x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE | 34-1560655 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer | x | Accelerated filer | o | |||
Non-accelerated filer | o (Do not check if a smaller reporting company) | Smaller reporting company | o |
Title of Class | Units Outstanding As Of May 1, 2012 | |
Units Representing Limited Partner Interests | 55,423,770 |
Part I - Financial Information | |||||
Item 1. | 3-27 | ||||
Item 2. | 28-35 | ||||
Item 3. | 36 | ||||
Item 4. | 36 | ||||
Part II - Other Information | |||||
Item 1 | 37 | ||||
Item 1A. | 37 | ||||
Item 6. | 37 | ||||
38 | |||||
39 |
3/25/2012 | 12/31/2011 | 3/27/2011 | ||||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | 7,319 | $ | 35,524 | $ | 7,255 | ||||||
Receivables | 6,693 | 7,611 | 10,377 | |||||||||
Inventories | 44,486 | 33,069 | 42,903 | |||||||||
Current deferred tax asset | 15,120 | 10,345 | 14,410 | |||||||||
Prepaid advertising | 11,139 | 812 | 3,382 | |||||||||
Income tax refundable | 9,013 | — | — | |||||||||
Other current assets | 10,258 | 11,154 | 8,147 | |||||||||
104,028 | 98,515 | 86,474 | ||||||||||
Property and Equipment: | ||||||||||||
Land | 314,133 | 312,859 | 311,565 | |||||||||
Land improvements | 334,087 | 333,423 | 325,040 | |||||||||
Buildings | 580,121 | 579,136 | 576,069 | |||||||||
Rides and equipment | 1,423,360 | 1,423,370 | 1,400,983 | |||||||||
Construction in progress | 62,951 | 33,892 | 38,310 | |||||||||
2,714,652 | 2,682,680 | 2,651,967 | ||||||||||
Less accumulated depreciation | (1,046,162 | ) | (1,044,589 | ) | (951,982 | ) | ||||||
1,668,490 | 1,638,091 | 1,699,985 | ||||||||||
Goodwill | 245,808 | 243,490 | 248,426 | |||||||||
Other Intangibles, net | 40,607 | 40,273 | 40,921 | |||||||||
Other Assets | 54,193 | 54,188 | 64,837 | |||||||||
$ | 2,113,126 | $ | 2,074,557 | $ | 2,140,643 | |||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Current maturities of long-term debt | $ | 15,921 | 15,921 | 11,800 | ||||||||
Accounts payable | 28,212 | 12,856 | 25,090 | |||||||||
Deferred revenue | 50,754 | 29,594 | 45,349 | |||||||||
Accrued interest | 10,314 | 15,762 | 15,337 | |||||||||
Accrued taxes | 8,820 | 16,008 | 5,042 | |||||||||
Accrued salaries, wages and benefits | 33,562 | 33,388 | 26,234 | |||||||||
Self-insurance reserves | 21,754 | 21,243 | 20,648 | |||||||||
Current derivative liability | — | 50,772 | 90,758 | |||||||||
Other accrued liabilities | 6,104 | 7,899 | 9,858 | |||||||||
175,441 | 203,443 | 250,116 | ||||||||||
Deferred Tax Liability | 135,746 | 135,446 | 132,563 | |||||||||
Derivative Liability | 32,280 | 32,400 | — | |||||||||
Other Liabilities | 2,235 | 4,090 | 4,368 | |||||||||
Long-Term Debt: | ||||||||||||
Revolving credit loans | 155,004 | — | 127,114 | |||||||||
Term debt | 1,140,179 | 1,140,179 | 1,168,200 | |||||||||
Notes | 400,373 | 400,279 | 399,531 | |||||||||
1,695,556 | 1,540,458 | 1,694,845 | ||||||||||
Commitments and Contingencies (Note 10) | ||||||||||||
Partners’ Equity: | ||||||||||||
Special L.P. interests | 5,290 | 5,290 | 5,290 | |||||||||
General partner | (1 | ) | — | (2 | ) | |||||||
Limited partners, 55,424, 55,346 and 55,346 units outstanding at March 25, 2012, December 31, 2011 and March 27, 2011, respectively | 96,417 | 182,438 | 76,393 | |||||||||
Accumulated other comprehensive loss | (29,838 | ) | (29,008 | ) | (22,930 | ) | ||||||
71,868 | 158,720 | 58,751 | ||||||||||
$ | 2,113,126 | $ | 2,074,557 | $ | 2,140,643 |
Three months ended | Twelve months ended | |||||||||||||||
3/25/2012 | 3/27/2011 | 3/25/2012 | 3/27/2011 | |||||||||||||
Net revenues: | ||||||||||||||||
Admissions | $ | 11,670 | $ | 10,612 | $ | 597,100 | $ | 568,410 | ||||||||
Food, merchandise and games | 12,532 | 11,782 | 350,186 | 337,228 | ||||||||||||
Accommodations and other | 3,996 | 4,475 | 82,515 | 71,507 | ||||||||||||
28,198 | 26,869 | 1,029,801 | 977,145 | |||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of food, merchandise and games revenues | 4,087 | 4,112 | 92,032 | 86,850 | ||||||||||||
Operating expenses | 71,285 | 65,128 | 437,008 | 413,778 | ||||||||||||
Selling, general and administrative | 17,984 | 20,915 | 137,495 | 137,565 | ||||||||||||
Depreciation and amortization | 3,846 | 3,790 | 123,861 | 126,697 | ||||||||||||
Loss on impairment of goodwill and other intangibles | — | — | — | 2,293 | ||||||||||||
Loss on impairment / retirement of fixed assets, net | 92 | 196 | 2,461 | 62,948 | ||||||||||||
97,294 | 94,141 | 792,857 | 830,131 | |||||||||||||
Operating income (loss) | (69,096 | ) | (67,272 | ) | 236,944 | 147,014 | ||||||||||
Interest expense | 26,803 | 41,112 | 142,876 | 161,783 | ||||||||||||
Net effect of swaps | (970 | ) | 1,887 | (15,976 | ) | 12,506 | ||||||||||
Loss on early debt extinguishment | — | — | — | 35,289 | ||||||||||||
Unrealized/realized foreign currency (gain) loss | (8,192 | ) | (6,888 | ) | 8,605 | (27,428 | ) | |||||||||
Other (income) expense | (16 | ) | 908 | (126 | ) | (211 | ) | |||||||||
Income (loss) before taxes | (86,721 | ) | (104,291 | ) | 101,565 | (34,925 | ) | |||||||||
Provision (benefit) for taxes | (21,539 | ) | (19,599 | ) | 9,897 | 41,401 | ||||||||||
Net income (loss) | (65,182 | ) | (84,692 | ) | 91,668 | (76,326 | ) | |||||||||
Net income (loss) allocated to general partner | (1 | ) | (1 | ) | 1 | (1 | ) | |||||||||
Net income (loss) allocated to limited partners | $ | (65,181 | ) | $ | (84,691 | ) | $ | 91,667 | $ | (76,325 | ) | |||||
Net income (loss) | $ | (65,182 | ) | $ | (84,692 | ) | $ | 91,668 | $ | (76,326 | ) | |||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||
Cumulative foreign currency translation adjustment | (1,169 | ) | (1,286 | ) | 1,050 | (8,818 | ) | |||||||||
Unrealized income (loss) on cash flow hedging derivatives | 339 | 12,064 | (7,958 | ) | 59,730 | |||||||||||
Other comprehensive income (loss), (net of tax) | (830 | ) | 10,778 | (6,908 | ) | 50,912 | ||||||||||
Total Comprehensive Income (Loss) | $ | (66,012 | ) | $ | (73,914 | ) | $ | 84,760 | $ | (25,414 | ) | |||||
Basic earnings per limited partner unit: | ||||||||||||||||
Weighted average limited partner units outstanding | 55,378 | 55,343 | 55,353 | 55,332 | ||||||||||||
Net income (loss) per limited partner unit | $ | (1.18 | ) | $ | (1.53 | ) | $ | 1.66 | $ | (1.38 | ) | |||||
Diluted earnings per limited partner unit: | ||||||||||||||||
Weighted average limited partner units outstanding | 55,378 | 55,343 | 55,847 | 55,332 | ||||||||||||
Net income (loss) per limited partner unit | $ | (1.18 | ) | $ | (1.53 | ) | $ | 1.64 | $ | (1.38 | ) |
Three months ended | |||
3/25/12 | |||
Limited Partnership Units Outstanding | |||
Beginning balance | 55,346 | ||
Limited partnership unit options exercised | 13 | ||
Issuance of limited partnership units as compensation | 65 | ||
55,424 | |||
Limited Partners’ Equity | |||
Beginning balance | $ | 182,438 | |
Net loss | (65,181 | ) | |
Partnership distribution declared ($0.40 per limited partnership unit) | (22,151 | ) | |
Expense recognized for limited partnership unit options | 48 | ||
Tax effect of units involved in option exercises and treasury unit transactions | (437 | ) | |
Issuance of limited partnership units as compensation | 1,700 | ||
96,417 | |||
General Partner’s Equity | |||
Beginning balance | — | ||
Net loss | (1 | ) | |
(1 | ) | ||
Special L.P. Interests | 5,290 | ||
Accumulated Other Comprehensive Income (Loss) | |||
Cumulative foreign currency translation adjustment: | |||
Beginning balance | (3,120 | ) | |
Current period activity, net of tax $671 | (1,169 | ) | |
(4,289 | ) | ||
Unrealized loss on cash flow hedging derivatives: | |||
Beginning balance | (25,888 | ) | |
Current period activity, net of tax ($318) | 339 | ||
(25,549 | ) | ||
(29,838 | ) | ||
Total Partners’ Equity | $ | 71,868 |
Three months ended | Twelve months ended | |||||||||||||||
3/25/2012 | 3/27/2011 | 3/25/2012 | 3/27/2011 | |||||||||||||
