x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
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34-1560655
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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x
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Accelerated filer
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o
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|||
Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Title of Class
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Units Outstanding As Of May 1, 2014
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Units Representing
Limited Partner Interests
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55,837,975
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|
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||||
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Item 1.
|
|
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||
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Item 2.
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31-37
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Item 3.
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37-38
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Item 4.
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38
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||||
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Item 1.
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38-39
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Item 1A.
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39
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Item 6.
|
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40
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||||
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41
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|||
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||||
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42
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3/30/2014
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12/31/2013
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3/31/2013
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||||||
ASSETS
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||||||
Current Assets:
|
|
|
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||||||
Cash and cash equivalents
|
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$
|
8,867
|
|
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$
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118,056
|
|
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$
|
10,038
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|
Receivables
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19,630
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21,333
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|
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13,342
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|||
Inventories
|
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38,264
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26,080
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|
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39,063
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|||
Current deferred tax asset
|
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26,653
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9,675
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|
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36,022
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|||
Prepaid advertising
|
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20,101
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2,228
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|
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16,396
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|||
Other current assets
|
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9,919
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|
|
9,125
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|
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11,319
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|||
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123,434
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186,497
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126,180
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|||
Property and Equipment:
|
|
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||||||
Land
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279,992
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283,313
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301,469
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|||
Land improvements
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349,245
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350,869
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338,777
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|||
Buildings
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581,525
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584,659
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587,603
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|||
Rides and equipment
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1,485,418
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1,494,112
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1,446,904
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|||
Construction in progress
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85,854
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44,550
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|
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63,509
|
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|||
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2,782,034
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2,757,503
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|
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2,738,262
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|||
Less accumulated depreciation
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|
(1,248,072
|
)
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|
(1,251,740
|
)
|
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(1,167,410
|
)
|
|||
|
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1,533,962
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|
|
1,505,763
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|
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1,570,852
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|||
Goodwill
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233,528
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|
238,089
|
|
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243,653
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|
|||
Other Intangibles, net
|
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38,920
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|
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39,471
|
|
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40,323
|
|
|||
Other Assets
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43,391
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|
|
44,807
|
|
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34,648
|
|
|||
|
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$
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1,973,235
|
|
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$
|
2,014,627
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$
|
2,015,656
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LIABILITIES AND PARTNERS’ EQUITY
|
|
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||||||
Current Liabilities:
|
|
|
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|
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|
||||||
Current maturities of long-term debt
|
|
$
|
1,450
|
|
|
$
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—
|
|
|
$
|
6,300
|
|
Accounts payable
|
|
45,028
|
|
|
13,222
|
|
|
37,443
|
|
|||
Deferred revenue
|
|
70,148
|
|
|
44,521
|
|
|
66,184
|
|
|||
Accrued interest
|
|
10,073
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|
|
23,201
|
|
|
8,339
|
|
|||
Accrued taxes
|
|
6,452
|
|
|
19,481
|
|
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9,000
|
|
|||
Accrued salaries, wages and benefits
|
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24,519
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29,200
|
|
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20,182
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|
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Self-insurance reserves
|
|
22,696
|
|
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23,653
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|
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23,557
|
|
|||
Other accrued liabilities
|
|
4,896
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|
|
5,521
|
|
|
7,867
|
|
|||
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185,262
|
|
|
158,799
|
|
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178,872
|
|
|||
Deferred Tax Liability
|
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157,281
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|
|
158,113
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|
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154,587
|
|
|||
Derivative Liability
|
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27,789
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|
|
26,662
|
|
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31,031
|
|
|||
Other Liabilities
|
|
7,755
|
|
|
11,290
|
|
|
7,685
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|
|||
Long-Term Debt:
|
|
|
|
|
|
|
||||||
Revolving credit loans
|
|
55,000
|
|
|
—
|
|
|
96,000
|
|
|||
Term debt
|
|
617,400
|
|
|
618,850
|
|
|
623,700
|
|
|||
Notes
|
|
901,957
|
|
|
901,782
|
|
|
901,255
|
|
|||
|
|
1,574,357
|
|
|
1,520,632
|
|
|
1,620,955
|
|
|||
Commitments and Contingencies (Note 10)
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||||||
Partners’ Equity:
|
|
|
|
|
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|
||||||
Special L.P. interests
|
|
5,290
|
|
|
5,290
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5,290
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|||
General partner
|
|
1
|
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2
|
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—
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Limited partners, 55,835, 55,716 and 55,712 units outstanding at March 30, 2014, December 31, 2013 and March 31, 2013, respectively
|
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29,537
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|
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148,847
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36,550
|
|
|||
Accumulated other comprehensive loss
|
|
(14,037
|
)
|
|
(15,008
|
)
|
|
(19,314
|
)
|
|||
|
|
20,791
|
|
|
139,131
|
|
|
22,526
|
|
|||
|
|
$
|
1,973,235
|
|
|
$
|
2,014,627
|
|
|
$
|
2,015,656
|
|
|
|
Three months ended
|
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Twelve months ended
|
||||||||||||
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3/30/2014
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3/31/2013
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3/30/2014
|
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3/31/2013
|
||||||||
Net revenues:
|
|
|
|
|
|
|
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|
||||||||
Admissions
|
|
$
|
19,067
|
|
|
$
|
20,023
|
|
|
$
|
646,051
|
|
|
$
|
620,422
|
|
Food, merchandise and games
|
|
16,386
|
|
|
16,692
|
|
|
355,799
|
|
|
346,374
|
|
||||
Accommodations and other
|
|
5,013
|
|
|
5,084
|
|
|
131,389
|
|
|
115,259
|
|
||||
|
|
40,466
|
|
|
41,799
|
|
|
1,133,239
|
|
|
1,082,055
|
|
||||
Costs and expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of food, merchandise, and games revenues
|
|
4,985
|
|
|
5,037
|
|
|
91,720
|
|
|
95,998
|
|
||||
Operating expenses
|
|
80,350
|
|
|
76,657
|
|
|
476,037
|
|
|
456,775
|
|
||||
