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 November 1, 2014 | |
Units Representing Limited Partner Interests | 55,862,834 |
Item 1. | ||||
Item 2. | ||||
Item 3. | ||||
Item 4. | ||||
Item 1. | ||||
Item 1A. | ||||
Item 6. | ||||
9/28/2014 | 12/31/2013 | 9/29/2013 | ||||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | 189,374 | $ | 118,056 | $ | 183,482 | ||||||
Receivables | 41,262 | 21,333 | 42,534 | |||||||||
Inventories | 30,461 | 26,080 | 29,316 | |||||||||
Current deferred tax asset | 9,675 | 9,675 | 8,185 | |||||||||
Other current assets | 13,985 | 11,353 | 9,626 | |||||||||
284,757 | 186,497 | 273,143 | ||||||||||
Property and Equipment: | ||||||||||||
Land | 279,350 | 283,313 | 298,589 | |||||||||
Land improvements | 372,145 | 350,869 | 351,731 | |||||||||
Buildings | 607,065 | 584,659 | 584,066 | |||||||||
Rides and equipment | 1,562,070 | 1,494,112 | 1,506,895 | |||||||||
Construction in progress | 39,058 | 44,550 | 18,990 | |||||||||
2,859,688 | 2,757,503 | 2,760,271 | ||||||||||
Less accumulated depreciation | (1,341,557 | ) | (1,251,740 | ) | (1,245,597 | ) | ||||||
1,518,131 | 1,505,763 | 1,514,674 | ||||||||||
Goodwill | 232,513 | 238,089 | 241,936 | |||||||||
Other Intangibles, net | 38,766 | 39,471 | 40,025 | |||||||||
Other Assets | 42,909 | 44,807 | 31,269 | |||||||||
$ | 2,117,076 | $ | 2,014,627 | $ | 2,101,047 | |||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Current maturities of long-term debt | $ | 4,600 | $ | — | $ | 6,300 | ||||||
Accounts payable | 21,866 | 13,222 | 21,877 | |||||||||
Deferred revenue | 48,141 | 44,521 | 37,627 | |||||||||
Accrued interest | 12,008 | 23,201 | 10,253 | |||||||||
Accrued taxes | 38,407 | 19,481 | 39,393 | |||||||||
Accrued salaries, wages and benefits | 42,139 | 29,200 | 39,621 | |||||||||
Self-insurance reserves | 23,931 | 23,653 | 24,088 | |||||||||
Other accrued liabilities | 8,392 | 5,521 | 7,618 | |||||||||
199,484 | 158,799 | 186,777 | ||||||||||
Deferred Tax Liability | 157,389 | 158,113 | 157,603 | |||||||||
Derivative Liability | 25,802 | 26,662 | 31,646 | |||||||||
Other Liabilities | 16,595 | 11,290 | 9,073 | |||||||||
Long-Term Debt: | ||||||||||||
Term debt | 614,250 | 618,850 | 622,125 | |||||||||
Notes | 950,000 | 901,782 | 901,606 | |||||||||
1,564,250 | 1,520,632 | 1,523,731 | ||||||||||
Commitments and Contingencies (Note 10) | ||||||||||||
Partners’ Equity: | ||||||||||||
Special L.P. interests | 5,290 | 5,290 | 5,290 | |||||||||
General partner | 3 | 2 | 2 | |||||||||
Limited partners, 55,863, 55,716 and 55,714 units outstanding at September 28, 2014, December 31, 2013 and September 29, 2013, respectively | 161,157 | 148,847 | 206,428 | |||||||||
Accumulated other comprehensive loss | (12,894 | ) | (15,008 | ) | (19,503 | ) | ||||||
153,556 | 139,131 | 192,217 | ||||||||||
$ | 2,117,076 | $ | 2,014,627 | $ | 2,101,047 |
Three months ended | Nine months ended | Twelve months ended | ||||||||||||||||||||||
9/28/2014 | 9/29/2013 | 9/28/2014 | 9/29/2013 | 9/28/2014 | 9/29/2013 | |||||||||||||||||||
Net revenues: | ||||||||||||||||||||||||
Admissions | $ | 340,101 | $ | 339,655 | $ | 566,126 | $ | 562,214 | $ | 650,919 | $ | 641,140 | ||||||||||||
Food, merchandise and games | 184,038 | 180,408 | 322,025 | 316,940 | 361,190 | 353,951 | ||||||||||||||||||
Accommodations and other | 71,179 | 72,013 | 110,647 | 116,341 | 125,766 | 129,609 | ||||||||||||||||||
595,318 | 592,076 | 998,798 | 995,495 | 1,137,875 | 1,124,700 | |||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | 46,812 | 45,843 | 82,887 | 81,933 | 92,726 | 93,055 | ||||||||||||||||||
Operating expenses | 178,649 | 170,394 | 406,191 | 388,335 | 490,200 | 458,906 | ||||||||||||||||||
Selling, general and administrative | 57,205 | 58,727 | 125,226 | 125,533 | 152,105 | 148,356 | ||||||||||||||||||
Depreciation and amortization | 58,244 | 57,495 | 109,525 | 108,313 | 123,699 | 122,408 | ||||||||||||||||||
Gain on sale of other assets | — | (8,743 | ) | (921 | ) | (8,743 | ) | (921 | ) | (15,368 | ) | |||||||||||||
Loss on impairment / retirement of fixed assets, net | 1,475 | 1,637 | 2,687 | 2,266 | 2,960 | 8,372 | ||||||||||||||||||
342,385 | 325,353 | 725,595 | 697,637 | 860,769 | 815,729 | |||||||||||||||||||
Operating income | 252,933 | 266,723 | 273,203 | 297,858 | 277,106 | 308,971 | ||||||||||||||||||
Interest expense | 21,462 | 25,529 | 74,101 | 77,153 | 100,019 | 103,870 | ||||||||||||||||||
Net effect of swaps | (1,087 | ) | 1,377 | (1,031 | ) | 8,315 | (2,463 | ) | 8,141 | |||||||||||||||
Loss (gain) on early debt extinguishment | (246 | ) | — | 29,027 | 34,573 | 29,027 | 34,573 | |||||||||||||||||
Unrealized/realized foreign currency (gain) loss | 21,515 | (8,615 | ) | 22,597 | 15,229 | 36,309 | 20,157 | |||||||||||||||||
Other income | (16 | ) | (17 | ) | (95 | ) | (126 | ) | (123 | ) | (163 | ) | ||||||||||||
Income before taxes | 211,305 | 248,449 | 148,604 | 162,714 | 114,337 | 142,393 | ||||||||||||||||||
Provision for taxes | 49,403 | 58,025 | 26,340 | 34,026 | 12,557 | 24,030 | ||||||||||||||||||
Net income | 161,902 | 190,424 | 122,264 | 128,688 | 101,780 | 118,363 | ||||||||||||||||||
Net income allocated to general partner | 2 | 2 | 1 | 1 | 1 | 1 | ||||||||||||||||||
Net income allocated to limited partners | $ | 161,900 | $ | 190,422 | $ | 122,263 | $ | 128,687 | $ | 101,779 | $ | 118,362 | ||||||||||||
Net income | $ | 161,902 | $ | 190,424 | $ | 122,264 | $ | 128,688 | $ | 101,780 | $ | 118,363 | ||||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 2,975 | (699 | ) | 2,279 | 1,194 | 3,841 | 2,814 | |||||||||||||||||
Unrealized income (loss) on cash flow hedging derivatives | 2,726 | (2,761 | ) | (165 | ) | 7,803 | 2,768 | 9,740 | ||||||||||||||||
Other comprehensive income (loss), (net of tax) | 5,701 | (3,460 | ) | 2,114 | 8,997 | 6,609 | 12,554 | |||||||||||||||||
Total comprehensive income | $ | 167,603 | $ | 186,964 | $ | 124,378 | $ | 137,685 | $ | 108,389 | $ | 130,917 | ||||||||||||
Basic earnings per limited partner unit: | ||||||||||||||||||||||||
Weighted average limited partner units outstanding | 55,439 | 55,485 | 55,448 | 55,472 | 55,458 | 55,460 | ||||||||||||||||||
Net income per limited partner unit | $ | 2.92 | $ | 3.43 | $ | 2.21 | $ | 2.32 | $ | 1.84 | $ | 2.13 | ||||||||||||
Diluted earnings per limited partner unit: | ||||||||||||||||||||||||
Weighted average limited partner units outstanding | 55,855 | 55,863 | 55,855 | 55,803 | 55,864 | 55,804 | ||||||||||||||||||
Net income per limited partner unit | $ | 2.90 | $ | 3.41 | $ | 2.19 | $ | 2.31 | $ | 1.82 | $ | 2.12 |
Nine months ended | |||
9/28/14 | |||
Limited Partnership Units Outstanding | |||
Beginning balance | 55,716 | ||
Limited partnership unit options exercised | 19 | ||
Issuance of limited partnership units as compensation | 128 | ||
55,863 | |||
Limited Partners’ Equity | |||
Beginning balance | $ | 148,847 | |
Net income | 122,263 | ||
Partnership distribution declared ($2.10 per limited partnership unit) | (117,468 | ) | |
Expense recognized for limited partnership unit options | 668 | ||
Tax effect of units involved in option exercises and treasury unit transactions | (785 | ) | |
Issuance of limited partnership units as compensation | 7,632 | ||
161,157 | |||
General Partner’s Equity | |||
Beginning balance | 2 | ||
Net income | 1 | ||
3 | |||
Special L.P. Interests | 5,290 | ||
Accumulated Other Comprehensive Income (Loss) | |||
Cumulative foreign currency translation adjustment: | |||
Beginning balance | 5 | ||
Current period activity, net of tax ($1,310) | 2,279 | ||
2,284 | |||
Unrealized loss on cash flow hedging derivatives: | |||
Beginning balance | (15,013 | ) | |
Current period activity, net of tax $6 | (165 | ) | |
(15,178 | ) | ||
(12,894 | ) | ||
Total Partners’ Equity | $ | 153,556 |
Nine months ended | Twelve months ended | |||||||||||||||
9/28/2014 | 9/29/2013 | 9/28/2014 | 9/29/2013 | |||||||||||||
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES | ||||||||||||||||
Net income | $ | 122,264 | 128,688 | $ | 101,780 | 118,363 | ||||||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||
Depreciation and amortization | 109,525 | 108,313 | 123,699 | 122,408 | ||||||||||||
Loss on early debt extinguishment | 29,027 | 34,573 | 29,027 | 34,573 | ||||||||||||
Loss on impairment / retirement of fixed assets, net | 2,687 | 2,266 | 2,960 | 8,372 | ||||||||||||
Gain on sale of other assets | (921 | ) | (8,743 | ) | (921 | ) | (15,368 | ) | ||||||||
Net effect of swaps | (1,031 | ) | 8,315 | (2,463 | ) | 8,141 | ||||||||||
Non-cash expense | 33,167 | 23,875 | 52,093 | 32,245 | ||||||||||||
Net change in working capital | 10,546 | 16,031 | 8,510 | (6,769 | ) | |||||||||||
Net change in other assets/liabilities | 6,455 | 3,637 | 3,312 | 22,883 | ||||||||||||
Net cash from operating activities | 311,719 | 316,955 | 317,997 | 324,848 | ||||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||
Sale of other assets | 1,377 | 15,297 | 1,377 | 30,182 | ||||||||||||
Capital expenditures | (137,013 | ) | (97,534 | ) | (160,072 | ) | (116,761 | ) | ||||||||
Net cash for investing activities | (135,636 | ) | (82,237 | ) | (158,695 | ) | (86,579 | ) | ||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||
Term debt borrowings | — | 630,000 | — | 630,000 | ||||||||||||