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES | ||||||||||||||||
Net income (loss) | $ | (65,182 | ) | (84,692 | ) | $ | 91,668 | $ | (76,326 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash from (for) operating activities: | ||||||||||||||||
Non-cash expense | 737 | (1,227 | ) | 149,101 | 107,512 | |||||||||||
Loss on early extinguishment of debt | — | — | — | 35,289 | ||||||||||||
Loss on impairment of goodwill and other intangibles | — | — | — | 2,293 | ||||||||||||
Loss on impairment / retirement of fixed assets, net | 92 | 196 | 2,461 | 62,948 | ||||||||||||
Net effect of swaps | (970 | ) | 1,887 | (15,976 | ) | 12,506 | ||||||||||
Net change in working capital | (12,228 | ) | 14,072 | (9,337 | ) | (3,758 | ) | |||||||||
Net change in other assets/liabilities | (4,381 | ) | (14,519 | ) | 2,612 | 28,851 | ||||||||||
Net cash from (for) operating activities | (81,932 | ) | (84,283 | ) | 220,529 | 169,315 | ||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||
Capital expenditures | (27,468 | ) | (20,303 | ) | (97,355 | ) | (67,064 | ) | ||||||||
Net cash (for) investing activities | (27,468 | ) | (20,303 | ) | (97,355 | ) | (67,064 | ) | ||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||
Net borrowings (payments) on revolving credit loans | 155,004 | 103,914 | 27,890 | (88,887 | ) | |||||||||||
Term debt borrowings | — | 22,938 | — | 1,197,938 | ||||||||||||
Note borrowings | — | — | — | 399,383 | ||||||||||||
Derivative settlement | (50,450 | ) | — | (50,450 | ) | — | ||||||||||
Term debt payments, including early termination penalties | — | — | (23,900 | ) | (1,526,890 | ) | ||||||||||
Distributions paid to partners | (22,151 | ) | (4,428 | ) | (73,070 | ) | (18,261 | ) | ||||||||
Exercise of limited partnership unit options | 48 | — | 53 | 7 | ||||||||||||
Payment of debt issuance costs | — | (20,490 | ) | (723 | ) | (63,754 | ) | |||||||||
Excess tax benefit from unit-based compensation expense | (437 | ) | — | (437 | ) | — | ||||||||||
Net cash from (for) financing activities | 82,014 | 101,934 | (120,637 | ) | (100,464 | ) | ||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (819 | ) | 142 | (2,473 | ) | 94 | ||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||
Net increase (decrease) for the period | (28,205 | ) | (2,510 | ) | 64 | 1,881 | ||||||||||
Balance, beginning of period | 35,524 | 9,765 | 7,255 | 5,374 | ||||||||||||
Balance, end of period | $ | 7,319 | $ | 7,255 | $ | 7,319 | $ | 7,255 | ||||||||
SUPPLEMENTAL INFORMATION | ||||||||||||||||
Cash payments for interest expense | $ | 30,471 | $ | 44,672 | $ | 139,126 | $ | 149,978 | ||||||||
Interest capitalized | 752 | 399 | 2,188 | 945 | ||||||||||||
Cash payments for income taxes | 138 | 66 | 6,207 | 16,572 |
(In thousands) | Goodwill (gross) | Accumulated Impairment Losses | Goodwill (net) | |||||||||
Balance at December 31, 2011 | $ | 323,358 | $ | (79,868 | ) | $ | 243,490 | |||||
Foreign currency translation | 2,318 | — | 2,318 | |||||||||
March 25, 2012 | $ | 325,676 | $ | (79,868 | ) | $ | 245,808 | |||||
March 25, 2012 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 40,163 | $ | — | $ | 40,163 | ||||||
License / franchise agreements | 775 | 331 | 444 | |||||||||
Total other intangible assets | $ | 40,938 | $ | 331 | $ | 40,607 | ||||||
December 31, 2011 | ||||||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 39,835 | $ | — | $ | 39,835 | ||||||
License / franchise agreements | 760 | 322 | 438 | |||||||||
Total other intangible assets | $ | 40,595 | $ | 322 | $ | 40,273 | ||||||
March 27, 2011 | ||||||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 40,534 | $ | — | $ | 40,534 | ||||||
License / franchise agreements | 668 | 291 | 377 | |||||||||
Non-compete agreements | 200 | 190 | 10 | |||||||||
Total other intangible assets | $ | 41,402 | $ | 481 | $ | 40,921 |
(In thousands): | Condensed Consolidated Balance Sheet Location | Fair Value as of | Fair Value as of | Fair Value as of | ||||||||||
March 25, 2012 | December 31, 2011 | March 27, 2011 | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | Other Assets | $ | — | $ | — | $ | 3,808 | |||||||
Interest rate swaps | Current derivative liability | — | — | (33,493 | ) | |||||||||
Interest rate swaps | Derivative Liability | (32,280 | ) | (32,400 | ) | |||||||||
Total derivatives designated as hedging instruments | $ | (32,280 | ) | $ | (32,400 | ) | $ | (29,685 | ) | |||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency swaps | Current derivative liability | $ | — | $ | (13,155 | ) | $ | — | ||||||
Cross-currency swaps | Current derivative liability | — | (37,617 | ) | (57,265 | ) | ||||||||
Total derivatives not designated as hedging instruments | $ | — | $ | (50,772 | ) | $ | (57,265 | ) | ||||||
Net derivative liability | $ | (32,280 | ) | $ | (83,172 | ) | $ | (86,950 | ) |
($'s in thousands) | Interest Rate Swaps | |||||
Notional Amounts | LIBOR Rate | |||||
$ | 200,000 | 2.40 | % | |||
75,000 | 2.43 | % | ||||
50,000 | 2.42 | % | ||||
150,000 | 2.55 | % | ||||
50,000 | 2.42 | % | ||||
50,000 | 2.55 | % | ||||
25,000 | 2.43 | % | ||||
50,000 | 2.54 | % | ||||
30,000 | 2.54 | % | ||||
70,000 | 2.54 | % | ||||
50,000 | 2.54 | % | ||||
Total $'s / Average Rate | $ | 800,000 | 2.48 | % |
($'s in thousands) | Interest Rate Swaps | Cross-currency Swaps | |||||||||||
Notional Amounts | LIBOR Rate | Notional Amounts | Implied Interest Rate | ||||||||||
$ | 200,000 | 5.64 | % | $ | 255,000 | 7.31 | % | ||||||
200,000 | 5.64 | % | 150 | 9.50 | % | ||||||||
200,000 | 5.64 | % | |||||||||||
200,000 | 5.57 | % | |||||||||||
100,000 | 5.60 | % | |||||||||||
100,000 | 5.60 | % | |||||||||||
Total $'s / Average Rate | $ | 1,000,000 | 5.62 | % | $ | 255,150 | 7.31 | % | |||||
(In thousands): | Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) | Amount and Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount and Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||||||||||||||||||
Derivatives designated as Cash Flow Hedging Relationships | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | Three months ended | ||||||||||||||||||||||
3/25/12 | 3/27/11 | 3/25/12 | 3/27/11 | 3/25/12 | 3/27/11 | |||||||||||||||||||||||
Interest rate swaps | $ | 120 | $ | 955 | Interest Expense | $ | (2,793 | ) | $ | — | Net effect of swaps | $ | — | $ | 14,494 | |||||||||||||
Total | $ | 120 | $ | 955 | $ | (2,793 | ) | $ | — | $ | — | $ | 14,494 | |||||||||||||||
(In thousands): | Amount and Location of Gain (Loss) Recognized in Income on Derivative | |||||||||
Derivatives not designated as Cash Flow Hedging Relationships | Three months ended | Three months ended | ||||||||
3/25/12 | 3/27/11 | |||||||||
Interest rate swaps (1) | Net effect of swaps | — | (3,342 | ) | ||||||
Cross-currency swaps (2) | Net effect of swaps | (4,999 | ) | (1,812 | ) | |||||
Foreign currency swaps | Net effect of swaps | 6,278 | — | |||||||
$ | 1,279 | $ | (5,154 | ) | ||||||
(1) | The September 2010 swaps became ineffective and were de-designated in February 2011. |
(2) | The cross-currency swaps became ineffective and were de-designated in August 2009. |
(In thousands): | Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) | Amount and Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount and Location of Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | |||||||||||||||||||||||||
Derivatives designated as Cash Flow Hedging Relationships | Twelve months ended | Twelve months ended | Twelve months ended | Twelve months ended | Twelve months ended | Twelve months ended | ||||||||||||||||||||||
3/25/12 | 3/27/11 | 3/25/12 | 3/27/11 | 3/25/12 | 3/27/11 | |||||||||||||||||||||||
Interest rate swaps | $ | (36,088 | ) | $ | 7,249 | Interest Expense | $ | (5,816 | ) | $ | — | Net effect of swaps | $ | 33,493 | $ | 44,181 | ||||||||||||
(In thousands): | Amount and Location of Gain (Loss) Recognized in Income on Derivative | |||||||||
