Consolidating Financial Information of Guarantors and Issuers

3 Months Ended

Mar. 27, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Consolidating Financial Information of Guarantors and Issuers

Consolidating Financial Information of Guarantors and Issuers:

Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's June 2014 and March 2013 notes (see Note 5). The notes have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum) that guarantees the Partnership's senior secured credit facilities. There are no non-guarantor subsidiaries.

The following consolidating schedules present condensed financial information for Cedar Fair, L.P., Cedar Canada, and Magnum, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada and Magnum), the guarantors (on a combined basis), as of March 27, 2016, December 31, 2015, and March 29, 2015 and for the three-month periods ended March 27, 2016 and March 29, 2015. In lieu of providing separate unaudited financial statements for the guarantor subsidiaries, the Partnership has included the accompanying condensed consolidating financial statements.

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

March 27, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—		$	—	$	38,251	$	28,203	$	(1,903	)	$	64,551
Receivables	18			2,192		20,709		488,005		(477,010		)	33,914
Inventories	—			131		1,920		36,404		—			38,455
Other current assets	77			26,642		2,097		25,153		(26,051		)	27,918
	95			28,965		62,977		577,765		(504,964		)	164,838
Property and Equipment (net)	—			5,584		186,379		1,378,191		—			1,570,154
Investment in Park	699,382			904,557		176,055		24,194		(1,804,188		)	—
Goodwill	674			—		94,428		119,606		—			214,708
Other Intangibles, net	—			—		13,384		23,271		—			36,655
Deferred Tax Asset	—			2,920		—		—		(2,920		)	—
Other Assets	—			14,413		219		2,773		—			17,405
	$	700,151		$	956,439	$	533,442	$	2,125,800	$	(2,312,072	)	$	2,003,760
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—		$	1,649	$	93	$	2,308	$	—		$	4,050
Accounts payable	317,035			161,288		1,839		32,189		(478,259		)	34,092
Deferred revenue	—			139		6,313		98,804		—			105,256
Accrued interest	1,290			1,303		7,853		914		—			11,360
Accrued taxes	1,935			—		1,810		32,869		(26,051		)	10,563
Accrued salaries, wages and benefits	—			21,805		636		—		—			22,441
Self-insurance reserves	—			11,417		1,426		11,409		—			24,252
Distribution payable	46,968			—		—		—		(654		)	46,314
Other accrued liabilities	1,438			1,125		190		4,443		—			7,196
	368,666			198,726		20,160		182,936		(504,964		)	265,524
Deferred Tax Liability	—			—		20,003		121,865		(2,920		)	138,948
Derivative Liability	16,713			11,142		—		—		—			27,855
Other Liabilities	—			1,232		—		11,156		—			12,388
Long-Term Debt:
Revolving credit loans	65,000			—		—		—		—			65,000
Term debt	—			243,628		13,660		340,021		—			597,309
Notes	291,578			202,794		444,170		—		—			938,542
	356,578			446,422		457,830		340,021		—			1,600,851
Equity	(41,806		)	298,917		35,449		1,469,822		(1,804,188		)	(41,806		)
	$	700,151		$	956,439	$	533,442	$	2,125,800	$	(2,312,072	)	$	2,003,760

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2015

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	77,007	$	—	$	39,106	$	3,444	$	—		$	119,557
Receivables	—		1,292		27,788		547,361		(546,947		)	29,494
Inventories	—		121		1,222		23,686		—			25,029
Other current assets	188		1,261		1,332		8,781		(1,616		)	9,946
	77,195		2,674		69,448		583,272		(548,563		)	184,026
Property and Equipment (net)	—		5,593		176,390		1,332,895		—			1,514,878
Investment in Park	724,592		911,910		179,529		27,862		(1,843,893		)	—
Goodwill	674		—		90,531		119,606		—			210,811
Other Intangibles, net	—		—		12,832		23,063		—			35,895
Deferred Tax Asset	—		14,080		—		—		(14,080		)	—
Other Assets	—		14,414		210		2,786		—			17,410
	$	802,461	$	948,671	$	528,940	$	2,089,484	$	(2,406,536	)	$	1,963,020
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	1,008	$	57	$	1,410	$	—		2,475
Accounts payable	433,621		115,135		810		14,503		(546,947		)	17,122
Deferred revenue	—		85		4,397		65,032		—			69,514
Accrued interest	4,602		3,221		2,056		31		—			9,910
Accrued taxes	1,066		—		—		42,487		(1,616		)	41,937
Accrued salaries, wages and benefits	—		22,166		1,026		3,724		—			26,916
Self-insurance reserves	—		7,437		1,400		15,159					23,996
Other accrued liabilities	1,355		1,531		167		3,748		—			6,801
	440,644		150,583		9,913		146,094		(548,563		)	198,671
Deferred Tax Liability	—		—		21,979		121,864		(14,080		)	129,763
Derivative Liability	13,396		9,522		—		—		—			22,918
Other Liabilities	—		6,705		—		11,278		—			17,983
Long-Term Debt:
Term debt	—		244,101		13,691		340,554		—			598,346
Notes	291,412		202,679		444,239		—		—			938,330
	291,412		446,780		457,930		340,554		—			1,536,676
Equity	57,009		335,081		39,118		1,469,694		(1,843,893		)	57,009
	$	802,461	$	948,671	$	528,940	$	2,089,484	$	(2,406,536	)	$	1,963,020

