QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Limited Partner Interests | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||
Emerging growth company | ||||||
Title of Class | Units Outstanding as of August 2, 2019 | |
Units Representing Limited Partner Interests | ||
June 30, 2019 | December 31, 2018 | June 24, 2018 | ||||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||
Receivables | ||||||||||||
Inventories | ||||||||||||
Prepaid advertising | ||||||||||||
Other current assets | ||||||||||||
Property and Equipment: | ||||||||||||
Land | ||||||||||||
Land improvements | ||||||||||||
Buildings | ||||||||||||
Rides and equipment | ||||||||||||
Construction in progress | ||||||||||||
Less accumulated depreciation | ( | ) | ( | ) | ( | ) | ||||||
Goodwill | ||||||||||||
Other Intangibles, net | ||||||||||||
Right-of-Use Asset | ||||||||||||
Other Assets | ||||||||||||
$ | $ | $ | ||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Current maturities of long-term debt | $ | $ | $ | |||||||||
Accounts payable | ||||||||||||
Deferred revenue | ||||||||||||
Accrued interest | ||||||||||||
Accrued taxes | ||||||||||||
Accrued salaries, wages and benefits | ||||||||||||
Self-insurance reserves | ||||||||||||
Other accrued liabilities | ||||||||||||
Deferred Tax Liability | ||||||||||||
Derivative Liability | ||||||||||||
Lease Liability | ||||||||||||
Other Liabilities | ||||||||||||
Long-Term Debt: | ||||||||||||
Revolving credit loans | ||||||||||||
Term debt | ||||||||||||
Notes | ||||||||||||
Partners’ Equity: | ||||||||||||
Special L.P. interests | ||||||||||||
General partner | ( | ) | ( | ) | ( | ) | ||||||
Limited partners, 56,597, 56,564 and 56,441 units outstanding as of June 30, 2019, December 31, 2018 and June 24, 2018, respectively | ( | ) | ( | ) | ||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
( | ) | ( | ) | |||||||||
$ | $ | $ | ||||||||||
Three months ended | Six months ended | ||||||||||||||
June 30, 2019 | June 24, 2018 | June 30, 2019 | June 24, 2018 | ||||||||||||
Net revenues: | |||||||||||||||
Admissions | $ | $ | $ | $ | |||||||||||
Food, merchandise and games | |||||||||||||||
Accommodations, extra-charge products and other | |||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of food, merchandise, and games revenues | |||||||||||||||
Operating expenses | |||||||||||||||
Selling, general and administrative | |||||||||||||||
Depreciation and amortization | |||||||||||||||
Loss on impairment / retirement of fixed assets, net | |||||||||||||||
Gain on sale of investment | ( | ) | |||||||||||||
Operating income (loss) | ( | ) | |||||||||||||
Interest expense | |||||||||||||||
Net effect of swaps | ( | ) | ( | ) | |||||||||||
Loss on early debt extinguishment | |||||||||||||||
(Gain) loss on foreign currency | ( | ) | ( | ) | |||||||||||
Other expense (income) | ( | ) | ( | ) | |||||||||||
Income (loss) before taxes | ( | ) | ( | ) | |||||||||||
Provision (benefit) for taxes | ( | ) | ( | ) | |||||||||||
Net income (loss) | ( | ) | ( | ) | |||||||||||
Net income (loss) allocated to general partner | ( | ) | |||||||||||||
Net income (loss) allocated to limited partners | $ | $ | $ | ( | ) | $ | ( | ) | |||||||
Net income (loss) | $ | $ | $ | ( | ) | $ | ( | ) | |||||||
Other comprehensive income (loss), (net of tax): | |||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | |||||||||||
Cash flow hedging derivative activity | |||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ( | ) | |||||||||||
Total comprehensive income (loss) | $ | $ | $ | ( | ) | $ | ( | ) | |||||||
Basic income (loss) per limited partner unit: | |||||||||||||||
Weighted average limited partner units outstanding | |||||||||||||||
Net income (loss) per limited partner unit | $ | $ | $ | ( | ) | $ | ( | ) | |||||||
Diluted income (loss) per limited partner unit: | |||||||||||||||
Weighted average limited partner units outstanding | |||||||||||||||
Net income (loss) per limited partner unit | $ | $ | $ | ( | ) | $ | ( | ) | |||||||
For the three months ended | 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 March 25, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | |||||||||||
Net income | — | — | — | |||||||||||||||||||
Partnership distribution declared ($0.890 per unit) | — | ( | ) | ( | ) | — | — | ( | ) | |||||||||||||
Issuance of limited partnership units related to compensation | — | — | — | |||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | ( | ) | — | — | — | ( | ) | ||||||||||||||
Foreign currency translation adjustment, net of tax $1,157 | — | — | — | — | ||||||||||||||||||
Cash flow hedging derivative activity, net of tax ($249) | — | — | — | — | ||||||||||||||||||
Balance as of June 24, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | |||||||||||
Balance as of March 31, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | |||||||||||
Net income | — | — | — | |||||||||||||||||||
Partnership distribution declared ($0.925 per unit) | — | ( | ) | ( | ) | — | — | ( | ) | |||||||||||||
Issuance of limited partnership units related to compensation | — | — | — | |||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | ( | ) | — | — | — | ( | ) | ||||||||||||||
Foreign currency translation adjustment, net of tax ($746) | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Balance as of June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | |||||||||||
For the six months ended | 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, 2017 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||
Net loss | — | ( | ) | ( | ) | — | — | ( | ) | |||||||||||||
Partnership distribution declared ($1.780 per unit) | — | ( | ) | ( | ) | — | — | ( | ) | |||||||||||||
Issuance of limited partnership units related to compensation | ( | ) | — | — | — | ( | ) | |||||||||||||||
Tax effect of units involved in treasury unit transactions | — | ( | ) | — | — | — | ( | ) | ||||||||||||||
Foreign currency translation adjustment, net of tax $2,302 | — | — | — | — | ||||||||||||||||||
Cash flow hedging derivative activity, net of tax ($596) | — | — | — | — | ||||||||||||||||||
Reclassification of stranded tax effect | — | — | — | ( | ) | |||||||||||||||||
Balance as of June 24, 2018 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | |||||||||||
Balance as of December 31, 2018 | $ | $ | ( | ) | $ | $ | $ | |||||||||||||||
Net loss | — | ( | ) | — | — | ( | ) | |||||||||||||||
Partnership distribution declared ($1.850 per unit) | — | ( | ) | ( | ) | — | — | ( | ) | |||||||||||||
Issuance of limited partnership units related to compensation | — | — | — | |||||||||||||||||||
Tax effect of units involved in treasury unit transactions | — | ( | ) | — | — | — | ( | ) | ||||||||||||||
Foreign currency translation adjustment, net of tax ($1,620) | — | — | — | — | ( | ) | ( | ) | ||||||||||||||
Balance as of June 30, 2019 | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | |||||||||||
Six months ended | |||||||
June 30, 2019 | June 24, 2018 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | $ | ( | ) | $ | ( | ) | |
Adjustments to reconcile net loss to net cash from operating activities: | |||||||
Depreciation and amortization | |||||||
Loss on early debt extinguishment | |||||||
Non-cash foreign currency (gain) loss on debt | ( | ) | |||||
Other non-cash expenses | |||||||
Net change in working capital | |||||||
Net change in other assets/liabilities | ( | ) | ( | ) | |||
Net cash from operating activities | |||||||
CASH FLOWS FOR INVESTING ACTIVITIES | |||||||
Capital expenditures | ( | ) | ( | ) | |||
Proceeds from sale of investment | |||||||
Net cash for investing activities | ( | ) | ( | ) | |||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | |||||||
Net borrowings on revolving credit loans | |||||||
Note borrowings | |||||||
Term debt payments | ( | ) | |||||
Distributions paid to partners | ( | ) | ( | ) | |||
Payment of debt issuance costs and original issue discount | ( | ) | ( | ) | |||
Exercise of limited partnership unit options | |||||||
Tax effect of units involved in treasury unit transactions | ( | ) | ( | ) | |||
Payments related to tax withholding for equity compensation | ( | ) | ( | ) | |||
Net cash from (for) financing activities | ( | ) | |||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ( | ) | |||||
CASH AND CASH EQUIVALENTS | |||||||
Net increase (decrease) for the period | ( | ) | |||||
Balance, beginning of period | |||||||
Balance, end of period | $ | $ | |||||
SUPPLEMENTAL INFORMATION | |||||||
Cash payments for interest expense | $ | $ | |||||
Interest capitalized | |||||||
Cash payments for income taxes, net of refunds | |||||||
Capital expenditures in accounts payable | |||||||
Three months ended | Six months ended | |||||||||||||||
(In thousands) | June 30, 2019 | June 24, 2018 | June 30, 2019 | June 24, 2018 | ||||||||||||
In-park revenues | $ | $ | $ | $ | ||||||||||||
Out-of-park revenues | ||||||||||||||||
Concessionaire remittance | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Net revenues | $ | $ | $ | $ | ||||||||||||
(In thousands) | Goodwill (gross) | Accumulated Impairment Losses | Goodwill (net) | ||||||||
Balance as of December 31, 2018 | $ | $ | ( | ) | $ | ||||||
Foreign currency translation | — | ||||||||||
Balance as of June 30, 2019 | $ | $ | ( | ) | $ | ||||||
Balance as of December 31, 2017 | $ | $ | ( | ) | $ | ||||||
Foreign currency translation | ( | ) | — | ( | ) | ||||||
Balance as of June 24, 2018 | $ | $ | ( | ) | $ | ||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||
June 30, 2019 | |||||||||||
Other intangible assets: | |||||||||||
Trade names | $ | $ | — | $ | |||||||
License / franchise agreements | ( | ) | |||||||||
Total other intangible assets | $ | $ | ( | ) | $ | ||||||
December 31, 2018 | |||||||||||
Other intangible assets: | |||||||||||
Trade names | $ | $ | — | $ | |||||||
License / franchise agreements | ( | ) | |||||||||
Total other intangible assets | $ | $ | ( | ) | $ | ||||||
June 24, 2018 | |||||||||||
Other intangible assets: | |||||||||||
Trade names | $ | $ | — | $ | |||||||
License / franchise agreements | ( | ) | |||||||||
Total other intangible assets | $ | $ | ( | ) | $ | ||||||
(In thousands) | June 30, 2019 | December 31, 2018 | June 24, 2018 | ||||||||
Revolving credit facility (due 2022) | $ | $ | $ | ||||||||
U.S. term loan averaging 4.24% YTD 2019; 3.83% in 2018; 3.71% YTD 2018 (due 2017-2024) (1) | |||||||||||
Notes | |||||||||||
2024 U.S. fixed rate notes at 5.375% | |||||||||||
2027 U.S. fixed rate notes at 5.375% | |||||||||||
2029 U.S. fixed rate notes at 5.250% | |||||||||||
Less current portion | ( | ) | ( | ) | ( | ) | |||||
Less debt issuance costs and original issue discount | ( | ) | ( | ) | ( | ) | |||||
$ | $ | $ | |||||||||
(1) |
(In thousands) | June 30, 2019 | December 31, 2018 | June 24, 2018 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Interest rate swaps | $ | ( | ) | $ | ( | ) | $ | |||||
Three months ended | Six months ended | |||||||||||||||
(In thousands) | June 30, 2019 | June 24, 2018 | June 30, 2019 | June 24, 2018 | ||||||||||||
Change in fair market value | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
Amortization of amounts in AOCI | ||||||||||||||||
Net effect of swaps | $ | $ | ( | ) | $ | $ | ( | ) | ||||||||
• | 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) | Unaudited Condensed Consolidated Balance Sheet Location | Fair Value Hierarchy Level | June 30, 2019 | December 31, 2018 | June 24, 2018 | ||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||
Financial assets (liabilities) measured on a recurring basis: | |||||||||||||||||||||||
Short-term investments | Other current assets | Level 1 | $ | $ | $ | $ | $ | $ | |||||||||||||||
Interest rate swaps | Other Assets (Derivative Liability) | Level 2 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | |||||||
Other financial assets (liabilities): | |||||||||||||||||||||||
Term debt | Long-Term Debt (1) | Level 2 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
2024 senior notes | Long-Term Debt (1) | Level 1 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
2027 senior notes | Long-Term Debt (1) | Level 1 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
2029 senior notes | Long-Term Debt (1) | Level 2 | $ | ( | ) | $ | ( | ) | |||||||||||||||
(1) | Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $ |
Three months ended | Six months ended | ||||||||||||||
June 30, 2019 | June 24, 2018 | June 30, 2019 | June 24, 2018 | ||||||||||||
(In thousands, except per unit amounts) | |||||||||||||||
Basic weighted average units outstanding | |||||||||||||||
Effect of dilutive units: | |||||||||||||||
Deferred units | |||||||||||||||
Restricted units | |||||||||||||||
Unit options | |||||||||||||||
Diluted weighted average units outstanding | |||||||||||||||
Net income (loss) per unit - basic | $ | $ | $ | ( | ) | $ | ( | ) | |||||||
Net income (loss) per unit - diluted | $ | $ | $ | ( | ) | $ | ( | ) | |||||||
(In thousands, except for lease term and discount rate) | June 30, 2019 | |||
Operating lease expense | $ | |||
Variable lease expense | ||||
Short-term lease expense | ||||
Sublease income | ( | ) | ||
Total lease cost | $ | |||
Weighted-average remaining lease term | ||||
