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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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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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Title of each class
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Name of each exchange on which registered
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Depositary Units (Representing Limited Partner Interests)
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New York Stock Exchange
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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(Do not check if a smaller reporting company)
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Smaller reporting company
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Emerging growth company
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Name
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Age
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Position(s)
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Matthew A. Ouimet
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59
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Matt Ouimet has been the Executive Chairman of the Board of Directors since January 2018 and a member of the Board of Directors since August 2011. Previously, he served as Chief Executive Officer from January 2012 through December 2017 and served as President from June 2011 to October 2016. Before joining Cedar Fair, he served in multiple roles from 2009 through 2010 at Corinthian Colleges, including President and Chief Executive Officer. Prior to joining Corinthian Colleges, he served as President, Hotel Group for Starwood Hotels and Resorts Worldwide from 2006 through 2008. In addition, Matt is a 20-year veteran of the amusement park and hospitality industry, including 17 years at the Walt Disney Company, where he held positions including Senior Vice President, Finance and Business Development, and Chief Financial Officer of the Disney Development Company; Executive General Manager of Disney Vacation Club; and President of Disney Cruise Line and of Disneyland Resort.
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Richard A. Zimmerman
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57
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Richard Zimmerman has been President and Chief Executive Officer since January 2018. Prior to that, he served as President and Chief Operating Officer from October 2016 through December 2017 and as Chief Operating Officer since October 2011. Prior to that, he served as Executive Vice President since November 2010, previously serving as Regional Vice President since June 2007 and has been with Cedar Fair since 2006. Richard served as Vice President and General Manager of Kings Dominion from 1998 through 2006.
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Brian C. Witherow
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51
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Brian Witherow has served as Executive Vice President and Chief Financial Officer since January 2012. Prior to that, he served as Vice President and Corporate Controller beginning in July 2005. Brian has been with Cedar Fair in various other positions since 1995.
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Tim V. Fisher
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57
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Tim Fisher joined Cedar Fair as Chief Operating Officer in December 2017. Prior to joining Cedar Fair, he served as Chief Executive Officer of Village Roadshow Theme Parks International, an Australian-based theme park operator, since March 2017. Prior to this appointment with Village Roadshow Theme Parks International, Tim served as Chief Executive Officer of Village Roadshow Theme Parks since January 2009.
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Kelley S. Semmelroth
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53
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Kelley Semmelroth has served as Executive Vice President and Chief Marketing Officer since February 2012. Prior to joining Cedar Fair, she served as Senior Vice President, Marketing Planning Director for TD Bank from 2010 through 2012. Prior to joining TD Bank, Kelley served as Senior Vice President of Brand Strategy and Management at Bank of America from 2005 through 2010.
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Duffield E. Milkie
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52
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Duff Milkie has served as Executive Vice President and General Counsel since January 2015 and has served as Corporate Secretary since February 2012. He served as Corporate Vice President and General Counsel from February 2008 to January 2015. Prior to joining Cedar Fair, Duff was a partner in the law firm of Wickens, Herzer, Panza, Cook, & Batista from 1998 through 2008.
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H. Philip Bender
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62
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Phil Bender has served as Executive Vice President, Operations since November 2010, previously serving as Regional Vice President beginning in June 2006. Prior to that, he served as Vice President and General Manager of Worlds of Fun / Oceans of Fun from 2000 through 2006.
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Robert A. Decker
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57
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Rob Decker has served as Senior Vice President of Planning & Design since January 2015. Prior to that, he served as Corporate Vice President of Planning & Design since the end of 2002, and he has been with Cedar Fair since 1999. Prior to joining Cedar Fair, Rob served as Design Director at Jack Rouse Associates, Inc., a consultant firm to the entertainment industry, from 1989 through 1999.
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David R. Hoffman
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49
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Dave Hoffman has served as Senior Vice President and Chief Accounting Officer since January 2012. Prior to that, he served as Vice President of Finance and Corporate Tax since November 2010. He served as Vice President of Corporate Tax from October 2006 until November 2010. Prior to joining Cedar Fair, Dave served as a business advisor with Ernst & Young from 2002 through 2006.
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Craig A. Heckman
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54
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Craig Heckman joined Cedar Fair as Senior Vice President, Human Resources in January 2017. Prior to joining Cedar Fair, he served as Vice President, Human Resources for Vestis Retail Group, a retail operator, from December 2014 through December 2016. Prior to joining Vestis Retail Group, Craig served as Vice President, Human Resources - Stores and International for Express/L Brands, a fashion retailer, from 2006 to 2014.
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•
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limit our ability to borrow money for our working capital, capital expenditures, debt service requirements, strategic initiatives or other purposes;
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limit our flexibility in planning or reacting to changes in business and future business operations; and
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make it more difficult for us to satisfy our obligations with respect to our indebtedness, and any failure to comply with the obligations of any of our debt instruments, including restrictive covenants and borrowing conditions, could result in an event of default under the agreements governing other indebtedness.
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•
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pay distributions on or make distributions in respect of our capital stock or units or make other Restricted Payments;
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incur additional debt or issue certain preferred equity;
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make certain investments;
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sell certain assets;
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create restrictions on distributions from restricted subsidiaries;
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create liens on certain assets to secure debt;
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consolidate, merge, amalgamate, sell or otherwise dispose of all or substantially all of our assets;
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enter into certain transactions with our affiliates; and
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designate our subsidiaries as unrestricted subsidiaries.
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Park
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Location
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Approximate Total
Acreage
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Approximate Developed Acreage
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Approximate Undeveloped Acreage
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Cedar Point
Cedar Point Shores
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(1), (3)
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Sandusky, Ohio
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625
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515
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110
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Knott's Berry Farm
Knott's Soak City
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Buena Park, California
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175
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175
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—
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Canada's Wonderland
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Vaughan, Ontario, Canada
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295
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295
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—
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Kings Island
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Mason, Ohio
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680
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330
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350
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Carowinds
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Charlotte, North Carolina and Fort Mill, South Carolina
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400
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300
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100
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Kings Dominion
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Doswell, Virginia
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740
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280
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460
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California's Great America
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(2)
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Santa Clara, California
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165
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165
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—
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Dorney Park
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Allentown, Pennsylvania
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210
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180
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30
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Worlds of Fun
Oceans of Fun
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Kansas City, Missouri
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350
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250
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100
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Valleyfair
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Shakopee, Minnesota
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190
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110
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80
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Michigan's Adventure
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Muskegon, Michigan
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260
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120
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140
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Quarters
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LP Unit Price
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||||||||
Distributions per LP Unit
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High
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Low
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2017
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Fourth Quarter
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$
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0.890
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$
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69.45
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$
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59.66
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Third Quarter
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0.855
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72.21
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62.62
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Second Quarter
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0.855
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72.56
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67.08
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First Quarter
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0.855
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69.81
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62.00
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2016
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Fourth Quarter
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$
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0.855
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$
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64.90
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$
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56.23
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Third Quarter
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0.825
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63.40
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56.30
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Second Quarter
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0.825
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60.03
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56.17
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First Quarter
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0.825
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60.23
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48.46
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Base Period
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Return
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2012
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2013
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2014
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2015
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2016
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2017
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Cedar Fair, L.P.
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$
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100.00
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$
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157.27
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$
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160.71
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$
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198.13
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$
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240.59
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$
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256.15
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S&P 500
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100.00
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132.39
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150.51
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152.59
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170.84
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208.14
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S&P 400
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100.00
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133.50
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146.54
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143.35
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173.08
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201.19
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S&P Movies and Entertainment
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100.00
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155.57
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183.29
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166.34
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183.60
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192.81
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Years Ended December 31,
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||||||||||||||||||
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2017
(1)
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2016
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2015
(2)
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2014
(3)
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2013
(4)
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||||||||||
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(In thousands, except per unit and per capita amounts)
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Statement of Operations
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Net revenues
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$
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1,321,967
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$
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1,288,721
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$
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1,235,778
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$
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1,159,605
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$
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1,134,572
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Operating income
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295,211
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316,939
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295,331
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278,332
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301,761
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Income before taxes
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216,588
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249,106
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134,414
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114,100
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128,447
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|||||
Net income
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215,476
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177,688
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112,222
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104,215
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108,204
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|||||
Net income per unit - basic
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$
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3.84
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$
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3.18
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$
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2.01
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$
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1.88
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$
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1.95
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Net income per unit - diluted
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$
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3.79
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$
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3.14
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$
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1.99
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$
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1.86
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$
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1.94
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Balance Sheet Data
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||||||||||
Total assets
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$
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2,064,159
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$
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1,973,181
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$
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1,963,020
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$
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2,004,448
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$
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1,975,406
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Working capital surplus (deficit)
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21,489
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(47,007
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)
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(14,645
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)
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(3,767
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)
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18,023
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|||||
Long-term debt
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1,660,515
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1,534,211
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1,536,676
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1,534,244
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1,491,086
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|||||
Partners' equity
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82,946
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60,519
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57,009
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96,217
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139,131
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Distributions
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Declared per limited partner unit
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$
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3.455
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$
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3.330
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$
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3.075
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$
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2.850
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$
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2.575
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Paid per limited partner unit
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$
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3.455
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$
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3.330
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$
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3.075
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$
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2.850
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$
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2.575
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Other Data
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Depreciation and amortization
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$
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153,222
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$
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131,876
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$
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125,631
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$
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124,286
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$
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122,487
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Adjusted EBITDA
(5)
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478,977
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481,248
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459,238
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431,280
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425,430
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|||||
Capital expenditures
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188,084
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160,656
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175,865
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166,719
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120,488
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|||||
Attendance
(6)
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25,723
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25,104
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24,448
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23,305
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23,519
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|||||
In-park per capita spending
(7)
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$
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47.30
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$
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46.90
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$
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46.20
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$
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45.54
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$
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44.15
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(1)
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Operating results for 2017 include a tax benefit of
$54.2 million
due to tax law changes, in particular the Tax Cuts and Jobs Act, a charge of
$23.1 million
for the loss on early debt extinguishment and a charge of
$7.6 million
for the impairment of the remaining land at Wildwater Kingdom, one of the Partnership's separately gated outdoor water parks which ceased operations in 2016.
