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x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
DELAWARE
|
|
34-1560655
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
|
x
|
|
Accelerated filer
|
|
o
|
|
|
|
|
|||
Non-accelerated filer
|
|
o
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
|
|
o
|
|
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
o
|
|
|
|
Title of Class
|
|
Units Outstanding as of October 27, 2017
|
Units Representing
Limited Partner Interests
|
|
56,237,988
|
|
|
|
|
|
|
|
|||
|
|
|
||
Item 1.
|
|
|
||
|
|
|
||
Item 2.
|
|
|
||
|
|
|
||
Item 3.
|
|
|
||
|
|
|
||
Item 4.
|
|
|
||
|
|
|||
|
|
|||
|
|
|
||
Item 1.
|
|
|
||
|
|
|
||
Item 1A.
|
|
|
||
|
|
|
|
|
Item 2.
|
|
|
||
|
|
|
|
|
Item 6.
|
|
|
||
|
|
|||
|
|
|
9/24/2017
|
|
12/31/2016
|
|
9/25/2016
|
||||||
ASSETS
|
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
|
$
|
249,946
|
|
|
$
|
122,716
|
|
|
$
|
187,302
|
|
Receivables
|
|
52,303
|
|
|
35,414
|
|
|
51,536
|
|
|||
Inventories
|
|
34,240
|
|
|
26,276
|
|
|
31,059
|
|
|||
Other current assets
|
|
18,624
|
|
|
11,270
|
|
|
13,809
|
|
|||
|
|
355,113
|
|
|
195,676
|
|
|
283,706
|
|
|||
Property and Equipment:
|
|
|
|
|
|
|
||||||
Land
|
|
272,213
|
|
|
265,961
|
|
|
267,175
|
|
|||
Land improvements
|
|
416,629
|
|
|
402,013
|
|
|
394,141
|
|
|||
Buildings
|
|
707,964
|
|
|
663,982
|
|
|
675,440
|
|
|||
Rides and equipment
|
|
1,740,826
|
|
|
1,643,770
|
|
|
1,653,274
|
|
|||
Construction in progress
|
|
57,605
|
|
|
58,299
|
|
|
34,918
|
|
|||
|
|
3,195,237
|
|
|
3,034,025
|
|
|
3,024,948
|
|
|||
Less accumulated depreciation
|
|
(1,614,727
|
)
|
|
(1,494,805
|
)
|
|
(1,498,908
|
)
|
|||
|
|
1,580,510
|
|
|
1,539,220
|
|
|
1,526,040
|
|
|||
Goodwill
|
|
185,010
|
|
|
179,660
|
|
|
215,460
|
|
|||
Other Intangibles, net
|
|
38,532
|
|
|
37,837
|
|
|
36,430
|
|
|||
Other Assets
|
|
17,407
|
|
|
20,788
|
|
|
21,473
|
|
|||
|
|
$
|
2,176,572
|
|
|
$
|
1,973,181
|
|
|
$
|
2,083,109
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
||||||
Current Liabilities:
|
|
|
|
|
|
|
||||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
2,775
|
|
|
$
|
1,200
|
|
Accounts payable
|
|
33,710
|
|
|
20,851
|
|
|
32,891
|
|
|||
Deferred revenue
|
|
86,732
|
|
|
82,765
|
|
|
65,748
|
|
|||
Accrued interest
|
|
23,928
|
|
|
9,986
|
|
|
10,939
|
|
|||
Accrued taxes
|
|
78,657
|
|
|
58,958
|
|
|
69,916
|
|
|||
Accrued salaries, wages and benefits
|
|
30,666
|
|
|
30,358
|
|
|
42,744
|
|
|||
Self-insurance reserves
|
|
27,549
|
|
|
27,063
|
|
|
26,820
|
|
|||
Other accrued liabilities
|
|
20,562
|
|
|
9,927
|
|
|
12,348
|
|
|||
|
|
301,804
|
|
|
242,683
|
|
|
262,606
|
|
|||
Deferred Tax Liability
|
|
112,671
|
|
|
104,885
|
|
|
137,712
|
|
|||
Derivative Liability
|
|
14,849
|
|
|
17,721
|
|
|
30,185
|
|
|||
Other Liabilities
|
|
12,340
|
|
|
13,162
|
|
|
12,488
|
|
|||
Long-Term Debt:
|
|
|
|
|
|
|
||||||
Term debt
|
|
723,385
|
|
|
594,228
|
|
|
595,253
|
|
|||
Notes
|
|
936,241
|
|
|
939,983
|
|
|
939,418
|
|
|||
|
|
1,659,626
|
|
|
1,534,211
|
|
|
1,534,671
|
|
|||
Partners’ Equity:
|
|
|
|
|
|
|
||||||
Special L.P. interests
|
|
5,290
|
|
|
5,290
|
|
|
5,290
|
|
|||
General partner
|
|
—
|
|
|
—
|
|
|
1
|
|
|||
Limited partners, 56,238, 56,201 and 56,091 units outstanding at September 24, 2017, December 31, 2016 and September 25, 2016, respectively
|
|
74,155
|
|
|
52,288
|
|
|
100,956
|
|
|||
Accumulated other comprehensive income (loss)
|
|
(4,163
|
)
|
|
2,941
|
|
|
(800
|
)
|
|||
|
|
75,282
|
|
|
60,519
|
|
|
105,447
|
|
|||
|
|
$
|
2,176,572
|
|
|
$
|
1,973,181
|
|
|
$
|
2,083,109
|
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
9/24/2017
|
|
9/25/2016
|
|
9/24/2017
|
|
9/25/2016
|
||||||||
Net revenues:
|
|
|
|
|
|
|
|
||||||||
Admissions
|
$
|
361,279
|
|
|
$
|
361,949
|
|
|
$
|
598,723
|
|
|
$
|
604,947
|
|
Food, merchandise and games
|
205,137
|
|
|
202,341
|
|
|
356,512
|
|
|
354,032
|
|
||||
Accommodations, extra-charge products and other
|
86,273
|
|
|
85,993
|
|
|
138,570
|
|
|
137,776
|
|
||||
|
652,689
|
|
|
650,283
|
|
|
1,093,805
|
|
|
1,096,755
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of food, merchandise, and games revenues
|
52,647
|
|
|
52,057
|
|
|
92,376
|
|
|
92,860
|
|
||||
Operating expenses
|
202,710
|
|
|
199,292
|
|
|
447,379
|
|
|
441,421
|
|
||||
Selling, general and administrative
|
71,663
|
|
|
65,099
|
|
|
151,142
|
|
|
142,082
|
|
||||
Depreciation and amortization
|
70,060
|
|
|
64,685
|
|
|
126,237
|
|
|
118,175
|
|
||||
Loss on impairment / retirement of fixed assets, net
|
1,347
|
|
|
1,355
|
|
|
3,057
|
|
|
5,382
|
|
||||
Gain on sale of investment
|
(1,877
|
)
|
|
—
|
|
|
(1,877
|
)
|
|
—
|
|
||||
|
396,550
|
|
|
382,488
|
|
|
818,314
|
|
|
799,920
|
|
||||
Operating income
|
256,139
|
|
|
267,795
|
|
|
275,491
|
|
|
296,835
|
|
||||
Interest expense
|
21,638
|
|
|
20,957
|
|
|
62,472
|
|
|
61,869
|
|
||||
Net effect of swaps
|
(952
|
)
|
|
1,650
|
|
|
3,717
|
|
|
8,902
|
|
||||
Loss on early debt extinguishment
|
—
|
|
|
—
|
|
|
23,115
|
|
|
—
|
|
||||
(Gain) loss on foreign currency
|
(29,193
|
)
|
|
7,341
|
|
|
(35,047
|
)
|
|
(23,675
|
)
|
||||
Other income
|
(416
|
)
|
|
(58
|
)
|
|
(464
|
)
|
|
(84
|
)
|
||||
Income before taxes
|
265,062
|
|
|
237,905
|
|
|
221,698
|
|
|
249,823
|
|
||||
Provision for taxes
|
73,747
|
|
|
62,918
|
|
|
63,769
|
|
|
65,339
|
|
||||
Net income
|
191,315
|
|
|
174,987
|
|
|
157,929
|
|
|
184,484
|
|
||||
Net income allocated to general partner
|
1
|
|
|
2
|
|
|
1
|
|
|
2
|
|
||||
Net income allocated to limited partners
|
$
|
191,314
|
|
|
$
|
174,985
|
|
|
$
|
157,928
|
|
|
$
|
184,482
|
|
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
191,315
|
|
|
$
|
174,987
|
|
|
$
|
157,929
|
|
|
$
|
184,484
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
(11,143
|
)
|
|
1,397
|
|
|
(13,085
|
)
|
|
(5,447
|
)
|
||||
Unrealized gain on cash flow hedging derivatives
|
1,994
|
|
|
1,994
|
|
|
5,981
|
|
|
1,356
|
|
||||
Other comprehensive income (loss), (net of tax)
|
(9,149
|
)
|
|
3,391
|
|
|
(7,104
|
)
|
|
(4,091
|
)
|
||||
Total comprehensive income
|
$
|
182,166
|
|
|
$
|
178,378
|
|
|
$
|
150,825
|
|
|
$
|
180,393
|
|
Basic income per limited partner unit:
|
|
|
|
|
|
|
|
||||||||
Weighted average limited partner units outstanding
|
56,078
|
|
|
55,948
|
|
|
56,062
|
|
|
55,922
|
|
||||
Net income per limited partner unit
|
$
|
3.41
|
|
|
$
|
3.13
|
|
|
$
|
2.82
|
|
|
$
|
3.30
|
|
Diluted income per limited partner unit:
|
|
|
|
|
|
|
|
||||||||
Weighted average limited partner units outstanding
|
56,591
|
|
|
56,365
|
|
|
56,631
|
|
|
56,392
|
|
||||
Net income per limited partner unit
