 85,758 | $ | 81,582 | $ | (1,095 | ) | $ | 166,245 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 118,833 | $ | (28,315 | ) | $ | 33,918 | $ | 237,262 | $ | (3,351 | ) | $ | 358,347 | ||||||||||
CASH FLOWS FOR INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | — | — | (24,562 | ) | 24,562 | — | |||||||||||||||||
Purchase of identifiable intangible assets | — | — | (29 | ) | (548 | ) | — | (577 | ) | |||||||||||||||
Capital expenditures | — | — | (7,863 | ) | (152,793 | ) | — | (160,656 | ) | |||||||||||||||
Net cash for investing activities | — | — | (7,892 | ) | (177,903 | ) | 24,562 | (161,233 | ) | |||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Term debt payments | — | (1,237 | ) | (138 | ) | (4,625 | ) | — | (6,000 | ) | ||||||||||||||
Intercompany payables (payments) receipts | (6,332 | ) | 30,894 | — | — | (24,562 | ) | — | ||||||||||||||||
Distributions paid to partners | (189,508 | ) | — | — | — | 2,326 | (187,182 | ) | ||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | (422 | ) | — | — | — | (422 | ) | ||||||||||||||||
Payments related to tax withholding for equity compensation | — | (920 | ) | — | — | — | (920 | ) | ||||||||||||||||
Net cash from (for) financing activities | (195,840 | ) | 28,315 | (138 | ) | (4,625 | ) | (22,236 | ) | (194,524 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 569 | — | — | 569 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the year | (77,007 | ) | — | 26,457 | 54,734 | (1,025 | ) | 3,159 | ||||||||||||||||
Balance, beginning of year | 77,007 | — | 39,106 | 3,444 | — | 119,557 | ||||||||||||||||||
Balance, end of year | $ | — | $ | — | $ | 65,563 | $ | 58,178 | $ | (1,025 | ) | $ | 122,716 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 73,326 | $ | 30,663 | $ | 2,052 | $ | (692 | ) | $ | 105,349 | |||||||||||||
Receivables | — | 1,093 | 34,497 | 36,242 | 902,155 | (922,469 | ) | 51,518 | ||||||||||||||||||||
Inventories | — | — | 2,135 | 23,402 | 5,216 | — | 30,753 | |||||||||||||||||||||
Other current assets | 179 | 1,411 | 5,462 | 8,980 | 1,564 | (5,007 | ) | 12,589 | ||||||||||||||||||||
179 | 2,504 | 115,420 | 99,287 | 910,987 | (928,168 | ) | 200,209 | |||||||||||||||||||||
Property and Equipment, net | — | 802 | 172,344 | — | 1,426,292 | — | 1,599,438 | |||||||||||||||||||||
Investment in Park | 601,706 | 1,182,345 | 262,462 | 1,517,897 | 218,574 | (3,782,984 | ) | — | ||||||||||||||||||||
Goodwill | 674 | — | 58,440 | 8,388 | 111,217 | — | 178,719 | |||||||||||||||||||||
Other Intangibles, net | — | — | 13,030 | — | 23,346 | — | 36,376 | |||||||||||||||||||||
Deferred Tax Asset | — | 18,224 | — | — | — | (18,224 | ) | — | ||||||||||||||||||||
Other Assets | — | — | 36 | 417 | 8,988 | — | 9,441 | |||||||||||||||||||||
$ | 602,559 | $ | 1,203,875 | $ | 621,732 | $ | 1,625,989 | $ | 2,699,404 | $ | (4,729,376 | ) | $ | 2,024,183 | ||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 984 | $ | — | $ | 4,641 | $ | — | $ | — | $ | 5,625 | ||||||||||||||
Accounts payable | 565,472 | 359,953 | 2,430 | 14,995 | 3,625 | (923,161 | ) | 23,314 | ||||||||||||||||||||
Deferred revenue | — | — | 8,460 | 74,062 | 24,552 | — | 107,074 | |||||||||||||||||||||
Accrued interest | 1 | 1 | 2,054 | 5,871 | — | — | 7,927 | |||||||||||||||||||||
Accrued taxes | 443 | 6,668 | — | 8,087 | 19,400 | (5,007 | ) | 29,591 | ||||||||||||||||||||
Accrued salaries, wages and benefits | — | 17,552 | 1,234 | — | — | — | 18,786 | |||||||||||||||||||||
Self-insurance reserves | — | 10,214 | 1,433 | 10,308 | 2,066 | — | 24,021 | |||||||||||||||||||||
Other accrued liabilities | 3,318 | 4,903 | 136 | 5,471 | 4,553 | — | 18,381 | |||||||||||||||||||||
569,234 | 400,275 | 15,747 | 123,435 | 54,196 | (928,168 | ) | 234,719 | |||||||||||||||||||||
Deferred Tax Liability | — | — | 12,425 | — | 87,516 | (18,224 | ) | 81,717 | ||||||||||||||||||||
Derivative Liability | 909 | 5,796 | — | — | — | — | 6,705 | |||||||||||||||||||||
Other Liabilities | — | 1,169 | — | 87 | 9,802 | — | 11,058 | |||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||||||
Term debt | — | 126,525 | — | 592,982 | — | — | 719,507 | |||||||||||||||||||||
Notes | — | — | 446,241 | 491,820 | — | — | 938,061 | |||||||||||||||||||||
— | 126,525 | 446,241 | 1,084,802 | — | — | 1,657,568 | ||||||||||||||||||||||
Equity | 32,416 | 670,110 | 147,319 | 417,665 | 2,547,890 | (3,782,984 | ) | 32,416 | ||||||||||||||||||||
$ | 602,559 | $ | 1,203,875 | $ | 621,732 | $ | 1,625,989 | $ | 2,699,404 | $ | (4,729,376 | ) | $ | 2,024,183 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 85,758 | $ | 80,430 | $ | 1,152 | $ | (1,095 | ) | $ | 166,245 | |||||||||||||
Receivables | — | 1,184 | 15,574 | 26,130 | 831,075 | (836,241 | ) | 37,722 | ||||||||||||||||||||
Inventories | — | — | 1,891 | 22,528 | 5,300 | — | 29,719 | |||||||||||||||||||||
Other current assets | 164 | 28,297 | 3,454 | 9,341 | 1,642 | (29,601 | ) | 13,297 | ||||||||||||||||||||
164 | 29,481 | 106,677 | 138,429 | 839,169 | (866,937 | ) | 246,983 | |||||||||||||||||||||
Property and Equipment, net | — | 835 | 181,673 | — | 1,403,264 | — | 1,585,772 | |||||||||||||||||||||
Investment in Park | 588,684 | 1,045,640 | 238,132 | 1,392,761 | 234,237 | (3,499,454 | ) | — | ||||||||||||||||||||
Goodwill | 674 | — | 63,551 | 8,387 | 111,218 | — | 183,830 | |||||||||||||||||||||
Other Intangibles, net | — | — | 14,177 | — | 23,887 | — | 38,064 | |||||||||||||||||||||
Deferred Tax Asset | — | 20,956 | — | — | — | (20,956 | ) | — | ||||||||||||||||||||
Other Assets | — | — | 40 | 402 | 9,068 | — | 9,510 | |||||||||||||||||||||
$ | 589,522 | $ | 1,096,912 | $ | 604,250 | $ | 1,539,979 | $ | 2,620,843 | $ | (4,387,347 | ) | $ | 2,064,159 | ||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||||||
Accounts payable | $ | 497,558 | $ | 344,410 | $ | 1,379 | $ | 13,572 | $ | 5,038 | $ | (837,336 | ) | $ | 24,621 | |||||||||||||
Deferred revenue | — | — | 6,237 | 59,307 | 20,587 | — | 86,131 | |||||||||||||||||||||
Accrued interest | 27 | 18 | 2,055 | 6,024 | — | — | 8,124 | |||||||||||||||||||||
Accrued taxes | 352 | — | — | 6,176 | 67,048 | (29,601 | ) | 43,975 | ||||||||||||||||||||
Accrued salaries, wages and benefits | — | 17,498 | 1,242 | — | — | — | 18,740 | |||||||||||||||||||||
Self-insurance reserves | — | 10,947 | 1,618 | 10,156 | 2,386 | — | 25,107 | |||||||||||||||||||||
Other accrued liabilities | 3,406 | 5,094 | 157 | 5,649 | 4,490 | — | 18,796 | |||||||||||||||||||||
501,343 | 377,967 | 12,688 | 100,884 | 99,549 | (866,937 | ) | 225,494 | |||||||||||||||||||||
Deferred Tax Liability | — | — | 13,809 | — | 81,945 | (20,956 | ) | 74,798 | ||||||||||||||||||||
Derivative Liability | 5,233 | 3,489 | — | — | — | — | 8,722 | |||||||||||||||||||||
Other Liabilities | — | 873 | — | 120 | 10,691 | — | 11,684 | |||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||||||
Term debt | — | 127,437 | — | 596,351 | — | — | 723,788 | |||||||||||||||||||||
Notes | — | — | 445,156 | 491,571 | — | — | 936,727 | |||||||||||||||||||||
— | 127,437 | 445,156 | 1,087,922 | — | — | 1,660,515 | ||||||||||||||||||||||
Equity | 82,946 | 587,146 | 132,597 | 351,053 | 2,428,658 | (3,499,454 | ) | 82,946 | ||||||||||||||||||||
$ | 589,522 | $ | 1,096,912 | $ | 604,250 | $ | 1,539,979 | $ | 2,620,843 | $ | (4,387,347 | ) | $ | 2,064,159 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
Net revenues | $ | 103,687 | $ | 336,778 | $ | 124,506 | $ | 995,350 | $ | 382,569 | $ | (594,360 | ) | $ | 1,348,530 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 10,841 | 85,698 | 18,194 | — | 114,733 | |||||||||||||||||||||
Operating expenses | — | 328,709 | 47,551 | 759,590 | 42,860 | (594,360 | ) | 584,350 | ||||||||||||||||||||
Selling, general and administrative | 2,301 | 67,582 | 10,586 | 93,734 | 19,130 | — | 193,333 | |||||||||||||||||||||
Depreciation and amortization | — | 33 | 15,273 | — | 140,223 | — | 155,529 | |||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 221 | 2,260 | 7,697 | — | 10,178 | |||||||||||||||||||||
Gain on sale of investment | — | (112 | ) | — | — | — | — | (112 | ) | |||||||||||||||||||
2,301 | 396,212 | 84,472 | 941,282 | 228,104 | (594,360 | ) | 1,058,011 | |||||||||||||||||||||
Operating income (loss) | 101,386 | (59,434 | ) | 40,034 | 54,068 | 154,465 | — | 290,519 | ||||||||||||||||||||
Interest expense, net | 23,339 | 18,331 | 23,988 | 51,643 | (33,129 | ) | — | 84,172 | ||||||||||||||||||||
Net effect of swaps | 1,228 | 6,214 | — | — | — | — | 7,442 | |||||||||||||||||||||
Loss on early debt extinguishment | — | 187 | — | 886 | — | — | 1,073 | |||||||||||||||||||||
Loss on foreign currency | — | 51 | 36,203 | — | — | — | 36,254 | |||||||||||||||||||||
Other (income) expense | 250 | (78,571 | ) | 4,196 | — | 74,307 | — | 182 | ||||||||||||||||||||
(Income) loss from investment in affiliates | (61,484 | ) | (62,244 | ) | (24,329 | ) | — | 2,517 | 145,540 | — | ||||||||||||||||||
Income (loss) before taxes | 138,053 | 56,598 | (24 | ) | 1,539 | 110,770 | (145,540 | ) | 161,396 | |||||||||||||||||||
Provision (benefit) for taxes | 11,400 | (4,886 | ) | 2,494 | 1,539 | 24,196 | — | 34,743 | ||||||||||||||||||||
Net income (loss) | $ | 126,653 | $ | 61,484 | $ | (2,518 | ) | $ | — | $ | 86,574 | $ | (145,540 | ) | $ | 126,653 | ||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 17,240 | — | 17,240 | — | — | (17,240 | ) | 17,240 | ||||||||||||||||||||
Cash flow hedging derivative activity | 8,366 | 2,813 | — | — | — | (2,813 | ) | 8,366 | ||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | 25,606 | 2,813 | 17,240 | — | — | (20,053 | ) | 25,606 | ||||||||||||||||||||
Total comprehensive income | $ | 152,259 | $ | 64,297 | $ | 14,722 | $ | — | $ | 86,574 | $ | (165,593 | ) | $ | 152,259 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
Net revenues | $ | 104,080 | $ | 317,496 | $ | 127,929 | $ | 960,108 | $ | 395,745 | $ | (583,391 | ) | $ | 1,321,967 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 11,483 | 80,942 | 18,386 | — | 110,811 | |||||||||||||||||||||
Operating expenses | — | 313,654 | 44,990 | 738,719 | 44,130 | (583,391 | ) | 558,102 | ||||||||||||||||||||
Selling, general and administrative | 3,007 | 67,872 | 10,497 | 92,527 | 19,867 | — | 193,770 | |||||||||||||||||||||
Depreciation and amortization | — | 33 | 15,654 | — | 137,535 | — | 153,222 | |||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 656 | 3,102 | 8,970 | — | 12,728 | |||||||||||||||||||||
Gain on sale of investment | — | (1,877 | ) | — | — | — | — | (1,877 | ) | |||||||||||||||||||
3,007 | 379,682 | 83,280 | 915,290 | 228,888 | (583,391 | ) | 1,026,756 | |||||||||||||||||||||
Operating income (loss) | 101,073 | (62,186 | ) | 44,649 | 44,818 | 166,857 | — | 295,211 | ||||||||||||||||||||
Interest expense, net | 23,739 | 18,837 | 24,839 | 39,768 | (22,435 | ) | — | 84,748 | ||||||||||||||||||||
Net effect of swaps | (150 | ) | 105 | — | — | — | — | (45 | ) | |||||||||||||||||||
Loss on early debt extinguishment | 11,773 | 8,188 | 205 | 2,955 | — | — | 23,121 | |||||||||||||||||||||
Gain on foreign currency | — | (25 | ) | (29,061 | ) | — | — | — | (29,086 | ) | ||||||||||||||||||
Other (income) expense | 250 | (73,581 | ) | 3,460 | — | 69,756 | — | (115 | ) | |||||||||||||||||||
Income from investment in affiliates | (160,925 | ) | (176,698 | ) | (38,057 | ) | — | (84,398 | ) | 460,078 | — | |||||||||||||||||
Income before taxes | 226,386 | 160,988 | 83,263 | 2,095 | 203,934 | (460,078 | ) | 216,588 | ||||||||||||||||||||
Provision (benefit) for taxes | 10,910 | 60 | (1,134 | ) | 2,095 | (10,819 | ) | — | 1,112 | |||||||||||||||||||
Net income | $ | 215,476 | $ | 160,928 | $ | 84,397 | $ | — | $ | 214,753 | $ | (460,078 | ) | $ | 215,476 | |||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | (14,849 | ) | — | (14,849 | ) | — | — | 14,849 | (14,849 | ) | ||||||||||||||||||
Cash flow hedging derivative activity | 7,975 | 2,422 | — | — | — | (2,422 | ) | 7,975 | ||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | (6,874 | ) | 2,422 | (14,849 | ) | — | — | 12,427 | (6,874 | ) | ||||||||||||||||||
Total comprehensive income | $ | 208,602 | $ | 163,350 | $ | 69,548 | $ | — | $ | 214,753 | $ | (447,651 | ) | $ | 208,602 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
