Consolidating Financial Information of Guarantors and Issuers

12 Months Ended

Dec. 31, 2018

Condensed Consolidated Financial Information [Abstract]

Consolidating Financial Information of Guarantors and Issuers

Consolidating Financial Information of Guarantors and Issuers of June 2014 Notes:

Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") are the co-issuers of the Partnership's June 2014 Notes (see Note 5 to the Consolidated Financial Statements). 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 December 31, 2018 and December 31, 2017 and for the years ended December 31, 2018, December 31, 2017, and December 31, 2016. In lieu of providing separate audited financial statements for the guarantor subsidiaries, the accompanying condensed consolidating financial statements have been included.

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2018

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	73,326	$	32,715	$	(692	)	$	105,349
Receivables	—		1,093		34,497		938,397		(922,469		)	51,518
Inventories	—		—		2,135		28,618		—			30,753
Other current assets	179		1,411		5,462		10,544		(5,007		)	12,589
	179		2,504		115,420		1,010,274		(928,168		)	200,209
Property and Equipment, net	—		802		172,344		1,426,292		—			1,599,438
Investment in Park	601,706		1,182,345		262,462		218,575		(2,265,088		)	—
Goodwill	674		—		58,440		119,605		—			178,719
Other Intangibles, net	—		—		13,030		23,346		—			36,376
Deferred Tax Asset	—		18,224		—		—		(18,224		)	—
Other Assets	—		—		36		9,405		—			9,441
	$	602,559	$	1,203,875	$	621,732	$	2,807,497	$	(3,211,480	)	$	2,024,183
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	984	$	—	$	4,641	$	—		$	5,625
Accounts payable	565,472		359,953		2,430		18,620		(923,161		)	23,314
Deferred revenue	—		—		8,460		98,614		—			107,074
Accrued interest	1		1		2,054		5,871		—			7,927
Accrued taxes	443		6,668		—		27,487		(5,007		)	29,591
Accrued salaries, wages and benefits	—		17,552		1,234		—		—			18,786
Self-insurance reserves	—		10,214		1,433		12,374		—			24,021
Other accrued liabilities	3,318		4,903		136		10,024		—			18,381
	569,234		400,275		15,747		177,631		(928,168		)	234,719
Deferred Tax Liability	—		—		12,425		87,516		(18,224		)	81,717
Derivative Liability	909		5,796		—		—		—			6,705
Other Liabilities	—		1,169		—		9,889		—			11,058
Long-Term Debt:
Term debt	—		126,525		—		592,982		—			719,507
Notes	—		—		446,241		491,820		—			938,061
	—		126,525		446,241		1,084,802		—			1,657,568
Equity	32,416		670,110		147,319		1,447,659		(2,265,088		)	32,416
	$	602,559	$	1,203,875	$	621,732	$	2,807,497	$	(3,211,480	)	$	2,024,183

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2017

(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	$	—	$	—	$	85,758	$	81,582	$	(1,095	)	$	166,245
Receivables	—		1,184		15,574		857,205		(836,241		)	37,722
Inventories	—		—		1,891		27,828		—			29,719
Other current assets	164		28,297		3,454		10,983		(29,601		)	13,297
	164		29,481		106,677		977,598		(866,937		)	246,983
Property and Equipment, net	—		835		181,673		1,403,264		—			1,585,772
Investment in Park	588,684		1,045,640		238,132		234,238		(2,106,694		)	—
Goodwill	674		—		63,551		119,605		—			183,830
Other Intangibles, net	—		—		14,177		23,887		—			38,064
Deferred Tax Asset	—		20,956		—		—		(20,956		)	—
Other Assets	—		—		40		9,470		—			9,510
	$	589,522	$	1,096,912	$	604,250	$	2,768,062	$	(2,994,587	)	$	2,064,159
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	497,558	$	344,410	$	1,379	$	18,610	$	(837,336	)	$	24,621
Deferred revenue	—		—		6,237		79,894		—			86,131
Accrued interest	27		18		2,055		6,024		—			8,124
Accrued taxes	352		—		—		73,224		(29,601		)	43,975
Accrued salaries, wages and benefits	—		17,498		1,242		—		—			18,740
Self-insurance reserves	—		10,947		1,618		12,542		—			25,107
Other accrued liabilities	3,406		5,094		157		10,139		—			18,796
	501,343		377,967		12,688		200,433		(866,937		)	225,494
Deferred Tax Liability	—		—		13,809		81,945		(20,956		)	74,798
Derivative Liability	5,233		3,489		—		—		—			8,722
Other Liabilities	—		873		—		10,811		—			11,684
Long-Term Debt:
Term debt	—		127,437		—		596,351		—			723,788
Notes	—		—		445,156		491,571		—			936,727
	—		127,437		445,156		1,087,922		—			1,660,515
Equity	82,946		587,146		132,597		1,386,951		(2,106,694		)	82,946
	$	589,522	$	1,096,912	$	604,250	$	2,768,062	$	(2,994,587	)	$	2,064,159