|
$
|
3.38
|
|
|
$
|
3.10
|
|
|
$
|
2.79
|
|
|
$
|
3.27
|
|
|
Nine months ended
|
||||||
|
9/24/2017
|
|
9/25/2016
|
||||
Limited Partnership Units Outstanding
|
|
|
|
||||
Beginning balance
|
56,201
|
|
|
56,018
|
|
||
Limited partnership unit options exercised
|
9
|
|
|
29
|
|
||
Limited partnership unit forfeitures
|
(3
|
)
|
|
—
|
|
||
Issuance of limited partnership units as compensation
|
31
|
|
|
44
|
|
||
|
56,238
|
|
|
56,091
|
|
||
Limited Partners’ Equity
|
|
|
|
||||
Beginning balance
|
$
|
52,288
|
|
|
$
|
48,428
|
|
Net income
|
157,928
|
|
|
184,482
|
|
||
Partnership distribution declared ($2.565 and $2.475 per limited partnership unit)
|
(144,516
|
)
|
|
(139,041
|
)
|
||
Expense recognized for limited partnership unit options
|
—
|
|
|
5
|
|
||
Tax effect of units involved in treasury unit transactions
|
(2,560
|
)
|
|
(1,903
|
)
|
||
Issuance of limited partnership units as compensation
|
11,015
|
|
|
8,985
|
|
||
|
74,155
|
|
|
100,956
|
|
||
General Partner’s Equity
|
|
|
|
||||
Beginning balance
|
—
|
|
|
—
|
|
||
Net income
|
1
|
|
|
2
|
|
||
Partnership distribution declared
|
(1
|
)
|
|
(1
|
)
|
||
|
—
|
|
|
1
|
|
||
Special L.P. Interests
|
5,290
|
|
|
5,290
|
|
||
|
|
|
|
||||
Accumulated Other Comprehensive Income
|
|
|
|
||||
Foreign currency translation adjustment:
|
|
|
|
||||
Beginning balance
|
18,891
|
|
|
22,591
|
|
||
Period activity, net of tax $0 and $3,131
|
(13,085
|
)
|
|
(5,447
|
)
|
||
|
5,806
|
|
|
17,144
|
|
||
Unrealized loss on cash flow hedging derivatives:
|
|
|
|
||||
Beginning balance
|
(15,950
|
)
|
|
(19,300
|
)
|
||
Period activity, net of tax ($1,113) and ($279)
|
5,981
|
|
|
1,356
|
|
||
|
(9,969
|
)
|
|
(17,944
|
)
|
||
|
(4,163
|
)
|
|
(800
|
)
|
||
Total Partners’ Equity
|
$
|
75,282
|
|
|
$
|
105,447
|
|
|
Nine months ended
|
||||||
|
9/24/2017
|
|
9/25/2016
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
||||
Net income
|
$
|
157,929
|
|
|
$
|
184,484
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Depreciation and amortization
|
126,237
|
|
|
118,175
|
|
||
Loss on early debt extinguishment
|
23,115
|
|
|
—
|
|
||
Non-cash foreign currency gain on debt
|
(39,296
|
)
|
|
(23,891
|
)
|
||
Other non-cash expenses
|
26,942
|
|
|
36,004
|
|
||
Net change in working capital
|
27,625
|
|
|
31,267
|
|
||
Net change in other assets/liabilities
|
66
|
|
|
(5,337
|
)
|
||
Net cash from operating activities
|
322,618
|
|
|
340,702
|
|
||
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
||||
Capital expenditures
|
(152,373
|
)
|
|
(126,864
|
)
|
||
Proceeds from sale of investment
|
3,281
|
|
|
—
|
|
||
Purchase of identifiable intangible assets
|
(66
|
)
|
|
—
|
|
||
Net cash for investing activities
|
(149,158
|
)
|
|
(126,864
|
)
|
||
CASH FLOWS FOR FINANCING ACTIVITIES
|
|
|
|
||||
Term debt borrowings
|
750,000
|
|
|
—
|
|
||
Note borrowings
|
500,000
|
|
|
—
|
|
||
Term debt payments
|
(617,850
|
)
|
|
(6,000
|
)
|
||
Note payments, including amounts paid for early termination
|
(515,458
|
)
|
|
—
|
|
||
Distributions paid to partners
|
(144,517
|
)
|
|
(139,042
|
)
|
||
Payment of debt issuance costs
|
(19,684
|
)
|
|
—
|
|
||
Tax effect of units involved in treasury unit transactions
|
(2,560
|
)
|
|
(1,903
|
)
|
||
Payments related to tax withholding for equity compensation
|
(2,053
|
)
|
|
(920
|
)
|
||
Net cash for financing activities
|
(52,122
|
)
|
|
(147,865
|
)
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
5,892
|
|
|
1,772
|
|
||
CASH AND CASH EQUIVALENTS
|
|
|
|
||||
Net increase for the period
|
127,230
|
|
|
67,745
|
|
||
Balance, beginning of period
|
122,716
|
|
|
119,557
|
|
||
Balance, end of period
|
$
|
249,946
|
|
|
$
|
187,302
|
|
SUPPLEMENTAL INFORMATION
|
|
|
|
||||
Net cash payments for interest expense
|
$
|
48,729
|
|
|
$
|
61,558
|
|
Interest capitalized
|
1,770
|
|
|
1,699
|
|
||
Cash payments for income taxes, net of refunds
|
44,090
|
|
|
33,141
|
|
||
Capital expenditures in accounts payable
|
5,582
|
|
|
3,179
|
|
(In thousands)
|
|
Goodwill
(gross)
|
|
Accumulated
Impairment
Losses
|
|
Goodwill
(net)
|
||||||
Balance at December 31, 2016
|
|
$
|
259,528
|
|
|
$
|
(79,868
|
)
|
|
$
|
179,660
|
|
Foreign currency translation
|
|
5,350
|
|
|
—
|
|
|
5,350
|
|
|||
Balance at September 24, 2017
|
|
$
|
264,878
|
|
|
$
|
(79,868
|
)
|
|
$
|
185,010
|
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2015
|
|
$
|
290,679
|
|
|
$
|
(79,868
|
)
|
|
$
|
210,811
|
|
Foreign currency translation
|
|
4,649
|
|
|
—
|
|
|
4,649
|
|
|||
Balance at September 25, 2016
|
|
$
|
295,328
|
|
|
$
|
(79,868
|
)
|
|
$
|
215,460
|
|
(In thousands)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||
September 24, 2017
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
36,794
|
|
|
$
|
—
|
|
|
$
|
36,794
|
|
License / franchise agreements
|
|
3,361
|
|
|
(1,623
|
)
|
|
1,738
|
|
|||
Total other intangible assets
|
|
$
|
40,155
|
|
|
$
|
(1,623
|
)
|
|
$
|
38,532
|
|
|
|
|
|
|
|
|
||||||
December 31, 2016
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
35,603
|
|
|
$
|
—
|
|
|
$
|
35,603
|
|
License / franchise agreements
|
|
3,326
|
|
|
(1,092
|
)
|
|
2,234
|
|
|||
Total other intangible assets
|
|
$
|
38,929
|
|
|
$
|
(1,092
|
)
|
|
$
|
37,837
|
|
|
|
|
|
|
|
|
||||||
September 25, 2016
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
35,866
|
|
|
$
|
—
|
|
|
$
|
35,866
|
|
License / franchise agreements
|
|
1,475
|
|
|
(911
|
)
|
|
564
|
|
|||
Total other intangible assets
|
|
$
|
37,341
|
|
|
$
|
(911
|
)
|
|
$
|
36,430
|
|
(In thousands)
|
September 24, 2017
|
|
December 31, 2016
|
|
September 25, 2016
|
||||||
|
|
|
|
|
|
||||||
Term debt
(1)
|
|
|
|
|
|
||||||
April 2017 U.S. term loan averaging 3.38% (due 2017-2024)
|
$
|
735,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
March 2013 U.S. term loan averaging 3.25% (due 2013-2020)
|
—
|
|
|
602,850
|
|
|
602,850
|
|
|||
Notes
|
|
|
|
|
|
||||||
April 2017 U.S. fixed rate notes at 5.375% (due 2027)
|
500,000
|
|
|
—
|
|
|
—
|
|
|||
June 2014 U.S. fixed rate notes at 5.375% (due 2024)
|
450,000
|
|
|
450,000
|
|
|
450,000
|
|
|||
March 2013 U.S. fixed rate notes at 5.25% (due 2021)
|
—
|
|
|
500,000
|
|
|
500,000
|
|
|||
|
1,685,000
|
|
|
1,552,850
|
|
|
1,552,850
|
|
|||
Less current portion
|
—
|
|
|
(2,775
|
)
|
|
(1,200
|
)
|
|||
|
1,685,000
|
|
|
1,550,075
|
|
|
1,551,650
|
|
|||
Less debt issuance costs
|
(25,374
|
)
|
|
(15,864
|
)
|
|
(16,979
|
)
|
|||
|
$
|
1,659,626
|
|
|
$
|
1,534,211
|
|
|
$
|
1,534,671
|
|
(1)
|
The average interest rate is calculated over the life of the instrument and does not reflect the effect of interest rate swap agreements (see Note 6).
