Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CEDAR FAIR L P | |
Entity Central Index Key | 0000811532 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 56,584,432 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 25, 2018 |
Current Assets: | |||
Cash and cash equivalents | $ 60,272 | $ 105,349 | $ 42,888 |
Receivables | 44,331 | 51,518 | 30,795 |
Inventories | 42,629 | 30,753 | 40,303 |
Prepaid advertising | 24,487 | 2,215 | 25,590 |
Other current assets | 13,826 | 10,374 | 14,408 |
Total current assets | 185,545 | 200,209 | 153,984 |
Property and Equipment: | |||
Land | 269,813 | 268,411 | 269,253 |
Land improvements | 437,241 | 434,501 | 423,425 |
Buildings | 735,286 | 732,666 | 694,029 |
Rides and equipment | 1,837,270 | 1,813,489 | 1,751,051 |
Construction in progress | 102,072 | 77,716 | 94,602 |
Total property and equipment, gross | 3,381,682 | 3,326,783 | 3,232,360 |
Less accumulated depreciation | (1,734,928) | (1,727,345) | (1,611,261) |
Total property and equipment, net | 1,646,754 | 1,599,438 | 1,621,099 |
Goodwill | 179,939 | 178,719 | 182,291 |
Other Intangibles, net | 36,642 | 36,376 | 37,710 |
Right-of-Use Asset | 72,594 | 0 | 0 |
Other Assets | 10,996 | 9,441 | 9,507 |
Total Assets | 2,132,470 | 2,024,183 | 2,004,591 |
Current Liabilities: | |||
Current maturities of long-term debt | 7,500 | 5,625 | 0 |
Accounts payable | 47,254 | 23,314 | 39,812 |
Deferred revenue | 151,336 | 107,074 | 124,513 |
Accrued interest | 20,886 | 7,927 | 21,119 |
Accrued taxes | 9,883 | 29,591 | 10,176 |
Accrued salaries, wages and benefits | 13,996 | 18,786 | 14,513 |
Self-insurance reserves | 23,579 | 24,021 | 24,811 |
Other accrued liabilities | 19,745 | 18,381 | 18,236 |
Total current liabilities | 294,179 | 234,719 | 253,180 |
Deferred Tax Liability | 82,518 | 81,717 | 87,459 |
Derivative Liability | 13,083 | 6,705 | 2,730 |
Lease Liability | 65,399 | 0 | 0 |
Other Liabilities | 10,314 | 11,058 | 11,403 |
Long-Term Debt: | |||
Revolving credit loans | 120,000 | 0 | 40,000 |
Term debt | 718,168 | 719,507 | 723,525 |
Notes | 938,407 | 938,061 | 937,257 |
Total long-term debt | 1,776,575 | 1,657,568 | 1,700,782 |
Partners’ Equity: | |||
Special L.P. interests | 5,290 | 5,290 | 5,290 |
General partner | (2) | (1) | (1) |
Limited partners, 56,587, 56,564 and 56,416 units outstanding as of March 31, 2019, December 31, 2018 and March 25, 2018, respectively | (133,118) | 5,845 | (58,550) |
Accumulated other comprehensive income (loss) | 18,232 | 21,282 | 2,298 |
Total partners' equity | (109,598) | 32,416 | (50,963) |
Total Liabilities and Partners' Equity | $ 2,132,470 | $ 2,024,183 | $ 2,004,591 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - shares shares in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 25, 2018 |
Statement of Financial Position [Abstract] | |||
Limited partners, units outstanding (in shares) | 56,587 | 56,564 | 56,416 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
Net revenues: | ||
Revenues | $ 66,977 | $ 54,727 |
Costs and expenses: | ||
Cost of food, merchandise, and games revenues | 7,649 | 6,003 |
Operating expenses | 98,205 | 88,828 |
Selling, general and administrative | 31,666 | 28,682 |
Depreciation and amortization | 13,589 | 5,521 |
Loss on impairment / retirement of fixed assets, net | 1,424 | 1,340 |
Gain on sale of investment | (617) | 0 |
Total costs and expenses | 151,916 | 130,374 |
Operating loss | (84,939) | (75,647) |
Interest expense | 20,920 | 19,762 |
Net effect of swaps | 6,379 | (3,628) |
Loss on early debt extinguishment | 0 | 1,073 |
(Gain) loss on foreign currency | (8,669) | 10,094 |
Other expense (income) | 89 | (349) |
Loss before taxes | (103,658) | (102,599) |
Benefit for taxes | (19,985) | (19,199) |
Net loss | (83,673) | (83,400) |
Net loss allocated to general partner | (1) | (1) |
Net loss allocated to limited partners | (83,672) | (83,399) |
Other comprehensive income (loss), (net of tax): | ||
Foreign currency translation adjustment | (3,050) | 4,604 |
Cash flow hedging derivative activity | 0 | |
Cash flow hedging derivative activity | 2,018 | |
Other comprehensive income (loss), (net of tax) | (3,050) | 6,622 |
Total comprehensive loss | $ (86,723) | $ (76,778) |
Basic loss per limited partner unit: | ||
Weighted average limited partner units outstanding (in shares) | 56,310 | 56,150 |
Net income (loss) per limited partner unit (in dollars per share) | $ (1.49) | $ (1.49) |
Diluted loss per limited partner unit: | ||
Weighted average limited partner units outstanding (in shares) | 56,310 | 56,150 |
Net income (loss) per limited partner unit (in dollars per share) | $ (1.49) | $ (1.49) |
Admission [Member] | ||
Net revenues: | ||
Revenues | $ 33,217 | $ 26,721 |
Food, Merchandise and Gaming [Member] | ||
Net revenues: | ||
Revenues | 24,704 | 21,055 |
Accommodations, Extra-Charge Products and Other [Member] | ||
Net revenues: | ||
Revenues | $ 9,056 | $ 6,951 |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Limited Partners [Member] | General Partner [Member] | Special L.P. Interests [Member] | AOCI Attributable to Parent [Member] |
Beginning balance, units (in shares) at Dec. 31, 2017 | 56,359 | ||||
Beginning balance, value at Dec. 31, 2017 | $ 82,946 | $ 81,589 | $ 0 | $ 5,290 | $ (3,933) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (83,400) | (83,399) | (1) | ||
Partnership distribution declared | (50,266) | $ (50,266) | 0 | ||
Issuance of limited partnership units as compensation (in shares) | 57 | ||||
Issuance of limited partnership units as compensation | (3,826) | $ (3,826) | |||
Tax effect of units involved in treasury unit transactions | (3,039) | (3,039) | |||
Foreign currency translation adjustment | 4,604 | 4,604 | |||
Cash flow hedging derivative activity, net of tax ($347) | 2,018 | 2,018 | |||
Reclassification of stranded tax effect | 0 | $ 391 | (391) | ||
Ending balance, units (in shares) at Mar. 25, 2018 | 56,416 | ||||
Ending balance, value at Mar. 25, 2018 | (50,963) | $ (58,550) | (1) | 5,290 | 2,298 |
Beginning balance, units (in shares) at Dec. 31, 2018 | 56,564 | ||||
Beginning balance, value at Dec. 31, 2018 | 32,416 | $ 5,845 | (1) | 5,290 | 21,282 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (83,673) | (83,672) | (1) | ||
Partnership distribution declared | (52,334) | $ (52,334) | 0 | ||
Issuance of limited partnership units as compensation (in shares) | 23 | ||||
Issuance of limited partnership units as compensation | (1,536) | $ (1,536) | |||
Tax effect of units involved in treasury unit transactions | (1,421) | $ (1,421) | |||
Foreign currency translation adjustment | (3,050) | (3,050) | |||
Ending balance, units (in shares) at Mar. 31, 2019 | 56,587 | ||||
Ending balance, value at Mar. 31, 2019 | $ (109,598) | $ (133,118) | $ (2) | $ 5,290 | $ 18,232 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' EQUITY (Parenthetical) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
Statement of Partners' Capital [Abstract] | ||
Foreign currency translation adjustment, tax | $ (874,000) | $ 1,145,000 |
Unrealized loss on cash flow hedging derivatives, tax | (347,000) | |
Distribution Made to Limited Partner, Cash Distributions Paid | $ 0.925 | $ 0.890 |
UNAUDITED CONDENSED CONSOLIDA_6
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
CASH FLOWS FOR OPERATING ACTIVITIES | ||
Net loss | $ (83,673) | $ (83,400) |
Adjustments to reconcile net loss to net cash for operating activities: | ||
Depreciation and amortization | 13,589 | 5,521 |
Loss on early debt extinguishment | 0 | 1,073 |
Non-cash foreign currency (gain) loss on debt | (9,438) | 10,924 |
Other non-cash expenses | 10,719 | 13,112 |
Net change in working capital | 14,365 | (2,170) |
Net change in other assets/liabilities | (2,304) | (278) |
Net cash for operating activities | (56,742) | (55,218) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Capital expenditures | (53,397) | (44,792) |
Proceeds from sale of investment | 617 | 0 |
Net cash for investing activities | (52,780) | (44,792) |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Net borrowings on revolving credit loans | 120,000 | 40,000 |
Distributions paid to partners | (52,334) | (50,266) |
Payment of debt issuance costs and original issue discount | 0 | (1,840) |
Exercise of limited partnership unit options | 0 | 125 |
Tax effect of units involved in treasury unit transactions | (1,421) | (3,039) |
Payments related to tax withholding for equity compensation | (4,079) | (6,919) |
Net cash from (for) financing activities | 62,166 | (21,939) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 2,279 | (1,408) |
CASH AND CASH EQUIVALENTS | ||
Net decrease for the period | (45,077) | (123,357) |
Balance, beginning of period | 105,349 | 166,245 |
Balance, end of period | 60,272 | 42,888 |
SUPPLEMENTAL INFORMATION | ||
Cash payments for interest expense | 8,117 | 6,779 |
Interest capitalized | 1,118 | 939 |
Cash payments for income taxes, net of refunds | 176 | 4,715 |
Capital expenditures in accounts payable | $ 9,382 | $ 6,182 |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 3 Months Ended |
Mar. 31, 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. |
Interim Reporting
Interim Reporting | 3 Months Ended |
Mar. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Reporting | Interim Reporting: The Partnership owns and operates 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 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
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
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: Three months ended (In thousands) March 31, 2019 March 25, 2018 In-park revenues $ 54,213 $ 43,610 Out-of-park revenues 14,761 12,686 Concessionaire remittance (1,997 ) (1,569 ) Net revenues $ 66,977 $ 54,727 Due to the Partnership's highly seasonal operations, a substantial portion of the Partnership's revenues are generated during an approximate 130 - to 140 -day operating season. Most revenues are recognized on a daily basis based on actual guest spend at the properties. Revenues from multi-use products, including season-long products for admission, dining, beverage and other products, are recognized over the estimated number of uses expected for each type of product. The estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season. The number of uses is estimated based on historical usage adjusted for current period trends. For any bundled products that include multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and any inherent discounts are allocated based on the gross margin and expected redemption of each performance obligation. The Partnership does not typically provide for refunds or returns. In some instances, the Partnership arranges with outside parties ("concessionaires") to provide goods to guests, typically food and merchandise, and the Partnership acts as an agent, resulting in net revenue recorded within the statement of operations. 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 statement of operations, 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 three months ended March 31, 2019 , approximately $6.2 million of the deferred revenue balance as of January 1, 2019 was recognized. The difference in the opening and closing balances of the Partnership's deferred revenue balance in the current period was attributable to additional season-long product sales during the first three months of 2019 for the 2019 operating season, offset by revenue recognized during the first three 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 March 31, 2019 , December 31, 2018 and March 25, 2018 , the Partnership recorded a $3.9 million , $2.6 million and $3.7 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. |
Long-Lived Assets
Long-Lived Assets | 3 Months Ended |
Mar. 31, 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 the approximate 670 acres of land owned by the Partnership. The remaining Wildwater Kingdom acreage, reduced by acreage sold, is recorded within "Other Assets" in the unaudited condensed consolidated balance sheet ( $9.0 million as of March 31, 2019 , December 31, 2018 and March 25, 2018 ). |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 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 three months ended March 31, 2019 and March 25, 2018 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance as of December 31, 2018 $ 258,587 $ (79,868 ) $ 178,719 Foreign currency translation 1,220 — 1,220 Balance as of March 31, 2019 $ 259,807 $ (79,868 ) $ 179,939 Balance as of December 31, 2017 $ 263,698 $ (79,868 ) $ 183,830 Foreign currency translation (1,539 ) — (1,539 ) Balance as of March 25, 2018 $ 262,159 $ (79,868 ) $ 182,291 As of March 31, 2019 , December 31, 2018 , and March 25, 2018 , the Partnership’s other intangible assets consisted of the following: (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value March 31, 2019 Other intangible assets: Trade names $ 35,665 $ — $ 35,665 License / franchise agreements 3,389 (2,412 ) 977 Total other intangible assets $ 39,054 $ (2,412 ) $ 36,642 December 31, 2018 Other intangible assets: Trade names $ 35,394 $ — $ 35,394 License / franchise agreements 3,379 (2,397 ) 982 Total other intangible assets $ 38,773 $ (2,397 ) $ 36,376 March 25, 2018 Other intangible assets: Trade names $ 36,188 $ — $ 36,188 License / franchise agreements 3,364 (1,842 ) 1,522 Total other intangible assets $ 39,552 $ (1,842 ) $ 37,710 Amortization expense of other intangible assets is expected to continue to be immaterial going forward. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt: Long-term debt as of March 31, 2019 , December 31, 2018 , and March 25, 2018 consisted of the following: (In thousands) March 31, 2019 December 31, 2018 March 25, 2018 Revolving credit facility (due 2022) $ 120,000 $ — $ 40,000 Term debt (1) April 2017 U.S. term loan averaging 4.25% YTD 2019; 3.83% in 2018; 3.77% YTD 2018 (due 2017-2024) 735,000 735,000 735,000 Notes April 2017 U.S. fixed rate notes at 5.375% (due 2027) 500,000 500,000 500,000 June 2014 U.S. fixed rate notes at 5.375% (due 2024) 450,000 450,000 450,000 1,805,000 1,685,000 1,725,000 Less current portion (7,500 ) (5,625 ) — 1,797,500 1,679,375 1,725,000 Less debt issuance costs and original issue discount (20,925 ) (21,807 ) (24,218 ) $ 1,776,575 $ 1,657,568 $ 1,700,782 (1) The average interest rates do not reflect the effect of interest rate swap agreements (see Note 7 ). In April 2017, the Partnership issued $500 million of 5.375% senior unsecured notes ("April 2017 notes"), maturing in 2027 . The net proceeds from the offering of the April 2017 notes, together with borrowings under the 2017 Credit Agreement (defined below), were used to redeem all of the Partnership's 5.25% senior unsecured notes due 2021 ("March 2013 notes"), and pay accrued interest and transaction fees and expenses, to repay in full all amounts outstanding under its existing credit facilities and for general corporate purposes. The redemption of the March 2013 notes and repayments of the amounts outstanding under the existing credit facilities resulted in the write-off of debt issuance costs of $7.7 million and debt premium payments of $15.5 million . Accordingly, the Partnership recorded a loss on early debt extinguishment of $23.1 million during 2017. Concurrently with the April 2017 notes issuance, the Partnership amended and restated its existing $885 million credit agreement (the "2013 Credit Agreement"), which included a $630 million senior secured term loan facility and a $255 million senior secured revolving credit facility. The $1,025 million amended and restated credit agreement (the "2017 Credit Agreement") includes a $750 million senior secured term loan facility and a $275 million senior secured revolving credit facility. The 2017 Credit Agreement was amended on March 14, 2018 (subsequently referred to as the "Amended 2017 Credit Agreement"). Specifically, the interest rate for the senior secured term loan facility was amended to London InterBank Offered Rate ("LIBOR") plus 175 basis points (bps). The pricing terms for the amendment reflected $0.9 million of Original Issue Discount ("OID") and resulted in the write-off of debt issuance costs of $1.1 million which was recorded as a loss on early debt extinguishment during the first quarter of 2018. The senior secured term loan facility matures April 15, 2024 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 March 31, 2019 , $120.0 million was 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. The April 2017 notes pay interest semi-annually in April and October, with the principal due in full on April 15, 2027 . Prior to April 15, 2020 , up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.375% of the principal amount thereof, together with accrued and unpaid interest and additional interest, if any. The notes may be redeemed, in whole or in part, at any time prior to April 15, 2022 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium together with accrued and unpaid interest and additional interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. In June 2014, the Partnership issued $450 million of 5.375% senior unsecured notes ("June 2014 notes"). The June 2014 notes pay interest semi-annually in June and December, with the principal due in full on June 1, 2024 . The notes may be redeemed, in whole or in part, at any time prior to June 1, 2019 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium together with accrued and unpaid interest 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 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 5.50 x Consolidated Total Debt-to-Consolidated EBITDA. As of March 31, 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 June 2014 notes, which includes the most restrictive of these Restricted Payments provisions, the Partnership can make Restricted Payments of $60 million annually so long as no default or event of default has occurred and is continuing; and the Partnership can make additional Restricted Payments if the Partnership's pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is less than or equal to 5.00 x. 