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2018

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries		Eliminations			Total
Net revenues	$	103,687		$	336,778		$	124,506		$	1,268,200	$	(484,641	)	$	1,348,530
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			10,841			103,892		—			114,733
Operating expenses	—			328,709			47,551			692,731		(484,641		)	584,350
Selling, general and administrative	2,301			67,582			10,586			112,864		—			193,333
Depreciation and amortization	—			33			15,273			140,223		—			155,529
Loss on impairment / retirement of fixed assets, net	—			—			221			9,957		—			10,178
Gain on sale of investment	—			(112		)	—			—		—			(112		)
	2,301			396,212			84,472			1,059,667		(484,641		)	1,058,011
Operating income (loss)	101,386			(59,434		)	40,034			208,533		—			290,519
Interest expense, net	23,339			18,331			23,988			18,514		—			84,172
Net effect of swaps	1,228			6,214			—			—		—			7,442
Loss on early debt extinguishment	—			187			—			886		—			1,073
Loss on foreign currency	—			51			36,203			—		—			36,254
Other (income) expense	250			(78,571		)	4,196			74,307		—			182
(Income) loss from investment in affiliates	(61,484		)	(62,244		)	(24,329		)	2,517		145,540			—
Income (loss) before taxes	138,053			56,598			(24		)	112,309		(145,540		)	161,396
Provision (benefit) for taxes	11,400			(4,886		)	2,494			25,735		—			34,743
Net income (loss)	$	126,653		$	61,484		$	(2,518	)	$	86,574	$	(145,540	)	$	126,653
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	17,240			—			17,240			—		(17,240		)	17,240
Cash flow hedging derivative activity	8,366			2,813			—			—		(2,813		)	8,366
Other comprehensive income (loss), (net of tax)	25,606			2,813			17,240			—		(20,053		)	25,606
Total comprehensive income	$	152,259		$	64,297		$	14,722		$	86,574	$	(165,593	)	$	152,259

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2017

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	104,080		$	317,496		$	127,929		$	1,239,067		$	(466,605	)	$	1,321,967
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			11,483			99,328			—			110,811
Operating expenses	—			313,654			44,990			666,063			(466,605		)	558,102
Selling, general and administrative	3,007			67,872			10,497			112,394			—			193,770
Depreciation and amortization	—			33			15,654			137,535			—			153,222
Loss on impairment / retirement of fixed assets, net	—			—			656			12,072			—			12,728
Gain on sale of investment	—			(1,877		)	—			—			—			(1,877		)
	3,007			379,682			83,280			1,027,392			(466,605		)	1,026,756
Operating income (loss)	101,073			(62,186		)	44,649			211,675			—			295,211
Interest expense, net	23,739			18,837			24,839			17,333			—			84,748
Net effect of swaps	(150		)	105			—			—			—			(45		)
Loss on early debt extinguishment	11,773			8,188			205			2,955			—			23,121
Gain on foreign currency	—			(25		)	(29,061		)	—			—			(29,086		)
Other (income) expense	250			(73,581		)	3,460			69,756			—			(115		)
Income from investment in affiliates	(160,925		)	(176,698		)	(38,057		)	(84,398		)	460,078			—
Income before taxes	226,386			160,988			83,263			206,029			(460,078		)	216,588
Provision (benefit) for taxes	10,910			60			(1,134		)	(8,724		)	—			1,112
Net income	$	215,476		$	160,928		$	84,397		$	214,753		$	(460,078	)	$	215,476
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(14,849		)	—			(14,849		)	—			14,849			(14,849		)
Cash flow hedging derivative activity	7,975			2,422			—			—			(2,422		)	7,975
Other comprehensive income (loss), (net of tax)	(6,874		)	2,422			(14,849		)	—			12,427			(6,874		)
Total comprehensive income	$	208,602		$	163,350		$	69,548		$	214,753		$	(447,651	)	$	208,602