|
(In thousands)
|
|
September 24, 2017
|
|
December 31, 2016
|
|
September 25, 2016
|
||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
$
|
(14,849
|
)
|
|
$
|
(17,721
|
)
|
|
$
|
(30,185
|
)
|
(In thousands)
|
|
Amount of Gain (Loss)
recognized in OCI on Derivatives (Effective Portion) |
|
Amount and Location of Gain (Loss)
Reclassified from Accumulated OCI into Income (Effective Portion) |
|
Amount and Location of Gain (Loss) Recognized
in Income on Derivatives
|
||||||||||||||||||||||
Designated Derivatives
|
|
Three months ended 9/24/2017
|
|
Three months ended 9/25/2016
|
|
Designated Derivatives
|
|
Three months ended 9/24/2017
|
|
Three months ended 9/25/2016
|
|
Derivatives
Not Designated
|
|
Three months ended 9/24/2017
|
|
Three months ended 9/25/2016
|
||||||||||||
Interest rate swaps
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest Expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Net effect of swaps
|
|
$
|
3,318
|
|
|
$
|
715
|
|
(In thousands)
|
|
Amount of Gain (Loss)
recognized in OCI on Derivatives (Effective Portion) |
|
Amount and Location of Gain (Loss)
Reclassified from Accumulated OCI into Income (Effective Portion) |
|
Amount and Location of Gain (Loss) Recognized
in Income on Derivatives |
||||||||||||||||||||||
Designated Derivatives
|
|
Nine months ended 9/24/2017
|
|
Nine months ended 9/25/2016
|
|
Designated Derivatives
|
|
Nine months ended 9/24/2017
|
|
Nine months ended 9/25/2016
|
|
Derivatives
Not Designated
|
|
Nine months ended 9/24/2017
|
|
Nine months ended 9/25/2016
|
||||||||||||
Interest rate swaps
|
|
$
|
—
|
|
|
$
|
(4,671
|
)
|
|
Interest Expense
|
|
$
|
—
|
|
|
$
|
(851
|
)
|
|
Net effect of swaps
|
|
$
|
3,378
|
|
|
$
|
(2,596
|
)
|
•
|
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
•
|
Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
(In thousands)
|
Unaudited Condensed
Consolidated Balance Sheet Location
|
Fair Value Hierarchy Level
|
|
September 24, 2017
|
|
December 31, 2016
|
|
September 25, 2016
|
|||||||||||||||
|
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
|
|
$
|
688
|
|
$
|
688
|
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
Interest rate swap agreements not designated as cash flow hedges
|
Derivative Liability
|
Level 2
|
|
$
|
(14,849
|
)
|
$
|
(14,849
|
)
|
|
$
|
(17,721
|
)
|
$
|
(17,721
|
)
|
|
$
|
(30,185
|
)
|
$
|
(30,185
|
)
|
Other financial assets (liabilities):
|
|||||||||||||||||||||||
March 2013 term debt
|
Long-Term Debt
(1)
|
Level 2
|
|
—
|
|
—
|
|
|
$
|
(600,075
|
)
|
$
|
(603,075
|
)
|
|
$
|
(601,650
|
)
|
$
|
(603,154
|
)
|
||
April 2017 term debt
|
Long-Term Debt
(1)
|
Level 2
|
|
$
|
(735,000
|
)
|
$
|
(740,513
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
||||
March 2013 notes
|
Long-Term Debt
(1)
|
Level 1
|
|
—
|
|
—
|
|
|
$
|
(500,000
|
)
|
$
|
(510,000
|
)
|
|
$
|
(500,000
|
)
|
$
|
(520,000
|
)
|
||
June 2014 notes
|
Long-Term Debt
(1)
|
Level 1
|
|
$
|
(450,000
|
)
|
$
|
(472,500
|
)
|
|
$
|
(450,000
|
)
|
$
|
(462,375
|
)
|
|
$
|
(450,000
|
)
|
$
|
(477,000
|
)
|
April 2017 notes
|
Long-Term Debt
(1)
|
Level 2
|
|
$
|
(500,000
|
)
|
$
|
(527,500
|
)
|
|
—
|
|
—
|
|
|
—
|
|
—
|
|
(1)
|
Carrying values of long-term debt balances are before reductions for debt issuance costs of
$25.4 million
,
$15.9 million
, and
$17.0 million
as of
September 24, 2017
,
December 31, 2016
, and
September 25, 2016
, respectively.
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
9/24/2017
|
|
9/25/2016
|
|
9/24/2017
|
|
9/25/2016
|
||||||||
|
(In thousands, except per unit amounts)
|
||||||||||||||
Basic weighted average units outstanding
|
56,078
|
|
|
55,948
|
|
|
56,062
|
|
|
55,922
|
|
||||
Effect of dilutive units:
|
|
|
|
|
|
|
|
||||||||
Deferred units
|
44
|
|
|
33
|
|
|
41
|
|
|
30
|
|
||||
Performance units
|
—
|
|
|
—
|
|
|
48
|
|
|
43
|
|
||||
Restricted units
|
284
|
|
|
253
|
|
|
292
|
|
|
266
|
|
||||
Unit options
|
185
|
|
|
131
|
|
|
188
|
|
|
131
|
|
||||
Diluted weighted average units outstanding
|
56,591
|
|
|
56,365
|
|
|
56,631
|
|
|
56,392
|
|
||||
Net income per unit - basic
|
$
|
3.41
|
|
|
$
|
3.13
|
|
|
$
|
2.82
|
|
|
$
|
3.30
|
|
Net income per unit - diluted
|
$
|
3.38
|
|
|
$
|
3.10
|
|
|
$
|
2.79
|
|
|
$
|
3.27
|
|
Changes in Accumulated Other Comprehensive Income by Component
(1)
|
|||||||||||||
(In thousands)
|
|
Gains and Losses on Cash Flow Hedges
|
|
Foreign Currency Translation
|
|
Total
|
|||||||
Balance at June 25, 2017
|
|
$
|
(11,963
|
)
|
|
$
|
16,949
|
|
|
$
|
4,986
|
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications
|
|
—
|
|
|
(11,143
|
)
|
|
(11,143
|
)
|
||||
|
|
|
|
|
|
|
|
||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($371)
(2)
|
|
1,994
|
|
|
—
|
|
|
1,994
|
|
||||
|
|
|
|
|
|
|
|
||||||
Net other comprehensive income
|
|
1,994
|
|
|
(11,143
|
)
|
|
(9,149
|
)
|
||||
|
|
|
|
|
|
|
|
||||||
Balance at September 24, 2017
|
|
$
|
(9,969
|
)
|
|
$
|
5,806
|
|
|
$
|
(4,163
|
)
|
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
(2)
|
See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details.
|
Changes in Accumulated Other Comprehensive Income by Component
(1)
|
|||||||||||||
(In thousands)
|
|
Gains and Losses on Cash Flow Hedges
|
|
Foreign Currency Translation
|
|
Total
|
|||||||
Balance at June 26, 2016
|
|
$
|
(19,938
|
)
|
|
$
|
15,747
|
|
|
$
|
(4,191
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications, net of tax ($803)
|
|
—
|
|
|
1,397
|
|
|
1,397
|
|
||||
|
|
|
|
|
|
|
|
||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($371)
(2)
|
|
1,994
|
|
|
—
|
|
|
1,994
|
|
||||
|
|
|
|
|
|
|
|
||||||
Net other comprehensive income
|
|
1,994
|
|
|
1,397
|
|
|
3,391
|
|
||||
|
|
|
|
|
|
|
|
||||||
Balance at September 25, 2016
|
|
$
|
(17,944
|
)
|
|
$
|
17,144
|
|
|
$
|
(800
|
)
|
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
(2)
|
See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details.
