10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 26, 2022

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             .

Commission File Number: 1-9444

CEDAR FAIR, L.P.

(Exact name of registrant as specified in its charter)

Delaware	34-1560655
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

One Cedar Point Drive, Sandusky, Ohio 44870-5259

(Address of principal executive offices) (Zip Code)

(419) 626-0830

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Depositary Units (Representing Limited Partner Interests)	FUN	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  x Yes  ☐ No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  x Yes  ☐ No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes  x No  

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Title of Class	Units Outstanding as of July 29, 2022
Depositary Units (Representing Limited Partner Interests)	57,039,740

Page 1 of 30 pages

CEDAR FAIR, L.P.

FORM 10-Q CONTENTS

Part I - Financial Information
Item 1.	Financial Statements	3
	Index for Notes to Unaudited Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
Part II - Other Information
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 6.	Exhibits	29
Signatures		30

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	June 26, 2022		December 31, 2021		June 27, 2021
ASSETS
Current Assets:
Cash and cash equivalents	$	124,929	$	61,119	$	292,596
Receivables	101,449		62,109		52,259
Inventories	56,608		32,113		46,983
Current income tax receivable	2,526		84,051		91,608
Land held for sale	150,595		—		—
Other current assets	40,268		24,249		40,298
	476,375		263,641		523,744
Property and Equipment:
Land	291,166		443,190		445,274
Land improvements	490,191		486,014		485,242
Buildings	913,699		855,297		857,452
Rides and equipment	2,025,153		1,986,235		2,001,500
Construction in progress	44,637		57,666		41,078
	3,764,846		3,828,402		3,830,546
Less accumulated depreciation	(2,164,908)		(2,117,659)		(2,028,345)
	1,599,938		1,710,743		1,802,201
Goodwill	265,988		267,232		269,193
Other Intangibles, net	49,702		49,994		50,751
Right-of-Use Asset	17,818		16,294		13,520
Other Assets	7,176		5,116		4,824
	$	2,416,997	$	2,313,020	$	2,664,233
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	80,948	$	53,912	$	51,452
Deferred revenue	297,930		187,599		275,506
Accrued interest	31,374		32,011		34,402
Accrued taxes	17,734		9,075		13,002
Accrued salaries, wages and benefits	30,358		53,833		28,344
Self-insurance reserves	24,662		24,573		22,336
Other accrued liabilities	26,388		20,511		17,913
	509,394		381,514		442,955
Deferred Tax Liability	62,956		66,483		38,488
Derivative Liability	—		20,086		31,690
Lease Liability	14,548		13,345		10,620
Other Liabilities	9,847		11,144		21,325
Long-Term Debt:
Revolving credit loans	90,000		—		—
Term debt	190,920		258,391		256,713
Notes	2,265,114		2,260,545		2,704,002
	2,546,034		2,518,936		2,960,715
Partners’ Deficit
Special L.P. interests	5,290		5,290		5,290
General partner	(7)		(7)		(9)
Limited partners, 57,040, 56,854 and 56,829 units outstanding as of June 26, 2022, December 31, 2021 and June 27, 2021, respectively	(745,680)		(712,714)		(840,663)
Accumulated other comprehensive income (loss)	14,615		8,943		(6,178)
	(725,782)		(698,488)		(841,560)
	$	2,416,997	$	2,313,020	$	2,664,233

The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

3

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands, except per unit amounts)

	Three months ended				Six months ended
	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
Net revenues:
Admissions	$	253,494	$	99,072	$	302,930	$	99,072
Food, merchandise and games	177,153		83,945		213,868		91,191
Accommodations, extra-charge products and other	78,844		41,120		91,528		43,616
	509,491		224,137		608,326		233,879
Costs and expenses:
Cost of food, merchandise, and games revenues	49,162		23,630		59,986		25,936
Operating expenses	232,421		155,945		352,271		222,099
Selling, general and administrative	65,601		47,066		106,387		77,416
Depreciation and amortization	49,037		33,992		58,636		35,445
Loss on impairment / retirement of fixed assets, net	1,199		1,937		2,747		3,476
Gain on sale of investment	—		—		—		(2)
	397,420		262,570		580,027		364,370
Operating income (loss)	112,071		(38,433)		28,299		(130,491)
Interest expense	40,214		46,005		78,337		90,101
Net effect of swaps	(7,739)		(3,834)		(21,941)		(7,396)
Loss on early debt extinguishment	—		—		—		4
Loss (gain) on foreign currency	9,845		(11,099)		9,860		(16,904)
Other income	(394)		(27)		(443)		(105)
Income (loss) before taxes	70,145		(69,478)		(37,514)		(196,191)
Provision (benefit) for taxes	19,373		(10,608)		223		(26,905)
Net income (loss)	50,772		(58,870)		(37,737)		(169,286)
Net income (loss) allocated to general partner	1		(1)		—		(2)
Net income (loss) allocated to limited partners	$	50,771	$	(58,869)	$	(37,737)	$	(169,284)
Net income (loss)	$	50,772	$	(58,870)	$	(37,737)	$	(169,286)
Other comprehensive income (loss), (net of tax):
Foreign currency translation adjustment	2,819		(5,686)		5,672		(8,777)
Other comprehensive income (loss), (net of tax)	2,819		(5,686)		5,672		(8,777)
Total comprehensive income (loss)	$	53,591	$	(64,556)	$	(32,065)	$	(178,063)
Basic income (loss) per limited partner unit:
Weighted average limited partner units outstanding	56,760		56,622		56,720		56,588
Net income (loss) per limited partner unit	$	0.89	$	(1.04)	$	(0.67)	$	(2.99)
Diluted income (loss) per limited partner unit:
Weighted average limited partner units outstanding	57,127		56,622		56,720		56,588
Net income (loss) per limited partner unit	$	0.89	$	(1.04)	$	(0.67)	$	(2.99)

The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

4

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT

(In thousands)

For the three months ended	Limited Partnership Units Outstanding	Limited Partners’ Deficit		General Partner’s Deficit		Special L.P. Interests		Accumulated Other Comprehensive Income (Loss)		Total Partners’ Deficit
Balance as of March 28, 2021	56,828	$	(785,400)	$	(8)	$	5,290	$	(492)	$	(780,610)
Net loss	—	(58,869)		(1)		—		—		(58,870)
Limited partnership units related to equity-based compensation	1	3,619		—		—		—		3,619
Tax effect of units involved in treasury unit transactions	—	(13)		—		—		—		(13)
Foreign currency translation adjustment, net of tax $(801)	—	—		—		—		(5,686)		(5,686)
Balance as of June 27, 2021	56,829	$	(840,663)	$	(9)	$	5,290	$	(6,178)	$	(841,560)
Balance as of March 27, 2022	57,042	$	(804,659)	$	(8)	$	5,290	$	11,796	$	(787,581)
Net income	—	50,771		1		—		—		50,772
Limited partnership units related to equity-based compensation	(2)	8,218		—		—		—		8,218
Tax effect of units involved in treasury unit transactions	—	(10)		—		—		—		(10)
Foreign currency translation adjustment, net of tax $982	—	—		—		—		2,819		2,819
Balance as of June 26, 2022	57,040	$	(745,680)	$	(7)	$	5,290	$	14,615	$	(725,782)
For the six months ended	Limited Partnership Units Outstanding	Limited Partners’ Deficit		General Partner’s Deficit		Special L.P. Interests		Accumulated Other Comprehensive Income (Loss)		Total Partners’ Deficit
Balance as of December 31, 2020	56,706	$	(674,319)	$	(7)	$	5,290	$	2,599	$	(666,437)
Net loss	—	(169,284)		(2)		—		—		(169,286)
Limited partnership units related to equity-based compensation	123	4,501		—		—		—		4,501
Tax effect of units involved in treasury unit transactions	—	(1,561)		—		—		—		(1,561)
Foreign currency translation adjustment, net of tax $(1,228)	—	—		—		—		(8,777)		(8,777)
Balance as of June 27, 2021	56,829	$	(840,663)	$	(9)	$	5,290	$	(6,178)	$	(841,560)
Balance as of December 31, 2021	56,854	$	(712,714)	$	(7)	$	5,290	$	8,943	$	(698,488)
Net loss	—	(37,737)		—		—		—		(37,737)
Limited partnership units related to equity-based compensation	186	6,760		—		—		—		6,760
Tax effect of units involved in treasury unit transactions	—	(1,989)		—		—		—		(1,989)
Foreign currency translation adjustment, net of tax $557	—	—		—		—		5,672		5,672
Balance as of June 26, 2022	57,040	$	(745,680)	$	(7)	$	5,290	$	14,615	$	(725,782)

The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of this statement.

5

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Six months ended
	June 26, 2022		June 27, 2021
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
Net loss	$	(37,737)	$	(169,286)
Adjustments to reconcile net loss to net cash from (for) operating activities:
Depreciation and amortization	58,636		35,445
Loss on early debt extinguishment	—		4
Non-cash foreign currency gain on debt	—		(15,777)
Non-cash equity based compensation expense	11,883		9,007
Non-cash deferred income tax benefit	(2,732)		(2,495)
Net effect of swaps	(21,941)		(7,396)
Other non-cash expenses	17,545		7,330
Changes in assets and liabilities:
(Increase) decrease in receivables	(39,442)		(17,723)
(Increase) decrease in inventories	(24,573)		677
(Increase) decrease in tax receivable/accrual	90,123		(19,785)
(Increase) decrease in other assets	(16,245)		(14,034)
Increase (decrease) in accounts payable	19,722		33,384
Increase (decrease) in deferred revenue	109,627		97,157
Increase (decrease) in accrued interest	(637)		617
Increase (decrease) in accrued salaries, wages and benefits	(23,428)		3,334
Increase (decrease) in other liabilities	5,447		6,560
Net cash from (for) operating activities	146,248		(52,981)
CASH FLOWS FOR INVESTING ACTIVITIES
Capital expenditures	(95,790)		(25,491)
Proceeds from sale of investment	—		1,405
Net cash for investing activities	(95,790)		(24,086)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings on revolving credit loans	90,000		—
Term debt payments	(69,000)		—
Payment of debt issuance costs	—		(77)
Payments related to tax withholding for equity compensation	(5,126)		(4,507)
Other	(1,987)		(1,563)
Net cash from (for) financing activities	13,887		(6,147)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(535)		(926)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	63,810		(84,140)
Balance, beginning of period	61,119		376,736
Balance, end of period	$	124,929	$	292,596
SUPPLEMENTAL INFORMATION
Cash payments for interest expense	$	74,345	$	83,937
Interest capitalized	1,468		1,150
Net cash refunds for income taxes	(78,931)		(10)
Capital expenditures in accounts payable	14,715		8,302

The accompanying Notes to Unaudited Condensed Consolidated Financial Statements are an integral part of these statements.

6

CEDAR FAIR, L.P.

INDEX FOR NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1	Description of the Business and Significant Accounting Policies	8
Note 2	Interim Reporting	9
Note 3	Revenue Recognition	9
Note 4	Long-Lived Assets	10
Note 5	Goodwill and Other Intangible Assets	11
Note 6	Long-Term Debt	12
Note 7	Derivative Financial Instruments	13
Note 8	Fair Value Measurements	14
Note 9	Income (Loss) per Unit	14
Note 10	Income and Partnership Taxes	15
Note 11	Subsequent Events	15

7

CEDAR FAIR, L.P.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying unaudited condensed consolidated financial statements have been prepared from the financial records of Cedar Fair, L.P. (the "Partnership," "we," "us," or "our") without audit and reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary to fairly present the results of the interim periods covered in this report. Due to the seasonal nature of our amusement and water park operations, the results for any interim period may not be indicative of the results expected for the full fiscal year.

(1) Description of the Business and Significant Accounting Policies:

Impact of COVID-19 Pandemic

The novel coronavirus (COVID-19) pandemic had a material impact on our business in 2020, had a continuing negative impact in 2021 and may have a longer-term negative effect. On March 14, 2020, we closed our properties in response to the spread of COVID-19 and local government mandates. We ultimately resumed only partial operations at 10 of our 13 properties in 2020. Due to soft demand trends upon reopening in 2020, park operating calendars were adjusted, including reduced operating days per week and operating hours within each operating day and earlier closure of certain parks than a typical operating year. Following March 14, 2020, Knott's Berry Farm's partial operations in 2020 were limited to culinary festivals.

In May 2021, we opened all of our U.S. properties for the 2021 operating season on a staggered basis with capacity restrictions, guest reservations, and other operating protocols in place. Our 2021 operating calendars were designed to align with anticipated capacity restrictions, guest demand and labor availability, including fewer operating days in July and August at some of our smaller properties and additional operating days in September and the fourth quarter at most of our properties. As vaccination distribution efforts continued during the second quarter of 2021 and we were able to hire additional labor, we removed most capacity restrictions, guest reservation requirements and other protocols at our U.S. properties beginning in July 2021. We were also able to open our Canadian property, Canada's Wonderland, in July 2021. Canada's Wonderland operated with capacity restrictions, guest reservations, and other operating protocols in place throughout 2021.

During the second quarter of 2022, all of our properties had opened for the 2022 operating season without restrictions as planned. We currently anticipate maintaining full park operating calendars for the 2022 operating season at all of our parks. However, we have and may continue to adjust future park operating calendars as we respond to changes in guest demand, labor availability and any federal, provincial, state and local restrictions.

Our future operations are dependent on factors outside of our knowledge or control, including the duration and severity of the COVID-19 pandemic and actions taken to contain its spread and mitigate its public health effects. Furthermore, management has made significant estimates and assumptions to estimate the impact of the COVID-19 pandemic on our business, including financial results in the near and long-term. Actual results could materially differ from these estimates depending on the ultimate extent of the effects of the COVID-19 pandemic.

Significant Accounting Policies

Except for the changes described below, our unaudited condensed consolidated financial statements included in this Form 10-Q report have been prepared in accordance with the accounting policies described in the Notes to Consolidated Financial Statements for the year ended December 31, 2021, which were included in the Form 10-K filed on February 18, 2022. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "Commission"). These financial statements should be read in conjunction with the financial statements and the notes included in the Form 10-K referred to above.

New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB amended ASU 2020-04 by issuing Accounting Standards Update No. 2021-01, Reference Rate Reform Scope ("ASU 2021-01"). ASU 2021-01 clarifies the scope of optional expedients and exceptions to derivatives that are affected by the discounting transition. We are in the process of evaluating the effect these standards will have on the unaudited condensed consolidated financial statements and related disclosures.

8

(2) Interim Reporting:

We are one of the largest regional amusement park operators in the world with 13 properties in our portfolio consisting of amusement parks, water parks and complementary resort facilities. Our parks operate seasonally except for Knott's Berry Farm, which is typically open daily on a year-round basis. Our seasonal parks are generally open during weekends beginning in March, April or May, and then daily from Memorial Day until Labor Day. After Labor Day, our seasonal parks are open during select weekends in September and, in most cases, in the fourth quarter for Halloween and winter events. As a result, a substantial portion of our revenues from these seasonal parks typically are generated during an approximate 130- to 140-day operating season with the major portion concentrated in the third quarter during the peak vacation months of July and August. COVID-19 impacted our parks' operating calendars in 2021 as described within Note 1.

To assure that these highly seasonal operations will not result in misleading comparisons of current and subsequent interim periods, we have adopted the following accounting procedures: (a) revenues from multi-use products are recognized over the estimated number of uses expected for each type of product; and the estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season; (b) depreciation, certain advertising and certain seasonal operating costs are expensed over each park’s operating season, including some costs incurred prior to the season, which are deferred and amortized over the season; and (c) all other costs are expensed as incurred or ratably over the entire year. For those operating costs that are expensed over each park's operating season, we recognize expense over each park's planned operating days.

(3) Revenue Recognition:

As disclosed within the unaudited condensed consolidated statements of operations and comprehensive income (loss), revenues are generated from sales of (1) admission to our amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. Admission revenues include amounts paid to gain admission into our parks, including parking fees. Revenues related to extra-charge products, including premium benefit offerings such as front-of-line products, and online transaction fees charged to customers are included in "Accommodations, extra-charge products and other".

The following table presents net revenues disaggregated by revenues generated within the parks and revenues generated from out-of-park operations less amounts remitted to outside parties under concessionaire arrangements for the periods presented. The amounts are not comparable due to the effects of the COVID-19 pandemic.

	Three months ended				Six months ended
(In thousands)	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
In-park revenues	$	466,987	$	190,666	$	552,523	$	190,666
Out-of-park revenues	59,622		40,833		76,114		50,980
Concessionaire remittance	(17,118)		(7,362)		(20,311)		(7,767)
Net revenues	$	509,491	$	224,137	$	608,326	$	233,879

Due to our highly seasonal operations, a substantial portion of our revenues typically are generated during an approximate 130- to 140-day operating season. Most revenues are recognized on a daily basis based on actual guest spend at our properties. Revenues from multi-use products, including season-long products for admission, dining, beverage and other products, are recognized over the estimated number of uses expected for each type of product. The estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season. The number of uses is estimated based on historical usage adjusted for current period trends. For any bundled products that include multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and any inherent discounts are allocated based on the gross margin and expected redemption of each performance obligation. We do not typically provide for refunds or returns.

Many products, including season-long products, are sold to customers in advance, resulting in a contract liability ("deferred revenue"). Deferred revenue is typically at its highest immediately prior to the peak summer season, and at its lowest at the beginning of the calendar year following the close of our parks' operating seasons. Season-long products represent most of the deferred revenue balance in any given period.

Due to the effects of the COVID-19 pandemic, we extended the validity of our 2020 season-long products through the 2021 operating season in order to ensure our season pass holders received a full season of access to our parks. The extended validity of the 2020 season-long products resulted in a significant amount of revenue deferred from 2020 into 2021. All 2020 and 2021 season-long product revenue had been recognized as of December 31, 2021 except for season-long product extensions into 2022 at two parks. In the first quarter of 2021, Knott's Berry Farm offered a further day-for-day extension into calendar year 2022 for 2020 and 2021 season-long products for every day the park was closed in 2021. The extension for the 2020 and 2021 season-long products at Knott's Berry Farm concluded during the second quarter of 2022 and all related revenue had been recognized. In the second quarter of 2021, Canada's Wonderland extended its 2020 and 2021 season-long products through September 5, 2022. All Canada's Wonderland 2020 and 2021 season-long product revenue is expected to be recognized by the

9

third quarter of 2022. No other parks offered similar plans. As of June 27, 2021, we classified $5.8 million of deferred revenue as non-current due to the Canada's Wonderland extension.

In order to calculate revenue recognized on these extended season-long products, management made significant estimates regarding the estimated number of uses expected for these season-long products for admission, dining, beverage and other products, including during interim periods.

Of the $187.6 million of current deferred revenue recorded as of January 1, 2022, 91% was related to season-long products. The remainder was related to deferred online transaction fees charged to customers, advanced ticket sales, prepaid games cards, advanced resort reservations, marina deposits and other deferred revenue. Approximately $84 million of the current deferred revenue balance as of January 1, 2022 was recognized during the six months ended June 26, 2022. As of January 1, 2022 and June 26, 2022, we also had recorded $10.0 million and $8.7 million, respectively, of non-current deferred revenue which largely represented prepaid lease payments for a portion of the California's Great America parking lot. The prepaid lease payments are being recognized through 2027 following the sale of the land under California's Great America; see Note 11. Prior to the sale, the prepaid lease payments were being recognized through 2039.