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	144,042		$	320,945		$	117,962		$	1,234,075		$	(528,303	)	$	1,288,721
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			9,868			96,740			—			106,608
Operating expenses	—			303,974			42,820			720,390			(528,303		)	538,881
Selling, general and administrative	3,029			68,422			10,151			100,228			—			181,830
Depreciation and amortization	—			35			14,816			117,025			—			131,876
Loss on impairment / retirement of fixed assets, net	—			—			159			12,428			—			12,587
	3,029			372,431			77,814			1,046,811			(528,303		)	971,782
Operating income (loss)	141,013			(51,486		)	40,148			187,264			—			316,939
Interest expense, net	32,643			24,114			25,403			1,526			—			83,686
Net effect of swaps	(473		)	(724		)	—			—			—			(1,197		)
(Gain) loss on foreign currency	—			—			(14,660		)	4			—			(14,656		)
Other (income) expense	250			(83,657		)	3,925			79,482			—			—
Income from investment in affiliates	(80,295		)	(73,132		)	(20,545		)	(27,628		)	201,600			—
Income before taxes	188,888			81,913			46,025			133,880			(201,600		)	249,106
Provision for taxes	11,200			1,621			18,396			40,201			—			71,418
Net income	$	177,688		$	80,292		$	27,629		$	93,679		$	(201,600	)	$	177,688
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(3,700		)	—			(3,700		)	—			3,700			(3,700		)
Cash flow hedging derivative activity	3,350			1,060			—			—			(1,060		)	3,350
Other comprehensive income (loss), (net of tax)	(350		)	1,060			(3,700		)	—			2,640			(350		)
Total comprehensive income	$	177,338		$	81,352		$	23,929		$	93,679		$	(198,960	)	$	177,338

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2018

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM OPERATING ACTIVITIES	$	136,471		$	11,057		$	12,901		$	191,056		$	(745	)	$	350,740
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			(67,861		)	67,861			—
Purchase of identifiable intangible assets	—			—			—			(41		)	—			(41		)
Sale of preferred equity investment	—			112			—			—			—			112
Capital expenditures	—			—			(19,976		)	(169,799		)	—			(189,775		)
Net cash from (for) investing activities	—			112			(19,976		)	(237,701		)	67,861			(189,704		)
CASH FLOWS FOR FINANCING ACTIVITIES
Intercompany payables (payments) receipts	67,876			(15		)	—			—			(67,861		)	—
Distributions paid to partners	(204,347		)	—			—			—			1,148			(203,199		)
Payment of debt issuance costs and original issue discount	—			(321		)	—			(2,222		)	—			(2,543		)
Exercise of limited partnership unit options	—			125			—			—			—			125
Tax effect of units involved in treasury unit transactions	—			(2,530		)	—			—			—			(2,530		)
Payments related to tax withholding for equity compensation	—			(8,428		)	—			—			—			(8,428		)
Net cash for financing activities	(136,471		)	(11,169		)	—			(2,222		)	(66,713		)	(216,575		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(5,357		)	—			—			(5,357		)
CASH AND CASH EQUIVALENTS
Net decrease for the year	—			—			(12,432		)	(48,867		)	403			(60,896		)
Balance, beginning of year	—			—			85,758			81,582			(1,095		)	166,245
Balance, end of year	$	—		$	—		$	73,326		$	32,715		$	(692	)	$	105,349