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(2)
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Operating results for 2015 include a charge of
$8.6 million
for the impairment of a long-lived asset at Cedar Point.
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(3)
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Operating results for 2014 include a charge of
$29.3 million
for the loss on early debt extinguishment and a charge of
$2.4 million
for the impairment of long-lived assets at Wildwater Kingdom.
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(4)
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Operating results for 2013 include a charge of
$34.6 million
for the loss on early debt extinguishment.
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(5)
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Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the 2017 Credit Agreement and the 2013 Credit Agreement. Adjusted EBITDA is not a measurement of operating performance computed in accordance with GAAP and should not be considered as a substitute for operating income, net income or cash flows from operating activities computed in accordance with GAAP. We believe that Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors and comparable companies in our industry to evaluate our operating performance on a consistent basis, as well as more easily compare our results with those of other companies in our industry. Further, management believes Adjusted EBITDA is a meaningful measure of park-level operating profitability and we use it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is provided in the discussion of results of operations that follows as a supplemental measure of the Partnership's operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. Adjusted EBITDA may not be comparable to similarly titled measures of other companies. A reconciliation of net income to Adjusted EBITDA is provided below.
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(6)
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Attendance includes number of guest visits to the Partnership's amusement parks and separately gated outdoor water parks.
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(7)
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In-park per capita spending is calculated as revenues generated within our amusement parks and separately gated outdoor water parks along with related tolls and parking revenues, excluding the expense remitted to others under concessionaire arrangements, divided by total attendance. Revenues from resort, marina, sponsorship, on-line advanced purchase transaction fees charged to customers and all other out-of-park operations are excluded from per capita statistics.
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Years Ended December 31,
|
||||||||||||||||||
(In thousands)
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2017
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2016
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2015
|
|
2014
|
|
2013
|
||||||||||
Net income
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$
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215,476
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|
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$
|
177,688
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$
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112,222
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$
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104,215
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|
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$
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108,204
|
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Interest expense
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|
85,603
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|
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83,863
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|
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86,849
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|
|
96,286
|
|
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103,071
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|
|||||
Interest income
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(855
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)
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(177
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)
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|
(64
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)
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(126
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)
|
|
(154
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)
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|||||
Provision for taxes
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1,112
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71,418
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22,192
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|
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9,885
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|
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20,243
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|
|||||
Depreciation and amortization
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|
153,222
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|
|
131,876
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125,631
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|
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124,286
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|
|
122,487
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|
|||||
EBITDA
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454,558
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|
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464,668
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346,830
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|
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334,546
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353,851
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|
|||||
Loss on early debt extinguishment
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23,121
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|
|
—
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|
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—
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|
|
29,261
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|
|
34,573
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|
|||||
Net effect of swaps
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|
(45
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)
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|
(1,197
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)
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|
(6,884
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)
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(2,062
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)
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6,883
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|
|||||
Non-cash foreign currency (gain) loss
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|
(29,041
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)
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|
(14,345
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)
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|
80,946
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40,883
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29,085
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|
|||||
Non-cash equity compensation expense
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|
13,789
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18,496
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15,470
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12,536
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5,535
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|
|||||
Loss on impairment/retirement of fixed assets, net
|
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12,728
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12,587
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20,873
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9,757
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2,539
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|
|||||