Selling, general and administrative
|
|
21,404
|
|
|
21,039
|
|
|
152,777
|
|
|
141,366
|
|
||||
Depreciation and amortization
|
|
4,307
|
|
|
4,786
|
|
|
122,008
|
|
|
127,013
|
|
||||
Gain on sale of other assets
|
|
—
|
|
|
—
|
|
|
(8,743
|
)
|
|
(6,625
|
)
|
||||
Loss on impairment / retirement of fixed assets, net
|
|
997
|
|
|
600
|
|
|
2,936
|
|
|
30,844
|
|
||||
|
|
112,043
|
|
|
108,119
|
|
|
836,735
|
|
|
845,371
|
|
||||
Operating income (loss)
|
|
(71,577
|
)
|
|
(66,320
|
)
|
|
296,504
|
|
|
236,684
|
|
||||
Interest expense
|
|
24,732
|
|
|
25,763
|
|
|
102,040
|
|
|
109,579
|
|
||||
Net effect of swaps
|
|
371
|
|
|
9,211
|
|
|
(1,957
|
)
|
|
8,689
|
|
||||
Loss on early debt extinguishment
|
|
—
|
|
|
34,573
|
|
|
—
|
|
|
34,573
|
|
||||
Unrealized/realized foreign currency loss
|
|
17,184
|
|
|
8,958
|
|
|
37,167
|
|
|
8,152
|
|
||||
Other income
|
|
(73
|
)
|
|
(40
|
)
|
|
(187
|
)
|
|
(92
|
)
|
||||
Income (loss) before taxes
|
|
(113,791
|
)
|
|
(144,785
|
)
|
|
159,441
|
|
|
75,783
|
|
||||
Provision (benefit) for taxes
|
|
(30,251
|
)
|
|
(35,659
|
)
|
|
25,651
|
|
|
17,638
|
|
||||
Net income (loss)
|
|
(83,540
|
)
|
|
(109,126
|
)
|
|
133,790
|
|
|
58,145
|
|
||||
Net income (loss) allocated to general partner
|
|
(1
|
)
|
|
(1
|
)
|
|
1
|
|
|
1
|
|
||||
Net income (loss) allocated to limited partners
|
|
$
|
(83,539
|
)
|
|
$
|
(109,125
|
)
|
|
$
|
133,789
|
|
|
$
|
58,144
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
(83,540
|
)
|
|
$
|
(109,126
|
)
|
|
$
|
133,790
|
|
|
$
|
58,145
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
||||||||
Cumulative foreign currency translation adjustment
|
|
1,621
|
|
|
301
|
|
|
4,076
|
|
|
1,839
|
|
||||
Unrealized income (loss) on cash flow hedging derivatives
|
|
(650
|
)
|
|
8,885
|
|
|
1,201
|
|
|
8,685
|
|
||||
Other comprehensive income (loss), (net of tax)
|
|
971
|
|
|
9,186
|
|
|
5,277
|
|
|
10,524
|
|
||||
Total comprehensive income (loss)
|
|
$
|
(82,569
|
)
|
|
$
|
(99,940
|
)
|
|
$
|
139,067
|
|
|
$
|
68,669
|
|
Basic earnings per limited partner unit:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average limited partner units outstanding
|
|
55,500
|
|
|
55,854
|
|
|
55,531
|
|
|
55,694
|
|
||||
Net income (loss) per limited partner unit
|
|
$
|
(1.51
|
)
|
|
$
|
(1.95
|
)
|
|
$
|
2.41
|
|
|
$
|
1.04
|
|
Diluted earnings per limited partner unit:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average limited partner units outstanding
|
|
55,500
|
|
|
55,854
|
|
|
55,910
|
|
|
56,056
|
|
||||
Net income (loss) per limited partner unit
|
|
$
|
(1.51
|
)
|
|
$
|
(1.95
|
)
|
|
$
|
2.39
|
|
|
$
|
1.04
|
|
|
Three months ended
|
||
|
3/30/14
|
||
Limited Partnership Units Outstanding
|
|
||
Beginning balance
|
55,716
|
|
|
Limited partnership unit options exercised
|
7
|
|
|
Issuance of limited partnership units as compensation
|
112
|
|
|
|
55,835
|
|
|
Limited Partners’ Equity
|
|
||
Beginning balance
|
$
|
148,847
|
|
Net loss
|
(83,539
|
)
|
|
Partnership distribution declared ($0.70 per limited partnership unit)
|
(39,091
|
)
|
|
Expense recognized for limited partnership unit options
|
223
|
|
|
Tax effect of units involved in option exercises and treasury unit transactions
|
(568
|
)
|
|
Issuance of limited partnership units as compensation
|
3,665
|
|
|
|
29,537
|
|
|
General Partner’s Equity
|
|
||
Beginning balance
|
2
|
|
|
Net loss
|
(1
|
)
|
|
|
1
|
|
|
Special L.P. Interests
|
5,290
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
||
Cumulative foreign currency translation adjustment:
|
|
||
Beginning balance
|
5
|
|
|
Current period activity, net of tax ($932)
|
1,621
|
|
|
|
1,626
|
|
|
Unrealized loss on cash flow hedging derivatives:
|
|
||
Beginning balance
|
(15,013
|
)
|
|
Current period activity, net of tax $106
|
(650
|
)
|
|
|
(15,663
|
)
|
|
|
(14,037
|
)
|
|
Total Partners’ Equity
|
$
|
20,791
|
|
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
3/30/2014
|
|
3/31/2013
|
|
3/30/2014
|
|
3/31/2013
|
||||||||
CASH FLOWS FROM (FOR) OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
(83,540
|
)
|
|
(109,126
|
)
|
|
$
|
133,790
|
|
|
58,145
|
|
||
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
|
4,307
|
|
|
4,786
|
|
|
122,008
|
|
|
127,013
|
|
||||
Loss on early debt extinguishment
|
|
—
|
|
|
34,573
|
|
|
—
|
|
|
34,573
|
|
||||
Loss on impairment / retirement of fixed assets, net
|
|
997
|
|
|
600
|
|
|
2,936
|
|
|
30,844
|
|
||||
Gain on sale of other assets
|
|
—
|
|
|
—
|
|
|
(8,743
|
)
|
|
(6,625
|
)
|
||||
Net effect of swaps
|
|
371
|
|
|
9,211
|
|
|
(1,957
|
)
|
|
8,689
|
|
||||
Non-cash expense
|
|
21,546
|
|
|
13,867
|
|
|
50,679
|
|
|
22,127
|
|
||||
Net change in working capital
|
|
(6,338
|
)
|
|
7,057
|
|
|
1,031
|
|
|
18,152
|
|
||||
Net change in other assets/liabilities
|
|
(20,599
|
)
|
|
(29,635
|
)
|
|
9,338
|
|
|
5,029
|
|
||||
Net cash from (for) operating activities
|
|
(83,256
|
)
|
|
(68,667
|
)
|
|
309,082
|
|
|
297,947
|
|
||||
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
||||||||
Sale of other assets
|
|
—
|
|
|
—
|
|
|
15,297
|
|
|
16,058
|
|
||||
Capital expenditures
|
|
(40,342
|
)
|
|
(35,829
|
)
|
|
(124,826
|
)
|
|
(103,262
|
)
|
||||
Net cash for investing activities
|
|
(40,342
|
)
|
|
(35,829
|
)
|
|
(109,529
|
)
|
|
(87,204
|
)
|
||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
||||||||
Net borrowings (payments) on revolving credit loans
|
|
55,000
|
|
|
96,000
|
|
|
(41,000
|
)
|
|
(59,004
|
)
|
||||
Term debt borrowings
|
|
—
|
|
|
630,000
|
|
|
—
|
|
|
630,000
|
|
||||
Note borrowings
|
|
—
|
|
|
500,000
|
|
|
—
|
|
|
500,000
|
|
||||
Term debt payments, including early termination penalties
|
|
—
|
|
|
(1,131,100
|
)
|
|
(11,150
|
)
|
|
(1,156,100
|
)
|
||||
Distributions paid to partners
|
|
(39,091
|
)
|
|
(34,820
|
)
|
|
(147,728
|
)
|
|
(101,482
|
)
|
||||
Exercise of limited partnership unit options
|
|
—
|
|
|
28
|
|
|
24
|
|
|
57
|
|
||||
Payment of debt issuance costs
|
|
—
|
|
|
(23,491
|
)
|
|
242
|
|
|
(23,491
|
)
|
||||
Excess tax benefit from unit-based compensation expense
|
|
(568
|
)
|
|
(127
|
)
|
|
414
|
|
|
1,519
|
|
||||
Net cash from (for) financing activities
|
|
15,341
|
|
|
36,490
|
|
|
(199,198
|
)
|
|
(208,501
|
)
|
||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
(932
|
)
|
|
(786
|
)
|
|
(1,526
|
)
|
|
477
|
|
||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
||||||||
Net increase (decrease) for the period
|
|
(109,189
|
)
|
|
(68,792
|
)
|
|
(1,171
|
)
|
|
2,719
|
|
||||
Balance, beginning of period
|
|
118,056
|
|
|
78,830
|
|
|
10,038
|
|
|
7,319
|
|
||||
Balance, end of period
|
|
$
|
8,867
|
|
|
$
|
10,038
|
|
|
$
|
8,867
|
|
|
$
|
10,038
|
|
SUPPLEMENTAL INFORMATION
|
|
|
|
|
|
|
|
|
||||||||
Cash payments for interest expense
|
|
$
|
36,966
|
|
|
$
|
31,291
|
|
|
$
|
96,509
|
|
|
$
|
102,703
|
|
Interest capitalized
|
|
406
|
|
|
516
|
|
|
1,500
|
|
|
1,086
|
|
||||
Cash payments for income taxes, net of refunds
|
|
605
|
|
|
1,952
|
|
|
13,475
|
|
|
3,597
|
|
•
|
The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors.
|
•
|
Any additional amount the reporting entity expects to pay on behalf of its co-obligors.
|
•
|
An NOL carryforward, a similar tax loss, or a tax credit carryforward is not available as of the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position.
|
•
|
The entity does not intend to use the DTA for this purpose (provided that the tax law permits a choice).
|
(In thousands)
|
|
Goodwill
(gross)
|
|
Accumulated
Impairment
Losses
|
|
Goodwill
(net)
|
||||||
Balance at December 31, 2012
|
|
$
|
326,089
|
|
|
$
|
(79,868
|
)
|
|
$
|
246,221
|
|
Foreign currency translation
|
|
(2,568
|
)
|
|
—
|
|
|
(2,568
|
)
|
|||
Balance at March 31, 2013
|
|
$
|
323,521
|
|
|
$
|
(79,868
|
)
|
|
$
|
243,653
|
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2013
|
|
$
|
317,957
|
|
|
$
|
(79,868
|
)
|
|
$
|
238,089
|
|
Foreign currency translation
|
|
(4,561
|
)
|
|
—
|
|
|
(4,561
|
)
|
|||
Balance at March 30, 2014
|
|
$
|
313,396
|
|
|
$
|
(79,868
|
)
|
|
$
|
233,528
|
|
March 30, 2014
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||
(In thousands)
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
38,424
|
|
|
$
|
—
|
|
|
$
|
38,424
|
|
License / franchise agreements
|
|
881
|
|
|
385
|
|
|
496
|
|
|||
Total other intangible assets
|
|
$
|
39,305
|
|
|
$
|
385
|
|
|
$
|
38,920
|
|
|
|
|
|
|
|
|
||||||
December 31, 2013
|
|
|
|
|
|
|
||||||
(In thousands)
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
39,070
|
|
|
$
|
—
|
|
|
$
|
39,070
|
|
License / franchise agreements
|
|
800
|
|
|
399
|
|
|
401
|
|
|||
Total other intangible assets
|
|
$
|
39,870
|
|
|
$
|
399
|
|
|
$
|
39,471
|
|
|
|
|
|
|
|
|
||||||
March 31, 2013
|
|
|
|
|
|
|
||||||
(In thousands)
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
39,858
|
|
|
$
|
—
|
|
|
$
|
39,858
|
|
License / franchise agreements
|
|
834
|
|
|
369
|
|
|
465
|
|
|||
Total other intangible assets
|
|
$
|
40,692
|
|
|
$
|
369
|
|
|
$
|
40,323
|
|
(In thousands)
|
|
Condensed Consolidated
Balance Sheet Location
|
|
Fair Value as of
|
|
Fair Value as of
|
|
Fair Value as of
|
||||||
March 30, 2014
|
|
December 31, 2013
|
|
March 31, 2013
|
||||||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
Derivative Liability
|
|
$
|
(6,657
|
)
|
|
$
|
(3,916
|
)
|
|
$
|
(23,388
|
)
|
Total derivatives designated as hedging instruments
|
|
|
|
$
|
(6,657
|
)
|
|
$
|
(3,916
|
)
|
|
$
|
(23,388
|
)
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
Derivative Liability
|
|
$
|
(21,132
|
)
|
|
$
|
(22,746
|
)
|
|
$
|
(7,643
|
)
|
Total derivatives not designated as hedging instruments
|
|
|
|
$
|
(21,132
|
)
|
|
$
|
(22,746
|
)
|
|
$
|
(7,643
|
)
|
Net derivative liability
|
|
|
|
$
|
(27,789
|
)
|
|
$
|
(26,662
|
)
|
|
$
|
(31,031
|
)
|
(In thousands)
|
|
Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion)
|
|
Amount and Location of Gain (Loss)
Reclassified from Accumulated OCI into Income
(Effective Portion)
|
|
Amount and Location of Gain (Loss)
Recognized in Income on Derivative
(Ineffective Portion)
|
||||||||||||||||||||||
Derivatives designated as
Cash Flow Hedging
Relationships
|
|
Three months ended
|
|
Three months ended
|
|
|
|
Three months ended
|
|
Three months ended
|
|
|
|
Three months ended
|
|
Three months ended
|
||||||||||||
|
3/30/14
|
|
3/31/13
|
|
|
|
3/30/14
|
|
3/31/13
|
|
|
|
3/30/14
|
|
3/31/13
|
|||||||||||||
Interest rate swaps
|
|
$
|
(2,742
|
)
|
|
$
|
2,266
|
|
|
Interest Expense
|
|
$
|
—
|
|
|
$
|
(2,797
|
)
|
|
Net effect of swaps
|
|
$
|
—
|
|
|
$
|
435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Amount and Location of Gain (Loss) Recognized
in Income on Derivative
|
||||||||
Derivatives not designated as Cash Flow
Hedging Relationships
|
|
|
|
Three months ended
|
|
Three months ended
|
||||
|
|
|
3/30/14
|
|
3/31/13
|
|||||
Interest rate swaps
|
|
Net effect of swaps
|
|
1,617
|
|
|
(1,471
|
)
|
||
|
|
|
|
$
|
1,617
|
|
|
$
|
(1,471
|
)
|
|
|
|
|
|
|
|
(In thousands)
|
|
Amount of Gain (Loss)
Recognized in Accumulated OCI on Derivatives
(Effective Portion)
|
|
Amount and Location of Gain (Loss)
Reclassified from Accumulated OCI into Income
(Effective Portion)
|
|
Amount and Location of Gain (Loss)
Recognized in Income on Derivative
(Ineffective Portion)
|
||||||||||||||||||||||
Derivatives designated as
Cash Flow Hedging
Relationships
|
|
Twelve months ended
|
|
Twelve months ended
|
|
|
|
Twelve months ended
|
|
Twelve months ended
|
|
|
|
Twelve months ended
|
|
Twelve months ended
|
||||||||||||
|
3/30/14
|
|
3/31/13
|
|
|
|
3/30/14
|
|
3/31/13
|
|
|
|
3/30/14
|
|
3/31/13
|
|||||||||||||
Interest rate swaps
|
|
$
|
(6,658
|
)
|
|
$
|
2,286
|
|
|
Interest Expense
|
|
$
|
(2,797
|
)
|
|
$
|
(12,031
|
)
|
|
Net effect of swaps
|
|
$
|
3,268
|
|
|
$
|
435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
Amount and Location of Gain (Loss) Recognized
in Income on Derivative
|
||||||||
Derivatives not designated as Cash Flow Hedging
Relationships
|
|
|
|
Twelve months ended
|
|
Twelve months ended
|
||||
|
|
|
3/30/14
|
|
3/31/13
|
|||||
Interest rate swaps
|
|
Net effect of swaps
|
|
6,635
|
|
|
(1,471
|
)
|
||
|
|
|
|
$
|
6,635
|
|
|
$
|
(1,471
|
)
|
|
|
|
|
|
|
|
•
|
Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
|
•
|
Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
•
|
Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.