Derivatives not designated as Cash Flow Hedging Relationships | Twelve months ended | Twelve months ended | ||||||||
3/25/12 | 3/27/11 | |||||||||
Interest rate swaps (1) | Net effect of swaps | $ | — | $ | (3,342 | ) | ||||
Cross-currency swaps (2) | Net effect of swaps | 12,911 | (3,918 | ) | ||||||
Foreign currency swaps | Net effect of swaps | (7,387 | ) | — | ||||||
$ | 5,524 | $ | (7,260 | ) | ||||||
(1) | The September 2010 swaps became ineffective and were de-designated in February 2011. |
(2) | The cross-currency swaps became ineffective and were de-designated in August 2009. |
• | 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. |
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
March 25, 2012 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Interest rate swap agreements (1) | $ | (32,280 | ) | $ | — | $ | (32,280 | ) | $ | — | ||||||
Net derivative liability | $ | (32,280 | ) | $ | — | $ | (32,280 | ) | $ | — | ||||||
December 31, 2011 | ||||||||||||||||
Interest rate swap agreements (1) | $ | (32,400 | ) | $ | — | $ | (32,400 | ) | $ | — | ||||||
Cross-currency swap agreements (2) | (37,617 | ) | — | (37,617 | ) | — | ||||||||||
Foreign currency swap agreements (2) | (13,155 | ) | — | (13,155 | ) | — | ||||||||||
Net derivative liability | $ | (83,172 | ) | $ | — | $ | (83,172 | ) | $ | — | ||||||
March 27, 2011 | ||||||||||||||||
Interest rate swap agreements (3) | $ | 3,808 | $ | — | $ | 3,808 | $ | — | ||||||||
Interest rate swap agreements (2) | (33,493 | ) | — | (33,493 | ) | — | ||||||||||
Cross-currency swap agreements (2) | (57,265 | ) | — | (57,265 | ) | — | ||||||||||
Net derivative liability | $ | (86,950 | ) | $ | — | $ | (86,950 | ) | $ | — |
(1) | Included in “Derivative Liability” on the Unaudited Condensed Consolidated Balance Sheet |
(2) | Included in "Current derivative liability" on the Unaudited Condensed Consolidated Balance Sheet |
(3) | Included in "Other assets" on the Unaudited Condensed Consolidated Balance Sheet |
Three months ended | Twelve months ended | |||||||||||||||
3/25/2012 | 3/27/2011 | 3/25/2012 | 3/27/2011 | |||||||||||||
(In thousands except per unit amounts) | ||||||||||||||||
Basic weighted average units outstanding | 55,378 | 55,343 | 55,353 | 55,332 | ||||||||||||
Effect of dilutive units: | ||||||||||||||||
Unit options | — | — | 2 | — | ||||||||||||
Phantom units | — | — | 492 | — | ||||||||||||
Diluted weighted average units outstanding | 55,378 | 55,343 | 55,847 | 55,332 | ||||||||||||
Net income (loss) per unit - basic | $ | (1.18 | ) | $ | (1.53 | ) | $ | 1.66 | $ | (1.38 | ) | |||||
Net income (loss) per unit - diluted | $ | (1.18 | ) | $ | (1.53 | ) | $ | 1.64 | $ | (1.38 | ) | |||||
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 | $ | — | $ | 397 | $ | 119 | $ | 6,803 | $ | — | $ | 7,319 | ||||||||||||
Receivables | — | 82,892 | 59,911 | 370,246 | (506,356 | ) | 6,693 | |||||||||||||||||
Inventories | — | 3,321 | 3,678 | 37,487 | — | 44,486 | ||||||||||||||||||
Current deferred tax asset | — | 11,014 | 772 | 3,334 | — | 15,120 | ||||||||||||||||||
Other current assets | 359 | 5,907 | 11,851 | 12,293 | — | 30,410 | ||||||||||||||||||
359 | 103,531 | 76,331 | 430,163 | (506,356 | ) | 104,028 | ||||||||||||||||||
Property and Equipment (net) | 478,928 | 1,035 | 279,363 | 909,164 | — | 1,668,490 | ||||||||||||||||||
Investment in Park | 467,408 | 669,235 | 118,514 | 28,943 | (1,284,100 | ) | — | |||||||||||||||||
Intercompany Note Receivable | — | 104,165 | — | — | (104,165 | ) | — | |||||||||||||||||
Goodwill | 9,061 | — | 125,528 | 111,219 | — | 245,808 | ||||||||||||||||||
Other Intangibles, net | — | — | 17,776 | 22,831 | — | 40,607 | ||||||||||||||||||
Deferred Tax Asset | — | 47,646 | — | — | (47,646 | ) | — | |||||||||||||||||
Intercompany Receivable | 889,442 | 1,239,210 | 1,294,302 | — | (3,422,954 | ) | — | |||||||||||||||||
Other Assets | 26,323 | 16,288 | 9,608 | 1,974 | — | 54,193 | ||||||||||||||||||
$ | 1,871,521 | $ | 2,181,110 | $ | 1,921,422 | $ | 1,504,294 | $ | (5,365,221 | ) | $ | 2,113,126 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 15,921 | $ | 15,921 | $ | 15,921 | $ | — | $ | (31,842 | ) | $ | 15,921 | |||||||||||
Accounts payable | 60,297 | 232,001 | 26,302 | 215,968 | (506,356 | ) | 28,212 | |||||||||||||||||
Deferred revenue | — | — | 5,413 | 45,341 | — | 50,754 | ||||||||||||||||||
Accrued interest | 3,089 | 1,706 | 5,519 | — | — | 10,314 | ||||||||||||||||||
Accrued taxes | 4,925 | 340 | 261 | 3,294 | — | 8,820 | ||||||||||||||||||
Accrued salaries, wages and benefits | — | 26,989 | 781 | 5,792 | — | 33,562 | ||||||||||||||||||
Self-insurance reserves | — | 4,212 | 1,716 | 15,826 | — | 21,754 | ||||||||||||||||||
Other accrued liabilities | 462 | 3,312 | 226 | 2,104 | — | 6,104 | ||||||||||||||||||
84,694 | 284,481 | 56,139 | 288,325 | (538,198 | ) | 175,441 | ||||||||||||||||||
Deferred Tax Liability | — | — | 58,801 | 124,591 | (47,646 | ) | 135,746 | |||||||||||||||||
Derivative Liability | 19,403 | 12,877 | — | — | — | 32,280 | ||||||||||||||||||
Other Liabilities | — | 2,235 | — | — | — | 2,235 | ||||||||||||||||||
Intercompany Note Payable | — | — | — | 104,165 | (104,165 | ) | — | |||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Revolving credit loans | 155,004 | 155,004 | 155,004 | — | (310,008 | ) | 155,004 | |||||||||||||||||
Term debt | 1,140,179 | 1,140,179 | 1,140,179 | — | (2,280,358 | ) | 1,140,179 | |||||||||||||||||
Notes | 400,373 | 400,373 | 400,373 | — | (800,746 | ) | 400,373 | |||||||||||||||||
1,695,556 | 1,695,556 | 1,695,556 | — | (3,391,112 | ) | 1,695,556 | ||||||||||||||||||
Equity | 71,868 | 185,961 | 110,926 | 987,213 | (1,284,100 | ) | 71,868 | |||||||||||||||||
$ | 1,871,521 | $ | 2,181,110 | $ | 1,921,422 | $ | 1,504,294 | $ | (5,365,221 | ) | $ | 2,113,126 |
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 | $ | — | $ | 512 | $ | 31,540 | $ | 3,472 | $ | — | $ | 35,524 | ||||||||||||
Receivables | — | 62,408 | 69,285 | 411,852 | (535,934 | ) | 7,611 | |||||||||||||||||
Inventories | — | 1,547 | 2,703 | 28,819 | — | 33,069 | ||||||||||||||||||
Current deferred tax asset | — | 6,239 | 772 | 3,334 | — | 10,345 | ||||||||||||||||||
Other current assets | 508 | 13,461 | 1,027 | 7,822 | (10,852 | ) | 11,966 | |||||||||||||||||
508 | 84,167 | 105,327 | 455,299 | (546,786 | ) | 98,515 | ||||||||||||||||||
Property and Equipment (net) | 469,877 | 1,044 | 266,218 | 900,952 | — | 1,638,091 | ||||||||||||||||||
Investment in Park | 521,441 | 661,533 | 118,514 | 40,550 | (1,342,038 | ) | — | |||||||||||||||||
Intercompany Note Receivable | — | 93,845 | — | — | (93,845 | ) | — | |||||||||||||||||
Goodwill | 9,061 | — | 123,210 | 111,219 | — | 243,490 | ||||||||||||||||||
Other Intangibles, net | — | — | 17,448 | 22,825 | — | 40,273 | ||||||||||||||||||
Deferred Tax Asset | — | 47,646 | — | — | (47,646 | ) | — | |||||||||||||||||
Intercompany Receivable | 887,344 | 1,084,112 | 1,141,302 | — | (3,112,758 | ) | — | |||||||||||||||||
Other Assets | 27,641 | 16,158 | 9,353 | 1,036 | — | 54,188 | ||||||||||||||||||
$ | 1,915,872 | $ | 1,988,505 | $ | 1,781,372 | $ | 1,531,881 | $ | (5,143,073 | ) | $ | 2,074,557 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 15,921 | $ | 15,921 | $ | 15,921 | $ | — | $ | (31,842 | ) | $ | 15,921 | |||||||||||
Accounts payable | 175,968 | 144,868 | 25,631 | 202,323 | (535,934 | ) | 12,856 | |||||||||||||||||
Deferred revenue | — | — | 2,891 | 26,703 | — | 29,594 | ||||||||||||||||||
Accrued interest | 198 | 131 | 15,433 | — | — | 15,762 | ||||||||||||||||||
Accrued taxes | 3,909 | — | 7,374 | 15,577 | (10,852 | ) | 16,008 | |||||||||||||||||
Accrued salaries, wages and benefits | — | 26,916 | 1,076 | 5,396 | — | 33,388 | ||||||||||||||||||
Self-insurance reserves | — | 3,977 | 1,711 | 15,555 | — | 21,243 | ||||||||||||||||||
Current derivative liability | — | — | 50,772 | — | — | 50,772 | ||||||||||||||||||