Gain on sale of other assets
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(1,877
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)
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|
—
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—
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(921
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)
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(8,743
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)
|
|||||
Employment practice litigation costs
|
|
4,867
|
|
|
—
|
|
|
259
|
|
|
4,953
|
|
|
—
|
|
|||||
Other
(1)
|
|
877
|
|
|
1,039
|
|
|
1,744
|
|
|
2,327
|
|
|
1,707
|
|
|||||
Adjusted EBITDA
|
|
$
|
478,977
|
|
|
$
|
481,248
|
|
|
$
|
459,238
|
|
|
$
|
431,280
|
|
|
$
|
425,430
|
|
|
|
Years Ended December 31,
|
|||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
|
(In thousands, except per capita spending and percentages)
|
|||||||||||||||||||
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Admissions
|
|
$
|
734,060
|
|
|
55.5
|
%
|
|
$
|
716,189
|
|
|
55.6
|
%
|
|
$
|
687,442
|
|
|
55.6
|
%
|
Food, merchandise and games
|
|
422,469
|
|
|
32.0
|
%
|
|
407,673
|
|
|
31.6
|
%
|
|
398,019
|
|
|
32.2
|
%
|
|||
Accommodations, extra-charge products and other
|
|
165,438
|
|
|
12.5
|
%
|
|
164,859
|
|
|
12.8
|
%
|
|
150,317
|
|
|
12.2
|
%
|
|||
Net revenues
|
|
1,321,967
|
|
|
100.0
|
%
|
|
1,288,721
|
|
|
100.0
|
%
|
|
1,235,778
|
|
|
100.0
|
%
|
|||
Operating costs and expenses
|
|
862,683
|
|
|
65.3
|
%
|
|
827,319
|
|
|
64.2
|
%
|
|
793,943
|
|
|
64.2
|
%
|
|||
Depreciation and amortization
|
|
153,222
|
|
|
11.6
|
%
|
|
131,876
|
|
|
10.2
|
%
|
|
125,631
|
|
|
10.2
|
%
|
|||
Loss on impairment / retirement of fixed assets, net
|
|
12,728
|
|
|
1.0
|
%
|
|
12,587
|
|
|
1.0
|
%
|
|
20,873
|
|
|
1.7
|
%
|
|||
Gain on sale of investment
|
|
(1,877
|
)
|
|
(0.1
|
)%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Operating income
|
|
295,211
|
|
|
22.3
|
%
|
|
316,939
|
|
|
24.6
|
%
|
|
295,331
|
|
|
23.9
|
%
|
|||
Interest and other expense, net
|
|
84,633
|
|
|
6.4
|
%
|
|
83,686
|
|
|
6.5
|
%
|
|
86,785
|
|
|
7.0
|
%
|
|||
Net effect of swaps
|
|
(45
|
)
|
|
—
|
%
|
|
(1,197
|
)
|
|
(0.1
|
)%
|
|
(6,884
|
)
|
|
(0.6
|
)%
|
|||
Loss on early debt extinguishment
|
|
23,121
|
|
|
1.7
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
(Gain) loss on foreign currency
|
|
(29,086
|
)
|
|
(2.2
|
)%
|
|
(14,656
|
)
|
|
(1.1
|
)%
|
|
81,016
|
|
|
6.6
|
%
|
|||
Provision for taxes
|
|
1,112
|
|
|
0.1
|
%
|
|
71,418
|
|
|
5.5
|
%
|
|
22,192
|
|
|
1.8
|
%
|
|||
Net income
|
|
$
|
215,476
|
|
|
16.3
|
%
|
|
$
|
177,688
|
|
|
13.8
|
%
|
|
$
|
112,222
|
|
|
9.1
|
%
|
Other data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Attendance
|
|
25,723
|
|
|
|
|
25,104
|
|
|
|
|
24,448
|
|
|
|
||||||
In-park per capita spending
|
|
$
|
47.30
|
|
|
|
|
$
|
46.90
|
|
|
|
|
$
|
46.20
|
|
|
|
|
|
|
|
|
|
Increase (Decrease)
|
|||||||||
|
|
12/31/2017
|
|
12/31/2016
|
|
$
|
|
%
|
|||||||
|
|
(Amounts in thousands, except for per capita spending)
|
|||||||||||||
Net revenues
|
|
$
|
1,321,967
|
|
|
$
|
1,288,721
|
|
|
$
|
33,246
|
|
|
2.6
|
%
|
Operating costs and expenses
|
|
862,683
|
|
|
827,319
|
|
|
35,364
|
|
|
4.3
|
%
|
|||
Depreciation and amortization
|
|
153,222
|
|
|
131,876
|
|
|
21,346
|
|
|
16.2
|
%
|
|||
Loss on impairment/retirement of fixed assets, net
|
|
12,728
|
|
|
12,587
|
|
|
141
|
|
|
N/M
|
|
|||
Gain on sale of investment
|
|
(1,877
|
)
|
|
—
|
|
|
(1,877
|
)
|
|
N/M
|
|
|||
Operating income
|
|
$
|
295,211
|
|
|
$
|
316,939
|
|
|
$
|
(21,728
|
)
|
|
(6.9
|
)%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
(1)
|
|
$
|
478,977
|
|
|
$
|
481,248
|
|
|
$
|
(2,271
|
)
|
|
(0.5
|
)%
|
Adjusted EBITDA margin
(2)
|
|
36.2
|
%
|
|
37.3
|
%
|
|
—
|
|
|
(1.1
|
)%
|
|||
Attendance
|
|
25,723
|
|
|
25,104
|
|
|
619
|
|
|
2.5
|
%
|
|||
In-park per capita spending
|
|
$
|
47.30
|
|
|
$
|
46.90
|
|
|
$
|
0.40
|
|
|
0.9
|
%
|
Out-of-park revenues
|
|
$
|
143,763
|
|
|
$
|
146,137
|
|
|
$
|
(2,374
|
)
|
|
(1.6
|
)%
|
|
|
|
|
|
|
Increase (Decrease)
|
|||||||||
|
|
12/31/2016
|
|
12/31/2015
|
|
$
|
|
%
|
|||||||
|
|
(Amounts in thousands, except for per capita spending)
|
|||||||||||||
Net revenues
|
|
$
|
1,288,721
|
|
|
$
|
1,235,778
|
|
|
$
|
52,943
|
|
|
4.3
|
%
|
Operating costs and expenses
|
|
827,319
|
|
|
793,943
|
|
|
33,376
|
|
|
4.2
|
%
|
|||
Depreciation and amortization
|
|
131,876
|
|
|
125,631
|
|
|
6,245
|
|
|
5.0
|
%
|
|||
Loss on impairment/retirement of fixed assets, net
|
|
12,587
|
|
|
20,873
|
|
|
(8,286
|
)
|
|
N/M
|
|
|||
Operating income
|
|
$
|
316,939
|
|
|
$
|
295,331
|
|
|
$
|
21,608
|
|
|
7.3
|
%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
(1)
|
|
$
|
481,248
|
|
|
$
|
459,238
|
|
|
$
|
22,010
|
|
|
4.8
|
%
|
Adjusted EBITDA margin
(2)
|
|
37.3
|
%
|
|
37.2
|
%
|
|
—
|
|
|
0.1
|
%
|
|||
Attendance
|
|
25,104
|
|
|
24,448
|
|
|
656
|
|
|
2.7
|
%
|
|||
In-park per capita spending
|
|
$
|
46.90
|
|
|
$
|
46.20
|
|
|
$
|
0.70
|
|
|
1.5
|
%
|
Out-of-park revenue
|
|
$
|
146,137
|
|
|
$
|
137,698
|
|
|
$
|
8,439
|
|
|
6.1
|
%
|
•
|
$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 and additional 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
December 31, 2017
.
|
•
|
No
borrowings under the
$275 million
senior secured revolving credit facility under our 2017 Credit Agreement with a Canadian sub-limit of
$15.0 million
. Borrowing 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.
|
|
Payments Due by Period
|
||||||||||||||||||
(In thousands)
|
Total
|
|
2018
|
|
2019-2020
|
|
2021-2022
|
|
2023 - Thereafter
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
(1)
|
$
|
2,313,385
|
|
|
$
|
92,722
|
|
|
$
|
197,843
|
|
|
$
|
172,156
|
|
|
$
|
1,850,664
|
|
Capital expenditures
(2)
|
63,296
|
|
|
40,716
|
|
|
22,580
|
|
|
—
|
|
|
—
|
|
|||||
Lease & other obligations
(3)
|
161,296
|
|
|
24,349
|
|
|
19,672
|
|
|
17,279
|
|
|
99,996
|
|
|||||
Total
|
$
|
2,537,977
|
|
|
$
|
157,787
|
|
|
$
|
240,095
|
|
|
$
|
189,435
|
|
|
$
|
1,950,660
|
|
(1)
|
Represents maturities and mandatory prepayments on long-term debt obligations, fixed interest on senior notes, variable interest on term debt assuming LIBOR interest rates as of December 31, 2017, and the impact of our various derivative contracts. See Note 5 to our Consolidated Financial Statements for further information.
|
(2)
|
Represents contractual obligations in place at year-end for the purchase of new rides, facilities, and attractions. Obligations not denominated in U.S. dollars have been converted based on the currency exchange rates as of
December 31, 2017
.
|
(3)
|
Represents contractual lease and purchase obligations in place at year-end.
|
Unaudited
(In thousands, except per unit amounts)
|
|
Net revenues
|
|
Operating income (loss)
|
|
Net income (loss)
|
|
Net income (loss) per limited partner unit-basic
|
|
Net income (loss) per limited partner unit-diluted
|
||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
1st Quarter
|
|
$
|
48,318
|
|
|
$
|
(75,961
|
)
|
|
$
|
(64,754
|
)
|
|
$
|
(1.16
|
)
|
|
$
|
(1.16
|
)
|
2nd Quarter
|
|
392,798
|
|
|
95,313
|
|
|
31,368
|
|
|
0.56
|
|
|
0.55
|
|
|||||
3rd Quarter
|
|
652,689
|
|
|
256,139
|
|
|
191,315
|
|
|
3.41
|
|
|
3.38
|
|
|||||
4th Quarter
(1)
|
|
228,162
|
|
|
19,720
|
|
|
57,547
|
|
|
1.03
|
|
|
1.01
|
|
|||||
2017 Total
|
|
$
|
1,321,967
|
|
|
$
|
295,211
|
|
|
$
|
215,476
|
|
|
3.84
|
|
|
3.79
|
|
||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
||||||||||
1st Quarter
|
|
$
|
58,438
|
|
|
$
|
(65,818
|
)
|
|
$
|
(48,486
|
)
|
|
$
|
(0.87
|
)
|
|
$
|
(0.87
|
)
|
2nd Quarter
|
|
388,034
|
|
|
94,858
|
|
|
57,983
|
|
|
1.04
|
|
|
1.03
|
|
|||||
3rd Quarter
|
|
650,283
|
|
|
267,795
|
|
|
174,987
|
|
|
3.13
|
|
|
3.10
|
|
|||||
4th Quarter
|
|
191,966
|
|
|
20,104
|
|
|
(6,796
|
)
|
|
(0.12
|
)
|
|
(0.12
|
)
|
|||||
2016 Total
|
|
$
|
1,288,721
|
|
|
$
|
316,939
|
|
|
$
|
177,688
|
|
|
3.18
|
|
|
3.14
|
|
(1)
|
The fourth quarter of 2017 includes a $62.7 million benefit for taxes compared with a $6.1 million provision for taxes for the fourth quarter of 2016 primarily due to a
$55.3 million
tax benefit recorded in 2017 related to the Tax Cuts and Jobs Act (refer to Note 9).
|
Note:
|
To assure that our highly seasonal operations will not result in misleading comparisons of interim periods, the Partnership has adopted the following reporting procedures: (a) seasonal operating costs are expensed over the operating season, including some costs incurred prior to the season, which are deferred and amortized over the season, and (b) all other costs are expensed as incurred or ratably over the entire year.