|
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
March 30, 2014
|
|
|
|
|
|
|
|
|
||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
(1)
|
|
$
|
(6,657
|
)
|
|
$
|
—
|
|
|
$
|
(6,657
|
)
|
|
$
|
—
|
|
Interest rate swap agreements
(2)
|
|
(21,132
|
)
|
|
—
|
|
|
(21,132
|
)
|
|
—
|
|
||||
Net derivative liability
|
|
$
|
(27,789
|
)
|
|
$
|
—
|
|
|
$
|
(27,789
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
(1)
|
|
$
|
(3,916
|
)
|
|
$
|
—
|
|
|
$
|
(3,916
|
)
|
|
$
|
—
|
|
Interest rate swap agreements
(2)
|
|
$
|
(22,746
|
)
|
|
$
|
—
|
|
|
$
|
(22,746
|
)
|
|
$
|
—
|
|
Net derivative liability
|
|
$
|
(26,662
|
)
|
|
$
|
—
|
|
|
$
|
(26,662
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
March 31, 2013
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements
(1)
|
|
$
|
(23,388
|
)
|
|
$
|
—
|
|
|
$
|
(23,388
|
)
|
|
$
|
—
|
|
Interest rate swap agreements
(2)
|
|
$
|
(7,643
|
)
|
|
$
|
—
|
|
|
$
|
(7,643
|
)
|
|
$
|
—
|
|
Net derivative liability
|
|
$
|
(31,031
|
)
|
|
$
|
—
|
|
|
$
|
(31,031
|
)
|
|
$
|
—
|
|
(1)
|
Designated as cash flow hedges and are included in “Derivative Liability” on the Unaudited Condensed Consolidated Balance Sheet
|
(2)
|
Not designated as cash flow hedges and are included in "Derivative Liability" on the Unaudited Condensed Consolidated Balance Sheet
|
|
|
Three months ended
|
|
Twelve months ended
|
||||||||||||
|
|
3/30/2014
|
|
3/31/2013
|
|
3/30/2014
|
|
3/31/2013
|
||||||||
|
|
(In thousands except per unit amounts)
|
||||||||||||||
Basic weighted average units outstanding
|
|
55,500
|
|
|
55,854
|
|
|
55,531
|
|
|
55,694
|
|
||||
Effect of dilutive units:
|
|
|
|
|
|
|
|
|
||||||||
Unit options and restricted unit awards
|
|
—
|
|
|
—
|
|
|
209
|
|
|
63
|
|
||||
Phantom units
|
|
—
|
|
|
—
|
|
|
170
|
|
|
299
|
|
||||
Diluted weighted average units outstanding
|
|
55,500
|
|
|
55,854
|
|
|
55,910
|
|
|
56,056
|
|
||||
Net income per unit - basic
|
|
$
|
(1.51
|
)
|
|
$
|
(1.95
|
)
|
|
$
|
2.41
|
|
|
$
|
1.04
|
|
Net income per unit - diluted
|
|
$
|
(1.51
|
)
|
|
$
|
(1.95
|
)
|
|
$
|
2.39
|
|
|
$
|
1.04
|
|
|
|
|
|
|
|
|
|
|
|
Changes in Accumulated Other Comprehensive Income by Component
(1)
|
||||||||||||
(In thousands)
|
|
|
|
|
|
|
|||||||
|
|
|
Gains and Losses
|
|
|
|
|
||||||
|
|
|
on Cash Flow Hedges
|
|
Foreign Currency Items
|
|
|
||||||
|
|
|
|
|
|
|
Total
|
||||||
Balance at December 31, 2013
|
|
$
|
(15,013
|
)
|
|
$
|
5
|
|
|
$
|
(15,008
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications, net of tax $413 and ($932), respectively
|
|
(2,328
|
)
|
|
1,621
|
|
|
(707
|
)
|
||||
|
|
|
|
|
|
|
|
||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($307)
(2)
|
|
1,678
|
|
|
—
|
|
|
1,678
|
|
||||
|
|
|
|
|
|
|
|
||||||
Net other comprehensive income
|
|
(650
|
)
|
|
1,621
|
|
|
971
|
|
||||
|
|
|
|
|
|
|
|
||||||
March 30, 2014
|
|
$
|
(15,663
|
)
|
|
$
|
1,626
|
|
|
$
|
(14,037
|
)
|
|
Changes in Accumulated Other Comprehensive Income by Component
(1)
|
||||||||||||
(In thousands)
|
|
|
|
|
|
|
|||||||
|
|
|
Gains and Losses
|
|
|
|
|
||||||
|
|
|
on Cash Flow Hedges
|
|
Foreign Currency Items
|
|
|
||||||
|
|
|
|
|
|
|
Total
|
||||||
Balance at December 31, 2012
|
|
$
|
(25,749
|
)
|
|
$
|
(2,751
|
)
|
|
$
|
(28,500
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications, net of tax $326 and ($174), respectively
|
|
1,940
|
|
|
301
|
|
|
2,241
|
|
||||
|
|
|
|
|
|
|
|
||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,229)
(2)
|
|
6,945
|
|
|
—
|
|
|
6,945
|
|
||||
|
|
|
|
|
|
|
|
||||||
Net other comprehensive income
|
|
8,885
|
|
|
301
|
|
|
9,186
|
|
||||
|
|
|
|
|
|
|
|
||||||
March 31, 2013
|
|
$
|
(16,864
|
)
|
|
$
|
(2,450
|
)
|
|
$
|
(19,314
|
)
|
|
Changes in Accumulated Other Comprehensive Income by Component
(1)
|
||||||||||||
(In thousands)
|
|
|
|
|
|
|
|||||||
|
|
|
Gains and Losses
|
|
|
|
|
||||||
|
|
|
on Cash Flow Hedges
|
|
Foreign Currency Items
|
|
|
||||||
|
|
|
|
|
|
|
Total
|
||||||
Balance at March 31, 2013
|
|
$
|
(16,864
|
)
|
|
$
|
(2,450
|
)
|
|
$
|
(19,314
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications, net of tax $1,144 and ($2,343), respectively
|
|
(5,514
|
)
|
|
4,076
|
|
|
(1,438
|
)
|
||||
|
|
|
|
|
|
|
|
||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,228)
(2)
|
|
6,715
|
|
|
—
|
|
|
6,715
|
|
||||
|
|
|
|
|
|
|
|
||||||
Net other comprehensive income
|
|
1,201
|
|
|
4,076
|
|
|
5,277
|
|
||||
|
|
|
|
|
|
|
|
||||||
March 30, 2014
|
|
$
|
(15,663
|
)
|
|
$
|
1,626
|
|
|
$
|
(14,037
|
)
|
|
Changes in Accumulated Other Comprehensive Income by Component
(1)
|
||||||||||||
(In thousands)
|
|
|
|
|
|
|
|||||||
|
|
|
Gains and Losses
|
|
|
|
|
||||||
|
|
|
on Cash Flow Hedges
|
|
Foreign Currency Items
|
|
|
||||||
|
|
|
|
|
|
|
Total
|
||||||
Balance at March 25, 2012
|
|
$
|
(25,549
|
)
|
|
$
|
(4,289
|
)
|
|
$
|
(29,838
|
)
|
|
|
|
|
|
|
|
|
|
||||||
Other comprehensive income before reclassifications, net of tax ($298) and ($1,058), respectively
|
|
1,988
|
|
|
1,839
|
|
|
3,827
|
|
||||
|
|
|
|
|
|
|
|
||||||
Amounts reclassified from accumulated other comprehensive income, net of tax ($1,445)
(2)
|
|
6,697
|
|
|
—
|
|
|
6,697
|
|
||||
|
|
|
|
|
|
|
|
||||||
Net other comprehensive income
|
|
8,685
|
|
|
1,839
|
|
|
10,524
|
|
||||
|
|
|
|
|
|
|
|
||||||
March 31, 2013
|
|
$
|
(16,864
|
)
|
|
$
|
(2,450
|
)
|
|
$
|
(19,314
|
)
|
Reclassifications Out of Accumulated Other Comprehensive Income
(1)
|
||||||||||||||||||||
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Details about Accumulated Other Comprehensive Income Components
|
|
Amount Reclassified from Accumulated Other Comprehensive Income
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
||||||||||||||||
Gains and losses on cash flow hedges
|
|
3 months ended 3/30/14
|
|
3 months ended 3/31/13
|
|
12 months ended 3/30/14
|
|
12 months ended 3/31/13
|
|
|
|
|||||||||
Interest rate contracts
|
|
$
|
1,985
|
|
|
$
|
8,174
|
|
|
$
|
7,943
|
|
|
$
|
8,142
|
|
|
Net effect of swaps
|
||
|
|
|
$
|
1,985
|
|
|
$
|
8,174
|
|
|
$
|
7,943
|
|
|
$
|
8,142
|
|
|
Total before tax
|
|
|
|
|
(307
|
)
|
|
(1,229
|
)
|
|
(1,228
|
)
|
|
(1,445
|
)
|
|
Benefit for taxes
|
|||||
|
|
|
$
|
1,678
|
|
|
$
|
6,945
|
|
|
$
|
6,715
|
|
|
$
|
6,697
|
|
|
Net of tax
|
(in thousands)
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Three months ended March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment in joint ventures and affiliates
|
|
$
|
65,636
|
|
|
$
|
58,171
|
|
|
$
|
(2,442
|
)
|
|
$
|
32,098
|
|
|
$
|
(153,463
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Twelve months ended March 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Investment in joint ventures and affiliates
|
|
43,043
|
|
|
(49,642
|
)
|
|
(2,479
|
)
|
|
4,568
|
|
|
4,510
|
|
|
—
|
|
|
|
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
|
|
$
|
—
|
|
|
$
|
571
|
|
|
$
|
3,524
|
|
|
$