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments: Derivative financial instruments are used within the Partnership’s overall risk management program to manage certain interest rate and foreign currency risks. By utilizing a derivative instrument to hedge exposure to LIBOR rate changes, the Partnership is exposed to counterparty credit risk, in particular the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, hedging instruments are placed with a counterparty that the Partnership believes poses minimal credit risk. The Partnership does not use derivative financial instruments for trading purposes. During the first quarter of 2016, the Partnership amended its four interest rate swap agreements to extend each of the maturities to December 31, 2020 and convert $500 million of variable-rate debt to a rate of 4.39% . During the second quarter of 2018, the Partnership entered into four additional interest rate swap agreements that convert the same notional amount to a rate of 4.63% for the period December 31, 2020 through December 31, 2023 . None of the interest rate swap agreements are designated as hedging instruments. The fair market value of the swap portfolio was recorded on the unaudited condensed consolidated balance sheets within "Derivative Liability" as of March 31, 2019 , December 31, 2018 and March 25, 2018 as follows: (In thousands) March 31, 2019 December 31, 2018 March 25, 2018 Derivatives not designated as hedging instruments: Interest rate swaps $ (13,083 ) $ (6,705 ) $ (2,730 ) 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: Three months ended (In thousands) March 31, 2019 March 25, 2018 Change in fair market value $ 6,379 $ (5,993 ) Amortization of amounts in AOCI — 2,365 Net effect of swaps $ 6,379 $ (3,628 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements: The FASB's Accounting Standards Codification (ASC) 820 - Fair Value Measurements and Disclosures emphasizes that fair value is a market-based measurement that should be determined based on assumptions (inputs) that market participants would use in pricing an asset or liability. Inputs may be observable or unobservable, and valuation techniques used to measure fair value should maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Accordingly, FASB ASC 820 establishes a hierarchal disclosure framework that ranks the quality and reliability of information used to determine fair values. The hierarchy is associated with the level of pricing observability utilized in measuring fair value and defines three levels of inputs to the fair value measurement process. Quoted prices are the most reliable valuation inputs, whereas model values that include inputs based on unobservable data are the least reliable. Each fair value measurement must be assigned to a level corresponding to the lowest level input that is significant to the fair value measurement in its entirety. The three broad levels of inputs defined by the fair value hierarchy are as follows: • 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. 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 March 31, 2019 , December 31, 2018 , and March 25, 2018 on a recurring basis as well as the fair values of other financial instruments: (In thousands) Unaudited Condensed Consolidated Balance Sheet Location Fair Value Hierarchy Level March 31, 2019 December 31, 2018 March 25, 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 $ 492 $ 492 $ 511 $ 511 $ 901 $ 901 Interest rate swaps Derivative Liability Level 2 $ (13,083 ) $ (13,083 ) $ (6,705 ) $ (6,705 ) $ (2,730 ) $ (2,730 ) Other financial assets (liabilities): April 2017 term debt Long-Term Debt (1) Level 2 $ (727,500 ) $ (723,863 ) $ (729,375 ) $ (707,494 ) $ (735,000 ) $ (740,513 ) April 2017 notes Long-Term Debt (1) Level 1 (2) $ (500,000 ) $ (505,000 ) $ (500,000 ) $ (475,000 ) $ (500,000 ) $ (494,375 ) June 2014 notes Long-Term Debt (1) Level 1 $ (450,000 ) $ (457,875 ) $ (450,000 ) $ (441,000 ) $ (450,000 ) $ (455,625 ) (1) Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $20.9 million , $21.8 million , and $24.2 million as of March 31, 2019 , December 31, 2018 , and March 25, 2018 , respectively. (2) The April 2017 notes were based on Level 1 inputs as of March 31, 2019 and December 31, 2018 and Level 2 inputs as of March 25, 2018 . 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 March 31, 2019 , December 31, 2018 or March 25, 2018 . |
Earnings per Unit
Earnings per Unit | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Unit [Abstract] | |
Earnings Per Unit | Earnings per Unit: Net loss per limited partner unit is calculated based on the following unit amounts: Three months ended 3/31/2019 3/25/2018 (In thousands, except per unit amounts) Basic weighted average units outstanding 56,310 56,150 Diluted weighted average units outstanding 56,310 56,150 Net loss per unit - basic $ (1.49 ) $ (1.49 ) Net loss per unit - diluted $ (1.49 ) $ (1.49 ) |
Income and Partnership Taxes
Income and Partnership Taxes | 3 Months Ended |
Mar. 31, 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). 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. |
Lease Commitments and Contingen
Lease Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease Commitments and Contingencies | Lease Commitments and Contingencies: The Partnership has commitments under various operating leases at its parks. The most significant lease commitment is for the land on which California's Great America is located in the City of Santa Clara, which has an initial term through 2039 with renewal options through 2074. During November 2018, the Partnership exercised its right of first refusal under the Santa Clara land lease to purchase the land at California's Great America from the lessor, the City of Santa Clara, for $150 million . On April 26, 2019, the Partnership entered into a purchase agreement to acquire the land. The Partnership is evaluating different options to finance the purchase and expects to close the transaction during the second quarter of 2019. Following the purchase, the Partnership anticipates its remaining operating lease commitments will be immaterial to the condensed consolidated financial statements. As of March 31, 2019, prior to the pending acquisition of the land, the Partnership was reasonably certain to exercise renewal options under the Santa Clara land lease through the initial term, or 2039. The lease includes a fixed fee component and a variable fee component based on gross revenues. The right-of-use asset and lease liability only includes the fixed fee component. The discount rate used to calculate the right-of-use asset and lease liability as of the adoption date of the new lease standard, or January 1, 2019, represented the incremental borrowing rate if the Partnership was to acquire the land on that date. The Partnership subleases a portion of the Santa Clara land lease, specifically a portion of the parking lot, to the Santa Clara Stadium Authority which provides for certain parking rights during Levi's Stadium events. The sublease 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 sublease 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 statement of operations 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 March 31, 2019 were as follows: (In thousands, except for lease term and discount rate) March 31, 2019 Operating lease expense $ 1,976 Variable lease expense 72 Short-term lease expense 583 Sublease income (122 ) Total lease cost $ 2,509 Weighted-average remaining lease term 19.9 years Weighted-average discount rate 5.0 % Operating cash flows for operating leases $ 1,794 Leased assets obtained in exchange for new operating lease liabilities (non-cash activity) $ 74 Lease expense, which includes short-term rentals for equipment and machinery, for the three months ended March 25, 2018 totaled $3.3 million . Future undiscounted cash flows under the Partnership's operating leases and a reconciliation to the operating lease liabilities recognized as of March 31, 2019 were as follows: (In thousands) March 31, 2019 Undiscounted cash flows Remainder of 2019 $ 5,836 2020 6,580 2021 5,802 2022 5,463 2023 5,374 Thereafter 85,691 Total $ 114,746 Present value of cash flows Current lease liability $ 7,359 Lease Liability 65,399 Total $ 72,758 Difference between undiscounted cash flows and discounted cash flows $ 41,988 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 financial statements. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income by Component | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income by Component | Changes in Accumulated Other Comprehensive Income by Component: The following table reflects the changes in accumulated other comprehensive income (loss) related to limited partners' equity for the three months ended March 31, 2019 and March 25, 2018 : (In thousands) Foreign Currency Translation Cash Flow Hedging Derivative Activity Total Balance as of December 31, 2017 $ 4,042 $ (7,975 ) $ (3,933 ) Other comprehensive income before reclassifications, net of tax $1,145 4,604 — 4,604 Amounts reclassified from accumulated other comprehensive income, net of tax ($347) — 2,018 2,018 Reclassification of stranded tax effect — (391 ) (391 ) Balance as of March 25, 2018 $ 8,646 $ (6,348 ) $ 2,298 Balance as of December 31, 2018 $ 21,282 $ — $ 21,282 Other comprehensive income before reclassifications, net of tax ($874) (3,050 ) — (3,050 ) Balance as of March 31, 2019 $ 18,232 $ — $ 18,232 Reclassifications Out of Accumulated Other Comprehensive Income (In thousands) Affected Income Statement Location Three months ended AOCI Component March 31, 2019 March 25, 2018 Interest rate contracts Net effect of swaps $ — $ 2,365 Provision for taxes Benefit for taxes — (347 ) Losses on cash flow hedges Net of tax $ — $ 2,018 |
Consolidating Financial Informa
Consolidating Financial Information of Guarantors and Issuers | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Consolidated Financial Information [Abstract] | |
Consolidating Financial Information of Guarantors and Issuers | Consolidating Financial Information of Guarantors and Issuers of June 2014 Notes: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's June 2014 Notes (see Note 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 March 31, 2019 , December 31, 2018 , and March 25, 2018 and for the three-month periods ended March 31, 2019 and March 25, 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 March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 24,305 $ 36,437 $ (470 ) $ 60,272 Receivables — 1,765 33,390 931,790 (922,614 ) 44,331 Inventories — — 2,553 40,076 — 42,629 Other current assets 73 7,158 10,382 34,569 (13,869 ) 38,313 73 8,923 70,630 1,042,872 (936,953 ) 185,545 Property and Equipment, net — 794 182,520 1,463,440 — 1,646,754 Investment in Park 489,463 1,076,487 257,859 188,484 (2,012,293 ) — Goodwill 674 — 59,660 119,605 — 179,939 Other Intangibles, net — — 13,302 23,340 — 36,642 Deferred Tax Asset — 18,310 — — (18,310 ) — Right-of-Use Asset — — 31 72,563 — 72,594 Other Assets — — 37 10,959 — 10,996 $ 490,210 $ 1,104,514 $ 584,039 $ 2,921,263 $ (2,967,556 ) $ 2,132,470 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ 7,500 Accounts payable 593,593 331,881 2,779 42,085 (923,084 ) 47,254 Deferred revenue — 500 11,009 139,827 — 151,336 Accrued interest 4 2 8,033 12,847 — 20,886 Accrued taxes 1,111 — — 22,641 (13,869 ) 9,883 Accrued salaries, wages and benefits — 13,087 909 — — 13,996 Self-insurance reserves — 9,602 1,441 12,536 — 23,579 Other accrued liabilities 3,201 4,297 148 12,099 — 19,745 597,909 360,682 24,319 248,222 (936,953 ) 294,179 Deferred Tax Liability — — 13,312 87,516 (18,310 ) 82,518 Derivative Liability 1,899 11,184 — — — 13,083 Lease Liability — — 20 65,379 — 65,399 Other Liabilities — 547 — 9,767 — 10,314 Long-Term Debt: Revolving credit loans — — — 120,000 — 120,000 Term debt — 126,250 — 591,918 — 718,168 Notes — — 446,339 492,068 — 938,407 — 126,250 446,339 1,203,986 — 1,776,575 Equity (109,598 ) 605,851 100,049 1,306,393 (2,012,293 ) (109,598 ) $ 490,210 $ 1,104,514 $ 584,039 $ 2,921,263 $ (2,967,556 ) $ 2,132,470 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 73,326 $ 32,715 $ (692 ) $ 105,349 Receivables — 1,093 34,497 938,397 (922,469 ) 51,518 Inventories — — 2,135 28,618 — 30,753 Other current assets 179 1,411 5,462 10,544 (5,007 ) 12,589 179 2,504 115,420 1,010,274 (928,168 ) 200,209 Property and Equipment, net — 802 172,344 1,426,292 — 1,599,438 Investment in Park 601,706 1,182,345 262,462 218,575 (2,265,088 ) — Goodwill 674 — 58,440 119,605 — 178,719 Other Intangibles, net — — 13,030 23,346 — 36,376 Deferred Tax Asset — 18,224 — — (18,224 ) — Other Assets — — 36 9,405 — 9,441 $ 602,559 $ 1,203,875 $ 621,732 $ 2,807,497 $ (3,211,480 ) $ 2,024,183 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 984 $ — $ 4,641 $ — $ 5,625 Accounts payable 565,472 359,953 2,430 18,620 (923,161 ) 23,314 Deferred revenue — — 8,460 98,614 — 107,074 Accrued interest 1 1 2,054 5,871 — 7,927 Accrued taxes 443 6,668 — 27,487 (5,007 ) 29,591 Accrued salaries, wages and benefits — 17,552 1,234 — — 18,786 Self-insurance reserves — 10,214 1,433 12,374 24,021 Other accrued liabilities 3,318 4,903 136 10,024 — 18,381 569,234 400,275 15,747 177,631 (928,168 ) 234,719 Deferred Tax Liability — — 12,425 87,516 (18,224 ) 81,717 Derivative Liability 909 5,796 — — — 6,705 Other Liabilities — 1,169 — 9,889 — 11,058 Long-Term Debt: Term debt — 126,525 — 592,982 — 719,507 Notes — — 446,241 491,820 — 938,061 — 126,525 446,241 1,084,802 — 1,657,568 Equity 32,416 670,110 147,319 1,447,659 (2,265,088 ) 32,416 $ 602,559 $ 1,203,875 $ 621,732 $ 2,807,497 $ (3,211,480 ) $ 2,024,183 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 25, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 25,073 $ 22,114 $ (4,299 ) $ 42,888 Receivables — 1,232 74,787 785,879 (831,103 ) 30,795 Inventories — — 2,493 37,810 — 40,303 Other current assets 69 1,922 2,459 35,895 (347 ) 39,998 69 3,154 104,812 881,698 (835,749 ) 153,984 Property and Equipment, net — 827 180,303 1,439,969 — 1,621,099 Investment in Park 485,489 967,791 234,220 203,857 (1,891,357 ) — Goodwill 674 — 62,012 119,605 — 182,291 Other Intangibles, net — — 13,834 23,876 — 37,710 Deferred Tax Asset — 7,150 — — (7,150 ) — Other Assets — — 39 9,468 — 9,507 $ 486,232 $ 978,922 $ 595,220 $ 2,678,473 $ (2,734,256 ) $ 2,004,591 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 531,176 $ 302,858 $ 1,806 $ 39,374 $ (835,402 ) $ 39,812 Deferred revenue — — 8,033 116,480 — 124,513 Accrued interest 215 143 7,634 13,127 — 21,119 Accrued taxes 883 — 463 9,177 (347 ) 10,176 Accrued salaries, wages and benefits — 13,777 736 — — 14,513 Self-insurance reserves — 10,438 1,543 12,830 — 24,811 Other accrued liabilities 3,283 5,249 268 9,436 — 18,236 535,557 332,465 20,483 200,424 (835,749 ) 253,180 Deferred Tax Liability — — 12,664 81,945 (7,150 ) 87,459 Derivative Liability 1,638 1,092 — — — 2,730 Other Liabilities — 705 — 10,698 — 11,403 Long-Term Debt: Revolving credit loans — — — 40,000 — 40,000 Term debt — 127,350 — 596,175 — 723,525 Notes — — 445,458 491,799 — 937,257 — 127,350 445,458 1,127,974 — 1,700,782 Equity (50,963 ) 517,310 116,615 1,257,432 (1,891,357 ) (50,963 ) $ 486,232 $ 978,922 $ 595,220 $ 2,678,473 $ (2,734,256 ) $ 2,004,591 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ (15,642 ) $ 3,285 $ 296 $ 59,905 $ 19,133 $ 66,977 Costs and expenses: Cost of food, merchandise, and games revenues — — 52 7,597 — 7,649 Operating expenses — 48,172 5,711 25,189 19,133 98,205 Selling, general and administrative 1,439 14,552 1,018 