Net revenues | $ | 144,042 | $ | 320,945 | $ | 117,962 | $ | 962,363 | $ | 378,556 | $ | (635,147 | ) | $ | 1,288,721 | |||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 9,868 | 78,984 | 17,756 | — | 106,608 | |||||||||||||||||||||
Operating expenses | — | 303,974 | 42,820 | 777,841 | 49,393 | (635,147 | ) | 538,881 | ||||||||||||||||||||
Selling, general and administrative | 3,029 | 68,422 | 10,151 | 85,170 | 15,058 | — | 181,830 | |||||||||||||||||||||
Depreciation and amortization | — | 35 | 14,816 | — | 117,025 | — | 131,876 | |||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | — | — | 159 | 2,686 | 9,742 | — | 12,587 | |||||||||||||||||||||
3,029 | 372,431 | 77,814 | 944,681 | 208,974 | (635,147 | ) | 971,782 | |||||||||||||||||||||
Operating income (loss) | 141,013 | (51,486 | ) | 40,148 | 17,682 | 169,582 | — | 316,939 | ||||||||||||||||||||
Interest expense, net | 32,643 | 24,114 | 25,403 | 15,695 | (14,169 | ) | — | 83,686 | ||||||||||||||||||||
Net effect of swaps | (473 | ) | (724 | ) | — | — | — | — | (1,197 | ) | ||||||||||||||||||
(Gain) loss on foreign currency | — | — | (14,660 | ) | 4 | — | — | (14,656 | ) | |||||||||||||||||||
Other (income) expense | 250 | (83,657 | ) | 3,925 | — | 79,482 | — | — | ||||||||||||||||||||
Income from investment in affiliates | (80,295 | ) | (73,132 | ) | (20,545 | ) | — | (27,628 | ) | 201,600 | — | |||||||||||||||||
Income before taxes | 188,888 | 81,913 | 46,025 | 1,983 | 131,897 | (201,600 | ) | 249,106 | ||||||||||||||||||||
Provision for taxes | 11,200 | 1,621 | 18,396 | 1,983 | 38,218 | — | 71,418 | |||||||||||||||||||||
Net income | $ | 177,688 | $ | 80,292 | $ | 27,629 | $ | — | $ | 93,679 | $ | (201,600 | ) | $ | 177,688 | |||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | (3,700 | ) | — | (3,700 | ) | — | — | 3,700 | (3,700 | ) | ||||||||||||||||||
Cash flow hedging derivative activity | 3,350 | 1,060 | — | — | — | (1,060 | ) | 3,350 | ||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | (350 | ) | 1,060 | (3,700 | ) | — | — | 2,640 | (350 | ) | ||||||||||||||||||
Total comprehensive income | $ | 177,338 | $ | 81,352 | $ | 23,929 | $ | — | $ | 93,679 | $ | (198,960 | ) | $ | 177,338 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
NET CASH FROM OPERATING ACTIVITIES | $ | 136,471 | $ | 11,057 | $ | 12,901 | $ | 78,559 | $ | 112,497 | $ | (745 | ) | $ | 350,740 | |||||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | — | — | — | (67,861 | ) | 67,861 | — | ||||||||||||||||||||
Purchase of identifiable intangible assets | — | — | — | (8 | ) | (33 | ) | — | (41 | ) | ||||||||||||||||||
Sale of preferred equity investment | — | 112 | — | — | — | — | 112 | |||||||||||||||||||||
Capital expenditures | — | — | (19,976 | ) | (126,096 | ) | (43,703 | ) | — | (189,775 | ) | |||||||||||||||||
Net cash from (for) investing activities | — | 112 | (19,976 | ) | (126,104 | ) | (111,597 | ) | 67,861 | (189,704 | ) | |||||||||||||||||
CASH FLOWS FOR FINANCING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany payables (payments) receipts | 67,876 | (15 | ) | — | — | — | (67,861 | ) | — | |||||||||||||||||||
Distributions paid to partners | (204,347 | ) | — | — | — | — | 1,148 | (203,199 | ) | |||||||||||||||||||
Payment of debt issuance costs and original issue discount | — | (321 | ) | — | (2,222 | ) | — | — | (2,543 | ) | ||||||||||||||||||
Exercise of limited partnership unit options | — | 125 | — | — | — | — | 125 | |||||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | (2,530 | ) | — | — | — | — | (2,530 | ) | |||||||||||||||||||
Payments related to tax withholding for equity compensation | — | (8,428 | ) | — | — | — | — | (8,428 | ) | |||||||||||||||||||
Net cash for financing activities | (136,471 | ) | (11,169 | ) | — | (2,222 | ) | — | (66,713 | ) | (216,575 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (5,357 | ) | — | — | — | (5,357 | ) | |||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||||||
Net increase (decrease) for the year | — | — | (12,432 | ) | (49,767 | ) | 900 | 403 | (60,896 | ) | ||||||||||||||||||
Balance, beginning of year | — | — | 85,758 | 80,430 | 1,152 | (1,095 | ) | 166,245 | ||||||||||||||||||||
Balance, end of year | $ | — | $ | — | $ | 73,326 | $ | 30,663 | $ | 2,052 | $ | (692 | ) | $ | 105,349 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 93,378 | $ | (10,710 | ) | $ | 40,569 | $ | 48,979 | $ | 160,801 | $ | (1,838 | ) | $ | 331,179 | ||||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | — | — | — | (278,051 | ) | 278,051 | — | ||||||||||||||||||||
Proceeds from returns on investments | 338,000 | 15,500 | — | — | 146,500 | (500,000 | ) | — | ||||||||||||||||||||
Purchase of identifiable intangible assets | — | — | — | (66 | ) | — | — | (66 | ) | |||||||||||||||||||
Proceeds from sale of preferred equity investment | — | 3,281 | — | — | — | — | 3,281 | |||||||||||||||||||||
Capital expenditures | — | (25 | ) | (10,160 | ) | (149,448 | ) | (28,451 | ) | — | (188,084 | ) | ||||||||||||||||
Net cash from (for) investing activities | 338,000 | 18,756 | (10,160 | ) | (149,514 | ) | (160,002 | ) | (221,949 | ) | (184,869 | ) | ||||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany payables (payments) receipts | 69,160 | 208,891 | — | — | — | (278,051 | ) | — | ||||||||||||||||||||
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 | (196,524 | ) | — | — | — | — | 1,768 | (194,756 | ) | |||||||||||||||||||
Payment of debt issuance costs | — | (1,326 | ) | — | (18,483 | ) | — | — | (19,809 | ) | ||||||||||||||||||
Exercise of limited partnership unit options | — | 65 | — | — | — | — | 65 | |||||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | (4,440 | ) | — | — | — | — | (4,440 | ) | |||||||||||||||||||
Payments related to tax withholding for equity compensation | — | (4,173 | ) | — | — | — | — | (4,173 | ) | |||||||||||||||||||
Net cash from (for) financing activities | (431,378 | ) | (8,046 | ) | (13,854 | ) | 123,140 | — | 223,717 | (106,421 | ) | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 3,640 | — | — | — | 3,640 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||||||
Net increase for the year | — | — | 20,195 | 22,605 | 799 | (70 | ) | 43,529 | ||||||||||||||||||||
Balance, beginning of year | — | — | 65,563 | 57,825 | 353 | (1,025 | ) | 122,716 | ||||||||||||||||||||
Balance, end of year | $ | — | $ | — | $ | 85,758 | $ | 80,430 | $ | 1,152 | $ | (1,095 | ) | $ | 166,245 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 118,833 | $ | (28,315 | ) | $ | 33,918 | $ | 189,534 | $ | 47,728 | $ | (3,351 | ) | $ | 358,347 | ||||||||||||
CASH FLOWS FOR INVESTING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | — | — | — | (24,562 | ) | 24,562 | — | ||||||||||||||||||||
Purchase of identifiable intangible assets | — | — | (29 | ) | (74 | ) | (474 | ) | — | (577 | ) | |||||||||||||||||
Capital expenditures | — | — | (7,863 | ) | (129,815 | ) | (22,978 | ) | — | (160,656 | ) | |||||||||||||||||
Net cash for investing activities | — | — | (7,892 | ) | (129,889 | ) | (48,014 | ) | 24,562 | (161,233 | ) | |||||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany payables (payments) receipts | (6,332 | ) | 30,894 | — | — | — | (24,562 | ) | — | |||||||||||||||||||
Term debt payments | — | (1,237 | ) | (138 | ) | (4,625 | ) | — | — | (6,000 | ) | |||||||||||||||||
Distributions paid to partners | (189,508 | ) | — | — | — | — | 2,326 | (187,182 | ) | |||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | (422 | ) | — | — | — | — | (422 | ) | |||||||||||||||||||
Payments related to tax withholding for equity compensation | — | (920 | ) | — | — | — | — | (920 | ) | |||||||||||||||||||
Net cash from (for) financing activities | (195,840 | ) | 28,315 | (138 | ) | (4,625 | ) | — | (22,236 | ) | (194,524 | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 569 | — | — | — | 569 | |||||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||||||
Net increase (decrease) for the year | (77,007 | ) | — | 26,457 | 55,020 | (286 | ) | (1,025 | ) | 3,159 | ||||||||||||||||||
Balance, beginning of year | 77,007 | — | 39,106 | 2,805 | 639 | — | 119,557 | |||||||||||||||||||||
Balance, end of year | $ | — | $ | — | $ | 65,563 | $ | 57,825 | $ | 353 | $ | (1,025 | ) | $ | 122,716 |
Plan Category | Number of units to be issued upon exercise of outstanding options, warrants and rights (a) (1) | Weighted-average exercise price of outstanding options, warrants and rights (b) (2) | 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 | 1,134,773 | $ | 34.51 | 2,461,732 | ||||||
Equity compensation plans not approved by unitholders | — | — | — | |||||||
Total | 1,134,773 | $ | 34.51 | 2,461,732 |
(1) | The units in column (a) include performance awards and deferred unit awards at the maximum number of units issuable, as well as unit options outstanding. |
(2) | The weighted average price in column (b) represents the weighted average price of 368,091 unit options outstanding. Performance awards and deferred unit awards are excluded from column (b). |
Page | ||
(i) | Report of Independent Registered Public Accounting Firm | |
(ii) | Consolidated Balance Sheets - December 31, 2018 and 2017 | |
(iii) | Consolidated Statements of Operations and Comprehensive Income - Years ended December 31, 2018, 2017, and 2016 | |
(iv) | Consolidated Statements of Cash Flows - Years ended December 31, 2018, 2017, and 2016 | |
(v) | Consolidated Statements of Partners' Equity - Years ended December 31, 2018, 2017, and 2016 | |
(vi) | Notes to Consolidated Financial Statements - December 31, 2018, 2017, and 2016 |
Exhibit Number | Description | |
Exhibit Number | Description | |
101 | The following materials from the Partnership's Annual Report on Form 10-K for the year ended December 31, 2018 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/ Richard A. Zimmerman |
Richard A. Zimmerman |
President and Chief Executive Officer |
Signature | Title | Date | ||
/S/ | Richard A. Zimmerman | President and Chief Executive Officer | February 22, 2019 | |
Richard A. Zimmerman | ||||
/S/ | Brian C. Witherow | Executive Vice President and Chief Financial Officer | February 22, 2019 | |
Brian C. Witherow | (Principal Financial Officer) | |||
/S/ | David R. Hoffman | Senior Vice President and Chief Accounting Officer | February 22, 2019 | |
David R. Hoffman | (Principal Accounting Officer) | |||
/S/ | Matthew A. Ouimet | Executive Chairman | February 22, 2019 | |
Matthew A. Ouimet | Director | |||
/S/ | Debra Smithart-Oglesby | Lead Independent Director | February 22, 2019 | |
Debra Smithart-Oglesby | ||||
/S/ | Eric L. Affeldt | Director | February 22, 2019 | |
Eric L. Affeldt | ||||
/S/ | Gina D. France | Director | February 22, 2019 | |
Gina D. France | ||||
/S/ | Daniel J. Hanrahan | Director | February 22, 2019 | |
Daniel J. Hanrahan | ||||
/S/ | Tom Klein | Director | February 22, 2019 | |
Tom Klein | ||||
/S/ | D. Scott Olivet | Director | February 22, 2019 | |
D. Scott Olivet | ||||
/S/ | John M. Scott III | Director | February 22, 2019 | |
John M. Scott III | ||||
/S/ | Lauri M. Shanahan | Director | February 22, 2019 | |
Lauri M. Shanahan |
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 |
Knott's Berry Farm LLC | Delaware |
Carowinds LLC | Delaware |
Kings Dominion LLC | Delaware |
Michigan's Adventure Park LLC | Delaware |
Kings Island Park LLC | Delaware |
Geauga Lake LLC | Delaware |
California's Great America 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 22, 2019 | /s/ Richard A. Zimmerman | |
Richard A. Zimmerman | |||
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 22, 2019 | /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/ Richard A. Zimmerman | |
Richard A. Zimmerman | |
President and Chief Executive Officer | |
/s/ Brian C. Witherow | |
Brian C. Witherow | |
Executive Vice President and Chief Financial Officer |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Feb. 01, 2019 |
Jun. 22, 2018 |
|
Document Entity and Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
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 | 56,566,681 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,540,385,307 |
Consolidated Balance Sheets (Parenthetical) - shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Limited Partners' capital account, units outstanding (in shares) | 56,563,933 | 56,358,792 |
Consolidated Statements of Partners' Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Partnership distribution declared, per unit (in dollars per share) | $ 3.595 | $ 3.455 | $ 3.33 |