|
4,772
|
|
|
$
|
—
|
|
|
$
|
8,867
|
|
Receivables
|
|
59
|
|
|
96,547
|
|
|
76,669
|
|
|
530,662
|
|
|
(684,307
|
)
|
|
19,630
|
|
||||||
Inventories
|
|
—
|
|
|
3,794
|
|
|
2,841
|
|
|
31,629
|
|
|
—
|
|
|
38,264
|
|
||||||
Current deferred tax asset
|
|
—
|
|
|
22,409
|
|
|
800
|
|
|
3,444
|
|
|
—
|
|
|
26,653
|
|
||||||
Other current assets
|
|
325
|
|
|
10,578
|
|
|
5,589
|
|
|
15,891
|
|
|
(2,363
|
)
|
|
30,020
|
|
||||||
|
|
384
|
|
|
133,899
|
|
|
89,423
|
|
|
586,398
|
|
|
(686,670
|
)
|
|
123,434
|
|
||||||
Property and Equipment (net)
|
|
455,780
|
|
|
8,110
|
|
|
240,175
|
|
|
829,897
|
|
|
—
|
|
|
1,533,962
|
|
||||||
Investment in Park
|
|
443,179
|
|
|
744,425
|
|
|
138,604
|
|
|
35,052
|
|
|
(1,361,260
|
)
|
|
—
|
|
||||||
Goodwill
|
|
9,061
|
|
|
—
|
|
|
113,249
|
|
|
111,218
|
|
|
—
|
|
|
233,528
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
16,037
|
|
|
22,883
|
|
|
—
|
|
|
38,920
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
30,296
|
|
|
—
|
|
|
117
|
|
|
(30,413
|
)
|
|
—
|
|
||||||
Intercompany Receivable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other Assets
|
|
12,213
|
|
|
22,179
|
|
|
6,087
|
|
|
2,912
|
|
|
—
|
|
|
43,391
|
|
||||||
|
|
$
|
920,617
|
|
|
$
|
938,909
|
|
|
$
|
603,575
|
|
|
$
|
1,588,477
|
|
|
$
|
(2,078,343
|
)
|
|
$
|
1,973,235
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current maturities of long-term debt
|
|
$
|
827
|
|
|
$
|
590
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,450
|
|
Accounts payable
|
|
173,364
|
|
|
230,516
|
|
|
10,818
|
|
|
314,637
|
|
|
(684,307
|
)
|
|
45,028
|
|
||||||
Deferred revenue
|
|
—
|
|
|
85
|
|
|
4,048
|
|
|
66,015
|
|
|
—
|
|
|
70,148
|
|
||||||
Accrued interest
|
|
2,580
|
|
|
1,567
|
|
|
5,926
|
|
|
—
|
|
|
—
|
|
|
10,073
|
|
||||||
Accrued taxes
|
|
4,757
|
|
|
849
|
|
|
—
|
|
|
3,209
|
|
|
(2,363
|
)
|
|
6,452
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
18,183
|
|
|
503
|
|
|
5,833
|
|
|
—
|
|
|
24,519
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
5,431
|
|
|
1,664
|
|
|
15,601
|
|
|
—
|
|
|
22,696
|
|
||||||
Other accrued liabilities
|
|
280
|
|
|
3,086
|
|
|
125
|
|
|
1,405
|
|
|
—
|
|
|
4,896
|
|
||||||
|
|
181,808
|
|
|
260,307
|
|
|
23,117
|
|
|
406,700
|
|
|
(686,670
|
)
|
|
185,262
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
56,045
|
|
|
131,649
|
|
|
(30,413
|
)
|
|
157,281
|
|
||||||
Derivative Liability
|
|
16,281
|
|
|
11,508
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27,789
|
|
||||||
Other Liabilities
|
|
—
|
|
|
4,358
|
|
|
—
|
|
|
3,397
|
|
|
—
|
|
|
7,755
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revolving credit loans
|
|
55,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,000
|
|
||||||
Term debt
|
|
351,840
|
|
|
251,371
|
|
|
14,189
|
|
|
—
|
|
|
—
|
|
|
617,400
|
|
||||||
Notes
|
|
294,897
|
|
|
205,103
|
|
|
401,957
|
|
|
—
|
|
|
—
|
|
|
901,957
|
|
||||||
|
|
701,737
|
|
|
456,474
|
|
|
416,146
|
|
|
—
|
|
|
—
|
|
|
1,574,357
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
20,791
|
|
|
206,262
|
|
|
108,267
|
|
|
1,046,731
|
|
|
(1,361,260
|
)
|
|
20,791
|
|
||||||
|
|
$
|
920,617
|
|
|
$
|
938,909
|
|
|
$
|
603,575
|
|
|
$
|
1,588,477
|
|
|
$
|
(2,078,343
|
)
|
|
$
|
1,973,235
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
75,000
|
|
|
$
|
4,144
|
|
|
$
|
35,575
|
|
|
$
|
3,337
|
|
|
$
|
—
|
|
|
$
|
118,056
|
|
Receivables
|
|
6
|
|
|
115,972
|
|
|
67,829
|
|
|
552,633
|
|
|
(715,107
|
)
|
|
21,333
|
|
||||||
Inventories
|
|
—
|
|
|
1,968
|
|
|
1,898
|
|
|
22,214
|
|
|
—
|
|
|
26,080
|
|
||||||
Current deferred tax asset
|
|
—
|
|
|
5,430
|
|
|
800
|
|
|
3,445
|
|
|
—
|
|
|
9,675
|
|
||||||
Other current assets
|
|
599
|
|
|
4,443
|
|
|
14,266
|
|
|
7,764
|
|
|
(15,719
|
)
|
|
11,353
|
|
||||||
|
|
75,605
|
|
|
131,957
|
|
|
120,368
|
|
|
589,393
|
|
|
(730,826
|
)
|
|
186,497
|
|
||||||
Property and Equipment (net)
|
|
447,724
|
|
|
976
|
|
|
243,208
|
|
|
813,855
|
|
|
—
|
|
|
1,505,763
|
|
||||||
Investment in Park
|
|
514,948
|
|
|
796,735
|
|
|
142,668
|
|
|
63,948
|
|
|
(1,518,299
|
)
|
|
—
|
|
||||||
Goodwill
|
|
9,061
|
|
|
—
|
|
|
117,810
|
|
|
111,218
|
|
|
—
|
|
|
238,089
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
16,683
|
|
|
22,788
|
|
|
—
|
|
|
39,471
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
31,122
|
|
|
—
|
|
|
117
|
|
|
(31,239
|
)
|
|
—
|
|
||||||
Other Assets
|
|
25,210
|
|
|
10,002
|
|
|
6,657
|
|
|
2,938
|
|
|
—
|
|
|
44,807
|
|
||||||
|
|
$
|
1,072,548
|
|
|
$
|
970,792
|
|
|
$
|
647,394
|
|
|
$
|
1,604,257
|
|
|
$
|
(2,280,364
|
)
|
|
$
|
2,014,627
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
|
$
|
259,850
|
|
|
$
|
188,818
|
|
|
$
|
17,632
|
|
|
$
|
262,029
|
|
|
$
|
(715,107
|
)
|
|
$
|
13,222
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
2,815
|
|
|
41,706
|
|
|
—
|
|
|
44,521
|
|
||||||
Accrued interest
|
|
4,637
|
|
|
3,223
|
|
|
15,341
|
|
|
—
|
|
|
—
|
|
|
23,201
|
|
||||||
Accrued taxes
|
|
4,609
|
|
|
—
|
|
|
—
|
|
|
30,591
|
|
|
(15,719
|
)
|
|
19,481
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
21,596
|
|
|
1,101
|
|
|
6,503
|
|
|
—
|
|
|
29,200
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
5,757
|
|
|
1,742
|
|
|
16,154
|
|
|
—
|
|
|
23,653
|
|
||||||
Other accrued liabilities
|
|
1,146
|
|
|
2,993
|
|
|
181
|
|
|
1,201
|
|
|
—
|
|
|
5,521
|
|
||||||
|
|
270,242
|
|
|
222,387
|
|
|
38,812
|
|
|
358,184
|
|
|
(730,826
|
)
|
|
158,799
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
57,704
|
|
|
131,648
|
|
|
(31,239
|
)
|
|
158,113
|
|
||||||
Derivative Liability
|
|
15,610
|
|
|
11,052
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,662
|
|
||||||
Other Liabilities
|
|
—
|
|
|
7,858
|
|
|
—
|
|
|
3,432
|
|
|
—
|
|
|
11,290
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt
|
|
352,668
|
|
|
251,961
|
|
|
14,221
|
|
|
—
|
|
|
—
|
|
|
618,850
|
|
||||||
Notes
|
|
294,897
|
|
|
205,103
|
|
|
401,782
|
|
|
—
|
|
|
—
|
|
|
901,782
|
|
||||||
|
|
647,565
|
|
|
457,064
|
|
|
416,003
|
|
|
—
|
|
|
—
|
|
|
1,520,632
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
139,131
|
|
|
272,431
|
|
|
134,875
|
|
|
1,110,993
|
|
|
(1,518,299
|
)
|
|
139,131
|
|
||||||
|
|
$
|
1,072,548
|
|
|
$
|
970,792
|
|
|
$
|
647,394
|
|
|
$
|
1,604,257
|
|
|
$
|
(2,280,364
|
)
|
|
$
|
2,014,627
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
732
|
|
|
$
|
4,125
|
|
|
$
|
5,181
|
|
|
$
|
—
|
|
|
$
|
10,038
|
|
Receivables
|
|
682
|
|
|
79,472
|
|
|
67,302
|
|
|
436,595
|
|
|
(570,709
|
)
|
|
13,342
|
|
||||||
Inventories
|
|
—
|
|
|
3,645
|
|
|
3,032
|
|
|
32,386
|
|
|
—
|
|
|
39,063
|
|
||||||
Current deferred tax asset
|
|
—
|
|
|
31,543
|
|
|
816
|
|
|
3,663
|
|
|
—
|
|
|
36,022
|
|
||||||
Other current assets
|
|
207
|
|
|
9,630
|
|
|
1,618
|
|
|
16,260
|
|
|
—
|
|
|
27,715
|
|
||||||
|
|
889
|
|
|
125,022
|
|
|
76,893
|
|
|
494,085
|
|
|
(570,709
|
)
|
|
126,180
|
|
||||||