Weighted-average discount rate | % | |||
Operating cash flows for operating leases | $ | |||
Leased assets obtained in exchange for new operating lease liabilities (non-cash activity) | $ | |||
(In thousands) | June 30, 2019 | |||
Undiscounted cash flows | ||||
Remainder of 2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
Total | $ | |||
Present value of cash flows | ||||
Current lease liability | $ | |||
Lease Liability | ||||
Total | $ | |||
Difference between undiscounted cash flows and discounted cash flows | $ | |||
(In thousands) | Foreign Currency Translation | Cash Flow Hedging Derivative Activity | Total | |||||||||
For the three months ended | ||||||||||||
Balance as of March 25, 2018 | $ | $ | ( | ) | $ | |||||||
Other comprehensive income before reclassifications, net of tax $1,157 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($249) | ||||||||||||
Balance as of June 24, 2018 | $ | $ | ( | ) | $ | |||||||
Balance as of March 31, 2019 | $ | $ | $ | |||||||||
Other comprehensive income before reclassifications, net of tax ($746) | ( | ) | ( | ) | ||||||||
Balance as of June 30, 2019 | $ | $ | $ | |||||||||
For the six months ended | Foreign Currency Translation | Cash Flow Hedging Derivative Activity | Total | |||||||||
Balance as of December 31, 2017 | $ | $ | ( | ) | $ | ( | ) | |||||
Other comprehensive income before reclassifications, net of tax $2,302 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($596) | ||||||||||||
Reclassification of stranded tax effect | ( | ) | ( | ) | ||||||||
Balance as of June 24, 2018 | $ | $ | ( | ) | $ | |||||||
Balance as of December 31, 2018 | $ | $ | $ | |||||||||
Other comprehensive income before reclassifications, net of tax ($1,620) | ( | ) | ( | ) | ||||||||
Balance as of June 30, 2019 | $ | $ | $ | |||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ||||||||||||||||
(In thousands) | Affected Income Statement Location | Three months ended | Six months ended | |||||||||||||
AOCI Component | June 30, 2019 | June 24, 2018 | June 30, 2019 | June 24, 2018 | ||||||||||||
Interest rate contracts | Net effect of swaps | $ | $ | $ | $ | |||||||||||
Provision for taxes | Provision for taxes | ( | ) | ( | ) | |||||||||||
Losses on cash flow hedges | Net of tax | $ | $ | $ | $ | |||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Receivables | ( | ) | ||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||
Other current assets | ( | ) | ||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||||||
Investment in Park | ( | ) | ||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Other Intangibles, net | ||||||||||||||||||||||||
Deferred Tax Asset | ( | ) | ||||||||||||||||||||||
Right-of-Use Asset | ||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Accounts payable | ( | ) | ||||||||||||||||||||||
Deferred revenue | ||||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||
Accrued taxes | ( | ) | ||||||||||||||||||||||
Accrued salaries, wages and benefits | ||||||||||||||||||||||||
Self-insurance reserves | ||||||||||||||||||||||||
Other accrued liabilities | ||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Deferred Tax Liability | ( | ) | ||||||||||||||||||||||
Derivative Liability | ||||||||||||||||||||||||
Lease Liability | ||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | ||||||||||||||||||||||||
Notes | ||||||||||||||||||||||||
Equity | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
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 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Receivables | ( | ) | ||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||
Other current assets | ( | ) | ||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||||||
Investment in Park | ( | ) | ||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Other Intangibles, net | ||||||||||||||||||||||||
Deferred Tax Asset | ( | ) | ||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Accounts payable | ( | ) | ||||||||||||||||||||||
Deferred revenue | ||||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||
Accrued taxes | ( | ) | ||||||||||||||||||||||
Accrued salaries, wages and benefits | ||||||||||||||||||||||||
Self-insurance reserves | ||||||||||||||||||||||||
Other accrued liabilities | ||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Deferred Tax Liability | ( | ) | ||||||||||||||||||||||
Derivative Liability | ||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | ||||||||||||||||||||||||
Notes | ||||||||||||||||||||||||
Equity | ( | ) | ||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
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 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Receivables | ( | ) | ||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||
Other current assets | ( | ) | ||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||||||
Investment in Park | ( | ) | ||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Other Intangibles, net | ||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Accounts payable | ( | ) | ||||||||||||||||||||||
Deferred revenue | ||||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||
Accrued taxes | ( | ) | ||||||||||||||||||||||
Accrued salaries, wages and benefits | ||||||||||||||||||||||||
Self-insurance reserves | ||||||||||||||||||||||||
Other accrued liabilities | ||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Deferred Tax Liability | ||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Revolving credit loans | ||||||||||||||||||||||||
Term debt | ||||||||||||||||||||||||
Notes | ||||||||||||||||||||||||
Equity | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
$ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | ||||||||||||||||||||||||
Operating expenses | ( | ) | ||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | ||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Operating income (loss) | ( | ) | ||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||
Net effect of swaps | ||||||||||||||||||||||||
(Gain) loss on foreign currency | ( | ) | ( | ) | ||||||||||||||||||||
Other (income) expense | ( | ) | ||||||||||||||||||||||
Income from investment in affiliates | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Income before taxes | ( | ) | ||||||||||||||||||||||
Provision (benefit) for taxes | ( | ) | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | ||||||||||||||||||||||||
Operating expenses | ( | ) | ||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | ||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Operating income (loss) | ( | ) | ||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||
Net effect of swaps | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Loss on foreign currency | ||||||||||||||||||||||||
Other (income) expense | ( | ) | ( | ) | ||||||||||||||||||||
(Income) loss from investment in affiliates | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Income (loss) before taxes | ( | ) | ( | ) | ||||||||||||||||||||
Provision (benefit) for taxes | ( | ) | ||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ||||||||||||||||||||||
Cash flow hedging derivative activity | ( | ) | ||||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ||||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | ||||||||||||||||||||||||
Operating expenses | ( | ) | ||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | ||||||||||||||||||||||||
Gain on sale of investment | ( | ) | ( | ) | ||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Operating income (loss) | ( | ) | ||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||
Net effect of swaps | ||||||||||||||||||||||||
(Gain) loss on foreign currency | ( | ) | ( | ) | ||||||||||||||||||||
Other (income) expense | ( | ) | ||||||||||||||||||||||
(Income) loss from investment in affiliates | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Income (loss) before taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
Provision (benefit) for taxes | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Net income (loss) | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Total comprehensive income (loss) | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | ||||||||||||||||||||||||
Operating expenses | ( | ) | ||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | ||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||
Net effect of swaps | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Loss on early debt extinguishment | ||||||||||||||||||||||||
Loss on foreign currency | ||||||||||||||||||||||||
Other (income) expense | ( | ) | ( | ) | ||||||||||||||||||||
(Income) loss from investment in affiliates | ( | ) | ( | ) | ||||||||||||||||||||
Loss before taxes | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||
Provision (benefit) for taxes | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ||||||||||||||||||||||
Cash flow hedging derivative activity | ( | ) | ||||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ||||||||||||||||||||||
Total comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | ||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | ( | ) | ||||||||||||||||||||||
Proceeds from returns on investments | ( | ) | ||||||||||||||||||||||
Proceeds from sale of investment | ||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Net cash from (for) investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Intercompany payables (payments) receipts | ( | ) | ( | ) | ||||||||||||||||||||
Payments for returns of capital | ( | ) | ||||||||||||||||||||||
Note borrowings | ||||||||||||||||||||||||
Term debt payments | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Distributions paid to partners | ( | ) | ( | ) | ||||||||||||||||||||
Payment of debt issuance costs and original issue discount | ( | ) | ( | ) | ||||||||||||||||||||
Tax effect of units involved in treasury unit transactions | ( | ) | ( | ) | ||||||||||||||||||||
Payments related to tax withholding for equity compensation | ( | ) | ( | ) | ||||||||||||||||||||
Net cash from (for) financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | ( | ) | ( | ) | ||||||||||||||||||||
Balance, beginning of period | ( | ) | ||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||
CASH FLOWS FOR INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | ( | ) | ||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Net cash for investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Intercompany payables (payments) receipts | ( | ) | ( | ) | ||||||||||||||||||||
Net borrowings on revolving credit loans | ||||||||||||||||||||||||
Distributions paid to partners | ( | ) | ( | ) | ||||||||||||||||||||
Payment of debt issuance costs and original issue discount | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Exercise of limited partnership unit options | ||||||||||||||||||||||||
Tax effect of units involved in treasury unit transactions | ( | ) | ( | ) | ||||||||||||||||||||
Payments related to tax withholding for equity compensation | ( | ) | ( | ) | ||||||||||||||||||||
Net cash from (for) financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ( | ) | ( | ) | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net decrease for the period | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Balance, beginning of period | ( | ) | ||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Receivables | ( | ) | ||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||
Other current assets | ( | ) | ||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||||||||||
Investment in Park | ( | ) | ||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
Other Intangibles, net | ||||||||||||||||||||||||||||
Deferred Tax Asset | ( | ) | ||||||||||||||||||||||||||
Right-of-Use Asset | ||||||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||||||
Current maturities of long-term debt | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Accounts payable | ( | ) | ||||||||||||||||||||||||||
Deferred revenue | ||||||||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||||||
Accrued taxes | ( | ) | ||||||||||||||||||||||||||
Accrued salaries, wages and benefits | ||||||||||||||||||||||||||||
Self-insurance reserves | ||||||||||||||||||||||||||||
Other accrued liabilities | ||||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Deferred Tax Liability | ( | ) | ||||||||||||||||||||||||||
Derivative Liability | ||||||||||||||||||||||||||||
Lease Liability | ||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||||||
Term debt | ||||||||||||||||||||||||||||
Notes | ||||||||||||||||||||||||||||
Equity | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Receivables | ( | ) | ||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||
Other current assets | ( | ) | ||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||||||||||
Investment in Park | ( | ) | ||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
Other Intangibles, net | ||||||||||||||||||||||||||||
Deferred Tax Asset | ( | ) | ||||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||||||
Current maturities of long-term debt | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Accounts payable | ( | ) | ||||||||||||||||||||||||||
Deferred revenue | ||||||||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||||||