Note borrowings | 450,000 | 500,000 | 450,000 | 500,000 | ||||||||||||
Term debt payments, including amounts paid for early termination | — | (1,132,675 | ) | (9,575 | ) | (1,132,675 | ) | |||||||||
Note payments, including amounts paid for early termination | (426,148 | ) | — | (426,148 | ) | — | ||||||||||
Distributions paid to partners | (117,468 | ) | (104,458 | ) | (156,467 | ) | (126,706 | ) | ||||||||
Exercise of limited partnership unit options | — | 43 | 10 | 43 | ||||||||||||
Payment of debt issuance costs | (9,795 | ) | (22,812 | ) | (10,232 | ) | (22,812 | ) | ||||||||
Excess tax benefit from unit-based compensation expense | (785 | ) | (148 | ) | 218 | 1,515 | ||||||||||
Net cash for financing activities | (104,196 | ) | (130,050 | ) | (152,194 | ) | (150,635 | ) | ||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (569 | ) | (16 | ) | (1,216 | ) | (254 | ) | ||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||
Net increase for the period | 71,318 | 104,652 | 5,892 | 87,380 | ||||||||||||
Balance, beginning of period | 118,056 | 78,830 | 183,482 | 96,102 | ||||||||||||
Balance, end of period | $ | 189,374 | $ | 183,482 | $ | 189,374 | $ | 183,482 | ||||||||
SUPPLEMENTAL INFORMATION | ||||||||||||||||
Cash payments for interest expense | $ | 80,203 | $ | 78,852 | $ | 92,185 | $ | 94,717 | ||||||||
Interest capitalized | 1,167 | 1,175 | 2,008 | 1,406 | ||||||||||||
Cash payments for income taxes, net of refunds | 10,283 | 11,746 | 13,359 | 4,768 |
• | The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors. |
• | Any additional amount the reporting entity expects to pay on behalf of its co-obligors. |
(In thousands) | Goodwill (gross) | Accumulated Impairment Losses | Goodwill (net) | |||||||||
Balance at December 31, 2012 | $ | 326,089 | $ | (79,868 | ) | $ | 246,221 | |||||
Foreign currency translation | (4,285 | ) | — | (4,285 | ) | |||||||
Balance at September 29, 2013 | $ | 321,804 | $ | (79,868 | ) | $ | 241,936 | |||||
Balance at December 31, 2013 | $ | 317,957 | $ | (79,868 | ) | $ | 238,089 | |||||
Foreign currency translation | (5,576 | ) | — | (5,576 | ) | |||||||
Balance at September 28, 2014 | $ | 312,381 | $ | (79,868 | ) | $ | 232,513 |
September 28, 2014 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | |||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 38,280 | $ | — | $ | 38,280 | ||||||
License / franchise agreements | 899 | 413 | 486 | |||||||||
Total other intangible assets | $ | 39,179 | $ | 413 | $ | 38,766 | ||||||
December 31, 2013 | ||||||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 39,070 | $ | — | $ | 39,070 | ||||||
License / franchise agreements | 800 | 399 | 401 | |||||||||
Total other intangible assets | $ | 39,870 | $ | 399 | $ | 39,471 | ||||||
September 29, 2013 | ||||||||||||
(In thousands) | ||||||||||||
Other intangible assets: | ||||||||||||
Trade names | $ | 39,615 | $ | — | $ | 39,615 | ||||||
License / franchise agreements | 799 | 389 | 410 | |||||||||
Total other intangible assets | $ | 40,414 | $ | 389 | $ | 40,025 |
(In thousands) | Condensed Consolidated Balance Sheet Location | Fair Value as of | Fair Value as of | Fair Value as of | ||||||||||
September 28, 2014 | December 31, 2013 | September 29, 2013 | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | Derivative Liability | $ | (10,044 | ) | $ | (3,916 | ) | $ | (5,483 | ) | ||||
Total derivatives designated as hedging instruments | $ | (10,044 | ) | $ | (3,916 | ) | $ | (5,483 | ) | |||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Interest rate swaps | Derivative Liability | $ | (15,758 | ) | $ | (22,746 | ) | $ | (26,163 | ) | ||||
Total derivatives not designated as hedging instruments | $ | (15,758 | ) | $ | (22,746 | ) | $ | (26,163 | ) | |||||
Net derivative liability | $ | (25,802 | ) | $ | (26,662 | ) | $ | (31,646 | ) |
Interest Rate Swaps | |||||||||||||
($'s in thousands) | Derivatives designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||
Notional Amounts | LIBOR Rate | Notional Amounts | LIBOR Rate | ||||||||||
$ | 200,000 | 3.00 | % | $ | 200,000 | 2.27 | % | ||||||
100,000 | 3.00 | % | 150,000 | 2.43 | % | ||||||||
100,000 | 3.00 | % | 75,000 | 2.30 | % | ||||||||
100,000 | 2.70 | % | 70,000 | 2.54 | % | ||||||||
50,000 | 2.54 | % | |||||||||||
50,000 | 2.54 | % | |||||||||||
50,000 | 2.43 | % | |||||||||||
50,000 | 2.29 | % | |||||||||||
50,000 | 2.29 | % | |||||||||||
30,000 | 2.54 | % | |||||||||||
25,000 | 2.30 | % | |||||||||||
Total $'s / Average Rate | $ | 500,000 | 2.94 | % | $ | 800,000 | 2.38 | % |
(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 | ||||||||||||||||||||||
9/28/14 | 9/29/13 | 9/28/14 | 9/29/13 | 9/28/14 | 9/29/13 | |||||||||||||||||||||||
Interest rate swaps | $ | 1,235 | $ | (5,483 | ) | Interest Expense | $ | — | $ | — | Net effect of swaps | $ | — | $ | — | |||||||||||||
(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 | ||||||||
9/28/14 | 9/29/13 | |||||||||
Interest rate swaps | Net effect of swaps | $ | 3,073 | $ | 609 | |||||
$ | 3,073 | $ | 609 | |||||||
(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 | Nine months ended | Nine months ended | Nine months ended | Nine months ended | Nine months ended | Nine months ended | ||||||||||||||||||||||
9/28/14 | 9/29/13 | 9/28/14 | 9/29/13 | 9/28/14 | 9/29/13 | |||||||||||||||||||||||
Interest rate swaps | $ | (6,129 | ) | $ | (3,217 | ) | Interest Expense | $ | — | $ | (2,797 | ) | Net effect of swaps | $ | — | $ | 3,703 | |||||||||||
(In thousands) | Amount and Location of Gain (Loss) Recognized in Income on Derivative | |||||||||
Derivatives not designated as Cash Flow Hedging Relationships | Nine months ended | Nine months ended | ||||||||
9/28/14 | 9/29/13 | |||||||||
Interest rate swaps | Net effect of swaps | $ | 6,991 | $ | 130 | |||||
$ | 6,991 | $ | 130 | |||||||
(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 | ||||||||||||||||||||||
9/28/14 | 9/29/13 | 9/28/14 | 9/29/13 | 9/28/14 | 9/29/13 | |||||||||||||||||||||||
Interest rate swaps | $ | (4,562 | ) | $ | (769 | ) | Interest Expense | $ | — | $ | (5,820 | ) | Net effect of swaps | $ | — | $ | 3,703 | |||||||||||
(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 | ||||||||
9/28/14 | 9/29/13 | |||||||||
Interest rate swaps | Net effect of swaps | $ | 10,408 | $ | 130 | |||||
$ | 10,408 | $ | 130 | |||||||
• | 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 | |||||||||||||
September 28, 2014 | ||||||||||||||||
(In thousands) | ||||||||||||||||
Interest rate swap agreements (1) | $ | (10,044 | ) | $ | — | $ | (10,044 | ) | $ | — | ||||||
Interest rate swap agreements (2) | (15,758 | ) | — | (15,758 | ) | — | ||||||||||
Net derivative liability | $ | (25,802 | ) | $ | — | $ | (25,802 | ) | $ | — | ||||||
December 31, 2013 | ||||||||||||||||
Interest rate swap agreements (1) | $ | (3,916 | ) | $ | — | $ | (3,916 | ) | $ | — | ||||||
Interest rate swap agreements (2) | $ | (22,746 | ) | $ | — | $ | (22,746 | ) | $ | — | ||||||
Net derivative liability | $ | (26,662 | ) | $ | — | $ | (26,662 | ) | $ | — | ||||||
September 29, 2013 | ||||||||||||||||
Interest rate swap agreements (1) | $ | (5,483 | ) | $ | — | $ | (5,483 | ) | $ | — | ||||||
Interest rate swap agreements (2) | $ | (26,163 | ) | $ | — | $ | (26,163 | ) | $ | — | ||||||
Net derivative liability | $ | (31,646 | ) | $ | — | $ | (31,646 | ) | $ | — |
(1) | Designated as cash flow hedges and are included in “Derivative Liability” on the Unaudited Condensed Consolidated Balance Sheet |
(2) | Not designated as cash flow hedges and are included in "Derivative Liability" on the Unaudited Condensed Consolidated Balance Sheet |
Three months ended | Nine months ended | Twelve months ended | ||||||||||||||||||||||
9/28/2014 | 9/29/2013 | 9/28/2014 | 9/29/2013 | 9/28/2014 | 9/29/2013 | |||||||||||||||||||
(In thousands except per unit amounts) | ||||||||||||||||||||||||
Basic weighted average units outstanding | 55,439 | 55,485 | 55,448 | 55,472 | 55,458 | 55,460 | ||||||||||||||||||
Effect of dilutive units: | ||||||||||||||||||||||||
Unit options and restricted unit awards | 336 | 189 | 317 | 146 | 290 | 120 | ||||||||||||||||||
Phantom units | 80 | 189 | 90 | 185 | 116 | 224 | ||||||||||||||||||
Diluted weighted average units outstanding | 55,855 | 55,863 | 55,855 | 55,803 | 55,864 | 55,804 | ||||||||||||||||||
Net income per unit - basic | $ | 2.92 | $ | 3.43 | $ | 2.21 | $ | 2.32 | $ | 1.84 | $ | 2.13 | ||||||||||||
Net income per unit - diluted | $ | 2.90 | $ | 3.41 | $ | 2.19 | $ | 2.31 | $ | 1.82 | $ | 2.12 | ||||||||||||
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at June 29, 2014 | $ | (17,904 | ) | $ | (691 | ) | $ | (18,595 | ) | ||||
Other comprehensive income before reclassifications, net of tax ($187) and ($1,713), respectively | 1,048 | 2,975 | 4,023 | ||||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($307) (2) | 1,678 | — | 1,678 | ||||||||||
Net other comprehensive income | 2,726 | 2,975 | 5,701 | ||||||||||
September 28, 2014 | $ | (15,178 | ) | $ | 2,284 | $ | (12,894 | ) |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at June 30, 2013 | $ | (15,185 | ) | $ | (858 | ) | $ | (16,043 | ) | ||||
Other comprehensive income before reclassifications, net of tax ($1,044) and $401, respectively | (4,440 | ) | (699 | ) | (5,139 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($307) (2) | 1,679 | — | 1,679 | ||||||||||