|
|
|
12/31/2017
|
|
12/31/2016
|
||||
ASSETS
|
|
|
|
|
||||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
166,245
|
|
|
$
|
122,716
|
|
Receivables
|
|
37,722
|
|
|
35,414
|
|
||
Inventories
|
|
29,719
|
|
|
26,276
|
|
||
Other current assets
|
|
13,297
|
|
|
11,270
|
|
||
|
|
246,983
|
|
|
195,676
|
|
||
Property and Equipment:
|
|
|
|
|
||||
Land
|
|
271,021
|
|
|
265,961
|
|
||
Land improvements
|
|
421,593
|
|
|
402,013
|
|
||
Buildings
|
|
693,899
|
|
|
663,982
|
|
||
Rides and equipment
|
|
1,740,653
|
|
|
1,643,770
|
|
||
Construction in progress
|
|
72,847
|
|
|
58,299
|
|
||
|
|
3,200,013
|
|
|
3,034,025
|
|
||
Less accumulated depreciation
|
|
(1,614,241
|
)
|
|
(1,494,805
|
)
|
||
|
|
1,585,772
|
|
|
1,539,220
|
|
||
Goodwill
|
|
183,830
|
|
|
179,660
|
|
||
Other Intangibles, net
|
|
38,064
|
|
|
37,837
|
|
||
Other Assets
|
|
9,510
|
|
|
20,788
|
|
||
|
|
$
|
2,064,159
|
|
|
$
|
1,973,181
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
||||
Current Liabilities:
|
|
|
|
|
||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
2,775
|
|
Accounts payable
|
|
24,621
|
|
|
20,851
|
|
||
Deferred revenue
|
|
86,131
|
|
|
82,765
|
|
||
Accrued interest
|
|
8,124
|
|
|
9,986
|
|
||
Accrued taxes
|
|
43,975
|
|
|
58,958
|
|
||
Accrued salaries, wages and benefits
|
|
18,740
|
|
|
30,358
|
|
||
Self-insurance reserves
|
|
25,107
|
|
|
27,063
|
|
||
Other accrued liabilities
|
|
18,796
|
|
|
9,927
|
|
||
|
|
225,494
|
|
|
242,683
|
|
||
Deferred Tax Liability
|
|
74,798
|
|
|
104,885
|
|
||
Derivative Liability
|
|
8,722
|
|
|
17,721
|
|
||
Other Liabilities
|
|
11,684
|
|
|
13,162
|
|
||
Long-Term Debt:
|
|
|
|
|
||||
Term debt
|
|
723,788
|
|
|
594,228
|
|
||
Notes
|
|
936,727
|
|
|
939,983
|
|
||
|
|
1,660,515
|
|
|
1,534,211
|
|
||
Commitments and Contingencies (Note 10)
|
|
|
|
|
||||
Partners’ Equity:
|
|
|
|
|
||||
Special L.P. interests
|
|
5,290
|
|
|
5,290
|
|
||
General partner
|
|
—
|
|
|
—
|
|
||
Limited partners, 56,359 and 56,201 units outstanding at December 31, 2017 and December 31, 2016, respectively
|
|
81,589
|
|
|
52,288
|
|
||
Accumulated other comprehensive income (loss)
|
|
(3,933
|
)
|
|
2,941
|
|
||
|
|
82,946
|
|
|
60,519
|
|
||
|
|
$
|
2,064,159
|
|
|
$
|
1,973,181
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
Net revenues:
|
|
|
|
|
|
|
||||||
Admissions
|
|
$
|
734,060
|
|
|
$
|
716,189
|
|
|
$
|
687,442
|
|
Food, merchandise and games
|
|
422,469
|
|
|
407,673
|
|
|
398,019
|
|
|||
Accommodations, extra-charge products and other
|
|
165,438
|
|
|
164,859
|
|
|
150,317
|
|
|||
|
|
1,321,967
|
|
|
1,288,721
|
|
|
1,235,778
|
|
|||
Costs and expenses:
|
|
|
|
|
|
|
||||||
Cost of food, merchandise and games revenues
|
|
110,811
|
|
|
106,608
|
|
|
104,827
|
|
|||
Operating expenses
|
|
558,102
|
|
|
538,881
|
|
|
517,626
|
|
|||
Selling, general and administrative
|
|
193,770
|
|
|
181,830
|
|
|
171,490
|
|
|||
Depreciation and amortization
|
|
153,222
|
|
|
131,876
|
|
|
125,631
|
|
|||
Loss on impairment / retirement of fixed assets, net
|
|
12,728
|
|
|
12,587
|
|
|
20,873
|
|
|||
Gain on sale of investment
|
|
(1,877
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
1,026,756
|
|
|
971,782
|
|
|
940,447
|
|
|||
Operating income
|
|
295,211
|
|
|
316,939
|
|
|
295,331
|
|
|||
Interest expense
|
|
85,603
|
|
|
83,863
|
|
|
86,849
|
|
|||
Net effect of swaps
|
|
(45
|
)
|
|
(1,197
|
)
|
|
(6,884
|
)
|
|||
Loss on early debt extinguishment
|
|
23,121
|
|
|
—
|
|
|
—
|
|
|||
(Gain) loss on foreign currency
|
|
(29,086
|
)
|
|
(14,656
|
)
|
|
81,016
|
|
|||
Other income
|
|
(970
|
)
|
|
(177
|
)
|
|
(64
|
)
|
|||
Income before taxes
|
|
216,588
|
|
|
249,106
|
|
|
134,414
|
|
|||
Provision for taxes
|
|
1,112
|
|
|
71,418
|
|
|
22,192
|
|
|||
Net income
|
|
215,476
|
|
|
177,688
|
|
|
112,222
|
|
|||
Net income allocated to general partner
|
|
2
|
|
|
2
|
|
|
1
|
|
|||
Net income allocated to limited partners
|
|
$
|
215,474
|
|
|
$
|
177,686
|
|
|
$
|
112,221
|
|
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
215,476
|
|
|
$
|
177,688
|
|
|
$
|
112,222
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
|
(14,849
|
)
|
|
(3,700
|
)
|
|
16,655
|
|
|||
Unrealized gain (loss) on cash flow hedging derivatives
|
|
7,975
|
|
|
3,350
|
|
|
(2,734
|
)
|
|||
Other comprehensive income (loss), (net of tax)
|
|
(6,874
|
)
|
|
(350
|
)
|
|
13,921
|
|
|||
Total comprehensive income
|
|
$
|
208,602
|
|
|
$
|
177,338
|
|
|
$
|
126,143
|
|
Basic earnings per limited partner unit:
|
|
|
|
|
|
|
||||||
Weighted average limited partner units outstanding
|
|
56,061
|
|
|
55,933
|
|
|
55,745
|
|
|||
Net income per limited partner unit
|
|
$
|
3.84
|
|
|
$
|
3.18
|
|
|
$
|
2.01
|
|
Diluted earnings per limited partner unit:
|
|
|
|
|
|
|
||||||
Weighted average limited partner units outstanding
|
|
56,800
|
|
|
56,562
|
|
|
56,362
|
|
|||
Net income per limited partner unit
|
|
$
|
3.79
|
|
|
$
|
3.14
|
|
|
$
|
1.99
|
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
215,476
|
|
|
$
|
177,688
|
|
|
$
|
112,222
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
153,222
|
|
|
131,876
|
|
|
125,631
|
|
|||
Loss on early debt extinguishment
|
|
23,121
|
|
|
—
|
|
|
—
|
|
|||
Non-cash foreign currency (gain) loss on debt
|
|
(30,912
|
)
|
|
(14,771
|
)
|
|
81,608
|
|
|||
Non-cash equity based compensation expense
|
|
13,434
|
|
|
11,878
|
|
|
10,998
|
|
|||
Non-cash deferred income tax expense (benefit)
|
|
(35,770
|
)
|
|
10,662
|
|
|
(16,056
|
)
|
|||
Other non-cash expenses
|
|
13,516
|
|
|
13,300
|
|
|
15,321
|
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
|
||||||
(Increase) decrease in receivables
|
|
(2,195
|
)
|
|
(5,887
|
)
|
|
(2,276
|
)
|
|||
(Increase) decrease in inventories
|
|
(3,332
|
)
|
|
(1,208
|
)
|
|
607
|
|
|||
(Increase) decrease in other assets
|
|
(40
|
)
|
|
(53
|
)
|
|
(875
|
)
|
|||
Increase (decrease) in accounts payable
|
|
1,906
|
|
|
(407
|
)
|
|
3,243
|
|
|||
Increase (decrease) in deferred revenue
|
|
2,964
|
|
|
13,099
|
|
|
9,149
|
|
|||
Increase (decrease) in accrued interest
|
|
(2,002
|
)
|
|
13
|
|
|
359
|
|
|||
Increase (decrease) in accrued taxes
|
|
(15,398
|
)
|
|
16,888
|
|
|
20,965
|
|
|||
Increase (decrease) in accrued salaries and wages
|
|
(8,004
|
)
|
|
5,804
|
|
|
(6,997
|
)
|
|||
Increase (decrease) in self-insurance reserves
|
|
(2,055
|
)
|
|
3,026
|
|
|
881
|
|
|||
Increase (decrease) in other liabilities
|
|
7,248
|
|
|
(3,561
|
)
|
|
(8,830
|
)
|
|||
Net cash from operating activities
|
|
331,179
|
|
|
358,347
|
|
|
345,950
|
|
|||
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
|
|
|
||||||
Capital expenditures
|
|
$
|
(188,084
|
)
|
|
$
|
(160,656
|
)
|
|
$
|
(175,865
|
)
|
Sale (purchase) of preferred equity investment
|
|
3,281
|
|
|
—
|
|
|
(2,000
|
)
|
|||
Purchase of identifiable intangible assets
|
|
(66
|
)
|
|
(577
|
)
|
|
—
|
|
|||
Net cash for investing activities
|
|
(184,869
|
)
|
|
(161,233
|
)
|
|
(177,865
|
)
|
|||
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
|
|
(194,756
|
)
|
|
(187,182
|
)
|
|
(172,614
|
)
|
|||
Payment of debt issuance costs
|
|
(19,809
|