Accrued taxes | ( | ) | ||||||||||||||||||||||||||
Accrued salaries, wages and benefits | ||||||||||||||||||||||||||||
Self-insurance reserves | ||||||||||||||||||||||||||||
Other accrued liabilities | ||||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Deferred Tax Liability | ( | ) | ||||||||||||||||||||||||||
Derivative Liability | ||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||||||
Term debt | ||||||||||||||||||||||||||||
Notes | ||||||||||||||||||||||||||||
Equity | ( | ) | ||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Receivables | ( | ) | ||||||||||||||||||||||||||
Inventories | ||||||||||||||||||||||||||||
Other current assets | ( | ) | ||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Property and Equipment, net | ||||||||||||||||||||||||||||
Investment in Park | ( | ) | ||||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||||
Other Intangibles, net | ||||||||||||||||||||||||||||
Other Assets | ||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||||||
Current maturities of long-term debt | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Accounts payable | ( | ) | ||||||||||||||||||||||||||
Deferred revenue | ||||||||||||||||||||||||||||
Accrued interest | ||||||||||||||||||||||||||||
Accrued taxes | ( | ) | ||||||||||||||||||||||||||
Accrued salaries, wages and benefits | ||||||||||||||||||||||||||||
Self-insurance reserves | ||||||||||||||||||||||||||||
Other accrued liabilities | ||||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Deferred Tax Liability | ||||||||||||||||||||||||||||
Other Liabilities | ||||||||||||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||||||
Revolving credit loans | ||||||||||||||||||||||||||||
Term debt | ||||||||||||||||||||||||||||
Notes | ||||||||||||||||||||||||||||
Equity | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Cost of food, merchandise and games revenues | ||||||||||||||||||||||||||||
Operating expenses | ( | ) | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | ||||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Operating income (loss) | ( | ) | ||||||||||||||||||||||||||
Interest (income) expense, net | ( | ) | ||||||||||||||||||||||||||
Net effect of swaps | ||||||||||||||||||||||||||||
(Gain) loss on foreign currency | ( | ) | ( | ) | ||||||||||||||||||||||||
Other (income) expense | ( | ) | ||||||||||||||||||||||||||
Income from investment in affiliates | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Income before taxes | ( | ) | ||||||||||||||||||||||||||
Provision (benefit) for taxes | ( | ) | ||||||||||||||||||||||||||
Net income | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Cost of food, merchandise and games revenues | ||||||||||||||||||||||||||||
Operating expenses | ( | ) | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | ||||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Operating income (loss) | ( | ) | ||||||||||||||||||||||||||
Interest (income) expense, net | ( | ) | ||||||||||||||||||||||||||
Net effect of swaps | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Loss on foreign currency | ||||||||||||||||||||||||||||
Other (income) expense | ( | ) | ( | ) | ||||||||||||||||||||||||
(Income) loss from investment in affiliates | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Income (loss) before taxes | ( | ) | ( | ) | ||||||||||||||||||||||||
Provision (benefit) for taxes | ( | ) | ||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ||||||||||||||||||||||||||
Cash flow hedging derivative activity | ( | ) | ||||||||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ||||||||||||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Cost of food, merchandise and games revenues | ||||||||||||||||||||||||||||
Operating expenses | ( | ) | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | ||||||||||||||||||||||||||||
Gain on sale of investment | ( | ) | ( | ) | ||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Operating income (loss) | ( | ) | ||||||||||||||||||||||||||
Interest (income) expense, net | ( | ) | ||||||||||||||||||||||||||
Net effect of swaps | ||||||||||||||||||||||||||||
(Gain) loss on foreign currency | ( | ) | ( | ) | ||||||||||||||||||||||||
Other (income) expense | ( | ) | ||||||||||||||||||||||||||
(Income) loss from investment in affiliates | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Income (loss) before taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Provision (benefit) for taxes | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net income (loss) | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | ( | ) | $ | ( | ) | $ | $ | $ | $ | ( | ) | $ | ( | ) | |||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Co-Issuer Subsidiary (Millennium) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||||
Net revenues | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||
Cost of food, merchandise and games revenues | ||||||||||||||||||||||||||||
Operating expenses | ( | ) | ||||||||||||||||||||||||||
Selling, general and administrative | ||||||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | ||||||||||||||||||||||||||||
( | ) | |||||||||||||||||||||||||||
Operating income (loss) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Interest (income) expense, net | ( | ) | ||||||||||||||||||||||||||
Net effect of swaps | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Loss on early debt extinguishment | ||||||||||||||||||||||||||||
Loss on foreign currency | ||||||||||||||||||||||||||||
Other (income) expense | ( | ) | ( | ) | ||||||||||||||||||||||||
(Income) loss from investment in affiliates | ( | ) | ( | ) | ||||||||||||||||||||||||
Income (loss) before taxes | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
Provision (benefit) for taxes | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ) | ||||||||||||||||||||||||||
Cash flow hedging derivative activity | ( | ) | ||||||||||||||||||||||||||
Other comprehensive income (loss), (net of tax) | ( | ) | ||||||||||||||||||||||||||
Total comprehensive loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||
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 | $ | $ | ( | ) | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany receivables (payments) receipts | ( | ) | ||||||||||||||||||||||||||
Proceeds from returns on investments | ( | ) | ||||||||||||||||||||||||||
Proceeds from sale of investment | ||||||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Net cash from (for) investing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany payables (payments) receipts | ( | ) | ( | ) | ||||||||||||||||||||||||
Payments for returns of capital | ( | ) | ||||||||||||||||||||||||||
Note borrowings | ||||||||||||||||||||||||||||
Term debt payments | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Distributions paid to partners | ( | ) | ( | ) | ||||||||||||||||||||||||
Payment of debt issuance costs and original issue discount | ( | ) | ( | ) | ||||||||||||||||||||||||
Tax effect of units involved in treasury unit transactions | ( | ) | ( | ) | ||||||||||||||||||||||||
Payments related to tax withholding for equity compensation | ( | ) | ( | ) | ||||||||||||||||||||||||
Net cash from (for) financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||||||
Net increase (decrease) for the period | ( | ) | ( | ) | ||||||||||||||||||||||||
Balance, beginning of period | ( | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
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 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | |||||||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany receivables (payments) receipts | ( | ) | ||||||||||||||||||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
Net cash from (for) investing activities | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||||||
Intercompany payables (payments) receipts | ( | ) | ( | ) | ||||||||||||||||||||||||
Net borrowings on revolving credit loans | ||||||||||||||||||||||||||||
Distributions paid to partners | ( | ) | ( | ) | ||||||||||||||||||||||||
Payment of debt issuance costs and original issue discount | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Exercise of limited partnership unit options | ||||||||||||||||||||||||||||
Tax effect of units involved in treasury unit transactions | ( | ) | ( | ) | ||||||||||||||||||||||||
Payments related to tax withholding for equity compensation | ( | ) | ( | ) | ||||||||||||||||||||||||
Net cash from (for) financing activities | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | ( | ) | ( | ) | ||||||||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||||||
Net increase (decrease) for the period | ( | ) | ( | ) | ( | ) | ||||||||||||||||||||||
Balance, beginning of period | ( | ) | ||||||||||||||||||||||||||
Balance, end of period | $ | $ | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||||
• | Income Taxes |
Three months ended | Six months ended | ||||||||||||||
(In thousands) | June 30, 2019 | June 24, 2018 | June 30, 2019 | June 24, 2018 | |||||||||||
Net income (loss) | $ | 63,298 | $ | 19,243 | $ | (20,375 | ) | $ | (64,157 | ) | |||||
Interest expense | 22,927 | 21,337 | 43,847 | 41,099 | |||||||||||
Interest income | (81 | ) | (55 | ) | (314 | ) | (281 | ) | |||||||
Provision (benefit) for taxes | 14,676 | 13,730 | (5,309 | ) | (5,469 | ) | |||||||||
Depreciation and amortization | 55,904 | 52,219 | 69,493 | 57,740 | |||||||||||
EBITDA | 156,724 | 106,474 | 87,342 | 28,932 | |||||||||||
Loss on early debt extinguishment | — | — | — | 1,073 | |||||||||||
Net effect of swaps | 10,779 | (906 | ) | 17,158 | (4,534 | ) | |||||||||
Non-cash foreign currency (gain) loss | (9,481 | ) | 14,992 | (18,145 | ) | 25,090 | |||||||||
Non-cash equity compensation expense | 3,287 | 3,180 | 5,830 | 6,148 | |||||||||||
Loss on impairment / retirement of fixed assets, net | 682 | 3,372 | 2,106 | 4,712 | |||||||||||
Gain on sale of investment | — | — | (617 | ) | — | ||||||||||
Acquisition-related costs | 946 | — | 946 | — | |||||||||||
Other (1) | 124 | (76 | ) | 283 | 93 | ||||||||||
Adjusted EBITDA | $ | 163,061 | $ | 127,036 | $ | 94,903 | $ | 61,514 | |||||||
(1) | Consists of certain costs as defined in the Partnership's Amended 2017 Credit Agreement and prior credit agreements. These items are excluded from the calculation of Adjusted EBITDA and have included certain legal expenses and severance expenses. This balance also includes unrealized gains and losses on short-term investments. |
(26 weeks) | (25 weeks) | ||||||||||||||
Six months ended | Six months ended | Increase (Decrease) | |||||||||||||
June 30, 2019 | June 24, 2018 | $ | % | ||||||||||||
(Amounts in thousands, except for per capita spending) | |||||||||||||||
Net revenues | $ | 503,167 | $ | 435,043 | $ | 68,124 | 15.7 | % | |||||||
Operating costs and expenses | 414,880 | 379,989 | 34,891 | 9.2 | % | ||||||||||
Depreciation and amortization | 69,493 | 57,740 | 11,753 | 20.4 | % | ||||||||||
Loss on impairment / retirement of fixed assets, net | 2,106 | 4,712 | (2,606 | ) | N/M | ||||||||||
Gain on sale of investment | (617 | ) | — | (617 | ) | N/M | |||||||||
Operating income (loss) | $ | 17,305 | $ | (7,398 | ) | $ | 24,703 | N/M | |||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA (1) | $ | 94,903 | $ | 61,514 | $ | 33,389 | 54.3 | % | |||||||
Attendance | 9,675 | 8,655 | 1,020 | 11.8 | % | ||||||||||
In-park per capita spending | $ | 47.09 | $ | 45.42 | $ | 1.67 | 3.7 | % | |||||||
Out-of-park revenues | $ | 64,105 | $ | 56,177 | $ | 7,928 | 14.1 | % | |||||||
(1) | For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net income (loss), see page 39. |
(3) | Adjusted EBITDA for the six months ended July 1, 2018 was calculated as net loss of $37.7 million plus interest expense of $41.1 million, benefit for taxes of $5.4 million, depreciation and amortization expense of $64.4 million, loss on early debt extinguishment of $1.1 million, net effect of swaps benefit of $4.5 million, non-cash foreign currency loss of $25.1 million, non-cash equity compensation expense of $6.1 million, and loss on impairment / retirement of fixed assets of $4.7 million. |
(726 operating days) | (662 operating days) | ||||||||||||||
Three months ended | Three months ended | Increase (Decrease) | |||||||||||||
June 30, 2019 | June 24, 2018 | $ | % | ||||||||||||
(Amounts in thousands, except for per capita spending) | |||||||||||||||
Net revenues | $ | 436,190 | $ | 380,316 | $ | 55,874 | 14.7 | % | |||||||
Operating costs and expenses | 277,360 | 256,476 | 20,884 | 8.1 | % | ||||||||||
Depreciation and amortization | 55,904 | 52,219 | 3,685 | 7.1 | % | ||||||||||
Loss on impairment / retirement of fixed assets, net | 682 | 3,372 | (2,690 | ) | N/M | ||||||||||
Operating income | $ | 102,244 | $ | 68,249 | $ | 33,995 | 49.8 | % | |||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA (1) | $ | 163,061 | $ | 127,036 | $ | 36,025 | 28.4 | % | |||||||
Attendance | 8,500 | 7,698 | 802 | 10.4 | % | ||||||||||
In-park per capita spending | $ | 47.22 | $ | 45.40 | $ | 1.82 | 4.0 | % | |||||||
Out-of-park revenues | $ | 49,344 | $ | 43,491 | $ | 5,853 | 13.5 | % | |||||||
(1) | For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net income (loss), see page 39. |