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2017

(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	$	93,378		$	(10,710	)	$	40,569		$	209,780		$	(1,838	)	$	331,179
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			(278,051		)	278,051			—
Proceeds from returns on investments	338,000			15,500			—			146,500			(500,000		)	—
Purchase of identifiable intangible assets	—			—			—			(66		)	—			(66		)
Proceeds from sale of preferred equity investment	—			3,281			—			—			—			3,281
Capital expenditures	—			(25		)	(10,160		)	(177,899		)	—			(188,084		)
Net cash from (for) investing activities	338,000			18,756			(10,160		)	(309,516		)	(221,949		)	(184,869		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Intercompany payables (payments) receipts	69,160			208,891			—			—			(278,051		)	—
Payments for returns of capital	—			—			—			(500,000		)	500,000			—
Term debt borrowings	—			131,000			—			619,000			—			750,000
Note borrowings	—			—			—			500,000			—			500,000
Term debt payments	—			(126,619		)	(13,854		)	(477,377		)	—			(617,850		)
Note payments, including amounts paid for early termination	(304,014		)	(211,444		)	—			—			—			(515,458		)
Distributions paid to partners	(196,524		)	—			—			—			1,768			(194,756		)
Payment of debt issuance costs	—			(1,326		)	—			(18,483		)	—			(19,809		)
Exercise of limited partnership unit options	—			65			—			—			—			65
Tax effect of units involved in treasury unit transactions	—			(4,440		)	—			—			—			(4,440		)
Payments related to tax withholding for equity compensation	—			(4,173		)	—			—			—			(4,173		)
Net cash from (for) financing activities	(431,378		)	(8,046		)	(13,854		)	123,140			223,717			(106,421		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			3,640			—			—			3,640
CASH AND CASH EQUIVALENTS
Net increase for the year	—			—			20,195			23,404			(70		)	43,529
Balance, beginning of year	—			—			65,563			58,178			(1,025		)	122,716
Balance, end of year	$	—		$	—		$	85,758		$	81,582		$	(1,095	)	$	166,245

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 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	$	118,833		$	(28,315	)	$	33,918		$	237,262		$	(3,351	)	$	358,347
CASH FLOWS FOR INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			(24,562		)	24,562			—
Purchase of identifiable intangible assets	—			—			(29		)	(548		)	—			(577		)
Capital expenditures	—			—			(7,863		)	(152,793		)	—			(160,656		)
Net cash for investing activities	—			—			(7,892		)	(177,903		)	24,562			(161,233		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Term debt payments	—			(1,237		)	(138		)	(4,625		)	—			(6,000		)
Intercompany payables (payments) receipts	(6,332		)	30,894			—			—			(24,562		)	—
Distributions paid to partners	(189,508		)	—			—			—			2,326			(187,182		)
Tax effect of units involved in treasury unit transactions	—			(422		)	—			—			—			(422		)
Payments related to tax withholding for equity compensation	—			(920		)	—			—			—			(920		)
Net cash from (for) financing activities	(195,840		)	28,315			(138		)	(4,625		)	(22,236		)	(194,524		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			569			—			—			569
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	(77,007		)	—			26,457			54,734			(1,025		)	3,159
Balance, beginning of year	77,007			—			39,106			3,444			—			119,557
Balance, end of year	$	—		$	—		$	65,563		$	58,178		$	(1,025	)	$	122,716

Consolidating Financial Information of Guarantors and Issuers of April 2017 Notes:

Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), Magnum Management Corporation ("Magnum"), and Millennium Operations LLC ("Millennium") are the co-issuers of the Partnership's April 2017 Notes (see Note 5 to the Consolidated Financial Statements). The notes have been fully and unconditionally guaranteed, on a joint and several basis, by each 100% owned subsidiary of Cedar Fair (other than Cedar Canada, Magnum and Millennium) that guarantees the Partnership's senior secured credit facilities. There are no non-guarantor subsidiaries.

The following consolidating schedules present condensed financial information for Cedar Fair, L.P., Cedar Canada, Magnum, and Millennium, the co-issuers, and each 100% owned subsidiary of Cedar Fair (other than Cedar Canada, Magnum and Millennium), the guarantors (on a combined basis), as of December 31, 2018 and December 31, 2017 and for the years ended December 31, 2018, December 31, 2017, and December 31, 2016. In lieu of providing separate audited financial statements for the guarantor subsidiaries, the accompanying condensed consolidating financial statements have been included.