Cumulative Foreign Currency Translation Adjustment [Member] | |||
Foreign currency translation adjustment, tax | $ 3,862 | $ (4,330) | $ 2,127 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Unrealized loss on cash flow hedging derivatives, tax | $ (1,094) | $ (1,484) | $ (650) |
Partnership Organization |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
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. As of December 31, 2018, there were 56,563,933 outstanding limited partnership units listed on The New York Stock Exchange, net of 498,050 units held in treasury. As of December 31, 2017, there were 56,358,792 outstanding limited partnership units listed, net of 703,191 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 Amended 2017 Credit Agreement and prior credit agreements, the General Partner paid $3.595 per limited partner unit in distributions, or approximately $203.2 million in aggregate, in 2018. |
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 U.S. dollar is the reporting currency for the Partnership and the functional currency for the majority of the Partnership's operations. 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 the appropriate spot rates as of the balance sheet date, while income and expenses are translated at average monthly exchange rates. Translation gains and losses are included as components of accumulated other comprehensive income in partners' equity. Gains or losses from remeasuring foreign currency transactions from the transaction currency to functional currency are included in income. Foreign currency (gains) losses for the periods presented were as follows:
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 on 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, in-park per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within a 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, the 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 $154.9 million in 2018, $152.5 million in 2017, and $131.2 million in 2016. 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. 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 performed its annual goodwill impairment test as of the first days of the fourth quarter for 2018 and 2017, respectively, and concluded there was no impairment of the carrying value of goodwill in either period. 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 fair value of a reporting unit is established using a combination of an income (discounted cash flow) approach 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 an impairment is identified, an impairment charge is recognized for the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. 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 reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. 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. The Partnership performed its annual impairment test as of the first days of the fourth quarter for 2018 and 2017, respectively, and concluded there was no impairment of the carrying value of these assets in either period. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from three to twenty years. Self-Insurance Reserves Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period. 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 self-insurance reserves are periodically reviewed for changes in facts and circumstances, and adjustments are made as necessary. As of December 31, 2018 and December 31, 2017, the accrued self-insurance reserves totaled $24.0 million and $25.1 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. As of December 31, 2018, the Partnership had no derivatives designated as cash flow hedges. Instruments that do not qualify for hedge accounting or were de-designated are prospectively adjusted to fair value each reporting period through "Net effect of swaps". Revenue Recognition and related receivables and contract liabilities The Partnership adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") effective January 1, 2018 using the modified retrospective method. The adoption of the standard did not have a material effect on the consolidated financial statements. The Partnership's accounting policy as a result of adopting ASU 2014-09 is discussed below: As disclosed within the consolidated statements of operations and comprehensive income, revenues are generated from sales of (1) admission to the Partnership's amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. Admission revenues include amounts paid to gain admission into the Partnership's parks, including parking fees. Revenues related to extra-charge products, including premium benefit offerings such as front-of-line products, and online transaction fees charged to customers are included in "Accommodations, extra-charge products and other". The following table presents the Partnership's revenues disaggregated by revenues generated within the parks and revenues generated from out-of-park operations less amounts remitted to outside parties under concessionaire arrangements, described below, for the periods presented:
Due to the Partnership's highly seasonal operations, a substantial portion of the Partnership's revenues are generated during an approximate 130- to 140-day operating season. Most revenues are recognized on a daily basis based on actual guest spend at the properties. Revenues from multi-use products, including season-long products for admission, dining, beverage and other products, are recognized over the estimated number of uses expected for each type of product. The estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season. The number of uses is estimated based on historical usage adjusted for current period trends. For any bundled products that include multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and any inherent discounts are allocated based on the gross margin and expected redemption of each performance obligation. The Partnership does not typically provide for refunds or returns. In some instances, the Partnership arranges with outside parties ("concessionaires") to provide goods to guests, typically food and merchandise, and the Partnership acts as an agent, resulting in net revenue recorded within the income statement. Concessionaire arrangement revenues are recognized over the operating season and are variable. Sponsorship revenues and marina revenues, which are classified as "Accommodations, extra-charge products and other" within the income statement, are recognized over the park operating season which represents the period in which the performance obligations are satisfied. Sponsorship revenues are typically fixed. However, some sponsorship revenues are variable based on achievement of specified operating metrics. The Partnership estimates variable revenues and performs a constraint analysis using both historical information and current trends to determine the amount of revenue that is not probable of a significant reversal. Many products, including season-long products, are sold to customers in advance, resulting in a contract liability ("deferred revenue"). Deferred revenue is at its highest immediately prior to the peak summer season, and at its lowest in the fall after the peak summer season and at the beginning of the selling season for the next year's products. Season-long products represent the majority of the deferred revenue balance in any given period. Of the $86.1 million of deferred revenue recorded as of January 1, 2018, 88% was related to season-long products. The remainder was related to deferred online transaction fees charged to customers, advanced ticket sales, marina deposits, advanced resort reservations, and other deferred revenue. Deferred revenue outstanding as of January 1, 2018 was recognized by December 31, 2018 with the exception of an immaterial amount of deferred revenue for prepaid products such as gift cards and prepaid games cards. The difference in the opening and closing balances of the Partnership's deferred revenue balance in the current period was attributable to additional season-long product sales during the current year for the 2019 operating season. Payment is due immediately on the transaction date for most products. The Partnership's receivable balance includes outstanding amounts on installment purchase plans which are offered for season-long products (and other select products for specific time periods), and includes sales to retailers, group sales and catering activities which are billed. Installment purchase plans vary in length from three monthly installments to twelve monthly installments. Payment terms for billings are typically net 30 days. Receivables are highest in the peak summer months and the lowest in the winter months. The Partnership is not exposed to a significant concentration of customer credit risk. As of December 31, 2018 and December 31, 2017, the Partnership recorded a $2.6 million and $2.2 million allowance for doubtful accounts, respectively, representing estimated defaults on installment purchase plans. The default estimate is calculated using the historical default rate adjusted for current period trends. The allowance for doubtful accounts is recorded as a reduction of deferred revenue to the extent revenue has not been recognized on the corresponding season-long products. Most deferred revenue from contracts with customers is classified as current within the balance sheet. However, a portion of deferred revenue from contracts with customers is classified as non-current during the third quarter related to season-long products sold in the current season for use in the subsequent season. Season-long products are sold beginning in August of the year preceding the operating season. Season-long products may be recognized 12 to 16 months after purchase depending on the date of sale. The Partnership estimates the number of uses expected outside of the next twelve months for each type of product and classifies the related deferred revenue as non-current. With the exception of the non-current deferred revenue described above, the Partnership's contracts with customers have an original duration of one year or less. For these short-term contracts, the Partnership uses the practical expedient, a relief provided in the accounting standard to simplify compliance, applicable to such contracts and has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. Further, the Partnership has elected to recognize incremental costs of obtaining a contract as an expense when incurred as the amortization period of the asset would be less than one year. Lastly, the Partnership has elected not to adjust consideration for the effects of significant financing components in the form of installment purchase plans as the period between when the entity transfers the promised service to the customer and when the customer pays for that service does not exceed one year. Advertising Costs Production costs of commercials and programming are expensed in the year first aired. All other costs associated with advertising, promotion and marketing programs are expensed as incurred, or for certain costs, over each park's operating season. Advertising expense totaled $65.5 million in 2018, $63.9 million in 2017 and $60.8 million in 2016. Certain prepaid costs incurred through year-end for the following year's advertising programs are included in Other current assets. Equity-Based Compensation The Partnership accounts for equity-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 recognizes forfeitures as they occur. 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 law is recognized in income at the time of enactment of such change in tax law. 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 to the Consolidated Financial Statements). 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 in calculating the basic and diluted earnings per limited partner unit for the years ended December 31, 2018, 2017 and 2016 are as follows:
The effect of out-of-the-money and/or antidilutive unit options, had they not been out of the money or antidilutive, would have been immaterial in all periods presented. New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"). The ASU requires the recognition of lease assets and lease liabilities within the balance sheet by lessees for operating leases, as well as requires additional disclosures in the consolidated financial statements regarding the amount, timing, and uncertainty of cash flows arising from leases. The ASU does not significantly change the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee, nor does the ASU change the accounting applied by a lessor. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018. The ASU can be adopted using either the modified retrospective approach, which requires application of the new standard at the beginning of the earliest comparative period presented, or the comparative reporting approach allowable under ASU 2018-11, which requires application of the new standard at the adoption date. The Partnership adopted this standard in the first quarter of 2019 using the comparative reporting approach. The Partnership elected not to reassess: whether any expired or existing contracts are or contain leases; the lease classification of any expired or existing leases; and the initial direct costs for any existing leases. The adoption of the standard is expected to result in the recognition of right-of-use assets and corresponding lease liabilities between $65.0 million and $75.0 million for the Partnership's Santa Clara land lease, as well as other operating leases. Other Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Comprehensive Income ("ASU 2018-02"). The ASU allows a reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for fiscal years after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, and the amendments can be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Partnership elected to adopt ASU 2018-02 in the first quarter of 2018. The amendment was applied in the period of adoption and resulted in a $0.4 million reclassification from accumulated other comprehensive income to limited partners' equity during the first quarter ended March 25, 2018. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ("ASU 2018-15"). The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The capitalized implementation costs of a hosting arrangement that is a service contract will be expensed over the term of the hosting arrangement. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The amendments can be applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. The Partnership adopted this standard in the third quarter of 2018 using the prospective method. The Partnership anticipates the standard to lengthen the timing of expense recognition associated with upcoming cloud-based projects. |
Long-Lived Assets |
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Dec. 31, 2018 | |
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 the Partnership's 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 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 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. During the third quarter of 2016, the Partnership ceased operations of one of its separately gated outdoor water parks, Wildwater Kingdom, located near Cleveland in Aurora, Ohio. At the date that Wildwater Kingdom ceased operations, the only remaining long-lived asset was the approximate 670 acres of land owned by the Partnership. This land had an associated carrying value of $17.1 million. The Partnership assessed the remaining asset and concluded there was no impairment during the third quarter of 2016. In the fourth quarter of 2017, the Partnership recorded a $7.6 million impairment charge based on recent information from ongoing marketing activities. The amount was recorded in "Loss on impairment / retirement of fixed assets, net" in the consolidated statement of operations and comprehensive income. The remaining Wildwater Kingdom acreage, reduced by acreage sold, is recorded within "Other Assets" in the consolidated balance sheet ($9.0 million as of December 31, 2018 and 2017). |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. The Partnership performed its annual impairment test as of the first days of the fourth quarter in 2018 and 2017, respectively, and concluded there was no impairment of the carrying value of goodwill or other indefinite-lived intangible assets in either period. A summary of changes in the Partnership's carrying value of goodwill for the years ended December 31, 2018 and December 31, 2017 is as follows:
As of December 31, 2018 and December 31, 2017, the Partnership's other intangible assets consisted of the following:
Amortization expense of other intangible assets for 2018, 2017 and 2016 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 as of December 31, 2018 and December 31, 2017 consisted of the following:
In April 2017, the Partnership issued $500 million of 5.375% senior unsecured notes ("April 2017 notes"), maturing in 2027. The net proceeds from the offering of the April 2017 notes, together with borrowings under the 2017 Credit Agreement (defined below), were used to redeem all of the Partnership's 5.25% senior unsecured notes due 2021 ("March 2013 notes"), and pay accrued interest and transaction fees and expenses, to repay in full all amounts outstanding under its existing credit facilities and for general corporate purposes. The redemption of the March 2013 notes and repayments of the amounts outstanding under the existing credit facilities resulted in the write-off of debt issuance costs of $7.7 million and debt premium payments of $15.5 million. Accordingly, the Partnership recorded a loss on debt extinguishment of $23.1 million during the year ended December 31, 2017. Concurrently with the April 2017 notes issuance, the Partnership amended and restated its existing $885 million credit agreement (the "2013 Credit Agreement"), which included a $630 million senior secured term loan facility and a $255 million senior secured revolving credit facility. The $1,025 million amended and restated credit agreement (the "2017 Credit Agreement") includes a $750 million senior secured term loan facility and a $275 million senior secured revolving credit facility. The 2017 Credit Agreement was amended on March 14, 2018 (subsequently referred to as the "Amended 2017 Credit Agreement"). Specifically, the interest rate for the senior secured term loan facility was amended to London InterBank Offered Rate ("LIBOR") plus 175 basis points (bps). The pricing terms for the amendment reflected $0.9 million of Original Issue Discount ("OID") and resulted in the write-off of debt issuance costs of $1.1 million which was recorded as a loss on early debt extinguishment during the first quarter of 2018. The senior secured term loan facility matures April 15, 2024. The facilities provided under the Amended 2017 Credit Agreement are collateralized by substantially all of the assets of the Partnership. Revolving Credit Loans The senior secured revolving credit facility under the Amended 2017 Credit Agreement has a combined limit of $275 million with a Canadian sub-limit of $15 million. Borrowings under the revolving credit facility bear interest at LIBOR or Canadian Dollar Offered Rate ("CDOR") plus 200 bps. The revolving credit facility is scheduled to mature in April 2022 and also provides for the issuance of documentary and standby letters of credit. As of December 31, 2018, no borrowings under the revolving credit facility were outstanding and standby letters of credit totaled $15.4 million. After letters of credit, the Partnership had $259.6 million of available borrowings under its revolving credit facility as of December 31, 2018. The maximum outstanding revolving credit facility balance during 2018 was $60 million. The Amended 2017 Credit Agreement requires the payment of a 37.5 bps commitment fee per annum on the unused portion of the credit facilities. Term Debt The $750 million senior secured term loan facility under the Amended 2017 Credit Agreement has a maturity date of April 15, 2024 and an interest rate of LIBOR plus 175 bps. The term loan amortizes at $7.5 million annually. The minimum maturities of term debt under the Amended 2017 Credit Agreement are as follows:
As of December 31, 2018, there were $5.6 million of current maturities outstanding. The Partnership may prepay some or all of its term debt without premium or penalty at any time. Notes The April 2017 notes pay interest semi-annually in April and October, with the principal due in full on April 15, 2027. Prior to April 15, 2020, 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% of the principal amount thereof, together with accrued and unpaid interest and additional interest, if any. The notes may be redeemed, in whole or in part, at any time prior to April 15, 2022 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 and additional 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. Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), Magnum Management Corporation ("Magnum"), and Millennium Operations LLC ("Millennium") are the co-issuers of the April 2017 notes and co-borrowers of the senior secured credit facilities. 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, Magnum and Millennium). There are no non-guarantor subsidiaries. In June 2014, the Partnership issued $450 million of 5.375% senior unsecured notes ("June 2014 notes"). The June 2014 notes 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. Cedar Fair, L.P., Canada’s Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the June 2014 notes. The June 2014 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). There are no non-guarantor subsidiaries. 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 Amended 2017 Credit Agreement includes a Consolidated Leverage Ratio, which if breached for any reason and not cured could result in an event of default. The ratio is set at a maximum of 5.50x Consolidated Total Debt-to-Consolidated EBITDA. As of December 31, 2018, the Partnership was in compliance with this financial condition covenant and all other financial covenants under the Amended 2017 Credit Agreement. The Partnership's long-term debt agreements include Restricted Payment provisions. Pursuant to the terms of the indenture governing the Partnership's June 2014 notes, which includes the most restrictive of these Restricted Payments provisions, the Partnership can make Restricted Payments of $60 million annually so long as no default or event of default has occurred and is continuing, and the Partnership can make additional Restricted Payments if the Partnership's 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 exposure to LIBOR rate changes, the Partnership is exposed to counterparty credit risk, in particular 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. During the first quarter of 2016, the Partnership amended its four interest rate swap agreements to extend each of the maturities to December 31, 2020 and convert $500 million of variable-rate debt to a rate of 4.39%. During the second quarter of 2018, the Partnership entered into four additional interest rate swap agreements that convert the same notional amount to a rate of 4.63% for the period December 31, 2020 through December 31, 2023. None of the interest rate swap agreements are designated as hedging instruments. The fair market value of the Partnership's swap portfolio was recorded on the consolidated balance sheets within "Derivative Liability" as of December 31, 2018 and December 31, 2017 as follows:
Instruments that do not qualify for hedge accounting or were de-designated are prospectively adjusted to fair value each reporting period through "Net effect of swaps" within the consolidated statements of operations and comprehensive income. The amounts that were previously recorded as a component of AOCI prior to de-designation are reclassified to earnings, and a corresponding realized gain or loss is recognized when the forecasted cash flow occurs. As a result of the first quarter 2016 amendments, the previously existing interest rate swap agreements were de-designated, and the amounts previously recorded in AOCI were amortized into earnings through the original December 31, 2018 maturity. Therefore, all losses in AOCI related to the effective cash flow hedge contracts prior to de-designation have been reclassified to earnings as of December 31, 2018. The (gains) losses recognized in income on derivatives not designated as cash flow hedges were recorded in "Net effect of swaps" within the income statement for the periods presented as follows:
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Partners' Equity and Equity-Based Compensation |
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Partners' Capital Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Equity and Equity-Based Compensation | Partners' Equity and Equity-Based Compensation: 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 2016 Omnibus Incentive Plan was approved by the Partnership's unitholders in June 2016 and allows the awarding of up to 2.8 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 2016 Omnibus Incentive Plan superseded the 2008 Omnibus Incentive Plan which was approved by the Partnership's unitholders in May 2008 and allowed the awarding of up to 2.5 million unit options and other forms of equity. Outstanding awards under the 2008 Omnibus Incentive Plan continue to be in effect and are governed by the terms of that plan. The 2016 Omnibus Incentive Plan provides an opportunity for officers, directors, and eligible persons to acquire an interest in the growth and performance of the Partnership's units and provides employees annual and long-term incentive awards as determined by the Board of Directors. Under the 2016 Omnibus Incentive 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 unrestricted unit awards. The awards granted by the Compensation Committee fall into two categories, Awards Payable in Cash or Equity, and Awards Payable in Equity. The impact of these awards is more fully described below. Equity-based compensation expense recognized in the consolidated statements of operations and comprehensive income within "Selling, General and Administrative Expense" for the applicable periods was as follows:
Awards Payable in Cash or Equity Performance Units During the year ended December 31, 2018, no performance units payable in cash or equity 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 settled with cash, limited partnership units, or a combination of both as determined by the Compensation Committee, after the end of the performance period. Certain of these types of performance units were awarded in prior years. The effect of these outstanding performance unit awards for which the performance condition had been met has been included in the diluted earnings per unit calculation, as a portion of the awards were paid in limited partnership units. The effect of these outstanding performance unit awards for which the performance condition had not been met has been excluded from the diluted earnings per unit calculation. The Partnership had settled all outstanding performance unit awards payable in cash or equity in 2017. Deferred Units
(1) Includes 3 distribution-equivalent units Deferred unit awards vest over a one-year period and the settlement of these units is deferred until the individual's service to the Partnership ends. The deferred units begin to accumulate distribution-equivalents upon vesting and are 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. As of December 31, 2018, the market value of the deferred units was $2.6 million, was classified as current and was recorded within "Other accrued liabilities" within the consolidated balance sheet. As of December 31, 2018, there was no unamortized expense related to unvested deferred unit awards as all units were fully vested. Awards Payable in Equity Performance Units
(1) Includes 18 forfeitable distribution-equivalent units The number of performance units issuable under these awards are contingently based upon certain performance targets over a three-year vesting period. The annual performance awards and the related forfeitable distribution-equivalent units, generally are paid out in the first quarter following the performance period in limited partnership units. 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 number of units vested in 2018 include 62,117 retention grant units. Vesting of the retention grant unit award followed a three-year performance period. Half of the retention grant unit award vested in December 2017 and the remaining half of the award vested in December 2018. The forfeitable distribution equivalents for the retention grant units are payable in cash at the same time. As of December 31, 2018, $1.0 million of forfeitable distribution equivalents were accrued prior to payment in early January 2019, classified as current and recorded within "Other accrued liabilities" within the consolidated balance sheet. As of December 31, 2018, unamortized compensation expense related to these unvested performance unit awards was $9.6 million, which is expected to be amortized over a weighted average period of 2.3 years. The fair value of the performance units is based on the unit price the day before the date of grant along with reinvested forfeitable distribution-equivalent units. The Partnership assesses the probability of the performance targets being met and may reverse prior period expense or recognize additional expense accordingly. Restricted Units
The majority of the restricted units vest over a three-year period, and the restrictions on these units lapse upon vesting. In addition, of the unvested restricted units at December 31, 2018, 32,154 units vest following a two-year cliff vesting period and 85,645 units vest following a three-year cliff vesting period. During the vesting period for restricted unit awards, the units accumulate forfeitable distribution-equivalents, which, when the units are fully vested, are payable in cash. As of December 31, 2018, the amount of forfeitable distribution equivalents accrued totaled $1.4 million; $0.5 million of which was classified as current and recorded within "Other accrued liabilities" within the consolidated balance sheet and $0.9 million of which was classified as non-current and recorded within "Other Liabilities". As of December 31, 2018, unamortized compensation expense, determined as the market value of the units on the day before the date of grant, related to unvested restricted unit awards was $10.9 million, which is expected to be amortized over a weighted average period of 2.1 years. 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 over a three-year period and have a maximum term of ten years. As of December 31, 2018, the Partnership had 368,091 fixed-price unit options outstanding under the 2008 Omnibus Incentive Plan. No options have been granted under the 2016 Omnibus Incentive Plan. The range of exercise prices of unit options outstanding was $29.53 to $36.95 as of December 31, 2018. The total intrinsic value of unit options exercised during the years ended December 31, 2018, 2017 and 2016 were $0.2 million, $0.7 million, and $2.8 million, respectively. 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 2019 based on estimates of unit option exercises for that period. |
Retirement Plans |
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Retirement Benefits [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 $4.2 million, $4.0 million and $4.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. 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 $2.6 million, $2.6 million and $2.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. In addition, approximately 240 employees are covered by union-sponsored, multi-employer pension plans for which approximately $1.8 million, $1.8 million and $1.7 million were contributed for the years ended December 31, 2018, 2017 and 2016, 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 that 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 2018 tax provision totaled $34.7 million, which consisted of an $11.6 million provision for the PTP tax and a $23.1 million provision for income taxes. This compares with the Partnership's 2017 tax provision of $1.1 million, which consisted of an $11.1 million provision for the PTP tax and a $10.0 million benefit for income taxes, and the 2016 tax provision of $71.4 million, which consisted of an $11.4 million provision for the PTP tax and a $60.0 million provision for income taxes. The calculation of the tax provision involves significant estimates and assumptions and actual results could differ from those estimates. Significant components of income before taxes for the years ended December 31, 2018, 2017 and 2016 were as follows:
The provision (benefit) for income taxes was comprised of the following for the years ended December 31, 2018, 2017 and 2016:
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 21% to the Partnership's income before taxes in 2018 (35% in 2017 and 2016). The sources and tax effects of the differences were 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, 2018 and December 31, 2017 were 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. The need for this allowance is 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. As of December 31, 2018, the Partnership had recorded a $6.4 million valuation allowance related to an $8.8 million deferred tax asset for foreign tax credit carryforwards. During the fourth quarter of 2018, the Partnership recognized a $2.3 million increase in the valuation allowance based on management's updated projection of future foreign tax credit utilization. The valuation allowance had previously been reduced by $0.1 million for the year ended December 31, 2017. Tax law changes resulted in a tax benefit of $8.7 million in 2018, a tax benefit of $54.2 million in 2017 and a tax provision of $7.4 million in 2016. First, during October 2017, the U.S. Department of Treasury extended the implementation date of the final regulations impacting the recognition of foreign currency gains and losses for the purpose of calculating U.S. taxable income. The regulations change the taxability of future recognized foreign currency gains and losses upon repatriation from a foreign subsidiary. Accordingly, during 2018, 2017 and 2016, the Partnership, using the Fresh Start Transition Method provided in the regulations, recomputed and recorded the future reported tax consequences of the change in tax law. The Partnership recognized an increase in provision for taxes and a reduction of deferred tax assets related to these changes of $1.2 million for the year ended December 31, 2018, $1.1 million for the year ended December 31, 2017 and $7.4 million for the year ended December 31, 2016. Second, on December 22, 2017, the Tax Cuts and Jobs Act (the "Act"), was signed into law. The Act included numerous tax law changes, including a reduction in the federal corporate income tax rate from 35% to 21%. Since the Partnership's corporate subsidiaries have a March tax year end, the applicable tax rate for the tax year ended March 25, 2018 was a 31.8% blended rate that was based on the applicable statutory rates and the number of days in each period within the taxable year before and after the effective date of the change in tax rate. For tax years following March 2018, the applicable tax rate will be 21%. As a result of the reduction in the federal corporate income tax rate, the Partnership recognized an $8.6 million and $6.1 million current income tax benefit for the years ended December 31, 2018 and December 31, 2017, respectively. The $8.6 million current income tax benefit for 2018 was attributable to the higher blended rate applied to net losses in the first quarter of 2018. The change in tax rates also required the remeasurement of deferred tax balances that are expected to be realized following enactment using the applicable tax rates. As a result of the remeasurement of the net deferred tax liability, the Partnership realized a provisional $49.2 million deferred tax benefit for the year ended December 31, 2017. An additional $1.3 million deferred tax benefit was realized for the year ended December 31, 2018 reflecting the adjustment from our 2017 provisional amount under SAB 118 to the final impact of the Act recorded in the fourth quarter of 2018. As of December 31, 2018, the Partnership had $2.3 million of tax attribute carryforwards consisting entirely of the tax effect of state net operating loss carryforwards. Unused state net operating loss carryforwards will expire from 2019 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 Partnership has recorded a deferred tax liability of $0.5 million as of December 31, 2018 to account for foreign currency translation adjustments and a deferred tax liability of $3.2 million as of December 31, 2017 to account for the tax effect of derivatives and foreign currency translation adjustments included in other comprehensive income. The Partnership's unrecognized tax benefits, including accrued interest and penalties, were not material in any year presented. The Partnership recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. 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 2014. |