Other accrued liabilities | 1,247 | 5,568 | 252 | 832 | — | 7,899 | ||||||||||||||||||
197,243 | 197,381 | 121,061 | 266,386 | (578,628 | ) | 203,443 | ||||||||||||||||||
Deferred Tax Liability | — | — | 58,501 | 124,591 | (47,646 | ) | 135,446 | |||||||||||||||||
Derivative Liability | 19,451 | 12,949 | — | — | — | 32,400 | ||||||||||||||||||
Other Liabilities | — | 4,090 | — | — | — | 4,090 | ||||||||||||||||||
Intercompany Note Payable | — | — | — | 93,845 | (93,845 | ) | — | |||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | 1,140,179 | 1,140,179 | 1,140,179 | — | (2,280,358 | ) | 1,140,179 | |||||||||||||||||
Notes | 400,279 | 400,279 | 400,279 | — | (800,558 | ) | 400,279 | |||||||||||||||||
1,540,458 | 1,540,458 | 1,540,458 | — | (3,080,916 | ) | 1,540,458 | ||||||||||||||||||
Equity | 158,720 | 233,627 | 61,352 | 1,047,059 | (1,342,038 | ) | 158,720 | |||||||||||||||||
$ | 1,915,872 | $ | 1,988,505 | $ | 1,781,372 | $ | 1,531,881 | $ | (5,143,073 | ) | $ | 2,074,557 |
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 | $ | — | $ | 494 | $ | 4,393 | $ | 2,368 | $ | — | $ | 7,255 | ||||||||||||
Receivables | 4,971 | 70,218 | 100,370 | 480,445 | (645,627 | ) | 10,377 | |||||||||||||||||
Inventories | — | 3,050 | 3,478 | 36,375 | — | 42,903 | ||||||||||||||||||
Current deferred tax asset | — | 10,222 | 779 | 3,409 | — | 14,410 | ||||||||||||||||||
Other current assets | 187 | 3,335 | 3,340 | 7,410 | (2,743 | ) | 11,529 | |||||||||||||||||
5,158 | 87,319 | 112,360 | 530,007 | (648,370 | ) | 86,474 | ||||||||||||||||||
Property and Equipment (net) | 476,102 | 1,078 | 276,949 | 945,856 | — | 1,699,985 | ||||||||||||||||||
Investment in Park | 442,520 | 594,576 | 118,514 | 47,212 | (1,202,822 | ) | — | |||||||||||||||||
Intercompany Note Receivable | — | 270,188 | 20,000 | — | (290,188 | ) | — | |||||||||||||||||
Goodwill | 9,061 | — | 128,147 | 111,218 | — | 248,426 | ||||||||||||||||||
Other Intangibles, net | — | — | 18,147 | 22,774 | — | 40,921 | ||||||||||||||||||
Deferred Tax Asset | — | 44,257 | — | — | (44,257 | ) | — | |||||||||||||||||
Intercompany Receiveable | 896,807 | 1,217,635 | 1,275,247 | — | (3,389,689 | ) | — | |||||||||||||||||
Other Assets | 32,880 | 20,549 | 10,182 | 1,226 | — | 64,837 | ||||||||||||||||||
$ | 1,862,528 | $ | 2,235,602 | $ | 1,959,546 | $ | 1,658,293 | $ | (5,575,326 | ) | $ | 2,140,643 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 11,800 | $ | 11,800 | $ | 11,800 | $ | — | $ | (23,600 | ) | $ | 11,800 | |||||||||||
Accounts payable | 50,550 | 321,609 | 48,631 | 226,326 | (622,026 | ) | 25,090 | |||||||||||||||||
Deferred revenue | — | — | 5,518 | 39,831 | — | 45,349 | ||||||||||||||||||
Accrued interest | 6,969 | 1,660 | 6,708 | — | — | 15,337 | ||||||||||||||||||
Accrued taxes | 4,144 | 170 | — | 3,471 | (2,743 | ) | 5,042 | |||||||||||||||||
Accrued salaries, wages and benefits | — | 19,813 | 912 | 5,509 | — | 26,234 | ||||||||||||||||||
Self-insurance reserves | — | 3,232 | 1,569 | 15,847 | — | 20,648 | ||||||||||||||||||
Current derivative liability | 33,493 | — | 57,265 | — | — | 90,758 | ||||||||||||||||||
Other accrued liabilities | 1,976 | 5,366 | 510 | 2,006 | — | 9,858 | ||||||||||||||||||
108,932 | 363,650 | 132,913 | 292,990 | (648,369 | ) | 250,116 | ||||||||||||||||||
Deferred Tax Liability | — | — | 62,831 | 113,989 | (44,257 | ) | 132,563 | |||||||||||||||||
Other Liabilities | — | 4,368 | — | — | — | 4,368 | ||||||||||||||||||
Intercompany Note Payable | — | 20,000 | — | 270,188 | (290,188 | ) | — | |||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Revolving credit loans | 127,114 | 127,114 | 127,114 | — | (254,228 | ) | 127,114 | |||||||||||||||||
Term debt | 1,168,200 | 1,168,200 | 1,168,200 | — | (2,336,400 | ) | 1,168,200 | |||||||||||||||||
Notes | 399,531 | 399,531 | 399,531 | — | (799,062 | ) | 399,531 | |||||||||||||||||
1,694,845 | 1,694,845 | 1,694,845 | — | (3,389,690 | ) | 1,694,845 | ||||||||||||||||||
Equity | 58,751 | 152,739 | 68,957 | 981,126 | (1,202,822 | ) | 58,751 | |||||||||||||||||
$ | 1,862,528 | $ | 2,235,602 | $ | 1,959,546 | $ | 1,658,293 | $ | (5,575,326 | ) | $ | 2,140,643 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 1,456 | $ | 2,577 | $ | 266 | $ | 27,932 | $ | (4,033 | ) | $ | 28,198 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | — | 4,087 | — | 4,087 | ||||||||||||||||||
Operating expenses | 1,335 | 20,436 | 5,657 | 47,890 | (4,033 | ) | 71,285 | |||||||||||||||||
Selling, general and administrative | 1,332 | 13,696 | 760 | 2,196 | — | 17,984 | ||||||||||||||||||
Depreciation and amortization | 463 | 9 | — | 3,374 | — | 3,846 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 82 | — | 10 | — | — | 92 | ||||||||||||||||||
3,212 | 34,141 | 6,427 | 57,547 | (4,033 | ) | 97,294 | ||||||||||||||||||
Operating loss | (1,756 | ) | (31,564 | ) | (6,161 | ) | (29,615 | ) | — | (69,096 | ) | |||||||||||||
Interest expense (income), net | 11,158 | 6,615 | 10,403 | (1,389 | ) | — | 26,787 | |||||||||||||||||
Net effect of swaps | 173 | 332 | (1,475 | ) | — | — | (970 | ) | ||||||||||||||||
Unrealized / realized foreign currency loss | — | — | (8,192 | ) | — | — | (8,192 | ) | ||||||||||||||||
Other (income) expense | 187 | (3,035 | ) | 197 | 2,651 | — | — | |||||||||||||||||
Loss from investment in affiliates | 50,491 | 23,083 | 3,230 | 24,916 | (101,720 | ) | — | |||||||||||||||||
Loss before taxes | (63,765 | ) | (58,559 | ) | (10,324 | ) | (55,793 | ) | 101,720 | (86,721 | ) | |||||||||||||
Provision (benefit) for taxes | 1,417 | (11,672 | ) | (2,334 | ) | (8,950 | ) | — | (21,539 | ) | ||||||||||||||
Net loss | $ | (65,182 | ) | $ | (46,887 | ) | $ | (7,990 | ) | $ | (46,843 | ) | $ | 101,720 | $ | (65,182 | ) | |||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | (1,169 | ) | — | (1,169 | ) | — | 1,169 | (1,169 | ) | |||||||||||||||
Unrealized income (loss) on cash flow hedging derivatives | 339 | 98 | 21 | — | (119 | ) | 339 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | (830 | ) | 98 | (1,148 | ) | — | 1,050 | (830 | ) | |||||||||||||||
Total Comprehensive (Loss) | $ | (66,012 | ) | $ | (46,789 | ) | $ | (9,138 | ) | $ | (46,843 | ) | $ | 102,770 | $ | (66,012 | ) |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 2,057 | $ | 3,653 | $ | 863 | $ | 26,006 | $ | (5,710 | ) | $ | 26,869 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | — | 4,112 | — | 4,112 | ||||||||||||||||||
Operating expenses | 1,475 | 18,777 | 5,617 | 44,969 | (5,710 | ) | 65,128 | |||||||||||||||||
Selling, general and administrative | 3,442 | 14,611 | 923 | 1,939 | — | 20,915 | ||||||||||||||||||
Depreciation and amortization | 436 | 11 | — | 3,343 | — | 3,790 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 196 | — | — | — | — | 196 | ||||||||||||||||||
5,549 | 33,399 | 6,540 | 54,363 | (5,710 | ) | 94,141 | ||||||||||||||||||
Operating loss | (3,492 | ) | (29,746 | ) | (5,677 | ) | (28,357 | ) | — | (67,272 | ) | |||||||||||||
Interest expense, net | 23,240 | 2,555 | 12,320 | 2,916 | — | 41,031 | ||||||||||||||||||
Net effect of swaps | (1,101 | ) | 1,293 | 1,695 | — | — | 1,887 | |||||||||||||||||
Unrealized / realized foreign currency (gain) | — | — | (6,888 | ) | — | — | (6,888 | ) | ||||||||||||||||
Other (income) expense | 1,176 | (1,291 | ) | 838 | 266 | — | 989 | |||||||||||||||||
Loss from investment in affiliates | 57,512 | 30,561 | 2,461 | 12,413 | (102,947 | ) | — | |||||||||||||||||
Loss before taxes | (84,319 | ) | (62,864 | ) | (16,103 | ) | (43,952 | ) | 102,947 | (104,291 | ) | |||||||||||||
Provision (benefit) for taxes | 373 | (8,722 | ) | (3,683 | ) | (7,567 | ) | — | (19,599 | ) | ||||||||||||||
Net loss | $ | (84,692 | ) | $ | (54,142 | ) | $ | (12,420 | ) | $ | (36,385 | ) | $ | 102,947 | $ | (84,692 | ) | |||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | (1,286 | ) | — | (1,286 | ) | — | 1,286 | (1,286 | ) | |||||||||||||||