(3) | Adjusted EBITDA for the three months ended July 1, 2018 was calculated as net income of $42.1 million plus interest expense of $21.3 million, provision for taxes of $13.7 million, depreciation and amortization expense of $57.4 million, net effect of swaps benefit of $0.9 million, non-cash foreign currency loss of $15.7 million, non-cash equity compensation expense of $3.2 million, and loss on impairment / retirement of fixed assets of $3.2 million. |
• | $733 million of senior secured term debt, maturing in April 2024 under our Amended 2017 Credit Agreement. The term debt bears interest at the 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 is payable $7.5 million annually. We have $7.5 million of current maturities as of June 30, 2019. |
• | $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 various prices depending on the date redeemed. The notes pay interest semi-annually in June and December. |
• | $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. |
• | $500 million of 5.250% senior unsecured notes, maturing in July 2029, issued at par. Prior to July 15, 2022, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.250% 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 July 15, 2024 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 January and July. |
• | 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. After letters of credit, which totaled $15.4 million as of June 30, 2019, we had $259.6 million of available borrowings under the revolving credit facility and cash on hand of $324.7 million. |
(a) | (b) | (c) | (d) | |||||||||||
Period | Total Number of Units Purchased (1) | Average Price Paid per Unit | Total Number of Units Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Units that May Yet Be Purchased Under the Plans or Programs | ||||||||||
April 1 - April 30 | — | — | — | $ | — | |||||||||
May 1 - May 31 | 93 | $ | 50.69 | — | — | |||||||||
June 1 - June 30 | — | — | — | — | ||||||||||
Total | 93 | $ | 50.69 | — | $ | — | ||||||||
(1) | All repurchased units were reacquired by the Partnership in satisfaction of tax obligations related to the vesting of restricted units which were granted under the Partnership's Omnibus Incentive Plan. |
Exhibit (101) | The following materials from the Partnership's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 formatted in Inline XBRL: (i) the Unaudited Condensed Consolidated Statements of Income, (ii) the Unaudited Condensed Consolidated Balance Sheets, (iii) the Unaudited Condensed Consolidated Statements of Cash Flow, (iv) the Unaudited Condensed Consolidated Statement of Equity, and (v) related notes. | |
Exhibit (104) | The cover page from the Partnership's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, formatted in Inline XBRL. | |
* | Exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. Cedar Fair hereby undertakes to furnish supplemental copies of any of the omitted exhibits and schedules upon request by the SEC; provided, however, that Cedar Fair may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934 for any exhibits or schedules so furnished. A list identifying the contents of all omitted exhibits and schedules can be found in Exhibit 2.1. |
CEDAR FAIR, L.P. | |||
(Registrant) | |||
By Cedar Fair Management, Inc. | |||
General Partner | |||
Date: | August 7, 2019 | /s/ Richard A. Zimmerman | |
Richard A. Zimmerman | |||
President and Chief Executive Officer | |||
Date: | August 7, 2019 | /s/ Brian C. Witherow | |
Brian C. Witherow | |||
Executive Vice President and | |||
Chief Financial Officer | |||
(a) | all fixed assets, machinery, equipment, tools, furniture, office equipment, computer hardware, supplies, materials, vehicles and other items of tangible personal property of every kind used in connection with the business or operation of the Parks, whether owned or leased (wherever located and whether or not carried on the applicable Seller’s books), including the fixed assets identified on Schedule 2.01(a) (the “Tangible Personal Property”), together with any express or implied warranty by the manufacturers or sellers or lessors of any item or component part thereof and all maintenance records and other documents relating thereto; |
(b) | all inventories of the Seller Parties held in connection with the business or operation of the Parks, including finished goods, raw materials, work in progress, packaging, supplies, parts and merchandise inventory; |
(c) | all real property on which the Parks are located and that is owned by the Seller Parties (together with all buildings, fixtures, structures and improvements situated thereon and all easements, rights-of-way and other rights and privileges appurtenant thereto) (collectively, the “Owned Real Property”); |
(d) | all real property on which the Parks are located and that is leased by the Seller Parties (together with all rights, title and interest of the Seller Parties in and to leasehold improvements relating thereto, including security deposits, reserves or prepaid rents paid in connection therewith) (collectively, the “Leased Real Property,” and together with the Owned Real Property, the “Real Property”); |
(e) | All buildings, structures, improvements, facilities, installations, fixtures, machinery and equipment used in connection with the business or operation of the Parks whether owned or leased, including, without limitation, all water park rides, slides, pools, buildings, foundations and footings, pumps, plumbing, air conditioning, heating, ventilating, mechanical, electrical and utility systems, signs, light fixtures, doors, windows, fences, parking lots, walkways and each and every other type of physical improvement located at, on or affixed to the Real Property (the “Improvements”); |
(f) | All supplies used in connection with the business or operation of the Parks such as spare parts, pool chemicals, cleaning supplies, and similar supplies used in the Ordinary Course of Business of maintenance of the Real Property, Improvements or the Tangible Personal Property (the “Supplies”); |
(g) | all (i) trade accounts receivable, notes receivable, and other rights to payment from customers of the Parks and the full benefit of all security for such accounts, notes or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of the Parks, (ii) other accounts or notes receivable of the Seller Parties relating to the Parks and the full benefit of all security for such accounts or notes, including, but not limited to, accounts receivable from credit card processors, and (iii) claims, remedies, and rights related to the any of the foregoing (collectively, the “Accounts Receivable”), provided, however, that Accounts Receivable will not include any accounts or notes receivables from Affiliates or Related Parties of the Seller Parties that are set forth on Schedule 2.01(g) (the “Intercompany Receivables”); |
(h) | the Contracts listed on Schedule 2.01(h) hereto used in the business or operation of the Parks (collectively, the “Assigned Contracts”) and the right to receive all payments, rights, and privileges of the Seller Parties arising under the Assigned Contracts; |
(i) | all (i) intangible rights and property owned by the Seller Parties relating to the operation and business of the Parks, including (A) all going concern value and goodwill related to or associated with the Assets, and (B) all Intellectual Property of the Seller Parties relating to or used in the operation or business of the Parks, including, without limitation, the Intellectual Property set forth on Schedule 2.01(i) (the “Owned Intellectual Property”) and (ii) all rights of any of the Seller Parties under licenses, sublicenses, consent to use agreements, settlements, coexistence agreements, covenants not to sue, waivers, releases, permissions and other Contracts, whether written |
(j) | all prepaid expenses, credits, advance payments, claims, security, refunds, rights of recovery, rights of set-off, rights of recoupment, deposits, charges, sums and fees (including any such item relating to the payment of Taxes); |
(k) | originals, or where not available, copies, of all books and records of each Seller related to the business or operation of the Parks, whether in tangible or electronic form, including, without limitation, service and warranty records, customer and supplier lists, equipment logs, operating guides and manuals, financial and accounting records, creative materials, advertising materials, promotional materials, correspondence, all telephone and facsimile numbers and other directory listings used by Seller, data, referral sources, research and development reports, studies, plans, drawings and other similar documents and records and, subject to all Laws, copies of all personnel records of Hired Employees (collectively, the “Business Records”); |
(l) | all approvals, consents, licenses, permits, waivers, or other authorizations issued, granted, given, or otherwise made available by or under the authority of any Governmental Body or pursuant to any Law to the Seller Parties in connection with the business or operation of the Parks, in each case to the extent transferable to Buyer (collectively, “Governmental Authorizations”), and all pending applications therefor or renewals thereof, in each case to the extent transferable to Buyer, including, without limitation, the Governmental Authorizations and pending applications set forth on Schedule 2.01(l). |
(m) | all claims of the Seller Parties against third parties relating to the Assets or the Assumed Liabilities, whether choate or inchoate, known or unknown, contingent or noncontingent; and |
(n) | all of the Seller Parties’ rights under warranties, indemnities and all similar rights against third parties to the extent related to the Assets or the Assumed Liabilities. |
i. | disburse to Buyer the Negative Adjustment Amount from the Adjustment Escrow Account (and to the extent the Adjustment Escrow Amount is insufficient, from the Indemnity Escrow Account); it being understood that, in no event shall Buyer be entitled to recover more than the sum of the Adjustment Escrow Amount and the Indemnity Escrow Amount; it being further understood that the Seller Parties will replenish any and all funds used from the Indemnity Escrow Account to pay the Negative Adjustment Amount within five (5) Business Days of such funds being disbursed from the Indemnity Escrow Account; and |
ii. | disburse to the Galveston Sellers and the New Braunfels Sellers (in accordance with the Allocation Notice, with one wire transfer of immediately available funds being sent to the Galveston Sellers and a separate wire transfer of immediately available funds being sent to the Sellers’ Representative for distribution to the New Braunfels Sellers) any remaining funds in the Adjustment Escrow Account (if any). |
1. | Intellectual Property. |
. | Required Approvals; Consents. |
Page | |||
ARTICLE I | ORGANIZATIONAL MATTERS.................................................. | 1 | |
1.1 | Domicile................................................................................................. | 1 | |
1.2 | Name...................................................................................................... | 2 | |
1.3 | Registered Office and Agent: Principal Office...................................... | 2 | |
1.4 | Power of Attorney.................................................................................. | 2 | |
1.5 | Term........................................................................................................ | 3 | |
ARTICLE II | DEFINITIONS................................................................................ | 3 | |
2.1 | Definitions............................................................................................. | 3 | |
ARTICLE III | PURPOSE....................................................................................... | 11 | |
3.1 | Purpose.................................................................................................. | 11 | |
ARTICLE IV | CAPITAL CONTRIBUTIONS....................................................... | 11 | |
4.1 | General Partner..................................................................................... | 11 | |
4.2 | Limited Partners.................................................................................... | 11 | |
4.3 | Additional Issuances of Units and Securities........................................ | 11 | |
4.4 | No Preemptive Rights............................................................................ | 12 | |
4.5 | Capital Accounts................................................................................... | 12 | |
4.6 | Interest.................................................................................................... | 15 | |
4.7 | No Withdrawal...................................................................................... | 15 | |
4.8 | Loans from Partners.............................................................................. | 15 | |
4.9 | Splits and Combinations....................................................................... | 15 | |