Net other comprehensive income | (2,761 | ) | (699 | ) | (3,460 | ) | |||||||
September 29, 2013 | $ | (17,946 | ) | $ | (1,557 | ) | $ | (19,503 | ) |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at December 31, 2013 | $ | (15,013 | ) | $ | 5 | $ | (15,008 | ) | |||||
Other comprehensive income before reclassifications, net of tax $928 and ($1,310), respectively | (5,200 | ) | 2,279 | (2,921 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($922) (2) | 5,035 | — | 5,035 | ||||||||||
Net other comprehensive income | (165 | ) | 2,279 | 2,114 | |||||||||
September 28, 2014 | $ | (15,178 | ) | $ | 2,284 | $ | (12,894 | ) |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at December 31, 2012 | $ | (25,749 | ) | $ | (2,751 | ) | $ | (28,500 | ) | ||||
Other comprehensive income before reclassifications, net of tax $718 and ($689), respectively | (2,500 | ) | 1,194 | (1,306 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,843) (2) | 10,303 | — | 10,303 | ||||||||||
Net other comprehensive income | 7,803 | 1,194 | 8,997 | ||||||||||
September 29, 2013 | $ | (17,946 | ) | $ | (1,557 | ) | $ | (19,503 | ) |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at September 29, 2013 | $ | (17,946 | ) | $ | (1,557 | ) | $ | (19,503 | ) | ||||
Other comprehensive income before reclassifications, net of tax $615 and ($2,208), respectively | (3,946 | ) | 3,841 | (105 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,228) (2) | 6,714 | — | 6,714 | ||||||||||
Net other comprehensive income | 2,768 | 3,841 | 6,609 | ||||||||||
September 28, 2014 | $ | (15,178 | ) | $ | 2,284 | $ | (12,894 | ) |
Changes in Accumulated Other Comprehensive Income by Component (1) | |||||||||||||
(In thousands) | |||||||||||||
Gains and Losses | |||||||||||||
on Cash Flow Hedges | Foreign Currency Items | ||||||||||||
Total | |||||||||||||
Balance at September 30, 2012 | $ | (27,686 | ) | $ | (4,371 | ) | $ | (32,057 | ) | ||||
Other comprehensive income before reclassifications, net of tax $355 and ($1,619), respectively | (416 | ) | 2,814 | 2,398 | |||||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,816) (2) | 10,156 | — | 10,156 | ||||||||||
Net other comprehensive income | 9,740 | 2,814 | 12,554 | ||||||||||
September 29, 2013 | $ | (17,946 | ) | $ | (1,557 | ) | $ | (19,503 | ) |
Reclassifications Out of Accumulated Other Comprehensive Income (1) | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||||||||||
Gains and losses on cash flow hedges | 3 months ended 9/28/14 | 3 months ended 9/29/13 | 9 months ended 9/28/14 | 9 months ended 9/29/13 | 12 months ended 9/28/14 | 12 months ended 9/29/13 | |||||||||||||||||||||
Interest rate contracts | $ | 1,985 | $ | 1,986 | $ | 5,957 | $ | 12,146 | $ | 7,942 | $ | 11,972 | Net effect of swaps | ||||||||||||||
$ | 1,985 | $ | 1,986 | $ | 5,957 | $ | 12,146 | $ | 7,942 | $ | 11,972 | Total before tax | |||||||||||||||
(307 | ) | (307 | ) | (922 | ) | (1,843 | ) | (1,228 | ) | (1,816 | ) | Benefit for taxes | |||||||||||||||
$ | 1,678 | $ | 1,679 | $ | 5,035 | $ | 10,303 | $ | 6,714 | $ | 10,156 | Net of tax |
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Nine Month Period Ended September 29, 2013 | ||||||||||||||||||||||||
(In thousands) | Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||
As reported - Net cash from (for) operating activities | $ | 337,821 | $ | 60,434 | $ | 21,615 | $ | 66,757 | $ | (169,672 | ) | $ | 316,955 | |||||||||||
Investment in joint ventures and affiliates | (63,105 | ) | (52,172 | ) | (29,579 | ) | (24,816 | ) | 169,672 | — | ||||||||||||||
Intercompany receivables (payments) receipts | — | (41,768 | ) | — | 55,439 | (13,671 | ) | — | ||||||||||||||||
Intercompany payables (payments) receipts | (134,694 | ) | 73,536 | 5,655 | 41,832 | 13,671 | — | |||||||||||||||||
Dividends paid | — | — | 13,173 | — | (13,173 | ) | — | |||||||||||||||||
As corrected - Net cash from (for) operating activities | $ | 140,022 | $ | 40,030 | $ | 10,864 | $ | 139,212 | $ | (13,173 | ) | $ | 316,955 | |||||||||||
As reported - Net cash from (for) investing activities | $ | (106,673 | ) | $ | (52,172 | ) | $ | (35,096 | ) | $ | (57,968 | ) | $ | 169,672 | $ | (82,237 | ) | |||||||
Investment in joint ventures and affiliates | 63,105 | 52,172 | 29,579 | 24,816 | (169,672 | ) | — | |||||||||||||||||
Intercompany receivables (payments) receipts | — | 41,768 | — | (55,439 | ) | 13,671 | — | |||||||||||||||||
As corrected - Net cash from (for) investing activities | $ | (43,568 | ) | $ | 41,768 | $ | (5,517 | ) | $ | (88,591 | ) | $ | 13,671 | $ | (82,237 | ) | ||||||||
As reported - Net cash from (for) financing activities | $ | (123,148 | ) | $ | (6,413 | ) | $ | (489 | ) | $ | — | $ | — | $ | (130,050 | ) | ||||||||
Dividends paid | — | — | (13,173 | ) | 13,173 | — | ||||||||||||||||||
Intercompany payables (payments) receipts | 134,694 | (73,536 | ) | (5,655 | ) | (41,832 | ) | (13,671 | ) | — | ||||||||||||||
As corrected - Net cash from (for) financing activities | $ | 11,546 | $ | (79,949 | ) | $ | (19,317 | ) | $ | (41,832 | ) | $ | (498 | ) | $ | (130,050 | ) | |||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Twelve Month Period Ended September 29, 2013 | ||||||||||||||||||||||||
(In thousands) | Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||
As reported - Net cash from (for) operating activities | $ | 258,843 | $ | 42,367 | $ | 32,927 | $ | 52,457 | $ | (61,746 | ) | $ | 324,848 | |||||||||||
Investment in joint ventures and affiliates | 24,507 | (37,602 | ) | (30,743 | ) | (17,908 | ) | 61,746 | — | |||||||||||||||
Intercompany receivables (payments) receipts | — | (46,143 | ) | — | 60,099 | (13,956 | ) | — | ||||||||||||||||
Intercompany payables (payments) receipts | (71,020 | ) | 6,760 | 4,098 | 46,206 | 13,956 | — | |||||||||||||||||
Dividends paid | — | — | 13,173 | — | (13,173 | ) | — | |||||||||||||||||
As corrected - Net cash from (for) operating activities | $ | 212,330 | $ | (34,618 | ) | $ | 19,455 | $ | 140,854 | $ | (13,173 | ) | $ | 324,848 | ||||||||||
As reported - Net cash from (for) investing activities | $ | (23,431 | ) | $ | (37,603 | ) | $ | (36,275 | ) | $ | (51,016 | ) | $ | 61,746 | $ | (86,579 | ) | |||||||
Investment in joint ventures and affiliates | (24,507 | ) | 37,602 | 30,743 | 17,908 | (61,746 | ) | — | ||||||||||||||||
Intercompany receivables (payments) receipts | — | 46,143 | — | (60,099 | ) | 13,956 | — | |||||||||||||||||
As corrected - Net cash from (for) investing activities | $ | (47,938 | ) | $ | 46,142 | $ | (5,532 | ) | $ | (93,207 | ) | $ | 13,956 | $ | (86,579 | ) | ||||||||
As reported - Net cash from (for) financing activities | $ | (145,412 | ) | $ | (4,734 | ) | $ | (489 | ) | $ | — | $ | — | $ | (150,635 | ) | ||||||||
Dividends paid | — | — | (13,173 | ) | — | 13,173 | — | |||||||||||||||||
Intercompany payables (payments) receipts | 71,020 | (6,760 | ) | (4,098 | ) | (46,206 | ) | (13,956 | ) | — | ||||||||||||||
As corrected - Net cash from (for) financing activities | $ | (74,392 | ) | $ | (11,494 | ) | $ | (17,760 | ) | $ | (46,206 | ) | $ | (783 | ) | $ | (150,635 | ) | ||||||
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 | $ | 124,000 | $ | 2,194 | $ | 52,792 | $ | 10,388 | $ | — | $ | 189,374 | ||||||||||||
Receivables | 11 | 131,297 | 88,605 | 651,998 | (830,649 | ) | 41,262 | |||||||||||||||||
Inventories | — | 3,147 | 1,833 | 25,481 | — | 30,461 | ||||||||||||||||||
Current deferred tax asset | — | 5,430 | 800 | 3,445 | — | 9,675 | ||||||||||||||||||
Other current assets | 1,084 | 5,863 | 14,219 | 5,847 | (13,028 | ) | 13,985 | |||||||||||||||||
125,095 | 147,931 | 158,249 | 697,159 | (843,677 | ) | 284,757 | ||||||||||||||||||
Property and Equipment (net) | 459,332 | 8,105 | 230,723 | 819,971 | — | 1,518,131 | ||||||||||||||||||
Investment in Park | 560,750 | 837,800 | 163,809 | 60,788 | (1,623,147 | ) | — | |||||||||||||||||
Goodwill | 9,061 | — | 112,234 | 111,218 | — | 232,513 | ||||||||||||||||||
Other Intangibles, net | — | — | 15,911 | 22,855 | — | 38,766 | ||||||||||||||||||
Deferred Tax Asset | — | 29,935 | — | — | (29,935 | ) | — | |||||||||||||||||
Other Assets | 11,147 | 21,071 | 8,587 | 2,104 | — | 42,909 | ||||||||||||||||||
$ | 1,165,385 | $ | 1,044,842 | $ | 689,513 | $ | 1,714,095 | $ | (2,496,759 | ) | $ | 2,117,076 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 2,621 | $ | 1,873 | $ | 106 | $ | — | $ | — | $ | 4,600 | ||||||||||||
Accounts payable | 340,850 | 208,763 | 22,485 | 280,417 | (830,649 | ) | 21,866 | |||||||||||||||||
Deferred revenue | — | — | 4,682 | 43,459 | — | 48,141 | ||||||||||||||||||
Accrued interest | 2,579 | 1,552 | 7,877 | — | — | 12,008 | ||||||||||||||||||
Accrued taxes | 5,255 | 6,534 | — | 39,646 | (13,028 | ) | 38,407 | |||||||||||||||||
Accrued salaries, wages and benefits | — | 29,505 | 1,962 | 10,672 | — | 42,139 | ||||||||||||||||||
Self-insurance reserves | — | 5,797 | 1,747 | 16,387 | — | 23,931 | ||||||||||||||||||
Other accrued liabilities | 446 | 5,388 | 693 | 1,865 | — | 8,392 | ||||||||||||||||||
351,751 | 259,412 | 39,552 | 392,446 | (843,677 | ) | 199,484 | ||||||||||||||||||
Deferred Tax Liability | — | — | 55,676 | 131,648 | (29,935 | ) | 157,389 | |||||||||||||||||
Derivative Liability | 15,115 | 10,687 | — | — | — | 25,802 | ||||||||||||||||||