14,657 — 31,666 Depreciation and amortization — 8 — 13,581 — 13,589 Loss on impairment / retirement of fixed assets, net — — 10 1,414 — 1,424 Gain on sale of investment — (617 ) — — — (617 ) 1,439 62,115 6,791 62,438 19,133 151,916 Operating loss (17,081 ) (58,830 ) (6,495 ) (2,533 ) — (84,939 ) Interest expense, net 6,391 5,030 5,713 3,553 — 20,687 Net effect of swaps 991 5,388 — — — 6,379 Gain on foreign currency — (11 ) (8,658 ) — — (8,669 ) Other (income) expense 59 (11,506 ) 1,099 10,670 — 322 Loss from investment in affiliates 58,449 14,659 4,603 6,190 (83,901 ) — Loss before taxes (82,971 ) (72,390 ) (9,252 ) (22,946 ) 83,901 (103,658 ) Provision (benefit) for taxes 702 (13,939 ) (3,059 ) (3,689 ) — (19,985 ) Net loss $ (83,673 ) $ (58,451 ) $ (6,193 ) $ (19,257 ) $ 83,901 $ (83,673 ) Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (3,050 ) — (3,050 ) — 3,050 (3,050 ) Other comprehensive income (loss), (net of tax) (3,050 ) — (3,050 ) — 3,050 (3,050 ) Total comprehensive loss $ (86,723 ) $ (58,451 ) $ (9,243 ) $ (19,257 ) $ 86,951 $ (86,723 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 25, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ (10,767 ) $ 854 $ 271 $ 49,787 $ 14,582 $ 54,727 Costs and expenses: Cost of food, merchandise, and games revenues — — — 6,003 — 6,003 Operating expenses — 42,671 5,716 25,859 14,582 88,828 Selling, general and administrative 759 14,450 680 12,793 — 28,682 Depreciation and amortization — 8 — 5,513 — 5,521 Loss on impairment / retirement of fixed assets, net — — 40 1,300 — 1,340 759 57,129 6,436 51,468 14,582 130,374 Operating loss (11,526 ) (56,275 ) (6,165 ) (1,681 ) — (75,647 ) Interest expense, net 4,904 4,367 5,583 4,682 — 19,536 Net effect of swaps (2,207 ) (1,421 ) — — — (3,628 ) Loss on early debt extinguishment — 187 — 886 — 1,073 Loss (gain) on foreign currency — (41 ) 10,135 — — 10,094 Other (income) expense 59 (9,804 ) 854 8,768 — (123 ) Loss from investment in affiliates 68,528 28,815 3,913 20,585 (121,841 ) — Loss before taxes (82,810 ) (78,378 ) (26,650 ) (36,602 ) 121,841 (102,599 ) Provision (benefit) for taxes 590 (9,851 ) (6,062 ) (3,876 ) — (19,199 ) Net loss $ (83,400 ) $ (68,527 ) $ (20,588 ) $ (32,726 ) $ 121,841 $ (83,400 ) Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment 4,604 — 4,604 — (4,604 ) 4,604 Cash flow hedging derivative activity 2,018 630 — — (630 ) 2,018 Other comprehensive income (loss), (net of tax) 6,622 630 4,604 — (5,234 ) 6,622 Total comprehensive loss $ (76,778 ) $ (67,897 ) $ (15,984 ) $ (32,726 ) $ 116,607 $ (76,778 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 24,410 $ (6,580 ) $ (6,077 ) $ (68,489 ) $ (6 ) $ (56,742 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (1,585 ) 1,585 — Proceeds from returns on investments — 38,030 — — (38,030 ) — Proceeds from sale of investment — 617 — — — 617 Capital expenditures — — (7,193 ) (46,204 ) — (53,397 ) Net cash from (for) investing activities — 38,647 (7,193 ) (47,789 ) (36,445 ) (52,780 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 28,152 (26,567 ) — — (1,585 ) — Payments for returns of capital — — (38,030 ) — 38,030 — Net borrowings on revolving credit loans — — — 120,000 — 120,000 Distributions paid to partners (52,562 ) — — — 228 (52,334 ) Tax effect of units involved in treasury unit transactions — (1,421 ) — — — (1,421 ) Payments related to tax withholding for equity compensation — (4,079 ) — — — (4,079 ) Net cash from (for) financing activities (24,410 ) (32,067 ) (38,030 ) 120,000 36,673 62,166 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,279 — — 2,279 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period — — (49,021 ) 3,722 222 (45,077 ) Balance, beginning of period — — 73,326 32,715 (692 ) 105,349 Balance, end of period $ — $ — $ 24,305 $ 36,437 $ (470 ) $ 60,272 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 25, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING $ 16,999 $ 58,464 $ (6,538 ) $ (120,584 ) $ (3,559 ) $ (55,218 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (50,000 ) 64,688 (14,688 ) — Capital expenditures — — (2,739 ) (42,053 ) — (44,792 ) Net cash from (for) investing activities — — (52,739 ) 22,635 (14,688 ) (44,792 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 33,622 (48,310 ) — — 14,688 — Net borrowings on revolving credit loans — — — 40,000 — 40,000 Distributions paid to partners (50,621 ) — — — 355 (50,266 ) Payment of debt issuance costs — (321 ) — (1,519 ) — (1,840 ) Exercise of limited partnership unit options — 125 — — — 125 Tax effect of units involved in treasury unit transactions — (3,039 ) — — — (3,039 ) Payments related to tax withholding for equity compensation — (6,919 ) — — — (6,919 ) Net cash from (for) financing activities (16,999 ) (58,464 ) — 38,481 15,043 (21,939 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (1,408 ) — — (1,408 ) CASH AND CASH EQUIVALENTS Net decrease for the period — — (60,685 ) (59,468 ) (3,204 ) (123,357 ) Balance, beginning of period — — 85,758 81,582 (1,095 ) 166,245 Balance, end of period $ — $ — $ 25,073 $ 22,114 $ (4,299 ) $ 42,888 (14) Consolidating Financial Information of Guarantors and Issuers of April 2017 Notes: Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), Magnum Management Corporation ("Magnum"), and Millennium Operations LLC ("Millennium") are the co-issuers of the Partnership's April 2017 Notes (see Note 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 March 31, 2019 , December 31, 2018 , and March 25, 2018 and for the three-month periods ended March 31, 2019 and March 25, 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 March 31, 2019 (In thousands) 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 $ — $ — $ 24,305 $ 36,256 $ 181 $ (470 ) $ 60,272 Receivables — 1,765 33,390 32,871 898,919 (922,614 ) 44,331 Inventories — — 2,553 32,774 7,302 — 42,629 Other current assets 73 7,158 10,382 28,086 6,483 (13,869 ) 38,313 73 8,923 70,630 129,987 912,885 (936,953 ) 185,545 Property and Equipment, net — 794 182,520 — 1,463,440 — 1,646,754 Investment in Park 489,463 1,076,487 257,859 1,559,883 188,484 (3,572,176 ) — Goodwill 674 — 59,660 8,388 111,217 — 179,939 Other Intangibles, net — — 13,302 — 23,340 — 36,642 Deferred Tax Asset — 18,310 — — — (18,310 ) — Right-of-Use Asset — — 31 3,479 69,084 — 72,594 Other Assets — — 37 1,976 8,983 — 10,996 $ 490,210 $ 1,104,514 $ 584,039 $ 1,703,713 $ 2,777,433 $ (4,527,439 ) $ 2,132,470 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ — $ 7,500 Accounts payable 593,593 331,881 2,779 33,811 8,274 (923,084 ) 47,254 Deferred revenue — 500 11,009 109,806 30,021 — 151,336 Accrued interest 4 2 8,033 12,847 — — 20,886 Accrued taxes 1,111 — — 8,231 14,410 (13,869 ) 9,883 Accrued salaries, wages and benefits — 13,087 909 — — — 13,996 Self-insurance reserves — 9,602 1,441 10,640 1,896 — 23,579 Other accrued liabilities 3,201 4,297 148 4,236 7,863 — 19,745 597,909 360,682 24,319 185,758 62,464 (936,953 ) 294,179 Deferred Tax Liability — — 13,312 — 87,516 (18,310 ) 82,518 Derivative Liability 1,899 11,184 — — — — 13,083 Lease Liability — — 20 1,769 63,610 — 65,399 Other Liabilities — 547 — 87 9,680 — 10,314 Long-Term Debt: Revolving credit loans — — — 120,000 — — 120,000 Term debt — 126,250 — 591,918 — — 718,168 Notes — — 446,339 492,068 — — 938,407 — 126,250 446,339 1,203,986 — — 1,776,575 Equity (109,598 ) 605,851 100,049 312,113 2,554,163 (3,572,176 ) (109,598 ) $ 490,210 $ 1,104,514 $ 584,039 $ 1,703,713 $ 2,777,433 $ (4,527,439 ) $ 2,132,470 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 73,326 $ 30,663 $ 2,052 $ (692 ) $ 105,349 Receivables — 1,093 34,497 36,242 902,155 (922,469 ) 51,518 Inventories — — 2,135 23,402 5,216 — 30,753 Other current assets 179 1,411 5,462 8,980 1,564 (5,007 ) 12,589 179 2,504 115,420 99,287 910,987 (928,168 ) 200,209 Property and Equipment, net — 802 172,344 — 1,426,292 — 1,599,438 Investment in Park 601,706 1,182,345 262,462 1,517,897 218,574 (3,782,984 ) — Goodwill 674 — 58,440 8,388 111,217 — 178,719 Other Intangibles, net — — 13,030 — 23,346 — 36,376 Deferred Tax Asset — 18,224 — — — (18,224 ) — Other Assets — — 36 417 8,988 — 9,441 $ 602,559 $ 1,203,875 $ 621,732 $ 1,625,989 $ 2,699,404 $ (4,729,376 ) $ 2,024,183 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 984 $ — $ 4,641 $ — $ — $ 5,625 Accounts payable 565,472 359,953 2,430 14,995 3,625 (923,161 ) 23,314 Deferred revenue — — 8,460 74,062 24,552 — 107,074 Accrued interest 1 1 2,054 5,871 — — 7,927 Accrued taxes 443 6,668 — 8,087 19,400 (5,007 ) 29,591 Accrued salaries, wages and benefits — 17,552 1,234 — — — 18,786 Self-insurance reserves — 10,214 1,433 10,308 2,066 — 24,021 Other accrued liabilities 3,318 4,903 136 5,471 4,553 — 18,381 569,234 400,275 15,747 123,435 54,196 (928,168 ) 234,719 Deferred Tax Liability — — 12,425 — 87,516 (18,224 ) 81,717 Derivative Liability 909 5,796 — — — — 6,705 Other Liabilities — 1,169 — 87 9,802 — 11,058 Long-Term Debt: Term debt — 126,525 — 592,982 — — 719,507 Notes — — 446,241 491,820 — — 938,061 — 126,525 446,241 1,084,802 — — 1,657,568 Equity 32,416 670,110 147,319 417,665 2,547,890 (3,782,984 ) 32,416 $ 602,559 $ 1,203,875 $ 621,732 $ 1,625,989 $ 2,699,404 $ (4,729,376 ) $ 2,024,183 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 25, 2018 (In thousands) 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 $ — $ — $ 25,073 $ 22,114 $ — $ (4,299 ) $ 42,888 Receivables — 1,232 74,787 23,005 762,874 (831,103 ) 30,795 Inventories — — 2,493 30,661 7,149 — 40,303 Other current assets 69 1,922 2,459 28,669 7,226 (347 ) 39,998 69 3,154 104,812 104,449 777,249 (835,749 ) 153,984 Property and Equipment, net — 827 180,303 — 1,439,969 — 1,621,099 Investment in Park 485,489 967,791 234,220 1,426,366 203,858 (3,317,724 ) — Goodwill 674 — 62,012 8,388 111,217 — 182,291 Other Intangibles, net — — 13,834 — 23,876 — 37,710 Deferred Tax Asset — 7,150 — — — (7,150 ) — Other Assets — — 39 399 9,069 — 9,507 $ 486,232 $ 978,922 $ 595,220 $ 1,539,602 $ 2,565,238 $ (4,160,623 ) $ 2,004,591 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 531,176 $ 302,858 $ 1,806 $ 30,271 $ 9,103 $ (835,402 ) $ 39,812 Deferred revenue — — 8,033 89,492 26,988 — 124,513 Accrued interest 215 143 7,634 13,127 — — 21,119 Accrued taxes 883 — 463 7,782 1,395 (347 ) 10,176 Accrued salaries, wages and benefits — 13,777 736 — — — 14,513 Self-insurance reserves — 10,438 1,543 10,475 2,355 — 24,811 Other accrued liabilities 3,283 5,249 268 5,054 4,382 — 18,236 535,557 332,465 20,483 156,201 44,223 (835,749 ) 253,180 Deferred Tax Liability — — 12,664 — 81,945 (7,150 ) 87,459 Derivative Liability 1,638 1,092 — — — — 2,730 Other Liabilities — 705 — 120 10,578 — 11,403 Long-Term Debt: Revolving credit loans — — — 40,000 — — 40,000 Term debt — 127,350 — 596,175 — — 723,525 Notes — — 445,458 491,799 — — 937,257 — 127,350 445,458 1,127,974 — — 1,700,782 Equity (50,963 ) 517,310 116,615 255,307 2,428,492 (3,317,724 ) (50,963 ) $ 486,232 $ 978,922 $ 595,220 $ 1,539,602 $ 2,565,238 $ (4,160,623 ) $ 2,004,591 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ (15,642 ) $ 3,285 $ 296 $ 64,587 $ 8,717 $ 5,734 $ 66,977 Costs and expenses: Cost of food, merchandise and games revenues — — 52 7,241 356 — 7,649 Operating expenses — 48,172 5,711 29,551 9,037 5,734 98,205 Selling, general and administrative 1,439 14,552 1,018 13,562 1,095 — 31,666 Depreciation and amortization — 8 — — 13,581 — 13,589 Loss on impairment / retirement of fixed assets, net — — 10 386 1,028 — 1,424 Gain on sale of investment — (617 ) — — — — (617 ) 1,439 62,115 6,791 50,740 25,097 5,734 151,916 Operating income (loss) (17,081 ) (58,830 ) (6,495 ) 13,847 (16,380 ) — (84,939 ) Interest (income) expense, net 6,391 5,030 5,713 13,384 (9,831 ) — 20,687 Net effect of swaps 991 5,388 — — — — 6,379 Gain on foreign currency — (11 ) (8,658 ) — — — (8,669 ) Other (income) expense 59 (11,506 ) 1,099 — 10,670 — 322 Loss from investment in affiliates 58,449 14,659 4,603 — 6,190 (83,901 ) — Income (loss) before taxes (82,971 ) (72,390 ) (9,252 ) 463 (23,409 ) 83,901 (103,658 ) Provision (benefit) for taxes 702 (13,939 ) (3,059 ) 463 (4,152 ) — (19,985 ) Net loss $ (83,673 ) $ (58,451 ) $ (6,193 ) $ — $ (19,257 ) $ 83,901 $ (83,673 ) Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (3,050 ) — (3,050 ) — — 3,050 (3,050 ) Other comprehensive income (loss), (net of tax) (3,050 ) — (3,050 ) — — 3,050 (3,050 ) Total comprehensive loss $ (86,723 ) $ (58,451 ) $ (9,243 ) $ — $ (19,257 ) $ 86,951 $ (86,723 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 25, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ (10,767 ) $ 854 $ 271 $ 53,731 $ 1,706 $ 8,932 $ 54,727 Costs and expenses: Cost of food, merchandise and games revenues — — — 5,899 104 — 6,003 Operating expenses — 42,671 5,716 22,620 8,889 8,932 88,828 Selling, general and administrative 759 14,450 680 11,643 1,150 — 28,682 Depreciation and amortization — 8 — — 5,513 — 5,521 Loss on impairment / retirement of fixed assets, net — — 40 651 649 — 1,340 759 57,129 6,436 40,813 16,305 8,932 130,374 Operating income (loss) (11,526 ) (56,275 ) (6,165 ) 12,918 (14,599 ) — (75,647 ) Interest (income) expense, net 4,904 4,367 5,583 11,553 (6,871 ) — 19,536 Net effect of swaps (2,207 ) (1,421 ) — — — — (3,628 ) Loss on early debt extinguishment — 187 — 886 — — 1,073 Loss (gain) on foreign currency — (41 ) 10,135 — — — 10,094 Other (income) expense 59 (9,804 ) 854 — 8,768 — (123 ) Loss from investment in affiliates 68,528 28,815 3,913 — 20,585 (121,841 ) — Income (loss) before taxes (82,810 ) (78,378 ) (26,650 ) 479 (37,081 ) 121,841 (102,599 ) Provision (benefit) for taxes 590 (9,851 ) (6,062 ) 479 (4,355 ) — (19,199 ) Net loss $ (83,400 ) $ (68,527 ) $ (20,588 ) $ — $ (32,726 ) $ 121,841 $ (83,400 ) Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment 4,604 — 4,604 — — (4,604 ) 4,604 Cash flow hedging derivative activity 2,018 630 — — — (630 ) 2,018 Other comprehensive income (loss), (net of tax) 6,622 630 4,604 — — (5,234 ) 6,622 Total comprehensive loss $ (76,778 ) $ (67,897 ) $ (15,984 ) $ — $ (32,726 ) $ 116,607 $ (76,778 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (In thousands) 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 $ 24,410 $ (6,580 ) $ (6,077 ) $ (76,937 ) $ 8,448 $ (6 ) $ (56,742 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — — (1,585 ) 1,585 — Proceeds from returns on investments — 38,030 — — — (38,030 ) — Proceeds from sale of investment — 617 — — — — 617 Capital expenditures — — (7,193 ) (37,470 ) (8,734 ) — (53,397 ) Net cash from (for) investing activities — 38,647 (7,193 ) (37,470 ) (10,319 ) (36,445 ) (52,780 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 28,152 (26,567 ) — — — (1,585 ) — Payments for returns of capital — — (38,030 ) — — 38,030 — Net borrowings on revolving credit loans — — — 120,000 — — 120,000 Distributions paid to partners (52,562 ) — — — — 228 (52,334 ) Tax effect of units involved in treasury unit transactions — (1,421 ) — — — — (1,421 ) Payments related to tax withholding for equity compensation — (4,079 ) — — — — (4,079 ) Net cash from (for) financing activities (24,410 ) (32,067 ) (38,030 ) 120,000 — 36,673 62,166 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,279 — — — 2,279 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period — — (49,021 ) 5,593 (1,871 ) 222 (45,077 ) Balance, beginning of period — — 73,326 30,663 2,052 (692 ) 105,349 Balance, end of period $ — $ — $ 24,305 $ 36,256 $ 181 $ (470 ) $ 60,272 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 25, 2018 (In thousands) 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 $ 16,999 $ 58,464 $ (6,538 ) $ (64,317 ) $ (56,267 ) $ (3,559 ) $ (55,218 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (50,000 ) — 64,688 (14,688 ) — Capital expenditures — — (2,739 ) (32,480 ) (9,573 ) — (44,792 ) Net cash from (for) investing activities — — (52,739 ) (32,480 ) 55,115 (14,688 ) (44,792 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 33,622 (48,310 ) — — — 14,688 — Net borrowings on revolving credit loans — — — 40,000 — — 40,000 Distributions paid to partners (50,621 ) — — — — 355 (50,266 ) Payment of debt issuance costs — (321 ) — (1,519 ) — — (1,840 ) Exercise of limited partnership unit options — 125 — — — — 125 Tax effect of units involved in treasury unit transactions — (3,039 ) — — — — (3,039 ) Payments related to tax withholding for equity compensation — (6,919 ) — — — — (6,919 ) Net cash from (for) financing activities (16,999 ) (58,464 ) — 38,481 — 15,043 (21,939 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (1,408 ) — — — (1,408 ) CASH AND CASH EQUIVALENTS Net decrease for the period — — (60,685 ) (58,316 ) (1,152 ) (3,204 ) (123,357 ) Balance, beginning of period — — 85,758 80,430 1,152 (1,095 ) 166,245 Balance, end of period $ — $ — $ 25,073 $ 22,114 $ — $ (4,299 ) $ 42,888 |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 3 Months Ended |