Payment is due immediately on the transaction date for most products. Our receivable balance includes outstanding amounts on installment purchase plans which are offered for season-long products, and includes sales to retailers, group sales and catering activities which are billed. Installment purchase plans vary in length from three monthly installments to 12 monthly installments. Payment terms for billings are typically net 30 days. Receivables in a typical operating year are highest in the peak summer months and lowest in the winter months. We are not exposed to a significant concentration of customer credit risk. As of June 26, 2022, December 31, 2021 and June 27, 2021, we recorded a $13.6 million, $5.7 million and $10.8 million allowance for doubtful accounts, respectively, representing estimated defaults on installment purchase plans. The default estimate is calculated using historical default rates adjusted for current period trends. The allowance for doubtful accounts is recorded as a reduction of deferred revenue to the extent revenue has not been recognized on the corresponding season-long products. Due to the effects of the COVID-19 pandemic and given the uncertainty around the timing of the reopening of our parks, we paused collections on our installment purchase plans in April 2020. For those parks which opened during the summer of 2020, we resumed collections of guest payments on installment purchase products as each of these parks opened for the 2020 operating season. For those parks which did not open during the summer of 2020, we resumed collections of guest payments in April 2021, except for Canada's Wonderland where we resumed collections in June 2021. All 2020 and 2021 installment plans had concluded as of December 31, 2021.

(4) Long-Lived Assets:

Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decrease in the market price of a long-lived asset; a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; a significant adverse change in legal factors or in the business climate; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; past, current or future operating or cash flow losses that demonstrate continuing losses associated with the use of a long-lived asset; and a current expectation that a long-lived asset will be sold or disposed significantly before the end of its previously estimated useful life. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on the unaudited condensed consolidated financial statements.

As of June 26, 2022, we classified the land at California's Great America totaling $150.6 million as held for sale within the unaudited condensed consolidated balance sheet. We completed a sale of the land on June 27, 2022; see Note 11. Concurrently with the sale, we entered into a lease contract that allows us to operate the park during a six-year term with an option to extend the term for an additional five years. Upon termination of the lease, we will remove the rides and attractions from the land. As a result, during the second quarter of 2022, we changed the estimated useful lives of the remaining property and equipment at California's Great America to an approximate 5.5-year period, or through December 31, 2027. We expect this to result in an approximate $8 million increase in annual depreciation expense over the 5.5-year period. We may dispose of the remaining property and equipment at California's Great America significantly before the end of their previously estimated useful lives if the assets are not sold to a third party or transferred for an alternate use. As a result, we also tested the long-lived assets at California's Great America for impairment, which resulted in no impairment. The fair value of the long-lived assets was determined using a replacement cost approach.

We concluded no other indicators of impairment existed during the first six months of 2022 and 2021, respectively. We based our conclusions on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions.

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(5) Goodwill and Other Intangible Assets:

Goodwill and other indefinite-lived intangible assets, including trade names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. During the second quarter of 2022, we concluded the useful life of the trade name, California's Great America, was no longer indefinite due to the anticipated sale of the land and the eventual disposal of the remaining assets; see Note 11. As a result, we tested the California's Great America trade name totaling $0.7 million for impairment resulting in no impairment charges. The fair value of the trade name was calculated using a relief-from-royalty model. We began amortizing the trade name over an approximate 5.5-year period, or through December 31, 2027, during the second quarter of 2022.

We concluded no other indicators of impairment existed during the first six months of 2022 and 2021, respectively. We based our conclusions on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions.

Changes in the carrying value of goodwill for the six months ended June 26, 2022 and June 27, 2021 were:

(In thousands)	Goodwill
Balance as of December 31, 2021	$	267,232
Foreign currency translation	(1,244)
Balance as of June 26, 2022	$	265,988
Balance as of December 31, 2020	$	266,961
Foreign currency translation	2,232
Balance as of June 27, 2021	$	269,193

As of June 26, 2022, December 31, 2021, and June 27, 2021, other intangible assets consisted of the following:

(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 26, 2022
Other intangible assets:
Trade names	$	49,238	$	—	$	49,238
License / franchise agreements	4,295		(3,831)		464
Total other intangible assets	$	53,533	$	(3,831)	$	49,702
December 31, 2021
Other intangible assets:
Trade names	$	49,515	$	—	$	49,515
License / franchise agreements	4,262		(3,783)		479
Total other intangible assets	$	53,777	$	(3,783)	$	49,994
June 27, 2021
Other intangible assets:
Trade names	$	49,951	$	—	$	49,951
License / franchise agreements	4,263		(3,463)		800
Total other intangible assets	$	54,214	$	(3,463)	$	50,751

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(6) Long-Term Debt:

Long-term debt as of June 26, 2022, December 31, 2021, and June 27, 2021 consisted of the following:

(In thousands)	June 26, 2022		December 31, 2021		June 27, 2021
Revolving credit facility	$	90,000	$	—	$	—
U.S. term loan averaging 2.19% YTD 2022; 1.85% in 2021; 1.87% YTD 2021 (1)	195,250		264,250		264,250
Notes
2024 U.S. fixed rate senior unsecured notes at 5.375%	—		—		450,000
2025 U.S. fixed rate senior secured notes at 5.500%	1,000,000		1,000,000		1,000,000
2027 U.S. fixed rate senior unsecured notes at 5.375%	500,000		500,000		500,000
2028 U.S. fixed rate senior unsecured notes at 6.500%	300,000		300,000		300,000
2029 U.S. fixed rate senior unsecured notes at 5.250%	500,000		500,000		500,000
	2,585,250		2,564,250		3,014,250
Less current portion	—		—		—
	2,585,250		2,564,250		3,014,250
Less debt issuance costs and original issue discount	(39,216)		(45,314)		(53,535)
	$	2,546,034	$	2,518,936	$	2,960,715

(1)     The average interest rates do not reflect the effect of interest rate swap agreements (see Note 7).

Term Debt and Revolving Credit Facilities

In April 2017, we amended and restated our credit agreement (the "2017 Credit Agreement") which includes our senior secured term loan facility and senior secured revolving credit facility. The $750 million senior secured term loan facility under the 2017 Credit Agreement matures on April 15, 2024 and, following an amendment in March 2018, bears interest at London InterBank Offered Rate ("LIBOR") plus 175 basis points (bps). The pricing terms for the March 2018 amendment reflected $0.9 million of Original Issue Discount ("OID"). In April 2020, as a result of the anticipated effects of the COVID-19 pandemic, we further amended the 2017 Credit Agreement (the "Second Amendment") to suspend and revise certain financial covenants, and to adjust the interest rate on and reflect additional commitments and capacity for our revolving credit facility. In conjunction with the Second Amendment, we prepaid $463.3 million of our outstanding senior secured term loan facility. Following the prepayment, we do not have any remaining scheduled quarterly payments required on our senior secured term loan facility. During the second quarter of 2022, we made a $69.0 million payment on our outstanding senior secured term loan facility which was required pursuant to certain loan covenants. In September 2020, in response to the continuing effects of the COVID-19 pandemic, we further amended the 2017 Credit Agreement (the "Third Amendment") to further suspend and revise certain of the financial covenants and extend the maturity of and adjust the terms that apply to a portion of our senior secured revolving credit facility. We also amended the 2017 Credit Agreement in December 2021 to allow for the redemption of the 2024 senior notes and in February 2022 to allow for larger sale and leaseback transactions. The facilities provided under the 2017 Credit Agreement, as amended, are collateralized by substantially all of the assets of the Partnership.

As of June 26, 2022, our total senior secured revolving credit facility capacity under the 2017 Credit Agreement, as amended, was $300 million with a Canadian sub-limit of $15 million. The senior secured revolving credit facility bears interest at LIBOR plus 350 bps or Canadian Dollar Offered Rate ("CDOR") plus 250 bps, requires the payment of a 62.5 bps commitment fee per annum on the unused portion of the revolving credit facility, in each case without any step-downs, and matures in December 2023. In April 2022, $75 million of the senior secured revolving credit facility capacity under the 2017 Credit Agreement matured, and the outstanding borrowings were repaid. While such $75 million of senior secured revolving credit facility capacity was available, borrowings under this portion of the revolver capacity bore interest at LIBOR plus 300 bps or CDOR plus 200 bps, and the unused portion of this revolving credit facility capacity required the payment of a 37.5 bps commitment fee per annum. The 2017 Credit Agreement, as amended, also provides for the issuance of documentary and standby letters of credit. After outstanding borrowings of $90.0 million and letters of credit of $15.8 million, we had $194.2 million of available borrowings under our revolving credit facility as of June 26, 2022.

Notes

In April 2020, as a result of the anticipated effects of the COVID-19 pandemic and in connection with the Second Amendment, we issued $1.0 billion of 5.500% senior secured notes due 2025 ("2025 senior notes") in a private placement. The 2025 senior notes and the related guarantees are secured by first-priority liens on the issuers' and the guarantors' assets that secure all the obligations under our credit facilities. The net proceeds from the offering of the 2025 senior notes were used to repay $463.3 million of our then-outstanding senior secured term loan facility. The remaining amount was for general corporate and working capital purposes, including fees and expenses related to the transaction. The 2025 senior notes pay interest semi-annually in May and November, with the principal due in full on May 1, 2025. The 2025 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed.

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In June 2014, we issued $450 million of 5.375% senior unsecured notes due 2024 ("2024 senior notes"). The 2024 senior notes paid interest semi-annually in June and December, with the principal due in full on June 1, 2024. On December 17, 2021, we redeemed all of the 2024 senior notes at a redemption price equal to 100.896% of the principal amount plus accrued and unpaid interest. As a result, we recognized a $5.9 million loss on early debt extinguishment during the fourth quarter of 2021, inclusive of debt premium payments of $4.1 million and the write-off of debt issuance costs of $1.8 million.

In April 2017, we issued $500 million of 5.375% senior unsecured notes due 2027 ("2027 senior notes"). The 2027 senior notes pay interest semi-annually in April and October, with the principal due in full on April 15, 2027. The 2027 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed.

In June 2019, we issued $500 million of 5.250% senior unsecured notes due 2029 ("2029 senior notes"). The 2029 senior notes pay interest semi-annually in January and July, with the principal due in full on July 15, 2029. The 2029 senior notes may be redeemed, in whole or in part, at any time prior to July 15, 2024 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium together with accrued and unpaid interest and additional interest, if any, to the redemption date. Thereafter, the 2029 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed.

In October 2020, in response to the continuing effects of the COVID-19 pandemic, we issued $300 million of 6.500% senior unsecured notes due 2028 ("2028 senior notes"). The net proceeds from the offering of the 2028 senior notes were for general corporate and working capital purposes, including fees and expenses related to the transaction. The 2028 senior notes pay interest semi-annually in April and October with the principal due in full on October 1, 2028. Prior to October 1, 2023, up to 35% of the 2028 senior notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 106.500% of the principal amount thereof, together with accrued and unpaid interest, if any. The 2028 senior notes may be redeemed, in whole or in part, at any time prior to October 1, 2023 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium together with accrued and unpaid interest and additional interest, if any, to the redemption date. Thereafter, the 2028 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed.

As market conditions warrant, we may from time to time repurchase our outstanding debt securities in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise.

Covenants

The 2017 Credit Agreement, as amended, includes a Senior Secured Leverage Ratio of 4.50x Total First Lien Senior Secured Debt-to-Consolidated EBITDA, which will step down to 4.00x in the second quarter of 2023 and which will step down further to 3.75x in the third quarter of 2023. The 2017 Credit Agreement, as amended, included an Additional Restrictions Period to provide further covenant relief during the COVID-19 pandemic. We terminated the Additional Restrictions Period during the first quarter of 2022 by achieving compliance with the Senior Secured Leverage Ratio covenant as of the end of the fourth quarter of 2021. We were in compliance with the applicable financial covenants under our credit agreement during the six months ended June 26, 2022.

Our fixed rate note agreements include Restricted Payment provisions, which could limit our ability to pay partnership distributions. Pursuant to the terms of the indenture governing the 2027 senior notes, which includes the most restrictive of these Restricted Payments provisions under our fixed rate note agreements, if our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is greater than 5.25x, we can still make Restricted Payments of $100 million annually so long as no default or event of default has occurred and is continuing. If our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is less than or equal to 5.25x, we can make Restricted Payments up to our Restricted Payment pool. Our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was less than 5.25x as of June 26, 2022.

(7) Derivative Financial Instruments:

Derivative financial instruments are used within our overall risk management program to manage certain interest rate and foreign currency risks. By utilizing a derivative instrument to hedge exposure to LIBOR rate changes, we are exposed to counterparty credit risk, in particular the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, hedging instruments are placed with a counterparty that we believe poses minimal credit risk. We do not use derivative financial instruments for trading purposes.

We have four interest rate swap agreements with a notional value of $500 million that convert one-month variable rate LIBOR to a fixed rate of 2.88% through December 31, 2023. This results in a 4.63% fixed interest rate for borrowings under our senior secured term loan facility after the impact of interest rate swap agreements. None of the interest rate swap agreements are designated as hedging instruments. The fair value of our swap portfolio, including the location within the unaudited condensed consolidated balance sheets, for the periods presented were as follows:

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(In thousands)	Balance Sheet Location	June 26, 2022		December 31, 2021		June 27, 2021
Derivatives not designated as hedging instruments:
Interest Rate Swaps	Other Assets (Derivative Liability)	$	1,855	$	(20,086)	$	(31,690)

Instruments that do not qualify for hedge accounting are adjusted to fair value each reporting period through "Net effect of swaps" within the unaudited condensed consolidated statements of operations and comprehensive income (loss).

(8) Fair Value Measurements:

The table below presents the balances of assets and liabilities measured at fair value as of June 26, 2022, December 31, 2021, and June 27, 2021 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited condensed consolidated balance sheets:

(In thousands)	Balance Sheet Location	Fair Value Hierarchy Level	June 26, 2022				December 31, 2021				June 27, 2021
			Carrying Value		Fair  Value		Carrying Value		Fair  Value		Carrying Value		Fair  Value
Financial assets (liabilities) measured on a recurring basis:
Short-term investments	Other current assets	Level 1	$	333	$	333	$	478	$	478	$	361	$	361
Interest rate swaps	Other Assets (Derivative Liability)	Level 2	$	1,855	$	1,855	$	(20,086)	$	(20,086)	$	(31,690)	$	(31,690)
Other financial assets (liabilities):
Term debt	Long-Term Debt (1)	Level 2	$	(195,250)	$	(187,928)	$	(264,250)	$	(257,644)	$	(264,250)	$	(258,965)
2024 senior notes	Long-Term Debt (1)	Level 1	—		—		—		—		$	(450,000)	$	(453,938)
2025 senior notes	Long-Term Debt (1)	Level 2	$	(1,000,000)	$	(975,000)	$	(1,000,000)	$	(1,035,000)	$	(1,000,000)	$	(1,041,250)
2027 senior notes	Long-Term Debt (1)	Level 1	$	(500,000)	$	(467,500)	$	(500,000)	$	(513,750)	$	(500,000)	$	(516,250)
2028 senior notes	Long-Term Debt (1)	Level 1	$	(300,000)	$	(288,000)	$	(300,000)	$	(319,125)	$	(300,000)	$	(324,000)
2029 senior notes	Long-Term Debt (1)	Level 1	$	(500,000)	$	(446,250)	$	(500,000)	$	(513,750)	$	(500,000)	$	(515,000)

(1)Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $39.2 million, $45.3 million and $53.5 million as of June 26, 2022, December 31, 2021 and June 27, 2021, respectively.

Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR forward curves, which are considered Level 2 observable market inputs.

The carrying value of cash and cash equivalents, revolving credit loans, accounts receivable, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. There were no assets measured at fair value on a non-recurring basis as of June 26, 2022, December 31, 2021 or June 27, 2021.

(9) Income (Loss) per Unit:

Net income (loss) per limited partner unit was calculated based on the following unit amounts:

	Three months ended				Six months ended
(In thousands, except per unit amounts)	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
Basic weighted average units outstanding	56,760		56,622		56,720		56,588
Effect of dilutive units:
Deferred units	56		—		—		—
Restricted units	288		—		—		—
Unit options	23		—		—		—
Diluted weighted average units outstanding	57,127		56,622		56,720		56,588
Net income (loss) per unit - basic	$	0.89	$	(1.04)	$	(0.67)	$	(2.99)
Net income (loss) per unit - diluted	$	0.89	$	(1.04)	$	(0.67)	$	(2.99)

There were approximately 0.4 million potentially dilutive units excluded from the computation of diluted loss per limited partner unit for the three months ended June 27, 2021, as their effect would have been anti-dilutive due to the net loss in the period. There were approximately 0.5 million potentially dilutive units excluded from the computation of diluted loss per limited partner unit for both of the six month periods ended June 26, 2022 and June 27, 2021, as their effect would have been anti-dilutive due to the net loss in each period.

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(10) Income and Partnership Taxes:

We are subject to publicly traded partnership tax (PTP tax) on certain partnership level gross income (net revenues less cost of food, merchandise, and games revenues), state and local income taxes on partnership income, U.S. federal, state and local income taxes on income from our corporate subsidiaries and foreign income taxes on our foreign subsidiary. As such, the total provision (benefit) for taxes includes amounts for the PTP gross income tax and federal, state, local and foreign income taxes. Under applicable accounting rules, the total provision (benefit) for income taxes includes the amount of taxes payable for the current year and the impact of deferred tax assets and liabilities, which represents future tax consequences of events that are recognized in different periods in the financial statements than for tax purposes.

The total tax provision (benefit) for interim periods is determined by applying an estimated annual effective tax rate to the applicable quarterly income (loss). Our consolidated estimated annual effective tax rate differs from the statutory federal income tax rate primarily due to state, local and foreign income taxes, and certain partnership level income not being subject to federal tax.

During the second quarter of 2022, we received $77.1 million in tax refunds attributable to the net operating loss in tax year 2020 being carried back to prior years in the United States. We received $11.1 million in tax refunds attributable to the net operating loss of our Canadian corporate subsidiary being carried back to prior years in Canada during the first quarter of 2022. The refunds were recorded as a receivable as of December 31, 2021 in "Current income tax receivable" within the consolidated balance sheet.

Additional benefits from the CARES Act included an $8.2 million deferral of the employer's share of Social Security taxes due in 50% increments in the fourth quarter of 2021 and the fourth quarter of 2022. The current portion was recorded in "Accrued salaries, wages and benefits" and the non-current portion as of June 27, 2021 was recorded in "Other Liabilities" within the unaudited condensed consolidated balance sheet.

Unrecognized tax benefits, including accrued interest and penalties, were not material in any period presented. We recognize interest and penalties related to unrecognized tax benefits as income tax expense.