Other Liabilities | 20 | 4,688 | — | 11,887 | — | 16,595 | ||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | 350,046 | 250,088 | 14,116 | — | — | 614,250 | ||||||||||||||||||
Notes | 294,897 | 205,103 | 450,000 | — | — | 950,000 | ||||||||||||||||||
644,943 | 455,191 | 464,116 | — | — | 1,564,250 | |||||||||||||||||||
Equity | 153,556 | 314,864 | 130,169 | 1,178,114 | (1,623,147 | ) | 153,556 | |||||||||||||||||
$ | 1,165,385 | $ | 1,044,842 | $ | 689,513 | $ | 1,714,095 | $ | (2,496,759 | ) | $ | 2,117,076 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Current Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 75,000 | $ | 4,144 | $ | 35,575 | $ | 3,337 | $ | — | $ | 118,056 | ||||||||||||
Receivables | 6 | 115,972 | 67,829 | 552,633 | (715,107 | ) | 21,333 | |||||||||||||||||
Inventories | — | 1,968 | 1,898 | 22,214 | — | 26,080 | ||||||||||||||||||
Current deferred tax asset | — | 5,430 | 800 | 3,445 | — | 9,675 | ||||||||||||||||||
Other current assets | 599 | 4,443 | 14,266 | 7,764 | (15,719 | ) | 11,353 | |||||||||||||||||
75,605 | 131,957 | 120,368 | 589,393 | (730,826 | ) | 186,497 | ||||||||||||||||||
Property and Equipment (net) | 447,724 | 976 | 243,208 | 813,855 | — | 1,505,763 | ||||||||||||||||||
Investment in Park | 514,948 | 796,735 | 142,668 | 63,948 | (1,518,299 | ) | — | |||||||||||||||||
Goodwill | 9,061 | — | 117,810 | 111,218 | — | 238,089 | ||||||||||||||||||
Other Intangibles, net | — | — | 16,683 | 22,788 | — | 39,471 | ||||||||||||||||||
Deferred Tax Asset | — | 31,122 | — | 117 | (31,239 | ) | — | |||||||||||||||||
Other Assets | 25,210 | 10,002 | 6,657 | 2,938 | — | 44,807 | ||||||||||||||||||
$ | 1,072,548 | $ | 970,792 | $ | 647,394 | $ | 1,604,257 | $ | (2,280,364 | ) | $ | 2,014,627 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Accounts payable | $ | 259,850 | $ | 188,818 | $ | 17,632 | $ | 262,029 | $ | (715,107 | ) | $ | 13,222 | |||||||||||
Deferred revenue | — | — | 2,815 | 41,706 | — | 44,521 | ||||||||||||||||||
Accrued interest | 4,637 | 3,223 | 15,341 | — | — | 23,201 | ||||||||||||||||||
Accrued taxes | 4,609 | — | — | 30,591 | (15,719 | ) | 19,481 | |||||||||||||||||
Accrued salaries, wages and benefits | — | 21,596 | 1,101 | 6,503 | — | 29,200 | ||||||||||||||||||
Self-insurance reserves | — | 5,757 | 1,742 | 16,154 | — | 23,653 | ||||||||||||||||||
Other accrued liabilities | 1,146 | 2,993 | 181 | 1,201 | — | 5,521 | ||||||||||||||||||
270,242 | 222,387 | 38,812 | 358,184 | (730,826 | ) | 158,799 | ||||||||||||||||||
Deferred Tax Liability | — | — | 57,704 | 131,648 | (31,239 | ) | 158,113 | |||||||||||||||||
Derivative Liability | 15,610 | 11,052 | — | — | — | 26,662 | ||||||||||||||||||
Other Liabilities | — | 7,858 | — | 3,432 | — | 11,290 | ||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | 352,668 | 251,961 | 14,221 | — | — | 618,850 | ||||||||||||||||||
Notes | 294,897 | 205,103 | 401,782 | — | — | 901,782 | ||||||||||||||||||
647,565 | 457,064 | 416,003 | — | — | 1,520,632 | |||||||||||||||||||
Equity | 139,131 | 272,431 | 134,875 | 1,110,993 | (1,518,299 | ) | 139,131 | |||||||||||||||||
$ | 1,072,548 | $ | 970,792 | $ | 647,394 | $ | 1,604,257 | $ | (2,280,364 | ) | $ | 2,014,627 |
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 | $ | 133,000 | $ | 2,293 | $ | 36,187 | $ | 12,002 | $ | — | $ | 183,482 | ||||||||||||
Receivables | 12 | 124,478 | 70,303 | 589,797 | (742,056 | ) | 42,534 | |||||||||||||||||
Inventories | — | 1,578 | 2,090 | 25,648 | — | 29,316 | ||||||||||||||||||
Current deferred tax asset | — | 3,708 | 816 | 3,661 | — | 8,185 | ||||||||||||||||||
Other current assets | 995 | 3,558 | 1,275 | 3,798 | — | 9,626 | ||||||||||||||||||
134,007 | 135,615 | 110,671 | 634,906 | (742,056 | ) | 273,143 | ||||||||||||||||||
Property and Equipment (net) | 450,205 | 985 | 248,484 | 815,000 | — | 1,514,674 | ||||||||||||||||||
Investment in Park | 548,241 | 824,356 | 143,548 | 81,719 | (1,597,864 | ) | — | |||||||||||||||||
Goodwill | 9,061 | — | 121,657 | 111,218 | — | 241,936 | ||||||||||||||||||
Other Intangibles, net | — | — | 17,228 | 22,797 | — | 40,025 | ||||||||||||||||||
Deferred Tax Asset | — | 30,316 | — | 90 | (30,406 | ) | — | |||||||||||||||||
Other Assets | 13,196 | 9,031 | 6,902 | 2,140 | — | 31,269 | ||||||||||||||||||
$ | 1,154,710 | $ | 1,000,303 | $ | 648,490 | $ | 1,667,870 | $ | (2,370,326 | ) | $ | 2,101,047 | ||||||||||||
LIABILITIES AND PARTNERS’ EQUITY | ||||||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||||||
Current maturities of long-term debt | $ | 3,590 | $ | 2,565 | $ | 145 | $ | — | $ | — | $ | 6,300 | ||||||||||||
Accounts payable | 281,983 | 159,781 | 7,802 | 314,367 | (742,056 | ) | 21,877 | |||||||||||||||||
Deferred revenue | — | — | 1,951 | 35,676 | — | 37,627 | ||||||||||||||||||
Accrued interest | 2,677 | 1,593 | 5,983 | — | — | 10,253 | ||||||||||||||||||
Accrued taxes | 5,413 | 29,386 | — | 4,594 | — | 39,393 | ||||||||||||||||||
Accrued salaries, wages and benefits | 1 | 27,622 | 2,154 | 9,844 | — | 39,621 | ||||||||||||||||||
Self-insurance reserves | — | 5,545 | 1,896 | 16,647 | — | 24,088 | ||||||||||||||||||
Other accrued liabilities | 991 | 4,077 | 694 | 1,856 | — | 7,618 | ||||||||||||||||||
294,655 | 230,569 | 20,625 | 382,984 | (742,056 | ) | 186,777 | ||||||||||||||||||
Deferred Tax Liability | — | — | 61,143 | 126,866 | (30,406 | ) | 157,603 | |||||||||||||||||
Derivative Liability | 18,407 | 13,239 | — | — | — | 31,646 | ||||||||||||||||||
Other Liabilities | — | 5,573 | — | 3,500 | — | 9,073 | ||||||||||||||||||
Long-Term Debt: | ||||||||||||||||||||||||
Term debt | 354,534 | 253,294 | 14,297 | — | — | 622,125 | ||||||||||||||||||
Notes | 294,897 | 205,103 | 401,606 | — | — | 901,606 | ||||||||||||||||||
649,431 | 458,397 | 415,903 | — | — | 1,523,731 | |||||||||||||||||||
Equity | 192,217 | 292,525 | 150,819 | 1,154,520 | (1,597,864 | ) | 192,217 | |||||||||||||||||
$ | 1,154,710 | $ | 1,000,303 | $ | 648,490 | $ | 1,667,870 | $ | (2,370,326 | ) | $ | 2,101,047 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 85,161 | $ | 158,384 | $ | 76,325 | $ | 516,002 | $ | (240,554 | ) | $ | 595,318 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | 2,622 | 5,743 | 38,447 | — | 46,812 | ||||||||||||||||||
Operating expenses | 1,248 | 77,814 | 17,561 | 322,580 | (240,554 | ) | 178,649 | |||||||||||||||||
Selling, general and administrative | 1,307 | 35,241 | 5,082 | 15,575 | — | 57,205 | ||||||||||||||||||
Depreciation and amortization | 19,709 | 166 | 8,685 | 29,684 | — | 58,244 | ||||||||||||||||||
Gain on sale of other assets | — | — | — | — | — | — | ||||||||||||||||||
(Gain) loss on impairment / retirement of fixed assets, net | 532 | 1 | 229 | 713 | — | 1,475 | ||||||||||||||||||
22,796 | 115,844 | 37,300 | 406,999 | (240,554 | ) | 342,385 | ||||||||||||||||||
Operating income (loss) | 62,365 | 42,540 | 39,025 | 109,003 | — | 252,933 | ||||||||||||||||||
Interest expense (income), net | 10,622 | 7,073 | 6,243 | (2,492 | ) | — | 21,446 | |||||||||||||||||
Net effect of swaps | (666 | ) | (421 | ) | — | — | — | (1,087 | ) | |||||||||||||||
Loss on early debt extinguishment | — | — | (246 | ) | — | — | (246 | ) | ||||||||||||||||
Unrealized / realized foreign currency gain | — | — | 21,515 | — | — | 21,515 | ||||||||||||||||||
Other (income) expense | 187 | (2,415 | ) | 531 | 1,697 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (114,725 | ) | (58,671 | ) | (14,629 | ) | (23,774 | ) | 211,799 | — | ||||||||||||||
Income (loss) before taxes | 166,947 | 96,974 | 25,611 | 133,572 | (211,799 | ) | 211,305 | |||||||||||||||||
Provision (benefit) for taxes | 5,045 | 12,717 | 1,836 | 29,805 | — | 49,403 | ||||||||||||||||||
Net income (loss) | $ | 161,902 | $ | 84,257 | $ | 23,775 | $ | 103,767 | $ | (211,799 | ) | $ | 161,902 | |||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 2,975 | — | 2,975 | — | (2,975 | ) | 2,975 | |||||||||||||||||
Unrealized income (loss) on cash flow hedging derivatives | 2,726 | 807 | — | — | (807 | ) | 2,726 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | 5,701 | 807 | 2,975 | — | (3,782 | ) | 5,701 | |||||||||||||||||
Total Comprehensive Income (loss) | $ | 167,603 | $ | 85,064 | $ | 26,750 | $ | 103,767 | $ | (215,581 | ) | $ | 167,603 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 83,285 | $ | 161,866 | $ | 82,265 | $ | 509,467 | $ | (244,807 | ) | $ | 592,076 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | — | 6,082 | 39,761 | — | 45,843 | ||||||||||||||||||
Operating expenses | 1,669 | 76,468 | 19,042 | 318,022 | (244,807 | ) | 170,394 | |||||||||||||||||
Selling, general and administrative | 1,796 | 38,083 | 4,781 | 14,067 | — | 58,727 | ||||||||||||||||||
Depreciation and amortization | 18,306 | 10 | 8,979 | 30,200 | — | 57,495 | ||||||||||||||||||
Gain on sale of other assets | — | — | — | (8,743 | ) | — | (8,743 | ) | ||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 368 | — | 1 | 1,268 | — | 1,637 | ||||||||||||||||||
22,139 | 114,561 | 38,885 | 394,575 | (244,807 | ) | 325,353 | ||||||||||||||||||
Operating income | 61,146 | 47,305 | 43,380 | 114,892 | — | 266,723 | ||||||||||||||||||
Interest expense, net | 10,858 | 6,901 | 9,731 | (1,978 | ) | — | 25,512 | |||||||||||||||||
Net effect of swaps | 810 | 567 | — | — | — | 1,377 | ||||||||||||||||||