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2018

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Co-Issuer Subsidiary (Millennium)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	73,326	$	30,663	$	2,052	$	(692	)	$	105,349
Receivables	—		1,093		34,497		36,242		902,155		(922,469		)	51,518
Inventories	—		—		2,135		23,402		5,216		—			30,753
Other current assets	179		1,411		5,462		8,980		1,564		(5,007		)	12,589
	179		2,504		115,420		99,287		910,987		(928,168		)	200,209
Property and Equipment, net	—		802		172,344		—		1,426,292		—			1,599,438
Investment in Park	601,706		1,182,345		262,462		1,517,897		218,574		(3,782,984		)	—
Goodwill	674		—		58,440		8,388		111,217		—			178,719
Other Intangibles, net	—		—		13,030		—		23,346		—			36,376
Deferred Tax Asset	—		18,224		—		—		—		(18,224		)	—
Other Assets	—		—		36		417		8,988		—			9,441
	$	602,559	$	1,203,875	$	621,732	$	1,625,989	$	2,699,404	$	(4,729,376	)	$	2,024,183
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	984	$	—	$	4,641	$	—	$	—		$	5,625
Accounts payable	565,472		359,953		2,430		14,995		3,625		(923,161		)	23,314
Deferred revenue	—		—		8,460		74,062		24,552		—			107,074
Accrued interest	1		1		2,054		5,871		—		—			7,927
Accrued taxes	443		6,668		—		8,087		19,400		(5,007		)	29,591
Accrued salaries, wages and benefits	—		17,552		1,234		—		—		—			18,786
Self-insurance reserves	—		10,214		1,433		10,308		2,066		—			24,021
Other accrued liabilities	3,318		4,903		136		5,471		4,553		—			18,381
	569,234		400,275		15,747		123,435		54,196		(928,168		)	234,719
Deferred Tax Liability	—		—		12,425		—		87,516		(18,224		)	81,717
Derivative Liability	909		5,796		—		—		—		—			6,705
Other Liabilities	—		1,169		—		87		9,802		—			11,058
Long-Term Debt:
Term debt	—		126,525		—		592,982		—		—			719,507
Notes	—		—		446,241		491,820		—		—			938,061
	—		126,525		446,241		1,084,802		—		—			1,657,568
Equity	32,416		670,110		147,319		417,665		2,547,890		(3,782,984		)	32,416
	$	602,559	$	1,203,875	$	621,732	$	1,625,989	$	2,699,404	$	(4,729,376	)	$	2,024,183

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING BALANCE SHEET

DECEMBER 31, 2017

(In thousands)

	Cedar Fair L.P. (Parent)		Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Co-Issuer Subsidiary (Millennium)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—	$	—	$	85,758	$	80,430	$	1,152	$	(1,095	)	$	166,245
Receivables	—		1,184		15,574		26,130		831,075		(836,241		)	37,722
Inventories	—		—		1,891		22,528		5,300		—			29,719
Other current assets	164		28,297		3,454		9,341		1,642		(29,601		)	13,297
	164		29,481		106,677		138,429		839,169		(866,937		)	246,983
Property and Equipment, net	—		835		181,673		—		1,403,264		—			1,585,772
Investment in Park	588,684		1,045,640		238,132		1,392,761		234,237		(3,499,454		)	—
Goodwill	674		—		63,551		8,387		111,218		—			183,830
Other Intangibles, net	—		—		14,177		—		23,887		—			38,064
Deferred Tax Asset	—		20,956		—		—		—		(20,956		)	—
Other Assets	—		—		40		402		9,068		—			9,510
	$	589,522	$	1,096,912	$	604,250	$	1,539,979	$	2,620,843	$	(4,387,347	)	$	2,064,159
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	497,558	$	344,410	$	1,379	$	13,572	$	5,038	$	(837,336	)	$	24,621
Deferred revenue	—		—		6,237		59,307		20,587		—			86,131
Accrued interest	27		18		2,055		6,024		—		—			8,124
Accrued taxes	352		—		—		6,176		67,048		(29,601		)	43,975
Accrued salaries, wages and benefits	—		17,498		1,242		—		—		—			18,740
Self-insurance reserves	—		10,947		1,618		10,156		2,386		—			25,107
Other accrued liabilities	3,406		5,094		157		5,649		4,490		—			18,796
	501,343		377,967		12,688		100,884		99,549		(866,937		)	225,494
Deferred Tax Liability	—		—		13,809		—		81,945		(20,956		)	74,798
Derivative Liability	5,233		3,489		—		—		—		—			8,722
Other Liabilities	—		873		—		120		10,691		—			11,684
Long-Term Debt:
Term debt	—		127,437		—		596,351		—		—			723,788
Notes	—		—		445,156		491,571		—		—			936,727
	—		127,437		445,156		1,087,922		—		—			1,660,515
Equity	82,946		587,146		132,597		351,053		2,428,658		(3,499,454		)	82,946
	$	589,522	$	1,096,912	$	604,250	$	1,539,979	$	2,620,843	$	(4,387,347	)	$	2,064,159