(11) Subsequent Events:

At the beginning of the third quarter of 2022, on June 27, 2022, the Partnership sold the land at California's Great America for a cash purchase price of $310 million, subject to customary prorations. Concurrently with the sale of the land, we entered into a lease contract for the land that allows us to operate the park during a six year term with an option to extend the term for an additional five years. The lease is subject to early termination by the buyer with at least two years' prior notice. The annual base rent under the lease will initially be $12.2 million and will increase by 2.5% each year. Upon termination of the lease, we will close existing park operations and remove the rides and attractions from the land.

On August 3, 2022, we announced that our Board of Directors approved a unit repurchase plan authorizing the Partnership to repurchase units for an aggregate purchase price of not more than $250 million. The unit repurchase program will be subject to Rule 10b-18 of the Securities Exchange Act of 1934. Subject to applicable rules and regulations, we may repurchase units from time-to-time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including liquidity, capital needs of the business, market conditions, regulatory requirements, and other corporate considerations. No limit was placed on the duration of the repurchase program. The unit repurchase program does not obligate the Partnership to repurchase any minimum dollar amount or specific number of units, and the program may be modified, suspended, or discontinued at any time.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Business Overview:

We generate our revenues from sales of (1) admission to our amusement parks and water parks, (2) food, merchandise and games both inside and outside our parks, and (3) accommodations, extra-charge products, and other revenue sources. Our principal costs and expenses, which include salaries and wages, operating supplies, maintenance and advertising, are relatively fixed for a typical operating season and do not vary significantly with attendance.

Each of our properties is overseen by a general manager and operates autonomously. Management reviews operating results, evaluates performance and makes operating decisions, including allocating resources, on a property-by-property basis.

Along with attendance and in-park per capita spending statistics, discrete financial information and operating results are prepared at the individual park level for use by the CEO, who is the Chief Operating Decision Maker (CODM), as well as by the Chief Financial Officer, the Chief Operating Officer, Senior Vice Presidents and the general managers.

Impact of COVID-19 Pandemic

The novel coronavirus (COVID-19) pandemic had a material impact on our business in 2020, had a continuing negative impact in 2021 and may have a longer-term negative effect. On March 14, 2020, we closed our properties in response to the spread of COVID-19 and local government mandates. We ultimately resumed only partial operations at 10 of our 13 properties in 2020. Due to soft demand trends upon reopening in 2020, park operating calendars were adjusted, including reduced operating days per week and operating hours within each operating day and earlier closure of certain parks than a typical operating year. Following March 14, 2020, Knott's Berry Farm's partial operations in 2020 were limited to culinary festivals.

In May 2021, we opened all of our U.S. properties for the 2021 operating season on a staggered basis with capacity restrictions, guest reservations, and other operating protocols in place. Our 2021 operating calendars were designed to align with anticipated capacity restrictions, guest demand and labor availability, including fewer operating days in July and August at some of our smaller properties and additional operating days in September and the fourth quarter at most of our properties. As vaccination distribution efforts continued during the second quarter of 2021 and we were able to hire additional labor, we removed most capacity restrictions, guest reservation requirements and other protocols at our U.S. properties beginning in July 2021. We were also able to open our Canadian property, Canada's Wonderland, in July 2021. Canada's Wonderland operated with capacity restrictions, guest reservations, and other operating protocols in place throughout 2021.

During the second quarter of 2022, all of our properties had opened for the 2022 operating season without restrictions as planned. We currently anticipate maintaining full park operating calendars for the 2022 operating season at all of our parks. However, we have and may continue to adjust future park operating calendars as we respond to changes in guest demand, labor availability and any federal, provincial, state and local restrictions. Our future operations are dependent on factors outside of our knowledge or control, including the duration and severity of the COVID-19 pandemic and actions taken to contain its spread and mitigate its public health effects.

Critical Accounting Policies:

Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon our unaudited condensed consolidated financial statements, which were prepared in accordance with accounting principles generally accepted in the United States of America. These principles require us to make judgments, estimates and assumptions during the normal course of business that affect the amounts reported in the unaudited condensed consolidated financial statements. Beyond estimates in the normal course of business, management has also made significant estimates and assumptions related to the COVID-19 pandemic to determine our liquidity requirements and estimate the impact on our business, including financial results in the near and long-term. Actual results could differ significantly from those estimates under different assumptions and conditions.

Management believes that judgment and estimates related to the following critical accounting policies could materially affect our unaudited condensed consolidated financial statements:

•Impairment of Long-Lived Assets

•Goodwill and Other Intangible Assets

•Self-Insurance Reserves

•Revenue Recognition

•Income Taxes

In the second quarter of 2022, there were no changes in the above critical accounting policies from those previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

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Adjusted EBITDA:

Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in our current and prior credit agreements. Adjusted EBITDA is not a measurement of operating performance computed in accordance with generally accepted accounting principles ("GAAP") and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. We believe that Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors and comparable companies in our industry to evaluate our operating performance on a consistent basis, as well as more easily compare our results with those of other companies in our industry. Further, management believes Adjusted EBITDA is a meaningful measure of park-level operating profitability and we use it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is provided in the discussion of results of operations that follows as a supplemental measure of our operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under GAAP. In addition, Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

The table below sets forth a reconciliation of Adjusted EBITDA to net income (loss) for the three- and six-month periods ended June 26, 2022, June 27, 2021 and June 30, 2019. Due to the effects of the COVID-19 pandemic on our 2021 results, we included comparisons to 2019 in addition to comparisons to 2021 within the Results of Operations.

	Three months ended						Six months ended
(In thousands)	June 26, 2022		June 27, 2021		June 30, 2019		June 26, 2022		June 27, 2021		June 30, 2019
Net income (loss)	$	50,772	$	(58,870)	$	63,298	$	(37,737)	$	(169,286)	$	(20,375)
Interest expense	40,214		46,005		22,927		78,337		90,101		43,847
Interest income	(509)		(18)		(81)		(551)		(31)		(314)
Provision (benefit) for taxes	19,373		(10,608)		14,676		223		(26,905)		(5,309)
Depreciation and amortization	49,037		33,992		55,904		58,636		35,445		69,493
EBITDA	158,887		10,501		156,724		98,908		(70,676)		87,342
Loss on early debt extinguishment	—		—		—		—		4		—
Net effect of swaps	(7,739)		(3,834)		10,779		(21,941)		(7,396)		17,158
Non-cash foreign currency loss (gain)	9,834		(11,018)		(9,481)		9,848		(16,822)		(18,145)
Non-cash equity compensation expense	8,225		3,638		3,287		11,883		9,007		5,830
Loss on impairment / retirement of fixed assets, net	1,199		1,937		682		2,747		3,476		2,106
Gain on sale of investment	—		—		—		—		(2)		(617)
Acquisition-related costs	—		—		946		—		—		946
Other (1)	147		496		124		692		507		283
Adjusted EBITDA	$	170,553	$	1,720	$	163,061	$	102,137	$	(81,902)	$	94,903

(1)    Consists of certain costs as defined in our current and prior credit agreements. These items are excluded from the calculation of Adjusted EBITDA and have included certain legal expenses and severance expenses. This balance also includes unrealized gains and losses on short-term investments.

Results of Operations:

We believe the following are key operational measures in our managerial and operational reporting, and they are used as major factors in significant operational decisions as they are primary drivers of our financial and operational performance:

Attendance is defined as the number of guest visits to our amusement parks and separately gated outdoor water parks.

In-park per capita spending is calculated as revenues generated within our amusement parks and separately gated outdoor water parks along with related parking revenues (in-park revenues), divided by total attendance.

Out-of-park revenues are defined as revenues from resorts, out-of-park food and retail locations, online transaction fees charged to customers, sponsorships and all other out-of-park operations.

Net revenues consist of in-park revenues and out-of-park revenues less amounts remitted to outside parties under concessionaire arrangements (see Note 3).

17

Six months ended June 26, 2022 vs. Six months ended June 27, 2021

Due to the effects of the COVID-19 pandemic, the results for the six months ended June 26, 2022 were not directly comparable with the results for the six months ended June 27, 2021. The current six-month period included 838 operating days compared with 393 operating days for the six-month period ended June 27, 2021. In the prior period and due to the effects of the COVID-19 pandemic, we postponed the opening of our parks for the 2021 operating season to May 2021, when all of our properties opened on a staggered basis except our Canadian property, Canada's Wonderland. Upon opening in 2021, park operating calendars were reduced, guest reservations were required and some operating restrictions were in place. The 2021 period also included the results from limited out-of-park attractions prior to the May 2021 opening of our parks. Limited out-of-park attractions included some of our hotel properties and a culinary festival at Knott's Berry Farm from March 5, 2021 through May 2, 2021.

The following table presents key financial information for the six months ended June 26, 2022 and June 27, 2021:

	Six months ended				Increase (Decrease)
	June 26, 2022		June 27, 2021		$		%
	(Amounts in thousands, except per capita and operating days)
Net revenues	$	608,326	$	233,879	$	374,447	160.1	%
Operating costs and expenses	518,644		325,451		193,193		59.4	%
Depreciation and amortization	58,636		35,445		23,191		65.4	%
Loss on impairment / retirement of fixed assets, net	2,747		3,476		(729)		N/M
Gain on sale of investment	—		(2)		2		N/M
Operating income (loss)	$	28,299	$	(130,491)	$	158,790	121.7	%
Other Data:
Adjusted EBITDA (1)	$	102,137	$	(81,902)	$	184,039	224.7	%
Attendance	9,299		3,409		5,890		172.8	%
In-park per capita spending	$	59.42	55.94		$	3.48	6.2	%
Out-of-park revenues	$	76,114	$	50,980	$	25,134	49.3	%
Operating days	838		393		445		113.2	%

N/M        Not meaningful due to the nature of the expense line-item

(1)        For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net income (loss), see page 17.

For the six months ended June 26, 2022, net revenues totaled $608.3 million compared with $233.9 million for the six months ended June 27, 2021. The increase in net revenues was attributable to a 445 operating day increase in the current period resulting in a 5.9 million-visit increase in attendance and a $25.1 million increase in out-of-park revenues. In-park per capita spending for the six months ended June 26, 2022 increased 6.2% to $59.42, which represented higher levels of guest spending in admissions and food and beverage. The increase in net revenues included a $1.1 million unfavorable impact of foreign currency exchange rates at our Canadian park.

Operating costs and expenses for the six months ended June 26, 2022 increased to $518.6 million from $325.5 million for the six months ended June 27, 2021. This was the result of a $34.1 million increase in cost of goods sold, a $130.2 million increase in operating expenses and a $29.0 million increase in SG&A expense, all of which were largely the result of the 445 operating day increase in the current period. The majority of the $130.2 million increase in operating expenses was attributable to the increase in operating days. Additionally, the increase in operating expenses was due to an increase in full-time wages primarily related to a planned increase in head count at select parks and an increase in seasonal labor rate. The increase in operating costs and expenses included a $0.8 million favorable impact of foreign currency exchange rates at our Canadian park.

Depreciation and amortization expense for the six months ended June 26, 2022 increased $23.2 million compared with the six months ended June 27, 2021 due primarily to the 445 operating day increase in the current period. We recognize depreciation expense over planned operating days for the majority of our assets. The loss on impairment / retirement of fixed assets for both periods was due to retirement of assets in the normal course of business.

After the items above, operating income for the six months ended June 26, 2022 totaled $28.3 million compared with an operating loss of $130.5 million for the six months ended June 27, 2021.

Interest expense for the six months ended June 26, 2022 decreased $11.8 million due to the redemption of the 2024 senior notes in December 2021. The net effect of our swaps resulted in a benefit to earnings of $21.9 million for the six months ended June 26, 2022 compared with a $7.4 million benefit to earnings for the six months ended June 27, 2021. The difference was attributable to the change in fair value of our swap portfolio. During the current period, we also recognized a $9.9 million net charge to earnings for foreign currency gains and losses compared with a $16.9 million net benefit for the six months ended

18

June 27, 2021. The amounts primarily represented the remeasurement of U.S. dollar denominated debt to the Canadian entity's functional currency.

During the six months ended June 26, 2022, a provision for taxes of $0.2 million was recorded to account for PTP taxes and federal, state, local and foreign income taxes compared with a benefit for taxes of $26.9 million for the six months ended June 27, 2021. The difference in provision for taxes was primarily attributable to a lower pretax loss from our taxable subsidiaries in the current period.

After the items above, net loss for the six months ended June 26, 2022 totaled $37.7 million, or $0.67 per diluted limited partner unit, compared with a net loss of $169.3 million, or $2.99 per diluted limited partner unit, for the six months ended June 27, 2021.

For the six months ended June 26, 2022, Adjusted EBITDA totaled $102.1 million compared with an Adjusted EBITDA loss of $81.9 million for the six months ended June 27, 2021. The increase in Adjusted EBITDA was primarily due to the 445 operating day increase in the current period and the related improvement in attendance, in-park per capita spending and out-of-park revenues offset somewhat by an increase in related expenses incurred, particularly for labor and cost of goods sold.

Six months ended June 26, 2022 vs. Six months ended June 30, 2019

As described above, the results for the six months ended June 26, 2022 were not directly comparable with the results for the six months ended June 27, 2021 due to the effects of the COVID-19 pandemic. Therefore, we included a comparison of our current period results with the six months ended June 30, 2019. While the 2019 results are more comparable to our 2022 results, the 2022 results are also not directly comparable with the 2019 results due to the acquisition of Schlitterbahn Waterpark and Resort New Braunfels and Schlitterbahn Waterpark Galveston ("Schlitterbahn parks") on July 1, 2019 and a four day natural calendar shift following three years of passed time. The current six-month period included 838 operating days compared with a total of 827 operating days for the six-month period ended June 30, 2019. Of the 838 current period operating days, 105 operating days were at the Schlitterbahn parks. Excluding the Schlitterbahn parks, operating days for the six months ended June 26, 2022 decreased 94 operating days compared with the six months ended June 30, 2019 due to the four day calendar shift and a planned reduction of early-season operating days at some of our properties.

The following table presents key financial information for the six months ended June 26, 2022 and June 30, 2019:

	Six months ended				Increase (Decrease)
	June 26, 2022		June 30, 2019		$		%
	(Amounts in thousands, except per capita and operating days)
Net revenues	$	608,326	$	503,167	$	105,159	20.9	%
Operating costs and expenses	518,644		414,880		103,764		25.0	%
Depreciation and amortization	58,636		69,493		(10,857)		(15.6)	%
Loss on impairment / retirement of fixed assets, net	2,747		2,106		641		N/M
Gain on sale of investment	—		(617)		617		N/M
Operating income	$	28,299	$	17,305	$	10,994	63.5	%
Other Data:
Adjusted EBITDA (1)	$	102,137	$	94,903	$	7,234	7.6	%
Attendance	9,299		9,675		(376)		(3.9)	%
In-park per capita spending (2)	$	59.42	$	47.09	$	12.33	26.2	%
Out-of-park revenues (2)	$	76,114	$	64,105	$	12,009	18.7	%
Operating days	838		827		11		1.3	%

N/M        Not meaningful due to the nature of the expense line-item

(1)    For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net income (loss), see page 17.

(2)    Net revenues as disclosed within the statements of operations and comprehensive income (loss) consist of in-park revenues and out-of-park revenues less amounts remitted to outside parties under concessionaire arrangements. In-park per capita spending is calculated as in-park revenues divided by total attendance. In-park revenues and concessionaire remittance totaled $455.6 million and $16.5 million, respectively, for the six months ended June 30, 2019.

For the six months ended June 26, 2022, net revenues totaled $608.3 million compared with $503.2 million for the six months ended June 30, 2019. The increase in net revenues reflected the impact of a 26% increase in in-park per capita spending to $59.42 for the six months ended June 26, 2022, a 19%, or $12.0 million, increase in out-of-park revenues, and the inclusion of the results of the Schlitterbahn parks. These increases were offset by the impact of a 4%, or 0.4 million-visit decline in attendance. The increase in in-park per capita spending was driven by higher guest spending across all key revenue categories,

19

particularly admissions, food and beverage and extra-charge spending, and was driven by both increased pricing and increased transactions. The increase in out-of-park revenues was attributable to increased online transaction fees charged to customers, higher sales at Knott's Berry Farm's Marketplace, as well as revenues from the Resort at Schlitterbahn New Braunfels which was acquired in July 2019. The decline in attendance was driven by 94 fewer operating days at our legacy parks (excluding the Schlitterbahn parks), an expected slower recovery in group sales attendance, and the planned reduction of low-value ticket programs.

Operating costs and expenses for the six months ended June 26, 2022 increased $103.8 million compared with the six months ended June 30, 2019. This was the result of a $12.5 million increase in cost of goods sold, a $76.3 million increase in operating expenses and a $14.9 million increase in SG&A expense. Cost of goods sold as a percentage of food, merchandise and games revenue increased 1%. The increase in operating expenses was attributable to higher full-time wages primarily related to a planned increase in head count at select parks, an increase in seasonal labor rate, higher related employee benefits, and the inclusion of the results of the Schlitterbahn parks. The increase in SG&A expense was largely due to an increase in full-time wages, including an increase in equity-based compensation plan expense due to improved company performance, as well as an increase in transaction fees. These increases in SG&A expense were offset by a decline in advertising costs driven by a more efficient marketing program.

Depreciation and amortization expense for the six months ended June 26, 2022 decreased $10.9 million compared with the six months ended June 30, 2019 due primarily to the change in estimated useful lives of a long-lived asset at Kings Dominion and a long-lived asset at California's Great America in 2019. The loss on impairment / retirement of fixed assets for the six months ended June 26, 2022 and June 30, 2019 included retirements of assets in the normal course of business.

After the items above, operating income for the six months ended June 26, 2022 totaled $28.3 million compared with $17.3 million for the six months ended June 30, 2019.

Interest expense for the six months ended June 26, 2022 increased $34.5 million compared with the six months ended June 30, 2019 due to interest incurred on the 2025 senior notes, 2028 senior notes and 2029 senior notes offset in part by the impact of the redemption of the 2024 senior notes in December 2021. The 2025 senior notes and the 2028 senior notes were issued in 2020 as a result of the COVID-19 pandemic, and the 2029 senior notes were issued at the end of the second quarter of 2019 in coordination with the acquisition of the Schlitterbahn parks. The net effect of our swaps resulted in a benefit to earnings of $21.9 million for the six months ended June 26, 2022 compared with a $17.2 million charge to earnings for the six months ended June 30, 2019. The difference was attributable to the change in fair value of our swap portfolio. During the current period, we also recognized a $9.9 million net charge to earnings for foreign currency gains and losses compared with an $18.1 million net benefit for the six months ended June 30, 2019. The amounts primarily represented the remeasurement of U.S. dollar denominated debt to the Canadian entity's functional currency.

During the six months ended June 26, 2022, a provision for taxes of $0.2 million was recorded to account for PTP taxes and federal, state, local and foreign income taxes compared with a benefit for taxes of $5.3 million for the six months ended June 30, 2019. The variance in provision for taxes was primarily attributable to a decrease in the pretax loss from our taxable subsidiaries.

After the items above, net loss for the six months ended June 26, 2022 totaled $37.7 million, or $0.67 per diluted limited partner unit, compared with a net loss of $20.4 million, or $0.36 per diluted limited partner unit, for the six months ended June 30, 2019.