Unrealized / realized foreign currency loss | — | — | (8,615 | ) | — | — | (8,615 | ) | ||||||||||||||||
Other (income) expense | 188 | (2,129 | ) | 584 | 1,357 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (146,054 | ) | (78,714 | ) | (13,606 | ) | (40,904 | ) | 279,278 | — | ||||||||||||||
Income (loss) before taxes | 195,344 | 120,680 | 55,286 | 156,417 | (279,278 | ) | 248,449 | |||||||||||||||||
Provision (benefit) for taxes | 4,920 | 14,537 | 14,390 | 24,178 | — | 58,025 | ||||||||||||||||||
Net income (loss) | $ | 190,424 | $ | 106,143 | $ | 40,896 | $ | 132,239 | $ | (279,278 | ) | $ | 190,424 | |||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | (699 | ) | — | (699 | ) | — | 699 | (699 | ) | |||||||||||||||
Unrealized income (loss) on cash flow hedging derivatives | (2,761 | ) | (1,202 | ) | — | — | 1,202 | (2,761 | ) | |||||||||||||||
Other comprehensive income (loss), (net of tax) | (3,460 | ) | (1,202 | ) | (699 | ) | — | 1,901 | (3,460 | ) | ||||||||||||||
Total Comprehensive Income (loss) | $ | 186,964 | $ | 104,941 | $ | 40,197 | $ | 132,239 | $ | (277,377 | ) | $ | 186,964 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 133,000 | $ | 246,800 | $ | 110,354 | $ | 884,327 | $ | (375,683 | ) | $ | 998,798 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | 2,701 | 8,625 | 71,561 | — | 82,887 | ||||||||||||||||||
Operating expenses | 3,908 | 155,169 | 39,622 | 583,175 | (375,683 | ) | 406,191 | |||||||||||||||||
Selling, general and administrative | 4,170 | 79,408 | 9,841 | 31,807 | — | 125,226 | ||||||||||||||||||
Depreciation and amortization | 34,194 | 269 | 15,187 | 59,875 | — | 109,525 | ||||||||||||||||||
Gain on sale of other assets | — | — | — | (921 | ) | — | (921 | ) | ||||||||||||||||
Loss (gain) on impairment / retirement of fixed assets, net | 781 | — | 229 | 1,677 | — | 2,687 | ||||||||||||||||||
43,053 | 237,547 | 73,504 | 747,174 | (375,683 | ) | 725,595 | ||||||||||||||||||
Operating income | 89,947 | 9,253 | 36,850 | 137,153 | — | 273,203 | ||||||||||||||||||
Interest expense (income), net | 31,354 | 21,438 | 27,644 | (6,430 | ) | — | 74,006 | |||||||||||||||||
Net effect of swaps | (650 | ) | (381 | ) | — | — | — | (1,031 | ) | |||||||||||||||
Loss on early debt extinguishment | — | — | 29,027 | — | — | 29,027 | ||||||||||||||||||
Unrealized / realized foreign currency gain | — | — | 22,597 | — | — | 22,597 | ||||||||||||||||||
Other (income) expense | 562 | (8,104 | ) | 1,436 | 6,106 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (72,051 | ) | (33,249 | ) | (21,141 | ) | 6,399 | 120,042 | — | |||||||||||||||
Income (loss) before taxes | 130,732 | 29,549 | (22,713 | ) | 131,078 | (120,042 | ) | 148,604 | ||||||||||||||||
Provision (benefit) for taxes | 8,468 | (1,186 | ) | (16,315 | ) | 35,373 | — | 26,340 | ||||||||||||||||
Net loss | $ | 122,264 | $ | 30,735 | $ | (6,398 | ) | $ | 95,705 | $ | (120,042 | ) | $ | 122,264 | ||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 2,279 | — | 2,279 | — | (2,279 | ) | 2,279 | |||||||||||||||||
Unrealized income (loss) on cash flow hedging derivatives | (165 | ) | (10 | ) | — | — | 10 | (165 | ) | |||||||||||||||
Other comprehensive income (loss), (net of tax) | 2,114 | (10 | ) | 2,279 | — | (2,269 | ) | 2,114 | ||||||||||||||||
Total Comprehensive Loss | $ | 124,378 | $ | 30,725 | $ | (4,119 | ) | $ | 95,705 | $ | (122,311 | ) | $ | 124,378 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 131,528 | $ | 255,595 | $ | 117,508 | $ | 877,450 | $ | (386,586 | ) | $ | 995,495 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | — | 9,076 | 72,857 | — | 81,933 | ||||||||||||||||||
Operating expenses | 4,500 | 150,320 | 40,569 | 579,532 | (386,586 | ) | 388,335 | |||||||||||||||||
Selling, general and administrative | 4,310 | 81,584 | 9,360 | 30,279 | — | 125,533 | ||||||||||||||||||
Depreciation and amortization | 31,672 | 28 | 15,797 | 60,816 | — | 108,313 | ||||||||||||||||||
(Gain) on sale of other assets | — | — | — | (8,743 | ) | — | (8,743 | ) | ||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 404 | — | 479 | 1,383 | — | 2,266 | ||||||||||||||||||
40,886 | 231,932 | 75,281 | 736,124 | (386,586 | ) | 697,637 | ||||||||||||||||||
Operating income (loss) | 90,642 | 23,663 | 42,227 | 141,326 | — | 297,858 | ||||||||||||||||||
Interest expense, net | 31,580 | 21,824 | 29,338 | (5,715 | ) | — | 77,027 | |||||||||||||||||
Net effect of swaps | 5,067 | 3,248 | — | — | — | 8,315 | ||||||||||||||||||
Loss on early debt extinguishment | 21,175 | 12,781 | 617 | — | — | 34,573 | ||||||||||||||||||
Unrealized / realized foreign currency loss | — | — | 15,229 | — | — | 15,229 | ||||||||||||||||||
Other (income) expense | 563 | (6,645 | ) | 1,967 | 4,115 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (104,833 | ) | (58,614 | ) | (18,318 | ) | (15,029 | ) | 196,794 | — | ||||||||||||||
Income (loss) before taxes | 137,090 | 51,069 | 13,394 | 157,955 | (196,794 | ) | 162,714 | |||||||||||||||||
Provision (benefit) for taxes | 8,402 | (2,444 | ) | (1,596 | ) | 29,664 | — | 34,026 | ||||||||||||||||
Net loss | $ | 128,688 | $ | 53,513 | $ | 14,990 | $ | 128,291 | $ | (196,794 | ) | $ | 128,688 | |||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 1,194 | — | 1,194 | — | (1,194 | ) | 1,194 | |||||||||||||||||
Unrealized income (loss) on cash flow hedging derivatives | 7,803 | 1,836 | — | — | (1,836 | ) | 7,803 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | 8,997 | 1,836 | 1,194 | — | (3,030 | ) | 8,997 | |||||||||||||||||
Total Comprehensive Loss | $ | 137,685 | $ | 55,349 | $ | 16,184 | $ | 128,291 | $ | (199,824 | ) | $ | 137,685 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 153,941 | $ | 287,282 | $ | 120,538 | $ | 1,013,346 | $ | (437,232 | ) | $ | 1,137,875 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | 2,701 | 8,871 | 81,154 | — | 92,726 | ||||||||||||||||||
Operating expenses | 5,411 | 188,453 | 46,823 | 686,745 | (437,232 | ) | 490,200 | |||||||||||||||||
Selling, general and administrative | 5,577 | 98,649 | 11,465 | 36,414 | — | 152,105 | ||||||||||||||||||
Depreciation and amortization | 39,329 | 278 | 16,723 | 67,369 | — | 123,699 | ||||||||||||||||||
(Gain) on sale of other assets | — | — | — | (921 | ) | — | (921 | ) | ||||||||||||||||
Loss on impairment / retirement of fixed assets, net | 801 | — | 229 | 1,930 | — | 2,960 | ||||||||||||||||||
51,118 | 290,081 | 84,111 | 872,691 | (437,232 | ) | 860,769 | ||||||||||||||||||
Operating income | 102,823 | (2,799 | ) | 36,427 | 140,655 | — | 277,106 | |||||||||||||||||
Interest (income) expense, net | 42,404 | 28,489 | 37,682 | (8,679 | ) | — | 99,896 | |||||||||||||||||
Net effect of swaps | (1,527 | ) | (936 | ) | — | — | — | (2,463 | ) | |||||||||||||||
Loss on early debt extinguishment | — | — | 29,027 | — | — | 29,027 | ||||||||||||||||||
Unrealized / realized foreign currency loss | — | — | 36,309 | — | — | 36,309 | ||||||||||||||||||
Other (income) expense | 749 | (12,716 | ) | 3,148 | 8,819 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (50,775 | ) | (12,155 | ) | (20,261 | ) | 23,905 | 59,286 | — | |||||||||||||||
Income (loss) before taxes | 111,972 | (5,481 | ) | (49,478 | ) | 116,610 | (59,286 | ) | 114,337 | |||||||||||||||
Provision (benefit) for taxes | 10,192 | (10,875 | ) | (25,575 | ) | 38,815 | — | 12,557 | ||||||||||||||||
Net income (loss) | $ | 101,780 | $ | 5,394 | $ | (23,903 | ) | $ | 77,795 | $ | (59,286 | ) | $ | 101,780 | ||||||||||
Other comprehensive income, (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 3,841 | — | 3,841 | — | (3,841 | ) | 3,841 | |||||||||||||||||
Unrealized income on cash flow hedging derivatives | 2,768 | 1,002 | — | — | (1,002 | ) | 2,768 | |||||||||||||||||
Other comprehensive income, (net of tax) | 6,609 | 1,002 | 3,841 | — | (4,843 | ) | 6,609 | |||||||||||||||||
Total Comprehensive Income (loss) | $ | 108,389 | $ | 6,396 | $ | (20,062 | ) | $ | 77,795 | $ | (64,129 | ) | $ | 108,389 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
Net revenues | $ | 152,379 | $ | 292,510 | $ | 127,485 | $ | 996,647 | $ | (444,321 | ) | $ | 1,124,700 | |||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Cost of food, merchandise, and games revenues | — | — | 9,404 | 83,651 | — | 93,055 | ||||||||||||||||||
Operating expenses | 5,739 | 179,465 | 48,104 | 669,919 | (444,321 | ) | 458,906 | |||||||||||||||||
Selling, general and administrative | 5,964 | 97,351 | 10,618 | 34,423 | — | 148,356 | ||||||||||||||||||
Depreciation and amortization | 35,896 | 40 | 17,581 | 68,891 | — | 122,408 | ||||||||||||||||||
(Gain) on sale of other assets | — | — | — | (15,368 | ) | — | (15,368 | ) | ||||||||||||||||
Loss (gain) on impairment / retirement of fixed assets, net | 1,318 | — | 476 | 6,578 | — | 8,372 | ||||||||||||||||||
48,917 | 276,856 | 86,183 | 848,094 | (444,321 | ) | 815,729 | ||||||||||||||||||
Operating income | 103,462 | 15,654 | 41,302 | 148,553 | — | 308,971 | ||||||||||||||||||
Interest expense, net | 43,667 | 29,195 | 39,310 | (8,465 | ) | — | 103,707 | |||||||||||||||||
Net effect of swaps | 4,964 | 3,177 | — | — | — | 8,141 | ||||||||||||||||||
Loss on early debt extinguishment | 21,175 | 12,781 | 617 | — | — | 34,573 | ||||||||||||||||||
Unrealized / realized foreign currency loss | — | — | 20,157 | — | — | 20,157 | ||||||||||||||||||