|
Reclassifications Out of Accumulated Other Comprehensive Income
|
|||||||||||
Details about Accumulated Other Comprehensive Income Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
|||||||
(In thousands)
|
|
Three months ended
9/24/2017
|
|
Three months ended
9/25/2016
|
|
|
|||||
Interest rate contracts
|
|
$
|
2,365
|
|
|
$
|
2,365
|
|
|
Net effect of swaps
|
|
Provision for taxes
|
|
(371
|
)
|
|
(371
|
)
|
|
Provision for taxes
|
|||
Losses on cash flow hedges
|
|
$
|
1,994
|
|
|
$
|
1,994
|
|
|
Net of tax
|
Changes in Accumulated Other Comprehensive Income by Component
(1)
|
|||||||||||||
(In thousands)
|
|
Gains and Losses on Cash Flow Hedges
|
|
Foreign Currency Translation
|
|
Total
|
|||||||
Balance at December 31, 2016
|
|
$
|
(15,950
|
)
|
|
$
|
18,891
|
|
|
$
|
2,941
|
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications
|
|
—
|
|
|
(13,085
|
)
|
|
(13,085
|
)
|
||||
|
|
|
|
|
|
|
|
||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,113)
(2)
|
|
5,981
|
|
|
—
|
|
|
5,981
|
|
||||
|
|
|
|
|
|
|
|
||||||
Net other comprehensive income
|
|
5,981
|
|
|
(13,085
|
)
|
|
(7,104
|
)
|
||||
|
|
|
|
|
|
|
|
||||||
Balance at September 24, 2017
|
|
$
|
(9,969
|
)
|
|
$
|
5,806
|
|
|
$
|
(4,163
|
)
|
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
(2)
|
See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details.
|
Changes in Accumulated Other Comprehensive Income by Component
(1)
|
|||||||||||||
(In thousands)
|
|
Gains and Losses on Cash Flow Hedges
|
|
Foreign Currency Translation
|
|
Total
|
|||||||
Balance at December 31, 2015
|
|
$
|
(19,300
|
)
|
|
$
|
22,591
|
|
|
$
|
3,291
|
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications, net of tax $711 and $3,131, respectively
|
|
(3,960
|
)
|
|
(5,447
|
)
|
|
(9,407
|
)
|
||||
|
|
|
|
|
|
|
|
||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($990)
(2)
|
|
5,316
|
|
|
—
|
|
|
5,316
|
|
||||
|
|
|
|
|
|
|
|
||||||
Net other comprehensive income
|
|
1,356
|
|
|
(5,447
|
)
|
|
(4,091
|
)
|
||||
|
|
|
|
|
|
|
|
||||||
Balance at September 25, 2016
|
|
$
|
(17,944
|
)
|
|
$
|
17,144
|
|
|
$
|
(800
|
)
|
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
(2)
|
See Reclassifications Out of Accumulated Other Comprehensive Income table below for reclassification details.
|
Reclassifications Out of Accumulated Other Comprehensive Income
|
|||||||||||
Details about Accumulated Other Comprehensive Income Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
|||||||
(In thousands)
|
|
Nine months ended
9/24/2017
|
|
Nine months ended
9/25/2016
|
|
|
|||||
Interest rate contracts
|
|
$
|
7,094
|
|
|
$
|
6,306
|
|
|
Net effect of swaps
|
|
Provision for taxes
|
|
(1,113
|
)
|
|
(990
|
)
|
|
Provision for taxes
|
|||
Losses on cash flow hedges
|
|
$
|
5,981
|
|
|
$
|
5,316
|
|
|
Net of tax
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
92,047
|
|
|
$
|
160,593
|
|
|
$
|
(2,694
|
)
|
|
$
|
249,946
|
|
Receivables
|
|
—
|
|
|
1,285
|
|
|
33,158
|
|
|
837,594
|
|
|
(819,734
|
)
|
|
52,303
|
|
||||||
Inventories
|
|
—
|
|
|
—
|
|
|
2,423
|
|
|
31,817
|
|
|
—
|
|
|
34,240
|
|
||||||
Other current assets
|
|
275
|
|
|
12,843
|
|
|
743
|
|
|
16,829
|
|
|
(12,066
|
)
|
|
18,624
|
|
||||||
|
|
275
|
|
|
14,128
|
|
|
128,371
|
|
|
1,046,833
|
|
|
(834,494
|
)
|
|
355,113
|
|
||||||
Property and Equipment, net
|
|
—
|
|
|
842
|
|
|
183,205
|
|
|
1,396,463
|
|
|
—
|
|
|
1,580,510
|
|
||||||
Investment in Park
|
|
566,548
|
|
|
1,016,857
|
|
|
224,464
|
|
|
222,953
|
|
|
(2,030,822
|
)
|
|
—
|
|
||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
64,730
|
|
|
119,606
|
|
|
—
|
|
|
185,010
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
14,443
|
|
|
24,089
|
|
|
—
|
|
|
38,532
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
32,190
|
|
|
—
|
|
|
—
|
|
|
(32,190
|
)
|
|
—
|
|
||||||
Other Assets
|
|
—
|
|
|
—
|
|
|
53
|
|
|
17,354
|
|
|
—
|
|
|
17,407
|
|
||||||
|
|
$
|
567,497
|
|
|
$
|
1,064,017
|
|
|
$
|
615,266
|
|
|
$
|
2,827,298
|
|
|
$
|
(2,897,506
|
)
|
|
$
|
2,176,572
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
|
$
|
478,416
|
|
|
$
|
345,150
|
|
|
$
|
6,431
|
|
|
$
|
26,141
|
|
|
$
|
(822,428
|
)
|
|
$
|
33,710
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
7,137
|
|
|
79,595
|
|
|
—
|
|
|
86,732
|
|
||||||
Accrued interest
|
|
292
|
|
|
195
|
|
|
9,209
|
|
|
14,232
|
|
|
—
|
|
|
23,928
|
|
||||||
Accrued taxes
|
|
1,589
|
|
|
—
|
|
|
14,910
|
|
|
74,224
|
|
|
(12,066
|
)
|
|
78,657
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
28,306
|
|
|
2,360
|
|
|
—
|
|
|
—
|
|
|
30,666
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
12,090
|
|
|
1,725
|
|
|
13,734
|
|
|
—
|
|
|
27,549
|
|
||||||
Other accrued liabilities
|
|
2,985
|
|
|
7,772
|
|
|
499
|
|
|
9,306
|
|
|
—
|
|
|
20,562
|
|
||||||
|
|
483,282
|
|
|
393,513
|
|
|
42,271
|
|
|
217,232
|
|
|
(834,494
|
)
|
|
301,804
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
19,511
|
|
|
125,350
|
|
|
(32,190
|
)
|
|
112,671
|
|
||||||
Derivative Liability
|
|
8,933
|
|
|
5,916
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,849
|
|
||||||
Other Liabilities
|
|
—
|
|
|
1,398
|
|
|
—
|
|
|
10,942
|
|
|
—
|
|
|
12,340
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt
|
|
—
|
|
|
127,402
|
|
|
—
|
|
|
595,983
|
|
|
—
|
|
|
723,385
|
|
||||||
Notes
|
|
—
|
|
|
—
|
|
|
444,874
|
|
|
491,367
|
|
|
—
|
|
|
936,241
|
|
||||||
|
|
—
|
|
|
127,402
|
|
|
444,874
|
|
|
1,087,350
|
|
|
—
|
|
|
1,659,626
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
75,282
|
|
|
535,788
|
|
|
108,610
|
|
|
1,386,424
|
|
|
(2,030,822
|
)
|
|
75,282
|
|
||||||
|
|
$
|
567,497
|
|
|
$
|
1,064,017
|
|
|
$
|
615,266
|
|
|
$
|
2,827,298
|
|
|
$
|
(2,897,506
|
)
|
|
$
|
2,176,572
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65,563
|
|
|
$
|
58,178
|
|
|
$
|
(1,025
|
)
|
|
$
|
122,716
|
|
Receivables
|
|
—
|
|
|
1,409
|
|
|
28,019
|
|
|
576,975
|
|
|
(570,989
|
)
|
|
35,414
|
|
||||||
Inventories
|
|
—
|
|
|
—
|
|
|
1,371
|
|
|
24,905
|
|
|
—
|
|
|
26,276
|
|
||||||
Other current assets
|
|
173
|
|
|
796
|
|
|
2,229
|
|
|
9,833
|
|
|
(1,761
|
)
|
|
11,270
|
|
||||||
|
|
173
|
|
|
2,205
|
|
|
97,182
|
|
|
669,891
|
|
|
(573,775
|
)
|
|
195,676
|
|
||||||
Property and Equipment, net
|
|
—
|
|
|
844
|
|
|
175,358
|
|
|
1,363,018
|
|
|
—
|
|
|
1,539,220
|
|
||||||
Investment in Park
|
|
798,076
|
|
|
937,626
|
|
|
200,075
|
|
|
324,282
|
|
|
(2,260,059
|
)
|
|
—
|
|
||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
59,381
|
|
|
119,605
|
|
|
—
|
|
|
179,660
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
13,255
|
|
|
24,582
|
|
|
—
|
|
|
37,837
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
33,303
|
|
|
—
|
|
|
—
|
|
|
(33,303
|
)
|
|
—
|
|
||||||
Other Assets
|
|
—
|
|
|
2,000
|
|
|
108
|
|
|
18,680
|
|
|
—
|
|
|
20,788
|
|
||||||