For the six months ended June 26, 2022, Adjusted EBITDA totaled $102.1 million compared to $94.9 million for the six months ended June 30, 2019. The increase in Adjusted EBITDA was due to higher net revenues in the current period attributable to higher in-park per capita spending, increased out-of-park revenues and the inclusion of the Schlitterbahn parks, which were somewhat offset by increased costs in the current period, particularly labor costs.

20

Three months ended June 26, 2022 vs. Three months ended June 27, 2021

Due to the effects of the COVID-19 pandemic, the results for the three months ended June 26, 2022 were not directly comparable with the results for the three months ended June 27, 2021. The current three-month period included 708 operating days compared with 393 operating days for the three-month period ended June 27, 2021. In the prior period and due to the effects of the COVID-19 pandemic, we postponed the opening of our parks for the 2021 operating season to May 2021, when all of our properties opened on a staggered basis except our Canadian property, Canada's Wonderland. Upon opening in 2021, park operating calendars were reduced, guest reservations were required and some operating restrictions were in place. The 2021 period also included the results from limited out-of-park attractions prior to the May 2021 opening of our parks. Limited out-of-park attractions included some of our hotel properties and a culinary festival at Knott's Berry Farm that ran through May 2, 2021.

The following table presents key financial information for the three months ended June 26, 2022 and June 27, 2021:

	Three months ended				Increase (Decrease)
	June 26, 2022		June 27, 2021		$		%
	(Amounts in thousands, except per capita and operating days)
Net revenues	$	509,491	$	224,137	$	285,354	127.3	%
Operating costs and expenses	347,184		226,641		120,543		53.2	%
Depreciation and amortization	49,037		33,992		15,045		44.3	%
Loss on impairment / retirement of fixed assets, net	1,199		1,937		(738)		N/M
Operating income (loss)	$	112,071	$	(38,433)	$	150,504	N/M
Other Data:
Adjusted EBITDA (1)	$	170,553	$	1,720	$	168,833	N/M
Attendance	7,846		3,409		4,437		130.2	%
In-park per capita spending	$	59.52	55.94		$	3.58	6.4	%
Out-of-park revenues	$	59,622	$	40,833	$	18,789	46.0	%
Operating days	708		393		315		80.2	%

N/M        Not meaningful either due to the nature of the expense line-item or due to minimal operations in the prior period

(1)        For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net income (loss), see page 17.

For the three months ended June 26, 2022, net revenues totaled $509.5 million compared with $224.1 million for the three months ended June 27, 2021. The increase in net revenues was attributable to a 315 operating day increase in the current period resulting in a 4.4 million-visit increase in attendance and an $18.8 million increase in out-of-park revenues. In-park per capita spending for the three months ended June 26, 2022 increased 6.4% to $59.52, which represented higher levels of guest spending in admissions and food and beverage. The increase in net revenues included a $1.6 million unfavorable impact of foreign currency exchange rates at our Canadian park.

Operating costs and expenses for the three months ended June 26, 2022 increased to $347.2 million from $226.6 million for the three months ended June 27, 2021. This was the result of a $25.5 million increase in cost of goods sold, a $76.5 million increase in operating expenses and an $18.5 million increase in SG&A expense, all of which were largely the result of the 315 operating day increase in the current period. The majority of the increases in operating expenses and SG&A expenses was attributable to the increase in operating days. Additionally, the increase in operating expenses was due to an increase in seasonal labor rate and an increase in full-time wages primarily related to a planned increase in head count at select parks. In addition, the increase in SG&A expense was also attributable to an increase in equity-based compensation plan expense due to improved company performance. The increase in operating costs and expenses included a $0.9 million favorable impact of foreign currency exchange rates at our Canadian park.

Depreciation and amortization expense for the three months ended June 26, 2022 increased $15.0 million compared with the three months ended June 27, 2021 due primarily to the 315 operating day increase in the current period. We recognize depreciation expense over planned operating days for the majority of our assets. The loss on impairment / retirement of fixed assets for both periods was due to retirement of assets in the normal course of business.

After the items above, operating income for the three months ended June 26, 2022 totaled $112.1 million compared with an operating loss of $38.4 million for the three months ended June 27, 2021.

Interest expense for the three months ended June 26, 2022 decreased $5.8 million due to the redemption of the 2024 senior notes in December 2021. The net effect of our swaps resulted in a benefit to earnings of $7.7 million for the three months ended June 26, 2022 compared with a $3.8 million benefit to earnings for the three months ended June 27, 2021. The difference was

21

attributable to the change in fair value of our swap portfolio. During the current period, we also recognized a $9.8 million net charge to earnings for foreign currency gains and losses compared with an $11.1 million net benefit for the three months ended June 27, 2021. The amounts primarily represented the remeasurement of U.S. dollar denominated debt to the Canadian entity's functional currency.

During the three months ended June 26, 2022, a provision for taxes of $19.4 million was recorded to account for PTP taxes and federal, state, local and foreign income taxes compared with a benefit for taxes of $10.6 million for the three months ended June 27, 2021. The difference in provision for taxes was primarily attributable to an increase in pretax income from our taxable subsidiaries in the current period.

After the items above, net income for the three months ended June 26, 2022 totaled $50.8 million, or $0.89 per diluted limited partner unit, compared with a net loss of $58.9 million, or $1.04 per diluted limited partner unit, for the three months ended June 27, 2021.

For the three months ended June 26, 2022, Adjusted EBITDA totaled $170.6 million compared with $1.7 million for the three months ended June 27, 2021. The increase in Adjusted EBITDA was primarily due to the 315 operating day increase in the current period and the related improvement in attendance, in-park per capita spending and out-of-park revenues offset somewhat by an increase in related expenses incurred, particularly for labor and cost of goods sold.

Three months ended June 26, 2022 vs. Three months ended June 30, 2019

As described above, the results for the three months ended June 26, 2022 were not directly comparable with the results for the three months ended June 27, 2021 due to the effects of the COVID-19 pandemic. Therefore, we included a comparison of our current period results with the three months ended June 30, 2019. While the 2019 results are more comparable to our 2022 results, the 2022 results are also not directly comparable with the 2019 results due to the acquisition of the Schlitterbahn parks on July 1, 2019 and a four day natural calendar shift following three years of passed time. The current three-month period included 708 operating days compared with a total of 726 operating days for the three period ended June 30, 2019. Of the 708 current period operating days, 96 operating days were at the Schlitterbahn parks. Excluding the Schlitterbahn parks, operating days for the three months ended June 26, 2022 decreased 114 operating days compared with the three months ended June 30, 2019 due to the four day calendar shift and a planned reduction of early-season operating days at some of our properties.

The following table presents key financial information for the three months ended June 26, 2022 and June 30, 2019:

	Three months ended				Increase (Decrease)
	June 26, 2022		June 30, 2019		$		%
	(Amounts in thousands, except per capita and operating days)
Net revenues	$	509,491	$	436,190	$	73,301	16.8	%
Operating costs and expenses	347,184		277,360		69,824		25.2	%
Depreciation and amortization	49,037		55,904		(6,867)		(12.3)	%
Loss on impairment / retirement of fixed assets, net	1,199		682		517		N/M
Operating income	$	112,071	$	102,244	$	9,827	9.6	%
Other Data:
Adjusted EBITDA (1)	$	170,553	$	163,061	$	7,492	4.6	%
Attendance	7,846		8,500		(654)		(7.7)	%
In-park per capita spending (2)	$	59.52	$	47.22	$	12.30	26.0	%
Out-of-park revenues (2)	$	59,622	$	49,344	$	10,278	20.8	%
Operating days	708		726		(18)		(2.5)	%

N/M        Not meaningful due to the nature of the expense line-item

(1)    For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net income (loss), see page 17.

(2)    Net revenues as disclosed within the statements of operations and comprehensive income (loss) consist of in-park revenues and out-of-park revenues less amounts remitted to outside parties under concessionaire arrangements. In-park per capita spending is calculated as in-park revenues divided by total attendance. In-park revenues and concessionaire remittance totaled $401.4 million and $14.5 million, respectively, for the three months ended June 30, 2019.

For the three months ended June 26, 2022, net revenues totaled $509.5 million compared with $436.2 million for the three months ended June 30, 2019. The increase in net revenues reflected the impact of a 26% increase in in-park per capita spending to $59.52 for the three months ended June 26, 2022, a 21%, or $10.3 million, increase in out-of-park revenues, and the inclusion of the results of the Schlitterbahn parks. These increases were offset by the impact of an 8%, or 0.7 million-visit decline

22

in attendance. The increase in in-park per capita spending was driven by higher guest spending across all key revenue categories, particularly admissions, food and beverage and extra-charge spending, and was driven by both increased pricing and increased transactions. The increase in out-of-park revenues was attributable to increased online transaction fees charged to customers, revenues from the Resort at Schlitterbahn New Braunfels which was acquired in July 2019, and increased revenues at our Cedar Point resort properties. The decline in attendance was driven by 114 fewer operating days at our legacy parks (excluding the Schlitterbahn parks), an expected slower recovery in group sales attendance, and the planned reduction of low-value ticket programs.

Operating costs and expenses for the three months ended June 26, 2022 increased $69.8 million compared with the three months ended June 30, 2019. This was the result of a $9.4 million increase in cost of goods sold, a $54.6 million increase in operating expenses and a $5.8 million increase in SG&A expense. Cost of goods sold as a percentage of food, merchandise and games revenue increased 1%. The increase in operating expenses was largely attributable to an increase in seasonal labor rate, higher full-time wages primarily related to a planned increase in head count at select parks, and the inclusion of the results of the Schlitterbahn parks. The increase in SG&A expense was primarily due to an increase in full-time wages, including an increase in equity-based compensation plan expense due to improved company performance, as well as an increase in transaction fees. These increases in SG&A expense were offset by a decline in advertising costs driven by a more efficient marketing program.

Depreciation and amortization expense for the three months ended June 26, 2022 decreased $6.9 million compared with the three months ended June 30, 2019 due primarily to the full depreciation of 15-year useful lived property and equipment from our 2006 acquisition. The loss on impairment / retirement of fixed assets for the three months ended June 26, 2022 and June 30, 2019 included retirements of assets in the normal course of business.

After the items above, operating income for the three months ended June 26, 2022 totaled $112.1 million compared with $102.2 million for the three months ended June 30, 2019.

Interest expense for the three months ended June 26, 2022 increased $17.3 million compared with the three months ended June 30, 2019 due to interest incurred on the 2025 senior notes, 2028 senior notes and 2029 senior notes offset in part by the impact of the redemption of the 2024 senior notes in December 2021. The 2025 senior notes and the 2028 senior notes were issued in 2020 as a result of the COVID-19 pandemic, and the 2029 senior notes were issued at the end of the second quarter of 2019 in coordination with the acquisition of the Schlitterbahn parks. The net effect of our swaps resulted in a benefit to earnings of $7.7 million for the three months ended June 26, 2022 compared with a $10.8 million charge to earnings for the three months ended June 30, 2019. The difference was attributable to the change in fair value of our swap portfolio. During the current period, we also recognized a $9.8 million net charge to earnings for foreign currency gains and losses compared with a $9.5 million net benefit for the three months ended June 30, 2019. The amounts primarily represented the remeasurement of U.S. dollar denominated debt to the Canadian entity's functional currency.

During the three months ended June 26, 2022, a provision for taxes of $19.4 million was recorded to account for PTP taxes and federal, state, local and foreign income taxes compared with $14.7 million for the three months ended June 30, 2019. The increase in provision for taxes was attributable to an increase in pretax income from our taxable subsidiaries.

After the items above, net income for the three months ended June 26, 2022 totaled $50.8 million, or $0.89 per diluted limited partner unit, compared with $63.3 million, or $1.11 per diluted limited partner unit, for the three months ended June 30, 2019.

For the three months ended June 26, 2022, Adjusted EBITDA totaled $170.6 million compared to $163.1 million for the three months ended June 30, 2019. The increase in Adjusted EBITDA was due to higher net revenues in the current period attributable to higher in-park per capita spending, increased out-of-park revenues and the inclusion of the Schlitterbahn parks, which were somewhat offset by increased costs in the current period, particularly labor costs.

July Update

Due to the effects of the COVID-19 pandemic, we postponed the opening of our parks for the 2021 operating season to May 2021. Therefore, we compared the results for the seven months ended July 31, 2022 to the seven months ended August 4, 2019. For the seven months ended July 31, 2022, preliminary net revenues totaled approximately $1.03 billion and increased 17%, or $152 million, compared with the seven months ended August 4, 2019. Based on preliminary results for the seven months ended July 31, 2022, attendance totaled 15.4 million visits, down 6% from 2019, in-park per capita spending was $60.76, up 25% from 2019, and out-of-park revenues totaled $125 million, up 19% from 2019. Operating days for the seven month periods in 2022 and 2019 totaled 1,362 operating days and 1,352 operating days, respectively. Excluding the Schlitterbahn parks, there were 94 fewer operating days in the current period due to a four day calendar shift and a planned reduction of early-season operating days at some of our properties.

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Liquidity and Capital Resources:

Our principal sources of liquidity include cash from operating activities, funding from our long-term debt obligations and existing cash on hand. Due to the seasonality of our business, we typically fund pre-opening operations with revolving credit borrowings. Revolving credit borrowings are typically reduced with our positive cash flow during the seasonal operating period. Our primary uses of liquidity include operating expenses, partnership distributions, capital expenditures, interest payments and income tax obligations.

We expect to fund our 2022 liquidity needs with cash from operating activities and borrowings from our revolving credit facility. As of June 26, 2022, we had cash on hand of $124.9 million and $194.2 million of available borrowings under our revolving credit facility. Based on this level of liquidity, we concluded that we will have sufficient liquidity to satisfy our obligations at least through the third quarter of 2023. Due to limited open operations in early 2021 and in response to the negative effects of the COVID-19 pandemic, our first quarter 2021 liquidity needs were funded from cash on hand from senior notes issued in 2020. We began generating positive cash flows from operations during the second quarter of 2021.

Management has been focused on driving profitable and sustainable growth in the business, reducing the Partnership's outstanding debt, reinstating the quarterly Partnership distribution, and accelerating the return of capital to our unitholders. We expect to invest between $200 million and $215 million in total capital expenditures for the 2022 operating season, which includes the completion of several resort renovation projects, investments to expand our park offerings and develop new revenue centers, and technology enhancements, such as cashless parks, touch-free transactions and labor management tools. In December 2021, we made progress towards our goal of reducing our outstanding debt by redeeming $450 million of 5.375% senior unsecured notes due 2024 ("2024 senior notes"). In addition, we made a $69.0 million payment on our outstanding senior secured term loan facility during the second quarter of 2022. On August 3, 2022, we announced the declaration of a distribution of $0.30 per limited partner unit, which will be payable on September 15, 2022. This represents the first partnership distribution since March 2020. Lastly, on August 3, 2022, we also announced that our Board of Directors approved a unit repurchase plan authorizing the Partnership to repurchase units for an aggregate purchase price of not more than $250 million. The unit repurchase program will be subject to Rule 10b-18 of the Securities Exchange Act of 1934. Subject to applicable rules and regulations, we may repurchase units from time-to-time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including liquidity, capital needs of the business, market conditions, regulatory requirements, and other corporate considerations. No limit was placed on the duration of the repurchase program. The unit repurchase program does not obligate the Partnership to repurchase any minimum dollar amount or specific number of units, and the program may be modified, suspended, or discontinued at any time.

We anticipate $150 million in annual cash interest for 2022 of which 75% of the payments occur in the second and fourth quarters. In the second quarter of 2022, we received $77.1 million in tax refunds attributable to the tax year 2020 net operating loss being carried back to prior years in the United States. We received $11.1 million in tax refunds attributable to net operating losses being carried back to prior years in Canada during the first quarter of 2022. In 2022, we anticipate cash payments for income taxes to range from $40 million to $55 million, exclusive of these tax refunds.

As of June 26, 2022, deferred revenue totaled $306.7 million, including non-current deferred revenue. This represented an increase of $72.6 million since March 27, 2022. The increase in deferred revenue was largely attributable to sales of season-long products for admission, dining, beverage and other products, as well as sales of advanced admission, single day products and resort bookings, as the parks head into the most significant months of operation for the 2022 operating season.

On June 27, 2022, the Partnership sold the land at California's Great America for a cash purchase price of $310 million, subject to customary prorations. The proceeds are to be used to accelerate progress on the strategic priorities described above; see Note 11.

Operating Activities

Net cash from operating activities for the first six months of 2022 totaled $146.2 million, an increase of $199.2 million compared with net cash for operating activities for the same period in the prior year. The increase in net cash from operating activities was primarily attributable to the delayed opening of our parks in the prior period to May 2021 resulting in less cash generated in the first six months of 2021.

Investing Activities

Net cash for investing activities for the first six months of 2022 totaled $95.8 million, an increase of $71.7 million compared with the same period in the prior year. The increase in net cash for investing activities was due to a planned reduction in capital spending for 2021 to retain liquidity following the impacts of the COVID-19 pandemic.

Financing Activities

Net cash from financing activities for the first six months of 2022 totaled $13.9 million, an increase of $20.0 million compared with net cash for financing activities for the same period in the prior year. The variance was attributable to $90 million of borrowings on our revolving credit facility offset by a $69 million payment of term debt in the current period. We utilized cash on hand from senior notes issued in 2020 to fund our operations in the first six months of 2021.

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Contractual Obligations

As of June 26, 2022, our primary contractual obligations consisted of outstanding long-term debt agreements and related derivative agreements. Before reduction for debt issuance costs and original issue discount, our long-term debt agreements consisted of the following:

•$195 million of senior secured term debt, maturing in April 2024 under the 2017 Credit Agreement, as amended. The term debt bears interest at London InterBank Offering Rate ("LIBOR") plus 175 basis points (bps), under amendments we entered into on March 14, 2018. The pricing terms for the 2018 amendment reflected $0.9 million of Original Issue Discount ("OID"). Following a $463.3 million prepayment during the second quarter of 2020, we do not have any remaining quarterly payments required. During the second quarter of 2022, we made a $69.0 million payment on our outstanding senior secured term loan facility which was required pursuant to certain loan covenants. We had no current maturities as of June 26, 2022.

•$1.0 billion of 5.500% senior secured notes, maturing in May 2025, issued at par. The 2025 senior notes and the related guarantees are secured by first-priority liens on the issuers' and the guarantors' assets that secure all the obligations under our credit facilities. The 2025 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The 2025 senior notes pay interest semi-annually in May and November.

•$500 million of 5.375% senior unsecured notes, maturing in April 2027, issued at par. The 2027 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The 2027 senior notes pay interest semi-annually in April and October.

•$300 million of 6.500% senior unsecured notes, maturing in October 2028, issued at par. Prior to October 1, 2023, up to 35% of the 2028 senior notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 106.500% of the principal amount thereof, together with accrued and unpaid interest and additional interest, if any. The 2028 senior notes may be redeemed, in whole or in part, at any time prior to October 1, 2023 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium together with accrued and unpaid interest and additional interest, if any, to the redemption date. Thereafter, the 2028 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The 2028 senior notes pay interest semi-annually in April and October.