ARTICLE V | ALLOCATIONS AND DISTRIBUTIONS..................................... | 16 | |
5.1 | Allocations for Capital Account Purposes............................................ | 16 | |
5.2 | Allocations for Tax Purposes................................................................ | 17 | |
5.3 | Distributions.............................................................................................. | 19 | |
ARTICLE VI | MANAGEMENT AND OPERATION OF BUSINESS................. | 21 | |
6.1 | Management.......................................................................................... | 21 | |
6.2 | Election of Board of Directors of General Partner by Limited Partners; Governance Matters.............................................................. | 22 | |
6.3 | Certificate of Limited Partnership........................................................ | 26 | |
6.4 | Reliance by Third Parties...................................................................... | 26 | |
6.5 | Rights of General Partner as Limited Partner...................................... | 27 | |
6.6 | Compensation and Reimbursement of General Partner........................ | 27 | |
6.7 | Outside Activities................................................................................... | 27 | |
6.8 | Partnership Funds................................................................................. | 28 | |
6.9 | Loans to or from General Partners; Contracts with Affiliates............. | 28 | |
6.10 | Indemnification.......................................................................................... | 29 | |
6.11 | Liability of General Partner.................................................................. | 31 | |
6.12 | Resolution of Conflicts of Interest......................................................... | 31 | |
6.13 | Other Matters Concerning General Partners....................................... | 32 | |
6.14 | Title to Partnership Assets..................................................................... | 32 | |
ARTICLE VII | RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS......... | 32 | |
7.1 | Limitation of Liability............................................................................ | 32 | |
7.2 | Management of Business....................................................................... | 32 | |
7.3 | Outside Activities................................................................................... | 32 | |
7.4 | Return of Capital................................................................................... | 32 | |
7.5 | Rights of Limited Partners Relating to the Partnership........................ | 33 | |
7.6 | Rights of Special Limited Partners Relating to the Partnership........... | 33 | |
ARTICLE VIII | BOOKS, RECORDS, ACCOUNTING AND REPORTS............... | 34 | |
8.1 | Records and Accounting........................................................................ | 34 | |
8.2 | Fiscal Year............................................................................................. | 34 | |
8.3 | Reports.................................................................................................. | 34 | |
8.4 | Other information.................................................................................. | 35 | |
ARTICLE IX | TAX MATTERS.............................................................................. | 35 | |
9.1 | Preparation of Tax Return..................................................................... | 35 | |
9.2 | Tax Election........................................................................................... | 35 | |
9.3 | Tax Controversies.................................................................................. | 35 | |
9.4 | Organizational Expenses....................................................................... | 36 | |
9.5 | Taxation as a Partnership..................................................................... | 36 | |
9.6 | Opinions Regarding Taxation as a Partnership.................................... | 36 | |
9.7 | Withholding........................................................................................... | 36 | |
ARTICLE X | PROHIBITIONS AND LIMITATIONS.......................................... | 36 | |
10.1 | Prohibitions and Limitations................................................................. | 36 | |
ARTICLE XI | TRANSFER OF INTEREST........................................................... | 37 | |
11.1 | Transfer.................................................................................................. | 37 | |
11.2 | Transfer of Interests of General Partner............................................... | 37 | |
11.3 | Transfer of Units................................................................................... | 37 | |
11.4 | Transfer of Depositary Units................................................................. | 37 | |
11.5 | Restrictions on Transfer......................................................................... | 38 | |
ARTICLE XII | ADMISSION OF PARTNERS........................................................ | 38 | |
12.1 | Existing Partners................................................................................... | 38 | |
12.2 | Admission of Additional Limited Partners............................................ | 38 | |
12.3 | Admission of Successor General Partner.............................................. | 39 | |
12.4 | Amendment of Agreement and of Certificate of Limited Partnership... | 39 | |
ARTICLE XIII | WITHDRAWAL OR REMOVAL OF PARTNERS........................ | 40 | |
13.1 | Withdrawal or Removal of General Partner......................................... | 40 | |
13.2 | Withdrawal of Limited Partners............................................................ | 41 | |
13.3 | Continuation of Partnership................................................................. | 41 | |
ARTICLE XIV | DISSOLUTION AND LIQUIDATION.......................................... | 41 | |
14.1 | Dissolution............................................................................................ | 41 | |
14.2 | Continuation of Business of Partnership after Dissolution.................. | 41 | |
14.3 | Liquidation............................................................................................ | 42 | |
14.4 | Distribution in Kind.............................................................................. | 43 | |
14.5 | Cancellation of Certificate of Limited Partnership............................... | 43 | |
14.6 | Reasonable Time for Winding Up.......................................................... | 43 | |
14.7 | Return of Capital................................................................................... | 44 | |
14.8 | Capital Account Restoration................................................................. | 44 | |
14.9 | Waiver of Partition................................................................................ | 44 | |
ARTICLE XV | AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE....................................................... | 44 | |
15.1 | Amendments to be Adopted Solely by General Partner......................... | 44 | |
15.2 | Amendment Procedures......................................................................... | 45 | |
15.3 | Amendment Requirements..................................................................... | 45 | |
15.4 | Meetings................................................................................................ | 45 | |
15.5 | Notice of a Meeting............................................................................... | 46 | |
15.6 | Record Date........................................................................................... | 46 | |
15.7 | Adjournment.......................................................................................... | 46 | |
15.8 | Waiver of Notice; Consent to Meeting; Approval of Minutes............... | 46 | |
15.9 | Quorum................................................................................................. | 47 | |
15.10 | Conduct of Meeting............................................................................... | 47 | |
15.11 | Action Without a Meeting...................................................................... | 47 | |
15.12 | Voting Rights......................................................................................... | 48 | |
ARTICLE XVI | GENERAL PROVISIONS.............................................................. | 48 | |
16.1 | Addresses and Notices........................................................................... | 48 | |
16.2 | Titles and Captions................................................................................ | 49 | |
16.3 | Pronouns and Plurals............................................................................ | 49 | |
16.4 | Further Action....................................................................................... | 49 | |
16.5 | Binding Effect........................................................................................ | 49 | |
16.6 | Integration............................................................................................. | 49 | |
16.7 | Creditors................................................................................................ | 49 | |
16.8 | Waiver.................................................................................................... | 49 | |
16.9 | Counterparts........................................................................................... | 49 | |
• | the name, age, business address and residence of such nominee; |
• | the principal occupation or employment of such nominee; |
• | the class and approximate number of units of the Partnership which are beneficially owned by such nominee on the date of such Limited Partner’s notice; |
• | a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among such |
• | all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in a contested election, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934 (including, without limitation, such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected). |
• | a representation that the Limited Partner (a) is a holder of record of units of the Partnership entitled to vote at such meeting, including the class and number of units of such unit that are owned beneficially and of record by such Limited Partner, and (b) intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice; |
• | the name and address, as they appear on the Partnership’s books, of such Limited Partner and any Limited Partner Associated Person known by such Limited Partner to be supporting such nominee(s); |
• | any derivative positions with respect to securities of the Partnership (including, without limitation, any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion right or a settlement payment or mechanism at a price related to any class of units of the Partnership or with a value derived in whole or in part from the value of any class of units of the Partnership) held or beneficially held by the Limited Partner and any Limited Partner Associated Person and whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding has been made, the effect or intent of which is to increase or decrease the voting power and/or economic benefit and risks of, such Limited Partner or any Limited Partner Associated Person with respect to the Partnership’s units; |
• | any proxy, contract, arrangement, understanding, or relationship pursuant to which such Limited Partner or any Limited Partner Associated Person has a right to vote any class of units of the Partnership; |
• | an affirmative statement of such Limited Partner’s intent to deliver a proxy statement and form of proxy to holders of a sufficient number of holders of the Partnership’s voting units to elect such nominee or nominees or a statement that the Limited Partner does not intend to deliver a proxy statement and form of proxy to holders of a sufficient number of holders of the Partnership’s voting units to elect such nominee or nominees; and |
• | all other information relating to such Limited Partner and any Limited Partner Associated Person that is required to be disclosed in solicitations of proxies for election of directors in a contested election, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934. |
GENERAL PARTNER: | |||
CEDAR FAIR MANAGEMENT, INC. | |||
By: | /s/ Richard L. Kinzel | ||
Richard L. Kinzel Chief Executive Officer | |||
By: | /s/ Matt Ouimet | ||
Matt Ouimet President | |||
LIMITED PARTNERS: | |||
By: | CEDAR FAIR MANAGEMENT, INC. | ||
As attorney-in-fact pursuant to Section 1.4 of this Agreement | |||
By: | /s/ Richard L. Kinzel | ||
Richard L. Kinzel Chief Executive Officer | |||
By: | /s/ Matt Ouimet | ||
Matt Ouimet President | |||
1. | Section 5.2(i) of the Partnership Agreement is amended to read as follows: |
2. | The remaining provisions of the Partnership Agreement are confirmed. |
GENERAL PARTNER: | |||
Cedar Fair Management, Inc. | |||
By: | /s/ Matthew A. Ouimet | ||
Matthew A. Ouimet Chief Executive Officer | |||
By: | /s/ Richard A. Zimmerman | ||