Mar. 31, 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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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: Three months ended (In thousands) March 31, 2019 March 25, 2018 In-park revenues $ 54,213 $ 43,610 Out-of-park revenues 14,761 12,686 Concessionaire remittance (1,997 ) (1,569 ) Net revenues $ 66,977 $ 54,727 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 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 three months ended March 31, 2019 and March 25, 2018 is as follows: (In thousands) Goodwill (gross) Accumulated Impairment Losses Goodwill (net) Balance as of December 31, 2018 $ 258,587 $ (79,868 ) $ 178,719 Foreign currency translation 1,220 — 1,220 Balance as of March 31, 2019 $ 259,807 $ (79,868 ) $ 179,939 Balance as of December 31, 2017 $ 263,698 $ (79,868 ) $ 183,830 Foreign currency translation (1,539 ) — (1,539 ) Balance as of March 25, 2018 $ 262,159 $ (79,868 ) $ 182,291 |
Partnership's other intangible assets | As of March 31, 2019 , December 31, 2018 , and March 25, 2018 , the Partnership’s other intangible assets consisted of the following: (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value March 31, 2019 Other intangible assets: Trade names $ 35,665 $ — $ 35,665 License / franchise agreements 3,389 (2,412 ) 977 Total other intangible assets $ 39,054 $ (2,412 ) $ 36,642 December 31, 2018 Other intangible assets: Trade names $ 35,394 $ — $ 35,394 License / franchise agreements 3,379 (2,397 ) 982 Total other intangible assets $ 38,773 $ (2,397 ) $ 36,376 March 25, 2018 Other intangible assets: Trade names $ 36,188 $ — $ 36,188 License / franchise agreements 3,364 (1,842 ) 1,522 Total other intangible assets $ 39,552 $ (1,842 ) $ 37,710 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt as of March 31, 2019 , December 31, 2018 , and March 25, 2018 consisted of the following: (In thousands) March 31, 2019 December 31, 2018 March 25, 2018 Revolving credit facility (due 2022) $ 120,000 $ — $ 40,000 Term debt (1) April 2017 U.S. term loan averaging 4.25% YTD 2019; 3.83% in 2018; 3.77% YTD 2018 (due 2017-2024) 735,000 735,000 735,000 Notes April 2017 U.S. fixed rate notes at 5.375% (due 2027) 500,000 500,000 500,000 June 2014 U.S. fixed rate notes at 5.375% (due 2024) 450,000 450,000 450,000 1,805,000 1,685,000 1,725,000 Less current portion (7,500 ) (5,625 ) — 1,797,500 1,679,375 1,725,000 Less debt issuance costs and original issue discount (20,925 ) (21,807 ) (24,218 ) $ 1,776,575 $ 1,657,568 $ 1,700,782 (1) The average interest rates do not reflect the effect of interest rate swap agreements (see Note 7 ). |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 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 on the unaudited condensed consolidated balance sheets within "Derivative Liability" as of March 31, 2019 , December 31, 2018 and March 25, 2018 as follows: (In thousands) March 31, 2019 December 31, 2018 March 25, 2018 Derivatives not designated as hedging instruments: Interest rate swaps $ (13,083 ) $ (6,705 ) $ (2,730 ) |
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: Three months ended (In thousands) March 31, 2019 March 25, 2018 Change in fair market value $ 6,379 $ (5,993 ) Amortization of amounts in AOCI — 2,365 Net effect of swaps $ 6,379 $ (3,628 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2019 , December 31, 2018 , and March 25, 2018 on a recurring basis as well as the fair values of other financial instruments: (In thousands) Unaudited Condensed Consolidated Balance Sheet Location Fair Value Hierarchy Level March 31, 2019 December 31, 2018 March 25, 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 $ 492 $ 492 $ 511 $ 511 $ 901 $ 901 Interest rate swaps Derivative Liability Level 2 $ (13,083 ) $ (13,083 ) $ (6,705 ) $ (6,705 ) $ (2,730 ) $ (2,730 ) Other financial assets (liabilities): April 2017 term debt Long-Term Debt (1) Level 2 $ (727,500 ) $ (723,863 ) $ (729,375 ) $ (707,494 ) $ (735,000 ) $ (740,513 ) April 2017 notes Long-Term Debt (1) Level 1 (2) $ (500,000 ) $ (505,000 ) $ (500,000 ) $ (475,000 ) $ (500,000 ) $ (494,375 ) June 2014 notes Long-Term Debt (1) Level 1 $ (450,000 ) $ (457,875 ) $ (450,000 ) $ (441,000 ) $ (450,000 ) $ (455,625 ) (1) Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $20.9 million , $21.8 million , and $24.2 million as of March 31, 2019 , December 31, 2018 , and March 25, 2018 , respectively. (2) The April 2017 notes were based on Level 1 inputs as of March 31, 2019 and December 31, 2018 and Level 2 inputs as of March 25, 2018 . |
Earnings per Unit (Tables)
Earnings per Unit (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Unit [Abstract] | |
Net income (loss) per limited partner unit | Net loss per limited partner unit is calculated based on the following unit amounts: Three months ended 3/31/2019 3/25/2018 (In thousands, except per unit amounts) Basic weighted average units outstanding 56,310 56,150 Diluted weighted average units outstanding 56,310 56,150 Net loss per unit - basic $ (1.49 ) $ (1.49 ) Net loss per unit - diluted $ (1.49 ) $ (1.49 ) |
Lease Commitments and Conting_2
Lease Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The Partnership's total lease cost and related supplemental information as of March 31, 2019 were as follows: (In thousands, except for lease term and discount rate) March 31, 2019 Operating lease expense $ 1,976 Variable lease expense 72 Short-term lease expense 583 Sublease income (122 ) Total lease cost $ 2,509 Weighted-average remaining lease term 19.9 years Weighted-average discount rate 5.0 % Operating cash flows for operating leases $ 1,794 Leased assets obtained in exchange for new operating lease liabilities (non-cash activity) $ 74 |
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 March 31, 2019 were as follows: (In thousands) March 31, 2019 Undiscounted cash flows Remainder of 2019 $ 5,836 2020 6,580 2021 5,802 2022 5,463 2023 5,374 Thereafter 85,691 Total $ 114,746 Present value of cash flows Current lease liability $ 7,359 Lease Liability 65,399 Total $ 72,758 Difference between undiscounted cash flows and discounted cash flows $ 41,988 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income by Component (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table reflects the changes in accumulated other comprehensive income (loss) related to limited partners' equity for the three months ended March 31, 2019 and March 25, 2018 : (In thousands) Foreign Currency Translation Cash Flow Hedging Derivative Activity Total Balance as of December 31, 2017 $ 4,042 $ (7,975 ) $ (3,933 ) Other comprehensive income before reclassifications, net of tax $1,145 4,604 — 4,604 Amounts reclassified from accumulated other comprehensive income, net of tax ($347) — 2,018 2,018 Reclassification of stranded tax effect — (391 ) (391 ) Balance as of March 25, 2018 $ 8,646 $ (6,348 ) $ 2,298 Balance as of December 31, 2018 $ 21,282 $ — $ 21,282 Other comprehensive income before reclassifications, net of tax ($874) (3,050 ) — (3,050 ) Balance as of March 31, 2019 $ 18,232 $ — $ 18,232 |
Reclassification out of accumulated other comprehensive income | Reclassifications Out of Accumulated Other Comprehensive Income (In thousands) Affected Income Statement Location Three months ended AOCI Component March 31, 2019 March 25, 2018 Interest rate contracts Net effect of swaps $ — $ 2,365 Provision for taxes Benefit for taxes — (347 ) Losses on cash flow hedges Net of tax $ — $ 2,018 |
Consolidating Financial Infor_2
Consolidating Financial Information of Guarantors and Issuers (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Condensed Consolidated Financial Information [Abstract] | |
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 24,305 $ 36,437 $ (470 ) $ 60,272 Receivables — 1,765 33,390 931,790 (922,614 ) 44,331 Inventories — — 2,553 40,076 — 42,629 Other current assets 73 7,158 10,382 34,569 (13,869 ) 38,313 73 8,923 70,630 1,042,872 (936,953 ) 185,545 Property and Equipment, net — 794 182,520 1,463,440 — 1,646,754 Investment in Park 489,463 1,076,487 257,859 188,484 (2,012,293 ) — Goodwill 674 — 59,660 119,605 — 179,939 Other Intangibles, net — — 13,302 23,340 — 36,642 Deferred Tax Asset — 18,310 — — (18,310 ) — Right-of-Use Asset — — 31 72,563 — 72,594 Other Assets — — 37 10,959 — 10,996 $ 490,210 $ 1,104,514 $ 584,039 $ 2,921,263 $ (2,967,556 ) $ 2,132,470 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ 7,500 Accounts payable 593,593 331,881 2,779 42,085 (923,084 ) 47,254 Deferred revenue — 500 11,009 139,827 — 151,336 Accrued interest 4 2 8,033 12,847 — 20,886 Accrued taxes 1,111 — — 22,641 (13,869 ) 9,883 Accrued salaries, wages and benefits — 13,087 909 — — 13,996 Self-insurance reserves — 9,602 1,441 12,536 — 23,579 Other accrued liabilities 3,201 4,297 148 12,099 — 19,745 597,909 360,682 24,319 248,222 (936,953 ) 294,179 Deferred Tax Liability — — 13,312 87,516 (18,310 ) 82,518 Derivative Liability 1,899 11,184 — — — 13,083 Lease Liability — — 20 65,379 — 65,399 Other Liabilities — 547 — 9,767 — 10,314 Long-Term Debt: Revolving credit loans — — — 120,000 — 120,000 Term debt — 126,250 — 591,918 — 718,168 Notes — — 446,339 492,068 — 938,407 — 126,250 446,339 1,203,986 — 1,776,575 Equity (109,598 ) 605,851 100,049 1,306,393 (2,012,293 ) (109,598 ) $ 490,210 $ 1,104,514 $ 584,039 $ 2,921,263 $ (2,967,556 ) $ 2,132,470 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 73,326 $ 32,715 $ (692 ) $ 105,349 Receivables — 1,093 34,497 938,397 (922,469 ) 51,518 Inventories — — 2,135 28,618 — 30,753 Other current assets 179 1,411 5,462 10,544 (5,007 ) 12,589 179 2,504 115,420 1,010,274 (928,168 ) 200,209 Property and Equipment, net — 802 172,344 1,426,292 — 1,599,438 Investment in Park 601,706 1,182,345 262,462 218,575 (2,265,088 ) — Goodwill 674 — 58,440 119,605 — 178,719 Other Intangibles, net — — 13,030 23,346 — 36,376 Deferred Tax Asset — 18,224 — — (18,224 ) — Other Assets — — 36 9,405 — 9,441 $ 602,559 $ 1,203,875 $ 621,732 $ 2,807,497 $ (3,211,480 ) $ 2,024,183 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 984 $ — $ 4,641 $ — $ 5,625 Accounts payable 565,472 359,953 2,430 18,620 (923,161 ) 23,314 Deferred revenue — — 8,460 98,614 — 107,074 Accrued interest 1 1 2,054 5,871 — 7,927 Accrued taxes 443 6,668 — 27,487 (5,007 ) 29,591 Accrued salaries, wages and benefits — 17,552 1,234 — — 18,786 Self-insurance reserves — 10,214 1,433 12,374 24,021 Other accrued liabilities 3,318 4,903 136 10,024 — 18,381 569,234 400,275 15,747 177,631 (928,168 ) 234,719 Deferred Tax Liability — — 12,425 87,516 (18,224 ) 81,717 Derivative Liability 909 5,796 — — — 6,705 Other Liabilities — 1,169 — 9,889 — 11,058 Long-Term Debt: Term debt — 126,525 — 592,982 — 719,507 Notes — — 446,241 491,820 — 938,061 — 126,525 446,241 1,084,802 — 1,657,568 Equity 32,416 670,110 147,319 1,447,659 (2,265,088 ) 32,416 $ 602,559 $ 1,203,875 $ 621,732 $ 2,807,497 $ (3,211,480 ) $ 2,024,183 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 25, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 25,073 $ 22,114 $ (4,299 ) $ 42,888 Receivables — 1,232 74,787 785,879 (831,103 ) 30,795 Inventories — — 2,493 37,810 — 40,303 Other current assets 69 1,922 2,459 35,895 (347 ) 39,998 69 3,154 104,812 881,698 (835,749 ) 153,984 Property and Equipment, net — 827 180,303 1,439,969 — 1,621,099 Investment in Park 485,489 967,791 234,220 203,857 (1,891,357 ) — Goodwill 674 — 62,012 119,605 — 182,291 Other Intangibles, net — — 13,834 23,876 — 37,710 Deferred Tax Asset — 7,150 — — (7,150 ) — Other Assets — — 39 9,468 — 9,507 $ 486,232 $ 978,922 $ 595,220 $ 2,678,473 $ (2,734,256 ) $ 2,004,591 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 531,176 $ 302,858 $ 1,806 $ 39,374 $ (835,402 ) $ 39,812 Deferred revenue — — 8,033 116,480 — 124,513 Accrued interest 215 143 7,634 13,127 — 21,119 Accrued taxes 883 — 463 9,177 (347 ) 10,176 Accrued salaries, wages and benefits — 13,777 736 — — 14,513 Self-insurance reserves — 10,438 1,543 12,830 — 24,811 Other accrued liabilities 3,283 5,249 268 9,436 — 18,236 535,557 332,465 20,483 200,424 (835,749 ) 253,180 Deferred Tax Liability — — 12,664 81,945 (7,150 ) 87,459 Derivative Liability 1,638 1,092 — — — 2,730 Other Liabilities — 705 — 10,698 — 11,403 Long-Term Debt: Revolving credit loans — — — 40,000 — 40,000 Term debt — 127,350 — 596,175 — 723,525 Notes — — 445,458 491,799 — 937,257 — 127,350 445,458 1,127,974 — 1,700,782 Equity (50,963 ) 517,310 116,615 1,257,432 (1,891,357 ) (50,963 ) $ 486,232 $ 978,922 $ 595,220 $ 2,678,473 $ (2,734,256 ) $ 2,004,591 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 31, 2019 (In thousands) 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 $ — $ — $ 24,305 $ 36,256 $ 181 $ (470 ) $ 60,272 Receivables — 1,765 33,390 32,871 898,919 (922,614 ) 44,331 Inventories — — 2,553 32,774 7,302 — 42,629 Other current assets 73 7,158 10,382 28,086 6,483 (13,869 ) 38,313 73 8,923 70,630 129,987 912,885 (936,953 ) 185,545 Property and Equipment, net — 794 182,520 — 1,463,440 — 1,646,754 Investment in Park 489,463 1,076,487 257,859 1,559,883 188,484 (3,572,176 ) — Goodwill 674 — 59,660 8,388 111,217 — 179,939 Other Intangibles, net — — 13,302 — 23,340 — 36,642 Deferred Tax Asset — 18,310 — — — (18,310 ) — Right-of-Use Asset — — 31 3,479 69,084 — 72,594 Other Assets — — 37 1,976 8,983 — 10,996 $ 490,210 $ 1,104,514 $ 584,039 $ 1,703,713 $ 2,777,433 $ (4,527,439 ) $ 2,132,470 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 1,313 $ — $ 6,187 $ — $ — $ 7,500 Accounts payable 593,593 331,881 2,779 33,811 8,274 (923,084 ) 47,254 Deferred revenue — 500 11,009 109,806 30,021 — 151,336 Accrued interest 4 2 8,033 12,847 — — 20,886 Accrued taxes 1,111 — — 8,231 14,410 (13,869 ) 9,883 Accrued salaries, wages and benefits — 13,087 909 — — — 13,996 Self-insurance reserves — 9,602 1,441 10,640 1,896 — 23,579 Other accrued liabilities 3,201 4,297 148 4,236 7,863 — 19,745 597,909 360,682 24,319 185,758 62,464 (936,953 ) 294,179 Deferred Tax Liability — — 13,312 — 87,516 (18,310 ) 82,518 Derivative Liability 1,899 11,184 — — — — 13,083 Lease Liability — — 20 1,769 63,610 — 65,399 Other Liabilities — 547 — 87 9,680 — 10,314 Long-Term Debt: Revolving credit loans — — — 120,000 — — 120,000 Term debt — 126,250 — 591,918 — — 718,168 Notes — — 446,339 492,068 — — 938,407 — 126,250 446,339 1,203,986 — — 1,776,575 Equity (109,598 ) 605,851 100,049 312,113 2,554,163 (3,572,176 ) (109,598 ) $ 490,210 $ 1,104,514 $ 584,039 $ 1,703,713 $ 2,777,433 $ (4,527,439 ) $ 2,132,470 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total ASSETS Current Assets: Cash and cash equivalents $ — $ — $ 73,326 $ 30,663 $ 2,052 $ (692 ) $ 105,349 Receivables — 1,093 34,497 36,242 902,155 (922,469 ) 51,518 Inventories — — 2,135 23,402 5,216 — 30,753 Other current assets 179 1,411 5,462 8,980 1,564 (5,007 ) 12,589 179 2,504 115,420 99,287 910,987 (928,168 ) 200,209 Property and Equipment, net — 802 172,344 — 1,426,292 — 1,599,438 Investment in Park 601,706 1,182,345 262,462 1,517,897 218,574 (3,782,984 ) — Goodwill 674 — 58,440 8,388 111,217 — 178,719 Other Intangibles, net — — 13,030 — 23,346 — 36,376 Deferred Tax Asset — 18,224 — — — (18,224 ) — Other Assets — — 36 417 8,988 — 9,441 $ 602,559 $ 1,203,875 $ 621,732 $ 1,625,989 $ 2,699,404 $ (4,729,376 ) $ 2,024,183 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Current maturities of long-term debt $ — $ 984 $ — $ 4,641 $ — $ — $ 5,625 Accounts payable 565,472 359,953 2,430 14,995 3,625 (923,161 ) 23,314 Deferred revenue — — 8,460 74,062 24,552 — 107,074 Accrued interest 1 1 2,054 5,871 — — 7,927 Accrued taxes 443 6,668 — 8,087 19,400 (5,007 ) 29,591 Accrued salaries, wages and benefits — 17,552 1,234 — — — 18,786 Self-insurance reserves — 10,214 1,433 10,308 2,066 — 24,021 Other accrued liabilities 3,318 4,903 136 5,471 4,553 — 18,381 569,234 400,275 15,747 123,435 54,196 (928,168 ) 234,719 Deferred Tax Liability — — 12,425 — 87,516 (18,224 ) 81,717 Derivative Liability 909 5,796 — — — — 6,705 Other Liabilities — 1,169 — 87 9,802 — 11,058 Long-Term Debt: Term debt — 126,525 — 592,982 — — 719,507 Notes — — 446,241 491,820 — — 938,061 — 126,525 446,241 1,084,802 — — 1,657,568 Equity 32,416 670,110 147,319 417,665 2,547,890 (3,782,984 ) 32,416 $ 602,559 $ 1,203,875 $ 621,732 $ 1,625,989 $ 2,699,404 $ (4,729,376 ) $ 2,024,183 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET March 25, 2018 (In thousands) 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 $ — $ — $ 25,073 $ 22,114 $ — $ (4,299 ) $ 42,888 Receivables — 1,232 74,787 23,005 762,874 (831,103 ) 30,795 Inventories — — 2,493 30,661 7,149 — 40,303 Other current assets 69 1,922 2,459 28,669 7,226 (347 ) 39,998 69 3,154 104,812 104,449 777,249 (835,749 ) 153,984 Property and Equipment, net — 827 180,303 — 1,439,969 — 1,621,099 Investment in Park 485,489 967,791 234,220 1,426,366 203,858 (3,317,724 ) — Goodwill 674 — 62,012 8,388 111,217 — 182,291 Other Intangibles, net — — 13,834 — 23,876 — 37,710 Deferred Tax Asset — 7,150 — — — (7,150 ) — Other Assets — — 39 399 9,069 — 9,507 $ 486,232 $ 978,922 $ 595,220 $ 1,539,602 $ 2,565,238 $ (4,160,623 ) $ 2,004,591 LIABILITIES AND PARTNERS’ EQUITY Current Liabilities: Accounts payable $ 531,176 $ 302,858 $ 1,806 $ 30,271 $ 9,103 $ (835,402 ) $ 39,812 Deferred revenue — — 8,033 89,492 26,988 — 124,513 Accrued interest 215 143 7,634 13,127 — — 21,119 Accrued taxes 883 — 463 7,782 1,395 (347 ) 10,176 Accrued salaries, wages and benefits — 13,777 736 — — — 14,513 Self-insurance reserves — 10,438 1,543 10,475 2,355 — 24,811 Other accrued liabilities 3,283 5,249 268 5,054 4,382 — 18,236 535,557 332,465 20,483 156,201 44,223 (835,749 ) 253,180 Deferred Tax Liability — — 12,664 — 81,945 (7,150 ) 87,459 Derivative Liability 1,638 1,092 — — — — 2,730 Other Liabilities — 705 — 120 10,578 — 11,403 Long-Term Debt: Revolving credit loans — — — 40,000 — — 40,000 Term debt — 127,350 — 596,175 — — 723,525 Notes — — 445,458 491,799 — — 937,257 — 127,350 445,458 1,127,974 — — 1,700,782 Equity (50,963 ) 517,310 116,615 255,307 2,428,492 (3,317,724 ) (50,963 ) $ 486,232 $ 978,922 $ 595,220 $ 1,539,602 $ 2,565,238 $ (4,160,623 ) $ 2,004,591 |