Other (income) expense | 751 | (9,033 | ) | 2,766 | 5,516 | — | — | |||||||||||||||||
(Income) loss from investment in affiliates | (95,234 | ) | (51,316 | ) | (18,019 | ) | (8,239 | ) | 172,808 | — | ||||||||||||||
Income before taxes | 128,139 | 30,850 | (3,529 | ) | 159,741 | (172,808 | ) | 142,393 | ||||||||||||||||
Provision (benefit) for taxes | 9,776 | (8,530 | ) | (11,708 | ) | 34,492 | — | 24,030 | ||||||||||||||||
Net income | $ | 118,363 | $ | 39,380 | $ | 8,179 | $ | 125,249 | $ | (172,808 | ) | $ | 118,363 | |||||||||||
Other comprehensive income (loss), (net of tax): | ||||||||||||||||||||||||
Cumulative foreign currency translation adjustment | 2,814 | — | 2,814 | — | (2,814 | ) | 2,814 | |||||||||||||||||
Unrealized income (loss) on cash flow hedging derivatives | 9,740 | 2,385 | — | — | (2,385 | ) | 9,740 | |||||||||||||||||
Other comprehensive income (loss), (net of tax) | 12,554 | 2,385 | 2,814 | — | (5,199 | ) | 12,554 | |||||||||||||||||
Total Comprehensive Income | $ | 130,917 | $ | 41,765 | $ | 10,993 | $ | 125,249 | $ | (178,007 | ) | $ | 130,917 |
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM OPERATING ACTIVITIES | $ | 122,796 | $ | 11,832 | $ | 14,637 | $ | 164,278 | $ | (1,824 | ) | $ | 311,719 | |||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables receipts | — | 13,794 | — | (77,332 | ) | 63,538 | — | |||||||||||||||||
Sale of other assets | — | — | — | 1,377 | — | 1,377 | ||||||||||||||||||
Capital expenditures | (55,105 | ) | (257 | ) | (14,394 | ) | (67,257 | ) | — | (137,013 | ) | |||||||||||||
Net cash from investing activities | (55,105 | ) | 13,537 | (14,394 | ) | (143,212 | ) | 63,538 | (135,636 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Note borrowings | — | — | 450,000 | — | — | 450,000 | ||||||||||||||||||
Note payments, including amounts paid for early termination | — | — | (426,148 | ) | — | — | (426,148 | ) | ||||||||||||||||
Distributions paid | (119,292 | ) | — | — | — | 1,824 | (117,468 | ) | ||||||||||||||||
Payment of debt issuance costs | — | — | (9,795 | ) | — | — | (9,795 | ) | ||||||||||||||||
Intercompany payables (payments) receipts | 100,601 | (26,534 | ) | 3,486 | (14,015 | ) | (63,538 | ) | — | |||||||||||||||
Excess tax benefit from unit-based compensation expense | — | (785 | ) | — | — | — | (785 | ) | ||||||||||||||||
Net cash (for) financing activities | (18,691 | ) | (27,319 | ) | 17,543 | (14,015 | ) | (61,714 | ) | (104,196 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (569 | ) | — | — | (569 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | 49,000 | (1,950 | ) | 17,217 | 7,051 | — | 71,318 | |||||||||||||||||
Balance, beginning of period | 75,000 | 4,144 | 35,575 | 3,337 | — | 118,056 | ||||||||||||||||||
Balance, end of period | $ | 124,000 | $ | 2,194 | $ | 52,792 | $ | 10,388 | $ | — | $ | 189,374 | ||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | ||||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 140,022 | $ | 40,030 | $ | 10,864 | $ | 139,212 | $ | (13,173 | ) | $ | 316,955 | ||||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | |||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | 41,768 | — | (55,439 | ) | 13,671 | — | ||||||||||||||||||
Sale of other assets | — | — | — | 15,297 | — | 15,297 | |||||||||||||||||||
Capital expenditures | (43,568 | ) | — | (5,517 | ) | (48,449 | ) | — | (97,534 | ) | |||||||||||||||
Net cash from (for) investing activities | (43,568 | ) | 41,768 | (5,517 | ) | (88,591 | ) | 13,671 | (82,237 | ) | |||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | |||||||||||||||||||||||||
Term debt borrowings | 359,022 | 256,500 | — | 14,478 | — | — | 630,000 | ||||||||||||||||||
Note borrowings | 294,897 | 205,103 | — | — | — | 500,000 | |||||||||||||||||||
Payment of debt issuance costs | (14,332 | ) | (8,028 | ) | (452 | ) | — | — | (22,812 | ) | |||||||||||||||
Term debt payments, including amounts paid for early termination | (655,723 | ) | (462,438 | ) | (14,514 | ) | — | — | (1,132,675 | ) | |||||||||||||||
Distributions/dividends (paid) received | (107,013 | ) | 2,555 | (13,173 | ) | — | 13,173 | (104,458 | ) | ||||||||||||||||
Intercompany payables (payments) receipts | 134,695 | (73,536 | ) | (5,656 | ) | (41,832 | ) | (13,671 | ) | — | |||||||||||||||
Exercise of limited partnership unit options | — | 43 | — | — | — | 43 | |||||||||||||||||||
Excess tax benefit from unit-based compensation expense | — | (148 | ) | — | — | — | (148 | ) | |||||||||||||||||
Net cash (for) financing activities | 11,546 | (79,949 | ) | (19,317 | ) | (41,832 | ) | (498 | ) | (130,050 | ) | ||||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (16 | ) | — | — | (16 | ) | |||||||||||||||||
CASH AND CASH EQUIVALENTS | |||||||||||||||||||||||||
Net increase for the period | 108,000 | 1,849 | (13,986 | ) | 8,789 | — | 104,652 | ||||||||||||||||||
Balance, beginning of period | 25,000 | 444 | 50,173 | 3,213 | — | 78,830 | |||||||||||||||||||
Balance, end of period | $ | 133,000 | $ | 2,293 | $ | 36,187 | $ | 12,002 | $ | — | $ | 183,482 | |||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM OPERATING ACTIVITIES | $ | 145,424 | $ | (4,845 | ) | $ | 16,902 | $ | 163,482 | $ | (2,966 | ) | $ | 317,997 | ||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables (payments) receipts | — | 16,049 | — | (77,029 | ) | 60,980 | — | |||||||||||||||||
Sale of other assets | — | — | — | 1,377 | — | 1,377 | ||||||||||||||||||
Capital expenditures | (67,790 | ) | (257 | ) | (18,851 | ) | (73,174 | ) | — | (160,072 | ) | |||||||||||||
Net cash (for) investing activities | (67,790 | ) | 15,792 | (18,851 | ) | (148,826 | ) | 60,980 | (158,695 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Note borrowings | — | — | 450,000 | — | — | 450,000 | ||||||||||||||||||
Term debt payments, including amounts paid for early termination | (5,457 | ) | (3,898 | ) | (220 | ) | — | — | (9,575 | ) | ||||||||||||||
Note payments, including amounts paid for early termination | — | — | (426,148 | ) | — | — | (426,148 | ) | ||||||||||||||||
Distributions paid | (159,433 | ) | — | — | — | 2,966 | (156,467 | ) | ||||||||||||||||
Intercompany payables (payments) receipts | 78,459 | (7,234 | ) | 6,025 | (16,270 | ) | (60,980 | ) | — | |||||||||||||||
Excess tax benefit from unit-based compensation expense | — | 218 | — | — | — | 218 | ||||||||||||||||||
Payment of debt issuance costs | (203 | ) | (142 | ) | (9,887 | ) | — | — | (10,232 | ) | ||||||||||||||
Exercise of limited partnership unit options | — | 10 | — | — | — | 10 | ||||||||||||||||||
Net cash (for) financing activities | (86,634 | ) | (11,046 | ) | 19,770 | (16,270 | ) | (58,014 | ) | (152,194 | ) | |||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (1,216 | ) | — | — | (1,216 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | (9,000 | ) | (99 | ) | 16,605 | (1,614 | ) | — | 5,892 | |||||||||||||||
Balance, beginning of period | 133,000 | 2,293 | 36,187 | 12,002 | — | 183,482 | ||||||||||||||||||
Balance, end of period | $ | 124,000 | $ | 2,194 | $ | 52,792 | $ | 10,388 | $ | — | $ | 189,374 | ||||||||||||
Cedar Fair L.P. (Parent) | Co-Issuer Subsidiary (Magnum) | Co-Issuer Subsidiary (Cedar Canada) | Guarantor Subsidiaries | Eliminations | Total | |||||||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES | $ | 212,330 | $ | (34,618 | ) | $ | 19,455 | $ | 140,854 | $ | (13,173 | ) | $ | 324,848 | ||||||||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES | ||||||||||||||||||||||||
Intercompany receivables payments | — | 46,143 | — | (60,099 | ) | 13,956 | — | |||||||||||||||||
Sale of other assets | — | — | — | 30,182 | — | 30,182 | ||||||||||||||||||
Capital expenditures | (47,938 | ) | (1 | ) | (5,532 | ) | (63,290 | ) | — | (116,761 | ) | |||||||||||||
Net cash from (for) investing activities | (47,938 | ) | 46,142 | (5,532 | ) | (93,207 | ) | 13,956 | (86,579 | ) | ||||||||||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES | ||||||||||||||||||||||||
Term debt borrowings | 359,022 | 256,500 | 14,478 | — | — | 630,000 | ||||||||||||||||||
Note borrowings | 294,897 | 205,103 | — | — | — | 500,000 | ||||||||||||||||||
Term debt payments, including amounts paid for early termination | (655,723 | ) | (462,438 | ) | (14,514 | ) | — | — | (1,132,675 | ) | ||||||||||||||
Distributions/dividends (paid) received | (129,277 | ) | 2,571 | (13,173 | ) | — | 13,173 | (126,706 | ) | |||||||||||||||
Intercompany payables (payments) receipts | 71,020 | (6,760 | ) | (4,098 | ) | (46,206 | ) | (13,956 | ) | — | ||||||||||||||
Payment of debt issuance costs | (14,331 | ) | (8,028 | ) | (453 | ) | — | — | (22,812 | ) | ||||||||||||||
Exercise of limited partnership unit options | — | 43 | — | — | — | 43 | ||||||||||||||||||
Excess tax benefit from unit-based compensation | — | 1,515 | — | — | — | 1,515 | ||||||||||||||||||
Net cash from (for) financing activities | (74,392 | ) | (11,494 | ) | (17,760 | ) | (46,206 | ) | (783 | ) | (150,635 | ) | ||||||||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | — | — | (254 | ) | — | — | (254 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS | ||||||||||||||||||||||||
Net increase (decrease) for the period | 90,000 | 30 | (4,091 | ) | 1,441 | — | 87,380 | |||||||||||||||||
Balance, beginning of period | 43,000 | 2,263 | 40,278 | 10,561 | — | 96,102 | ||||||||||||||||||