Unrealized income on cash flow hedging derivatives | 12,064 | 359 | 58 | — | (417 | ) | 12,064 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | 10,778 | 359 | (1,228 | ) | — | 869 | 10,778 | |||||||||||||||||
Total Comprehensive (Loss) | $ | (73,914 | ) | $ | (53,783 | ) | $ | (13,648 | ) | $ | (36,385 | ) | $ | 103,816 | $ | (73,914 | ) |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 140,548 | $ | 249,988 | $ | 126,375 | $ | 903,046 | $ | (390,156 | ) | $ | 1,029,801 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 9,932 | 82,100 | — | 92,032 | ||||||||||||||||||
Operating expenses | 5,351 | 167,068 | 45,805 | 608,940 | (390,156 | ) | 437,008 | |||||||||||||||||
Selling, general and administrative | 7,963 | 83,355 | 11,151 | 35,026 | — | 137,495 | ||||||||||||||||||
Depreciation and amortization | 36,864 | 45 | 17,290 | 69,662 | — | 123,861 | ||||||||||||||||||
(Gain) loss on impairment / retirement of fixed assets, net | 876 | — | (51 | ) | 1,636 | — | 2,461 | |||||||||||||||||
51,054 | 250,468 | 84,127 | 797,364 | (390,156 | ) | 792,857 | ||||||||||||||||||
Operating income (loss) | 89,494 | (480 | ) | 42,248 | 105,682 | — | 236,944 | |||||||||||||||||
Interest expense, net | 72,309 | 19,090 | 50,897 | 488 | — | 142,784 | ||||||||||||||||||
Net effect of swaps | (10,940 | ) | (243 | ) | (4,793 | ) | — | — | (15,976 | ) | ||||||||||||||
Unrealized / realized foreign currency loss | — | — | 8,605 | — | — | 8,605 | ||||||||||||||||||
Other (income) expense | 716 | (9,542 | ) | 1,708 | 7,084 | — | (34 | ) | ||||||||||||||||
(Income) loss from investment in affiliates | (73,688 | ) | (24,969 | ) | (9,880 | ) | 25,725 | 82,812 | — | |||||||||||||||
Income (loss) before taxes from continuing operations | 101,097 | 15,184 | (4,289 | ) | 72,385 | (82,812 | ) | 101,565 | ||||||||||||||||
Provision (benefit) for taxes | 9,429 | (25,950 | ) | 4,332 | 22,086 | — | 9,897 | |||||||||||||||||
Net income (loss) | $ | 91,668 | $ | 41,134 | $ | (8,621 | ) | $ | 50,299 | $ | (82,812 | ) | $ | 91,668 | ||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 1,050 | — | 1,050 | — | (1,050 | ) | 1,050 | |||||||||||||||||
Unrealized income (loss) on cash flow hedging derivatives | (7,958 | ) | (9,638 | ) | 254 | — | 9,384 | (7,958 | ) | |||||||||||||||
Other comprehensive income (loss), (net of tax) | (6,908 | ) | (9,638 | ) | 1,304 | — | 8,334 | (6,908 | ) | |||||||||||||||
Total Comprehensive Income (Loss) | $ | 84,760 | $ | 31,496 | $ | (7,317 | ) | $ | 50,299 | $ | (74,478 | ) | $ | 84,760 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 136,215 | $ | 245,319 | $ | 113,504 | $ | 863,240 | $ | (381,133 | ) | $ | 977,145 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise and games revenues | — | — | 8,921 | 77,929 | — | 86,850 | ||||||||||||||||||
Operating expenses | 5,628 | 165,022 | 42,449 | 581,812 | (381,133 | ) | 413,778 | |||||||||||||||||
Selling, general and administrative | 13,525 | 77,263 | 11,006 | 35,771 | — | 137,565 | ||||||||||||||||||
Depreciation and amortization | 35,565 | 95 | 16,205 | 74,832 | — | 126,697 | ||||||||||||||||||
Loss on impairment of goodwill and other intangibles | — | — | — | 2,293 | — | 2,293 | ||||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 928 | — | 20 | 62,000 | — | 62,948 | ||||||||||||||||||
55,646 | 242,380 | 78,601 | 834,637 | (381,133 | ) | 830,131 | ||||||||||||||||||
Operating income | 80,569 | 2,939 | 34,903 | 28,603 | — | 147,014 | ||||||||||||||||||
Interest expense, net | 92,243 | 27,472 | 39,688 | 1,180 | — | 160,583 | ||||||||||||||||||
Net effect of swaps | 3,622 | 1,293 | 7,591 | — | — | 12,506 | ||||||||||||||||||
Loss on early extinguishment of debt | 24,831 | — | 10,458 | — | — | 35,289 | ||||||||||||||||||
Unrealized / realized foreign currency (gain) | — | (3,079 | ) | (24,349 | ) | — | — | (27,428 | ) | |||||||||||||||
Other (income) expense | 1,739 | (5,996 | ) | 2,649 | 2,597 | — | 989 | |||||||||||||||||
Loss from investment in affiliates | 26,470 | 22,043 | 4,922 | 12,522 | (65,957 | ) | — | |||||||||||||||||
Income (loss) before taxes from continuing operations | (68,336 | ) | (38,794 | ) | (6,056 | ) | 12,304 | 65,957 | (34,925 | ) | ||||||||||||||
Provision for taxes | 7,990 | 18,290 | 6,533 | 8,588 | — | 41,401 | ||||||||||||||||||
Net income (loss) | $ | (76,326 | ) | $ | (57,084 | ) | $ | (12,589 | ) | $ | 3,716 | $ | 65,957 | $ | (76,326 | ) | ||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | (8,818 | ) | — | (8,818 | ) | — | 8,818 | (8,818 | ) | |||||||||||||||
Unrealized income on cash flow hedging derivatives | 59,730 | 2,275 | 8,051 | — | (10,326 | ) | 59,730 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | 50,912 | 2,275 | (767 | ) | — | (1,508 | ) | 50,912 | ||||||||||||||||
Total Comprehensive Income (Loss) | $ | (25,414 | ) | $ | (54,809 | ) | $ | (13,356 | ) | $ | 3,716 | $ | 64,449 | $ | (25,414 | ) |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | (176,434 | ) | $ | 18,220 | $ | (37,239 | ) | $ | (6,627 | ) | $ | 120,148 | $ | (81,932 | ) | ||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Investment in joint ventures and affiliates | 54,033 | 52,300 | 2,208 | 11,607 | (120,148 | ) | — | |||||||||||||||||
Capital expenditures | (8,374 | ) | — | (7,125 | ) | (11,969 | ) | — | (27,468 | ) | ||||||||||||||
Net cash from (for) investing activities | 45,659 | 52,300 | (4,917 | ) | (362 | ) | (120,148 | ) | (27,468 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Net borrowings on revolving credit loans | 153,000 | — | 2,004 | — | — | 155,004 | ||||||||||||||||||
Derivative settlement | — | — | (50,450 | ) | — | (50,450 | ) | |||||||||||||||||
Intercompany (payments) receipts | — | (10,320 | ) | — | 10,320 | — | — | |||||||||||||||||
Distributions (paid) received | (22,225 | ) | 74 | — | — | — | (22,151 | ) | ||||||||||||||||
Capital (contribution) infusion | — | (60,000 | ) | 60,000 | — | — | — | |||||||||||||||||
Exercise of limited partnership unit options | — | 48 | — | — | — | 48 | ||||||||||||||||||
Excess tax benefit from unit-based compensation expense | — | (437 | ) | — | — | — | (437 | ) | ||||||||||||||||
Net cash from (for) financing activities | 130,775 | (70,635 | ) | 11,554 | 10,320 | — | 82,014 | |||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (819 | ) | — | — | (819 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | — | (115 | ) | (31,421 | ) | 3,331 | — | (28,205 | ) | |||||||||||||||
Balance, beginning of period | — | 512 | 31,540 | 3,472 | — | 35,524 | ||||||||||||||||||
Balance, end of period | $ | — | $ | 397 | $ | 119 | $ | 6,803 | $ | — | $ | 7,319 | ||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | (148,150 | ) | $ | (49,712 | ) | $ | (3,276 | ) | $ | (5,672 | ) | $ | 122,527 | $ | (84,283 | ) | |||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Investment in joint ventures and affiliates | 61,895 | 47,702 | (460 | ) | 13,390 | (122,527 | ) | — | ||||||||||||||||
Capital expenditures | (9,563 | ) | — | (4,029 | ) | (6,711 | ) | — | (20,303 | ) | ||||||||||||||
Net cash from (for) investing activities | 52,332 | 47,702 | (4,489 | ) | 6,679 | (122,527 | ) | (20,303 | ) | |||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Net borrowings on revolving credit loans | 98,800 | — | 5,114 | — | — | 103,914 | ||||||||||||||||||
Term debt borrowings | 13,246 | 9,358 | 334 | — | — | 22,938 | ||||||||||||||||||
Distributions (paid) received | (4,445 | ) | 17 | — | — | — | (4,428 | ) | ||||||||||||||||
Payment of debt issuance costs | (11,783 | ) | (8,332 | ) | (375 | ) | — | — | (20,490 | ) | ||||||||||||||
Net cash from financing activities | 95,818 | 1,043 | 5,073 | — | — | 101,934 | ||||||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 142 | — | — | 142 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | — | (967 | ) | (2,550 | ) | 1,007 | — | (2,510 | ) | |||||||||||||||