Condensed Consolidating Statement of Operations | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ (15,642 ) $ 3,285 $ 296 $ 59,905 $ 19,133 $ 66,977 Costs and expenses: Cost of food, merchandise, and games revenues — — 52 7,597 — 7,649 Operating expenses — 48,172 5,711 25,189 19,133 98,205 Selling, general and administrative 1,439 14,552 1,018 14,657 — 31,666 Depreciation and amortization — 8 — 13,581 — 13,589 Loss on impairment / retirement of fixed assets, net — — 10 1,414 — 1,424 Gain on sale of investment — (617 ) — — — (617 ) 1,439 62,115 6,791 62,438 19,133 151,916 Operating loss (17,081 ) (58,830 ) (6,495 ) (2,533 ) — (84,939 ) Interest expense, net 6,391 5,030 5,713 3,553 — 20,687 Net effect of swaps 991 5,388 — — — 6,379 Gain on foreign currency — (11 ) (8,658 ) — — (8,669 ) Other (income) expense 59 (11,506 ) 1,099 10,670 — 322 Loss from investment in affiliates 58,449 14,659 4,603 6,190 (83,901 ) — Loss before taxes (82,971 ) (72,390 ) (9,252 ) (22,946 ) 83,901 (103,658 ) Provision (benefit) for taxes 702 (13,939 ) (3,059 ) (3,689 ) — (19,985 ) Net loss $ (83,673 ) $ (58,451 ) $ (6,193 ) $ (19,257 ) $ 83,901 $ (83,673 ) Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (3,050 ) — (3,050 ) — 3,050 (3,050 ) Other comprehensive income (loss), (net of tax) (3,050 ) — (3,050 ) — 3,050 (3,050 ) Total comprehensive loss $ (86,723 ) $ (58,451 ) $ (9,243 ) $ (19,257 ) $ 86,951 $ (86,723 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 25, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total Net revenues $ (10,767 ) $ 854 $ 271 $ 49,787 $ 14,582 $ 54,727 Costs and expenses: Cost of food, merchandise, and games revenues — — — 6,003 — 6,003 Operating expenses — 42,671 5,716 25,859 14,582 88,828 Selling, general and administrative 759 14,450 680 12,793 — 28,682 Depreciation and amortization — 8 — 5,513 — 5,521 Loss on impairment / retirement of fixed assets, net — — 40 1,300 — 1,340 759 57,129 6,436 51,468 14,582 130,374 Operating loss (11,526 ) (56,275 ) (6,165 ) (1,681 ) — (75,647 ) Interest expense, net 4,904 4,367 5,583 4,682 — 19,536 Net effect of swaps (2,207 ) (1,421 ) — — — (3,628 ) Loss on early debt extinguishment — 187 — 886 — 1,073 Loss (gain) on foreign currency — (41 ) 10,135 — — 10,094 Other (income) expense 59 (9,804 ) 854 8,768 — (123 ) Loss from investment in affiliates 68,528 28,815 3,913 20,585 (121,841 ) — Loss before taxes (82,810 ) (78,378 ) (26,650 ) (36,602 ) 121,841 (102,599 ) Provision (benefit) for taxes 590 (9,851 ) (6,062 ) (3,876 ) — (19,199 ) Net loss $ (83,400 ) $ (68,527 ) $ (20,588 ) $ (32,726 ) $ 121,841 $ (83,400 ) Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment 4,604 — 4,604 — (4,604 ) 4,604 Cash flow hedging derivative activity 2,018 630 — — (630 ) 2,018 Other comprehensive income (loss), (net of tax) 6,622 630 4,604 — (5,234 ) 6,622 Total comprehensive loss $ (76,778 ) $ (67,897 ) $ (15,984 ) $ (32,726 ) $ 116,607 $ (76,778 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ (15,642 ) $ 3,285 $ 296 $ 64,587 $ 8,717 $ 5,734 $ 66,977 Costs and expenses: Cost of food, merchandise and games revenues — — 52 7,241 356 — 7,649 Operating expenses — 48,172 5,711 29,551 9,037 5,734 98,205 Selling, general and administrative 1,439 14,552 1,018 13,562 1,095 — 31,666 Depreciation and amortization — 8 — — 13,581 — 13,589 Loss on impairment / retirement of fixed assets, net — — 10 386 1,028 — 1,424 Gain on sale of investment — (617 ) — — — — (617 ) 1,439 62,115 6,791 50,740 25,097 5,734 151,916 Operating income (loss) (17,081 ) (58,830 ) (6,495 ) 13,847 (16,380 ) — (84,939 ) Interest (income) expense, net 6,391 5,030 5,713 13,384 (9,831 ) — 20,687 Net effect of swaps 991 5,388 — — — — 6,379 Gain on foreign currency — (11 ) (8,658 ) — — — (8,669 ) Other (income) expense 59 (11,506 ) 1,099 — 10,670 — 322 Loss from investment in affiliates 58,449 14,659 4,603 — 6,190 (83,901 ) — Income (loss) before taxes (82,971 ) (72,390 ) (9,252 ) 463 (23,409 ) 83,901 (103,658 ) Provision (benefit) for taxes 702 (13,939 ) (3,059 ) 463 (4,152 ) — (19,985 ) Net loss $ (83,673 ) $ (58,451 ) $ (6,193 ) $ — $ (19,257 ) $ 83,901 $ (83,673 ) Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment (3,050 ) — (3,050 ) — — 3,050 (3,050 ) Other comprehensive income (loss), (net of tax) (3,050 ) — (3,050 ) — — 3,050 (3,050 ) Total comprehensive loss $ (86,723 ) $ (58,451 ) $ (9,243 ) $ — $ (19,257 ) $ 86,951 $ (86,723 ) CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 25, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Co-Issuer Subsidiary (Millennium) Guarantor Subsidiaries Eliminations Total Net revenues $ (10,767 ) $ 854 $ 271 $ 53,731 $ 1,706 $ 8,932 $ 54,727 Costs and expenses: Cost of food, merchandise and games revenues — — — 5,899 104 — 6,003 Operating expenses — 42,671 5,716 22,620 8,889 8,932 88,828 Selling, general and administrative 759 14,450 680 11,643 1,150 — 28,682 Depreciation and amortization — 8 — — 5,513 — 5,521 Loss on impairment / retirement of fixed assets, net — — 40 651 649 — 1,340 759 57,129 6,436 40,813 16,305 8,932 130,374 Operating income (loss) (11,526 ) (56,275 ) (6,165 ) 12,918 (14,599 ) — (75,647 ) Interest (income) expense, net 4,904 4,367 5,583 11,553 (6,871 ) — 19,536 Net effect of swaps (2,207 ) (1,421 ) — — — — (3,628 ) Loss on early debt extinguishment — 187 — 886 — — 1,073 Loss (gain) on foreign currency — (41 ) 10,135 — — — 10,094 Other (income) expense 59 (9,804 ) 854 — 8,768 — (123 ) Loss from investment in affiliates 68,528 28,815 3,913 — 20,585 (121,841 ) — Income (loss) before taxes (82,810 ) (78,378 ) (26,650 ) 479 (37,081 ) 121,841 (102,599 ) Provision (benefit) for taxes 590 (9,851 ) (6,062 ) 479 (4,355 ) — (19,199 ) Net loss $ (83,400 ) $ (68,527 ) $ (20,588 ) $ — $ (32,726 ) $ 121,841 $ (83,400 ) Other comprehensive income (loss), (net of tax): Foreign currency translation adjustment 4,604 — 4,604 — — (4,604 ) 4,604 Cash flow hedging derivative activity 2,018 630 — — — (630 ) 2,018 Other comprehensive income (loss), (net of tax) 6,622 630 4,604 — — (5,234 ) 6,622 Total comprehensive loss $ (76,778 ) $ (67,897 ) $ (15,984 ) $ — $ (32,726 ) $ 116,607 $ (76,778 ) |
Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING ACTIVITIES $ 24,410 $ (6,580 ) $ (6,077 ) $ (68,489 ) $ (6 ) $ (56,742 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — (1,585 ) 1,585 — Proceeds from returns on investments — 38,030 — — (38,030 ) — Proceeds from sale of investment — 617 — — — 617 Capital expenditures — — (7,193 ) (46,204 ) — (53,397 ) Net cash from (for) investing activities — 38,647 (7,193 ) (47,789 ) (36,445 ) (52,780 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 28,152 (26,567 ) — — (1,585 ) — Payments for returns of capital — — (38,030 ) — 38,030 — Net borrowings on revolving credit loans — — — 120,000 — 120,000 Distributions paid to partners (52,562 ) — — — 228 (52,334 ) Tax effect of units involved in treasury unit transactions — (1,421 ) — — — (1,421 ) Payments related to tax withholding for equity compensation — (4,079 ) — — — (4,079 ) Net cash from (for) financing activities (24,410 ) (32,067 ) (38,030 ) 120,000 36,673 62,166 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,279 — — 2,279 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period — — (49,021 ) 3,722 222 (45,077 ) Balance, beginning of period — — 73,326 32,715 (692 ) 105,349 Balance, end of period $ — $ — $ 24,305 $ 36,437 $ (470 ) $ 60,272 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 25, 2018 (In thousands) Cedar Fair L.P. (Parent) Co-Issuer Subsidiary (Magnum) Co-Issuer Subsidiary (Cedar Canada) Guarantor Subsidiaries Eliminations Total NET CASH FROM (FOR) OPERATING $ 16,999 $ 58,464 $ (6,538 ) $ (120,584 ) $ (3,559 ) $ (55,218 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (50,000 ) 64,688 (14,688 ) — Capital expenditures — — (2,739 ) (42,053 ) — (44,792 ) Net cash from (for) investing activities — — (52,739 ) 22,635 (14,688 ) (44,792 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 33,622 (48,310 ) — — 14,688 — Net borrowings on revolving credit loans — — — 40,000 — 40,000 Distributions paid to partners (50,621 ) — — — 355 (50,266 ) Payment of debt issuance costs — (321 ) — (1,519 ) — (1,840 ) Exercise of limited partnership unit options — 125 — — — 125 Tax effect of units involved in treasury unit transactions — (3,039 ) — — — (3,039 ) Payments related to tax withholding for equity compensation — (6,919 ) — — — (6,919 ) Net cash from (for) financing activities (16,999 ) (58,464 ) — 38,481 15,043 (21,939 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (1,408 ) — — (1,408 ) CASH AND CASH EQUIVALENTS Net decrease for the period — — (60,685 ) (59,468 ) (3,204 ) (123,357 ) Balance, beginning of period — — 85,758 81,582 (1,095 ) 166,245 Balance, end of period $ — $ — $ 25,073 $ 22,114 $ (4,299 ) $ 42,888 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2019 (In thousands) 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 $ 24,410 $ (6,580 ) $ (6,077 ) $ (76,937 ) $ 8,448 $ (6 ) $ (56,742 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — — — (1,585 ) 1,585 — Proceeds from returns on investments — 38,030 — — — (38,030 ) — Proceeds from sale of investment — 617 — — — — 617 Capital expenditures — — (7,193 ) (37,470 ) (8,734 ) — (53,397 ) Net cash from (for) investing activities — 38,647 (7,193 ) (37,470 ) (10,319 ) (36,445 ) (52,780 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 28,152 (26,567 ) — — — (1,585 ) — Payments for returns of capital — — (38,030 ) — — 38,030 — Net borrowings on revolving credit loans — — — 120,000 — — 120,000 Distributions paid to partners (52,562 ) — — — — 228 (52,334 ) Tax effect of units involved in treasury unit transactions — (1,421 ) — — — — (1,421 ) Payments related to tax withholding for equity compensation — (4,079 ) — — — — (4,079 ) Net cash from (for) financing activities (24,410 ) (32,067 ) (38,030 ) 120,000 — 36,673 62,166 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — 2,279 — — — 2,279 CASH AND CASH EQUIVALENTS Net increase (decrease) for the period — — (49,021 ) 5,593 (1,871 ) 222 (45,077 ) Balance, beginning of period — — 73,326 30,663 2,052 (692 ) 105,349 Balance, end of period $ — $ — $ 24,305 $ 36,256 $ 181 $ (470 ) $ 60,272 CEDAR FAIR, L.P. UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 25, 2018 (In thousands) 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 $ 16,999 $ 58,464 $ (6,538 ) $ (64,317 ) $ (56,267 ) $ (3,559 ) $ (55,218 ) CASH FLOWS FROM (FOR) INVESTING ACTIVITIES Intercompany receivables (payments) receipts — — (50,000 ) — 64,688 (14,688 ) — Capital expenditures — — (2,739 ) (32,480 ) (9,573 ) — (44,792 ) Net cash from (for) investing activities — — (52,739 ) (32,480 ) 55,115 (14,688 ) (44,792 ) CASH FLOWS FROM (FOR) FINANCING ACTIVITIES Intercompany payables (payments) receipts 33,622 (48,310 ) — — — 14,688 — Net borrowings on revolving credit loans — — — 40,000 — — 40,000 Distributions paid to partners (50,621 ) — — — — 355 (50,266 ) Payment of debt issuance costs — (321 ) — (1,519 ) — — (1,840 ) Exercise of limited partnership unit options — 125 — — — — 125 Tax effect of units involved in treasury unit transactions — (3,039 ) — — — — (3,039 ) Payments related to tax withholding for equity compensation — (6,919 ) — — — — (6,919 ) Net cash from (for) financing activities (16,999 ) (58,464 ) — 38,481 — 15,043 (21,939 ) EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS — — (1,408 ) — — — (1,408 ) CASH AND CASH EQUIVALENTS Net decrease for the period — — (60,685 ) (58,316 ) (1,152 ) (3,204 ) (123,357 ) Balance, beginning of period — — 85,758 80,430 1,152 (1,095 ) 166,245 Balance, end of period $ — $ — $ 25,073 $ 22,114 $ — $ (4,299 ) $ 42,888 |
Significant Accounting and Re_3
Significant Accounting and Reporting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 25, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Right-of-Use Asset | $ 72,594 | $ 0 | $ 0 | |
Operating lease, liability | $ 72,758 | |||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Right-of-Use Asset | $ 73,500 | |||
Operating lease, liability | $ 73,500 |
Interim Reporting (Details)
Interim Reporting (Details) | 3 Months Ended |
Mar. 31, 2019property | |
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)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Concessionaire remittance | $ (1,997) | $ (1,569) |
Net revenues | 66,977 | 54,727 |
In-Park Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 54,213 | 43,610 |
Out-of-Park Revenues [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 14,761 | $ 12,686 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) $ in Thousands | Jan. 01, 2019USD ($) | Mar. 31, 2019USD ($)monthly_installment | Dec. 31, 2018USD ($) | Mar. 25, 2018USD ($) |
Disaggregation of Revenue [Line Items] | ||||
Deferred revenue | $ 107,100 | $ 151,336 | $ 107,074 | $ 124,513 |
Deferred revenue percentage, season-long products | 88.00% | |||
Revenue from contract with customer | $ 6,200 | |||
Payment terms for billing | 30 days | |||
Allowance for doubtful accounts receivable | $ 3,900 | $ 2,600 | $ 3,700 | |
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)
Long-Lived Assets (Details) $ in Millions | 3 Months Ended | |||
Sep. 25, 2016aproperty | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 25, 2018USD ($) | |
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 | $ 9 | $ 9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 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 | 1,220 | (1,539) |
Goodwill (gross), end of period | 259,807 | 262,159 |
Accumulated Impairment Losses, ending of period | (79,868) | (79,868) |
Goodwill (net), end of period | $ 179,939 | $ 182,291 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Other Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 25, 2018 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Accumulated Amortization | $ (2,412) | $ (2,397) | $ (1,842) |
Total other intangible assets, gross carrying amount | 39,054 | 38,773 | 39,552 |
Total other intangible assets, net carrying value | 36,642 | 36,376 | 37,710 |
License / Franchise Agreements [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Gross Carrying Amount | 3,389 | 3,379 | 3,364 |
Accumulated Amortization | (2,412) | (2,397) | (1,842) |
Net Carrying Value | 977 | 982 | 1,522 |
Trade Names [Member] | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Carrying Amount/Value | $ 35,665 | $ 35,394 | $ 36,188 |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,805,000 | $ 1,725,000 | $ 1,685,000 |
Current maturities of long-term debt | (7,500) | 0 | (5,625) |
Long-term debt, excluding current maturities, gross | 1,797,500 | 1,725,000 | 1,679,375 |
Deferred finance costs | (20,925) | (24,218) | (21,807) |
Total long-term debt | $ 1,776,575 | 1,700,782 | 1,657,568 |
April 2017 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.375% | ||
Long-term debt, gross | $ 500,000 | 500,000 | 500,000 |
5.375% Note [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.375% | ||
Long-term debt, gross | $ 450,000 | $ 450,000 | $ 450,000 |
Senior Secured Term Loan [Member] | 2017 Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.25% | 3.77% | 3.83% |
Long-term debt, gross | $ 735,000 | $ 735,000 | $ 735,000 |
Revolving Credit Facility [Member] | Revolving Credit Facility Due 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 120,000 | $ 40,000 | $ 0 |
Long-Term Debt (Details)