•$500 million of 5.250% senior unsecured notes, maturing in July 2029, issued at par. The 2029 senior notes may be redeemed, in whole or in part, at any time prior to July 15, 2024 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium together with accrued and unpaid interest and additional interest, if any, to the redemption date. Thereafter, the 2029 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The 2029 senior notes pay interest semi-annually in January and July.

•$90 million of borrowings under the $300 million senior secured revolving credit facility under our current credit agreement with a Canadian sub-limit of $15 million. The revolving credit facility bears interest at LIBOR plus 350 bps or Canadian Dollar Offered Rate ("CDOR") plus 250 bps and requires the payment of a 62.5 bps commitment fee per annum on the unused portion of the credit facilities. The revolving credit facility is scheduled to mature in December 2023. The credit agreement provides for the issuance of documentary and standby letters of credit. After letters of credit, which totaled $15.8 million as of June 26, 2022, we had $194.2 million of available borrowings under the revolving credit facility. Our letters of credit are primarily in place to backstop insurance arrangements.

On December 17, 2021, we redeemed $450 million of 5.375% senior unsecured notes, which otherwise would have matured in June 2024, at a redemption price equal to 100.896% of the principal amount plus accrued and unpaid interest. We further amended the 2017 Credit Agreement in December 2021 to allow for the redemption of the 2024 senior notes and in February 2022 to allow for larger sale and leaseback transactions.

As of June 26, 2022, we had four interest rate swap agreements with a notional value of $500 million that convert one-month variable rate LIBOR to a fixed rate of 2.88% through December 31, 2023. This results in a 4.63% fixed interest rate for borrowings under our senior secured term loan facility after the impact of interest rate swap agreements. None of our interest rate swap agreements were designated as cash flow hedges in the periods presented. As of June 26, 2022, the fair value of our swap portfolio was classified as long-term and recorded in "Other Assets" within the unaudited condensed consolidated balance sheet.

The 2017 Credit Agreement, as amended, includes a Senior Secured Leverage Ratio of 4.50x Total First Lien Senior Secured Debt-to-Consolidated EBITDA, which will step down to 4.00x in the second quarter of 2023 and which will step down further to 3.75x in the third quarter of 2023. The 2017 Credit Agreement, as amended, included an Additional Restrictions Period to provide further covenant relief during the COVID-19 pandemic. We terminated the Additional Restrictions Period during the first quarter of 2022 by achieving compliance with the Senior Secured Leverage Ratio covenant as of the end of the fourth quarter of 2021. We were in compliance with the applicable financial covenants under our credit agreement during the six months ended June 26, 2022.

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Our fixed rate note agreements include Restricted Payment provisions, which could limit our ability to pay partnership distributions. Pursuant to the terms of the indenture governing the 2027 senior notes, which includes the most restrictive of these Restricted Payments provisions under our fixed rate note agreements, if our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is greater than 5.25x, we can still make Restricted Payments of $100 million annually so long as no default or event of default has occurred and is continuing. If our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is less than or equal to 5.25x, we can make Restricted Payments up to our Restricted Payment pool. Our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was less than 5.25x as of June 26, 2022.

Financial and Non-Financial Disclosure About Issuers and Guarantors of our Registered Senior Notes

As discussed within the Long-Term Debt footnote at Note 6, we had four tranches of fixed rate senior notes outstanding at June 26, 2022: the 2025, 2027, 2028 and 2029 senior notes. The 2024 senior notes were fully redeemed on December 17, 2021. The 2024, 2027, 2028 and 2029 senior notes were registered under the Securities Act of 1933. The 2025 senior notes were sold in a private placement in reliance on exemptions from registration under the Securities Act of 1933. Cedar Fair, L.P., Canada's Wonderland Company ("Cedar Canada"), and Magnum Management Corporation ("Magnum") were the co-issuers of the 2024 senior notes. Cedar Fair, L.P., Cedar Canada, Magnum, and Millennium Operations LLC (“Millennium”) are the co-issuers of the 2027, 2028 and 2029 senior notes. Our senior notes have been irrevocably and unconditionally guaranteed, on a joint and several basis, by each wholly owned subsidiary of Cedar Fair (other than the co-issuers) that guarantees our credit facilities under our credit agreement. A full listing of the issuers and guarantors of our registered senior notes can be found within Exhibit 22, and additional information with respect to our registered senior notes and the related guarantees follows.

The 2027, 2028 and 2029 senior notes each rank equally in right of payment with all of each issuer’s existing and future senior unsecured debt, including the other registered senior notes. However, the 2027, 2028 and 2029 senior notes rank effectively junior to our secured debt under the 2017 Credit Agreement, as amended, and the 2025 senior notes to the extent of the value of the assets securing such debt.

In the event that the co-issuers (except for Cedar Fair, L.P.) or any subsidiary guarantor is released from its obligations under our senior secured credit facilities (or the 2017 Credit Agreement, as amended), such entity will also be released from its obligations under the registered senior notes. In addition, the co-issuers (except for Cedar Fair, L.P.) or any subsidiary guarantor can be released from its obligations under the 2027, 2028 and 2029 senior notes under the following circumstances, assuming the associated transactions are in compliance with the applicable provisions of the indentures governing the 2027, 2028 and 2029 senior notes: i) any direct or indirect sale, conveyance or other disposition of the capital stock of such entity following which the entity ceases to be a direct or indirect subsidiary of Cedar Fair or a sale or disposition of all or substantially all of the assets of such entity; ii) if such entity is dissolved or liquidated; iii) if we designate such entity as an Unrestricted Subsidiary; iv) upon transfer of such entity in a qualifying transaction if following such transfer the entity ceases to be a direct or indirect Restricted Subsidiary of Cedar Fair or is a Restricted Subsidiary that is not a guarantor under any credit facility; or v) in the case of the subsidiary guarantors, upon a discharge of the indenture or upon any legal defeasance or covenant defeasance of the indenture.

The obligations of each guarantor are limited to the extent necessary to prevent such guarantee from constituting a fraudulent conveyance or fraudulent transfer under applicable law. This provision may not, however, protect a guarantee from being voided under fraudulent transfer law, or may reduce the applicable guarantor’s obligation to an amount that effectively makes its guarantee worthless. If a guarantee were rendered voidable, it could be subordinated by a court to all other indebtedness of the guarantor, and depending on the amount of such indebtedness, could reduce the guarantee to zero. Each guarantor that makes a payment or distribution under a guarantee is entitled to a pro rata contribution from each other guarantor based on the respective net assets of the guarantors.

The following tables provide summarized financial information for each of our co-issuers and guarantors of the 2024, 2027, 2028 and 2029 senior notes (the "Obligor Group"). We presented each entity that is or was a co-issuer of any series of the registered senior notes separately. The subsidiaries that guarantee the 2027, 2028 and 2029 senior notes are presented on a combined basis with intercompany balances and transactions between entities in such guarantor subsidiary group eliminated. Intercompany balances and transactions between the co-issuers and guarantor subsidiaries have not been eliminated. The subsidiaries that guaranteed the 2024 senior notes included the guarantor subsidiary group, as well as Millennium. Millennium is a co-issuer under the 2027, 2028 and 2029 senior notes and was a guarantor under the 2024 senior notes. Certain subsidiaries of Cedar Fair did not guarantee our credit facilities or senior notes as the assets and results of operations of these subsidiaries were immaterial (the "non-guarantor" subsidiaries). The summarized financial information excludes results of the non-guarantor subsidiaries and does not reflect investments of the Obligor Group in the non-guarantor subsidiaries. The Obligor Group's amounts due from, amounts due to, and transactions with the non-guarantor subsidiaries have not been eliminated and included intercompany receivables from non-guarantors of $13.7 million and $14.0 million as of June 26, 2022 and December 31, 2021, respectively.

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Summarized Financial Information (In thousands)	Cedar Fair L.P. (Parent)		Magnum (Co-Issuer Subsidiary)		Cedar Canada (Co-Issuer Subsidiary)		Millennium (Co-Issuer 2027, 2028 & 2029 Guarantor 2024)		Guarantor Subsidiaries (1)
Balance as of June 26, 2022
Current Assets	$	1,120	$	26,170	$	60,269	$	606,349	$	1,420,273
Non-Current Assets	(216,327)		1,417,172		546,320		2,453,781		1,728,623
Current Liabilities	359,584		1,067,613		279,034		335,066		91,478
Non-Current Liabilities	147,479		1,122		23,179		2,412,813		96,766
Balance as of December 31, 2021
Current Assets	$	517	$	97,221	$	96,042	$	572,865	$	1,187,211
Non-Current Assets	(138,126)		1,647,952		540,332		2,368,737		2,145,307
Current Liabilities	410,779		1,331,130		29,050		227,483		58,949
Non-Current Liabilities	147,021		21,274		24,043		2,385,100		97,803

Six Months Ended June 26, 2022
Net revenues	$	10,707	$	162,706	$	43,866	$	645,836	$	138,809
Operating income (loss)	9,109		(96,464)		9,548		62,003		44,423
Net (loss) income	(37,305)		(28,212)		422		—		22,426
Twelve Months Ended December 31, 2021
Net revenues	$	35,908	$	363,340	$	75,353	$	1,449,022	$	344,778
Operating income (loss)	31,808		(156,079)		12,545		136,844		124,405
Net (loss) income	(46,741)		(34,647)		1,967		—		62,586

(1)    With respect to the 2024 senior notes, if the financial information presented for Millennium was combined with that of the other guarantor subsidiaries that have been presented on a combined basis, the following additional intercompany balances and transactions between Millennium and such other guarantor entities would be eliminated: Current Assets and Current Liabilities - $13.2 million as of June 26, 2022 and $13.4 million as of December 31, 2021; Non-Current Assets - $2,338.6 million as of June 26, 2022 and $2,254.9 million as of December 31, 2021; and Net revenues - $46.9 million as of June 26, 2022 and $126.6 million as of December 31, 2021. Combined amounts for all guarantors of the 2024 senior notes for all other line items within the table would be computed by adding the amounts in the Millennium and Guarantor Subsidiaries columns.

Forward Looking Statements

Some of the statements contained in this report (including the "Management’s Discussion and Analysis of Financial Condition and Results of Operations" section) that are not historical in nature are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements as to our expectations, beliefs, goals and strategies regarding the future. These forward-looking statements may involve risks and uncertainties that are difficult to predict, may be beyond our control and could cause actual results to differ materially from those described in such statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct, including the timing of any debt paydown or payment of partnership distributions, or that our growth strategies will achieve the targeted results. Important factors, including the impacts of the COVID-19 pandemic, general economic conditions, adverse weather conditions, competition for consumer leisure time and spending, unanticipated construction delays, changes in our capital investment plans and projects and other factors we discuss from time to time in our reports filed with the Securities and Exchange Commission (the "SEC") could adversely affect our future financial performance, as well as the timing of any debt paydown or payment of partnership distributions, and our growth strategies and could cause actual results to differ materially from our expectations or otherwise to fluctuate or decrease. Additional information on risk factors that may affect our business and financial results can be found in our Annual Report on Form 10-K and in the filings we make from time to time with the SEC, including this Form 10-Q. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the filing date of this document.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks from fluctuations in interest rates and currency exchange rates on our operations in Canada, and from time to time, on imported rides and equipment. The objective of our financial risk management is to reduce the potential negative impact of interest rate and foreign currency exchange rate fluctuations to acceptable levels. We do not acquire market risk sensitive instruments for trading purposes.

We manage interest rate risk using a combination of fixed-rate long-term debt, interest rate swaps that fix our variable-rate long-term debt, and variable-rate borrowings under our revolving credit facility. Translation exposures with regard to our Canadian operations are not hedged.

None of our interest rate swap agreements are designated as hedging instruments. Changes in fair value of derivative instruments that do not qualify for hedge accounting are reported as "Net effect of swaps" in the unaudited condensed consolidated statements of operations and comprehensive income (loss).

As of June 26, 2022, on an adjusted basis after giving effect to the impact of interest rate swap agreements, all of our outstanding long-term debt represented fixed-rate debt except for revolving credit borrowings. Assuming the daily average balance over the past twelve months on revolving credit borrowings of approximately $50.4 million, a hypothetical 100 bps increase in 30-day LIBOR on our variable-rate debt (including term debt and not considering the impact of our interest rate swaps) would lead to an increase of approximately $2.5 million in cash interest costs over the next twelve months.

Assuming a hypothetical 100 bps increase in 30-day LIBOR, the amount of net cash interest paid on our derivative portfolio would decrease by $2.0 million over the next twelve months.

A uniform 10% strengthening of the U.S. dollar relative to the Canadian dollar would result in a $3.2 million decrease in annual operating income for the trailing twelve months ended June 26, 2022.

ITEM 4. CONTROLS AND PROCEDURES

(a)Evaluation of Disclosure Controls and Procedures - 

We maintain a system of controls and procedures designed to ensure that information required to be disclosed by us in our reports under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified by the Commission and that such information is accumulated and communicated to management, including the Chief Executive Officer and the Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. As of June 26, 2022, management, with the participation of the Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of June 26, 2022.

(b)Changes in Internal Control Over Financial Reporting -

There were no changes in our internal control over financial reporting that occurred during the fiscal quarter ended June 26, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities:

The following table summarizes repurchases of Cedar Fair, L.P. Depositary Units representing limited partner interests by the Partnership during the three months ended June 26, 2022:

	(a)	(b)		(c)	(d)
Period	Total Number of Units Purchased (1)	Average Price Paid per Unit		Total Number of Units Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Units that May Yet Be Purchased Under the Plans or Programs (2)
March 28 - April 30	—	—		—	$	—
May 1 - May 31	249	$	46.81	—	—
June 1 - June 26	—	—		—	—
Total	249	$	46.81	—	$	—

(1)All repurchased units were reacquired by the Partnership in satisfaction of tax obligations related to the vesting of restricted units which were granted under the Partnership's Omnibus Incentive Plan.

(2)On August 3, 2022, we announced that our Board of Directors approved a unit repurchase plan authorizing the Partnership to repurchase units for an aggregate purchase price of not more than $250 million. No limit was placed on the duration of the repurchase program. See Note 11 for additional information.

ITEM 6. EXHIBITS

Exhibit (10.1)	Contract of Sale, dated June 27, 2022, entered into by and between California’s Great America, LLC and Prologis, L.P. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K (File No. 001-09444) filed on June 27, 2022.
Exhibit (22)	Subsidiary Guarantors and Issuers of Guaranteed Securities. Incorporated herein by reference to Exhibit 22 to the Registrant's Form 10-K (File No. 001-09444) filed on February 18, 2022.
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 June 26, 2022 formatted in Inline XBRL: (i) the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), (ii) the Unaudited Condensed Consolidated Balance Sheets, (iii) the Unaudited Condensed Consolidated Statements of Cash Flow, (iv) the Unaudited Condensed Consolidated Statements of Partners' Deficit, and (v) related notes, tagged as blocks of text and including detailed tags.
Exhibit (104)	The cover page from the Partnership's Quarterly Report on Form 10-Q for the quarter ended June 26, 2022 formatted in Inline XBRL (included as Exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		CEDAR FAIR, L.P.
		(Registrant)
		By Cedar Fair Management, Inc.
		General Partner
Date:	August 3, 2022	/s/ Richard A. Zimmerman
		Richard A. Zimmerman
		President and Chief Executive Officer
Date:	August 3, 2022	/s/ Brian C. Witherow
		Brian C. Witherow
		Executive Vice President and
		Chief Financial Officer

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Richard A. Zimmerman, certify that:

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:	August 3, 2022	/s/ Richard A. Zimmerman
		Richard A. Zimmerman
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Brian C. Witherow, certify that:

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:	August 3, 2022	/s/ Brian C. Witherow
		Brian C. Witherow
		Executive Vice President and Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Cedar Fair, L.P. (the “Partnership”) on Form 10-Q for the period ending June 26, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Partnership certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

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.

August 3, 2022

/s/ Richard A. Zimmerman

Richard A. Zimmerman

President and Chief Executive Officer

/s/ Brian C. Witherow

Brian C. Witherow

Executive Vice President and

Chief Financial Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

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Cover - shares	6 Months Ended
	Jun. 26, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 26, 2022
Document Transition Report	false
Entity File Number	1-9444
Entity Registrant Name	CEDAR FAIR, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	34-1560655
Entity Address, Address Line One	One Cedar Point Drive
Entity Address, City or Town	Sandusky
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44870-5259
City Area Code	419
Local Phone Number	626-0830
Title of 12(b) Security	Depositary Units (Representing Limited Partner Interests)
Trading Symbol	FUN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		57,039,740
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000811532
Current Fiscal Year End Date	--12-31

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 31, 2021	Jun. 27, 2021
Current Assets:
Cash and cash equivalents	$ 124,929	$ 61,119	$ 292,596
Receivables	101,449	62,109	52,259
Inventories	56,608	32,113	46,983
Current income tax receivable	2,526	84,051	91,608
Land held for sale	150,595	0	0
Other current assets	40,268	24,249	40,298
Total current assets	476,375	263,641	523,744
Property and Equipment:
Land	291,166	443,190	445,274
Land improvements	490,191	486,014	485,242
Buildings	913,699	855,297	857,452
Rides and equipment	2,025,153	1,986,235	2,001,500
Construction in progress	44,637	57,666	41,078
Total property and equipment, gross	3,764,846	3,828,402	3,830,546
Less accumulated depreciation	(2,164,908)	(2,117,659)	(2,028,345)
Total property and equipment, net	1,599,938	1,710,743	1,802,201
Goodwill	265,988	267,232	269,193
Other Intangibles, net	49,702	49,994	50,751
Right-of-Use Asset	17,818	16,294	13,520
Other Assets	7,176	5,116	4,824
Total Assets	2,416,997	2,313,020	2,664,233
Current Liabilities:
Accounts payable	80,948	53,912	51,452
Deferred revenue	297,930	187,599	275,506
Accrued interest	31,374	32,011	34,402
Accrued taxes	17,734	9,075	13,002
Accrued salaries, wages and benefits	30,358	53,833	28,344
Self-insurance reserves	24,662	24,573	22,336
Other accrued liabilities	26,388	20,511	17,913
Total current liabilities	509,394	381,514	442,955
Deferred Tax Liability	62,956	66,483	38,488
Derivative Liability	0	20,086	31,690
Lease Liability	14,548	13,345	10,620
Other Liabilities	9,847	11,144	21,325
Long-Term Debt:
Revolving credit loans	90,000	0	0
Term debt	190,920	258,391	256,713
Notes	2,265,114	2,260,545	2,704,002
Total long-term debt	2,546,034	2,518,936	2,960,715
Partners’ Deficit
Special L.P. interests	5,290	5,290	5,290
General partner	(7)	(7)	(9)
Limited partners, 57,040, 56,854 and 56,829 units outstanding as of June 26, 2022, December 31, 2021 and June 27, 2021, respectively	(745,680)	(712,714)	(840,663)
Accumulated other comprehensive income (loss)	14,615	8,943	(6,178)
Total partners' equity	(725,782)	(698,488)	(841,560)
Total Liabilities and Partners' Equity	$ 2,416,997	$ 2,313,020	$ 2,664,233