|
|
$
|
798,923
|
|
|
$
|
975,978
|
|
|
$
|
545,359
|
|
|
$
|
2,520,058
|
|
|
$
|
(2,867,137
|
)
|
|
$
|
1,973,181
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
572
|
|
|
$
|
64
|
|
|
$
|
2,139
|
|
|
$
|
—
|
|
|
2,775
|
|
|
Accounts payable
|
|
428,396
|
|
|
145,258
|
|
|
740
|
|
|
18,471
|
|
|
(572,014
|
)
|
|
20,851
|
|
||||||
Deferred revenue
|
|
—
|
|
|
—
|
|
|
5,601
|
|
|
77,164
|
|
|
—
|
|
|
82,765
|
|
||||||
Accrued interest
|
|
4,613
|
|
|
3,207
|
|
|
2,057
|
|
|
109
|
|
|
—
|
|
|
9,986
|
|
||||||
Accrued taxes
|
|
405
|
|
|
18,653
|
|
|
—
|
|
|
41,661
|
|
|
(1,761
|
)
|
|
58,958
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
29,227
|
|
|
1,131
|
|
|
—
|
|
|
—
|
|
|
30,358
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
12,490
|
|
|
1,321
|
|
|
13,252
|
|
|
|
|
|
27,063
|
|
||||||
Other accrued liabilities
|
|
2,282
|
|
|
3,018
|
|
|
193
|
|
|
4,434
|
|
|
—
|
|
|
9,927
|
|
||||||
|
|
435,696
|
|
|
212,425
|
|
|
11,107
|
|
|
157,230
|
|
|
(573,775
|
)
|
|
242,683
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
12,838
|
|
|
125,350
|
|
|
(33,303
|
)
|
|
104,885
|
|
||||||
Derivative Liability
|
|
10,633
|
|
|
7,088
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,721
|
|
||||||
Other Liabilities
|
|
—
|
|
|
1,236
|
|
|
—
|
|
|
11,926
|
|
|
—
|
|
|
13,162
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt
|
|
—
|
|
|
123,672
|
|
|
13,598
|
|
|
456,958
|
|
|
—
|
|
|
594,228
|
|
||||||
Notes
|
|
292,075
|
|
|
203,140
|
|
|
444,768
|
|
|
—
|
|
|
—
|
|
|
939,983
|
|
||||||
|
|
292,075
|
|
|
326,812
|
|
|
458,366
|
|
|
456,958
|
|
|
—
|
|
|
1,534,211
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
60,519
|
|
|
428,417
|
|
|
63,048
|
|
|
1,768,594
|
|
|
(2,260,059
|
)
|
|
60,519
|
|
||||||
|
|
$
|
798,923
|
|
|
$
|
975,978
|
|
|
$
|
545,359
|
|
|
$
|
2,520,058
|
|
|
$
|
(2,867,137
|
)
|
|
$
|
1,973,181
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75,562
|
|
|
$
|
111,740
|
|
|
$
|
—
|
|
|
$
|
187,302
|
|
Receivables
|
|
(5
|
)
|
|
1,387
|
|
|
24,964
|
|
|
585,190
|
|
|
(560,000
|
)
|
|
51,536
|
|
||||||
Inventories
|
|
—
|
|
|
—
|
|
|
1,519
|
|
|
29,540
|
|
|
—
|
|
|
31,059
|
|
||||||
Other current assets
|
|
275
|
|
|
24,479
|
|
|
680
|
|
|
12,800
|
|
|
(24,425
|
)
|
|
13,809
|
|
||||||
|
|
270
|
|
|
25,866
|
|
|
102,725
|
|
|
739,270
|
|
|
(584,425
|
)
|
|
283,706
|
|
||||||
Property and Equipment, net
|
|
—
|
|
|
876
|
|
|
179,172
|
|
|
1,345,992
|
|
|
—
|
|
|
1,526,040
|
|
||||||
Investment in Park
|
|
820,465
|
|
|
963,870
|
|
|
197,538
|
|
|
347,137
|
|
|
(2,329,010
|
)
|
|
—
|
|
||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
95,180
|
|
|
119,606
|
|
|
—
|
|
|
215,460
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
13,519
|
|
|
22,911
|
|
|
—
|
|
|
36,430
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
3,651
|
|
|
—
|
|
|
—
|
|
|
(3,651
|
)
|
|
—
|
|
||||||
Other Assets
|
|
—
|
|
|
1,999
|
|
|
123
|
|
|
19,351
|
|
|
—
|
|
|
21,473
|
|
||||||
|
|
$
|
821,409
|
|
|
$
|
996,262
|
|
|
$
|
588,257
|
|
|
$
|
2,594,267
|
|
|
$
|
(2,917,086
|
)
|
|
$
|
2,083,109
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
247
|
|
|
$
|
28
|
|
|
$
|
925
|
|
|
$
|
—
|
|
|
$
|
1,200
|
|
Accounts payable
|
|
399,384
|
|
|
164,335
|
|
|
1,342
|
|
|
27,830
|
|
|
(560,000
|
)
|
|
32,891
|
|
||||||
Deferred revenue
|
|
—
|
|
|
—
|
|
|
5,091
|
|
|
60,657
|
|
|
—
|
|
|
65,748
|
|
||||||
Accrued interest
|
|
875
|
|
|
597
|
|
|
7,784
|
|
|
1,683
|
|
|
—
|
|
|
10,939
|
|
||||||
Accrued taxes
|
|
3,325
|
|
|
—
|
|
|
14,109
|
|
|
76,907
|
|
|
(24,425
|
)
|
|
69,916
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
40,588
|
|
|
2,156
|
|
|
—
|
|
|
—
|
|
|
42,744
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
12,394
|
|
|
1,567
|
|
|
12,859
|
|
|
—
|
|
|
26,820
|
|
||||||
Other accrued liabilities
|
|
2,358
|
|
|
3,532
|
|
|
510
|
|
|
5,948
|
|
|
—
|
|
|
12,348
|
|
||||||
|
|
405,942
|
|
|
221,693
|
|
|
32,587
|
|
|
186,809
|
|
|
(584,425
|
)
|
|
262,606
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
19,497
|
|
|
121,866
|
|
|
(3,651
|
)
|
|
137,712
|
|
||||||
Derivative Liability
|
|
18,111
|
|
|
12,074
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,185
|
|
||||||
Other Liabilities
|
|
—
|
|
|
1,520
|
|
|
—
|
|
|
10,968
|
|
|
—
|
|
|
12,488
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt
|
|
—
|
|
|
123,996
|
|
|
13,616
|
|
|
457,641
|
|
|
—
|
|
|
595,253
|
|
||||||
Notes
|
|
291,909
|
|
|
203,025
|
|
|
444,484
|
|
|
—
|
|
|
—
|
|
|
939,418
|
|
||||||
|
|
291,909
|
|
|
327,021
|
|
|
458,100
|
|
|
457,641
|
|
|
—
|
|
|
1,534,671
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
105,447
|
|
|
433,954
|
|
|
78,073
|
|
|
1,816,983
|
|
|
(2,329,010
|
)
|
|
105,447
|
|
||||||
|
|
$
|
821,409
|
|
|
$
|
996,262
|
|
|
$
|
588,257
|
|
|
$
|
2,594,267
|
|
|
$
|
(2,917,086
|
)
|
|
$
|
2,083,109
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
69,999
|
|
|
$
|
169,429
|
|
|
$
|
85,963
|
|
|
$
|
596,837
|
|
|
$
|
(269,539
|
)
|
|
$
|
652,689
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
7,735
|
|
|
44,912
|
|
|
—
|
|
|
52,647
|
|
||||||
Operating expenses
|
|
—
|
|
|
118,614
|
|
|
19,627
|
|
|
334,008
|
|
|
(269,539
|
)
|
|
202,710
|
|
||||||
Selling, general and administrative
|
|
327
|
|
|
21,752
|
|
|
4,539
|
|
|
45,045
|
|
|
—
|
|
|
71,663
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
9
|
|
|
7,856
|
|
|
62,195
|
|
|
—
|
|
|
70,060
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
87
|
|
|
1,260
|
|
|
—
|
|
|
1,347
|
|
||||||
Gain on sale of investment
|
|
—
|
|
|
(1,877
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,877
|
)
|
||||||
|
|
327
|
|
|
138,498
|
|
|
39,844
|
|
|
487,420
|
|
|
(269,539
|
)
|
|
396,550
|
|
||||||
Operating income
|
|
69,672
|
|
|
30,931
|
|
|
46,119
|
|
|
109,417
|
|
|
—
|
|
|
256,139
|
|
||||||
Interest expense, net
|
|
4,857
|
|
|
4,305
|
|
|
6,152
|
|
|
5,973
|
|
|
—
|
|
|
21,287
|
|
||||||
Net effect of swaps
|
|
(578
|
)
|
|
(374
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(952
|
)
|
||||||
Gain on foreign currency
|
|
—
|
|
|
(27
|
)
|
|
(29,166
|
)
|
|
—
|
|
|
—
|
|
|
(29,193
|
)
|
||||||
Other (income) expense
|
|
62
|
|
|
(26,676
|
)
|
|
1,163
|
|
|
25,386
|
|
|
—
|
|
|
(65
|
)
|
||||||
Income from investment in affiliates
|
|
(132,699
|
)
|
|
(98,522
|
)
|
|
(16,843
|
)
|
|
(58,378
|
)
|
|
306,442
|
|
|
—
|
|
||||||
Income before taxes
|
|
198,030
|
|
|
152,225
|
|
|
84,813
|
|
|
136,436
|
|
|
(306,442
|
)
|
|
265,062
|
|
||||||
Provision for taxes
|
|
6,715
|
|
|
19,526
|
|
|
26,432
|
|
|
21,074
|
|
|
—
|
|
|
73,747
|
|
||||||
Net income
|
|
$
|
191,315
|
|
|
$
|
132,699
|
|
|
$
|
58,381
|
|
|
$
|
115,362
|
|
|
$
|
(306,442
|
)
|
|
$
|
191,315
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustment
|
|
(11,143
|
)
|
|
—
|
|
|
(11,143
|
)
|
|
—
|
|
|