Long-Term Debt (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017USD ($) | Mar. 31, 2019USD ($) | Mar. 25, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Mar. 14, 2018USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2013USD ($) | |
Debt Instrument [Line Items] | ||||||||
Loss on early debt extinguishment | $ 0 | $ 1,073,000 | $ 23,100,000 | |||||
Long-term debt, gross | $ 1,805,000,000 | 1,725,000,000 | $ 1,685,000,000 | |||||
Senior Secured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Periodic principal payment | $ 7,500,000 | |||||||
April 2017 Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 5.375% | |||||||
Long-term debt, gross | $ 500,000,000 | 500,000,000 | 500,000,000 | |||||
April 2017 Notes [Member] | Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 500,000,000 | |||||||
Interest rate, stated percentage | 5.375% | |||||||
Redemption price, percentage | 35.00% | |||||||
Early call date, premium price, percentage | 105.375% | |||||||
Redemption percentage of original face amount | 100.00% | |||||||
Notes Payable Due 2021 [Member] | Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, stated percentage | 5.25% | |||||||
2013 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 885,000,000 | |||||||
2013 Credit Agreement [Member] | Canadian Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance costs | $ 7,700,000 | |||||||
Amortization of debt issuance costs | 15,500,000 | |||||||
2013 Credit Agreement [Member] | Senior Secured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | 630,000,000 | |||||||
2013 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 255,000,000 | |||||||
2017 Credit Agreement [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | 1,025,000,000 | |||||||
Total indebtedness to consolidated cash flow ratio requirement | 5.5 | |||||||
2017 Credit Agreement [Member] | Canadian Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 15,000,000 | |||||||
2017 Credit Agreement [Member] | Canadian Revolving Credit Facility CAD and USD [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate margin over LIBOR | 2.00% | |||||||
2017 Credit Agreement [Member] | Senior Secured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 750,000,000 | |||||||
Original issue discount | $ 900,000 | |||||||
Long-term debt, gross | $ 735,000,000 | 735,000,000 | 735,000,000 | |||||
2017 Credit Agreement [Member] | Senior Secured Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 275,000,000 | |||||||
Commitment fee percentage | 0.375% | |||||||
Notes Payable due 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total indebtedness to consolidated cash flow ratio requirement | 5 | |||||||
Notes Payable due 2024 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Restricted payment | $ 60,000,000 | |||||||
Notes Payable due 2024 [Member] | Senior Unsecured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 450,000,000 | |||||||
Interest rate, stated percentage | 5.375% | |||||||
Redemption percentage of original face amount | 100.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | 2017 Credit Agreement [Member] | Senior Secured Term Loan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Effective interest rate percentage | 1.75% | |||||||
Revolving Credit Facility [Member] | Revolving Credit Facility Due 2022 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 120,000,000 | $ 40,000,000 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - Cash Flow Hedging [Member] $ in Millions | Mar. 31, 2019contract | Jun. 24, 2018USD ($) | Mar. 27, 2016USD ($)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 Instrume_4
Derivative Financial Instruments (Balance Sheet Location) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 25, 2018 |
Derivatives, Fair Value [Line Items] | |||
Derivative liability | $ (13,083) | $ (6,705) | $ (2,730) |
Interest Rate Swap [Member] | Not Designated As Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative liability | $ (13,083) | $ (6,705) | $ (2,730) |
Derivative Financial Instrume_5
Derivative Financial Instruments (Income Statement Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
Derivative [Line Items] | ||
Net effect of swaps | $ 6,379 | $ (3,628) |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Amortization of deferred hedge gains | 0 | 2,365 |
Net Effect of Swaps [Member] | Designated As Hedging [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Amount and Location of Gain (Loss) Recognized in Income on Derivatives | $ 6,379 | $ (5,993) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 25, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred finance costs | $ 20,925 | $ 21,807 | $ 24,218 |
Derivative Liability [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | (13,083) | (6,705) | (2,730) |
Reported Value Measurement [Member] | Derivative Liability [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets (liabilities), at fair value, net | (13,083) | (6,705) | (2,730) |
2017 Credit Agreement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (723,863) | (707,494) | (740,513) |
2017 Credit Agreement [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of term debt | (727,500) | (729,375) | (735,000) |
April 2017 Notes [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (505,000) | (475,000) | (494,375) |
April 2017 Notes [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (500,000) | (500,000) | (500,000) |
Notes Payable due 2024 [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (457,875) | (441,000) | (455,625) |
Notes Payable due 2024 [Member] | Reported Value Measurement [Member] | Long-term Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of notes | (450,000) | (450,000) | (450,000) |
Short-term Investments [Member] | Other Current Assets [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | 492 | 511 | 901 |
Short-term Investments [Member] | Reported Value Measurement [Member] | Other Current Assets [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments, fair value | $ 492 | $ 511 | $ 901 |
Earnings per Unit (Details)
Earnings per Unit (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
Earnings Per Unit [Abstract] | ||
Basic weighted average units outstanding (in shares) | 56,310 | 56,150 |
Diluted weighted average units outstanding (in shares) | 56,310 | 56,150 |
Net income (loss) per limited partner unit - basic (in dollars per share) | $ (1.49) | $ (1.49) |
Net income (loss) per limited partner unit - diluted (in dollars per share) | $ (1.49) | $ (1.49) |
Lease Commitments and Conting_3
Lease Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | |
Jun. 30, 2019 | Mar. 25, 2018 | Mar. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating sublease, term | 25 years | ||
Operating lease, expense | $ 3.3 | ||
Subsequent Event [Member] | Scenario, Forecast [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Payments to acquire land | $ 150 |
Lease Commitments and Conting_4
Lease Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 1,976 |
Variable lease expense | 72 |
Short-term lease expense | 583 |
Sublease income | (122) |
Total lease cost | $ 2,509 |
Weighted-average remaining lease term | 19 years 11 months |
Weighted-average discount rate | 5.00% |
Operating cash flows for operating leases | $ 1,794 |
Leased assets obtained in exchange for new operating lease liabilities (non-cash activity) | $ 74 |
Lease Commitments and Conting_5
Lease Commitments and Contingencies (Undiscounted Cash Flows) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 25, 2018 |
Undiscounted cash flows | |||
Remainder of 2019 | $ 5,836 | ||
2020 | 6,580 | ||
2021 | 5,802 | ||
2022 | 5,463 | ||
2023 | 5,374 | ||
Thereafter | 85,691 | ||
Total | 114,746 | ||
Present value of cash flows | |||
Current lease liability | 7,359 | ||
Lease Liability | 65,399 | $ 0 | $ 0 |
Total | 72,758 | ||
Difference between undiscounted cash flows and discounted cash flows | $ 41,988 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income by Component (Changes in AOCI by Component) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning | $ 21,282 | |
Other comprehensive income before reclassifications | (3,050) | $ 4,604 |
Amounts reclassified from accumulated other comprehensive income | 2,018 | |
Reclassification of stranded tax effect | (391) | |
Balance, ending | 2,298 | |
Provision (benefit) for taxes | 19,985 | 19,199 |
OCI before reclassifications, tax | (874) | 1,145 |
Total [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning | (3,933) | |
Balance, ending | 18,232 | |
Foreign Currency Translation [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning | 21,282 | 4,042 |
Other comprehensive income before reclassifications | (3,050) | 4,604 |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Reclassification of stranded tax effect | 0 | |
Balance, ending | 18,232 | 8,646 |
Cash Flow Hedging Derivative Activity [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning | (7,975) | |
Other comprehensive income before reclassifications | 0 | |
Amounts reclassified from accumulated other comprehensive income | 2,018 | |
Reclassification of stranded tax effect | (391) | |
Balance, ending | $ (6,348) | |
Cash Flow Hedging Derivative Activity [Member] | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance, beginning | 0 | |
Other comprehensive income before reclassifications | 0 | |
Balance, ending | $ 0 |
Changes in Accumulated Other _4
Changes in Accumulated Other Comprehensive Income by Component (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net effect of swaps | $ (20,687) | $ (19,536) |
Provision (benefit) for taxes | 19,985 | 19,199 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Provision (benefit) for taxes | (347) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Provision (benefit) for taxes | 0 | (347) |
Cash Flow Hedging Derivative Activity [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | |
Cash Flow Hedging Derivative Activity [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,018 | |
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net effect of swaps | $ 0 | $ 2,365 |
Consolidating Financial Infor_3
Consolidating Financial Information of Guarantors and Issuers (Details) - Unsecured Debt [Member] | Mar. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | |
Subsidiary ownership percentage, guaranteeing notes | 100.00% |
Subsidiary guarantor ownership percentage | 100.00% |
Consolidating Financial Infor_4
Consolidating Financial Information of Guarantors and Issuers (Balance Sheet) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 25, 2018 | Dec. 31, 2017 |
Current Assets: | |||||
Cash and cash equivalents | $ 60,272 | $ 105,349 | $ 42,888 | ||
Receivables | 44,331 | 51,518 | 30,795 | ||
Inventories | 42,629 | 30,753 | 40,303 | ||
Other current assets | 38,313 | 12,589 | 39,998 | ||
Total current assets | 185,545 | 200,209 | 153,984 | ||
Property and equipment (net) | 1,646,754 | 1,599,438 | 1,621,099 | ||
Investment In Park | 0 | 0 | 0 | ||
Goodwill | 179,939 | 178,719 | 182,291 | $ 183,830 | |
Other intangibles, net | 36,642 | 36,376 | 37,710 | ||
Deferred tax asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 72,594 | 0 | 0 | ||
Other Assets | 10,996 | 9,441 | 9,507 | ||
Total Assets | 2,132,470 | 2,024,183 | 2,004,591 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 7,500 | 5,625 | 0 | ||
Accounts payable | 47,254 | 23,314 | 39,812 | ||
Deferred revenue | 151,336 | $ 107,100 | 107,074 | 124,513 | |
Accrued interest | 20,886 | 7,927 | 21,119 | ||
Accrued taxes | 9,883 | 29,591 | 10,176 | ||
Accrued salaries, wages and benefits | 13,996 | 18,786 | 14,513 | ||
Self-insurance reserves | 23,579 | 24,021 | 24,811 | ||
Other accrued liabilities | 19,745 | 18,381 | 18,236 | ||
Total current liabilities | 294,179 | 234,719 | 253,180 | ||
Deferred Tax Liability | 82,518 | 81,717 | 87,459 | ||
Derivative Liability | 13,083 | 6,705 | 2,730 | ||
Lease Liability | 65,399 | 0 | 0 | ||
Other Liabilities | 10,314 | 11,058 | 11,403 | ||
Long-Term Debt: | |||||
Revolving credit loans | 120,000 | 0 | 40,000 | ||
Term debt | 718,168 | 719,507 | 723,525 | ||
Notes | 938,407 | 938,061 | 937,257 | ||
Total long-term debt | 1,776,575 | 1,657,568 | 1,700,782 | ||
Equity | (109,598) | 32,416 | (50,963) | $ 82,946 | |
Total Liabilities and Partners' Equity | 2,132,470 | 2,024,183 | 2,004,591 | ||
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables | 0 | 0 | 0 | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | 73 | 179 | 69 | ||
Total current assets | 73 | 179 | 69 | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment In Park | 489,463 | 601,706 | 485,489 | ||
Goodwill | 674 | 674 | 674 | ||
Other intangibles, net | 0 | 0 | 0 | ||
Deferred tax asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 0 | ||||
Other Assets | 0 | 0 | 0 | ||
Total Assets | 490,210 | 602,559 | 486,232 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 593,593 | 565,472 | 531,176 | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 4 | 1 | 215 | ||
Accrued taxes | 1,111 | 443 | 883 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Other accrued liabilities | 3,201 | 3,318 | 3,283 | ||
Total current liabilities | 597,909 | 569,234 | 535,557 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 1,899 | 909 | 1,638 | ||
Lease Liability | 0 | ||||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Equity | (109,598) | 32,416 | (50,963) | ||
Total Liabilities and Partners' Equity | 490,210 | 602,559 | 486,232 | ||
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 36,437 | 32,715 | 22,114 | ||
Receivables | 931,790 | 938,397 | 785,879 | ||
Inventories | 40,076 | 28,618 | 37,810 | ||
Other current assets | 34,569 | 10,544 | 35,895 | ||
Total current assets | 1,042,872 | 1,010,274 | 881,698 | ||
Property and equipment (net) | 1,463,440 | 1,426,292 | 1,439,969 | ||
Investment In Park | 188,484 | 218,575 | 203,857 | ||
Goodwill | 119,605 | 119,605 | 119,605 | ||
Other intangibles, net | 23,340 | 23,346 | 23,876 | ||
Deferred tax asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 72,563 | ||||
Other Assets | 10,959 | 9,405 | 9,468 | ||
Total Assets | 2,921,263 | 2,807,497 | 2,678,473 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 6,187 | 4,641 | |||
Accounts payable | 42,085 | 18,620 | 39,374 | ||
Deferred revenue | 139,827 | 98,614 | 116,480 | ||
Accrued interest | 12,847 | 5,871 | 13,127 | ||
Accrued taxes | 22,641 | 27,487 | 9,177 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 12,536 | 12,374 | 12,830 | ||
Other accrued liabilities | 12,099 | 10,024 | 9,436 | ||
Total current liabilities | 248,222 | 177,631 | 200,424 | ||
Deferred Tax Liability | 87,516 | 87,516 | 81,945 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 65,379 | ||||
Other Liabilities | 9,767 | 9,889 | 10,698 | ||
Long-Term Debt: | |||||
Revolving credit loans | 120,000 | 40,000 | |||
Term debt | 591,918 | 592,982 | 596,175 | ||
Notes | 492,068 | 491,820 | 491,799 | ||
Total long-term debt | 1,203,986 | 1,084,802 | 1,127,974 | ||
Equity | 1,306,393 | 1,447,659 | 1,257,432 | ||
Total Liabilities and Partners' Equity | 2,921,263 | 2,807,497 | 2,678,473 | ||
June 2014 Notes [Member] | Eliminations [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | (470) | (692) | (4,299) | ||
Receivables | (922,614) | (922,469) | (831,103) | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | (13,869) | (5,007) | (347) | ||
Total current assets | (936,953) | (928,168) | (835,749) | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment In Park | (2,012,293) | (2,265,088) | (1,891,357) | ||
Goodwill | 0 | 0 | 0 | ||
Other intangibles, net | 0 | 0 | 0 | ||
Deferred tax asset | (18,310) | (18,224) | (7,150) | ||
Right-of-Use Asset | 0 | ||||
Other Assets | 0 | 0 | 0 | ||
Total Assets | (2,967,556) | (3,211,480) | (2,734,256) | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | (923,084) | (923,161) | (835,402) | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 0 | 0 | 0 | ||
Accrued taxes | (13,869) | (5,007) | (347) | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | |||
Other accrued liabilities | 0 | 0 | 0 | ||
Total current liabilities | (936,953) | (928,168) | (835,749) | ||
Deferred Tax Liability | (18,310) | (18,224) | (7,150) | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 0 | ||||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Equity | (2,012,293) | (2,265,088) | (1,891,357) | ||
Total Liabilities and Partners' Equity | (2,967,556) | (3,211,480) | (2,734,256) | ||
June 2014 Notes [Member] | Co-Issuer Subsidiary (Magnum) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables | 1,765 | 1,093 | 1,232 | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | 7,158 | 1,411 | 1,922 | ||
Total current assets | 8,923 | 2,504 | 3,154 | ||
Property and equipment (net) | 794 | 802 | 827 | ||
Investment In Park | 1,076,487 | 1,182,345 | 967,791 | ||
Goodwill | 0 | 0 | 0 | ||
Other intangibles, net | 0 | 0 | 0 | ||
Deferred tax asset | 18,310 | 18,224 | 7,150 | ||
Right-of-Use Asset | 0 | ||||