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2018

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Co-Issuer Subsidiary (Millennium)		Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	103,687		$	336,778		$	124,506		$	995,350	$	382,569		$	(594,360	)	$	1,348,530
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			10,841			85,698		18,194			—			114,733
Operating expenses	—			328,709			47,551			759,590		42,860			(594,360		)	584,350
Selling, general and administrative	2,301			67,582			10,586			93,734		19,130			—			193,333
Depreciation and amortization	—			33			15,273			—		140,223			—			155,529
Loss on impairment / retirement of fixed assets, net	—			—			221			2,260		7,697			—			10,178
Gain on sale of investment	—			(112		)	—			—		—			—			(112		)
	2,301			396,212			84,472			941,282		228,104			(594,360		)	1,058,011
Operating income (loss)	101,386			(59,434		)	40,034			54,068		154,465			—			290,519
Interest expense, net	23,339			18,331			23,988			51,643		(33,129		)	—			84,172
Net effect of swaps	1,228			6,214			—			—		—			—			7,442
Loss on early debt extinguishment	—			187			—			886		—			—			1,073
Loss on foreign currency	—			51			36,203			—		—			—			36,254
Other (income) expense	250			(78,571		)	4,196			—		74,307			—			182
(Income) loss from investment in affiliates	(61,484		)	(62,244		)	(24,329		)	—		2,517			145,540			—
Income (loss) before taxes	138,053			56,598			(24		)	1,539		110,770			(145,540		)	161,396
Provision (benefit) for taxes	11,400			(4,886		)	2,494			1,539		24,196			—			34,743
Net income (loss)	$	126,653		$	61,484		$	(2,518	)	$	—	$	86,574		$	(145,540	)	$	126,653
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	17,240			—			17,240			—		—			(17,240		)	17,240
Cash flow hedging derivative activity	8,366			2,813			—			—		—			(2,813		)	8,366
Other comprehensive income (loss), (net of tax)	25,606			2,813			17,240			—		—			(20,053		)	25,606
Total comprehensive income	$	152,259		$	64,297		$	14,722		$	—	$	86,574		$	(165,593	)	$	152,259

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2017

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Co-Issuer Subsidiary (Millennium)		Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	104,080		$	317,496		$	127,929		$	960,108	$	395,745		$	(583,391	)	$	1,321,967
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			11,483			80,942		18,386			—			110,811
Operating expenses	—			313,654			44,990			738,719		44,130			(583,391		)	558,102
Selling, general and administrative	3,007			67,872			10,497			92,527		19,867			—			193,770
Depreciation and amortization	—			33			15,654			—		137,535			—			153,222
Loss on impairment / retirement of fixed assets, net	—			—			656			3,102		8,970			—			12,728
Gain on sale of investment	—			(1,877		)	—			—		—			—			(1,877		)
	3,007			379,682			83,280			915,290		228,888			(583,391		)	1,026,756
Operating income (loss)	101,073			(62,186		)	44,649			44,818		166,857			—			295,211
Interest expense, net	23,739			18,837			24,839			39,768		(22,435		)	—			84,748
Net effect of swaps	(150		)	105			—			—		—			—			(45		)
Loss on early debt extinguishment	11,773			8,188			205			2,955		—			—			23,121
Gain on foreign currency	—			(25		)	(29,061		)	—		—			—			(29,086		)
Other (income) expense	250			(73,581		)	3,460			—		69,756			—			(115		)
Income from investment in affiliates	(160,925		)	(176,698		)	(38,057		)	—		(84,398		)	460,078			—
Income before taxes	226,386			160,988			83,263			2,095		203,934			(460,078		)	216,588
Provision (benefit) for taxes	10,910			60			(1,134		)	2,095		(10,819		)	—			1,112
Net income	$	215,476		$	160,928		$	84,397		$	—	$	214,753		$	(460,078	)	$	215,476
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(14,849		)	—			(14,849		)	—		—			14,849			(14,849		)
Cash flow hedging derivative activity	7,975			2,422			—			—		—			(2,422		)	7,975
Other comprehensive income (loss), (net of tax)	(6,874		)	2,422			(14,849		)	—		—			12,427			(6,874		)
Total comprehensive income	$	208,602		$	163,350		$	69,548		$	—	$	214,753		$	(447,651	)	$	208,602