)
|
|
—
|
|
|
—
|
|
|||
Exercise of limited partnership unit options
|
|
65
|
|
|
—
|
|
|
—
|
|
|||
Tax effect of units involved in treasury unit transactions
|
|
(4,440
|
)
|
|
(422
|
)
|
|
(1,589
|
)
|
|||
Payments related to tax withholding for equity compensation
|
|
(4,173
|
)
|
|
(920
|
)
|
|
(3,733
|
)
|
|||
Net cash for financing activities
|
|
(106,421
|
)
|
|
(194,524
|
)
|
|
(177,936
|
)
|
|||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
3,640
|
|
|
569
|
|
|
(2,432
|
)
|
|||
Net increase (decrease) for the year
|
|
43,529
|
|
|
3,159
|
|
|
(12,283
|
)
|
|||
Balance, beginning of year
|
|
122,716
|
|
|
119,557
|
|
|
131,840
|
|
|||
Balance, end of year
|
|
$
|
166,245
|
|
|
$
|
122,716
|
|
|
$
|
119,557
|
|
|
|
|
|
|
|
|
||||||
SUPPLEMENTAL INFORMATION
|
|
|
|
|
|
|
||||||
Net cash payments for interest expense
|
|
$
|
85,975
|
|
|
$
|
82,015
|
|
|
$
|
84,963
|
|
Interest capitalized
|
|
2,524
|
|
|
2,331
|
|
|
3,094
|
|
|||
Cash payments for income taxes, net of refunds
|
|
55,989
|
|
|
44,502
|
|
|
19,976
|
|
|||
Capital expenditures in accounts payable
|
|
5,365
|
|
|
5,425
|
|
|
2,357
|
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
||||||
Limited Partnership Units Outstanding
|
|
|
|
|
|
||||||
Beginning balance
|
56,201
|
|
|
56,018
|
|
|
55,828
|
|
|||
Limited partnership unit options exercised
|
11
|
|
|
46
|
|
|
50
|
|
|||
Limited partnership unit forfeitures
|
(3
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Issuance of limited partnership units related to compensation
|
150
|
|
|
138
|
|
|
141
|
|
|||
|
56,359
|
|
|
56,201
|
|
|
56,018
|
|
|||
Limited Partners’ Equity
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
52,288
|
|
|
$
|
48,428
|
|
|
$
|
101,556
|
|
Net income
|
215,474
|
|
|
177,686
|
|
|
112,221
|
|
|||
Partnership distribution declared (2017 - $3.455; 2016 - $3.330; 2015 - $3.075)
|
(194,754
|
)
|
|
(187,180
|
)
|
|
(172,614
|
)
|
|||
Expense recognized for limited partnership unit options
|
—
|
|
|
5
|
|
|
580
|
|
|||
Limited partnership unit options exercised
|
65
|
|
|
—
|
|
|
—
|
|
|||
Tax effect of units involved in treasury unit transactions
|
(4,440
|
)
|
|
(422
|
)
|
|
(1,589
|
)
|
|||
Issuance of limited partnership units related to compensation
|
12,956
|
|
|
13,771
|
|
|
8,274
|
|
|||
|
81,589
|
|
|
52,288
|
|
|
48,428
|
|
|||
General Partner’s Equity
|
|
|
|
|
|
||||||
Beginning balance
|
—
|
|
|
—
|
|
|
1
|
|
|||
Net income
|
2
|
|
|
2
|
|
|
1
|
|
|||
Partnership distribution declared
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|||
|
—
|
|
|
—
|
|
|
—
|
|
|||
Special L.P. Interests
|
5,290
|
|
|
5,290
|
|
|
5,290
|
|
|||
|
|
|
|
|
|
||||||
Accumulated Other Comprehensive Income (Loss)
|
|
|
|
|
|
||||||
Foreign currency translation adjustment
|
|
|
|
|
|
||||||
Beginning balance
|
18,891
|
|
|
22,591
|
|
|
5,936
|
|
|||
Period activity, net of tax (($4,330) in 2017; $2,127 in 2016; ($9,050) in 2015)
|
(14,849
|
)
|
|
(3,700
|
)
|
|
16,655
|
|
|||
|
4,042
|
|
|
18,891
|
|
|
22,591
|
|
|||
Unrealized loss on cash flow hedging derivatives:
|
|
|
|
|
|
||||||
Beginning balance
|
(15,950
|
)
|
|
(19,300
|
)
|
|
(16,566
|
)
|
|||
Period activity, net of tax (($1,484) in 2017; ($650) in 2016; $625 in 2015)
|
7,975
|
|
|
3,350
|
|
|
(2,734
|
)
|
|||
|
(7,975
|
)
|
|
(15,950
|
)
|
|
(19,300
|
)
|
|||
|
(3,933
|
)
|
|
2,941
|
|
|
3,291
|
|
|||
Total Partners’ Equity
|
$
|
82,946
|
|
|
$
|
60,519
|
|
|
$
|
57,009
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
(Gain) loss on foreign currency related to re-measurement of U.S. dollar denominated debt held in Canada
|
|
$
|
(30,912
|
)
|
|
$
|
(14,771
|
)
|
|
$
|
81,608
|
|
(Gain) loss on other transactions
|
|
$
|
1,826
|
|
|
$
|
115
|
|
|
$
|
(592
|
)
|
(Gain) loss on foreign currency
|
|
$
|
(29,086
|
)
|
|
$
|
(14,656
|
)
|
|
$
|
81,016
|
|
Land improvements
|
Approximately
|
|
25 years
|
Buildings
|
25 years
|
-
|
40 years
|
Rides
|
Approximately
|
|
20 years
|
Equipment
|
3 years
|
-
|
10 years
|
|
|
Years Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(In thousands, except per unit amounts)
|
||||||||||
Basic weighted average units outstanding
|
|
56,061
|
|
|
55,933
|
|
|
55,745
|
|
|||
Effect of dilutive units:
|
|
|
|
|
|
|
||||||
Deferred units (Note 7)
|
|
42
|
|
|
31
|
|
|
23
|
|
|||
Performance units (Note 7)
|
|
188
|
|
|
181
|
|
|
72
|
|
|||
Restricted units (Note 7)
|
|
324
|
|
|
288
|
|
|
358
|
|
|||
Unit options (Note 7)
|
|
185
|
|
|
129
|
|
|
141
|
|
|||
Phantom units (Note 7)
|
|
—
|
|
|
—
|
|
|
23
|
|
|||
Diluted weighted average units outstanding
|
|
56,800
|
|
|
56,562
|
|
|
56,362
|
|
|||
Net income per unit - basic
|
|
$
|
3.84
|
|
|
$
|
3.18
|
|
|
$
|
2.01
|
|
Net income per unit - diluted
|
|
$
|
3.79
|
|
|
$
|
3.14
|
|
|
$
|
1.99
|
|
(In thousands)
|
|
Goodwill
(gross)
|
|
Accumulated
Impairment
Losses
|
|
Goodwill
(net)
|
||||||
Balance at December 31, 2015
|
|
$
|
290,679
|
|
|
$
|
(79,868
|
)
|
|
$
|
210,811
|
|
Deferred income tax adjustment related to Canadian disregarded entity
(1)
|
|
(33,945
|
)
|
|
—
|
|
|
(33,945
|
)
|
|||
Foreign currency exchange translation
|
|
2,794
|
|
|
—
|
|
|
2,794
|
|
|||
Balance at December 31, 2016
|
|
259,528
|
|
|
(79,868
|
)
|
|
179,660
|
|
|||
Foreign currency exchange translation
|
|
4,170
|
|
|
—
|
|
|
4,170
|
|
|||
Balance at December 31, 2017
|
|
$
|
263,698
|
|
|
$
|
(79,868
|
)
|
|
$
|
183,830
|
|
(1)
|
See Note 9 to the Consolidated Financial Statements.
|
(In thousands)
|
|
Weighted Average Amortization Period
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
|||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|||||||
Other intangible assets:
|
|
|
|
|
|
|
|
|
|||||||
Trade names
|
|
—
|
|
|
$
|
36,531
|
|
|
$
|
—
|
|
|
$
|
36,531
|
|
License / franchise agreements
|
|
5.9 years
|
|
|
3,360
|
|
|
(1,827
|
)
|
|
1,533
|
|
|||
Total other intangible assets
|
|
|
|
$
|
39,891
|
|
|
$
|
(1,827
|
)
|
|
$
|
38,064
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|||||||
Other intangible assets:
|
|
|
|
|
|
|
|
|
|||||||
Trade names
|
|
—
|
|
|
$
|
35,603
|
|
|
$
|
—
|
|
|
$
|
35,603
|
|
License / franchise agreements
|
|
5.4 years
|
|
|
3,326
|
|
|
(1,092
|
)
|
|
2,234
|
|
|||
Total other intangible assets
|
|
|
|
$
|
38,929
|
|
|
$
|
(1,092
|
)
|
|
$
|
37,837
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
(In thousands)
|
|
|
|
|
||||
Term debt
(1)
|
|
|
|
|
||||
April 2017 U.S. term loan averaging 3.43% (due 2017-2024)
|
|
$
|
735,000
|
|
|
$
|
—
|
|
March 2013 U.S. term loan averaging 3.25% (due 2013-2020)
|
|
—
|
|
|
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
|
|
||
March 2013 U.S. fixed rate notes at 5.25% (due 2021)
|
|
—
|
|
|
500,000
|
|
||
|
|
1,685,000
|
|
|
1,552,850
|
|
||
Less current portion
|
|
—
|
|
|
(2,775
|
)
|
||
|
|
1,685,000
|
|
|
1,550,075
|
|
||
Less debt issuance costs
|
|
(24,485
|
)
|
|
(15,864
|
)
|
||
|
|
$
|
1,660,515
|
|
|
$
|
1,534,211
|
|
(1)
|
The average interest rates are calculated over the life of the instrument and do not reflect the effect of interest rate swap agreements (see Note 6 to the Consolidated Financial Statements).