Other Assets | 0 | 0 | 0 | ||
Total Assets | 1,104,514 | 1,203,875 | 978,922 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 1,313 | 984 | |||
Accounts payable | 331,881 | 359,953 | 302,858 | ||
Deferred revenue | 500 | 0 | 0 | ||
Accrued interest | 2 | 1 | 143 | ||
Accrued taxes | 0 | 6,668 | 0 | ||
Accrued salaries, wages and benefits | 13,087 | 17,552 | 13,777 | ||
Self-insurance reserves | 9,602 | 10,214 | 10,438 | ||
Other accrued liabilities | 4,297 | 4,903 | 5,249 | ||
Total current liabilities | 360,682 | 400,275 | 332,465 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 11,184 | 5,796 | 1,092 | ||
Lease Liability | 0 | ||||
Other Liabilities | 547 | 1,169 | 705 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 126,250 | 126,525 | 127,350 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 126,250 | 126,525 | 127,350 | ||
Equity | 605,851 | 670,110 | 517,310 | ||
Total Liabilities and Partners' Equity | 1,104,514 | 1,203,875 | 978,922 | ||
June 2014 Notes [Member] | Co-Issuer Subsidiary (Cedar Canada) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 24,305 | 73,326 | 25,073 | ||
Receivables | 33,390 | 34,497 | 74,787 | ||
Inventories | 2,553 | 2,135 | 2,493 | ||
Other current assets | 10,382 | 5,462 | 2,459 | ||
Total current assets | 70,630 | 115,420 | 104,812 | ||
Property and equipment (net) | 182,520 | 172,344 | 180,303 | ||
Investment In Park | 257,859 | 262,462 | 234,220 | ||
Goodwill | 59,660 | 58,440 | 62,012 | ||
Other intangibles, net | 13,302 | 13,030 | 13,834 | ||
Deferred tax asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 31 | ||||
Other Assets | 37 | 36 | 39 | ||
Total Assets | 584,039 | 621,732 | 595,220 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 2,779 | 2,430 | 1,806 | ||
Deferred revenue | 11,009 | 8,460 | 8,033 | ||
Accrued interest | 8,033 | 2,054 | 7,634 | ||
Accrued taxes | 0 | 0 | 463 | ||
Accrued salaries, wages and benefits | 909 | 1,234 | 736 | ||
Self-insurance reserves | 1,441 | 1,433 | 1,543 | ||
Other accrued liabilities | 148 | 136 | 268 | ||
Total current liabilities | 24,319 | 15,747 | 20,483 | ||
Deferred Tax Liability | 13,312 | 12,425 | 12,664 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 20 | ||||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 446,339 | 446,241 | 445,458 | ||
Total long-term debt | 446,339 | 446,241 | 445,458 | ||
Equity | 100,049 | 147,319 | 116,615 | ||
Total Liabilities and Partners' Equity | 584,039 | 621,732 | 595,220 | ||
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables | 0 | 0 | 0 | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | 73 | 179 | 69 | ||
Total current assets | 73 | 179 | 69 | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment In Park | 489,463 | 601,706 | 485,489 | ||
Goodwill | 674 | 674 | 674 | ||
Other intangibles, net | 0 | 0 | 0 | ||
Deferred tax asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 0 | ||||
Other Assets | 0 | 0 | 0 | ||
Total Assets | 490,210 | 602,559 | 486,232 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 593,593 | 565,472 | 531,176 | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 4 | 1 | 215 | ||
Accrued taxes | 1,111 | 443 | 883 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Other accrued liabilities | 3,201 | 3,318 | 3,283 | ||
Total current liabilities | 597,909 | 569,234 | 535,557 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 1,899 | 909 | 1,638 | ||
Lease Liability | 0 | ||||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Equity | (109,598) | 32,416 | (50,963) | ||
Total Liabilities and Partners' Equity | 490,210 | 602,559 | 486,232 | ||
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 181 | 2,052 | 0 | ||
Receivables | 898,919 | 902,155 | 762,874 | ||
Inventories | 7,302 | 5,216 | 7,149 | ||
Other current assets | 6,483 | 1,564 | 7,226 | ||
Total current assets | 912,885 | 910,987 | 777,249 | ||
Property and equipment (net) | 1,463,440 | 1,426,292 | 1,439,969 | ||
Investment In Park | 188,484 | 218,574 | 203,858 | ||
Goodwill | 111,217 | 111,217 | 111,217 | ||
Other intangibles, net | 23,340 | 23,346 | 23,876 | ||
Deferred tax asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 69,084 | ||||
Other Assets | 8,983 | 8,988 | 9,069 | ||
Total Assets | 2,777,433 | 2,699,404 | 2,565,238 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 8,274 | 3,625 | 9,103 | ||
Deferred revenue | 30,021 | 24,552 | 26,988 | ||
Accrued interest | 0 | 0 | 0 | ||
Accrued taxes | 14,410 | 19,400 | 1,395 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 1,896 | 2,066 | 2,355 | ||
Other accrued liabilities | 7,863 | 4,553 | 4,382 | ||
Total current liabilities | 62,464 | 54,196 | 44,223 | ||
Deferred Tax Liability | 87,516 | 87,516 | 81,945 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 63,610 | ||||
Other Liabilities | 9,680 | 9,802 | 10,578 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Equity | 2,554,163 | 2,547,890 | 2,428,492 | ||
Total Liabilities and Partners' Equity | 2,777,433 | 2,699,404 | 2,565,238 | ||
April 2017 Notes [Member] | Eliminations [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | (470) | (692) | (4,299) | ||
Receivables | (922,614) | (922,469) | (831,103) | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | (13,869) | (5,007) | (347) | ||
Total current assets | (936,953) | (928,168) | (835,749) | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment In Park | (3,572,176) | (3,782,984) | (3,317,724) | ||
Goodwill | 0 | 0 | 0 | ||
Other intangibles, net | 0 | 0 | 0 | ||
Deferred tax asset | (18,310) | (18,224) | (7,150) | ||
Right-of-Use Asset | 0 | ||||
Other Assets | 0 | 0 | 0 | ||
Total Assets | (4,527,439) | (4,729,376) | (4,160,623) | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | (923,084) | (923,161) | (835,402) | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 0 | 0 | 0 | ||
Accrued taxes | (13,869) | (5,007) | (347) | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Other accrued liabilities | 0 | 0 | 0 | ||
Total current liabilities | (936,953) | (928,168) | (835,749) | ||
Deferred Tax Liability | (18,310) | (18,224) | (7,150) | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 0 | ||||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 0 | 0 | 0 | ||
Equity | (3,572,176) | (3,782,984) | (3,317,724) | ||
Total Liabilities and Partners' Equity | (4,527,439) | (4,729,376) | (4,160,623) | ||
April 2017 Notes [Member] | Co-Issuer Subsidiary (Magnum) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Receivables | 1,765 | 1,093 | 1,232 | ||
Inventories | 0 | 0 | 0 | ||
Other current assets | 7,158 | 1,411 | 1,922 | ||
Total current assets | 8,923 | 2,504 | 3,154 | ||
Property and equipment (net) | 794 | 802 | 827 | ||
Investment In Park | 1,076,487 | 1,182,345 | 967,791 | ||
Goodwill | 0 | 0 | 0 | ||
Other intangibles, net | 0 | 0 | 0 | ||
Deferred tax asset | 18,310 | 18,224 | 7,150 | ||
Right-of-Use Asset | 0 | ||||
Other Assets | 0 | 0 | 0 | ||
Total Assets | 1,104,514 | 1,203,875 | 978,922 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 1,313 | 984 | |||
Accounts payable | 331,881 | 359,953 | 302,858 | ||
Deferred revenue | 500 | 0 | 0 | ||
Accrued interest | 2 | 1 | 143 | ||
Accrued taxes | 0 | 6,668 | 0 | ||
Accrued salaries, wages and benefits | 13,087 | 17,552 | 13,777 | ||
Self-insurance reserves | 9,602 | 10,214 | 10,438 | ||
Other accrued liabilities | 4,297 | 4,903 | 5,249 | ||
Total current liabilities | 360,682 | 400,275 | 332,465 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 11,184 | 5,796 | 1,092 | ||
Lease Liability | 0 | ||||
Other Liabilities | 547 | 1,169 | 705 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 126,250 | 126,525 | 127,350 | ||
Notes | 0 | 0 | 0 | ||
Total long-term debt | 126,250 | 126,525 | 127,350 | ||
Equity | 605,851 | 670,110 | 517,310 | ||
Total Liabilities and Partners' Equity | 1,104,514 | 1,203,875 | 978,922 | ||
April 2017 Notes [Member] | Co-Issuer Subsidiary (Cedar Canada) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 24,305 | 73,326 | 25,073 | ||
Receivables | 33,390 | 34,497 | 74,787 | ||
Inventories | 2,553 | 2,135 | 2,493 | ||
Other current assets | 10,382 | 5,462 | 2,459 | ||
Total current assets | 70,630 | 115,420 | 104,812 | ||
Property and equipment (net) | 182,520 | 172,344 | 180,303 | ||
Investment In Park | 257,859 | 262,462 | 234,220 | ||
Goodwill | 59,660 | 58,440 | 62,012 | ||
Other intangibles, net | 13,302 | 13,030 | 13,834 | ||
Deferred tax asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 31 | ||||
Other Assets | 37 | 36 | 39 | ||
Total Assets | 584,039 | 621,732 | 595,220 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | |||
Accounts payable | 2,779 | 2,430 | 1,806 | ||
Deferred revenue | 11,009 | 8,460 | 8,033 | ||
Accrued interest | 8,033 | 2,054 | 7,634 | ||
Accrued taxes | 0 | 0 | 463 | ||
Accrued salaries, wages and benefits | 909 | 1,234 | 736 | ||
Self-insurance reserves | 1,441 | 1,433 | 1,543 | ||
Other accrued liabilities | 148 | 136 | 268 | ||
Total current liabilities | 24,319 | 15,747 | 20,483 | ||
Deferred Tax Liability | 13,312 | 12,425 | 12,664 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 20 | ||||
Other Liabilities | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 0 | 0 | |||
Term debt | 0 | 0 | 0 | ||
Notes | 446,339 | 446,241 | 445,458 | ||
Total long-term debt | 446,339 | 446,241 | 445,458 | ||
Equity | 100,049 | 147,319 | 116,615 | ||
Total Liabilities and Partners' Equity | 584,039 | 621,732 | 595,220 | ||
April 2017 Notes [Member] | Co-Issuer Subsidiary (Millennium) [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||
Current Assets: | |||||
Cash and cash equivalents | 36,256 | 30,663 | 22,114 | ||
Receivables | 32,871 | 36,242 | 23,005 | ||
Inventories | 32,774 | 23,402 | 30,661 | ||
Other current assets | 28,086 | 8,980 | 28,669 | ||
Total current assets | 129,987 | 99,287 | 104,449 | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment In Park | 1,559,883 | 1,517,897 | 1,426,366 | ||
Goodwill | 8,388 | 8,388 | 8,388 | ||
Other intangibles, net | 0 | 0 | 0 | ||
Deferred tax asset | 0 | 0 | 0 | ||
Right-of-Use Asset | 3,479 | ||||
Other Assets | 1,976 | 417 | 399 | ||
Total Assets | 1,703,713 | 1,625,989 | 1,539,602 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 6,187 | 4,641 | |||
Accounts payable | 33,811 | 14,995 | 30,271 | ||
Deferred revenue | 109,806 | 74,062 | 89,492 | ||
Accrued interest | 12,847 | 5,871 | 13,127 | ||
Accrued taxes | 8,231 | 8,087 | 7,782 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 10,640 | 10,308 | 10,475 | ||
Other accrued liabilities | 4,236 | 5,471 | 5,054 | ||
Total current liabilities | 185,758 | 123,435 | 156,201 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 0 | 0 | 0 | ||
Lease Liability | 1,769 | ||||
Other Liabilities | 87 | 87 | 120 | ||
Long-Term Debt: | |||||
Revolving credit loans | 120,000 | 40,000 | |||
Term debt | 591,918 | 592,982 | 596,175 | ||
Notes | 492,068 | 491,820 | 491,799 | ||
Total long-term debt | 1,203,986 | 1,084,802 | 1,127,974 | ||
Equity | 312,113 | 417,665 | 255,307 | ||
Total Liabilities and Partners' Equity | $ 1,703,713 | $ 1,625,989 | $ 1,539,602 |
Consolidating Financial Infor_5
Consolidating Financial Information of Guarantors and Issuers (Income Statement) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | $ 66,977 | $ 54,727 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 7,649 | 6,003 | |
Operating expenses | 98,205 | 88,828 | |
Selling, general and administrative | 31,666 | 28,682 | |
Depreciation and amortization | 13,589 | 5,521 | |
Loss on impairment / retirement of fixed assets, net | 1,424 | 1,340 | |
Gain on sale of investment | (617) | 0 | |
Total costs and expenses | 151,916 | 130,374 | |
Operating loss | (84,939) | (75,647) | |
Interest (income) expense, net | 20,687 | 19,536 | |
Net effect of swaps | 6,379 | (3,628) | |
Loss on early debt extinguishment | 0 | 1,073 | $ 23,100 |
(Gain) loss on foreign currency | (8,669) | 10,094 | |
Other (income) expense | 322 | (123) | |
(Income) loss from investment in affiliates | 0 | 0 | |
Loss before taxes | (103,658) | (102,599) | |
Provision for taxes | (19,985) | (19,199) | |
Net loss | (83,673) | (83,400) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | (3,050) | 4,604 | |
Cash flow hedging derivative activity | 2,018 | ||
Other comprehensive income (loss), (net of tax) | (3,050) | 6,622 | |
Total comprehensive loss | (86,723) | (76,778) | |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Cedar Fair L.P. (Parent) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | (15,642) | (10,767) | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 0 | 0 | |
Operating expenses | 0 | 0 | |
Selling, general and administrative | 1,439 | 759 | |
Depreciation and amortization | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 1,439 | 759 | |
Operating loss | (17,081) | (11,526) | |
Interest (income) expense, net | 6,391 | 4,904 | |
Net effect of swaps | 991 | (2,207) | |
Loss on early debt extinguishment | 0 | ||
(Gain) loss on foreign currency | 0 | 0 | |
Other (income) expense | 59 | 59 | |
(Income) loss from investment in affiliates | 58,449 | 68,528 | |
Loss before taxes | (82,971) | (82,810) | |
Provision for taxes | 702 | 590 | |
Net loss | (83,673) | (83,400) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | (3,050) | 4,604 | |
Cash flow hedging derivative activity | 2,018 | ||
Other comprehensive income (loss), (net of tax) | (3,050) | 6,622 | |
Total comprehensive loss | (86,723) | (76,778) | |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 59,905 | 49,787 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 7,597 | 6,003 | |
Operating expenses | 25,189 | 25,859 | |
Selling, general and administrative | 14,657 | 12,793 | |
Depreciation and amortization | 13,581 | 5,513 | |
Loss on impairment / retirement of fixed assets, net | 1,414 | 1,300 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 62,438 | 51,468 | |
Operating loss | (2,533) | (1,681) | |
Interest (income) expense, net | 3,553 | 4,682 | |
Net effect of swaps | 0 | 0 | |
Loss on early debt extinguishment | 886 | ||
(Gain) loss on foreign currency | 0 | 0 | |
Other (income) expense | 10,670 | 8,768 | |
(Income) loss from investment in affiliates | 6,190 | 20,585 | |
Loss before taxes | (22,946) | (36,602) | |
Provision for taxes | (3,689) | (3,876) | |
Net loss | (19,257) | (32,726) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | 0 | 0 | |
Cash flow hedging derivative activity | 0 | ||
Other comprehensive income (loss), (net of tax) | 0 | 0 | |
Total comprehensive loss | (19,257) | (32,726) | |
June 2014 Notes [Member] | Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 19,133 | 14,582 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 0 | 0 | |
Operating expenses | 19,133 | 14,582 | |
Selling, general and administrative | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 19,133 | 14,582 | |
Operating loss | 0 | 0 | |
Interest (income) expense, net | 0 | 0 | |
Net effect of swaps | 0 | 0 | |
Loss on early debt extinguishment | 0 | ||
(Gain) loss on foreign currency | 0 | 0 | |
Other (income) expense | 0 | 0 | |
(Income) loss from investment in affiliates | (83,901) | (121,841) | |
Loss before taxes | 83,901 | 121,841 | |
Provision for taxes | 0 | 0 | |
Net loss | 83,901 | 121,841 | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | 3,050 | (4,604) | |
Cash flow hedging derivative activity | (630) | ||
Other comprehensive income (loss), (net of tax) | 3,050 | (5,234) | |
Total comprehensive loss | 86,951 | 116,607 | |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Cedar Fair L.P. (Parent) [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | (15,642) | (10,767) | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 0 | 0 | |
Operating expenses | 0 | 0 | |
Selling, general and administrative | 1,439 | 759 | |
Depreciation and amortization | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 1,439 | 759 | |
Operating loss | (17,081) | (11,526) | |
Interest (income) expense, net | 6,391 | 4,904 | |
Net effect of swaps | 991 | (2,207) | |
Loss on early debt extinguishment | 0 | ||
(Gain) loss on foreign currency | 0 | 0 | |
Other (income) expense | 59 | 59 | |
(Income) loss from investment in affiliates | 58,449 | 68,528 | |
Loss before taxes | (82,971) | (82,810) | |
Provision for taxes | 702 | 590 | |
Net loss | (83,673) | (83,400) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | (3,050) | 4,604 | |
Cash flow hedging derivative activity | 2,018 | ||
Other comprehensive income (loss), (net of tax) | (3,050) | 6,622 | |
Total comprehensive loss | (86,723) | (76,778) | |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 8,717 | 1,706 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 356 | 104 | |
Operating expenses | 9,037 | 8,889 | |
Selling, general and administrative | 1,095 | 1,150 | |
Depreciation and amortization | 13,581 | 5,513 | |