11,143
|
|
|
(11,143
|
)
|
||||||
Unrealized gain on cash flow hedging derivatives
|
|
1,994
|
|
|
605
|
|
|
—
|
|
|
—
|
|
|
(605
|
)
|
|
1,994
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
(9,149
|
)
|
|
605
|
|
|
(11,143
|
)
|
|
—
|
|
|
10,538
|
|
|
(9,149
|
)
|
||||||
Total comprehensive income
|
|
$
|
182,166
|
|
|
$
|
133,304
|
|
|
$
|
47,238
|
|
|
$
|
115,362
|
|
|
$
|
(295,904
|
)
|
|
$
|
182,166
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
92,371
|
|
|
$
|
172,703
|
|
|
$
|
77,164
|
|
|
$
|
606,823
|
|
|
$
|
(298,778
|
)
|
|
$
|
650,283
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
6,417
|
|
|
45,640
|
|
|
—
|
|
|
52,057
|
|
||||||
Operating expenses
|
|
(10
|
)
|
|
119,140
|
|
|
17,885
|
|
|
361,055
|
|
|
(298,778
|
)
|
|
199,292
|
|
||||||
Selling, general and administrative
|
|
610
|
|
|
21,412
|
|
|
4,413
|
|
|
38,664
|
|
|
—
|
|
|
65,099
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
9
|
|
|
7,624
|
|
|
57,052
|
|
|
—
|
|
|
64,685
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
57
|
|
|
1,298
|
|
|
—
|
|
|
1,355
|
|
||||||
|
|
600
|
|
|
140,561
|
|
|
36,396
|
|
|
503,709
|
|
|
(298,778
|
)
|
|
382,488
|
|
||||||
Operating income
|
|
91,771
|
|
|
32,142
|
|
|
40,768
|
|
|
103,114
|
|
|
—
|
|
|
267,795
|
|
||||||
Interest expense, net
|
|
7,984
|
|
|
5,759
|
|
|
6,323
|
|
|
833
|
|
|
—
|
|
|
20,899
|
|
||||||
Net effect of swaps
|
|
959
|
|
|
691
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,650
|
|
||||||
Loss on foreign currency
|
|
—
|
|
|
—
|
|
|
7,337
|
|
|
4
|
|
|
—
|
|
|
7,341
|
|
||||||
Other (income) expense
|
|
62
|
|
|
(29,663
|
)
|
|
1,302
|
|
|
28,299
|
|
|
—
|
|
|
—
|
|
||||||
Income from investment in affiliates
|
|
(98,451
|
)
|
|
(62,240
|
)
|
|
(12,574
|
)
|
|
(28,737
|
)
|
|
202,002
|
|
|
—
|
|
||||||
Income before taxes
|
|
181,217
|
|
|
117,595
|
|
|
38,380
|
|
|
102,715
|
|
|
(202,002
|
)
|
|
237,905
|
|
||||||
Provision for taxes
|
|
6,230
|
|
|
19,142
|
|
|
9,643
|
|
|
27,903
|
|
|
—
|
|
|
62,918
|
|
||||||
Net income
|
|
$
|
174,987
|
|
|
$
|
98,453
|
|
|
$
|
28,737
|
|
|
$
|
74,812
|
|
|
$
|
(202,002
|
)
|
|
$
|
174,987
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustment
|
|
1,397
|
|
|
—
|
|
|
1,397
|
|
|
—
|
|
|
(1,397
|
)
|
|
1,397
|
|
||||||
Unrealized gain on cash flow hedging derivatives
|
|
1,994
|
|
|
606
|
|
|
—
|
|
|
—
|
|
|
(606
|
)
|
|
1,994
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
3,391
|
|
|
606
|
|
|
1,397
|
|
|
—
|
|
|
(2,003
|
)
|
|
3,391
|
|
||||||
Total comprehensive income
|
|
$
|
178,378
|
|
|
$
|
99,059
|
|
|
$
|
30,134
|
|
|
$
|
74,812
|
|
|
$
|
(204,005
|
)
|
|
$
|
178,378
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
92,672
|
|
|
$
|
262,739
|
|
|
$
|
114,141
|
|
|
$
|
1,019,399
|
|
|
$
|
(395,146
|
)
|
|
$
|
1,093,805
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
10,569
|
|
|
81,807
|
|
|
—
|
|
|
92,376
|
|
||||||
Operating expenses
|
|
—
|
|
|
248,047
|
|
|
37,701
|
|
|
556,777
|
|
|
(395,146
|
)
|
|
447,379
|
|
||||||
Selling, general and administrative
|
|
2,254
|
|
|
51,358
|
|
|
8,592
|
|
|
88,938
|
|
|
—
|
|
|
151,142
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
26
|
|
|
12,869
|
|
|
113,342
|
|
|
—
|
|
|
126,237
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
542
|
|
|
2,515
|
|
|
—
|
|
|
3,057
|
|
||||||
Gain on sale of investment
|
|
—
|
|
|
(1,877
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,877
|
)
|
||||||
|
|
2,254
|
|
|
297,554
|
|
|
70,273
|
|
|
843,379
|
|
|
(395,146
|
)
|
|
818,314
|
|
||||||
Operating income (loss)
|
|
90,418
|
|
|
(34,815
|
)
|
|
43,868
|
|
|
176,020
|
|
|
—
|
|
|
275,491
|
|
||||||
Interest expense, net
|
|
18,285
|
|
|
13,893
|
|
|
18,317
|
|
|
11,578
|
|
|
—
|
|
|
62,073
|
|
||||||
Net effect of swaps
|
|
2,162
|
|
|
1,555
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,717
|
|
||||||
Loss on early debt extinguishment
|
|
11,773
|
|
|
8,188
|
|
|
198
|
|
|
2,956
|
|
|
—
|
|
|
23,115
|
|
||||||
Gain on foreign currency
|
|
—
|
|
|
(27
|
)
|
|
(35,020
|
)
|
|
—
|
|
|
—
|
|
|
(35,047
|
)
|
||||||
Other (income) expense
|
|
187
|
|
|
(56,623
|
)
|
|
2,640
|
|
|
53,731
|
|
|
—
|
|
|
(65
|
)
|
||||||
Income from investment in affiliates
|
|
(108,835
|
)
|
|
(109,414
|
)
|
|
(24,389
|
)
|
|
(58,648
|
)
|
|
301,286
|
|
|
—
|
|
||||||
Income before taxes
|
|
166,846
|
|
|
107,613
|
|
|
82,122
|
|
|
166,403
|
|
|
(301,286
|
)
|
|
221,698
|
|
||||||
Provision (benefit) for taxes
|
|
8,917
|
|
|
(1,223
|
)
|
|
23,473
|
|
|
32,602
|
|
|
—
|
|
|
63,769
|
|
||||||
Net income
|
|
$
|
157,929
|
|
|
$
|
108,836
|
|
|
$
|
58,649
|
|
|
$
|
133,801
|
|
|
$
|
(301,286
|
)
|
|
$
|
157,929
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustment
|
|
(13,085
|
)
|
|
—
|
|
|
(13,085
|
)
|
|
—
|
|
|
13,085
|
|
|
(13,085
|
)
|
||||||
Unrealized gain on cash flow hedging derivatives
|
|
5,981
|
|
|
1,816
|
|
|
—
|
|
|
—
|
|
|
(1,816
|
)
|
|
5,981
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
(7,104
|
)
|
|
1,816
|
|
|
(13,085
|
)
|
|
—
|
|
|
11,269
|
|
|
(7,104
|
)
|
||||||
Total comprehensive income
|
|
$
|
150,825
|
|
|
$
|
110,652
|
|
|
$
|
45,564
|
|
|
$
|
133,801
|
|
|
$
|
(290,017
|
)
|
|
$
|
150,825
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
131,215
|
|
|
$
|
271,069
|
|
|
$
|
107,637
|
|
|
$
|
1,036,162
|
|
|
$
|
(449,328
|
)
|
|
$
|
1,096,755
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
9,389
|
|
|
83,471
|
|
|
—
|
|
|
92,860
|
|
||||||
Operating expenses
|
|
2
|
|
|
246,624
|
|
|
36,249
|
|
|
607,874
|
|
|
(449,328
|
)
|
|
441,421
|
|
||||||
Selling, general and administrative
|
|
2,264
|
|
|
49,307
|
|
|
8,757
|
|
|
81,754
|
|
|
—
|
|
|
142,082
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
27
|
|
|
13,022
|
|
|
105,126
|
|
|
—
|
|
|
118,175
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
83
|
|
|
5,299
|
|
|
—
|
|
|
5,382
|
|
||||||
|
|
2,266
|
|
|
295,958
|
|
|
67,500
|
|
|
883,524
|
|
|
(449,328
|
)
|
|
799,920
|
|
||||||
Operating income (loss)
|
|
128,949
|
|
|
(24,889
|
)
|
|
40,137
|
|
|
152,638
|
|
|
—
|
|
|
296,835
|
|
||||||
Interest expense, net
|
|
23,776
|
|
|
17,830
|
|
|
18,672
|
|
|
1,507
|
|
|
—
|
|
|
61,785
|
|
||||||
Net effect of swaps
|
|
5,617
|
|
|
3,285
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,902
|
|
||||||
(Gain) loss on foreign currency
|
|
—
|
|
|
—
|
|
|
(23,679
|
)
|
|
4
|
|
|
—
|
|
|
(23,675
|
)
|
||||||
Other (income) expense
|
|
187
|
|
|
(69,801
|
)
|
|
3,051
|
|
|
66,563
|
|
|
—
|
|
|
—
|
|
||||||
Income from investment in affiliates
|
|
(94,910
|
)
|
|
(78,515
|
)
|
|
(18,008
|
)
|
|
(44,399
|
)
|
|
235,832
|
|
|
—
|
|
||||||
Income before taxes
|
|
194,279
|
|
|
102,312
|
|
|
60,101
|
|
|
128,963
|
|
|
(235,832
|
)
|
|
249,823
|
|
||||||
Provision for taxes
|
|
9,795
|
|
|
7,403
|
|
|
15,701
|
|
|
32,440
|
|
|
—
|
|