|
(In thousands)
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
&
Beyond
|
|
Total
|
||||||||||||||
April 2017 U.S. term loan averaging 3.43% (due 2017-2024)
|
$
|
—
|
|
|
$
|
5,625
|
|
|
$
|
7,500
|
|
|
$
|
7,500
|
|
|
$
|
7,500
|
|
|
$
|
706,875
|
|
|
$
|
735,000
|
|
(In thousands)
|
December 31, 2017
|
|
December 31, 2016
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
||||
Interest rate swaps
|
$
|
(8,722
|
)
|
|
$
|
(17,721
|
)
|
(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
|
|
Year ended 12/31/17
|
|
Year ended 12/31/16
|
|
Designated Derivatives
|
|
Year ended 12/31/17
|
|
Year ended 12/31/16
|
|
Derivatives
Not Designated
|
|
Year ended 12/31/17
|
|
Year ended 12/31/16
|
||||||||||||
Interest rate swaps
|
|
$
|
—
|
|
|
$
|
(4,671
|
)
|
|
Interest Expense
|
|
$
|
—
|
|
|
$
|
(851
|
)
|
|
Net effect of swaps
|
|
$
|
9,504
|
|
|
$
|
9,868
|
|
|
|
Years Ended December 31,
|
||||||||||
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
Awards Payable in Cash or Equity
|
|
|
|
|
|
|
|
|||||
Phantom units
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
788
|
|
Performance units
|
|
507
|
|
|
4,586
|
|
|
8,041
|
|
|||
Deferred units
|
|
627
|
|
|
993
|
|
|
794
|
|
|||
Awards Payable in Equity
|
|
|
|
|
|
|
||||||
Performance units
|
|
8,822
|
|
|
7,519
|
|
|
3,677
|
|
|||
Restricted units
|
|
4,612
|
|
|
3,856
|
|
|
4,075
|
|
|||
Unit Options
|
|
—
|
|
|
5
|
|
|
580
|
|
|||
Total equity-based compensation expense
|
|
$
|
14,568
|
|
|
$
|
16,959
|
|
|
$
|
17,955
|
|
(In thousands, except per unit amounts)
|
|
Number of Units
|
|
Weighted Average Grant Date Fair Value Per Unit
|
|||
Outstanding deferred units at December 31, 2016
|
|
35
|
|
|
$
|
53.51
|
|
Granted
(1)
|
|
9
|
|
|
$
|
62.71
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
Outstanding deferred units at December 31, 2017
|
|
44
|
|
|
$
|
55.41
|
|
(In thousands, except per unit amounts)
|
|
Number of Units
|
|
Weighted Average Grant Date Fair Value Per Unit
|
|||
Unvested performance units at December 31, 2016
|
|
488
|
|
|
$
|
55.32
|
|
Granted
(1)
|
|
112
|
|
|
$
|
61.79
|
|
Forfeited
|
|
(6
|
)
|
|
$
|
56.78
|
|
Vested
|
|
(62
|
)
|
|
$
|
50.95
|
|
Unvested performance units at December 31, 2017
|
|
532
|
|
|
$
|
57.18
|
|
(In thousands, except per unit amounts)
|
|
Number of Units
|
|
Weighted Average Grant Date Fair Value Per Unit
|
|||
Unvested restricted units at December 31, 2016
|
|
225
|
|
|
$
|
57.09
|
|
Granted
|
|
98
|
|
|
$
|
63.12
|
|
Forfeited
|
|
(3
|
)
|
|
$
|
57.53
|
|
Vested
|
|
(68
|
)
|
|
$
|
55.93
|
|
Unvested restricted units at December 31, 2017
|
|
252
|
|
|
$
|
59.75
|
|
|
|
2017
|
|
2016
|
|||||||||||
(In thousands, except per unit amounts)
|
|
Unit Options
|
|
Weighted Average Exercise Price
|
|
Unit Options
|
|
Weighted Average Exercise Price
|
|||||||
Outstanding, beginning of year
|
|
400
|
|
|
$
|
34.42
|
|
|
507
|
|
|
$
|
34.50
|
|
|
Exercised
|
|
(20
|
)
|
|
31.85
|
|
|
(107
|
)
|
|
34.80
|
|
|||
Forfeited
|
|
(6
|
)
|
|
35.05
|
|
|
—
|
|
|
—
|
|
|||
Outstanding, end of year
|
|
374
|
|
|
$
|
34.55
|
|
|
400
|
|
|
$
|
34.42
|
|
|
Options exercisable, end of year
|
|
374
|
|
|
$
|
34.55
|
|
|
400
|
|
|
$
|
34.42
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted Average Remaining Contractual Life
|
|
4.9 years
|
|
|
|
|
|
|
|
||||||
Aggregate intrinsic value
|
|
$
|
11,373
|
|
|
|
|
|
|
|
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
|||||||
Domestic
|
|
$
|
171,382
|
|
|
$
|
223,626
|
|
|
$
|
209,268
|
|
Foreign
|
|
45,206
|
|
|
25,480
|
|
|
(74,854
|
)
|
|||
Total income before taxes
|
|
$
|
216,588
|
|
|
$
|
249,106
|
|
|
$
|
134,414
|
|
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
|||||||
Income taxes:
|
|
|
|
|
|
|
||||||
Current federal
|
|
$
|
18,640
|
|
|
$
|
40,440
|
|
|
$
|
22,232
|
|
Current state and local
|
|
4,631
|
|
|
5,729
|
|
|
3,767
|
|
|||
Current foreign
|
|
2,501
|
|
|
3,188
|
|
|
530
|
|
|||
Total current
|
|
25,772
|
|
|
49,357
|
|
|
26,529
|
|
|||
Deferred federal, state and local
|
|
(41,133
|
)
|
|
5,766
|
|
|
4,842
|
|
|||
Deferred foreign
|
|
5,363
|
|
|
4,896
|
|
|
(20,898
|
)
|
|||
Total deferred
|
|
(35,770
|
)
|
|
10,662
|
|
|
(16,056
|
)
|
|||
Total provision (benefit) for income taxes
|
|
$
|
(9,998
|
)
|
|
$
|
60,019
|
|
|
$
|
10,473
|
|
(In thousands)
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
|||||||
Income tax provision based on the U.S. federal statutory tax rate
|
|
$
|
75,806
|
|
|
$
|
87,187
|
|
|
$
|
47,045
|
|
Partnership income not includible in corporate income
|
|
(23,644
|
)
|
|
(38,702
|
)
|
|
(39,279
|
)
|
|||
State and local taxes, net of federal income tax benefit
|
|
4,878
|
|
|
6,323
|
|
|
3,504
|
|
|||
Valuation allowance
|
|
(119
|
)
|
|
(1,473
|
)
|
|
—
|
|
|||
Tax credits
|
|
(1,063
|
)
|
|
(1,066
|
)
|
|
(1,253
|
)
|
|||
Change in U.S. tax law
|
|
(54,171
|
)
|
|
7,366
|
|
|
—
|
|
|||
Foreign currency translation (gains) losses
|
|
(10,756
|
)
|
|
—
|
|
|
—
|
|
|||
Nondeductible expenses and other
|
|
(929
|
)
|
|
384
|
|
|
456
|
|
|||
Total provision (benefit) for income taxes
|
|
$
|
(9,998
|
)
|
|
$
|
60,019
|
|
|
$
|
10,473
|
|
(In thousands)
|
|
2017
|
|
2016
|
||||
|
|
|
|
|||||
Deferred tax assets:
|
|
|
|
|
||||
Compensation
|
|
$
|
9,022
|
|
|
$
|
15,716
|
|
Accrued expenses
|
|
4,647
|
|
|
6,875
|
|
||
Foreign tax credits
|
|
8,654
|
|
|
7,679
|
|
||
Tax attribute carryforwards
|
|
2,016
|
|
|
1,987
|
|
||
Derivatives
|
|
938
|
|
|
2,698
|
|
||
Foreign currency
|
|
5,443
|
|
|
10,414
|
|
||
Deferred revenue
|
|
2,653
|
|
|
4,455
|
|
||
Deferred tax assets
|
|
33,373
|
|
|
49,824
|
|
||
Valuation allowance
|
|
(4,088
|
)
|
|
(4,207
|
)
|
||
Net deferred tax assets
|
|
29,285
|
|
|
45,617
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Property
|
|
(91,730
|
)
|
|
(136,831
|
)
|
||
Intangibles
|
|
(12,353
|
)
|
|
(13,671
|
)
|
||
Deferred tax liabilities
|
|
(104,083
|
)
|
|
(150,502
|
)
|
||
Net deferred tax liability
|
|
$
|
(74,798
|
)
|
|
$
|
(104,885
|
)
|
(In thousands)
|
|
Unrecognized Tax Benefits
|
||
Balance at December 31, 2015
|
|
$
|
1,100
|
|
Increase from 2016 tax positions
|
|
—
|
|
|
Increase from 2015 tax positions
|
|
100
|
|
|
Decrease from settlements with taxing authority
|
|
—
|
|
|
Decrease from expiration of statute of limitations
|
|
(300
|
)
|
|
Balance at December 31, 2016
|
|
900
|
|
|
Increase from 2017 tax positions
|
|
—
|
|
|
Increase from 2016 tax positions
|
|
100
|
|
|
Decrease from settlements with taxing authority
|
|
—
|
|
|
Decrease from expiration of statute of limitations
|
|
(300
|
)
|
|
Balance at December 31, 2017
|
|
$
|
700
|
|
(In thousands)
|
Future Minimum Lease Payments
|
||
Year:
|
|
||
2018
|
$
|
8,720
|
|
2019
|
7,592
|
|
|
2020
|
6,527
|
|
|
2021
|
5,937
|
|
|
2022
|
5,684
|
|
|
Thereafter
|
91,321
|
|
|
Total
|
$
|
125,781
|
|
•
|
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.
|
(1)
|
Carrying values of long-term debt balances are before reductions of debt issuance costs of
$24.5 million
and
$15.9 million
as of
December 31, 2017
and
December 31, 2016
, respectively.
|
(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.
|
(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.