Property and Equipment (net)
|
|
457,484
|
|
|
1,003
|
|
|
262,941
|
|
|
849,424
|
|
|
—
|
|
|
1,570,852
|
|
||||||
Investment in Park
|
|
419,501
|
|
|
714,013
|
|
|
115,401
|
|
|
21,689
|
|
|
(1,270,604
|
)
|
|
—
|
|
||||||
Goodwill
|
|
9,061
|
|
|
—
|
|
|
123,374
|
|
|
111,218
|
|
|
—
|
|
|
243,653
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
17,470
|
|
|
22,853
|
|
|
—
|
|
|
40,323
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
34,890
|
|
|
—
|
|
|
90
|
|
|
(34,980
|
)
|
|
—
|
|
||||||
Other Assets
|
|
14,581
|
|
|
10,291
|
|
|
7,473
|
|
|
2,303
|
|
|
—
|
|
|
34,648
|
|
||||||
|
|
$
|
901,516
|
|
|
$
|
885,219
|
|
|
$
|
603,552
|
|
|
$
|
1,501,662
|
|
|
$
|
(1,876,293
|
)
|
|
$
|
2,015,656
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current maturities of long-term debt
|
|
$
|
3,332
|
|
|
$
|
2,823
|
|
|
$
|
145
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,300
|
|
Accounts payable
|
|
103,654
|
|
|
215,425
|
|
|
3,891
|
|
|
285,182
|
|
|
(570,709
|
)
|
|
37,443
|
|
||||||
Deferred revenue
|
|
—
|
|
|
—
|
|
|
6,679
|
|
|
59,505
|
|
|
—
|
|
|
66,184
|
|
||||||
Accrued interest
|
|
1,444
|
|
|
916
|
|
|
5,979
|
|
|
—
|
|
|
—
|
|
|
8,339
|
|
||||||
Accrued taxes
|
|
4,790
|
|
|
390
|
|
|
331
|
|
|
3,489
|
|
|
—
|
|
|
9,000
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
13,483
|
|
|
1,095
|
|
|
5,604
|
|
|
—
|
|
|
20,182
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
5,324
|
|
|
1,696
|
|
|
16,537
|
|
|
—
|
|
|
23,557
|
|
||||||
Other accrued liabilities
|
|
589
|
|
|
5,161
|
|
|
133
|
|
|
1,984
|
|
|
—
|
|
|
7,867
|
|
||||||
|
|
113,809
|
|
|
243,522
|
|
|
19,949
|
|
|
372,301
|
|
|
(570,709
|
)
|
|
178,872
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
62,700
|
|
|
126,867
|
|
|
(34,980
|
)
|
|
154,587
|
|
||||||
Derivative Liability
|
|
18,594
|
|
|
12,437
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,031
|
|
||||||
Other Liabilities
|
|
—
|
|
|
4,185
|
|
|
—
|
|
|
3,500
|
|
|
—
|
|
|
7,685
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revolving credit loans
|
|
96,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,000
|
|
||||||
Term debt
|
|
355,690
|
|
|
253,677
|
|
|
14,333
|
|
|
—
|
|
|
—
|
|
|
623,700
|
|
||||||
Notes
|
|
294,897
|
|
|
205,103
|
|
|
401,255
|
|
|
—
|
|
|
—
|
|
|
901,255
|
|
||||||
|
|
746,587
|
|
|
458,780
|
|
|
415,588
|
|
|
—
|
|
|
—
|
|
|
1,620,955
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
22,526
|
|
|
166,295
|
|
|
105,315
|
|
|
998,994
|
|
|
(1,270,604
|
)
|
|
22,526
|
|
||||||
|
|
$
|
901,516
|
|
|
$
|
885,219
|
|
|
$
|
603,552
|
|
|
$
|
1,501,662
|
|
|
$
|
(1,876,293
|
)
|
|
$
|
2,015,656
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
4,755
|
|
|
$
|
8,679
|
|
|
$
|
151
|
|
|
$
|
40,312
|
|
|
$
|
(13,431
|
)
|
|
$
|
40,466
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
1
|
|
|
4,984
|
|
|
—
|
|
|
4,985
|
|
||||||
Operating expenses
|
|
1,348
|
|
|
22,462
|
|
|
6,937
|
|
|
63,034
|
|
|
(13,431
|
)
|
|
80,350
|
|
||||||
Selling, general and administrative
|
|
1,396
|
|
|
16,672
|
|
|
873
|
|
|
2,463
|
|
|
—
|
|
|
21,404
|
|
||||||
Depreciation and amortization
|
|
474
|
|
|
9
|
|
|
—
|
|
|
3,824
|
|
|
—
|
|
|
4,307
|
|
||||||
Gain on sale of other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
249
|
|
|
—
|
|
|
—
|
|
|
748
|
|
|
—
|
|
|
997
|
|
||||||
|
|
3,467
|
|
|
39,143
|
|
|
7,811
|
|
|
75,053
|
|
|
(13,431
|
)
|
|
112,043
|
|
||||||
Operating income
|
|
1,288
|
|
|
(30,464
|
)
|
|
(7,660
|
)
|
|
(34,741
|
)
|
|
—
|
|
|
(71,577
|
)
|
||||||
Interest expense (income), net
|
|
10,199
|
|
|
7,011
|
|
|
9,468
|
|
|
(2,019
|
)
|
|
—
|
|
|
24,659
|
|
||||||
Net effect of swaps
|
|
194
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
371
|
|
||||||
Unrealized / realized foreign currency gain
|
|
—
|
|
|
—
|
|
|
17,184
|
|
|
—
|
|
|
—
|
|
|
17,184
|
|
||||||
Other (income) expense
|
|
187
|
|
|
(3,274
|
)
|
|
374
|
|
|
2,713
|
|
|
—
|
|
|
—
|
|
||||||
Loss from investment in affiliates
|
|
73,588
|
|
|
47,143
|
|
|
4,064
|
|
|
28,244
|
|
|
(153,039
|
)
|
|
—
|
|
||||||
Loss before taxes
|
|
(82,880
|
)
|
|
(81,521
|
)
|
|
(38,750
|
)
|
|
(63,679
|
)
|
|
153,039
|
|
|
(113,791
|
)
|
||||||
Provision (benefit) for taxes
|
|
660
|
|
|
(10,422
|
)
|
|
(10,506
|
)
|
|
(9,983
|
)
|
|
—
|
|
|
(30,251
|
)
|
||||||
Net loss
|
|
$
|
(83,540
|
)
|
|
$
|
(71,099
|
)
|
|
$
|
(28,244
|
)
|
|
$
|
(53,696
|
)
|
|
$
|
153,039
|
|
|
$
|
(83,540
|
)
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cumulative foreign currency translation adjustment
|
|
1,621
|
|
|
—
|
|
|
1,621
|
|
|
—
|
|
|
(1,621
|
)
|
|
1,621
|
|
||||||
Unrealized income (loss) on cash flow hedging derivatives
|
|
(650
|
)
|
|
(173
|
)
|
|
—
|
|
|
—
|
|
|
173
|
|
|
(650
|
)
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
971
|
|
|
(173
|
)
|
|
1,621
|
|
|
—
|
|
|
(1,448
|
)
|
|
971
|
|
||||||
Total Comprehensive Income
|
|
$
|
(82,569
|
)
|
|
$
|
(71,272
|
)
|
|
$
|
(26,623
|
)
|
|
$
|
(53,696
|
)
|
|
$
|
151,591
|
|
|
$
|
(82,569
|
)
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
4,317
|
|
|
$
|
8,371
|
|
|
$
|
289
|
|
|
$
|
41,510
|
|
|
$
|
(12,688
|
)
|
|
$
|
41,799
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,037
|
|
|
—
|
|
|
5,037
|
|
||||||
Operating expenses
|
|
1,423
|
|
|
21,606
|
|
|
5,941
|
|
|
60,375
|
|
|
(12,688
|
)
|
|
76,657
|
|
||||||
Selling, general and administrative
|
|
1,292
|
|
|
16,613
|
|
|
711
|
|
|
2,423
|
|
|
—
|
|
|
21,039
|
|
||||||
Depreciation and amortization
|
|
475
|
|
|
9
|
|
|
—
|
|
|
4,302
|
|
|
—
|
|
|
4,786
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
36
|
|
|
—
|
|
|
478
|
|
|
86
|
|
|
—
|
|
|
600
|
|
||||||
|
|
3,226
|
|
|
38,228
|
|
|
7,130
|
|
|
72,223
|
|
|
(12,688
|
)
|
|
108,119
|
|
||||||
Operating income
|
|
1,091
|
|
|
(29,857
|
)
|
|
(6,841
|
)
|
|
(30,713
|
)
|
|
—
|
|
|
(66,320
|
)
|
||||||
Interest expense, net
|
|
10,512
|
|
|
7,677
|
|
|
9,764
|
|
|
(2,230
|
)
|
|
—
|
|
|
25,723
|
|
||||||
Net effect of swaps
|
|
5,635
|
|
|
3,576
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,211
|
|
||||||
Loss on early debt extinguishment
|
|
21,175
|
|
|
12,781
|
|
|
617
|
|
|
—
|
|
|
—
|
|
|
34,573
|
|
||||||
Unrealized / realized foreign currency gain
|
|
—
|
|
|
—
|
|
|
8,958
|
|
|
—
|
|
|
—
|
|
|
8,958
|
|
||||||
Other (income) expense
|
|
188
|
|
|
(2,388
|
)
|
|
800
|
|
|
1,400
|
|
|
—
|
|
|
—
|
|
||||||
Loss from investment in affiliates
|
|
72,096
|
|
|
35,640
|
|
|
3,520
|
|
|
21,227
|
|
|
(132,483
|
)
|
|
—
|
|
||||||
Loss before taxes
|
|
(108,515
|
)
|
|
(87,143
|
)
|
|
(30,500
|
)
|
|
(51,110
|
)
|
|
132,483
|
|
|
(144,785
|
)
|
||||||
Provision (benefit) for taxes
|
|
611
|
|
|
(17,665
|
)
|
|
(9,254
|
)
|
|
(9,351
|
)
|
|
—
|
|
|
(35,659
|
)
|
||||||
Net loss
|
|
$
|
(109,126
|
)
|
|
$
|
(69,478
|
)
|
|
$
|
(21,246
|
)
|
|
$
|
(41,759
|
)
|
|
$
|
132,483
|
|
|
$
|
(109,126
|
)