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

March 29, 2015

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—		$	—	$	14,881	$	4,844	$	—		$	19,725
Receivables	1			89,060		115,830		546,424		(727,190		)	24,125
Inventories	—			152		2,070		35,147		—			37,369
Other current assets	80			369		2,382		24,196		—			27,027
	81			89,581		135,163		610,611		(727,190		)	108,246
Property and Equipment (net)	—			5,621		202,853		1,349,790		—			1,558,264
Investment in Park	622,008			765,178		160,401		11,776		(1,559,363		)	—
Goodwill	674			—		99,603		119,606		—			219,883
Other Intangibles, net	—			—		14,119		22,864		—			36,983
Deferred Tax Asset	—			60,326		—		—		(60,326		)	—
Other Assets	—			14,431		349		3,902		—			18,682
	$	622,763		$	935,137	$	612,488	$	2,118,549	$	(2,346,879	)	$	1,942,058
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	274,612		$	199,361	$	2,424	$	289,058	$	(727,190	)	$	38,265
Deferred revenue	—			92		6,077		86,495		—			92,664
Accrued interest	1,595			1,526		7,943		992		—			12,056
Accrued taxes	1,792			503		749		7,115		—			10,159
Accrued salaries, wages and benefits	—			21,608		771		3,732		—			26,111
Self-insurance reserves	—			8,031		1,413		13,341		—			22,785
Current derivative liability	5,980			4,009		—		—		—			9,989
Other accrued liabilities	864			3,365		99		7,158		—			11,486
	284,843			238,495		19,476		407,891		(727,190		)	223,515
Deferred Tax Liability	—			—		49,021		123,603		(60,326		)	112,298
Derivative Liability	11,197			8,055		—		—		—			19,252
Other Liabilities	—			3,707		—		11,644		—			15,351
Long-Term Debt:
Revolving credit loans	57,000			—		—		—		—			57,000
Term debt	—			244,603		13,676		340,866		—			599,145
Notes	290,915			202,333		443,441		—		—			936,689
	347,915			446,936		457,117		340,866		—			1,592,834
Equity	(21,192		)	237,944		86,874		1,234,545		(1,559,363		)	(21,192		)
	$	622,763		$	935,137	$	612,488	$	2,118,549	$	(2,346,879	)	$	1,942,058

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended March 27, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	(2,500	)	$	7,841		$	119		$	58,317		$	(5,339	)	$	58,438
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			(2		)	6,239			—			6,237
Operating expenses	10			39,978			5,277			44,678			(5,339		)	84,604
Selling, general and administrative	894			13,186			763			10,769			—			25,612
Depreciation and amortization	—			9			—			5,182			—			5,191
Loss on impairment / retirement of fixed assets, net	—			—			21			2,591			—			2,612
	904			53,173			6,059			69,459			(5,339		)	124,256
Operating loss	(3,404		)	(45,332		)	(5,940		)	(11,142		)	—			(65,818		)
Interest expense (income), net	8,038			6,445			6,036			(750		)	—			19,769
Net effect of swaps	1,442			400			—			—			—			1,842
Unrealized / realized foreign currency gain	—			—			(19,561		)	—			—			(19,561		)
Other (income) expense	62			(19,371		)	874			18,435			—			—
(Income) loss from investment in affiliates	34,681			14,144			3,475			(725		)	(51,575		)	—
Income (loss) before taxes	(47,627		)	(46,950		)	3,236			(28,102		)	51,575			(67,868		)
Provision (benefit) for taxes	859			(12,270		)	2,510			(10,481		)	—			(19,382		)
Net income (loss)	$	(48,486	)	$	(34,680	)	$	726		$	(17,621	)	$	51,575		$	(48,486	)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(4,395		)	—			(4,395		)	—			4,395			(4,395		)
Unrealized loss on cash flow hedging derivatives	(2,631		)	(756		)	—			—			756			(2,631		)
Other comprehensive loss, (net of tax)	(7,026		)	(756		)	(4,395		)	—			5,151			(7,026		)
Total comprehensive loss	$	(55,512	)	$	(35,436	)	$	(3,669	)	$	(17,621	)	$	56,726		$	(55,512	)