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85,758
|
|
|
$
|
81,582
|
|
|
$
|
(1,095
|
)
|
|
$
|
166,245
|
|
Receivables
|
|
—
|
|
|
1,184
|
|
|
15,574
|
|
|
857,205
|
|
|
(836,241
|
)
|
|
37,722
|
|
||||||
Inventories
|
|
—
|
|
|
—
|
|
|
1,891
|
|
|
27,828
|
|
|
—
|
|
|
29,719
|
|
||||||
Other current assets
|
|
164
|
|
|
28,297
|
|
|
3,454
|
|
|
10,983
|
|
|
(29,601
|
)
|
|
13,297
|
|
||||||
|
|
164
|
|
|
29,481
|
|
|
106,677
|
|
|
977,598
|
|
|
(866,937
|
)
|
|
246,983
|
|
||||||
Property and Equipment, net
|
|
—
|
|
|
835
|
|
|
181,673
|
|
|
1,403,264
|
|
|
—
|
|
|
1,585,772
|
|
||||||
Investment in Park
|
|
588,684
|
|
|
1,045,640
|
|
|
238,132
|
|
|
234,238
|
|
|
(2,106,694
|
)
|
|
—
|
|
||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
63,551
|
|
|
119,605
|
|
|
—
|
|
|
183,830
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
14,177
|
|
|
23,887
|
|
|
—
|
|
|
38,064
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
20,956
|
|
|
—
|
|
|
—
|
|
|
(20,956
|
)
|
|
—
|
|
||||||
Other Assets
|
|
—
|
|
|
—
|
|
|
40
|
|
|
9,470
|
|
|
—
|
|
|
9,510
|
|
||||||
|
|
$
|
589,522
|
|
|
$
|
1,096,912
|
|
|
$
|
604,250
|
|
|
$
|
2,768,062
|
|
|
$
|
(2,994,587
|
)
|
|
$
|
2,064,159
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
|
$
|
497,558
|
|
|
$
|
344,410
|
|
|
$
|
1,379
|
|
|
$
|
18,610
|
|
|
$
|
(837,336
|
)
|
|
$
|
24,621
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
6,237
|
|
|
79,894
|
|
|
—
|
|
|
86,131
|
|
||||||
Accrued interest
|
|
27
|
|
|
18
|
|
|
2,055
|
|
|
6,024
|
|
|
—
|
|
|
8,124
|
|
||||||
Accrued taxes
|
|
352
|
|
|
—
|
|
|
—
|
|
|
73,224
|
|
|
(29,601
|
)
|
|
43,975
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
17,498
|
|
|
1,242
|
|
|
—
|
|
|
—
|
|
|
18,740
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
10,947
|
|
|
1,618
|
|
|
12,542
|
|
|
—
|
|
|
25,107
|
|
||||||
Other accrued liabilities
|
|
3,406
|
|
|
5,094
|
|
|
157
|
|
|
10,139
|
|
|
—
|
|
|
18,796
|
|
||||||
|
|
501,343
|
|
|
377,967
|
|
|
12,688
|
|
|
200,433
|
|
|
(866,937
|
)
|
|
225,494
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
13,809
|
|
|
81,945
|
|
|
(20,956
|
)
|
|
74,798
|
|
||||||
Derivative Liability
|
|
5,233
|
|
|
3,489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,722
|
|
||||||
Other Liabilities
|
|
—
|
|
|
873
|
|
|
—
|
|
|
10,811
|
|
|
—
|
|
|
11,684
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt
|
|
—
|
|
|
127,437
|
|
|
—
|
|
|
596,351
|
|
|
—
|
|
|
723,788
|
|
||||||
Notes
|
|
—
|
|
|
—
|
|
|
445,156
|
|
|
491,571
|
|
|
—
|
|
|
936,727
|
|
||||||
|
|
—
|
|
|
127,437
|
|
|
445,156
|
|
|
1,087,922
|
|
|
—
|
|
|
1,660,515
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
82,946
|
|
|
587,146
|
|
|
132,597
|
|
|
1,386,951
|
|
|
(2,106,694
|
)
|
|
82,946
|
|
||||||
|
|
$
|
589,522
|
|
|
$
|
1,096,912
|
|
|
$
|
604,250
|
|
|
$
|
2,768,062
|
|
|
$
|
(2,994,587
|
)
|
|
$
|
2,064,159
|
|
|
|
Cedar Fair L.P. (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
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
104,080
|
|
|
$
|
317,496
|
|
|
$
|
127,929
|
|
|
$
|
1,239,067
|
|
|
$
|
(466,605
|
)
|
|
$
|
1,321,967
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
11,483
|
|
|
99,328
|
|
|
—
|
|
|
110,811
|
|
||||||
Operating expenses
|
|
—
|
|
|
313,654
|
|
|
44,990
|
|
|
666,063
|
|
|
(466,605
|
)
|
|
558,102
|
|
||||||
Selling, general and administrative
|
|
3,007
|
|
|
67,872
|
|
|
10,497
|
|
|
112,394
|
|
|
—
|
|
|
193,770
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
33
|
|
|
15,654
|
|
|
137,535
|
|
|
—
|
|
|
153,222
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
656
|
|
|
12,072
|
|
|
—
|
|
|
12,728
|
|
||||||
Gain on sale of investment
|
|
—
|
|
|
(1,877
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,877
|
)
|
||||||
|
|
3,007
|
|
|
379,682
|
|
|
83,280
|
|
|
1,027,392
|
|
|
(466,605
|
)
|
|
1,026,756
|
|
||||||
Operating income (loss)
|
|
101,073
|
|
|
(62,186
|
)
|
|
44,649
|
|
|
211,675
|
|
|
—
|
|
|
295,211
|
|
||||||
Interest expense, net
|
|
23,739
|
|
|
18,837
|
|
|
24,839
|
|
|
17,333
|
|
|
—
|
|
|
84,748
|
|
||||||
Net effect of swaps
|
|
(150
|
)
|
|
105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45
|
)
|
||||||
Loss on early debt extinguishment
|
|
11,773
|
|
|
8,188
|
|
|
205
|
|
|
2,955
|
|
|
—
|
|
|
23,121
|
|
||||||
Gain on foreign currency
|
|
—
|
|
|
(25
|
)
|
|
(29,061
|
)
|
|
—
|
|
|
—
|
|
|
(29,086
|
)
|
||||||
Other (income) expense
|
|
250
|
|
|
(73,581
|
)
|
|
3,460
|
|
|
69,756
|
|
|
—
|
|
|
(115
|
)
|
||||||
Income from investment in affiliates
|
|
(160,925
|
)
|
|
(176,698
|
)
|
|
(38,057
|
)
|
|
(84,398
|
)
|
|
460,078
|
|
|
—
|
|
||||||
Income before taxes
|
|
226,386
|
|
|
160,988
|
|
|
83,263
|
|
|
206,029
|
|
|
(460,078
|
)
|
|
216,588
|
|
||||||
Provision (benefit) for taxes
|
|
10,910
|
|
|
60
|
|
|
(1,134
|
)
|
|
(8,724
|
)
|
|
—
|
|
|
1,112
|
|
||||||
Net income
|
|
$
|
215,476
|
|
|
$
|
160,928
|
|
|
$
|
84,397
|
|
|
$
|
214,753
|
|
|
$
|
(460,078
|
)
|
|
$
|
215,476
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cumulative foreign currency translation adjustment
|
|
(14,849
|
)
|
|
—
|
|
|
(14,849
|
)
|
|
—
|
|
|
14,849
|
|
|
(14,849
|
)
|
||||||
Unrealized gain on cash flow hedging derivatives
|
|
7,975
|
|
|
2,422
|
|
|
—
|
|
|
—
|
|
|
(2,422
|
)
|
|
7,975
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
(6,874
|
)
|
|
2,422
|
|
|
(14,849
|
)
|
|
—
|
|
|
12,427
|
|
|
(6,874
|
)
|
||||||
Total comprehensive income
|
|
$
|
208,602
|
|
|
$
|
163,350
|
|
|
$
|
69,548
|
|
|
$
|
214,753
|
|
|
$
|
(447,651
|
)
|
|
$
|
208,602
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
144,042
|
|
|
$
|
320,945
|
|
|
$
|
117,962
|
|
|
$
|
1,234,075
|
|
|
$
|
(528,303
|
)
|
|
$
|
1,288,721
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
9,868
|
|
|
96,740
|
|
|
—
|
|
|
106,608
|
|
||||||
Operating expenses
|
|
—
|
|
|
303,974
|
|
|
42,820
|
|
|
720,390
|
|
|
(528,303
|
)
|
|
538,881
|
|
||||||
Selling, general and administrative
|
|
3,029
|
|
|
68,422
|
|
|
10,151
|
|
|
100,228
|
|
|
—
|
|
|
181,830
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
35
|
|
|
14,816
|
|
|
117,025
|
|
|
—
|
|
|
131,876
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
159
|
|
|
12,428
|
|
|
—
|
|
|
12,587
|
|
||||||