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Year Ended December 31, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Co-Issuer Subsidiary (Millennium)		Guarantor Subsidiaries			Eliminations			Total
Net revenues	$	144,042		$	320,945		$	117,962		$	962,363	$	378,556		$	(635,147	)	$	1,288,721
Costs and expenses:
Cost of food, merchandise and games revenues	—			—			9,868			78,984		17,756			—			106,608
Operating expenses	—			303,974			42,820			777,841		49,393			(635,147		)	538,881
Selling, general and administrative	3,029			68,422			10,151			85,170		15,058			—			181,830
Depreciation and amortization	—			35			14,816			—		117,025			—			131,876
Loss on impairment / retirement of fixed assets, net	—			—			159			2,686		9,742			—			12,587
	3,029			372,431			77,814			944,681		208,974			(635,147		)	971,782
Operating income (loss)	141,013			(51,486		)	40,148			17,682		169,582			—			316,939
Interest expense, net	32,643			24,114			25,403			15,695		(14,169		)	—			83,686
Net effect of swaps	(473		)	(724		)	—			—		—			—			(1,197		)
(Gain) loss on foreign currency	—			—			(14,660		)	4		—			—			(14,656		)
Other (income) expense	250			(83,657		)	3,925			—		79,482			—			—
Income from investment in affiliates	(80,295		)	(73,132		)	(20,545		)	—		(27,628		)	201,600			—
Income before taxes	188,888			81,913			46,025			1,983		131,897			(201,600		)	249,106
Provision for taxes	11,200			1,621			18,396			1,983		38,218			—			71,418
Net income	$	177,688		$	80,292		$	27,629		$	—	$	93,679		$	(201,600	)	$	177,688
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(3,700		)	—			(3,700		)	—		—			3,700			(3,700		)
Cash flow hedging derivative activity	3,350			1,060			—			—		—			(1,060		)	3,350
Other comprehensive income (loss), (net of tax)	(350		)	1,060			(3,700		)	—		—			2,640			(350		)
Total comprehensive income	$	177,338		$	81,352		$	23,929		$	—	$	93,679		$	(198,960	)	$	177,338

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2018

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Co-Issuer Subsidiary (Millennium)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM OPERATING ACTIVITIES	$	136,471		$	11,057		$	12,901		$	78,559		$	112,497		$	(745	)	$	350,740
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			—			(67,861		)	67,861			—
Purchase of identifiable intangible assets	—			—			—			(8		)	(33		)	—			(41		)
Sale of preferred equity investment	—			112			—			—			—			—			112
Capital expenditures	—			—			(19,976		)	(126,096		)	(43,703		)	—			(189,775		)
Net cash from (for) investing activities	—			112			(19,976		)	(126,104		)	(111,597		)	67,861			(189,704		)
CASH FLOWS FOR FINANCING ACTIVITIES
Intercompany payables (payments) receipts	67,876			(15		)	—			—			—			(67,861		)	—
Distributions paid to partners	(204,347		)	—			—			—			—			1,148			(203,199		)
Payment of debt issuance costs and original issue discount	—			(321		)	—			(2,222		)	—			—			(2,543		)
Exercise of limited partnership unit options	—			125			—			—			—			—			125
Tax effect of units involved in treasury unit transactions	—			(2,530		)	—			—			—			—			(2,530		)
Payments related to tax withholding for equity compensation	—			(8,428		)	—			—			—			—			(8,428		)
Net cash for financing activities	(136,471		)	(11,169		)	—			(2,222		)	—			(66,713		)	(216,575		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(5,357		)	—			—			—			(5,357		)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	—			—			(12,432		)	(49,767		)	900			403			(60,896		)
Balance, beginning of year	—			—			85,758			80,430			1,152			(1,095		)	166,245
Balance, end of year	$	—		$	—		$	73,326		$	30,663		$	2,052		$	(692	)	$	105,349