|
65,339
|
|
||||||
Net income
|
|
$
|
184,484
|
|
|
$
|
94,909
|
|
|
$
|
44,400
|
|
|
$
|
96,523
|
|
|
$
|
(235,832
|
)
|
|
$
|
184,484
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustment
|
|
(5,447
|
)
|
|
—
|
|
|
(5,447
|
)
|
|
—
|
|
|
5,447
|
|
|
(5,447
|
)
|
||||||
Unrealized gain on cash flow hedging derivatives
|
|
1,356
|
|
|
455
|
|
|
—
|
|
|
—
|
|
|
(455
|
)
|
|
1,356
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
(4,091
|
)
|
|
455
|
|
|
(5,447
|
)
|
|
—
|
|
|
4,992
|
|
|
(4,091
|
)
|
||||||
Total comprehensive income
|
|
$
|
180,393
|
|
|
$
|
95,364
|
|
|
$
|
38,953
|
|
|
$
|
96,523
|
|
|
$
|
(230,840
|
)
|
|
$
|
180,393
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
61,966
|
|
|
$
|
(3,954
|
)
|
|
$
|
40,125
|
|
|
$
|
227,588
|
|
|
$
|
(3,107
|
)
|
|
$
|
322,618
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(248,190
|
)
|
|
248,190
|
|
|
—
|
|
||||||
Proceeds from returns on investments
|
|
338,000
|
|
|
15,500
|
|
|
—
|
|
|
146,500
|
|
|
(500,000
|
)
|
|
—
|
|
||||||
Proceeds from sale of investment
|
|
—
|
|
|
3,281
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,281
|
|
||||||
Purchase of identifiable intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|
—
|
|
|
(66
|
)
|
||||||
Capital expenditures
|
|
—
|
|
|
(25
|
)
|
|
(5,679
|
)
|
|
(146,669
|
)
|
|
—
|
|
|
(152,373
|
)
|
||||||
Net cash from (for) investing activities
|
|
338,000
|
|
|
18,756
|
|
|
(5,679
|
)
|
|
(248,425
|
)
|
|
(251,810
|
)
|
|
(149,158
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany payables (payments) receipts
|
|
50,003
|
|
|
198,187
|
|
|
—
|
|
|
—
|
|
|
(248,190
|
)
|
|
—
|
|
||||||
Payments for returns of capital
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(500,000
|
)
|
|
500,000
|
|
|
—
|
|
||||||
Term debt borrowings
|
|
—
|
|
|
131,000
|
|
|
—
|
|
|
619,000
|
|
|
—
|
|
|
750,000
|
|
||||||
Note borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|
—
|
|
|
500,000
|
|
||||||
Term debt payments
|
|
—
|
|
|
(126,619
|
)
|
|
(13,854
|
)
|
|
(477,377
|
)
|
|
—
|
|
|
(617,850
|
)
|
||||||
Note payments, including amounts paid for early termination
|
|
(304,014
|
)
|
|
(211,444
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(515,458
|
)
|
||||||
Distributions paid to partners
|
|
(145,955
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,438
|
|
|
(144,517
|
)
|
||||||
Payment of debt issuance costs
|
|
—
|
|
|
(1,313
|
)
|
|
—
|
|
|
(18,371
|
)
|
|
—
|
|
|
(19,684
|
)
|
||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(2,560
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,560
|
)
|
||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(2,053
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,053
|
)
|
||||||
Net cash from (for) financing activities
|
|
(399,966
|
)
|
|
(14,802
|
)
|
|
(13,854
|
)
|
|
123,252
|
|
|
253,248
|
|
|
(52,122
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
5,892
|
|
|
—
|
|
|
—
|
|
|
5,892
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase for the period
|
|
—
|
|
|
—
|
|
|
26,484
|
|
|
102,415
|
|
|
(1,669
|
)
|
|
127,230
|
|
||||||
Balance, beginning of period
|
|
—
|
|
|
—
|
|
|
65,563
|
|
|
58,178
|
|
|
(1,025
|
)
|
|
122,716
|
|
||||||
Balance, end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
92,047
|
|
|
$
|
160,593
|
|
|
$
|
(2,694
|
)
|
|
$
|
249,946
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING
ACTIVITIES |
|
$
|
99,232
|
|
|
$
|
(54,042
|
)
|
|
$
|
41,273
|
|
|
$
|
256,105
|
|
|
$
|
(1,866
|
)
|
|
$
|
340,702
|
|
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,771
|
)
|
|
22,771
|
|
|
—
|
|
||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(6,451
|
)
|
|
(120,413
|
)
|
|
—
|
|
|
(126,864
|
)
|
||||||
Net cash for investing activities
|
|
—
|
|
|
—
|
|
|
(6,451
|
)
|
|
(143,184
|
)
|
|
22,771
|
|
|
(126,864
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt payments
|
|
—
|
|
|
(1,237
|
)
|
|
(138
|
)
|
|
(4,625
|
)
|
|
—
|
|
|
(6,000
|
)
|
||||||
Distributions paid to partners
|
|
(140,908
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,866
|
|
|
(139,042
|
)
|
||||||
Intercompany payables (payments) receipts
|
|
(35,331
|
)
|
|
58,102
|
|
|
—
|
|
|
—
|
|
|
(22,771
|
)
|
|
—
|
|
||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(1,903
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,903
|
)
|
||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(920
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(920
|
)
|
||||||
Net cash from (for) financing activities
|
|
(176,239
|
)
|
|
54,042
|
|
|
(138
|
)
|
|
(4,625
|
)
|
|
(20,905
|
)
|
|
(147,865
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
1,772
|
|
|
—
|
|
|
—
|
|
|
1,772
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) for the period
|
|
(77,007
|
)
|
|
—
|
|
|
36,456
|
|
|
108,296
|
|
|
—
|
|
|
67,745
|
|
||||||
Balance, beginning of period
|
|
77,007
|
|
|
—
|
|
|
39,106
|
|
|
3,444
|
|
|
—
|
|
|
119,557
|
|
||||||
Balance, end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75,562
|
|
|
$
|
111,740
|
|
|
$
|
—
|
|
|
$
|
187,302
|
|
•
|
Income Taxes
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
(In thousands)
|
9/24/2017
|
|
9/25/2016
|
|
9/24/2017
|
|
9/25/2016
|
||||||||
Net income
|
$
|
191,315
|
|
|
$
|
174,987
|
|
|
$
|
157,929
|
|
|
$
|
184,484
|
|
Interest expense
|
21,638
|
|
|
20,957
|
|
|
62,472
|
|
|
61,869
|
|
||||
Interest income
|
(351
|
)
|
|
(58
|
)
|
|
(399
|
)
|
|
(84
|
)
|
||||
Provision for taxes
|
73,747
|
|
|
62,918
|
|
|
63,769
|
|
|
65,339
|
|
||||
Depreciation and amortization
|
70,060
|
|
|
64,685
|
|
|
126,237
|
|
|
118,175
|
|
||||
EBITDA
|
356,409
|
|
|
323,489
|
|
|
410,008
|
|
|
429,783
|
|
||||
Loss on early debt extinguishment
|
—
|
|
|
—
|
|
|
23,115
|
|
|
—
|
|
||||
Net effect of swaps
|
(952
|
)
|
|
1,650
|
|
|
3,717
|
|
|
8,902
|
|
||||
Non-cash foreign currency (gain) loss
|
(29,156
|
)
|
|
7,360
|
|
|
(34,985
|
)
|
|
(23,535
|
)
|
||||
Non-cash equity compensation expense
|
3,126
|
|
|
2,160
|
|
|
9,728
|
|
|
6,909
|
|
||||
Loss on impairment / retirement of fixed assets, net
|
1,347
|
|
|
1,355
|
|
|
3,057
|
|
|
5,382
|
|
||||
Gain on sale of investment
|
(1,877
|
)
|
|
—
|
|
|
(1,877
|
)
|
|
—
|
|
||||
Employment practice litigation costs
|
4,696
|
|
|
—
|
|
|
4,696
|
|
|
—
|
|
||||
Other
(1)
|
49
|
|
|
1
|
|
|
397
|
|
|
341
|
|
||||
Adjusted EBITDA
|
$
|
333,642
|
|
|
$
|
336,015
|
|
|
$
|
417,856
|
|
|
$
|
427,782
|
|
(1)
|
Consists of certain costs as defined in the Company's 2017 Credit Agreement and prior credit agreements. These items are excluded in the calculation of Adjusted EBITDA and have included certain legal expenses, costs associated with certain ride abandonment or relocation expenses, and severance expenses. This balance also includes unrealized gains and losses on short-term investments.