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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in Thousands	Jun. 26, 2022	Dec. 31, 2021	Jun. 27, 2021
Statement of Financial Position [Abstract]
Limited partners, units outstanding (in shares)	57,040	56,854	56,829

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Net revenues:
Revenues	$ 509,491	$ 224,137	$ 608,326	$ 233,879
Costs and expenses:
Cost of food, merchandise, and games revenues	49,162	23,630	59,986	25,936
Operating expenses	232,421	155,945	352,271	222,099
Selling, general and administrative	65,601	47,066	106,387	77,416
Depreciation and amortization	49,037	33,992	58,636	35,445
Loss on impairment / retirement of fixed assets, net	1,199	1,937	2,747	3,476
Gain on sale of investment	0	0	0	(2)
Total costs and expenses	397,420	262,570	580,027	364,370
Operating income (loss)	112,071	(38,433)	28,299	(130,491)
Interest expense	40,214	46,005	78,337	90,101
Net effect of swaps	(7,739)	(3,834)	(21,941)	(7,396)
Loss on early debt extinguishment	0	0	0	4
Loss (gain) on foreign currency	9,845	(11,099)	9,860	(16,904)
Other income	(394)	(27)	(443)	(105)
Income (loss) before taxes	70,145	(69,478)	(37,514)	(196,191)
Provision (benefit) for taxes	19,373	(10,608)	223	(26,905)
Net income (loss)	50,772	(58,870)	(37,737)	(169,286)
Net income (loss) allocated to general partner	1	(1)	0	(2)
Net income (loss) allocated to limited partners	50,771	(58,869)	(37,737)	(169,284)
Other comprehensive income (loss), (net of tax):
Foreign currency translation adjustment	2,819	(5,686)	5,672	(8,777)
Other comprehensive income (loss), (net of tax)	2,819	(5,686)	5,672	(8,777)
Total comprehensive income (loss)	$ 53,591	$ (64,556)	$ (32,065)	$ (178,063)
Basic income (loss) per limited partner unit:
Weighted average limited partner units outstanding (in shares)	56,760	56,622	56,720	56,588
Net income (loss) per limited partner unit (in dollars per share)	$ 0.89	$ (1.04)	$ (0.67)	$ (2.99)
Diluted income (loss) per limited partner unit:
Weighted average limited partner units outstanding (in shares)	57,127	56,622	56,720	56,588
Net income (loss) per limited partner unit (in dollars per share)	$ 0.89	$ (1.04)	$ (0.67)	$ (2.99)
Admissions
Net revenues:
Revenues	$ 253,494	$ 99,072	$ 302,930	$ 99,072
Food, merchandise and games
Net revenues:
Revenues	177,153	83,945	213,868	91,191
Accommodations, extra-charge products and other
Net revenues:
Revenues	$ 78,844	$ 41,120	$ 91,528	$ 43,616

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	$ (787,581)	$ (780,610)	$ (698,488)	$ (666,437)
Net income (loss)	50,772	(58,870)	(37,737)	(169,286)
Limited partnership units related to equity-based compensation	8,218	3,619	6,760	4,501
Tax effect of units involved in treasury unit transactions	(10)	(13)	(1,989)	(1,561)
Foreign currency translation adjustment	2,819	(5,686)	5,672	(8,777)
Ending balance, value	$ (725,782)	$ (841,560)	$ (725,782)	$ (841,560)
Limited Partners
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, units (in shares)	57,042	56,828	56,854	56,706
Beginning balance, value	$ (804,659)	$ (785,400)	$ (712,714)	$ (674,319)
Net income (loss)	$ 50,771	$ (58,869)	$ (37,737)	$ (169,284)
Limited partnership units related to equity-based compensation (in shares)	(2)	1	186	123
Limited partnership units related to equity-based compensation	$ 8,218	$ 3,619	$ 6,760	$ 4,501
Tax effect of units involved in treasury unit transactions	$ (10)	$ (13)	$ (1,989)	$ (1,561)
Ending balance, units (in shares)	57,040	56,829	57,040	56,829
Ending balance, value	$ (745,680)	$ (840,663)	$ (745,680)	$ (840,663)
General Partner’s Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	(8)	(8)	(7)	(7)
Net income (loss)	1	(1)	0	(2)
Ending balance, value	(7)	(9)	(7)	(9)
Special L.P. Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	5,290	5,290	5,290	5,290
Ending balance, value	5,290	5,290	5,290	5,290
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance, value	11,796	(492)	8,943	2,599
Foreign currency translation adjustment	2,819	(5,686)	5,672	(8,777)
Ending balance, value	$ 14,615	$ (6,178)	$ 14,615	$ (6,178)

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ DEFICIT (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Statement of Partners' Capital [Abstract]
Foreign currency translation adjustment, tax	$ 982	$ (801)	$ 557	$ (1,228)

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
Net loss	$ (37,737)	$ (169,286)
Adjustments to reconcile net loss to net cash from (for) operating activities:
Depreciation and amortization	58,636	35,445
Loss on early debt extinguishment	0	4
Non-cash foreign currency gain on debt	0	(15,777)
Non-cash equity based compensation expense	11,883	9,007
Non-cash deferred income tax benefit	(2,732)	(2,495)
Net effect of swaps	(21,941)	(7,396)
Other non-cash expenses	17,545	7,330
Changes in assets and liabilities:
(Increase) decrease in receivables	(39,442)	(17,723)
(Increase) decrease in inventories	(24,573)	677
(Increase) decrease in tax receivable/accrual	90,123	(19,785)
(Increase) decrease in other assets	(16,245)	(14,034)
Increase (decrease) in accounts payable	19,722	33,384
Increase (decrease) in deferred revenue	109,627	97,157
Increase (decrease) in accrued interest	(637)	617
Increase (decrease) in accrued salaries, wages and benefits	(23,428)	3,334
Increase (decrease) in other liabilities	5,447	6,560
Net cash from (for) operating activities	146,248	(52,981)
CASH FLOWS FOR INVESTING ACTIVITIES
Capital expenditures	(95,790)	(25,491)
Proceeds from sale of investment	0	1,405
Net cash for investing activities	(95,790)	(24,086)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Net borrowings on revolving credit loans	90,000	0
Term debt payments	(69,000)	0
Payment of debt issuance costs	0	(77)
Payments related to tax withholding for equity compensation	(5,126)	(4,507)
Other	(1,987)	(1,563)
Net cash from (for) financing activities	13,887	(6,147)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(535)	(926)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	63,810	(84,140)
Balance, beginning of period	61,119	376,736
Balance, end of period	124,929	292,596
SUPPLEMENTAL INFORMATION
Cash payments for interest expense	74,345	83,937
Interest capitalized	1,468	1,150
Net cash refunds for income taxes	(78,931)	(10)
Capital expenditures in accounts payable	$ 14,715	$ 8,302

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Description of the Business and Significant Accounting Policies

6 Months Ended

Jun. 26, 2022

Accounting Policies [Abstract]

Description of the Business and Significant Accounting Policies

Description of the Business and Significant Accounting Policies:

Impact of COVID-19 Pandemic

The novel coronavirus (COVID-19) pandemic had a material impact on our business in 2020, had a continuing negative impact in 2021 and may have a longer-term negative effect. On March 14, 2020, we closed our properties in response to the spread of COVID-19 and local government mandates. We ultimately resumed only partial operations at 10 of our 13 properties in 2020. Due to soft demand trends upon reopening in 2020, park operating calendars were adjusted, including reduced operating days per week and operating hours within each operating day and earlier closure of certain parks than a typical operating year. Following March 14, 2020, Knott's Berry Farm's partial operations in 2020 were limited to culinary festivals.

In May 2021, we opened all of our U.S. properties for the 2021 operating season on a staggered basis with capacity restrictions, guest reservations, and other operating protocols in place. Our 2021 operating calendars were designed to align with anticipated capacity restrictions, guest demand and labor availability, including fewer operating days in July and August at some of our smaller properties and additional operating days in September and the fourth quarter at most of our properties. As vaccination distribution efforts continued during the second quarter of 2021 and we were able to hire additional labor, we removed most capacity restrictions, guest reservation requirements and other protocols at our U.S. properties beginning in July 2021. We were also able to open our Canadian property, Canada's Wonderland, in July 2021. Canada's Wonderland operated with capacity restrictions, guest reservations, and other operating protocols in place throughout 2021.

During the second quarter of 2022, all of our properties had opened for the 2022 operating season without restrictions as planned. We currently anticipate maintaining full park operating calendars for the 2022 operating season at all of our parks. However, we have and may continue to adjust future park operating calendars as we respond to changes in guest demand, labor availability and any federal, provincial, state and local restrictions.

Our future operations are dependent on factors outside of our knowledge or control, including the duration and severity of the COVID-19 pandemic and actions taken to contain its spread and mitigate its public health effects. Furthermore, management has made significant estimates and assumptions to estimate the impact of the COVID-19 pandemic on our business, including financial results in the near and long-term. Actual results could materially differ from these estimates depending on the ultimate extent of the effects of the COVID-19 pandemic.

Significant Accounting Policies

Except for the changes described below, our unaudited condensed consolidated financial statements included in this Form 10-Q report have been prepared in accordance with the accounting policies described in the Notes to Consolidated Financial Statements for the year ended December 31, 2021, which were included in the Form 10-K filed on February 18, 2022. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the "Commission"). These financial statements should be read in conjunction with the financial statements and the notes included in the Form 10-K referred to above.

New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB amended ASU 2020-04 by issuing Accounting Standards Update No. 2021-01, Reference Rate Reform Scope ("ASU 2021-01"). ASU 2021-01 clarifies the scope of optional expedients and exceptions to derivatives that are affected by the discounting transition. We are in the process of evaluating the effect these standards will have on the unaudited condensed consolidated financial statements and related disclosures.

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Interim Reporting

6 Months Ended

Jun. 26, 2022

Quarterly Financial Information Disclosure [Abstract]

Interim Reporting

Interim Reporting:

We are one of the largest regional amusement park operators in the world with 13 properties in our portfolio consisting of amusement parks, water parks and complementary resort facilities. Our parks operate seasonally except for Knott's Berry Farm, which is typically open daily on a year-round basis. Our seasonal parks are generally open during weekends beginning in March, April or May, and then daily from Memorial Day until Labor Day. After Labor Day, our seasonal parks are open during select weekends in September and, in most cases, in the fourth quarter for Halloween and winter events. As a result, a substantial portion of our revenues from these seasonal parks typically are generated during an approximate 130- to 140-day operating season with the major portion concentrated in the third quarter during the peak vacation months of July and August. COVID-19 impacted our parks' operating calendars in 2021 as described within Note 1.

To assure that these highly seasonal operations will not result in misleading comparisons of current and subsequent interim periods, we have adopted the following accounting procedures: (a) revenues from multi-use products are recognized over the estimated number of uses expected for each type of product; and the estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season; (b) depreciation, certain advertising and certain seasonal operating costs are expensed over each park’s operating season, including some costs incurred prior to the season, which are deferred and amortized over the season; and (c) all other costs are expensed as incurred or ratably over the entire year. For those operating costs that are expensed over each park's operating season, we recognize expense over each park's planned operating days.

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Revenue Recognition

6 Months Ended

Jun. 26, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition:

As disclosed within the unaudited condensed consolidated statements of operations and comprehensive income (loss), revenues are generated from sales of (1) admission to our amusement parks and water parks, (2) food, merchandise and games both inside and outside the parks, and (3) accommodations, extra-charge products, and other revenue sources. Admission revenues include amounts paid to gain admission into our parks, including parking fees. Revenues related to extra-charge products, including premium benefit offerings such as front-of-line products, and online transaction fees charged to customers are included in "Accommodations, extra-charge products and other".

The following table presents net revenues disaggregated by revenues generated within the parks and revenues generated from out-of-park operations less amounts remitted to outside parties under concessionaire arrangements for the periods presented. The amounts are not comparable due to the effects of the COVID-19 pandemic.

	Three months ended				Six months ended
(In thousands)	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
In-park revenues	$	466,987	$	190,666	$	552,523	$	190,666
Out-of-park revenues	59,622		40,833		76,114		50,980
Concessionaire remittance	(17,118)		(7,362)		(20,311)		(7,767)
Net revenues	$	509,491	$	224,137	$	608,326	$	233,879

Due to our highly seasonal operations, a substantial portion of our revenues typically are generated during an approximate 130- to 140-day operating season. Most revenues are recognized on a daily basis based on actual guest spend at our properties. Revenues from multi-use products, including season-long products for admission, dining, beverage and other products, are recognized over the estimated number of uses expected for each type of product. The estimated number of uses is reviewed and may be updated periodically during the operating season prior to the ticket or product expiration, which generally occurs no later than the close of the operating season. The number of uses is estimated based on historical usage adjusted for current period trends. For any bundled products that include multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and any inherent discounts are allocated based on the gross margin and expected redemption of each performance obligation. We do not typically provide for refunds or returns.

Many products, including season-long products, are sold to customers in advance, resulting in a contract liability ("deferred revenue"). Deferred revenue is typically at its highest immediately prior to the peak summer season, and at its lowest at the beginning of the calendar year following the close of our parks' operating seasons. Season-long products represent most of the deferred revenue balance in any given period.

Due to the effects of the COVID-19 pandemic, we extended the validity of our 2020 season-long products through the 2021 operating season in order to ensure our season pass holders received a full season of access to our parks. The extended validity of the 2020 season-long products resulted in a significant amount of revenue deferred from 2020 into 2021. All 2020 and 2021 season-long product revenue had been recognized as of December 31, 2021 except for season-long product extensions into 2022 at two parks. In the first quarter of 2021, Knott's Berry Farm offered a further day-for-day extension into calendar year 2022 for 2020 and 2021 season-long products for every day the park was closed in 2021. The extension for the 2020 and 2021 season-long products at Knott's Berry Farm concluded during the second quarter of 2022 and all related revenue had been recognized. In the second quarter of 2021, Canada's Wonderland extended its 2020 and 2021 season-long products through September 5, 2022. All Canada's Wonderland 2020 and 2021 season-long product revenue is expected to be recognized by the

third quarter of 2022. No other parks offered similar plans. As of June 27, 2021, we classified $5.8 million of deferred revenue as non-current due to the Canada's Wonderland extension.

In order to calculate revenue recognized on these extended season-long products, management made significant estimates regarding the estimated number of uses expected for these season-long products for admission, dining, beverage and other products, including during interim periods.

Of the $187.6 million of current deferred revenue recorded as of January 1, 2022, 91% was related to season-long products. The remainder was related to deferred online transaction fees charged to customers, advanced ticket sales, prepaid games cards, advanced resort reservations, marina deposits and other deferred revenue. Approximately $84 million of the current deferred revenue balance as of January 1, 2022 was recognized during the six months ended June 26, 2022. As of January 1, 2022 and June 26, 2022, we also had recorded $10.0 million and $8.7 million, respectively, of non-current deferred revenue which largely represented prepaid lease payments for a portion of the California's Great America parking lot. The prepaid lease payments are being recognized through 2027 following the sale of the land under California's Great America; see Note 11. Prior to the sale, the prepaid lease payments were being recognized through 2039.

Payment is due immediately on the transaction date for most products. Our receivable balance includes outstanding amounts on installment purchase plans which are offered for season-long products, and includes sales to retailers, group sales and catering activities which are billed. Installment purchase plans vary in length from three monthly installments to 12 monthly installments. Payment terms for billings are typically net 30 days. Receivables in a typical operating year are highest in the peak summer months and lowest in the winter months. We are not exposed to a significant concentration of customer credit risk. As of June 26, 2022, December 31, 2021 and June 27, 2021, we recorded a $13.6 million, $5.7 million and $10.8 million allowance for doubtful accounts, respectively, representing estimated defaults on installment purchase plans. The default estimate is calculated using historical default rates adjusted for current period trends. The allowance for doubtful accounts is recorded as a reduction of deferred revenue to the extent revenue has not been recognized on the corresponding season-long products. Due to the effects of the COVID-19 pandemic and given the uncertainty around the timing of the reopening of our parks, we paused collections on our installment purchase plans in April 2020. For those parks which opened during the summer of 2020, we resumed collections of guest payments on installment purchase products as each of these parks opened for the 2020 operating season. For those parks which did not open during the summer of 2020, we resumed collections of guest payments in April 2021, except for Canada's Wonderland where we resumed collections in June 2021. All 2020 and 2021 installment plans had concluded as of December 31, 2021.

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Long-Lived Assets

6 Months Ended

Jun. 26, 2022

Property, Plant and Equipment [Abstract]

Long-Lived Assets

Long-Lived Assets:

Long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable, independent cash flows are available. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others: a significant decrease in the market price of a long-lived asset; a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition; a significant adverse change in legal factors or in the business climate; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; past, current or future operating or cash flow losses that demonstrate continuing losses associated with the use of a long-lived asset; and a current expectation that a long-lived asset will be sold or disposed significantly before the end of its previously estimated useful life. Any adverse change in these factors could have a significant impact on the recoverability of these assets and could have a material impact on the unaudited condensed consolidated financial statements.

As of June 26, 2022, we classified the land at California's Great America totaling $150.6 million as held for sale within the unaudited condensed consolidated balance sheet. We completed a sale of the land on June 27, 2022; see Note 11. Concurrently with the sale, we entered into a lease contract that allows us to operate the park during a six-year term with an option to extend the term for an additional five years. Upon termination of the lease, we will remove the rides and attractions from the land. As a result, during the second quarter of 2022, we changed the estimated useful lives of the remaining property and equipment at California's Great America to an approximate 5.5-year period, or through December 31, 2027. We expect this to result in an approximate $8 million increase in annual depreciation expense over the 5.5-year period. We may dispose of the remaining property and equipment at California's Great America significantly before the end of their previously estimated useful lives if the assets are not sold to a third party or transferred for an alternate use. As a result, we also tested the long-lived assets at California's Great America for impairment, which resulted in no impairment. The fair value of the long-lived assets was determined using a replacement cost approach.

We concluded no other indicators of impairment existed during the first six months of 2022 and 2021, respectively. We based our conclusions on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 26, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets:

Goodwill and other indefinite-lived intangible assets, including trade names, are reviewed for impairment annually, or more frequently if indicators of impairment exist. During the second quarter of 2022, we concluded the useful life of the trade name, California's Great America, was no longer indefinite due to the anticipated sale of the land and the eventual disposal of the remaining assets; see Note 11. As a result, we tested the California's Great America trade name totaling $0.7 million for impairment resulting in no impairment charges. The fair value of the trade name was calculated using a relief-from-royalty model. We began amortizing the trade name over an approximate 5.5-year period, or through December 31, 2027, during the second quarter of 2022.

We concluded no other indicators of impairment existed during the first six months of 2022 and 2021, respectively. We based our conclusions on our financial performance projections, as well as an updated analysis of macroeconomic and industry-specific conditions.