Loss on impairment / retirement of fixed assets, net | 1,028 | 649 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 25,097 | 16,305 | |
Operating loss | (16,380) | (14,599) | |
Interest (income) expense, net | (9,831) | (6,871) | |
Net effect of swaps | 0 | 0 | |
Loss on early debt extinguishment | 0 | ||
(Gain) loss on foreign currency | 0 | 0 | |
Other (income) expense | 10,670 | 8,768 | |
(Income) loss from investment in affiliates | 6,190 | 20,585 | |
Loss before taxes | (23,409) | (37,081) | |
Provision for taxes | (4,152) | (4,355) | |
Net loss | (19,257) | (32,726) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | 0 | 0 | |
Cash flow hedging derivative activity | 0 | ||
Other comprehensive income (loss), (net of tax) | 0 | 0 | |
Total comprehensive loss | (19,257) | (32,726) | |
April 2017 Notes [Member] | Eliminations [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 5,734 | 8,932 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 0 | 0 | |
Operating expenses | 5,734 | 8,932 | |
Selling, general and administrative | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 5,734 | 8,932 | |
Operating loss | 0 | 0 | |
Interest (income) expense, net | 0 | 0 | |
Net effect of swaps | 0 | 0 | |
Loss on early debt extinguishment | 0 | ||
(Gain) loss on foreign currency | 0 | 0 | |
Other (income) expense | 0 | 0 | |
(Income) loss from investment in affiliates | (83,901) | (121,841) | |
Loss before taxes | 83,901 | 121,841 | |
Provision for taxes | 0 | 0 | |
Net loss | 83,901 | 121,841 | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | 3,050 | (4,604) | |
Cash flow hedging derivative activity | (630) | ||
Other comprehensive income (loss), (net of tax) | 3,050 | (5,234) | |
Total comprehensive loss | 86,951 | 116,607 | |
Co-Issuer Subsidiary (Magnum) [Member] | June 2014 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 3,285 | 854 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 0 | 0 | |
Operating expenses | 48,172 | 42,671 | |
Selling, general and administrative | 14,552 | 14,450 | |
Depreciation and amortization | 8 | 8 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | |
Gain on sale of investment | (617) | ||
Total costs and expenses | 62,115 | 57,129 | |
Operating loss | (58,830) | (56,275) | |
Interest (income) expense, net | 5,030 | 4,367 | |
Net effect of swaps | 5,388 | (1,421) | |
Loss on early debt extinguishment | 187 | ||
(Gain) loss on foreign currency | (11) | (41) | |
Other (income) expense | (11,506) | (9,804) | |
(Income) loss from investment in affiliates | 14,659 | 28,815 | |
Loss before taxes | (72,390) | (78,378) | |
Provision for taxes | (13,939) | (9,851) | |
Net loss | (58,451) | (68,527) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | 0 | 0 | |
Cash flow hedging derivative activity | 630 | ||
Other comprehensive income (loss), (net of tax) | 0 | 630 | |
Total comprehensive loss | (58,451) | (67,897) | |
Co-Issuer Subsidiary (Magnum) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 3,285 | 854 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 0 | 0 | |
Operating expenses | 48,172 | 42,671 | |
Selling, general and administrative | 14,552 | 14,450 | |
Depreciation and amortization | 8 | 8 | |
Loss on impairment / retirement of fixed assets, net | 0 | 0 | |
Gain on sale of investment | (617) | ||
Total costs and expenses | 62,115 | 57,129 | |
Operating loss | (58,830) | (56,275) | |
Interest (income) expense, net | 5,030 | 4,367 | |
Net effect of swaps | 5,388 | (1,421) | |
Loss on early debt extinguishment | 187 | ||
(Gain) loss on foreign currency | (11) | (41) | |
Other (income) expense | (11,506) | (9,804) | |
(Income) loss from investment in affiliates | 14,659 | 28,815 | |
Loss before taxes | (72,390) | (78,378) | |
Provision for taxes | (13,939) | (9,851) | |
Net loss | (58,451) | (68,527) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | 0 | 0 | |
Cash flow hedging derivative activity | 630 | ||
Other comprehensive income (loss), (net of tax) | 0 | 630 | |
Total comprehensive loss | (58,451) | (67,897) | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | June 2014 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 296 | 271 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 52 | 0 | |
Operating expenses | 5,711 | 5,716 | |
Selling, general and administrative | 1,018 | 680 | |
Depreciation and amortization | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 10 | 40 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 6,791 | 6,436 | |
Operating loss | (6,495) | (6,165) | |
Interest (income) expense, net | 5,713 | 5,583 | |
Net effect of swaps | 0 | 0 | |
Loss on early debt extinguishment | 0 | ||
(Gain) loss on foreign currency | (8,658) | 10,135 | |
Other (income) expense | 1,099 | 854 | |
(Income) loss from investment in affiliates | 4,603 | 3,913 | |
Loss before taxes | (9,252) | (26,650) | |
Provision for taxes | (3,059) | (6,062) | |
Net loss | (6,193) | (20,588) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | (3,050) | 4,604 | |
Cash flow hedging derivative activity | 0 | ||
Other comprehensive income (loss), (net of tax) | (3,050) | 4,604 | |
Total comprehensive loss | (9,243) | (15,984) | |
Co-Issuer Subsidiary (Cedar Canada) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 296 | 271 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 52 | 0 | |
Operating expenses | 5,711 | 5,716 | |
Selling, general and administrative | 1,018 | 680 | |
Depreciation and amortization | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 10 | 40 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 6,791 | 6,436 | |
Operating loss | (6,495) | (6,165) | |
Interest (income) expense, net | 5,713 | 5,583 | |
Net effect of swaps | 0 | 0 | |
Loss on early debt extinguishment | 0 | ||
(Gain) loss on foreign currency | (8,658) | 10,135 | |
Other (income) expense | 1,099 | 854 | |
(Income) loss from investment in affiliates | 4,603 | 3,913 | |
Loss before taxes | (9,252) | (26,650) | |
Provision for taxes | (3,059) | (6,062) | |
Net loss | (6,193) | (20,588) | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | (3,050) | 4,604 | |
Cash flow hedging derivative activity | 0 | ||
Other comprehensive income (loss), (net of tax) | (3,050) | 4,604 | |
Total comprehensive loss | (9,243) | (15,984) | |
Co-Issuer Subsidiary (Millennium) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net revenues | 64,587 | 53,731 | |
Costs and expenses: | |||
Cost of food, merchandise, and games revenues | 7,241 | 5,899 | |
Operating expenses | 29,551 | 22,620 | |
Selling, general and administrative | 13,562 | 11,643 | |
Depreciation and amortization | 0 | 0 | |
Loss on impairment / retirement of fixed assets, net | 386 | 651 | |
Gain on sale of investment | 0 | ||
Total costs and expenses | 50,740 | 40,813 | |
Operating loss | 13,847 | 12,918 | |
Interest (income) expense, net | 13,384 | 11,553 | |
Net effect of swaps | 0 | 0 | |
Loss on early debt extinguishment | 886 | ||
(Gain) loss on foreign currency | 0 | 0 | |
Other (income) expense | 0 | 0 | |
(Income) loss from investment in affiliates | 0 | 0 | |
Loss before taxes | 463 | 479 | |
Provision for taxes | 463 | 479 | |
Net loss | 0 | 0 | |
Other comprehensive income (loss), (net of tax): | |||
Foreign currency translation adjustment | 0 | 0 | |
Cash flow hedging derivative activity | 0 | ||
Other comprehensive income (loss), (net of tax) | 0 | 0 | |
Total comprehensive loss | $ 0 | $ 0 |
Consolidating Financial Infor_6
Consolidating Financial Information of Guarantors and Issuers (Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 25, 2018 | |
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ (56,742) | $ (55,218) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 617 | 0 |
Capital expenditures | (53,397) | (44,792) |
Net cash for investing activities | (52,780) | (44,792) |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | |
Net borrowings on revolving credit loans | 120,000 | 40,000 |
Distributions paid to partners | (52,334) | (50,266) |
Payment of debt issuance costs and original issue discount | 0 | (1,840) |
Exercise of limited partnership unit options | 0 | 125 |
Tax effect of units involved in treasury unit transactions | (1,421) | (3,039) |
Payments related to tax withholding for equity compensation | (4,079) | (6,919) |
Net cash from (for) financing activities | 62,166 | (21,939) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 2,279 | (1,408) |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (45,077) | (123,357) |
Balance, beginning of period | 105,349 | 166,245 |
Balance, end of period | 60,272 | 42,888 |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 24,410 | 16,999 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 0 | 0 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 28,152 | 33,622 |
Payments for returns of capital | 0 | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | (52,562) | (50,621) |
Payment of debt issuance costs and original issue discount | 0 | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | (24,410) | (16,999) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
April 2017 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 8,448 | (56,267) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (1,585) | 64,688 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (8,734) | (9,573) |
Net cash for investing activities | (10,319) | 55,115 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | 0 | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | 0 | 0 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (1,871) | (1,152) |
Balance, beginning of period | 2,052 | 1,152 |
Balance, end of period | 181 | 0 |
April 2017 Notes [Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (6) | (3,559) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 1,585 | (14,688) |
Proceeds from returns on investments | (38,030) | |
Proceeds from sale of investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | (36,445) | (14,688) |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (1,585) | 14,688 |
Payments for returns of capital | 38,030 | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 228 | 355 |
Payment of debt issuance costs and original issue discount | 0 | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | 36,673 | 15,043 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 222 | (3,204) |
Balance, beginning of period | (692) | (1,095) |
Balance, end of period | (470) | (4,299) |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | 24,410 | 16,999 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 0 | 0 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 28,152 | 33,622 |
Payments for returns of capital | 0 | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | (52,562) | (50,621) |
Payment of debt issuance costs and original issue discount | 0 | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | (24,410) | (16,999) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
June 2014 Notes [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (68,489) | (120,584) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | (1,585) | 64,688 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (46,204) | (42,053) |
Net cash for investing activities | (47,789) | 22,635 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | |
Net borrowings on revolving credit loans | 120,000 | 40,000 |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | (1,519) | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | 120,000 | 38,481 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 3,722 | (59,468) |
Balance, beginning of period | 32,715 | 81,582 |
Balance, end of period | 36,437 | 22,114 |
June 2014 Notes [Member] | Eliminations [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (6) | (3,559) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 1,585 | (14,688) |
Proceeds from returns on investments | (38,030) | |
Proceeds from sale of investment | 0 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | (36,445) | (14,688) |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (1,585) | 14,688 |
Payments for returns of capital | 38,030 | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 228 | 355 |
Payment of debt issuance costs and original issue discount | 0 | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | 36,673 | 15,043 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 222 | (3,204) |
Balance, beginning of period | (692) | (1,095) |
Balance, end of period | (470) | (4,299) |
Co-Issuer Subsidiary (Magnum) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (6,580) | 58,464 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 38,030 | |
Proceeds from sale of investment | 617 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 38,647 | 0 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (26,567) | (48,310) |
Payments for returns of capital | 0 | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | (321) | |
Exercise of limited partnership unit options | 125 | |
Tax effect of units involved in treasury unit transactions | (1,421) | (3,039) |
Payments related to tax withholding for equity compensation | (4,079) | (6,919) |
Net cash from (for) financing activities | (32,067) | (58,464) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
Co-Issuer Subsidiary (Magnum) [Member] | June 2014 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (6,580) | 58,464 |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 38,030 | |
Proceeds from sale of investment | 617 | |
Capital expenditures | 0 | 0 |
Net cash for investing activities | 38,647 | 0 |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | (26,567) | (48,310) |
Payments for returns of capital | 0 | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | (321) | |
Exercise of limited partnership unit options | 125 | |
Tax effect of units involved in treasury unit transactions | (1,421) | (3,039) |
Payments related to tax withholding for equity compensation | (4,079) | (6,919) |
Net cash from (for) financing activities | (32,067) | (58,464) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 0 | 0 |
Balance, beginning of period | 0 | 0 |
Balance, end of period | 0 | 0 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (6,077) | (6,538) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | (50,000) |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (7,193) | (2,739) |
Net cash for investing activities | (7,193) | (52,739) |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | (38,030) | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | 0 | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | (38,030) | 0 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 2,279 | (1,408) |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (49,021) | (60,685) |
Balance, beginning of period | 73,326 | 85,758 |
Balance, end of period | 24,305 | 25,073 |
Co-Issuer Subsidiary (Cedar Canada) [Member] | June 2014 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (6,077) | (6,538) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | (50,000) |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (7,193) | (2,739) |
Net cash for investing activities | (7,193) | (52,739) |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | (38,030) | |
Net borrowings on revolving credit loans | 0 | 0 |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | 0 | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | (38,030) | 0 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 2,279 | (1,408) |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | (49,021) | (60,685) |
Balance, beginning of period | 73,326 | 85,758 |
Balance, end of period | 24,305 | 25,073 |
Co-Issuer Subsidiary (Millennium) [Member] | April 2017 Notes [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH FROM (FOR) OPERATING ACTIVITIES | (76,937) | (64,317) |
CASH FLOWS FOR INVESTING ACTIVITIES | ||
Intercompany receivables (payments) receipts | 0 | 0 |
Proceeds from returns on investments | 0 | |
Proceeds from sale of investment | 0 | |
Capital expenditures | (37,470) | (32,480) |
Net cash for investing activities | (37,470) | (32,480) |
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||
Intercompany payables (payments) receipts | 0 | 0 |
Payments for returns of capital | 0 | |
Net borrowings on revolving credit loans | 120,000 | 40,000 |
Distributions paid to partners | 0 | 0 |
Payment of debt issuance costs and original issue discount | (1,519) | |
Exercise of limited partnership unit options | 0 | |
Tax effect of units involved in treasury unit transactions | 0 | 0 |
Payments related to tax withholding for equity compensation | 0 | 0 |
Net cash from (for) financing activities | 120,000 | 38,481 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS | ||
Net increase (decrease) for the year | 5,593 | (58,316) |
Balance, beginning of period | 30,663 | 80,430 |
Balance, end of period | $ 36,256 | $ 22,114 |