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cumulative foreign currency translation adjustment
|
|
301
|
|
|
—
|
|
|
301
|
|
|
—
|
|
|
(301
|
)
|
|
301
|
|
||||||
Unrealized income (loss) on cash flow hedging derivatives
|
|
8,885
|
|
|
2,535
|
|
|
—
|
|
|
—
|
|
|
(2,535
|
)
|
|
8,885
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
9,186
|
|
|
2,535
|
|
|
301
|
|
|
—
|
|
|
(2,836
|
)
|
|
9,186
|
|
||||||
Total Comprehensive Income
|
|
$
|
(99,940
|
)
|
|
$
|
(66,943
|
)
|
|
$
|
(20,945
|
)
|
|
$
|
(41,759
|
)
|
|
$
|
129,647
|
|
|
$
|
(99,940
|
)
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
152,907
|
|
|
$
|
296,385
|
|
|
$
|
127,554
|
|
|
$
|
1,005,271
|
|
|
$
|
(448,878
|
)
|
|
$
|
1,133,239
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
9,323
|
|
|
82,397
|
|
|
—
|
|
|
91,720
|
|
||||||
Operating expenses
|
|
5,928
|
|
|
184,460
|
|
|
48,766
|
|
|
685,761
|
|
|
(448,878
|
)
|
|
476,037
|
|
||||||
Selling, general and administrative
|
|
5,821
|
|
|
100,884
|
|
|
11,146
|
|
|
34,926
|
|
|
—
|
|
|
152,777
|
|
||||||
Depreciation and amortization
|
|
36,806
|
|
|
37
|
|
|
17,333
|
|
|
67,832
|
|
|
—
|
|
|
122,008
|
|
||||||
(Gain) on sale of other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,743
|
)
|
|
—
|
|
|
(8,743
|
)
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
637
|
|
|
—
|
|
|
1
|
|
|
2,298
|
|
|
—
|
|
|
2,936
|
|
||||||
|
|
49,192
|
|
|
285,381
|
|
|
86,569
|
|
|
864,471
|
|
|
(448,878
|
)
|
|
836,735
|
|
||||||
Operating income
|
|
103,715
|
|
|
11,004
|
|
|
40,985
|
|
|
140,800
|
|
|
—
|
|
|
296,504
|
|
||||||
Interest (income) expense, net
|
|
42,317
|
|
|
28,209
|
|
|
39,080
|
|
|
(7,753
|
)
|
|
—
|
|
|
101,853
|
|
||||||
Net effect of swaps
|
|
(1,251
|
)
|
|
(706
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,957
|
)
|
||||||
Loss on early debt extinguishment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Unrealized / realized foreign currency loss
|
|
—
|
|
|
—
|
|
|
37,167
|
|
|
—
|
|
|
—
|
|
|
37,167
|
|
||||||
Other (income) expense
|
|
749
|
|
|
(12,143
|
)
|
|
3,253
|
|
|
8,141
|
|
|
—
|
|
|
—
|
|
||||||
Income (loss) from investment in affiliates
|
|
(82,065
|
)
|
|
(26,017
|
)
|
|
(16,894
|
)
|
|
9,494
|
|
|
115,482
|
|
|
—
|
|
||||||
Income (loss) before taxes
|
|
143,965
|
|
|
21,661
|
|
|
(21,621
|
)
|
|
130,918
|
|
|
(115,482
|
)
|
|
159,441
|
|
||||||
Provision (benefit) for taxes
|
|
10,175
|
|
|
(4,890
|
)
|
|
(12,108
|
)
|
|
32,474
|
|
|
—
|
|
|
25,651
|
|
||||||
Net income (loss)
|
|
$
|
133,790
|
|
|
$
|
26,551
|
|
|
$
|
(9,513
|
)
|
|
$
|
98,444
|
|
|
$
|
(115,482
|
)
|
|
$
|
133,790
|
|
Other comprehensive income, (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cumulative foreign currency translation adjustment
|
|
4,076
|
|
|
—
|
|
|
4,076
|
|
|
—
|
|
|
(4,076
|
)
|
|
4,076
|
|
||||||
Unrealized income on cash flow hedging derivatives
|
|
1,201
|
|
|
140
|
|
|
—
|
|
|
—
|
|
|
(140
|
)
|
|
1,201
|
|
||||||
Other comprehensive income, (net of tax)
|
|
5,277
|
|
|
140
|
|
|
4,076
|
|
|
—
|
|
|
(4,216
|
)
|
|
5,277
|
|
||||||
Total Comprehensive Income
|
|
$
|
139,067
|
|
|
$
|
26,691
|
|
|
$
|
(5,437
|
)
|
|
$
|
98,444
|
|
|
$
|
(119,698
|
)
|
|
$
|
139,067
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
148,576
|
|
|
$
|
263,930
|
|
|
$
|
140,441
|
|
|
$
|
941,246
|
|
|
$
|
(412,138
|
)
|
|
$
|
1,082,055
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
10,316
|
|
|
85,682
|
|
|
—
|
|
|
95,998
|
|
||||||
Operating expenses
|
|
5,468
|
|
|
177,526
|
|
|
48,147
|
|
|
637,772
|
|
|
(412,138
|
)
|
|
456,775
|
|
||||||
Selling, general and administrative
|
|
6,455
|
|
|
89,532
|
|
|
11,086
|
|
|
34,293
|
|
|
—
|
|
|
141,366
|
|
||||||
Depreciation and amortization
|
|
37,439
|
|
|
40
|
|
|
18,199
|
|
|
71,335
|
|
|
—
|
|
|
127,013
|
|
||||||
(Gain) on sale of other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,625
|
)
|
|
—
|
|
|
(6,625
|
)
|
||||||
Loss (gain) on impairment / retirement of fixed assets, net
|
|
25,089
|
|
|
—
|
|
|
474
|
|
|
5,281
|
|
|
—
|
|
|
30,844
|
|
||||||
|
|
74,451
|
|
|
267,098
|
|
|
88,222
|
|
|
827,738
|
|
|
(412,138
|
)
|
|
845,371
|
|
||||||
Operating income (loss)
|
|
74,125
|
|
|
(3,168
|
)
|
|
52,219
|
|
|
113,508
|
|
|
—
|
|
|
236,684
|
|
||||||
Interest expense, net
|
|
47,879
|
|
|
30,390
|
|
|
40,231
|
|
|
(9,013
|
)
|
|
—
|
|
|
109,487
|
|
||||||
Net effect of swaps
|
|
5,324
|
|
|
3,365
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,689
|
|
||||||
Loss on early debt extinguishment
|
|
21,175
|
|
|
12,781
|
|
|
617
|
|
|
—
|
|
|
—
|
|
|
34,573
|
|
||||||
Unrealized / realized foreign currency gain
|
|
—
|
|
|
—
|
|
|
8,152
|
|
|
—
|
|
|
—
|
|
|
8,152
|
|
||||||
Other (income) expense
|
|
750
|
|
|
(8,860
|
)
|
|
2,623
|
|
|
5,487
|
|
|
—
|
|
|
—
|
|
||||||
Income (loss) from investment in affiliates
|
|
(68,417
|
)
|
|
(53,593
|
)
|
|
(14,307
|
)
|
|
(18,503
|
)
|
|
154,820
|
|
|
—
|
|
||||||
Income before taxes
|
|
67,414
|
|
|
12,749
|
|
|
14,903
|
|
|
135,537
|
|
|
(154,820
|
)
|
|
75,783
|
|
||||||
Provision (benefit) for taxes
|
|
9,269
|
|
|
(15,849
|
)
|
|
(3,507
|
)
|
|
27,725
|
|
|
—
|
|
|
17,638
|
|
||||||
Net income
|
|
$
|
58,145
|
|
|
$
|
28,598
|
|
|
$
|
18,410
|
|
|
$
|
107,812
|
|
|
$
|
(154,820
|
)
|
|
$
|
58,145
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cumulative foreign currency translation adjustment
|
|
1,839
|
|
|
—
|
|
|
1,839
|
|
|
—
|
|
|
(1,839
|
)
|
|
1,839
|
|
||||||
Unrealized income (loss) on cash flow hedging derivatives
|
|
8,685
|
|
|
2,551
|
|
|
—
|
|
|
—
|
|
|
(2,551
|
)
|
|
8,685
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
10,524
|
|
|
2,551
|
|
|
1,839
|
|
|
—
|
|
|
(4,390
|
)
|
|
10,524
|
|
||||||
Total Comprehensive Income
|
|
$
|
68,669
|
|
|
$
|
31,149
|
|
|
$
|
20,249
|
|
|
$
|
107,812
|
|
|
$
|
(159,210
|
)
|
|
$
|
68,669
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM OPERATING ACTIVITIES
|
|
$
|
(73,627
|
)
|
|
$
|
(3,001
|
)
|
|
$
|
(26,042
|
)
|
|
$
|
20,317
|
|
|
$
|
(903
|
)
|
|
$
|
(83,256
|
)
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
|
(16,379
|
)
|
|
(4
|
)
|
|
(5,077
|
)
|
|
(18,882
|
)
|
|
—
|
|
|
(40,342
|
)
|
||||||
Net cash from investing activities
|
|
(16,379
|
)
|
|
(4
|
)
|
|
(5,077
|
)
|
|
(18,882
|
)
|
|
—
|
|
|
(40,342
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net borrowings on revolving credit loans
|
|
55,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,000
|
|
||||||
Distributions paid
|
|
(39,994
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
903
|
|
|
(39,091
|
)
|
||||||
Excess tax benefit from unit-based compensation expense
|
|
—
|
|
|
(568
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(568
|
)
|
||||||
Net cash (for) financing activities
|
|
15,006
|
|
|
(568
|
)
|
|
—
|
|
|
—
|
|
|
903
|
|
|
15,341
|
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(932
|
)
|
|
—
|
|
|
—
|
|
|
(932
|
)