Operating Lease Commitments and Contingencies |
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Operating Lease Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Commitments and Contingencies | Operating Lease Commitments and Contingencies: Operating Lease Commitments The Partnership has commitments under various operating leases at its parks. Future minimum lease payments under non-cancelable operating leases as of December 31, 2018 were as follows:
The amounts above include the land lease at California's Great America which is renewable in 2039 and includes a right of first refusal clause. Lease expense, which includes short-term rentals for equipment and machinery, for the years ended December 31, 2018, 2017 and 2016 totaled $16.5 million, $14.8 million and $12.8 million, respectively. During November 2018, the Partnership exercised its right of first refusal under the Santa Clara land lease to purchase the land at California's Great America from the lessor, the City of Santa Clara, for $150 million. The Partnership is in the process of negotiating a purchase agreement to acquire the land, which will be subject to the approval of the Successor Agency to the Redevelopment Agency of the City of Santa Clara and the Oversight Board for Successor Agency to the City of Santa Clara Redevelopment Agency and certain other conditions. The Partnership also is evaluating different options to finance the purchase. If the Partnership acquires the land, following the purchase, the Partnership anticipates the remaining operating lease commitments would be immaterial to the consolidated financial statements. 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, beyond what has been disclosed within this Form 10-K, 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 Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements: The FASB's Accounting Standards Codification (ASC) 820 - Fair Value Measurements and Disclosures 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, FASB 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:
A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The table below presents the balances of assets and liabilities measured at fair value as of December 31, 2018 and December 31, 2017 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 LIBOR forward curves, which are considered Level 2 observable market inputs. As of December 31, 2017, the Partnership measured the remaining land at Wildwater Kingdom, one of the Partnership's separately gated outdoor water parks which ceased operations in 2016, at fair value less cost to sell based on Level 3 unobservable market input. In the fourth quarter of 2017, the Partnership recorded a $7.6 million impairment charge based on recent information from ongoing marketing activities. This amount was recorded in "Loss on impairment / retirement of fixed assets, net" in the consolidated statement of operations and comprehensive income. The carrying value of cash and cash equivalents, accounts receivable, current portion of term debt, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. There were no assets measured at fair value on a non-recurring basis as of December 31, 2018. |
Changes in Accumulated Other Comprehensive Income |
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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 accumulated other comprehensive income (loss) related to limited partners' equity for the years ended December 31, 2018, December 31, 2017 and December 31, 2016:
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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 of June 2014 Notes: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's June 2014 Notes (see Note 5 to the Consolidated Financial Statements). 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, 2018 and December 31, 2017 and for the years ended December 31, 2018, December 31, 2017, and December 31, 2016. 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, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2016 (In thousands)
Consolidating Financial Information of Guarantors and Issuers of April 2017 Notes: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), Magnum Management Corporation ("Magnum"), and Millennium Operations LLC ("Millennium") are the co-issuers of the Partnership's April 2017 Notes (see Note 5 to the Consolidated Financial Statements). 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, Magnum and Millennium) 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, Magnum, and Millennium, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada, Magnum and Millennium), the guarantors (on a combined basis), as of December 31, 2018 and December 31, 2017 and for the years ended December 31, 2018, December 31, 2017, and December 31, 2016. 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, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2016 (In thousands)
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principles Consolidation | 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 | Foreign Currency The U.S. dollar is the reporting currency for the Partnership and the functional currency for the majority of the Partnership's operations. 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 the appropriate spot rates as of the balance sheet date, while income and expenses are translated at average monthly exchange rates. Translation gains and losses are included as components of accumulated other comprehensive income in partners' equity. Gains or losses from remeasuring foreign currency transactions from the transaction currency to functional currency are included in income. |
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Segment Reporting | 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 on 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, in-park per capita spending, net revenue, operating costs and operating profit. Therefore, the Partnership operates within a single reportable segment of amusement/water parks with accompanying resort facilities. |
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Estimates | 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, the 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 | 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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Inventories | 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 and Equipment | 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 $154.9 million in 2018, $152.5 million in 2017, and $131.2 million in 2016. The estimated useful lives of the assets are as follows:
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Impairment of Long-Lived Assets | 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 | Goodwill FASB ASC 350 - Intangibles - Goodwill and Other requires that goodwill be tested for impairment. 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 performed its annual goodwill impairment test as of the first days of the fourth quarter for 2018 and 2017, respectively, and concluded there was no impairment of the carrying value of goodwill in either period. 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 fair value of a reporting unit is established using a combination of an income (discounted cash flow) approach 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 an impairment is identified, an impairment charge is recognized for the amount by which a reporting unit's carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. |
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Other Intangible Assets | 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 reviewed, along with goodwill, annually for impairment or more frequently if impairment indicators arise. 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. The Partnership performed its annual impairment test as of the first days of the fourth quarter for 2018 and 2017, respectively, and concluded there was no impairment of the carrying value of these assets in either period. The Partnership's license and franchise agreements are amortized over the life of the agreement, generally ranging from three to twenty years. |
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Self Insurance Reserves | Self-Insurance Reserves Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period. 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 self-insurance reserves are periodically reviewed for changes in facts and circumstances, and adjustments are made as necessary. |
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Derivative Financial Instruments | 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. As of December 31, 2018, the Partnership had no derivatives designated as cash flow hedges. Instruments that do not qualify for hedge accounting or were de-designated are prospectively adjusted to fair value each reporting period through "Net effect of swaps". |
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Revenue Recognition and Related Receivables and Contract Liabilities | Revenue Recognition and related receivables and contract liabilities The Partnership adopted Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09") effective January 1, 2018 using the modified retrospective method. The adoption of the standard did not have a material effect on the consolidated financial statements. The Partnership's accounting policy as a result of adopting ASU 2014-09 is discussed below: As disclosed within the consolidated statements of operations and comprehensive income, revenues are generated from sales of (1) admission to the Partnership's amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. Admission revenues include amounts paid to gain admission into the Partnership's parks, including parking fees. Revenues related to extra-charge products, including premium benefit offerings such as front-of-line products, and online transaction fees charged to customers are included in "Accommodations, extra-charge products and other". The following table presents the Partnership's revenues disaggregated by revenues generated within the parks and revenues generated from out-of-park operations less amounts remitted to outside parties under concessionaire arrangements, described below, for the periods presented:
Due to the Partnership's highly seasonal operations, a substantial portion of the Partnership's revenues are generated during an approximate 130- to 140-day operating season. Most revenues are recognized on a daily basis based on actual guest spend at the properties. Revenues from multi-use products, including season-long products for admission, dining, beverage and other products, are recognized over the estimated number of uses expected for each type of product. The estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season. The number of uses is estimated based on historical usage adjusted for current period trends. For any bundled products that include multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and any inherent discounts are allocated based on the gross margin and expected redemption of each performance obligation. The Partnership does not typically provide for refunds or returns. In some instances, the Partnership arranges with outside parties ("concessionaires") to provide goods to guests, typically food and merchandise, and the Partnership acts as an agent, resulting in net revenue recorded within the income statement. Concessionaire arrangement revenues are recognized over the operating season and are variable. Sponsorship revenues and marina revenues, which are classified as "Accommodations, extra-charge products and other" within the income statement, are recognized over the park operating season which represents the period in which the performance obligations are satisfied. Sponsorship revenues are typically fixed. However, some sponsorship revenues are variable based on achievement of specified operating metrics. The Partnership estimates variable revenues and performs a constraint analysis using both historical information and current trends to determine the amount of revenue that is not probable of a significant reversal. Many products, including season-long products, are sold to customers in advance, resulting in a contract liability ("deferred revenue"). Deferred revenue is at its highest immediately prior to the peak summer season, and at its lowest in the fall after the peak summer season and at the beginning of the selling season for the next year's products. Season-long products represent the majority of the deferred revenue balance in any given period. Of the $86.1 million of deferred revenue recorded as of January 1, 2018, 88% was related to season-long products. The remainder was related to deferred online transaction fees charged to customers, advanced ticket sales, marina deposits, advanced resort reservations, and other deferred revenue. Deferred revenue outstanding as of January 1, 2018 was recognized by December 31, 2018 with the exception of an immaterial amount of deferred revenue for prepaid products such as gift cards and prepaid games cards. The difference in the opening and closing balances of the Partnership's deferred revenue balance in the current period was attributable to additional season-long product sales during the current year for the 2019 operating season. Payment is due immediately on the transaction date for most products. The Partnership's receivable balance includes outstanding amounts on installment purchase plans which are offered for season-long products (and other select products for specific time periods), and includes sales to retailers, group sales and catering activities which are billed. Installment purchase plans vary in length from three monthly installments to twelve monthly installments. Payment terms for billings are typically net 30 days. Receivables are highest in the peak summer months and the lowest in the winter months. The Partnership is not exposed to a significant concentration of customer credit risk. As of December 31, 2018 and December 31, 2017, the Partnership recorded a $2.6 million and $2.2 million allowance for doubtful accounts, respectively, representing estimated defaults on installment purchase plans. The default estimate is calculated using the historical default rate adjusted for current period trends. The allowance for doubtful accounts is recorded as a reduction of deferred revenue to the extent revenue has not been recognized on the corresponding season-long products. Most deferred revenue from contracts with customers is classified as current within the balance sheet. However, a portion of deferred revenue from contracts with customers is classified as non-current during the third quarter related to season-long products sold in the current season for use in the subsequent season. Season-long products are sold beginning in August of the year preceding the operating season. Season-long products may be recognized 12 to 16 months after purchase depending on the date of sale. The Partnership estimates the number of uses expected outside of the next twelve months for each type of product and classifies the related deferred revenue as non-current. With the exception of the non-current deferred revenue described above, the Partnership's contracts with customers have an original duration of one year or less. For these short-term contracts, the Partnership uses the practical expedient, a relief provided in the accounting standard to simplify compliance, applicable to such contracts and has not disclosed the transaction price for the remaining performance obligations as of the end of each reporting period or when the Company expects to recognize this revenue. Further, the Partnership has elected to recognize incremental costs of obtaining a contract as an expense when incurred as the amortization period of the asset would be less than one year. Lastly, the Partnership has elected not to adjust consideration for the effects of significant financing components in the form of installment purchase plans as the period between when the entity transfers the promised service to the customer and when the customer pays for that service does not exceed one year. |
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Advertising Costs | Advertising Costs Production costs of commercials and programming are expensed in the year first aired. All other costs associated with advertising, promotion and marketing programs are expensed as incurred, or for certain costs, over each park's operating season. |
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Equity-Based Compensation | Equity-Based Compensation The Partnership accounts for equity-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 recognizes forfeitures as they occur. |
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Income Tax | 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 law is recognized in income at the time of enactment of such change in tax law. 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 to the Consolidated Financial Statements). |
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Earnings Per Unit | 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. |
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Adopted and New Accounting Pronouncements | New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02"). The ASU requires the recognition of lease assets and lease liabilities within the balance sheet by lessees for operating leases, as well as requires additional disclosures in the consolidated financial statements regarding the amount, timing, and uncertainty of cash flows arising from leases. The ASU does not significantly change the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee, nor does the ASU change the accounting applied by a lessor. ASU 2016-02 is effective for annual and interim periods beginning after December 15, 2018. The ASU can be adopted using either the modified retrospective approach, which requires application of the new standard at the beginning of the earliest comparative period presented, or the comparative reporting approach allowable under ASU 2018-11, which requires application of the new standard at the adoption date. The Partnership adopted this standard in the first quarter of 2019 using the comparative reporting approach. The Partnership elected not to reassess: whether any expired or existing contracts are or contain leases; the lease classification of any expired or existing leases; and the initial direct costs for any existing leases. The adoption of the standard is expected to result in the recognition of right-of-use assets and corresponding lease liabilities between $65.0 million and $75.0 million for the Partnership's Santa Clara land lease, as well as other operating leases. Other Adopted Accounting Pronouncements In February 2018, the FASB issued Accounting Standards Update No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Comprehensive Income ("ASU 2018-02"). The ASU allows a reclassification from accumulated other comprehensive income to retained earnings of stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU 2018-02 is effective for fiscal years after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, and the amendments can be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Partnership elected to adopt ASU 2018-02 in the first quarter of 2018. The amendment was applied in the period of adoption and resulted in a $0.4 million reclassification from accumulated other comprehensive income to limited partners' equity during the first quarter ended March 25, 2018. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract ("ASU 2018-15"). The ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The capitalized implementation costs of a hosting arrangement that is a service contract will be expensed over the term of the hosting arrangement. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The amendments can be applied either retrospectively or prospectively to all implementation costs incurred after the adoption date. The Partnership adopted this standard in the third quarter of 2018 using the prospective method. The Partnership anticipates the standard to lengthen the timing of expense recognition associated with upcoming cloud-based projects. |
Summary of Significant Accounting Policies (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Foreign Currency Gains and Losses | Foreign currency (gains) losses for the periods presented were as follows:
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Property, Plant and Equipment. Weighted Average Useful Lives | The estimated useful lives of the assets are as follows:
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Disaggregation of Revenue | The following table presents the Partnership's revenues disaggregated by revenues generated within the parks and revenues generated from out-of-park operations less amounts remitted to outside parties under concessionaire arrangements, described below, for the periods presented:
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Schedule of Weighted Average Number of Units | The unit amounts used in calculating the basic and diluted earnings per limited partner unit for the years ended December 31, 2018, 2017 and 2016 are as follows:
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Goodwill and Other Intangible Assets (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 for the years ended December 31, 2018 and December 31, 2017 is as follows:
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Partnership's other intangible assets | As of December 31, 2018 and December 31, 2017, the Partnership's other intangible assets consisted of the following:
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Long-term debt as of December 31, 2018 and December 31, 2017 consisted of the following:
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Schedule of Maturities of Long-term Debt | The term loan amortizes at $7.5 million annually. The minimum maturities of term debt under the Amended 2017 Credit Agreement are as follows:
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Derivative Financial Instruments (Tables) |
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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 recorded on the consolidated balance sheets within "Derivative Liability" as of December 31, 2018 and December 31, 2017 as follows:
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Effects of derivative instruments on income (loss) and other comprehensive income (loss) | The (gains) losses recognized in income on derivatives not designated as cash flow hedges were recorded in "Net effect of swaps" within the income statement for the periods presented as follows:
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Partners' Equity and Equity-Based Compensation (Tables) |
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Partners' Capital Notes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation, Activity | Equity-based compensation expense recognized in the consolidated statements of operations and comprehensive income within "Selling, General and Administrative Expense" for the applicable periods was as follows:
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Schedule of Share-based Compensation, Stock Options, Activity |
Performance Units
(1) Includes 18 forfeitable distribution-equivalent units Deferred Units
(1) Includes 3 distribution-equivalent units |
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Schedule of Nonvested Restricted Stock Units Activity | Restricted Units
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Income and Partnership Taxes (Tables) |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | Significant components of income before taxes for the years ended December 31, 2018, 2017 and 2016 were as follows:
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Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes was comprised of the following for the years ended December 31, 2018, 2017 and 2016:
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Schedule of Effective Income Tax Rate Reconciliation | The sources and tax effects of the differences were 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, 2018 and December 31, 2017 were as follows:
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Operating Lease Commitments and Contingencies (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||
Operating Lease Commitments and Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under non-cancelable operating leases as of December 31, 2018 were as follows:
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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, 2018 and December 31, 2017 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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Dec. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables reflect the changes in accumulated other comprehensive income (loss) related to limited partners' equity for the years ended December 31, 2018, December 31, 2017 and December 31, 2016:
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Reclassification out of Accumulated Other Comprehensive Income |
|
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, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 (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, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Year Ended December 31, 2016 (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, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2016 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2018 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2017 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Year Ended December 31, 2016 (In thousands)
|
Partnership Organization (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
General partner ownership interest (in percent) | 0.001% | ||
Limited Partners' capital account, units outstanding (in shares) | 56,563,933 | 56,358,792 | |
Partners' capital account, units held in treasury (in shares) | 498,050 | 703,191 | |
Per-unit distribution made to limited partners (in dollars per share) | $ 3.595 | ||
Payments of Distributions to Affiliates | $ 203,199 | $ 194,756 | $ 187,182 |
Summary of Significant Accounting Policies Useful Lives (Details) |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
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 Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Disaggregation of Revenue [Line Items] | |||
Concessionaire Remittance | $ (39,428) | $ (38,494) | $ (34,863) |
Revenues | 1,348,530 | 1,321,967 | 1,288,721 |
In-Park Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | 1,235,742 | 1,216,698 | 1,177,447 |
Out-of-Park Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer | $ 152,216 | $ 143,763 | $ 146,137 |
Summary of Significant Accounting Policies Earnings per Unit (Details) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Accounting Policies [Abstract] | |||
Basic weighted average units outstanding (in shares) | 56,212 | 56,061 | 55,933 |
Effect of dilutive units: | |||
Deferred units (in shares) | 48 | 42 | 31 |
Performance units (in shares) | 135 | 188 | 181 |
Restricted units (in shares) | 312 | 324 | 288 |
Unit options (in shares) | 153 | 185 | 129 |
Diluted weighted average units outstanding (in shares) | 56,860 | 56,800 | 56,562 |
Net income (loss) per unit - basic (in dollars per share) | $ 2.25 | $ 3.84 | $ 3.18 |
Net income (loss) per unit - diluted (in dollars per share) | $ 2.23 | $ 3.79 | $ 3.14 |
Long-Lived Assets (Details) |
3 Months Ended | |
---|---|---|
Dec. 31, 2017
USD ($)
|
Sep. 25, 2016
USD ($)
a
|
|
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Area of land | a | 670 | |
Other Assets [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Land available-for-sale | $ 17,100,000 | |
Wildwater Kingdom [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Impairment of long-lived assets held-for-use | $ 7,600,000 | $ 0 |
Wildwater Kingdom [Member] | Other Assets [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Land available-for-sale | $ 9,000,000 |
Goodwill and Other Intangible Assets Narrative (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, impairment loss | $ 0 | $ 0 |
Impairment of intangible assets | $ 0 | $ 0 |
Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Roll Forward] | |||
Goodwill (gross) | $ 258,587 | $ 263,698 | $ 259,528 |
Accumulated Impairment Losses | (79,868) | (79,868) | (79,868) |
Goodwill (net) | 178,719 | 183,830 | $ 179,660 |
Foreign currency exchange translation | $ (5,111) | $ 4,170 |
Other Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (2,397) | $ (1,827) |
Total other intangible assets, gross carrying amount | 38,773 | 39,891 |
Total other intangible assets, net carrying value | $ 36,376 | $ 38,064 |
License / Franchise Agreements [Member] | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Weighted Average Amortization Period | 6 years 11 months | 5 years 11 months |
Gross Carrying Amount | $ 3,379 | $ 3,360 |
Accumulated Amortization | (2,397) | (1,827) |
Net Carrying Value | 982 | 1,533 |
Trade Names [Member] | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Carrying Amount/Value | $ 35,394 | $ 36,531 |
Debt Instruments (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2014 |
Jun. 03, 2014 |
|
Debt Instrument [Line Items] | ||||
Notes | $ 938,061 | $ 936,727 | ||
Long-term debt, gross | 1,685,000 | 1,685,000 | ||
Less current portion | (5,625) | 0 | ||
Long term debt, gross, excluding current maturities | 1,679,375 | 1,685,000 | ||
Less debt issuance costs and original issue discount | (21,807) | (24,485) | ||
Long-term debt, noncurrent | $ 1,657,568 | $ 1,660,515 | ||
April 2017 U.S. term loan averaging 3.83% in 2018; 3.43% in 2017 (due 2017-2024) | ||||
Debt Instrument [Line Items] | ||||
Interest rate during period | 3.83% | 3.43% | ||
Term debt | $ 735,000 | $ 735,000 | ||
April 2017 U.S. fixed rate notes at 5.375% (due 2027) | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate percentage | 5.375% | |||
Notes | $ 500,000 | 500,000 | ||
June 2014 U.S. fixed rate notes at 5.375% (due 2024) | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate percentage | 5.375% | 5.375% | ||
Notes | $ 450,000 | $ 450,000 | $ 450,000 |
Schedule of Debt Maturities (Details) - April 2017 term debt $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
2019 | $ 5,625 |
2020 | 7,500 |
2021 | 7,500 |
2022 | 7,500 |
2023 | 7,500 |
2024 & Beyond | 699,375 |
Long-term Debt | $ 735,000 |
Derivative Financial Instruments Narrative (Details) - Cash Flow Hedging [Member] $ in Millions |
Dec. 31, 2018
interest_rate_swap_agreement
|
Jun. 24, 2018
USD ($)
interest_rate_swap_agreement
|
Mar. 27, 2016
USD ($)
interest_rate_swap_agreement
|
---|---|---|---|
Forward-Starting Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments | 0 | ||
Interest Rate Swap at 4.63% [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments | 4 | ||
Derivative, Notional Amount | $ | $ 500.0 | ||
Derivative, forward interest rate | 4.63% | ||
2013 forwards [Member] | Forward-Starting Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Number of derivative instruments | 4 | ||
Derivative, Notional Amount | $ | $ 500.0 | ||
Average rate | 4.39% |
Derivative Financial Instruments Balance Sheet Location (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Derivative Liability | ||
Derivatives, Fair Value [Line Items] | ||
Current derivative liability | $ (6,705) | $ (8,722) |
Derivative Financial Instruments Income Statement Location (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net effect of swaps | $ 7,442 | $ (45) | $ (1,197) |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amortization of Deferred Hedge Gains | 9,459 | 9,459 | 8,671 |
Designated As Hedging [Member] | Interest Rate Swap [Member] | Net Effect of Swaps [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) recognized in income | $ (2,017) | $ (9,504) | $ (9,868) |
Retirement Plans (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
Employees
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Retirement Benefits [Abstract] | |||
Noncontributory retirement plans, amounts accrued | $ 4.2 | $ 4.0 | $ 4.2 |
Matching contributions made by partnership, net of forfeitures | $ 2.6 | 2.6 | 2.4 |
Multiemployer Plan, Number of Employees | Employees | 240 | ||
Multiemployer plan, contributions made in period | $ 1.8 | $ 1.8 | $ 1.7 |
Income and Partnership Taxes Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Provision for taxes | $ 34,743 | $ 1,112 | $ 71,418 |
Provision for the PTP tax | 11,600 | 11,100 | 11,400 |
Provision (benefit) pertaining to corporate subsidiaries | 23,143 | $ (9,998) | 60,019 |
U.S. federal statutory income tax rate | 31.80% | ||
Valuation allowance, amount | 6,410 | $ 4,088 | |
Foreign tax credit carryforwards available for U.S. federal income tax purposes | 8,758 | 8,654 | |
Valuation allowance | 2,321 | (119) | (1,473) |
Change in U.S. tax law | (8,730) | (54,171) | 7,366 |
Tax Cuts and Jobs Act of 2017,deferred tax asset, existing income tax expense (benefit) | 1,200 | 1,100 | $ 7,400 |
Tax Cuts and Jobs Act of 2017, income tax expense (benefit) | 8,600 | 6,100 | |
Tax Cuts and Jobs Act of 2017, deferred tax liability, existing income tax benefit | 1,300 | 49,200 | |
Tax attribute carryforwards | 2,321 | 2,016 | |
Deferred tax liabilities, OCI | $ 500 | $ 3,200 |
Income Before Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ 185,749 | $ 171,382 | $ 223,626 |
Foreign | (24,353) | 45,206 | 25,480 |
Income before taxes | $ 161,396 | $ 216,588 | $ 249,106 |
Income Tax Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Current federal | $ 2,682 | $ 18,640 | $ 40,440 |
Current state and local | 4,901 | 4,631 | 5,729 |
Current foreign | 4,301 | 2,501 | 3,188 |
Total current | 11,884 | 25,772 | 49,357 |
Deferred federal, state and local | 15,525 | (41,133) | 5,766 |
Deferred foreign | (4,266) | 5,363 | 4,896 |
Total deferred | 11,259 | (35,770) | 10,662 |
Total provision (benefit) for income taxes | $ 23,143 | $ (9,998) | $ 60,019 |
Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Income tax provision based on the U.S. federal statutory tax rate | $ 33,893 | $ 75,806 | $ 87,187 |
Partnership income not includible in corporate income | (16,403) | (23,644) | (38,702) |
State and local taxes, net of federal income tax benefit | 5,278 | 4,878 | 6,323 |
Valuation allowance | 2,321 | (119) | (1,473) |
Tax credits | (1,300) | (1,063) | (1,066) |
Change in U.S. tax law | (8,730) | (54,171) | 7,366 |
Foreign currency translation (gains) losses | 7,949 | (10,756) | 0 |
Nondeductible expenses and other | 135 | (929) | 384 |
Total provision (benefit) for income taxes | $ 23,143 | $ (9,998) | $ 60,019 |
Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deferred tax assets: | ||
Compensation | $ 5,899 | $ 9,022 |
Accrued expenses | 3,932 | 4,647 |
Foreign tax credits | 8,758 | 8,654 |
Tax attribute carryforwards | 2,321 | 2,016 |
Derivatives | 1,478 | 938 |
Foreign currency | 8,965 | 5,443 |
Deferred revenue | 2,521 | 2,653 |
Deferred tax assets | 33,874 | 33,373 |
Valuation allowance | (6,410) | (4,088) |
Net deferred tax assets | 27,464 | 29,285 |
Deferred tax liabilities: | ||
Property | (94,847) | (91,730) |
Intangibles | (14,334) | (12,353) |
Deferred tax liabilities | (109,181) | (104,083) |
Net deferred tax liability | $ (81,717) | $ (74,798) |
Operating Lease Commitments and Contingencies Future Minimum Lease Payments (Details) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Operating Lease Contingencies and Commitments [Abstract] | |
2019 | $ 7,563 |
2020 | 6,494 |
2021 | 5,742 |
2022 | 5,438 |
2023 | 5,366 |
Thereafter | 85,689 |
Total future minimum payments due | $ 116,292 |
Operating Lease Commitments and Contingencies Contingencies (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Loss Contingencies [Line Items] | ||||
Operating lease expense | $ 16.5 | $ 14.8 | $ 12.8 | |
Scenario, Forecast [Member] | ||||
Loss Contingencies [Line Items] | ||||
Payments to acquire land | $ 150.0 |
Consolidating Financial Information of Guarantors and Issuers (Details) - Unsecured Debt [Member] |
Dec. 31, 2018 |
---|---|
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary ownership percentage, guaranteeing notes | 100.00% |
Subsidiary guarantor ownership percentage | 100.00% |
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