Balance, beginning of period | — | 1,461 | 6,943 | 1,361 | — | 9,765 | ||||||||||||||||||
Balance, end of period | $ | — | $ | 494 | $ | 4,393 | $ | 2,368 | $ | — | $ | 7,255 | ||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 121,724 | $ | (81,587 | ) | $ | 17,677 | $ | 186,442 | $ | (23,727 | ) | $ | 220,529 | ||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Investment in joint ventures and affiliates | (24,888 | ) | (14,659 | ) | (2,449 | ) | 18,269 | 23,727 | — | |||||||||||||||
Capital expenditures | (40,662 | ) | — | (22,440 | ) | (34,253 | ) | — | (97,355 | ) | ||||||||||||||
Net cash from (for) investing activities | (65,550 | ) | (14,659 | ) | (24,889 | ) | (15,984 | ) | 23,727 | (97,355 | ) | |||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Net borrowings on revolving credit loans | 31,000 | — | (3,110 | ) | — | — | 27,890 | |||||||||||||||||
Intercompany term debt (payments) receipts | — | 166,023 | — | (166,023 | ) | — | — | |||||||||||||||||
Term debt payments, including early termination penalties | (13,831 | ) | (9,763 | ) | (306 | ) | — | — | (23,900 | ) | ||||||||||||||
Derivative settlement | — | — | (50,450 | ) | — | — | (50,450 | ) | ||||||||||||||||
Distributions (paid) received | (73,343 | ) | 273 | — | — | — | (73,070 | ) | ||||||||||||||||
Capital (contribution) infusion | — | (60,000 | ) | 60,000 | — | — | — | |||||||||||||||||
Payment of debt issuance costs | — | — | (723 | ) | — | — | (723 | ) | ||||||||||||||||
Exercise of limited partnership unit options | — | 53 | — | — | — | 53 | ||||||||||||||||||
Excess tax benefit from unit-based compensation | — | (437 | ) | — | — | — | (437 | ) | ||||||||||||||||
Net cash from (for) financing activities | (56,174 | ) | 96,149 | 5,411 | (166,023 | ) | — | (120,637 | ) | |||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (2,473 | ) | — | — | (2,473 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | — | (97 | ) | (4,274 | ) | 4,435 | — | 64 | ||||||||||||||||
Balance, beginning of period | — | 494 | 4,393 | 2,368 | — | 7,255 | ||||||||||||||||||
Balance, end of period | $ | — | $ | 397 | $ | 119 | $ | 6,803 | $ | — | $ | 7,319 | ||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 29,032 | $ | (69,646 | ) | $ | 3,838 | $ | 16,315 | $ | 189,776 | $ | 169,315 | |||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Investment in joint ventures and affiliates | 63,939 | 227,594 | (115,594 | ) | 13,837 | (189,776 | ) | — | ||||||||||||||||
Capital expenditures | (28,185 | ) | — | (10,149 | ) | (28,730 | ) | — | (67,064 | ) | ||||||||||||||
Net cash from (for) investing activities | 35,754 | 227,594 | (125,743 | ) | (14,893 | ) | (189,776 | ) | (67,064 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Net borrowings (payments) on revolving credit | (94,000 | ) | — | 5,113 | — | — | (88,887 | ) | ||||||||||||||||
Term debt borrowings | 693,247 | 489,357 | 15,334 | — | — | 1,197,938 | ||||||||||||||||||
Note borrowings | — | — | 399,383 | — | — | 399,383 | ||||||||||||||||||
Intercompany term debt (payments) receipts | 699,625 | (696,875 | ) | — | (2,750 | ) | — | — | ||||||||||||||||
Term debt payments, including early termination penalties | (1,311,464 | ) | (7,327 | ) | (208,099 | ) | — | — | (1,526,890 | ) | ||||||||||||||
Distributions (paid) received | (18,335 | ) | 74 | — | — | — | (18,261 | ) | ||||||||||||||||
Return of capital | — | 75,247 | (75,247 | ) | — | — | — | |||||||||||||||||
Payment of debt issuance costs | (33,859 | ) | (19,608 | ) | (10,287 | ) | — | — | (63,754 | ) | ||||||||||||||
Exercise of limited partnership unit options | — | 7 | — | — | — | 7 | ||||||||||||||||||
Net cash from (for) financing activities | (64,786 | ) | (159,125 | ) | 126,197 | (2,750 | ) | — | (100,464 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | 94 | — | — | 94 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | — | (1,177 | ) | 4,386 | (1,328 | ) | — | 1,881 | ||||||||||||||||
Balance, beginning of period | — | 1,671 | 7 | 3,696 | — | 5,374 | ||||||||||||||||||
Balance, end of period | $ | — | $ | 494 | $ | 4,393 | $ | 2,368 | $ | — | $ | 7,255 | ||||||||||||
• | Income Taxes |
Three months ended | Twelve months ended | |||||||||||||||
3/25/2012 | 3/27/2011 | 3/25/2012 | 3/27/2011 | |||||||||||||
(In thousands ) | ||||||||||||||||
Net income (loss) | $ | (65,182 | ) | $ | (84,692 | ) | $ | 91,668 | $ | (76,326 | ) | |||||
Interest expense | 26,803 | 41,112 | 142,876 | 161,783 | ||||||||||||
Interest income | (16 | ) | (81 | ) | (92 | ) | (1,200 | ) | ||||||||
Provision (benefit) for taxes | (21,539 | ) | (19,599 | ) | 9,897 | 41,401 | ||||||||||
Depreciation and amortization | 3,846 | 3,790 | 123,861 | 126,697 | ||||||||||||
EBITDA | (56,088 | ) | (59,470 | ) | 368,210 | 252,355 | ||||||||||
Loss on early extinguishment of debt | — | — | — | 35,289 | ||||||||||||
Net effect of swaps | (970 | ) | 1,887 | (15,976 | ) | 12,506 | ||||||||||
Unrealized foreign currency (gain) loss on Notes | (8,249 | ) | (6,921 | ) | 8,502 | (24,385 | ) | |||||||||
Non-cash equity expense (income) | 1,700 | (228 | ) | 1,689 | (307 | ) | ||||||||||
Loss on impairment of goodwill and other intangibles | — | — | — | 2,293 | ||||||||||||
Loss on impairment/retirement of fixed assets, net | 92 | 196 | 2,461 | 62,948 | ||||||||||||
Terminated merger costs | — | 989 | 230 | 6,550 | ||||||||||||
Refinancing costs | — | — | (34 | ) | 989 | |||||||||||
Other non-recurring items (as defined) | 1,721 | 4,424 | 6,823 | 4,424 | ||||||||||||
Adjusted EBITDA (1) | $ | (61,794 | ) | $ | (59,123 | ) | $ | 371,905 | $ | 352,662 | ||||||
(1) As permitted by and defined in the Amended 2010 Credit Agreement |
Three months ended | Three months ended | Increase (Decrease) | |||||||||||||
3/25/2012 | 3/27/2011 | $ | % | ||||||||||||
(Amounts in thousands) | |||||||||||||||
Net revenues | $ | 28,198 | $ | 26,869 | $ | 1,329 | 4.9 | % | |||||||
Operating costs and expenses | 93,356 | 90,155 | 3,201 | 3.6 | % | ||||||||||
Depreciation and amortization | 3,846 | 3,790 | 56 | 1.5 | % | ||||||||||
Loss on impairment / retirement of fixed assets | 92 | 196 | (104 | ) | N/M | ||||||||||
Operating loss | $ | (69,096 | ) | $ | (67,272 | ) | $ | (1,824 | ) | 2.7 | % | ||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA | $ | (61,794 | ) | $ | (59,123 | ) | $ | (2,671 | ) | 4.5 | % |
Twelve months ended | Twelve months ended | Increase (Decrease) | |||||||||||||
3/25/2012 | 3/27/2011 | $ | % | ||||||||||||
(Amounts in thousands) | |||||||||||||||
Net revenues | $ | 1,029,801 | $ | 977,145 | $ | 52,656 | 5.4 | % | |||||||
Operating costs and expenses | 666,535 | 638,193 | 28,342 | 4.4 | % | ||||||||||
Depreciation and amortization | 123,861 | 126,697 | (2,836 | ) | (2.2 | )% | |||||||||
Loss on impairment of goodwill and other intangibles | — | 2,293 | (2,293 | ) | N/M | ||||||||||
Loss on impairment/retirement of fixed assets | 2,461 | 62,948 | (60,487 | ) | N/M | ||||||||||
Operating income | $ | 236,944 | $ | 147,014 | $ | 89,930 | 61.2 | % | |||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA | $ | 371,905 | $ | 352,662 | $ | 19,243 | 5.5 | % | |||||||
Adjusted EBITDA margin | 36.1 | % | 36.1 | % | — | — | % |
($'s in thousands) | Forward-Starting Interest Rate Swaps | |||||
Notional Amounts | LIBOR Rate | |||||
$ | 200,000 | 2.40 | % | |||
75,000 | 2.43 | % | ||||
50,000 | 2.42 | % | ||||
150,000 | 2.55 | % | ||||
50,000 | 2.42 | % | ||||
50,000 | 2.55 | % | ||||
25,000 | 2.43 | % | ||||
50,000 | 2.54 | % | ||||
30,000 | 2.54 | % | ||||
70,000 | 2.54 | % | ||||
50,000 | 2.54 | % | ||||
Total $'s / Average Rate | $ | 800,000 | 2.48 | % |
($'s in thousands) | Interest Rate Swaps | Cross-currency Swaps | |||||||||||
Notional Amounts | LIBOR Rate | Notional Amounts | Interest Rate | ||||||||||
$ | 200,000 | 5.64 | % | $ | 255,000 | 7.31 | % | ||||||
200,000 | 5.64 | % | 150 | 9.50 | % | ||||||||
200,000 | 5.64 | % | |||||||||||
200,000 | 5.57 | % | |||||||||||