Richard A. Zimmerman President and Chief Operating Officer | |||
GENERAL PARTNER: | |
Cedar Fair Management, Inc. | |
By: | /s/ Richard A. Zimmerman |
Richard A. Zimmerman President and Chief Operating Officer | |
1) | I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 7, 2019 | /s/ Richard A. Zimmerman | |
Richard A. Zimmerman | |||
President and Chief Executive Officer | |||
1) | I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 7, 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 | |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 24, 2018 |
|---|---|---|---|
| Current Assets: | |||
| Cash and cash equivalents | $ 324,742 | $ 105,349 | $ 60,119 |
| Receivables | 89,546 | 51,518 | 85,379 |
| Inventories | 46,860 | 30,753 | 47,000 |
| Prepaid advertising | 20,719 | 2,215 | 22,210 |
| Other current assets | 17,715 | 10,374 | 18,434 |
| Total current assets | 499,582 | 200,209 | 233,142 |
| Property and Equipment: | |||
| Land | 422,764 | 268,411 | 266,849 |
| Land improvements | 443,282 | 434,501 | 433,505 |
| Buildings | 768,050 | 732,666 | 728,243 |
| Rides and equipment | 1,874,085 | 1,813,489 | 1,804,512 |
| Construction in progress | 59,257 | 77,716 | 36,569 |
| Total property and equipment, gross | 3,567,438 | 3,326,783 | 3,269,678 |
| Less accumulated depreciation | (1,767,972) | (1,727,345) | (1,650,680) |
| Total property and equipment, net | 1,799,466 | 1,599,438 | 1,618,998 |
| Goodwill | 181,199 | 178,719 | 180,186 |
| Other Intangibles, net | 36,696 | 36,376 | 36,991 |
| Right-of-Use Asset | 4,354 | 0 | 0 |
| Other Assets | 11,509 | 9,441 | 9,899 |
| Total Assets | 2,532,806 | 2,024,183 | 2,079,216 |
| Current Liabilities: | |||
| Current maturities of long-term debt | 7,500 | 5,625 | 1,875 |
| Accounts payable | 49,284 | 23,314 | 49,551 |
| Deferred revenue | 217,242 | 107,074 | 211,173 |
| Accrued interest | 8,176 | 7,927 | 9,265 |
| Accrued taxes | 16,276 | 29,591 | 12,740 |
| Accrued salaries, wages and benefits | 21,706 | 18,786 | 26,228 |
| Self-insurance reserves | 21,427 | 24,021 | 25,272 |
| Other accrued liabilities | 18,137 | 18,381 | 24,395 |
| Total current liabilities | 359,748 | 234,719 | 360,499 |
| Deferred Tax Liability | 88,854 | 81,717 | 93,474 |
| Derivative Liability | 23,862 | 6,705 | 0 |
| Lease Liability | 2,365 | 0 | 0 |
| Other Liabilities | 10,302 | 11,058 | 10,982 |
| Long-Term Debt: | |||
| Revolving credit loans | 0 | 0 | 25,000 |
| Term debt | 716,828 | 719,507 | 722,186 |
| Notes | 1,431,047 | 938,061 | 937,146 |
| Total long-term debt | 2,147,875 | 1,657,568 | 1,684,332 |
| Partners’ Equity: | |||
| Special L.P. interests | 5,290 | 5,290 | 5,290 |
| General partner | (2) | (1) | (2) |
| Limited partners, 56,597, 56,564 and 56,441 units outstanding as of June 30, 2019, December 31, 2018 and June 24, 2018, respectively | (119,088) | 5,845 | (86,435) |
| Accumulated other comprehensive income (loss) | 13,600 | 21,282 | 11,076 |
| Total partners' equity | (100,200) | 32,416 | (70,071) |
| Total Liabilities and Partners' Equity | $ 2,532,806 | $ 2,024,183 | $ 2,079,216 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 24, 2018 |
|---|---|---|---|
| Statement of Financial Position [Abstract] | |||
| Limited partners, units outstanding (in shares) | 56,597 | 56,564 | 56,441 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 24, 2018 |
Jun. 30, 2019 |
Jun. 24, 2018 |
|
| Statement of Partners' Capital [Abstract] | ||||
| AOCI, foreign currency translation adjustment, tax | $ (746) | $ 1,157 | $ (1,620) | $ 2,302 |
| Unrealized loss on cash flow hedging derivatives, tax | $ (249) | $ (596) | ||
| Distribution made to limited partner, cash distributions paid (in dollars per share) | $ 0.925 | $ 0.89 | $ 1.85 | $ 1.78 |
Significant Accounting and Reporting Policies |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Significant Accounting and Reporting Policies | Significant Accounting and Reporting Policies: Except for the changes described below, the Partnership’s unaudited condensed consolidated financial statements included in this Form 10-Q report have been prepared in accordance with the accounting policies described in the Notes to Consolidated Financial Statements for the year ended December 31, 2018, which were included in the Form 10-K filed on February 22, 2019. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the Commission). These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Form 10-K referred to above. Adopted Accounting Pronouncements The Partnership adopted Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02") effective January 1, 2019 using the comparative reporting approach, which requires application of the new standard at the adoption date. 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 condensed 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 significantly change the accounting applied by a lessor. The adoption of the standard resulted in the recognition of right-of-use assets and corresponding lease liabilities for the Partnership's Santa Clara land lease, as well as its other operating leases, of $73.5 million and the addition of required disclosures (see Note 11). 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. On June 28, 2019, the Partnership purchased the land at California's Great America from the lessor, the City of Santa Clara, for $150.3 million. Following the purchase, the Partnership's remaining lease commitments were immaterial to the condensed consolidated financial statements at June 30, 2019. However, the Partnership assumed a material lease commitment when it completed its subsequent event acquisition on July 1, 2019 (see Note 15). The material lease commitment is for the land on which one of the acquired properties is located. This land lease is expected to result in the recognition of an additional right-of-use asset between $6 million and $8 million and an additional corresponding lease liability between $4 million and $6 million in the third quarter of 2019.
|
Interim Reporting |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Quarterly Financial Information Disclosure [Abstract] | |
| Interim Reporting | Interim Reporting: As of June 30, 2019, the Partnership owned and operated eleven amusement parks, two separately gated outdoor water parks, one indoor water park and four hotels. The Partnership's seasonal amusement parks are generally open during weekends beginning in April or May, and then daily from Memorial Day until Labor Day, after which they are open during weekends in September and, in most cases, October for Halloween events. The two separately gated outdoor water parks also operate seasonally, generally from Memorial Day to Labor Day, plus some additional weekends before and after this period. As a result, a substantial portion of the Partnership’s revenues from these parks are generated during an approximate 130- to 140-day operating season with the major portion concentrated in the third quarter during the peak vacation months of July and August. In 2019, six of the seasonal properties will each be open an additional 20 to 25 days to include WinterFest, a holiday event operating during November and December showcasing holiday shows and festivities. Knott's Berry Farm continues to be open daily on a year-round basis. Castaway Bay is generally open daily from Memorial Day to Labor Day with an additional limited daily schedule for the balance of the year. To assure that these highly seasonal operations will not result in misleading comparisons of current and subsequent interim periods, the Partnership has adopted the following accounting and reporting procedures for its seasonal parks: (a) revenues from multi-use products are recognized over the estimated number of uses expected for each type of product; and 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; (b) depreciation, certain advertising and certain seasonal operating costs are expensed over each park’s operating season, including some costs incurred prior to the season, which are deferred and amortized over the season; and (c) all other costs are expensed as incurred or ratably over the entire year.
|
Revenue Recognition |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue Recognition | Revenue Recognition: As disclosed within the unaudited condensed 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 expected usage. 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 condensed consolidated statement of operations and comprehensive income. 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 condensed consolidated statement of operations and comprehensive income, 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 $107.1 million of deferred revenue recorded as of January 1, 2019, 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. During the six months ended June 30, 2019, approximately $41.9 million of the deferred revenue balance as of January 1, 2019 was recognized. The remaining 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 first six months of 2019. 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 June 30, 2019, December 31, 2018 and June 24, 2018, the Partnership recorded an $8.2 million, $2.6 million and $7.3 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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Long-Lived Assets |
6 Months Ended |
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Jun. 30, 2019 | |
| Property, Plant and Equipment [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 condensed consolidated financial statements. 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 approximately 670 acres of land. The Wildwater Kingdom acreage, reduced by acreage sold, is recorded within "Other Assets" in the unaudited condensed consolidated balance sheet ($9.0 million as of June 30, 2019, December 31, 2018 and June 24, 2018).
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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. As of June 30, 2019, there were no indicators of impairment. The Partnership's annual testing date is the first day of the fourth quarter. There were no impairments for any period presented. A summary of changes in the Partnership’s carrying value of goodwill for the six months ended June 30, 2019 and June 24, 2018 is as follows:
As of June 30, 2019, December 31, 2018, and June 24, 2018, the Partnership’s other intangible assets consisted of the following:
Amortization expense of other intangible assets is expected to continue to be immaterial going forward.
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Long-Term Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt | Long-Term Debt: Long-term debt as of June 30, 2019, December 31, 2018, and June 24, 2018 consisted of the following:
Term Debt and Revolving Credit Facilities In April 2017, the Partnership amended and restated its existing credit agreement. 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 and $7.5 million is payable annually. The facilities provided under the Amended 2017 Credit Agreement are collateralized by substantially all of the assets of the Partnership. 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 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. As of June 30, 2019, no amounts were outstanding under the revolving credit facility. 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. Notes In June 2014, the Partnership issued $450 million of 5.375% senior unsecured notes ("2024 senior notes"). The 2024 senior 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 various prices depending on the date redeemed. In April 2017, concurrently with amending and restating its credit facilities, the Partnership issued $500 million of 5.375% senior unsecured notes maturing in 2027 ("2027 senior notes"). The net proceeds from the offering of the 2027 senior notes, together with borrowings under the 2017 Credit Agreement, were used to redeem all of the Partnership's 5.25% senior unsecured notes due 2021 ("2021 senior 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 2021 senior 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 early debt extinguishment of $23.1 million during 2017. The 2027 senior 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. In June 2019, in conjunction with its subsequent event acquisition (see Note 15), the Partnership issued $500 million of 5.250% senior unsecured notes maturing in 2029 ("2029 senior notes"). The net proceeds from the offering of the 2029 senior notes were used to complete the acquisition, complete the purchase of land at California's Great America (see Note 11), to pay transaction fees and expenses, and for general corporate purposes and repayment of the revolving credit facility. The 2029 senior notes pay interest semi-annually in January and July, with the principal due in full on July 15, 2029. Prior to July 15, 2022, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.250% 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 July 15, 2024 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. 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 June 30, 2019, 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 2024 senior 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.