|
|
|
Nine months ended
|
|
Nine months ended
|
|
Increase (Decrease)
|
|||||||||
|
|
9/24/2017
|
|
9/25/2016
|
|
$
|
|
%
|
|||||||
|
|
(Amounts in thousands, except for per capita spending)
|
|||||||||||||
Net revenues
|
|
$
|
1,093,805
|
|
|
$
|
1,096,755
|
|
|
$
|
(2,950
|
)
|
|
(0.3
|
)%
|
Operating costs and expenses
|
|
690,897
|
|
|
676,363
|
|
|
14,534
|
|
|
2.1
|
%
|
|||
Depreciation and amortization
|
|
126,237
|
|
|
118,175
|
|
|
8,062
|
|
|
6.8
|
%
|
|||
Loss on impairment / retirement of fixed assets, net
|
|
3,057
|
|
|
5,382
|
|
|
(2,325
|
)
|
|
N/M
|
|
|||
Gain on sale of investment
|
|
(1,877
|
)
|
|
—
|
|
|
(1,877
|
)
|
|
N/M
|
|
|||
Operating income
|
|
$
|
275,491
|
|
|
$
|
296,835
|
|
|
$
|
(21,344
|
)
|
|
(7.2
|
)%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
(1)
|
|
$
|
417,856
|
|
|
$
|
427,782
|
|
|
$
|
(9,926
|
)
|
|
(2.3
|
)%
|
Adjusted EBITDA margin
(2)
|
|
38.2
|
%
|
|
39.0
|
%
|
|
—
|
|
|
(0.8
|
)%
|
|||
Attendance
|
|
21,293
|
|
|
21,472
|
|
|
(179
|
)
|
|
(0.8
|
)%
|
|||
In-park per capita spending
|
|
$
|
47.24
|
|
|
$
|
46.82
|
|
|
$
|
0.42
|
|
|
0.9
|
%
|
Out-of-park revenues
|
|
$
|
120,165
|
|
|
$
|
121,859
|
|
|
$
|
(1,694
|
)
|
|
(1.4
|
)%
|
(1)
|
For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net income, see page 29.
|
(2)
|
Adjusted EBITDA margin (Adjusted EBITDA divided by net revenues) is not a measurement computed in accordance with generally accepted accounting principles ("GAAP") or a substitute for measures computed in accordance with GAAP and may not be comparable to similarly titled measures of other companies. We provide Adjusted EBITDA margin because we believe the measure provides a meaningful measure of operating profitability.
|
|
|
Three months ended
|
|
Three months ended
|
|
Increase (Decrease)
|
|||||||||
|
|
9/24/2017
|
|
9/25/2016
|
|
$
|
|
%
|
|||||||
|
|
(Amounts in thousands, except for per capita spending)
|
|||||||||||||
Net revenues
|
|
$
|
652,689
|
|
|
$
|
650,283
|
|
|
$
|
2,406
|
|
|
0.4
|
%
|
Operating costs and expenses
|
|
327,020
|
|
|
316,448
|
|
|
10,572
|
|
|
3.3
|
%
|
|||
Depreciation and amortization
|
|
70,060
|
|
|
64,685
|
|
|
5,375
|
|
|
8.3
|
%
|
|||
Loss on impairment / retirement of fixed assets, net
|
|
1,347
|
|
|
1,355
|
|
|
(8
|
)
|
|
N/M
|
|
|||
Gain on sale of investment
|
|
(1,877
|
)
|
|
—
|
|
|
(1,877
|
)
|
|
N/M
|
|
|||
Operating income
|
|
$
|
256,139
|
|
|
$
|
267,795
|
|
|
$
|
(11,656
|
)
|
|
(4.4
|
)%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
(1)
|
|
$
|
333,642
|
|
|
$
|
336,015
|
|
|
$
|
(2,373
|
)
|
|
(0.7
|
)%
|
Attendance
|
|
12,428
|
|
|
12,492
|
|
|
(64
|
)
|
|
(0.5
|
)%
|
|||
In-park per capita spending
|
|
$
|
48.73
|
|
|
$
|
48.01
|
|
|
$
|
0.72
|
|
|
1.5
|
%
|
Out-of-park revenues
|
|
$
|
65,103
|
|
|
$
|
67,903
|
|
|
$
|
(2,800
|
)
|
|
(4.1
|
)%
|
(1)
|
For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net income, see page 29.
|
•
|
$500 million
of
5.375%
senior unsecured notes, maturing in
April 2027
, issued at par. Prior to
April 15, 2020
, up to
35%
of the notes may be redeemed with net cash proceeds of certain equity offerings at a price equal to
105.375%
of the principal amount thereof, together with accrued and unpaid interest and additional interest, if any. The notes may be redeemed, in whole or in part, at any time prior to
April 15, 2022
at a price equal to
100%
of the principal amount of the notes redeemed plus a "make-whole" premium, together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The notes pay interest semi-annually in April and October.
|
•
|
$450 million
of
5.375%
senior unsecured notes, maturing in
June 2024
, issued at par. The notes may be redeemed, in whole or in part, at any time prior to
June 1, 2019
at a price equal to
100%
of the principal amount of the notes redeemed plus a "make-whole" premium, together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The notes pay interest semi-annually in June and December.
|
•
|
$735 million
of senior secured term debt, maturing in
April 2024
under our 2017 Credit Agreement. The term debt bears interest at London InterBank Offering Rate ("LIBOR") plus
225
basis points (bps). The term loan amortizes
$7.5 million
annually. We paid
$15.0 million
of amortization during the third quarter of 2017. Therefore, we have
no
current maturities as of
September 24, 2017
.
|
•
|
No
borrowings under the
$275 million
senior secured revolving credit facility under our 2017 Credit Agreement with a Canadian sub-limit of
$15 million
. Borrowings under the senior secured revolving credit facility bear interest at LIBOR or Canadian Dollar Offered Rate ("CDOR") plus
200
bps. The revolving credit facility is scheduled to mature in
April 2022
and also provides for the issuance of documentary and standby letters of credit. The 2017 Credit Agreement requires the payment of a
37.5
bps commitment fee per annum on the unused portion of the credit facilities. After letters of credit, which totaled
$15.9 million
at
September 24, 2017
, we had
$259.1 million
of available borrowings under the revolving credit facility and cash on hand of
$249.9 million
.
|
Period
|
|
(a)
Total Number of Units Purchased
(1)
|
|
(b)
Average Price Paid per Unit
|
|
(c)
Total Number of Units Purchased as Part of Publicly Announced Plans or Programs
|
|
(d)
Maximum Number (or Approximate Dollar Value) of Units that May Yet Be Purchased Under the Plans or Programs
|
||||||
June 26 - July 30
|
|
1,928
|
|
|
$
|
70.80
|
|
|
—
|
|
|
$
|
—
|
|
July 31 - August 27
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
August 28 - September 24
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total
|
|
1,928
|
|
|
$
|
70.80
|
|
|
—
|
|
|
$
|
—
|
|
(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.
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Exhibit (101)
|
|
The following materials from the Partnership's Quarterly Report on Form 10-Q for the quarter ended September 24, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Unaudited Condensed Consolidated Statements of Income, (ii) the Unaudited Condensed Consolidated Balance Sheets, (iii) the Unaudited Condensed Consolidated Statements of Cash Flow, (iv) the Unaudited Condensed Consolidated Statement of Equity, and (v) related notes.
|
|
|
CEDAR FAIR, L.P.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By Cedar Fair Management, Inc.
|
|
|
|
General Partner
|
|
|
|
|
|
Date:
|
November 2, 2017
|
/s/ Matthew A. Ouimet
|
|
|
|
Matthew A. Ouimet
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Date:
|
November 2, 2017
|
/s/ Brian C. Witherow
|
|
|
|
Brian C. Witherow
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|