100,000 | 5.60 | % | |||||||||||
100,000 | 5.60 | % | |||||||||||
Total $'s / Average Rate | $ | 1,000,000 | 5.62 | % | $ | 255,150 | 7.31 | % | |||||
Exhibit (31.1) | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
Exhibit (31.2) | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
Exhibit (32) | Certifications Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
Exhibit (101) | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 25, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) The Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) The Condensed Consolidated Statements of Cash Flow, (iv) the Condensed Consolidated Statement of Equity and, (v) related notes |
CEDAR FAIR, L.P. | |||
(Registrant) | |||
By Cedar Fair Management, Inc. | |||
General Partner | |||
Date: | May 4, 2012 | /s/ Matthew A. Ouimet | |
Matthew A. Ouimet | |||
President and Chief Executive Officer | |||
Date: | May 4, 2012 | /s/ Brian C. Witherow | |
Brian C. Witherow | |||
Executive Vice President and | |||
Chief Financial Officer |
Exhibit (31.1) | Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
Exhibit (31.2) | Certification of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
Exhibit (32) | Certifications Pursuant to 18 U.S.C. 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
Exhibit (101) | The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 25, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) The Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) The Condensed Consolidated Statements of Cash Flow, (iv) the Condensed Consolidated Statement of Equity and, (v) related notes |
1) | I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | May 4, 2012 | /s/ Matthew A. Ouimet | |
Matthew A. Ouimet | |||
President and Chief Executive Officer |
1) | I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5) | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | May 4, 2012 | /s/ Brian C. Witherow | |
Brian C. Witherow | |||
Executive Vice President and Chief Financial Officer | |||
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership. |
/s/ Matthew A. Ouimet | |
Matthew A. Ouimet | |
President and Chief Executive Officer | |
/s/ Brian C. Witherow | |
Brian C. Witherow | |
Executive Vice President and | |
Chief Financial Officer | |
Consolidating Financial Information of Guarantors and Issuers Balance Sheet (Details) (USD $)
In Thousands, unless otherwise specified |
Mar. 25, 2012
|
Dec. 31, 2011
|
Mar. 27, 2011
|
Dec. 31, 2010
|
Mar. 28, 2010
|
---|---|---|---|---|---|
Current Assets: | |||||
Cash and cash equivalents | $ 7,319 | $ 35,524 | $ 7,255 | $ 9,765 | $ 5,374 |
Receivables | 6,693 | 7,611 | 10,377 | ||
Inventories | 44,486 | 33,069 | 42,903 | ||
Current deferred tax asset | 15,120 | 10,345 | 14,410 | ||
Other current assets | 30,410 | 11,966 | 11,529 | ||
Total current assets | 104,028 | 98,515 | 86,474 | ||
Property and equipment (net) | 1,668,490 | 1,638,091 | 1,699,985 | ||
Investment In Park | 0 | 0 | 0 | ||
Intercompany Note Receivable | 0 | 0 | 0 | ||
Goodwill | 245,808 | 243,490 | 248,426 | ||
Other intangibes, net | 40,607 | 40,273 | 40,921 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | 0 | ||
Other Assets | 54,193 | 54,188 | 64,837 | ||
Assets | 2,113,126 | 2,074,557 | 2,140,643 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 15,921 | 15,921 | 11,800 | ||
Accounts payable | 28,212 | 12,856 | 25,090 | ||
Deferred revenue | 50,754 | 29,594 | 45,349 | ||
Accrued interest | 10,314 | 15,762 | 15,337 | ||
Accrued taxes | 8,820 | 16,008 | 5,042 | ||
Accrued salaries, wages and benefits | 33,562 | 33,388 | 26,234 | ||
Self-insurance reserves | 21,754 | 21,243 | 20,648 | ||
Current derivative liability | 0 | 50,772 | 90,758 | ||
Other accrued liabilities | 6,104 | 7,899 | 9,858 | ||
Total current liabilities | 175,441 | 203,443 | 250,116 | ||
Deferred Tax Liability | 135,746 | 135,446 | 132,563 | ||
Derivative Liability | 32,280 | 32,400 | 0 | ||
Other Liabilities | 2,235 | 4,090 | 4,368 | ||
Intercompany Note Payable | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 155,004 | 0 | 127,114 | ||
Term debt | 1,140,179 | 1,140,179 | 1,168,200 | ||
Notes | 400,373 | 400,279 | 399,531 | ||
Total long-term debt | 1,695,556 | 1,540,458 | 1,694,845 | ||
Equity | 71,868 | 158,720 | 58,751 | ||
Total Partners' Equity and Liabilities | 2,113,126 | 2,074,557 | 2,140,643 | ||
Cedar Fair L.P. (Parent) [Member]
|
|||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | 4,971 | ||
Inventories | 0 | 0 | 0 | ||
Current deferred tax asset | 0 | 0 | 0 | ||
Other current assets | 359 | 508 | 187 | ||
Total current assets | 359 | 508 | 5,158 | ||
Property and equipment (net) | 478,928 | 469,877 | 476,102 | ||
Investment In Park | 467,408 | 521,441 | 442,520 | ||
Intercompany Note Receivable | 0 | 0 | 0 | ||
Goodwill | 9,061 | 9,061 | 9,061 | ||
Other intangibes, net | 0 | 0 | 0 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Intercompany Receivable | 889,442 | 887,344 | 896,807 | ||
Other Assets | 26,323 | 27,641 | 32,880 | ||
Assets | 1,871,521 | 1,915,872 | 1,862,528 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 15,921 | 15,921 | 11,800 | ||
Accounts payable | 60,297 | 175,968 | 50,550 | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 3,089 | 198 | 6,969 | ||
Accrued taxes | 4,925 | 3,909 | 4,144 | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Current derivative liability | 0 | 33,493 | |||
Other accrued liabilities | 462 | 1,247 | 1,976 | ||
Total current liabilities | 84,694 | 197,243 | 108,932 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 19,403 | 19,451 | |||
Other Liabilities | 0 | 0 | 0 | ||
Intercompany Note Payable | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 155,004 | 127,114 | |||
Term debt | 1,140,179 | 1,140,179 | 1,168,200 | ||
Notes | 400,373 | 400,279 | 399,531 | ||
Total long-term debt | 1,695,556 | 1,540,458 | 1,694,845 | ||
Equity | 71,868 | 158,720 | 58,751 | ||
Total Partners' Equity and Liabilities | 1,871,521 | 1,915,872 | 1,862,528 | ||
Co-Issuer Subsidiary (Magnum) [Member]
|
|||||
Current Assets: | |||||
Cash and cash equivalents | 397 | 512 | 494 | 1,461 | 1,671 |
Receivables | 82,892 | 62,408 | 70,218 | ||
Inventories | 3,321 | 1,547 | 3,050 | ||
Current deferred tax asset | 11,014 | 6,239 | 10,222 | ||
Other current assets | 5,907 | 13,461 | 3,335 | ||
Total current assets | 103,531 | 84,167 | 87,319 | ||
Property and equipment (net) | 1,035 | 1,044 | 1,078 | ||
Investment In Park | 669,235 | 661,533 | 594,576 | ||
Intercompany Note Receivable | 104,165 | 93,845 | 270,188 | ||
Goodwill | 0 | 0 | 0 | ||
Other intangibes, net | 0 | 0 | 0 | ||
Deferred Tax Asset | 47,646 | 47,646 | 44,257 | ||
Intercompany Receivable | 1,239,210 | 1,084,112 | 1,217,635 | ||
Other Assets | 16,288 | 16,158 | 20,549 | ||
Assets | 2,181,110 | 1,988,505 | 2,235,602 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 15,921 | 15,921 | 11,800 | ||
Accounts payable | 232,001 | 144,868 | 321,609 | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 1,706 | 131 | 1,660 | ||
Accrued taxes | 340 | 0 | 170 | ||
Accrued salaries, wages and benefits | 26,989 | 26,916 | 19,813 | ||
Self-insurance reserves | 4,212 | 3,977 | 3,232 | ||
Current derivative liability | 0 | 0 | |||
Other accrued liabilities | 3,312 | 5,568 | 5,366 | ||
Total current liabilities | 284,481 | 197,381 | 363,650 | ||
Deferred Tax Liability | 0 | 0 | 0 | ||
Derivative Liability | 12,877 | 12,949 | |||
Other Liabilities | 2,235 | 4,090 | 4,368 | ||
Intercompany Note Payable | 0 | 0 | 20,000 | ||
Long-Term Debt: | |||||
Revolving credit loans | 155,004 | 127,114 | |||
Term debt | 1,140,179 | 1,140,179 | 1,168,200 | ||
Notes | 400,373 | 400,279 | 399,531 | ||
Total long-term debt | 1,695,556 | 1,540,458 | 1,694,845 | ||
Equity | 185,961 | 233,627 | 152,739 | ||
Total Partners' Equity and Liabilities | 2,181,110 | 1,988,505 | 2,235,602 | ||