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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. The Partnership has four interest rate swap agreements that mature on December 31, 2020 and convert $500 million of variable-rate debt to a rate of 4.39%. The Partnership also has 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 swap portfolio was recorded in the unaudited condensed consolidated balance sheets within "Derivative Liability" as of June 30, 2019 and December 31, 2018 and within "Other Assets" as of June 24, 2018 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 unaudited condensed consolidated statements of operations and comprehensive income. The amounts that were previously recorded as a component of AOCI prior to the 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 into 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 unaudited condensed consolidated statements of operations and comprehensive income for the periods presented as follows:
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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, the standard 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 June 30, 2019, December 31, 2018, and June 24, 2018 on a recurring basis as well as the fair values of other financial instruments:
Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR forward curves, which are considered Level 2 observable market inputs. The carrying value of cash and cash equivalents, revolving credit loans, 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 June 30, 2019, December 31, 2018 or June 24, 2018.
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Earnings per Unit |
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| Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Unit | Earnings per Unit: Net income (loss) per limited partner unit is calculated based on the following unit amounts:
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Income and Partnership Taxes |
6 Months Ended |
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Jun. 30, 2019 | |
| Income Tax Disclosure [Abstract] | |
| Income and Partnership Taxes | Income and Partnership Taxes: Under the applicable accounting rules, income taxes are recognized for the amount of taxes payable by the Partnership’s corporate subsidiaries for the current year and for the impact of deferred tax assets and liabilities, which represent future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. The income tax provision (benefit) for interim periods is determined by applying an estimated annual effective tax rate to the quarterly income (loss) of the Partnership’s corporate subsidiaries. In addition to income taxes on its corporate subsidiaries, the Partnership is subject to a publicly traded partnership tax (PTP tax) on partnership-level gross income (net revenues less cost of food, merchandise, and games revenues). As such, the Partnership’s total provision (benefit) for taxes includes amounts for both the PTP tax and for income taxes on its subsidiaries. The Partnership's unrecognized tax benefits, including accrued interest and penalties, were not material in any period presented. The Partnership recognizes interest and penalties related to unrecognized tax benefits as income tax expense.
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Lease Commitments and Contingencies |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease Commitments and Contingencies | Lease Commitments and Contingencies: Lease Commitments The Partnership has commitments under various operating leases at its parks. The most significant lease commitment was for the land on which California's Great America is located in the City of Santa Clara, which had an initial term through 2039 with renewal options through 2074. On June 28, 2019, the Partnership purchased the land at California's Great America from the lessor, the City of Santa Clara, for $150.3 million. Following the purchase, the Partnership's remaining lease commitments were immaterial to the condensed consolidated financial statements at June 30, 2019. However, the Partnership assumed a material lease commitment when it completed its subsequent event acquisition on July 1, 2019 (see Note 15). The material lease commitment is for the land on which one of the acquired properties is located. This land lease is expected to result in the recognition of an additional right-of-use asset between $6 million and $8 million and an additional corresponding lease liability between $4 million and $6 million in the third quarter of 2019. The Partnership leases a portion of the California's Great America parking lot to the Santa Clara Stadium Authority during Levi's Stadium events. The lease is effective through the life of the stadium, or approximately 25 years, from the opening of the stadium through 2039. The lease payments were prepaid and the corresponding income is being recognized over the life of the stadium. The Partnership has also entered into various operating leases at its parks for office space, office equipment, vehicles, and revenue-generating assets. These lease commitments are immaterial to the condensed consolidated financial statements. As a practical expedient, the Partnership recognizes lease payments for short-term leases in the condensed consolidated statement of operations and comprehensive income on a straight-line basis over the lease term and has elected to not separate lease components from non-lease components. The Partnership's total lease cost and related supplemental information as of June 30, 2019 is listed below:
Lease expense, which includes short-term rentals for equipment and machinery, for the six months ended June 24, 2018 totaled $7.1 million. Future undiscounted cash flows under the Partnership's operating leases and a reconciliation to the operating lease liabilities recognized as of June 30, 2019 is included below:
Contingencies The Partnership is a party to a number of lawsuits arising in the normal course of business. In the opinion of management, none of these matters are expected to have a material effect in the aggregate on the Partnership's condensed consolidated financial statements.
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Changes in Accumulated Other Comprehensive Income by Component |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Accumulated Other Comprehensive Income by Component | Changes in Accumulated Other Comprehensive Income by Component: The following tables reflect the changes in accumulated other comprehensive income (loss) related to limited partners' equity for the three- and six-month periods ended June 30, 2019 and June 24, 2018:
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Consolidating Financial Information of Guarantors and Issuers |
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidated Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidating Financial Information of Guarantors and Issuers | Consolidating Financial Information of Guarantors and Issuers of 2024 Senior Notes: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's 2024 senior notes (see Note 6). 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 June 30, 2019, December 31, 2018, and June 24, 2018 and for the three- and six-month periods ended June 30, 2019 and June 24, 2018. In lieu of providing separate unaudited financial statements for the guarantor subsidiaries, the accompanying unaudited condensed consolidating financial statements have been included. CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 24, 2018 (In thousands)
(14) Consolidating Financial Information of Guarantors and Issuers of 2027 and 2029 Senior 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 2027 and 2029 senior notes (see Note 6). 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 June 30, 2019, December 31, 2018, and June 24, 2018 and for the three- and six-month periods ended June 30, 2019 and June 24, 2018. In lieu of providing separate unaudited financial statements for the guarantor subsidiaries, the accompanying unaudited condensed consolidating financial statements have been included. CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 24, 2018 (In thousands)
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Acquisition Subsequent Events |
6 Months Ended |
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Jun. 30, 2019 | |
| Subsequent Events [Abstract] | |
| Acquisition Subsequent Events | Acquisition Subsequent Events: On July 1, 2019, the Partnership completed the acquisition of two water parks and one resort in Texas, the Schlitterbahn Waterpark & Resort New Braunfels and the Schlitterbahn Waterpark Galveston ("Schlitterbahn"), for a cash purchase price of $258.9 million, subject to certain working capital adjustments. Schlitterbahn will be included within the Partnership's single reportable segment of amusement/water parks with accompanying resort facilities. The purchase price allocation remains preliminary as management completes the valuation assessment of property acquired and finalizes the working capital adjustment. Acquisition related transaction costs totaled $0.9 million for the six months ended June 30, 2019 and are included in Selling, general and administrative expenses within the unaudited condensed consolidated statement of operations and comprehensive income. In conjunction with the acquisition, the Partnership issued $500 million of 5.250% senior unsecured notes maturing in 2029 (see Note 6). The net proceeds from the offering of the notes were used to complete the Schlitterbahn acquisition, complete the purchase of land at California's Great America (see Note 11), to pay transaction fees and expenses, and for general corporate purposes and repayment of the revolving credit facility. In addition to the water parks and resort acquired on July 1, 2019, the Partnership has the right to acquire an additional property located in Kansas City, Kansas for a cash payment of $6.0 million. The Partnership completed an immaterial acquisition of Sawmill Creek Resort located in Huron, Ohio on July 3, 2019. Sawmill Creek Resort is a 236-room resort lodge located on 235 acres with a marina, a half-mile beach and 50 acres of undeveloped land.
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Significant Accounting and Reporting Policies (Policies) |
6 Months Ended |
|---|---|
Jun. 30, 2019 | |
| Accounting Policies [Abstract] | |
| Adopted Accounting Pronouncements | Adopted Accounting Pronouncements The Partnership adopted Accounting Standards Update No. 2016-02, Leases ("ASU 2016-02") effective January 1, 2019 using the comparative reporting approach, which requires application of the new standard at the adoption date. 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 condensed 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 significantly change the accounting applied by a lessor. The adoption of the standard resulted in the recognition of right-of-use assets and corresponding lease liabilities for the Partnership's Santa Clara land lease, as well as its other operating leases, of $73.5 million and the addition of required disclosures (see Note 11). 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. On June 28, 2019, the Partnership purchased the land at California's Great America from the lessor, the City of Santa Clara, for $150.3 million. Following the purchase, the Partnership's remaining lease commitments were immaterial to the condensed consolidated financial statements at June 30, 2019. However, the Partnership assumed a material lease commitment when it completed its subsequent event acquisition on July 1, 2019 (see Note 15). The material lease commitment is for the land on which one of the acquired properties is located. This land lease is expected to result in the recognition of an additional right-of-use asset between $6 million and $8 million and an additional corresponding lease liability between $4 million and $6 million in the third quarter of 2019.