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) for the period
|
|
(75,000
|
)
|
|
(3,573
|
)
|
|
(32,051
|
)
|
|
1,435
|
|
|
—
|
|
|
(109,189
|
)
|
||||||
Balance, beginning of period
|
|
75,000
|
|
|
4,144
|
|
|
35,575
|
|
|
3,337
|
|
|
—
|
|
|
118,056
|
|
||||||
Balance, end of period
|
|
$
|
—
|
|
|
$
|
571
|
|
|
$
|
3,524
|
|
|
$
|
4,772
|
|
|
$
|
—
|
|
|
$
|
8,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
NET CASH FROM OPERATING ACTIVITIES
|
|
$
|
(52,034
|
)
|
|
$
|
8,508
|
|
|
$
|
(44,472
|
)
|
|
$
|
19,331
|
|
|
$
|
—
|
|
|
$
|
(68,667
|
)
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Capital expenditures
|
|
(17,866
|
)
|
|
—
|
|
|
(600
|
)
|
|
(17,363
|
)
|
|
—
|
|
|
(35,829
|
)
|
|||||||
Net cash (for) investing activities
|
|
(17,866
|
)
|
|
—
|
|
|
(600
|
)
|
|
(17,363
|
)
|
|
—
|
|
|
(35,829
|
)
|
|||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net borrowings on revolving credit loans
|
|
96,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,000
|
|
|||||||
Term debt borrowings
|
|
359,022
|
|
|
256,500
|
|
—
|
|
14,478
|
|
|
—
|
|
|
—
|
|
|
630,000
|
|
||||||
Note borrowings
|
|
294,897
|
|
|
205,103
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|||||||
Payment of debt issuance costs
|
|
(14,763
|
)
|
|
(8,538
|
)
|
|
(190
|
)
|
|
—
|
|
|
—
|
|
|
(23,491
|
)
|
|||||||
Term debt payments, including early termination penalties
|
|
(654,568
|
)
|
|
(462,054
|
)
|
|
(14,478
|
)
|
|
—
|
|
|
—
|
|
|
(1,131,100
|
)
|
|||||||
Distributions paid
|
|
(35,688
|
)
|
|
868
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34,820
|
)
|
|||||||
Exercise of limited partnership unit options
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|||||||
Excess tax benefit from unit-based compensation expense
|
|
—
|
|
|
(127
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(127
|
)
|
|||||||
Net cash from (for) financing activities
|
|
44,900
|
|
|
(8,220
|
)
|
|
(190
|
)
|
|
—
|
|
|
—
|
|
|
36,490
|
|
|||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(786
|
)
|
|
—
|
|
|
—
|
|
|
(786
|
)
|
|||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net increase for the period
|
|
(25,000
|
)
|
|
288
|
|
|
(46,048
|
)
|
|
1,968
|
|
|
—
|
|
|
(68,792
|
)
|
|||||||
Balance, beginning of period
|
|
25,000
|
|
|
444
|
|
|
50,173
|
|
|
3,213
|
|
|
—
|
|
|
78,830
|
|
|||||||
Balance, end of period
|
|
$
|
—
|
|
|
$
|
732
|
|
|
$
|
4,125
|
|
|
$
|
5,181
|
|
|
$
|
—
|
|
|
$
|
10,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM OPERATING ACTIVITIES
|
|
$
|
253,410
|
|
|
$
|
3,318
|
|
|
$
|
15,737
|
|
|
$
|
40,148
|
|
|
$
|
(3,531
|
)
|
|
$
|
309,082
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sale of other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,297
|
|
|
—
|
|
|
15,297
|
|
||||||
Capital expenditures
|
|
(54,767
|
)
|
|
(4
|
)
|
|
(14,201
|
)
|
|
(55,854
|
)
|
|
—
|
|
|
(124,826
|
)
|
||||||
Net cash (for) investing activities
|
|
(54,767
|
)
|
|
(4
|
)
|
|
(14,201
|
)
|
|
(40,557
|
)
|
|
—
|
|
|
(109,529
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net borrowings on revolving credit loans
|
|
(41,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41,000
|
)
|
||||||
Term debt payments, including early termination penalties
|
|
(6,612
|
)
|
|
(4,281
|
)
|
|
(257
|
)
|
|
—
|
|
|
—
|
|
|
(11,150
|
)
|
||||||
Distributions paid
|
|
(151,259
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,531
|
|
|
(147,728
|
)
|
||||||
Exercise of limited partnership unit options
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
||||||
Payment of debt issuance costs
|
|
228
|
|
|
368
|
|
|
(354
|
)
|
|
—
|
|
|
—
|
|
|
242
|
|
||||||
Excess tax benefit from unit-based compensation expense
|
|
—
|
|
|
414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
||||||
Net cash (for) financing activities
|
|
(198,643
|
)
|
|
(3,475
|
)
|
|
(611
|
)
|
|
—
|
|
|
3,531
|
|
|
(199,198
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(1,526
|
)
|
|
—
|
|
|
—
|
|
|
(1,526
|
)
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) for the period
|
|
—
|
|
|
(161
|
)
|
|
(601
|
)
|
|
(409
|
)
|
|
—
|
|
|
(1,171
|
)
|
||||||
Balance, beginning of period
|
|
—
|
|
|
732
|
|
|
4,125
|
|
|
5,181
|
|
|
—
|
|
|
10,038
|
|
||||||
Balance, end of period
|
|
$
|
—
|
|
|
$
|
571
|
|
|
$
|
3,524
|
|
|
$
|
4,772
|
|
|
$
|
—
|
|
|
$
|
8,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
231,264
|
|
|
$
|
(87,117
|
)
|
|
$
|
14,067
|
|
|
$
|
139,733
|
|
|
$
|
—
|
|
|
$
|
297,947
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany term debt receipts
|
|
—
|
|
|
104,165
|
|
|
—
|
|
|
—
|
|
|
(104,165
|
)
|
|
—
|
|
||||||
Sale of other assets
|
|
1,173
|
|
|
—
|
|
|
—
|
|
|
14,885
|
|
|
—
|
|
|
16,058
|
|
||||||
Capital expenditures
|
|
(43,156
|
)
|
|
(8
|
)
|
|
(8,023
|
)
|
|
(52,075
|
)
|
|
—
|
|
|
(103,262
|
)
|
||||||
Net cash (for) investing activities
|
|
(41,983
|
)
|
|
104,157
|
|
|
(8,023
|
)
|
|
(37,190
|
)
|
|
(104,165
|
)
|
|
(87,204
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net borrowings on revolving credit loans
|
|
(57,000
|
)
|
|
—
|
|
|
(2,004
|
)
|
|
—
|
|
|
—
|
|
|
(59,004
|
)
|
||||||
Term debt borrowings
|
|
359,022
|
|
|
256,500
|
|
|
14,478
|
|
|
—
|
|
|
—
|
|
|
630,000
|
|
||||||
Note borrowings
|
|
294,897
|
|
|
205,103
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
||||||
Intercompany term debt payments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(104,165
|
)
|
|
104,165
|
|
|
—
|
|
||||||
Term debt payments, including early termination penalties
|
|
(669,035
|
)
|
|
(472,267
|
)
|
|
(14,798
|
)
|
|
—
|
|
|
—
|
|
|
(1,156,100
|
)
|
||||||
Distributions paid
|
|
(102,402
|
)
|
|
920
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(101,482
|
)
|
||||||
Payment of debt issuance costs
|
|
(14,763
|
)
|
|
(8,537
|
)
|
|
(191
|
)
|
|
—
|
|
|
—
|
|
|
(23,491
|
)
|
||||||
Exercise of limited partnership unit options
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
57
|
|
||||||
Excess tax benefit from unit-based compensation
|
|
—
|
|
|
1,519
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,519
|
|
||||||
Net cash from (for) financing activities
|
|
(189,281
|
)
|
|
(16,705
|
)
|
|
(2,515
|
)
|
|
(104,165
|
)
|
|
104,165
|
|
|
(208,501
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
477
|
|
|
—
|
|
|
—
|
|
|
477
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) for the period
|
|
—
|
|
|
335
|
|
|
4,006
|
|
|
(1,622
|
)
|
|
—
|
|
|
2,719
|
|
||||||
Balance, beginning of period
|
|
—
|
|
|
397
|
|
|
119
|
|
|
6,803
|
|
|
—
|
|
|
7,319
|
|
||||||
Balance, end of period
|
|
$
|
—
|
|
|
$
|
732
|
|
|
$
|
4,125
|
|
|
$
|
5,181
|
|
|
$
|
—
|
|
|
$
|
10,038
|
|
•
|
Income Taxes
|
|
|
Three months ended
|
|
Three months ended
|
|
Increase (Decrease)
|
|||||||||
|
|
3/30/2014
|
|
3/31/2013
|
|
$
|
|
%
|
|||||||
|
|
(13 weeks)
|
|
(13 weeks)
|
|
|
|
|
|||||||
|
|
(Amounts in thousands)
|
|||||||||||||