Changes in the carrying value of goodwill for the six months ended June 26, 2022 and June 27, 2021 were:

(In thousands)	Goodwill
Balance as of December 31, 2021	$	267,232
Foreign currency translation	(1,244)
Balance as of June 26, 2022	$	265,988
Balance as of December 31, 2020	$	266,961
Foreign currency translation	2,232
Balance as of June 27, 2021	$	269,193

As of June 26, 2022, December 31, 2021, and June 27, 2021, other intangible assets consisted of the following:

(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 26, 2022
Other intangible assets:
Trade names	$	49,238	$	—	$	49,238
License / franchise agreements	4,295		(3,831)		464
Total other intangible assets	$	53,533	$	(3,831)	$	49,702
December 31, 2021
Other intangible assets:
Trade names	$	49,515	$	—	$	49,515
License / franchise agreements	4,262		(3,783)		479
Total other intangible assets	$	53,777	$	(3,783)	$	49,994
June 27, 2021
Other intangible assets:
Trade names	$	49,951	$	—	$	49,951
License / franchise agreements	4,263		(3,463)		800
Total other intangible assets	$	54,214	$	(3,463)	$	50,751

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Long-Term Debt

6 Months Ended

Jun. 26, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Long-Term Debt:

Long-term debt as of June 26, 2022, December 31, 2021, and June 27, 2021 consisted of the following:

(In thousands)	June 26, 2022		December 31, 2021		June 27, 2021
Revolving credit facility	$	90,000	$	—	$	—
U.S. term loan averaging 2.19% YTD 2022; 1.85% in 2021; 1.87% YTD 2021 (1)	195,250		264,250		264,250
Notes
2024 U.S. fixed rate senior unsecured notes at 5.375%	—		—		450,000
2025 U.S. fixed rate senior secured notes at 5.500%	1,000,000		1,000,000		1,000,000
2027 U.S. fixed rate senior unsecured notes at 5.375%	500,000		500,000		500,000
2028 U.S. fixed rate senior unsecured notes at 6.500%	300,000		300,000		300,000
2029 U.S. fixed rate senior unsecured notes at 5.250%	500,000		500,000		500,000
	2,585,250		2,564,250		3,014,250
Less current portion	—		—		—
	2,585,250		2,564,250		3,014,250
Less debt issuance costs and original issue discount	(39,216)		(45,314)		(53,535)
	$	2,546,034	$	2,518,936	$	2,960,715

(1)     The average interest rates do not reflect the effect of interest rate swap agreements (see Note 7).

Term Debt and Revolving Credit Facilities

In April 2017, we amended and restated our credit agreement (the "2017 Credit Agreement") which includes our senior secured term loan facility and senior secured revolving credit facility. The $750 million senior secured term loan facility under the 2017 Credit Agreement matures on April 15, 2024 and, following an amendment in March 2018, bears interest at London InterBank Offered Rate ("LIBOR") plus 175 basis points (bps). The pricing terms for the March 2018 amendment reflected $0.9 million of Original Issue Discount ("OID"). In April 2020, as a result of the anticipated effects of the COVID-19 pandemic, we further amended the 2017 Credit Agreement (the "Second Amendment") to suspend and revise certain financial covenants, and to adjust the interest rate on and reflect additional commitments and capacity for our revolving credit facility. In conjunction with the Second Amendment, we prepaid $463.3 million of our outstanding senior secured term loan facility. Following the prepayment, we do not have any remaining scheduled quarterly payments required on our senior secured term loan facility. During the second quarter of 2022, we made a $69.0 million payment on our outstanding senior secured term loan facility which was required pursuant to certain loan covenants. In September 2020, in response to the continuing effects of the COVID-19 pandemic, we further amended the 2017 Credit Agreement (the "Third Amendment") to further suspend and revise certain of the financial covenants and extend the maturity of and adjust the terms that apply to a portion of our senior secured revolving credit facility. We also amended the 2017 Credit Agreement in December 2021 to allow for the redemption of the 2024 senior notes and in February 2022 to allow for larger sale and leaseback transactions. The facilities provided under the 2017 Credit Agreement, as amended, are collateralized by substantially all of the assets of the Partnership.

As of June 26, 2022, our total senior secured revolving credit facility capacity under the 2017 Credit Agreement, as amended, was $300 million with a Canadian sub-limit of $15 million. The senior secured revolving credit facility bears interest at LIBOR plus 350 bps or Canadian Dollar Offered Rate ("CDOR") plus 250 bps, requires the payment of a 62.5 bps commitment fee per annum on the unused portion of the revolving credit facility, in each case without any step-downs, and matures in December 2023. In April 2022, $75 million of the senior secured revolving credit facility capacity under the 2017 Credit Agreement matured, and the outstanding borrowings were repaid. While such $75 million of senior secured revolving credit facility capacity was available, borrowings under this portion of the revolver capacity bore interest at LIBOR plus 300 bps or CDOR plus 200 bps, and the unused portion of this revolving credit facility capacity required the payment of a 37.5 bps commitment fee per annum. The 2017 Credit Agreement, as amended, also provides for the issuance of documentary and standby letters of credit. After outstanding borrowings of $90.0 million and letters of credit of $15.8 million, we had $194.2 million of available borrowings under our revolving credit facility as of June 26, 2022.

Notes

In April 2020, as a result of the anticipated effects of the COVID-19 pandemic and in connection with the Second Amendment, we issued $1.0 billion of 5.500% senior secured notes due 2025 ("2025 senior notes") in a private placement. The 2025 senior notes and the related guarantees are secured by first-priority liens on the issuers' and the guarantors' assets that secure all the obligations under our credit facilities. The net proceeds from the offering of the 2025 senior notes were used to repay $463.3 million of our then-outstanding senior secured term loan facility. The remaining amount was for general corporate and working capital purposes, including fees and expenses related to the transaction. The 2025 senior notes pay interest semi-annually in May and November, with the principal due in full on May 1, 2025. The 2025 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed.

In June 2014, we issued $450 million of 5.375% senior unsecured notes due 2024 ("2024 senior notes"). The 2024 senior notes paid interest semi-annually in June and December, with the principal due in full on June 1, 2024. On December 17, 2021, we redeemed all of the 2024 senior notes at a redemption price equal to 100.896% of the principal amount plus accrued and unpaid interest. As a result, we recognized a $5.9 million loss on early debt extinguishment during the fourth quarter of 2021, inclusive of debt premium payments of $4.1 million and the write-off of debt issuance costs of $1.8 million.

In April 2017, we issued $500 million of 5.375% senior unsecured notes due 2027 ("2027 senior notes"). The 2027 senior notes pay interest semi-annually in April and October, with the principal due in full on April 15, 2027. The 2027 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed.

In June 2019, we issued $500 million of 5.250% senior unsecured notes due 2029 ("2029 senior notes"). The 2029 senior notes pay interest semi-annually in January and July, with the principal due in full on July 15, 2029. The 2029 senior notes may be redeemed, in whole or in part, at any time prior to July 15, 2024 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium together with accrued and unpaid interest and additional interest, if any, to the redemption date. Thereafter, the 2029 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed.

In October 2020, in response to the continuing effects of the COVID-19 pandemic, we issued $300 million of 6.500% senior unsecured notes due 2028 ("2028 senior notes"). The net proceeds from the offering of the 2028 senior notes were for general corporate and working capital purposes, including fees and expenses related to the transaction. The 2028 senior notes pay interest semi-annually in April and October with the principal due in full on October 1, 2028. Prior to October 1, 2023, up to 35% of the 2028 senior notes may be redeemed with the net cash proceeds of certain equity offerings at a price equal to 106.500% of the principal amount thereof, together with accrued and unpaid interest, if any. The 2028 senior notes may be redeemed, in whole or in part, at any time prior to October 1, 2023 at a price equal to 100% of the principal amount of the notes redeemed plus a "make-whole" premium together with accrued and unpaid interest and additional interest, if any, to the redemption date. Thereafter, the 2028 senior notes may be redeemed, in whole or in part, at various prices depending on the date redeemed.

As market conditions warrant, we may from time to time repurchase our outstanding debt securities in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise.

Covenants

The 2017 Credit Agreement, as amended, includes a Senior Secured Leverage Ratio of 4.50x Total First Lien Senior Secured Debt-to-Consolidated EBITDA, which will step down to 4.00x in the second quarter of 2023 and which will step down further to 3.75x in the third quarter of 2023. The 2017 Credit Agreement, as amended, included an Additional Restrictions Period to provide further covenant relief during the COVID-19 pandemic. We terminated the Additional Restrictions Period during the first quarter of 2022 by achieving compliance with the Senior Secured Leverage Ratio covenant as of the end of the fourth quarter of 2021. We were in compliance with the applicable financial covenants under our credit agreement during the six months ended June 26, 2022.

Our fixed rate note agreements include Restricted Payment provisions, which could limit our ability to pay partnership distributions. Pursuant to the terms of the indenture governing the 2027 senior notes, which includes the most restrictive of these Restricted Payments provisions under our fixed rate note agreements, if our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is greater than 5.25x, we can still make Restricted Payments of $100 million annually so long as no default or event of default has occurred and is continuing. If our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio is less than or equal to 5.25x, we can make Restricted Payments up to our Restricted Payment pool. Our pro forma Total-Indebtedness-to-Consolidated-Cash-Flow Ratio was less than 5.25x as of June 26, 2022.

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Derivative Financial Instruments

6 Months Ended

Jun. 26, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments:

Derivative financial instruments are used within our overall risk management program to manage certain interest rate and foreign currency risks. By utilizing a derivative instrument to hedge exposure to LIBOR rate changes, we are exposed to counterparty credit risk, in particular the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, hedging instruments are placed with a counterparty that we believe poses minimal credit risk. We do not use derivative financial instruments for trading purposes.

We have four interest rate swap agreements with a notional value of $500 million that convert one-month variable rate LIBOR to a fixed rate of 2.88% through December 31, 2023. This results in a 4.63% fixed interest rate for borrowings under our senior secured term loan facility after the impact of interest rate swap agreements. None of the interest rate swap agreements are designated as hedging instruments. The fair value of our swap portfolio, including the location within the unaudited condensed consolidated balance sheets, for the periods presented were as follows:

(In thousands)	Balance Sheet Location	June 26, 2022		December 31, 2021		June 27, 2021
Derivatives not designated as hedging instruments:
Interest Rate Swaps	Other Assets (Derivative Liability)	$	1,855	$	(20,086)	$	(31,690)

Instruments that do not qualify for hedge accounting are adjusted to fair value each reporting period through "Net effect of swaps" within the unaudited condensed consolidated statements of operations and comprehensive income (loss).

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Fair Value Measurements

6 Months Ended

Jun. 26, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements:

The table below presents the balances of assets and liabilities measured at fair value as of June 26, 2022, December 31, 2021, and June 27, 2021 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited condensed consolidated balance sheets:

(In thousands)	Balance Sheet Location	Fair Value Hierarchy Level	June 26, 2022				December 31, 2021				June 27, 2021
			Carrying Value		Fair  Value		Carrying Value		Fair  Value		Carrying Value		Fair  Value
Financial assets (liabilities) measured on a recurring basis:
Short-term investments	Other current assets	Level 1	$	333	$	333	$	478	$	478	$	361	$	361
Interest rate swaps	Other Assets (Derivative Liability)	Level 2	$	1,855	$	1,855	$	(20,086)	$	(20,086)	$	(31,690)	$	(31,690)
Other financial assets (liabilities):
Term debt	Long-Term Debt (1)	Level 2	$	(195,250)	$	(187,928)	$	(264,250)	$	(257,644)	$	(264,250)	$	(258,965)
2024 senior notes	Long-Term Debt (1)	Level 1	—		—		—		—		$	(450,000)	$	(453,938)
2025 senior notes	Long-Term Debt (1)	Level 2	$	(1,000,000)	$	(975,000)	$	(1,000,000)	$	(1,035,000)	$	(1,000,000)	$	(1,041,250)
2027 senior notes	Long-Term Debt (1)	Level 1	$	(500,000)	$	(467,500)	$	(500,000)	$	(513,750)	$	(500,000)	$	(516,250)
2028 senior notes	Long-Term Debt (1)	Level 1	$	(300,000)	$	(288,000)	$	(300,000)	$	(319,125)	$	(300,000)	$	(324,000)
2029 senior notes	Long-Term Debt (1)	Level 1	$	(500,000)	$	(446,250)	$	(500,000)	$	(513,750)	$	(500,000)	$	(515,000)

(1)Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $39.2 million, $45.3 million and $53.5 million as of June 26, 2022, December 31, 2021 and June 27, 2021, respectively.

Fair values of the interest rate swap agreements are determined using significant inputs, including the LIBOR forward curves, which are considered Level 2 observable market inputs.

The carrying value of cash and cash equivalents, revolving credit loans, accounts receivable, accounts payable, and accrued liabilities approximates fair value because of the short maturity of these instruments. There were no assets measured at fair value on a non-recurring basis as of June 26, 2022, December 31, 2021 or June 27, 2021.

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Income (Loss) per Unit

6 Months Ended

Jun. 26, 2022

Earnings Per Unit [Abstract]

Income (Loss) per Unit

Income (Loss) per Unit:

Net income (loss) per limited partner unit was calculated based on the following unit amounts:

	Three months ended				Six months ended
(In thousands, except per unit amounts)	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
Basic weighted average units outstanding	56,760		56,622		56,720		56,588
Effect of dilutive units:
Deferred units	56		—		—		—
Restricted units	288		—		—		—
Unit options	23		—		—		—
Diluted weighted average units outstanding	57,127		56,622		56,720		56,588
Net income (loss) per unit - basic	$	0.89	$	(1.04)	$	(0.67)	$	(2.99)
Net income (loss) per unit - diluted	$	0.89	$	(1.04)	$	(0.67)	$	(2.99)

There were approximately 0.4 million potentially dilutive units excluded from the computation of diluted loss per limited partner unit for the three months ended June 27, 2021, as their effect would have been anti-dilutive due to the net loss in the period. There were approximately 0.5 million potentially dilutive units excluded from the computation of diluted loss per limited partner unit for both of the six month periods ended June 26, 2022 and June 27, 2021, as their effect would have been anti-dilutive due to the net loss in each period.

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Income and Partnership Taxes

6 Months Ended

Jun. 26, 2022

Income Tax Disclosure [Abstract]

Income and Partnership Taxes

Income and Partnership Taxes:

We are subject to publicly traded partnership tax (PTP tax) on certain partnership level gross income (net revenues less cost of food, merchandise, and games revenues), state and local income taxes on partnership income, U.S. federal, state and local income taxes on income from our corporate subsidiaries and foreign income taxes on our foreign subsidiary. As such, the total provision (benefit) for taxes includes amounts for the PTP gross income tax and federal, state, local and foreign income taxes. Under applicable accounting rules, the total provision (benefit) for income taxes includes the amount of taxes payable for the current year and the impact of deferred tax assets and liabilities, which represents future tax consequences of events that are recognized in different periods in the financial statements than for tax purposes.

The total tax provision (benefit) for interim periods is determined by applying an estimated annual effective tax rate to the applicable quarterly income (loss). Our consolidated estimated annual effective tax rate differs from the statutory federal income tax rate primarily due to state, local and foreign income taxes, and certain partnership level income not being subject to federal tax.

During the second quarter of 2022, we received $77.1 million in tax refunds attributable to the net operating loss in tax year 2020 being carried back to prior years in the United States. We received $11.1 million in tax refunds attributable to the net operating loss of our Canadian corporate subsidiary being carried back to prior years in Canada during the first quarter of 2022. The refunds were recorded as a receivable as of December 31, 2021 in "Current income tax receivable" within the consolidated balance sheet.

Additional benefits from the CARES Act included an $8.2 million deferral of the employer's share of Social Security taxes due in 50% increments in the fourth quarter of 2021 and the fourth quarter of 2022. The current portion was recorded in "Accrued salaries, wages and benefits" and the non-current portion as of June 27, 2021 was recorded in "Other Liabilities" within the unaudited condensed consolidated balance sheet.

Unrecognized tax benefits, including accrued interest and penalties, were not material in any period presented. We recognize interest and penalties related to unrecognized tax benefits as income tax expense.

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Subsequent Events

6 Months Ended

Jun. 26, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events:

At the beginning of the third quarter of 2022, on June 27, 2022, the Partnership sold the land at California's Great America for a cash purchase price of $310 million, subject to customary prorations. Concurrently with the sale of the land, we entered into a lease contract for the land that allows us to operate the park during a six year term with an option to extend the term for an additional five years. The lease is subject to early termination by the buyer with at least two years' prior notice. The annual base rent under the lease will initially be $12.2 million and will increase by 2.5% each year. Upon termination of the lease, we will close existing park operations and remove the rides and attractions from the land.

On August 3, 2022, we announced that our Board of Directors approved a unit repurchase plan authorizing the Partnership to repurchase units for an aggregate purchase price of not more than $250 million. The unit repurchase program will be subject to Rule 10b-18 of the Securities Exchange Act of 1934. Subject to applicable rules and regulations, we may repurchase units from time-to-time in the open market or by negotiated transactions. The amount and timing of repurchases will be based on a variety of factors, including liquidity, capital needs of the business, market conditions, regulatory requirements, and other corporate considerations. No limit was placed on the duration of the repurchase program. The unit repurchase program does not obligate the Partnership to repurchase any minimum dollar amount or specific number of units, and the program may be modified, suspended, or discontinued at any time.

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Description of the Business and Significant Accounting Policies (Policies)

6 Months Ended

Jun. 26, 2022

Accounting Policies [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective as of March 12, 2020 through December 31, 2022. In January 2021, the FASB amended ASU 2020-04 by issuing Accounting Standards Update No. 2021-01, Reference Rate Reform Scope ("ASU 2021-01"). ASU 2021-01 clarifies the scope of optional expedients and exceptions to derivatives that are affected by the discounting transition. We are in the process of evaluating the effect these standards will have on the unaudited condensed consolidated financial statements and related disclosures.

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Revenue Recognition (Tables)

6 Months Ended

Jun. 26, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents net revenues disaggregated by revenues generated within the parks and revenues generated from out-of-park operations less amounts remitted to outside parties under concessionaire arrangements for the periods presented. The amounts are not comparable due to the effects of the COVID-19 pandemic.