Co-Issuer Subsidiary (Cedar Canada) [Member]
|
|||||
Current Assets: | |||||
Cash and cash equivalents | 119 | 31,540 | 4,393 | 6,943 | 7 |
Receivables | 59,911 | 69,285 | 100,370 | ||
Inventories | 3,678 | 2,703 | 3,478 | ||
Current deferred tax asset | 772 | 772 | 779 | ||
Other current assets | 11,851 | 1,027 | 3,340 | ||
Total current assets | 76,331 | 105,327 | 112,360 | ||
Property and equipment (net) | 279,363 | 266,218 | 276,949 | ||
Investment In Park | 118,514 | 118,514 | 118,514 | ||
Intercompany Note Receivable | 0 | 0 | 20,000 | ||
Goodwill | 125,528 | 123,210 | 128,147 | ||
Other intangibes, net | 17,776 | 17,448 | 18,147 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Intercompany Receivable | 1,294,302 | 1,141,302 | 1,275,247 | ||
Other Assets | 9,608 | 9,353 | 10,182 | ||
Assets | 1,921,422 | 1,781,372 | 1,959,546 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 15,921 | 15,921 | 11,800 | ||
Accounts payable | 26,302 | 25,631 | 48,631 | ||
Deferred revenue | 5,413 | 2,891 | 5,518 | ||
Accrued interest | 5,519 | 15,433 | 6,708 | ||
Accrued taxes | 261 | 7,374 | 0 | ||
Accrued salaries, wages and benefits | 781 | 1,076 | 912 | ||
Self-insurance reserves | 1,716 | 1,711 | 1,569 | ||
Current derivative liability | 50,772 | 57,265 | |||
Other accrued liabilities | 226 | 252 | 510 | ||
Total current liabilities | 56,139 | 121,061 | 132,913 | ||
Deferred Tax Liability | 58,801 | 58,501 | 62,831 | ||
Derivative Liability | 0 | 0 | |||
Other Liabilities | 0 | 0 | 0 | ||
Intercompany Note Payable | 0 | 0 | 0 | ||
Long-Term Debt: | |||||
Revolving credit loans | 155,004 | 127,114 | |||
Term debt | 1,140,179 | 1,140,179 | 1,168,200 | ||
Notes | 400,373 | 400,279 | 399,531 | ||
Total long-term debt | 1,695,556 | 1,540,458 | 1,694,845 | ||
Equity | 110,926 | 61,352 | 68,957 | ||
Total Partners' Equity and Liabilities | 1,921,422 | 1,781,372 | 1,959,546 | ||
Guarantor Subsidiaries [Member]
|
|||||
Current Assets: | |||||
Cash and cash equivalents | 6,803 | 3,472 | 2,368 | 1,361 | 3,696 |
Receivables | 370,246 | 411,852 | 480,445 | ||
Inventories | 37,487 | 28,819 | 36,375 | ||
Current deferred tax asset | 3,334 | 3,334 | 3,409 | ||
Other current assets | 12,293 | 7,822 | 7,410 | ||
Total current assets | 430,163 | 455,299 | 530,007 | ||
Property and equipment (net) | 909,164 | 900,952 | 945,856 | ||
Investment In Park | 28,943 | 40,550 | 47,212 | ||
Intercompany Note Receivable | 0 | 0 | 0 | ||
Goodwill | 111,219 | 111,219 | 111,218 | ||
Other intangibes, net | 22,831 | 22,825 | 22,774 | ||
Deferred Tax Asset | 0 | 0 | 0 | ||
Intercompany Receivable | 0 | 0 | 0 | ||
Other Assets | 1,974 | 1,036 | 1,226 | ||
Assets | 1,504,294 | 1,531,881 | 1,658,293 | ||
Current Liabilities: | |||||
Current maturities of long-term debt | 0 | 0 | 0 | ||
Accounts payable | 215,968 | 202,323 | 226,326 | ||
Deferred revenue | 45,341 | 26,703 | 39,831 | ||
Accrued interest | 0 | 0 | 0 | ||
Accrued taxes | 3,294 | 15,577 | 3,471 | ||
Accrued salaries, wages and benefits | 5,792 | 5,396 | 5,509 | ||
Self-insurance reserves | 15,826 | 15,555 | 15,847 | ||
Current derivative liability | 0 | 0 | |||
Other accrued liabilities | 2,104 | 832 | 2,006 | ||
Total current liabilities | 288,325 | 266,386 | 292,990 | ||
Deferred Tax Liability | 124,591 | 124,591 | 113,989 | ||
Derivative Liability | 0 | 0 | |||
Other Liabilities | 0 | 0 | 0 | ||
Intercompany Note Payable | 104,165 | 93,845 | 270,188 | ||
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 | 987,213 | 1,047,059 | 981,126 | ||
Total Partners' Equity and Liabilities | 1,504,294 | 1,531,881 | 1,658,293 | ||
Eliminations [Member]
|
|||||
Current Assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Receivables | (506,356) | (535,934) | (645,627) | ||
Inventories | 0 | 0 | 0 | ||
Current deferred tax asset | 0 | 0 | 0 | ||
Other current assets | 0 | (10,852) | (2,743) | ||
Total current assets | (506,356) | (546,786) | (648,370) | ||
Property and equipment (net) | 0 | 0 | 0 | ||
Investment In Park | (1,284,100) | (1,342,038) | (1,202,822) | ||
Intercompany Note Receivable | (104,165) | (93,845) | (290,188) | ||
Goodwill | 0 | 0 | 0 | ||
Other intangibes, net | 0 | 0 | 0 | ||
Deferred Tax Asset | (47,646) | (47,646) | (44,257) | ||
Intercompany Receivable | (3,422,954) | (3,112,758) | (3,389,689) | ||
Other Assets | 0 | 0 | 0 | ||
Assets | (5,365,221) | (5,143,073) | (5,575,326) | ||
Current Liabilities: | |||||
Current maturities of long-term debt | (31,842) | (31,842) | (23,600) | ||
Accounts payable | (506,356) | (535,934) | (622,026) | ||
Deferred revenue | 0 | 0 | 0 | ||
Accrued interest | 0 | 0 | 0 | ||
Accrued taxes | 0 | (10,852) | (2,743) | ||
Accrued salaries, wages and benefits | 0 | 0 | 0 | ||
Self-insurance reserves | 0 | 0 | 0 | ||
Current derivative liability | 0 | 0 | |||
Other accrued liabilities | 0 | 0 | 0 | ||
Total current liabilities | (538,198) | (578,628) | (648,369) | ||
Deferred Tax Liability | (47,646) | (47,646) | (44,257) | ||
Derivative Liability | 0 | 0 | |||
Other Liabilities | 0 | 0 | 0 | ||
Intercompany Note Payable | (104,165) | (93,845) | (290,188) | ||
Long-Term Debt: | |||||
Revolving credit loans | (310,008) | (254,228) | |||
Term debt | (2,280,358) | (2,280,358) | (2,336,400) | ||
Notes | (800,746) | (800,558) | (799,062) | ||
Total long-term debt | (3,391,112) | (3,080,916) | (3,389,690) | ||
Equity | (1,284,100) | (1,342,038) | (1,202,822) | ||
Total Partners' Equity and Liabilities | $ (5,365,221) | $ (5,143,073) | $ (5,575,326) |
Consolidating Financial Information of Guarantors and Issuers (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 25, 2012
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Condensed Consolidated Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET March 25, 2012 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET December 31, 2011 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING BALANCE SHEET March 27, 2011 (In thousands)
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Condensed Consolidating Statement of Operations and Other Comprehensive Income (Loss) | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 25, 2012 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Three Months Ended March 27, 2011 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Twelve Months Ended March 25, 2012 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) For the Twelve Months Ended March 27, 2011 (In thousands)
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Condensed Consolidating Statement of Cash Flows | CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 25, 2012 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Three Months Ended March 27, 2011 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Twelve Months Ended March 25, 2012 (In thousands)
CEDAR FAIR, L.P. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS For the Twelve Months Ended March 27, 2011 (In thousands)
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Termination of Agreement with Private Equity Firm (Details) (Contract Termination [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 4 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 27, 2010
|
Apr. 06, 2010
|
Dec. 31, 2010
|
|
Contract Termination [Member]
|
|||
Restructuring Cost and Reserve [Line Items] | |||
Merger termination costs paid | $ 6.5 | $ 16.0 | $ 10.4 |
Significant Accounting and Reporting Policies
|
3 Months Ended |
---|---|
Mar. 25, 2012
|
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Accounting Policies [Abstract] | |
Significant Accounting and Reporting Policies | Significant Accounting and Reporting Policies: The Partnership’s unaudited condensed consolidated financial statements for the periods ended March 25, 2012 and March 27, 2011 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, 2011, which were included in the Form 10-K filed on February 29, 2012. 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. |