Net revenues
|
|
$
|
40,466
|
|
|
$
|
41,799
|
|
|
$
|
(1,333
|
)
|
|
(3.2
|
)%
|
Operating costs and expenses
|
|
106,739
|
|
|
102,733
|
|
|
4,006
|
|
|
3.9
|
%
|
|||
Depreciation and amortization
|
|
4,307
|
|
|
4,786
|
|
|
(479
|
)
|
|
(10.0
|
)%
|
|||
Loss on impairment / retirement of fixed assets
|
|
997
|
|
|
600
|
|
|
397
|
|
|
N/M
|
|
|||
Operating loss
|
|
$
|
(71,577
|
)
|
|
$
|
(66,320
|
)
|
|
$
|
(5,257
|
)
|
|
7.9
|
%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
|
$
|
(61,965
|
)
|
|
$
|
(57,273
|
)
|
|
$
|
(4,692
|
)
|
|
8.2
|
%
|
|
|
Twelve months ended
|
|
Twelve months ended
|
|
Increase (Decrease)
|
|||||||||
|
|
3/30/2014
|
|
3/31/2013
|
|
$
|
|
%
|
|||||||
|
|
(52 weeks)
|
|
(53 weeks)
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
|
|
(Amounts in thousands)
|
|||||||||||||
Net revenues
|
|
$
|
1,133,239
|
|
|
$
|
1,082,055
|
|
|
$
|
51,184
|
|
|
4.7
|
%
|
Operating costs and expenses
|
|
720,534
|
|
|
694,139
|
|
|
26,395
|
|
|
3.8
|
%
|
|||
Depreciation and amortization
|
|
122,008
|
|
|
127,013
|
|
|
(5,005
|
)
|
|
(3.9
|
)%
|
|||
Gain on sale of other assets
|
|
(8,743
|
)
|
|
(6,625
|
)
|
|
(2,118
|
)
|
|
N/M
|
|
|||
Loss on impairment/retirement of fixed assets
|
|
2,936
|
|
|
30,844
|
|
|
(27,908
|
)
|
|
N/M
|
|
|||
Operating income
|
|
$
|
296,504
|
|
|
$
|
236,684
|
|
|
$
|
59,820
|
|
|
25.3
|
%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
|
|
$
|
420,738
|
|
|
$
|
395,475
|
|
|
$
|
25,263
|
|
|
6.4
|
%
|
Adjusted EBITDA margin
|
|
37.1
|
%
|
|
36.5
|
%
|
|
—
|
|
|
0.6
|
%
|
•
|
$405 million of 9.125% senior unsecured notes, maturing in 2018, yielding 9.375% due to the notes being issued at a discount in July 2010. The notes may be redeemed, in whole or in part, at any time prior to August 1, 2014 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 February and August.
|
•
|
$500 million of 5.25% senior unsecured notes, maturing in 2021, issued at par. The notes may be redeemed, in whole or in part, at any time prior to March 15, 2016 at a price equal to 100% of the principal amount of the notes redeemed plus a “make-whole” premium together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. Prior to March 15, 2016, up to 35% of the notes may be redeemed with the net cash proceeds of certain equity offerings at 105.25%. These notes pay interest semi-annually in March and September.
|
•
|
Senior secured term debt of $618.9 million, maturing in March 2020 under our 2013 Credit Agreement. The term debt bears interest at a rate of LIBOR plus 250 bps with a LIBOR floor of 75 bps. The term loan amortizes at $6.3 million annually. Due to a prepayment made during 2013, we only have current maturities totaling $1.5 million as of March 30, 2014.
|
•
|
$55 million in borrowings under the $255 million senior secured revolving credit facility under our 2013 Credit Agreement. Under the 2013 Credit Agreement, the Canadian portion of the revolving credit facility has a sub-limit of $15 million. U.S. denominated and Canadian denominated loans made under the revolving credit facility bear interest at a rate of LIBOR plus 225 bps (with no LIBOR floor). The revolving credit facility is scheduled to mature in March 2018 and also provides for the issuance of documentary and standby letters of credit. The 2013 Credit Agreement requires that we pay a commitment fee of 38 bps per annum on the unused portion of the credit facilities.
|
Exhibit (10.1)
|
|
Cedar Fair, L.P. 2008 Omnibus Incentive Plan Performance Award Agreement, dated March 31, 2014, by and between Magnum Management Corporation and Matthew A. Ouimet. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on April 4, 2014.
|
|
|
|
Exhibit (10.2)
|
|
Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Restricted Unit Award Agreement.
|
|
|
|
Exhibit (10.3)
|
|
Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Deferred Unit Award Agreement.
|
|
|
|
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 Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2014 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flow, (iv) the Condensed Consolidated Statement of Equity and, (v) related notes.
|
|
|
CEDAR FAIR, L.P.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By Cedar Fair Management, Inc.
|
|
|
|
General Partner
|
|
|
|
|
|
Date:
|
May 9, 2014
|
/s/ Matthew A. Ouimet
|
|
|
|
Matthew A. Ouimet
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
Date:
|
May 9, 2014
|
/s/ Brian C. Witherow
|
|
|
|
Brian C. Witherow
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
Exhibit (10.1)
|
|
Cedar Fair, L.P. 2008 Omnibus Incentive Plan Performance Award Agreement, dated March 31, 2014, by and between Magnum Management Corporation and Matthew A. Ouimet. Incorporated herein by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on April 4, 2014.
|
|
|
|
Exhibit (10.2)
|
|
Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Restricted Unit Award Agreement.
|
|
|
|
Exhibit (10.3)
|
|
Cedar Fair, L.P. 2008 Omnibus Incentive Plan Form of Deferred Unit Award Agreement.
|
|
|
|
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 Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2014 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Consolidated Statements of Income, (ii) the Condensed Consolidated Balance Sheets, (iii) the Condensed Consolidated Statements of Cash Flow, (iv) the Condensed Consolidated Statement of Equity and, (v) related notes.
|
PARTICIPANT NAME:
|
|
|
|
|
|
GRANT DATE:
|
|
|
|
|
|
TOTAL NUMBER OF RESTRICTED UNITS GRANTED:
|
|
|
|
|
|
MAGNUM MANGEMENT CORPORATION
|
|
By:
|
|
|
|
Title:
|
|
|
|
Date:
|
|
|
|
PARTICIPANT
|
|
Signature:
|
|
|
|
Printed Name:
|
|
|
|
Date:
|
|
Participant Name:
|
|
|
|
Grant Date:
|
|
|
|
Number of Deferred Units Awarded:
|
|
|
|
Vesting Schedule:
|
Vesting will occur upon termination as a member of the Board of Directors of Cedar Fair Management, Inc.
|
|
|
Payment Date:
|
Payable upon termination as a member of the Board of Directors of Cedar Fair Management, Inc.
|
CEDAR FAIR, LP
|
|
|
|
|
|
By:
|
|
|
|
|
|
Title:
|
|
|
|
|
|
PARTICIPANT
|
|
|
|
|
|
Signature:
|
|
|
|
|
|
Printed Name:
|
|
|
|
|
|
Address:
|
|
|
|
|
|
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:
|
May 9, 2014
|
|
/s/ Matthew A. Ouimet
|
|
|
|
Matthew A. Ouimet
|
|
|
|
President and Chief Executive Officer
|
1)
|
I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.;
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4)
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5)
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
Date:
|
May 9, 2014
|
|
/s/ Brian C. Witherow
|
|
|
|
Brian C. Witherow
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
/s/ Matthew A. Ouimet
|
|
Matthew A. Ouimet
|
|
President and Chief Executive Officer
|
|
|
|
/s/ Brian C. Witherow
|
|
Brian C. Witherow
|
|
Executive Vice President and
|
|
Chief Financial Officer
|
|
|
|