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2017

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Co-Issuer Subsidiary (Millennium)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	93,378		$	(10,710	)	$	40,569		$	48,979		$	160,801		$	(1,838	)	$	331,179
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			—			(278,051		)	278,051			—
Proceeds from returns on investments	338,000			15,500			—			—			146,500			(500,000		)	—
Purchase of identifiable intangible assets	—			—			—			(66		)	—			—			(66		)
Proceeds from sale of preferred equity investment	—			3,281			—			—			—			—			3,281
Capital expenditures	—			(25		)	(10,160		)	(149,448		)	(28,451		)	—			(188,084		)
Net cash from (for) investing activities	338,000			18,756			(10,160		)	(149,514		)	(160,002		)	(221,949		)	(184,869		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Intercompany payables (payments) receipts	69,160			208,891			—			—			—			(278,051		)	—
Payments for returns of capital	—			—			—			(500,000		)	—			500,000			—
Term debt borrowings	—			131,000			—			619,000			—			—			750,000
Note borrowings	—			—			—			500,000			—			—			500,000
Term debt payments	—			(126,619		)	(13,854		)	(477,377		)	—			—			(617,850		)
Note payments, including amounts paid for early termination	(304,014		)	(211,444		)	—			—			—			—			(515,458		)
Distributions paid to partners	(196,524		)	—			—			—			—			1,768			(194,756		)
Payment of debt issuance costs	—			(1,326		)	—			(18,483		)	—			—			(19,809		)
Exercise of limited partnership unit options	—			65			—			—			—			—			65
Tax effect of units involved in treasury unit transactions	—			(4,440		)	—			—			—			—			(4,440		)
Payments related to tax withholding for equity compensation	—			(4,173		)	—			—			—			—			(4,173		)
Net cash from (for) financing activities	(431,378		)	(8,046		)	(13,854		)	123,140			—			223,717			(106,421		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			3,640			—			—			—			3,640
CASH AND CASH EQUIVALENTS
Net increase for the year	—			—			20,195			22,605			799			(70		)	43,529
Balance, beginning of year	—			—			65,563			57,825			353			(1,025		)	122,716
Balance, end of year	$	—		$	—		$	85,758		$	80,430		$	1,152		$	(1,095	)	$	166,245

CEDAR FAIR, L.P.

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2016

(In thousands)

	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Co-Issuer Subsidiary (Millennium)			Guarantor Subsidiaries			Eliminations			Total
NET CASH FROM (FOR) OPERATING ACTIVITIES	$	118,833		$	(28,315	)	$	33,918		$	189,534		$	47,728		$	(3,351	)	$	358,347
CASH FLOWS FOR INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			—			(24,562		)	24,562			—
Purchase of identifiable intangible assets	—			—			(29		)	(74		)	(474		)	—			(577		)
Capital expenditures	—			—			(7,863		)	(129,815		)	(22,978		)	—			(160,656		)
Net cash for investing activities	—			—			(7,892		)	(129,889		)	(48,014		)	24,562			(161,233		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Intercompany payables (payments) receipts	(6,332		)	30,894			—			—			—			(24,562		)	—
Term debt payments	—			(1,237		)	(138		)	(4,625		)	—			—			(6,000		)
Distributions paid to partners	(189,508		)	—			—			—			—			2,326			(187,182		)
Tax effect of units involved in treasury unit transactions	—			(422		)	—			—			—			—			(422		)
Payments related to tax withholding for equity compensation	—			(920		)	—			—			—			—			(920		)
Net cash from (for) financing activities	(195,840		)	28,315			(138		)	(4,625		)	—			(22,236		)	(194,524		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			569			—			—			—			569
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the year	(77,007		)	—			26,457			55,020			(286		)	(1,025		)	3,159
Balance, beginning of year	77,007			—			39,106			2,805			639			—			119,557
Balance, end of year	$	—		$	—		$	65,563		$	57,825		$	353		$	(1,025	)	$	122,716