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended March 29, 2015

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	(1,383	)	$	4,020		$	78		$	46,737		$	(2,635	)	$	46,817
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			—			5,588			—			5,588
Operating expenses	134			23,057			4,971			52,603			(2,635		)	78,130
Selling, general and administrative	799			13,275			1,743			10,001			—			25,818
Depreciation and amortization	—			9			—			4,002			—			4,011
Loss on impairment / retirement of fixed assets, net	—			—			—			2,903			—			2,903
	933			36,341			6,714			75,097			(2,635		)	116,450
Operating loss	(2,316		)	(32,321		)	(6,636		)	(28,360		)	—			(69,633		)
Interest expense (income), net	7,836			6,837			6,120			(301		)	—			20,492
Net effect of swaps	14			(130		)	—			—			—			(116		)
Unrealized / realized foreign currency gain	—			—			38,218			—			—			38,218
Other (income) expense	188			(4,816		)	1,046			3,582			—			—
Loss from investment in affiliates	72,786			51,745			3,503			35,489			(163,523		)	—
Loss before taxes	(83,140		)	(85,957		)	(55,523		)	(67,130		)	163,523			(128,227		)
Provision (benefit) for taxes	693			(13,172		)	(20,024		)	(11,891		)	—			(44,394		)
Net income (loss)	$	(83,833	)	$	(72,785	)	$	(35,499	)	$	(55,239	)	$	163,523		$	(83,833	)
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	7,214			—			7,214			—			(7,214		)	7,214
Unrealized loss on cash flow hedging derivatives	(2,439		)	(777		)	—			—			777			(2,439		)
Other comprehensive income (loss), (net of tax)	4,775			(777		)	7,214			—			(6,437		)	4,775
Total comprehensive loss	$	(79,058	)	$	(73,562	)	$	(28,285	)	$	(55,239	)	$	157,086		$	(79,058	)

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 27, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	(25,319	)	$	(52,051	)	$	(214	)	$	11,645		$	(1,903	)	$	(67,842	)
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			63,088			(63,088		)	—
Capital expenditures	—			—			(2,247		)	(49,974		)	—			(52,221		)
Net cash from (for) investing activities	—			—			(2,247		)	13,114			(63,088		)	(52,221		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings on revolving credit loans	65,000			—			—			—			—			65,000
Intercompany payables (payments) receipts	(116,688		)	53,600			—			—			63,088			—
Tax effect of units involved in treasury unit transactions	—			(1,549		)	—			—			—			(1,549		)
Net cash from (for) financing activities	(51,688		)	52,051			—			—			63,088			63,451
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			1,606			—			—			1,606
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(77,007		)	—			(855		)	24,759			(1,903		)	(55,006		)
Balance, beginning of period	77,007			—			39,106			3,444			—			119,557
Balance, end of period	$	—		$	—		$	38,251		$	28,203		$	(1,903	)	$	64,551

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Three Months Ended March 29, 2015

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	(17,967	)	$	(44,980	)	$	(6,910	)	$	10,174		$	(566	)	$	(60,249	)
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			(10,594		)	46,961			(36,367		)	—
Purchase of preferred equity investment	—			(2,000		)	—			—			—			(2,000		)
Capital expenditures	—			—			(1,500		)	(58,230		)	—			(59,730		)
Net cash from (for) investing activities	—			(2,000		)	(12,094		)	(11,269		)	(36,367		)	(61,730		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings on revolving credit loans	57,000			—			—			—			—			57,000
Distributions paid	(42,618		)	—			—			—			566			(42,052		)
Intercompany payables (payments) receipts	(76,415		)	47,897			(7,849		)	—			36,367			—
Tax effect of units involved in treasury unit transactions	—			(1,299		)	—			—			—			(1,299		)
Net cash from (for) financing activities	(62,033		)	46,598			(7,849		)	—			36,933			13,649
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(3,785		)	—			—			(3,785		)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(80,000		)	(382		)	(30,638		)	(1,095		)	—			(112,115		)
Balance, beginning of period	80,000			382			45,519			5,939			—			131,840
Balance, end of period	$	—		$	—		$	14,881		$	4,844		$	—		$	19,725