Balance, end of period | $ | 133,000 | $ | 2,293 | $ | 36,187 | $ | 12,002 | $ | — | $ | 183,482 |
• | Income Taxes |
Three months ended | Nine months ended | Twelve months ended | ||||||||||||||||||||||
9/28/2014 | 9/29/2013 | 9/28/2014 | 9/29/2013 | 9/28/2014 | 9/29/2013 | |||||||||||||||||||
(13 weeks) | (13 weeks) | (39 weeks) | (39 weeks) | (52 weeks) | (52 weeks) | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Net income | $ | 161,902 | $ | 190,424 | $ | 122,264 | $ | 128,688 | $ | 101,780 | $ | 118,363 | ||||||||||||
Interest expense | 21,462 | 25,529 | 74,101 | 77,153 | 100,019 | 103,870 | ||||||||||||||||||
Interest income | (16 | ) | (17 | ) | (95 | ) | (126 | ) | (123 | ) | (163 | ) | ||||||||||||
Provision for taxes | 49,403 | 58,025 | 26,340 | 34,026 | 12,557 | 24,030 | ||||||||||||||||||
Depreciation and amortization | 58,244 | 57,495 | 109,525 | 108,313 | 123,699 | 122,408 | ||||||||||||||||||
EBITDA | 290,995 | 331,456 | 332,135 | 348,054 | 337,932 | 368,508 | ||||||||||||||||||
Loss (gain) on early extinguishment of debt | (246 | ) | — | 29,027 | 34,573 | 29,027 | 34,573 | |||||||||||||||||
Net effect of swaps | (1,087 | ) | 1,377 | (1,031 | ) | 8,315 | (2,463 | ) | 8,141 | |||||||||||||||
Unrealized foreign currency (gain) loss | 21,503 | (8,385 | ) | 22,523 | 15,371 | 36,237 | 20,298 | |||||||||||||||||
Non-cash equity expense | 1,592 | 843 | 8,369 | 4,645 | 9,259 | 5,280 | ||||||||||||||||||
Loss on impairment/retirement of fixed assets, net | 1,475 | 1,637 | 2,687 | 2,266 | 2,960 | 8,372 | ||||||||||||||||||
Gain on sale of other assets | — | (8,743 | ) | (921 | ) | (8,743 | ) | (921 | ) | (15,368 | ) | |||||||||||||
Other non-recurring items (as defined) (1) | 1,377 | 197 | 1,935 | 705 | 2,937 | 859 | ||||||||||||||||||
Adjusted EBITDA | $ | 315,609 | $ | 318,382 | $ | 394,724 | $ | 405,186 | $ | 414,968 | $ | 430,663 | ||||||||||||
(1) The Company's 2013 Credit Agreement references certain costs as non-recurring or unusual. These items are excluded in the calculation of Adjusted EBITDA and have included certain litigation expenses, contract termination costs, and severance expense. |
Nine months ended | Nine months ended | Increase (Decrease) | |||||||||||||
9/28/2014 | 9/29/2013 | $ | % | ||||||||||||
(39 weeks) | (39 weeks) | ||||||||||||||
(Amounts in thousands) | |||||||||||||||
Net revenues | $ | 998,798 | $ | 995,495 | $ | 3,303 | N/M | ||||||||
Operating costs and expenses | 614,304 | 595,801 | 18,503 | 3.1 | % | ||||||||||
Depreciation and amortization | 109,525 | 108,313 | 1,212 | 1.1 | % | ||||||||||
Loss on impairment / retirement of fixed assets | 2,687 | 2,266 | 421 | N/M | |||||||||||
Gain on sale of other assets | (921 | ) | (8,743 | ) | 7,822 | N/M | |||||||||
Operating income | $ | 273,203 | $ | 297,858 | $ | (24,655 | ) | (8.3 | )% | ||||||
N/M - not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA | $ | 394,724 | $ | 405,186 | $ | (10,462 | ) | (2.6 | )% | ||||||
Adjusted EBITDA margin | 39.5 | % | 40.7 | % | — | (1.2 | )% | ||||||||
Attendance | 20,272 | 20,652 | (380 | ) | (1.8 | )% | |||||||||
Per capita spending | $ | 45.41 | $ | 44.24 | $ | 1.17 | 2.6 | % | |||||||
Out-of-park revenues | $ | 103,820 | $ | 106,801 | $ | (2,981 | ) | (2.8 | )% |
Three months ended | Three months ended | Increase (Decrease) | |||||||||||||
9/28/2014 | 9/29/2013 | $ | % | ||||||||||||
(13 weeks) | (13 weeks) | ||||||||||||||
(Amounts in thousands) | |||||||||||||||
Net revenues | $ | 595,318 | $ | 592,076 | $ | 3,242 | 0.5 | % | |||||||
Operating costs and expenses | 282,666 | 274,964 | 7,702 | 2.8 | % | ||||||||||
Depreciation and amortization | 58,244 | 57,495 | 749 | 1.3 | % | ||||||||||
Loss on impairment / retirement of fixed assets | 1,475 | 1,637 | (162 | ) | N/M | ||||||||||
Gain on sale of other assets | — | (8,743 | ) | 8,743 | N/M | ||||||||||
Operating income | $ | 252,933 | $ | 266,723 | $ | (13,790 | ) | (5.2 | )% | ||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA | $ | 315,609 | $ | 318,382 | $ | (2,773 | ) | (0.9 | )% | ||||||
Attendance | 11,849 | 11,975 | (126 | ) | (1.1 | )% | |||||||||
Per capita spending | $ | 46.58 | $ | 45.73 | $ | 0.85 | 1.9 | % | |||||||
Out-of-park revenues | $ | 58,103 | $ | 58,690 | $ | (587 | ) | (1.0 | )% |
Twelve months ended | Twelve months ended | Increase (Decrease) | |||||||||||||
9/28/2014 | 9/29/2013 | $ | % | ||||||||||||
(52 weeks) | (52 weeks) | ||||||||||||||
(Amounts in thousands) | |||||||||||||||
Net revenues | $ | 1,137,875 | $ | 1,124,700 | $ | 13,175 | 1.2 | % | |||||||
Operating costs and expenses | 735,031 | 700,317 | 34,714 | 5.0 | % | ||||||||||
Depreciation and amortization | 123,699 | 122,408 | 1,291 | 1.1 | % | ||||||||||
Loss on impairment/retirement of fixed assets | 2,960 | 8,372 | (5,412 | ) | N/M | ||||||||||
Gain on sale of other assets | (921 | ) | (15,368 | ) | 14,447 | N/M | |||||||||
Operating income | $ | 277,106 | $ | 308,971 | $ | (31,865 | ) | (10.3 | )% | ||||||
N/M - Not meaningful | |||||||||||||||
Other Data: | |||||||||||||||
Adjusted EBITDA | $ | 414,968 | $ | 430,663 | $ | (15,695 | ) | (3.6 | )% | ||||||
Adjusted EBITDA margin | 36.5 | % | 38.3 | % | — | (1.8 | )% | ||||||||
Attendance | 23,139 | 23,263 | (124 | ) | (0.5 | )% | |||||||||
Per capita spending | $ | 45.18 | $ | 44.13 | 1.05 | 2.4 | % | ||||||||
Out-of-park revenues | $ | 121,184 | $ | 124,041 | $ | (2,857 | ) | (2.3 | )% |
• | $450 million of 5.375% senior unsecured notes, maturing in 2024, issued at par. The notes may be redeemed, in whole or in part, at any time prior to June 1, 2019 at a price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to June 1, 2017, 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% together with accrued and unpaid interest. The notes pay interest semi-annually in June and December. |
• | $500 million of 5.25% senior unsecured notes, maturing in 2021, issued at par. The notes may be redeemed, in whole or in part, at any time prior to March 15, 2016 at a price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to March 15, 2016, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 105.25% together with accrued and unpaid interest. These notes pay interest semi-annually in March and September. |
• | Senior secured term debt of $618.9 million, maturing in March 2020 under our 2013 Credit Agreement. The term debt bears interest at a rate of LIBOR plus 250 bps with a LIBOR floor of 75 bps. The term loan amortizes at $6.3 million annually. Due to a prepayment made during 2013, we only have current maturities totaling $4.6 million as of September 28, 2014. |
• | No borrowings under the $255 million senior secured revolving credit facility under our 2013 Credit Agreement. Under the 2013 Credit Agreement, the Canadian portion of the revolving credit facility has a sub-limit of $15 million. U.S. denominated and Canadian denominated loans made under the revolving credit facility bear interest at a rate of LIBOR plus 225 bps (with no LIBOR floor). The revolving credit facility is scheduled to mature in March 2018 and also provides for the issuance of documentary and standby letters of credit. The 2013 Credit Agreement requires that we pay a commitment fee of 38 bps per annum on the unused portion of the credit facilities. |
Exhibit (10.1) | Section 16 Officer Standard Form of Employment Contract. | |
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 Partnership's Quarterly Report on Form 10-Q for the quarter ended September 28, 2014 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: | November 6, 2014 | /s/ Matthew A. Ouimet | |
Matthew A. Ouimet | |||
President and Chief Executive Officer | |||
Date: | November 6, 2014 | /s/ Brian C. Witherow | |
Brian C. Witherow | |||
Executive Vice President and | |||
Chief Financial Officer |
Exhibit (10.1) | Section 16 Officer Standard Form of Employment Contract. | |
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 Partnership's Quarterly Report on Form 10-Q for the quarter ended September 28, 2014 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. | Employment. Magnum hereby agrees to employ Executive, and Executive hereby agrees to accept employment with Magnum, upon the terms and conditions contained in this Agreement. Executive’s employment with Magnum under the terms of this Agreement shall commence on the Effective Date and shall continue, subject to earlier termination of such employment pursuant to the terms hereof, until (and including) December 31, ___________________(the “Employment Period”). This Agreement shall automatically renew for a period of twenty four (24) months commencing January 1, _____________, and on every twenty four (24) month anniversary of January 1, _______ thereafter unless one of the parties provides written notice of intent to terminate not less than sixty (60) days prior to January 1, __________ or any such twenty four (24) month anniversary thereafter; provided, however, that Cedar Fair shall have the right to terminate this Agreement at any time, subject to the obligations to provide the benefits and make the payments provided herein. The term of Executive’s employment, as set forth herein and as it may be extended pursuant to this Section 1, is hereinafter referred to as the “Employment Period”. |
1. | General Release and Waiver of Claims. |