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Revenue Recognition (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 six months ended June 30, 2019 and June 24, 2018 is as follows:
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| Partnership's other intangible assets | As of June 30, 2019, December 31, 2018, and June 24, 2018, the Partnership’s other intangible assets consisted of the following:
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Long-Term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-term Debt Instruments | Long-term debt as of June 30, 2019, December 31, 2018, and June 24, 2018 consisted of the following:
(1)
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Derivative Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value of derivative instruments in Condensed Consolidated Balance Sheet | The fair market value of the swap portfolio was recorded in the unaudited condensed consolidated balance sheets within "Derivative Liability" as of June 30, 2019 and December 31, 2018 and within "Other Assets" as of June 24, 2018 as follows:
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| Schedule of Derivative Instruments | The (gains) losses recognized in income on derivatives not designated as cash flow hedges were recorded in "Net effect of swaps" within the unaudited condensed consolidated statements of operations and comprehensive income for the periods presented as follows:
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Fair Value Measurements (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 June 30, 2019, December 31, 2018, and June 24, 2018 on a recurring basis as well as the fair values of other financial instruments:
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Earnings per Unit (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) per limited partner unit | Net income (loss) per limited partner unit is calculated based on the following unit amounts:
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Lease Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost | The Partnership's total lease cost and related supplemental information as of June 30, 2019 is listed below:
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| Lessee, Operating Lease, Liability, Maturity | Future undiscounted cash flows under the Partnership's operating leases and a reconciliation to the operating lease liabilities recognized as of June 30, 2019 is included below:
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Changes in Accumulated Other Comprehensive Income by Component (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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 three- and six-month periods ended June 30, 2019 and June 24, 2018:
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| Reclassification out of accumulated other comprehensive income |
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Consolidating Financial Information of Guarantors and Issuers (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidated Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET June 24, 2018 (In thousands)
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| Condensed Consolidating Statement of Operations | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Six Months Ended June 24, 2018 (In thousands)
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| Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 24, 2018 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 30, 2019 (In thousands)
CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Six Months Ended June 24, 2018 (In thousands)
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Significant Accounting and Reporting Policies (Details) - USD ($) $ in Thousands |
Jun. 28, 2019 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
Jun. 24, 2018 |
|---|---|---|---|---|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
| Right-of-use asset | $ 4,354 | $ 0 | $ 0 | |||
| Payments to acquire land | $ 150,300 | |||||
| Operating lease, liability | $ 4,133 | |||||
| Accounting Standards Update 2016-02 [Member] | ||||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
| Right-of-use asset | $ 73,500 | |||||
| Operating lease, liability | $ 73,500 | |||||
| Galveston Land [Member] | Scenario, Forecast [Member] | Minimum [Member] | ||||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
| Right-of-use asset | $ 6,000 | |||||
| Operating lease, liability | 4,000 | |||||
| Galveston Land [Member] | Scenario, Forecast [Member] | Maximum [Member] | ||||||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
| Right-of-use asset | 8,000 | |||||
| Operating lease, liability | $ 6,000 |
Interim Reporting (Details) |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
property
| |
| Nature of Operations [Line Items] | |
| Number of amusement parks owned and operated | 11 |
| Number of outdoor water parks owned and operated | 2 |
| Number of indoor water parks owned and operated | 1 |
| Number of hotels owned and operated | 4 |
| Winterfest parks | 6 |
| Minimum [Member] | |
| Nature of Operations [Line Items] | |
| Operating period | 130 days |
| Operating cycle, WinterFest | 20 days |
| Maximum [Member] | |
| Nature of Operations [Line Items] | |
| Operating period | 140 days |
| Operating cycle, WinterFest | 25 days |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 24, 2018 |
Jun. 30, 2019 |
Jun. 24, 2018 |
|
| Disaggregation of Revenue [Line Items] | ||||
| Concessionaire remittance | $ (14,537) | $ (12,700) | $ (16,534) | $ (14,269) |
| Net revenues | 436,190 | 380,316 | 503,167 | 435,043 |
| In-park revenues [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue from contract with customer | 401,383 | 349,525 | 455,596 | 393,135 |
| Out-of-park revenues [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Revenue from contract with customer | $ 49,344 | $ 43,491 | $ 64,105 | $ 56,177 |
Revenue Recognition (Narrative) (Details) $ in Thousands |
6 Months Ended | |||
|---|---|---|---|---|
|
Jan. 01, 2019
USD ($)
|
Jun. 30, 2019
USD ($)
monthly_installment
|
Dec. 31, 2018
USD ($)
|
Jun. 24, 2018
USD ($)
|
|
| Disaggregation of Revenue [Line Items] | ||||
| Deferred revenue | $ 107,100 | $ 217,242 | $ 107,074 | $ 211,173 |
| Deferred revenue percentage, season-long products | 88.00% | |||
| Revenue from contract with customer | $ 41,900 | |||
| Payment terms for billing | 30 days | |||
| Allowance for doubtful accounts receivable | $ 8,200 | $ 2,600 | $ 7,300 | |
| Minimum [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Operating period | 130 days | |||
| Number of monthly installments | monthly_installment | 3 | |||
| Revenue recognition, term | 12 months | |||
| Maximum [Member] | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Operating period | 140 days | |||
| Number of monthly installments | monthly_installment | 12 | |||
| Revenue recognition, term | 16 months |
Long-Lived Assets (Details) $ in Millions |
3 Months Ended | |||
|---|---|---|---|---|
|
Sep. 25, 2016
a
property
|
Jun. 30, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Jun. 24, 2018
USD ($)
|
|
| Property, Plant and Equipment [Line Items] | ||||
| Closed operations, properties | property | 1 | |||
| Area of land | a | 670 | |||
| Wildwater Kingdom [Member] | Other Assets [Member] | ||||
| Property, Plant and Equipment [Line Items] | ||||
| Assets held-for-sale | $ | $ 9.0 | $ 9.0 | $ 9.0 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2019 |
Jun. 24, 2018 |
|
| Goodwill [Roll Forward] | ||
| Goodwill (gross), beginning of period | $ 258,587 | $ 263,698 |
| Accumulated Impairment Losses, beginning of period | (79,868) | (79,868) |
| Goodwill (net), beginning of period | 178,719 | 183,830 |
| Foreign currency translation | 2,480 | (3,644) |
| Goodwill (gross), end of period | 261,067 | 260,054 |
| Accumulated Impairment Losses, ending of period | (79,868) | (79,868) |
| Goodwill (net), end of period | $ 181,199 | $ 180,186 |
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 24, 2018 |
|---|---|---|---|
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
| Accumulated Amortization | $ (2,639) | $ (2,397) | $ (2,086) |
| Total other intangible assets, gross carrying amount | 39,335 | 38,773 | 39,077 |
| Total other intangible assets, net carrying value | 36,696 | 36,376 | 36,991 |
| License / Franchise Agreements [Member] | |||
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
| Gross Carrying Amount | 3,390 | 3,379 | 3,357 |
| Accumulated Amortization | (2,639) | (2,397) | (2,086) |
| Net Carrying Value | 751 | 982 | 1,271 |
| Trade Names [Member] | |||
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
| Carrying Amount/Value | $ 35,945 | $ 35,394 | $ 35,720 |
Derivative Financial Instruments (Narrative) (Details) - Cash Flow Hedging [Member] $ in Millions |
Jun. 24, 2018
USD ($)
contract
|
Mar. 27, 2016
USD ($)
contract
|
|---|---|---|
| Interest Rate Swap at 4.39% [Member] | ||
| Derivative [Line Items] | ||
| Number of derivative instruments | contract | 4 | |
| Derivative, amount of hedged item | $ | $ 500 | |
| Average rate | 4.39% | |
| Interest Rate Swap at 4.63% [Member] | ||
| Derivative [Line Items] | ||
| Number of derivative instruments | contract | 4 | |
| Derivative, amount of hedged item | $ | $ 500 | |
| Derivative, forward interest rate | 4.63% |
Derivative Financial Instruments (Balance Sheet Location) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 24, 2018 |
|---|---|---|---|
| Derivatives, Fair Value [Line Items] | |||
| Derivative liability | $ (23,862) | $ (6,705) | $ 0 |
| Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
| Derivatives, Fair Value [Line Items] | |||
| Derivative liability | $ (23,862) | $ (6,705) | |
| Derivative asset | $ 542 |
Derivative Financial Instruments (Income Statement Location) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 24, 2018 |
Jun. 30, 2019 |
Jun. 24, 2018 |
|
| Derivative [Line Items] | ||||
| Net effect of swaps | $ 10,779 | $ (906) | $ 17,158 | $ (4,534) |
| Interest Rate Swap [Member] | ||||
| Derivative [Line Items] | ||||
| Amortization of deferred hedge gains | 0 | 2,365 | 0 | 4,730 |
| Net Effect of Swaps [Member] | Designated As Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
| Derivative [Line Items] | ||||
| Change in fair market value | $ 10,779 | $ (3,271) | $ 17,158 | $ (9,264) |
Earnings per Unit (Details) - $ / shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 24, 2018 |
Jun. 30, 2019 |
Jun. 24, 2018 |
|
| Earnings Per Unit [Abstract] | ||||
| Basic weighted average units outstanding (in shares) | 56,474 | 56,231 | 56,334 | 56,192 |
| Effect of dilutive units: | ||||
| Deferred units (in shares) | 47 | 46 | 0 | 0 |
| Restricted units (in shares) | 243 | 277 | 0 | 0 |
| Unit options (in shares) | 122 | 173 | 0 | 0 |
| Diluted weighted average units outstanding (in shares) | 56,886 | 56,727 | 56,334 | 56,192 |
| Net income (loss) per unit - basic (in dollars per share) | $ 1.12 | $ 0.34 | $ (0.36) | $ (1.14) |
| Net income (loss) per unit - diluted (in dollars per share) | $ 1.11 | $ 0.34 | $ (0.36) | $ (1.14) |
Lease Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
|---|---|---|---|---|---|
Jun. 28, 2019 |
Jun. 24, 2018 |
Sep. 29, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
|
| Lessee, Lease, Description [Line Items] | |||||
| Payments to acquire land | $ 150,300 | ||||
| Right-of-use asset | $ 0 | $ 4,354 | $ 0 | ||
| Operating lease, liability | $ 4,133 | ||||
| Operating sublease, term | 25 years | ||||
| Operating lease, expense | $ 7,100 | ||||
| Galveston Land [Member] | Minimum [Member] | Scenario, Forecast [Member] | |||||
| Lessee, Lease, Description [Line Items] | |||||
| Right-of-use asset | $ 6,000 | ||||
| Operating lease, liability | 4,000 | ||||
| Galveston Land [Member] | Maximum [Member] | Scenario, Forecast [Member] | |||||
| Lessee, Lease, Description [Line Items] | |||||
| Right-of-use asset | 8,000 | ||||
| Operating lease, liability | $ 6,000 |
Lease Commitments and Contingencies (Details) $ in Thousands |
6 Months Ended |
|---|---|
|
Jun. 30, 2019
USD ($)
| |
| Leases [Abstract] | |
| Operating lease expense | $ 3,935 |
| Variable lease expense | 803 |
| Short-term lease expense | 1,808 |
| Sublease income | (244) |
| Total lease cost | $ 6,302 |
| Weighted-average remaining lease term | 6 years 2 months 12 days |
| Weighted-average discount rate | 4.90% |
| Operating cash flows for operating leases | $ 4,113 |
| Leased assets obtained in exchange for new operating lease liabilities (non-cash activity) | $ 1,131 |
Lease Commitments and Contingencies (Undiscounted Cash Flows) (Details) - USD ($) $ in Thousands |
Jun. 30, 2019 |
Dec. 31, 2018 |
Jun. 24, 2018 |
|---|---|---|---|
| Undiscounted cash flows | |||
| Remainder of 2019 | $ 1,049 | ||
| 2020 | 1,608 | ||
| 2021 | 777 | ||
| 2022 | 323 | ||
| 2023 | 159 | ||
| Thereafter | 931 | ||
| Total | 4,847 | ||
| Present value of cash flows | |||
| Current lease liability | 1,768 | ||
| Lease Liability | 2,365 | $ 0 | $ 0 |
| Total | 4,133 | ||
| Difference between undiscounted cash flows and discounted cash flows | $ 714 |
Consolidating Financial Information of Guarantors and Issuers (Details) - Unsecured Debt [Member] |
Jun. 30, 2019 |
|---|---|
| Condensed Financial Statements, Captions [Line Items] | |
| Subsidiary ownership percentage, guaranteeing notes | 100.00% |
| Subsidiary guarantor ownership percentage | 100.00% |