	Three months ended				Six months ended
(In thousands)	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
In-park revenues	$	466,987	$	190,666	$	552,523	$	190,666
Out-of-park revenues	59,622		40,833		76,114		50,980
Concessionaire remittance	(17,118)		(7,362)		(20,311)		(7,767)
Net revenues	$	509,491	$	224,137	$	608,326	$	233,879

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 26, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Partnership's Carrying Value of Goodwill

Changes in the carrying value of goodwill for the six months ended June 26, 2022 and June 27, 2021 were:

(In thousands)	Goodwill
Balance as of December 31, 2021	$	267,232
Foreign currency translation	(1,244)
Balance as of June 26, 2022	$	265,988
Balance as of December 31, 2020	$	266,961
Foreign currency translation	2,232
Balance as of June 27, 2021	$	269,193

Schedule of Partnership's Other Intangible Assets

As of June 26, 2022, December 31, 2021, and June 27, 2021, other intangible assets consisted of the following:

(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Value
June 26, 2022
Other intangible assets:
Trade names	$	49,238	$	—	$	49,238
License / franchise agreements	4,295		(3,831)		464
Total other intangible assets	$	53,533	$	(3,831)	$	49,702
December 31, 2021
Other intangible assets:
Trade names	$	49,515	$	—	$	49,515
License / franchise agreements	4,262		(3,783)		479
Total other intangible assets	$	53,777	$	(3,783)	$	49,994
June 27, 2021
Other intangible assets:
Trade names	$	49,951	$	—	$	49,951
License / franchise agreements	4,263		(3,463)		800
Total other intangible assets	$	54,214	$	(3,463)	$	50,751

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Long-Term Debt (Tables)

6 Months Ended

Jun. 26, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt as of June 26, 2022, December 31, 2021, and June 27, 2021 consisted of the following:

(In thousands)	June 26, 2022		December 31, 2021		June 27, 2021
Revolving credit facility	$	90,000	$	—	$	—
U.S. term loan averaging 2.19% YTD 2022; 1.85% in 2021; 1.87% YTD 2021 (1)	195,250		264,250		264,250
Notes
2024 U.S. fixed rate senior unsecured notes at 5.375%	—		—		450,000
2025 U.S. fixed rate senior secured notes at 5.500%	1,000,000		1,000,000		1,000,000
2027 U.S. fixed rate senior unsecured notes at 5.375%	500,000		500,000		500,000
2028 U.S. fixed rate senior unsecured notes at 6.500%	300,000		300,000		300,000
2029 U.S. fixed rate senior unsecured notes at 5.250%	500,000		500,000		500,000
	2,585,250		2,564,250		3,014,250
Less current portion	—		—		—
	2,585,250		2,564,250		3,014,250
Less debt issuance costs and original issue discount	(39,216)		(45,314)		(53,535)
	$	2,546,034	$	2,518,936	$	2,960,715

(1)     The average interest rates do not reflect the effect of interest rate swap agreements (see Note 7).

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 26, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments in Condensed Consolidated Balance Sheet

The fair value of our swap portfolio, including the location within the unaudited condensed consolidated balance sheets, for the periods presented were as follows:

(In thousands)	Balance Sheet Location	June 26, 2022		December 31, 2021		June 27, 2021
Derivatives not designated as hedging instruments:
Interest Rate Swaps	Other Assets (Derivative Liability)	$	1,855	$	(20,086)	$	(31,690)

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 26, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The table below presents the balances of assets and liabilities measured at fair value as of June 26, 2022, December 31, 2021, and June 27, 2021 on a recurring basis as well as the fair values of other financial instruments, including their locations within the unaudited condensed consolidated balance sheets:

(In thousands)	Balance Sheet Location	Fair Value Hierarchy Level	June 26, 2022				December 31, 2021				June 27, 2021
			Carrying Value		Fair  Value		Carrying Value		Fair  Value		Carrying Value		Fair  Value
Financial assets (liabilities) measured on a recurring basis:
Short-term investments	Other current assets	Level 1	$	333	$	333	$	478	$	478	$	361	$	361
Interest rate swaps	Other Assets (Derivative Liability)	Level 2	$	1,855	$	1,855	$	(20,086)	$	(20,086)	$	(31,690)	$	(31,690)
Other financial assets (liabilities):
Term debt	Long-Term Debt (1)	Level 2	$	(195,250)	$	(187,928)	$	(264,250)	$	(257,644)	$	(264,250)	$	(258,965)
2024 senior notes	Long-Term Debt (1)	Level 1	—		—		—		—		$	(450,000)	$	(453,938)
2025 senior notes	Long-Term Debt (1)	Level 2	$	(1,000,000)	$	(975,000)	$	(1,000,000)	$	(1,035,000)	$	(1,000,000)	$	(1,041,250)
2027 senior notes	Long-Term Debt (1)	Level 1	$	(500,000)	$	(467,500)	$	(500,000)	$	(513,750)	$	(500,000)	$	(516,250)
2028 senior notes	Long-Term Debt (1)	Level 1	$	(300,000)	$	(288,000)	$	(300,000)	$	(319,125)	$	(300,000)	$	(324,000)
2029 senior notes	Long-Term Debt (1)	Level 1	$	(500,000)	$	(446,250)	$	(500,000)	$	(513,750)	$	(500,000)	$	(515,000)

(1)Carrying values of long-term debt balances are before reductions for debt issuance costs and original issue discount of $39.2 million, $45.3 million and $53.5 million as of June 26, 2022, December 31, 2021 and June 27, 2021, respectively.

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Income (Loss) per Unit (Tables)

6 Months Ended

Jun. 26, 2022

Earnings Per Unit [Abstract]

Schedule of Net Income (Loss) Per Limited Partner Unit

Net income (loss) per limited partner unit was calculated based on the following unit amounts:

	Three months ended				Six months ended
(In thousands, except per unit amounts)	June 26, 2022		June 27, 2021		June 26, 2022		June 27, 2021
Basic weighted average units outstanding	56,760		56,622		56,720		56,588
Effect of dilutive units:
Deferred units	56		—		—		—
Restricted units	288		—		—		—
Unit options	23		—		—		—
Diluted weighted average units outstanding	57,127		56,622		56,720		56,588
Net income (loss) per unit - basic	$	0.89	$	(1.04)	$	(0.67)	$	(2.99)
Net income (loss) per unit - diluted	$	0.89	$	(1.04)	$	(0.67)	$	(2.99)

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Description of the Business and Significant Accounting Policies (Details)	Dec. 31, 2020 property
Accounting Policies [Abstract]
Number of properties in operation	10
Number of properties	13

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Interim Reporting (Details)	6 Months Ended
	Jun. 26, 2022 property
Nature of Operations [Line Items]
Number of properties owned and operated	13
Minimum
Nature of Operations [Line Items]
Operating period	130 days
Maximum
Nature of Operations [Line Items]
Operating period	140 days

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Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Disaggregation of Revenue [Line Items]
Concessionaire remittance	$ (17,118)	$ (7,362)	$ (20,311)	$ (7,767)
Net revenues	509,491	224,137	608,326	233,879
In-park revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	466,987	190,666	552,523	190,666
Out-of-park revenues
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 59,622	$ 40,833	$ 76,114	$ 50,980

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Revenue Recognition - Narrative (Details) $ in Thousands		6 Months Ended
	Jan. 01, 2022 USD ($)	Jun. 26, 2022 USD ($) monthly_installment	Dec. 31, 2021 USD ($)	Jun. 27, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 187,600	$ 297,930	$ 187,599	$ 275,506
Deferred revenue percentage, season-long products	91.00%
Revenue from contract with customer		$ 84,000
Payment terms for billing		30 days
Allowance for doubtful accounts receivable		$ 13,600	$ 5,700	10,800
Non-Current Deferred Revenue | Pandemic COVID-19
Disaggregation of Revenue [Line Items]
Non-current deferred revenue	$ 10,000	$ 8,700		$ 5,800
Minimum
Disaggregation of Revenue [Line Items]
Operating period		130 days
Number of monthly installments | monthly_installment		3
Maximum
Disaggregation of Revenue [Line Items]
Operating period		140 days
Number of monthly installments | monthly_installment		12

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Long-Lived Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Dec. 31, 2021	Jun. 27, 2021
Property, Plant and Equipment [Line Items]
Land held for sale	$ 150,595	$ 0	$ 0
Annual increase (decrease) in depreciation	$ 8,000
Park
Property, Plant and Equipment [Line Items]
Term of contract	6 years
Option to renewal term	5 years
Other Machinery and Equipment
Property, Plant and Equipment [Line Items]
Useful lives (in years)	5 years 6 months
California's Great America
Property, Plant and Equipment [Line Items]
Land held for sale	$ 150,600

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Dec. 31, 2021	Jun. 27, 2021
Trade names
Goodwill [Line Items]
Useful lives (in years)	5 years 6 months
Trade names
Goodwill [Line Items]
Indefinite-lived intangible assets	$ 49,238	$ 49,515	$ 49,951
Trade names | California's Great America
Goodwill [Line Items]
Indefinite-lived intangible assets	$ 700

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Goodwill and Other Intangible Assets - Schedule of Changes in Partnership's Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
Goodwill [Roll Forward]
Goodwill (net), beginning of period	$ 267,232	$ 266,961
Foreign currency translation	(1,244)	2,232
Goodwill (net), end of period	$ 265,988	$ 269,193

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Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 31, 2021	Jun. 27, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (3,831)	$ (3,783)	$ (3,463)
Total other intangible assets, gross carrying amount	53,533	53,777	54,214
Total other intangible assets, net carrying value	49,702	49,994	50,751
License / franchise agreements
Intangible Assets, Net (Excluding Goodwill) [Abstract]
License / franchise agreements	4,295	4,262	4,263
Accumulated Amortization	(3,831)	(3,783)	(3,463)
Net Carrying Value	464	479	800
Trade names
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Carrying Amount/Value	$ 49,238	$ 49,515	$ 49,951

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Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Dec. 31, 2021	Apr. 30, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,585,250	$ 3,014,250	$ 2,564,250
Less current portion	0	0	0
Long-term debt, excluding current maturities, gross	2,585,250	3,014,250	2,564,250
Less debt issuance costs and original issue discount	(39,216)	(53,535)	(45,314)
Total long-term debt	2,546,034	2,960,715	2,518,936
Revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 90,000	$ 0	$ 0
Term debt | Senior Secured Term Loan
Debt Instrument [Line Items]
Interest rate during period	2.19%	1.87%	1.85%
Long-term debt, gross	$ 195,250	$ 264,250	$ 264,250
2024 U.S. fixed rate senior unsecured notes at 5.375% | Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage		5.375%
Long-term debt, gross	$ 0	$ 450,000	0
2025 U.S. fixed rate senior secured notes at 5.500% | Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage	5.50%			5.50%
Long-term debt, gross	$ 1,000,000	1,000,000	1,000,000
2027 U.S. fixed rate senior unsecured notes at 5.375% | Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%
Long-term debt, gross	$ 500,000	500,000	500,000
2028 U.S. fixed rate senior unsecured notes at 6.500% | Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage	6.50%
Long-term debt, gross	$ 300,000	300,000	300,000
2029 U.S. fixed rate senior unsecured notes at 5.250% | Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage	5.25%
Long-term debt, gross	$ 500,000	$ 500,000	$ 500,000

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Long-Term Debt - Narrative (Details) - USD ($)		1 Months Ended				3 Months Ended			6 Months Ended
	Dec. 17, 2021	Apr. 30, 2022	Oct. 31, 2020	Apr. 30, 2020	Jun. 30, 2019	Jun. 26, 2022	Dec. 31, 2021	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Mar. 31, 2018	Apr. 30, 2017	Jun. 30, 2014
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 90,000,000			$ 90,000,000
Line of credit facility, increase (decrease), net		$ 75,000,000
Available borrowings under revolving credit facility						194,200,000			194,200,000
Loss on early debt extinguishment						0		$ 0	$ 0	$ 4,000
Restricted Payments
Debt Instrument [Line Items]
Debt instrument consolidated leverage ratio									5.25
Restricted payment									$ 100,000,000
Term debt | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount												$ 750,000,000
Original issue discount											$ 900,000
Term debt | Secured Debt | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Effective interest rate percentage											1.75%
Term debt | Senior Notes | Secured Debt
Debt Instrument [Line Items]
Repayments of secured debt				$ 463,300,000					69,000,000
Second Amended 2017 Credit Agreement
Debt Instrument [Line Items]
Interest rate margin over LIBOR		3.00%
Second Amended 2017 Credit Agreement | Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 15,000,000			$ 15,000,000
Second Amended 2017 Credit Agreement | Canadian Dollar Offered Rate (CDOR)
Debt Instrument [Line Items]
Interest rate margin over LIBOR		2.00%
Second Amended 2017 Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Commitment fee percentage		0.375%
Third Amendment, 2017 Credit Agreement | Secured Debt | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Total indebtedness to consolidated cash flow ratio requirement									4.50
Third Amendment, 2017 Credit Agreement | Secured Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Total indebtedness to consolidated cash flow ratio requirement									4.00
Third Amendment, 2017 Credit Agreement | Secured Debt | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Total indebtedness to consolidated cash flow ratio requirement									3.75
Third Amendment, 2017 Credit Agreement | Canadian Dollar Offered Rate (CDOR)
Debt Instrument [Line Items]
Interest rate margin over LIBOR						2.50%			2.50%
Third Amendment, 2017 Credit Agreement | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Interest rate margin over LIBOR						3.50%			3.50%
Third Amendment, 2017 Credit Agreement | Secured Debt
Debt Instrument [Line Items]
Commitment fee percentage									0.625%
Third Amendment, 2017 Credit Agreement | Secured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 300,000,000			$ 300,000,000
Standby Letters of Credit
Debt Instrument [Line Items]
Standby letters of credit outstanding, amount						$ 15,800,000			$ 15,800,000
2025 U.S. fixed rate senior secured notes at 5.500% | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 1,000,000,000
Interest rate, stated percentage				5.50%		5.50%			5.50%
Note Payable 5.250%, Due 2029 | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount													$ 450,000,000
Interest rate, stated percentage													5.375%
Notes Payable due 2024 | Senior Notes
Debt Instrument [Line Items]
Early call date, premium price, percentage	100.896%
Loss on early debt extinguishment							$ 5,900,000
Debt premium payments							4,100,000
Write off of debt issuance cost							$ 1,800,000
2027 U.S. fixed rate senior unsecured notes at 5.375% | Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage						5.375%			5.375%
2027 U.S. fixed rate senior unsecured notes at 5.375% | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount												$ 500,000,000
Interest rate, stated percentage												5.375%
2029 U.S. fixed rate senior unsecured notes at 5.250% | Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage						5.25%			5.25%
2029 U.S. fixed rate senior unsecured notes at 5.250% | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 500,000,000
Interest rate, stated percentage					5.25%
Redemption percentage of original face amount					100.00%
2028 U.S. fixed rate senior unsecured notes at 6.500% | Secured Debt
Debt Instrument [Line Items]
Interest rate, stated percentage						6.50%			6.50%
2028 U.S. fixed rate senior unsecured notes at 6.500% | Senior Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 300,000,000
Interest rate, stated percentage			6.50%
Early call date, premium price, percentage			106.50%
Redemption price, percentage			35.00%
Redemption percentage of original face amount			100.00%

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Derivative Financial Instruments - Narrative (Details) - Cash Flow Hedging	Jun. 26, 2022 USD ($) contract interest_rate_swap_agreement
Interest Rate Swap at 2.88%
Derivative [Line Items]
Number of derivative instruments | contract	4
Derivative, amount of hedged item | $	$ 500,000,000
Derivative, forward interest rate	2.88%
Interest Rate Swap at 4.63%
Derivative [Line Items]
Derivative, forward interest rate	4.63%
Forward Starting Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments | interest_rate_swap_agreement	0

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Derivative Financial Instruments - Balance Sheet Location (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 31, 2021	Jun. 27, 2021
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 0	$ 20,086	$ 31,690
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets	Other Assets
Interest Rate Swaps | Not Designated As Hedging
Derivatives, Fair Value [Line Items]
Derivative Liability	$ 1,855	$ (20,086)	$ (31,690)

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Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 31, 2021	Jun. 27, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt issuance costs	$ 39,216	$ 45,314	$ 53,535
Other current assets | Level 1 | Fair Value, Recurring | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	333	478	361
Other current assets | Level 1 | Carrying Value | Fair Value, Recurring | Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments	333	478	361
Other Assets (Derivative Liability) | Level 2 | Fair Value, Recurring | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1,855	(20,086)	(31,690)
Other Assets (Derivative Liability) | Level 2 | Carrying Value | Fair Value, Recurring | Interest Rate Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	1,855	(20,086)	(31,690)
Long-Term Debt | Level 1 | Fair Value, Recurring | 2024 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	0	0	(453,938)
Long-Term Debt | Level 1 | Fair Value, Recurring | 2027 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	(467,500)	(513,750)	(516,250)
Long-Term Debt | Level 1 | Fair Value, Recurring | 2028 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	(288,000)	(319,125)	(324,000)
Long-Term Debt | Level 1 | Fair Value, Recurring | 2029 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	(446,250)	(513,750)	(515,000)
Long-Term Debt | Level 1 | Carrying Value | Fair Value, Recurring | 2024 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	0	0	(450,000)
Long-Term Debt | Level 1 | Carrying Value | Fair Value, Recurring | 2027 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	(500,000)	(500,000)	(500,000)
Long-Term Debt | Level 1 | Carrying Value | Fair Value, Recurring | 2028 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	(300,000)	(300,000)	(300,000)
Long-Term Debt | Level 1 | Carrying Value | Fair Value, Recurring | 2029 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	(500,000)	(500,000)	(500,000)
Long-Term Debt | Level 2 | Fair Value, Recurring | Term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of term debt	(187,928)	(257,644)	(258,965)
Long-Term Debt | Level 2 | Fair Value, Recurring | 2025 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	(975,000)	(1,035,000)	(1,041,250)
Long-Term Debt | Level 2 | Carrying Value | Fair Value, Recurring | Term debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of term debt	(195,250)	(264,250)	(264,250)
Long-Term Debt | Level 2 | Carrying Value | Fair Value, Recurring | 2025 senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of notes	$ (1,000,000)	$ (1,000,000)	$ (1,000,000)

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Income (Loss) per Unit - Schedule of Net Income (Loss) Per Limited Partner Unit (Details) - $ / shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic weighted average units outstanding (in shares)	56,760	56,622	56,720	56,588
Effect of dilutive units:
Weighted average limited partner units outstanding (in shares)	57,127	56,622	56,720	56,588
Net income (loss) per unit - basic (in dollars per share)	$ 0.89	$ (1.04)	$ (0.67)	$ (2.99)
Net income (loss) per unit - diluted (in dollars per share)	$ 0.89	$ (1.04)	$ (0.67)	$ (2.99)
Deferred units
Effect of dilutive units:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	56	0	0	0
Restricted units
Effect of dilutive units:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	288	0	0	0
Unit options
Effect of dilutive units:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	23	0	0	0

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Income (Loss) per Unit - Narrative (Details) - shares shares in Millions	3 Months Ended	6 Months Ended
	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Earnings Per Share [Abstract]
Computation of earnings per share, amount	0.4	0.5	0.5

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Income and Partnership Taxes (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 27, 2022	Jun. 26, 2022
Income Tax Disclosure [Abstract]
Income taxes receivable, CARES Act		$ 77.1
Additional income taxes receivable	$ 11.1
Deferred employer's share of social security taxes due to CARES Act		$ 8.2
Taxes due in increments		50.00%

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Subsequent Events (Details) - USD ($) $ in Millions	Jun. 27, 2022	Aug. 03, 2022	Jun. 26, 2022
Park
Subsequent Event [Line Items]
Term of contract			6 years
Option to renewal term			5 years
Subsequent Event
Subsequent Event [Line Items]
Early termination with prior notice	2 years
Annual base rent	$ 12.2
Increase annual base rent, percentage	2.50%
Stock repurchase program, authorized		$ 250.0
Subsequent Event | Park
Subsequent Event [Line Items]
Term of contract	6 years
Option to renewal term	5 years
Subsequent Event | California's Great America
Subsequent Event [Line Items]
Cash purchase price	$ 310.0