2. | No Admission of Liability. It is understood that nothing in this Agreement is to be construed as an admission on behalf of the Company Released Parties of any wrongdoing with respect to the Employee, any such wrongdoing being expressly denied. |
3. | Acknowledgement of Waiver and Release of Claims Under ADEA. |
4. | Miscellaneous. |
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: | November 6, 2014 | /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: | November 6, 2014 | /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 (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
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Sep. 28, 2014
|
Sep. 29, 2013
|
Sep. 28, 2014
|
Sep. 29, 2013
|
Jun. 03, 2014
Senior Unsecured Notes [Member]
Notes Payable Due 2024 [Domain]
|
Mar. 31, 2013
Senior Unsecured Notes [Member]
Notes Payable Due 2021 [Member] [Domain]
|
Sep. 28, 2014
Senior Unsecured Notes [Member]
Notes Payable Due 2021 and 2024 [Member]
|
Sep. 28, 2014
Cedar Fair L.P. (Parent) [Member]
|
Sep. 29, 2013
Cedar Fair L.P. (Parent) [Member]
|
Sep. 28, 2014
Cedar Fair L.P. (Parent) [Member]
|
Sep. 29, 2013
Cedar Fair L.P. (Parent) [Member]
|
Sep. 28, 2014
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
|
Sep. 29, 2013
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
|
Sep. 28, 2014
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
|
Sep. 29, 2013
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
|
Sep. 28, 2014
Co-Issuer Subsidiary (Cedar Canada) [Member]
|
Sep. 29, 2013
Co-Issuer Subsidiary (Cedar Canada) [Member]
|
Sep. 28, 2014
Co-Issuer Subsidiary (Cedar Canada) [Member]
|
Sep. 29, 2013
Co-Issuer Subsidiary (Cedar Canada) [Member]
|
Sep. 28, 2014
Guarantor Subsidiaries [Member]
|
Sep. 29, 2013
Guarantor Subsidiaries [Member]
|
Sep. 28, 2014
Guarantor Subsidiaries [Member]
|
Sep. 29, 2013
Guarantor Subsidiaries [Member]
|
Sep. 28, 2014
Eliminations [Member]
|
Sep. 29, 2013
Eliminations [Member]
|
Sep. 28, 2014
Eliminations [Member]
|
Sep. 29, 2013
Eliminations [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Cedar Fair L.P. (Parent) [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Cedar Fair L.P. (Parent) [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Co-Issuer Subsidiary (Cedar Canada) [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Co-Issuer Subsidiary (Cedar Canada) [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Guarantor Subsidiaries [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Guarantor Subsidiaries [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Eliminations [Member]
|
Sep. 29, 2013
Scenario, Previously Reported [Member]
Eliminations [Member]
|
Sep. 29, 2013
Scenario, Adjustment [Member]
|
Sep. 29, 2013
Scenario, Adjustment [Member]
|
Sep. 29, 2013
Scenario, Adjustment [Member]
Cedar Fair L.P. (Parent) [Member]
|
Sep. 29, 2013
Scenario, Adjustment [Member]
Cedar Fair L.P. (Parent) [Member]
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Sep. 29, 2013
Scenario, Adjustment [Member]
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
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Sep. 29, 2013
Scenario, Adjustment [Member]
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
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Sep. 29, 2013
Scenario, Adjustment [Member]
Co-Issuer Subsidiary (Cedar Canada) [Member]
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Sep. 29, 2013
Scenario, Adjustment [Member]
Co-Issuer Subsidiary (Cedar Canada) [Member]
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Sep. 29, 2013
Scenario, Adjustment [Member]
Guarantor Subsidiaries [Member]
|
Sep. 29, 2013
Scenario, Adjustment [Member]
Guarantor Subsidiaries [Member]
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Sep. 29, 2013
Scenario, Adjustment [Member]
Eliminations [Member]
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Sep. 29, 2013
Scenario, Adjustment [Member]
Eliminations [Member]
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Sep. 29, 2013
Scenario, Actual [Member]
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Sep. 29, 2013
Scenario, Actual [Member]
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Sep. 29, 2013
Scenario, Actual [Member]
Cedar Fair L.P. (Parent) [Member]
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Sep. 29, 2013
Scenario, Actual [Member]
Cedar Fair L.P. (Parent) [Member]
|
Sep. 29, 2013
Scenario, Actual [Member]
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
|
Sep. 29, 2013
Scenario, Actual [Member]
Guarantor Subsidiaries Co Issuer Subsidiary Magnum [Member]
|
Sep. 29, 2013
Scenario, Actual [Member]
Co-Issuer Subsidiary (Cedar Canada) [Member]
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Sep. 29, 2013
Scenario, Actual [Member]
Co-Issuer Subsidiary (Cedar Canada) [Member]
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Sep. 29, 2013
Scenario, Actual [Member]
Guarantor Subsidiaries [Member]
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Sep. 29, 2013
Scenario, Actual [Member]
Guarantor Subsidiaries [Member]
|
Sep. 29, 2013
Scenario, Actual [Member]
Eliminations [Member]
|
Sep. 29, 2013
Scenario, Actual [Member]
Eliminations [Member]
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Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash from operating activities | $ 311,719 | $ 316,955 | $ 317,997 | $ 324,848 | $ 122,796 | $ 140,022 | $ 145,424 | $ 212,330 | $ 11,832 | $ 40,030 | $ (4,845) | $ (34,618) | $ 14,637 | $ 10,864 | $ 16,902 | $ 19,455 | $ 164,278 | $ 139,212 | $ 163,482 | $ 140,854 | $ (1,824) | $ (13,173) | $ (2,966) | $ (13,173) | $ 316,955 | $ 324,848 | $ 337,821 | $ 258,843 | $ 60,434 | $ 42,367 | $ 21,615 | $ 32,927 | $ 66,757 | $ 52,457 | $ (169,672) | $ (61,746) | $ 316,955 | $ 324,848 | $ 140,022 | $ 212,330 | $ 40,030 | $ (34,618) | $ 10,864 | $ 19,455 | $ 139,212 | $ 140,854 | $ (13,173) | $ (13,173) | |||||||||||||||
Investment in Joint Venture Operating Activities | 0 | 0 | (63,105) | 24,507 | (52,172) | (37,602) | (29,579) | (30,743) | (24,816) | (17,908) | 169,672 | 61,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13,794 | 41,768 | 16,049 | 46,143 | 0 | 0 | 0 | 0 | (77,332) | (55,439) | (77,029) | (60,099) | 63,538 | 13,671 | 60,980 | 13,956 | 0 | 0 | 0 | 0 | (41,768) | (46,143) | 0 | 0 | 55,439 | 60,099 | (13,671) | (13,956) | |||||||||||||||||||||||||||
Intercompany payable | 0 | 0 | 0 | 0 | 100,601 | 134,695 | 78,459 | 71,020 | (26,534) | (73,536) | (7,234) | (6,760) | 3,486 | (5,656) | 6,025 | (4,098) | (14,015) | (41,832) | (16,270) | (46,206) | (63,538) | (13,671) | (60,980) | (13,956) | 0 | 0 | (134,694) | (71,020) | 73,536 | 6,760 | 5,655 | 4,098 | 41,832 | 46,206 | 13,671 | 13,956 | |||||||||||||||||||||||||||
Cash Dividend Paid to Parent | 0 | 0 | 0 | 0 | 0 | 0 | 13,173 | 13,173 | 0 | 0 | (13,173) | (13,173) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used in) Investing Activities | (135,636) | (82,237) | (158,695) | (86,579) | (55,105) | (43,568) | (67,790) | (47,938) | 13,537 | 41,768 | 15,792 | 46,142 | (14,394) | (5,517) | (18,851) | (5,532) | (143,212) | (88,591) | (148,826) | (93,207) | 63,538 | 13,671 | 60,980 | 13,956 | (82,237) | (86,579) | (106,673) | (23,431) | (52,172) | (37,603) | (35,096) | (36,275) | (57,968) | (51,016) | 169,672 | 61,746 | (82,237) | (86,579) | (43,568) | (47,938) | 41,768 | 46,142 | (5,517) | (5,532) | (88,591) | (93,207) | 13,671 | 13,956 | |||||||||||||||
Distributions paid to partners | (117,468) | (104,458) | (156,467) | (126,706) | (119,292) | (107,013) | (159,433) | (129,277) | 0 | 2,555 | 0 | 2,571 | 0 | (13,173) | 0 | (13,173) | 0 | 0 | 0 | 0 | 1,824 | 13,173 | 2,966 | 13,173 | |||||||||||||||||||||||||||||||||||||||
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease) | 0 | 0 | 63,105 | (24,507) | 52,172 | 37,602 | 29,579 | 30,743 | 24,816 | 17,908 | (169,672) | (61,746) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany Receivable Investing | 0 | 0 | 0 | 0 | 41,768 | 46,143 | 0 | 0 | (55,439) | (60,099) | 13,671 | 13,956 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.25% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary ownership percentage guaranteeing notes | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsidiary guarantor ownership percentage | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Cash Provided by (Used in) Financing Activities | (104,196) | (130,050) | (152,194) | (150,635) | (18,691) | 11,546 | (86,634) | (74,392) | (27,319) | (79,949) | (11,046) | (11,494) | 17,543 | (19,317) | 19,770 | (17,760) | (14,015) | (41,832) | (16,270) | (46,206) | (61,714) | (498) | (58,014) | (783) | (130,050) | (150,635) | (123,148) | (145,412) | (6,413) | (4,734) | (489) | (489) | 0 | 0 | 0 | 0 | (130,050) | (150,635) | 11,546 | (74,392) | (79,949) | (11,494) | (19,317) | (17,760) | (41,832) | (46,206) | (498) | (783) | |||||||||||||||
Cash Dividends Paid to Parent Company by Consolidated Subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | (13,173) | (13,173) | 0 | 13,173 | 13,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany Activity, Net, Financing Activities | $ 0 | $ 0 | $ 134,694 | $ 71,020 | $ (73,536) | $ (6,760) | $ (5,655) | $ (4,098) | $ (41,832) | $ (46,206) | $ (13,671) | $ (13,956) |
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