|
|
3,029
|
|
|
372,431
|
|
|
77,814
|
|
|
1,046,811
|
|
|
(528,303
|
)
|
|
971,782
|
|
||||||
Operating income (loss)
|
|
141,013
|
|
|
(51,486
|
)
|
|
40,148
|
|
|
187,264
|
|
|
—
|
|
|
316,939
|
|
||||||
Interest expense, net
|
|
32,643
|
|
|
24,114
|
|
|
25,403
|
|
|
1,526
|
|
|
—
|
|
|
83,686
|
|
||||||
Net effect of swaps
|
|
(473
|
)
|
|
(724
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,197
|
)
|
||||||
(Gain) loss on foreign currency
|
|
—
|
|
|
—
|
|
|
(14,660
|
)
|
|
4
|
|
|
—
|
|
|
(14,656
|
)
|
||||||
Other (income) expense
|
|
250
|
|
|
(83,657
|
)
|
|
3,925
|
|
|
79,482
|
|
|
—
|
|
|
—
|
|
||||||
Income from investment in affiliates
|
|
(80,295
|
)
|
|
(73,132
|
)
|
|
(20,545
|
)
|
|
(27,628
|
)
|
|
201,600
|
|
|
—
|
|
||||||
Income before taxes
|
|
188,888
|
|
|
81,913
|
|
|
46,025
|
|
|
133,880
|
|
|
(201,600
|
)
|
|
249,106
|
|
||||||
Provision for taxes
|
|
11,200
|
|
|
1,621
|
|
|
18,396
|
|
|
40,201
|
|
|
—
|
|
|
71,418
|
|
||||||
Net income
|
|
$
|
177,688
|
|
|
$
|
80,292
|
|
|
$
|
27,629
|
|
|
$
|
93,679
|
|
|
$
|
(201,600
|
)
|
|
$
|
177,688
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cumulative foreign currency translation adjustment
|
|
(3,700
|
)
|
|
—
|
|
|
(3,700
|
)
|
|
—
|
|
|
3,700
|
|
|
(3,700
|
)
|
||||||
Unrealized gain on cash flow hedging derivatives
|
|
3,350
|
|
|
1,060
|
|
|
—
|
|
|
—
|
|
|
(1,060
|
)
|
|
3,350
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
(350
|
)
|
|
1,060
|
|
|
(3,700
|
)
|
|
—
|
|
|
2,640
|
|
|
(350
|
)
|
||||||
Total comprehensive income
|
|
$
|
177,338
|
|
|
$
|
81,352
|
|
|
$
|
23,929
|
|
|
$
|
93,679
|
|
|
$
|
(198,960
|
)
|
|
$
|
177,338
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
145,571
|
|
|
$
|
240,817
|
|
|
$
|
112,217
|
|
|
$
|
1,118,384
|
|
|
$
|
(381,211
|
)
|
|
$
|
1,235,778
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
372
|
|
|
8,878
|
|
|
95,577
|
|
|
—
|
|
|
104,827
|
|
||||||
Operating expenses
|
|
1,063
|
|
|
179,139
|
|
|
42,814
|
|
|
675,821
|
|
|
(381,211
|
)
|
|
517,626
|
|
||||||
Selling, general and administrative
|
|
3,081
|
|
|
55,551
|
|
|
10,358
|
|
|
102,500
|
|
|
—
|
|
|
171,490
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
37
|
|
|
14,326
|
|
|
111,268
|
|
|
—
|
|
|
125,631
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
417
|
|
|
20,456
|
|
|
—
|
|
|
20,873
|
|
||||||
|
|
4,144
|
|
|
235,099
|
|
|
76,793
|
|
|
1,005,622
|
|
|
(381,211
|
)
|
|
940,447
|
|
||||||
Operating income
|
|
141,427
|
|
|
5,718
|
|
|
35,424
|
|
|
112,762
|
|
|
—
|
|
|
295,331
|
|
||||||
Interest expense, net
|
|
34,204
|
|
|
28,210
|
|
|
25,381
|
|
|
(1,010
|
)
|
|
—
|
|
|
86,785
|
|
||||||
Net effect of swaps
|
|
(3,820
|
)
|
|
(3,064
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,884
|
)
|
||||||
Loss on foreign currency
|
|
—
|
|
|
—
|
|
|
81,016
|
|
|
—
|
|
|
—
|
|
|
81,016
|
|
||||||
Other (income) expense
|
|
750
|
|
|
(18,649
|
)
|
|
3,883
|
|
|
14,016
|
|
|
—
|
|
|
—
|
|
||||||
(Income) loss from investment in affiliates
|
|
(13,523
|
)
|
|
(15,141
|
)
|
|
(20,100
|
)
|
|
27,480
|
|
|
21,284
|
|
|
—
|
|
||||||
Income (loss) before taxes
|
|
123,816
|
|
|
14,362
|
|
|
(54,756
|
)
|
|
72,276
|
|
|
(21,284
|
)
|
|
134,414
|
|
||||||
Provision (benefit) for taxes
|
|
11,594
|
|
|
840
|
|
|
(27,274
|
)
|
|
37,032
|
|
|
—
|
|
|
22,192
|
|
||||||
Net income (loss)
|
|
$
|
112,222
|
|
|
$
|
13,522
|
|
|
$
|
(27,482
|
)
|
|
$
|
35,244
|
|
|
$
|
(21,284
|
)
|
|
$
|
112,222
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cumulative foreign currency translation adjustment
|
|
16,655
|
|
|
—
|
|
|
16,655
|
|
|
—
|
|
|
(16,655
|
)
|
|
16,655
|
|
||||||
Unrealized loss on cash flow hedging derivatives
|
|
(2,734
|
)
|
|
(1,021
|
)
|
|
—
|
|
|
—
|
|
|
1,021
|
|
|
(2,734
|
)
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
13,921
|
|
|
(1,021
|
)
|
|
16,655
|
|
|
—
|
|
|
(15,634
|
)
|
|
13,921
|
|
||||||
Total comprehensive income (loss)
|
|
$
|
126,143
|
|
|
$
|
12,501
|
|
|
$
|
(10,827
|
)
|
|
$
|
35,244
|
|
|
$
|
(36,918
|
)
|
|
$
|
126,143
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
93,378
|
|
|
$
|
(10,710
|
)
|
|
$
|
40,569
|
|
|
$
|
209,780
|
|
|
$
|
(1,838
|
)
|
|
$
|
331,179
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278,051
|
)
|
|
278,051
|
|
|
—
|
|
||||||
Proceeds from returns on investments
|
|
338,000
|
|
|
15,500
|
|
|
—
|
|
|
146,500
|
|
|
(500,000
|
)
|
|
—
|
|
||||||
Purchase of identifiable intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|
—
|
|
|
(66
|
)
|
||||||
Proceeds from sale of preferred equity investment
|
|
—
|
|
|
3,281
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,281
|
|
||||||
Capital expenditures
|
|
—
|
|
|
(25
|
)
|
|
(10,160
|
)
|
|
(177,899
|
)
|
|
—
|
|
|
(188,084
|
)
|
||||||
Net cash from (for) investing activities
|
|
338,000
|
|
|
18,756
|
|
|
(10,160
|
)
|
|
(309,516
|
)
|
|
(221,949
|
)
|
|
(184,869
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany payables (payments) receipts
|
|
69,160
|
|
|
208,891
|
|
|
—
|
|
|
—
|
|
|
(278,051
|
)
|
|
—
|
|
||||||
Payments for returns of capital
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(500,000
|
)
|
|
500,000
|
|
|
—
|
|
||||||
Term debt borrowings
|
|
—
|
|
|
131,000
|
|
|
—
|
|
|
619,000
|
|
|
—
|
|
|
750,000
|
|
||||||
Note borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|
—
|
|
|
500,000
|
|
||||||
Term debt payments
|
|
—
|
|
|
(126,619
|
)
|
|
(13,854
|
)
|
|
(477,377
|
)
|
|
—
|
|
|
(617,850
|
)
|
||||||
Note payments, including amounts paid for early termination
|
|
(304,014
|
)
|
|
(211,444
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(515,458
|
)
|
||||||
Distributions paid to partners
|
|
(196,524
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,768
|
|
|
(194,756
|
)
|
||||||
Payment of debt issuance costs
|
|
—
|
|
|
(1,326
|
)
|
|
—
|
|
|
(18,483
|
)
|
|
—
|
|
|
(19,809
|
)
|
||||||
Exercise of limited partnership unit options
|
|
—
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65
|
|
||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(4,440
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,440
|
)
|
||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(4,173
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,173
|
)
|
||||||
Net cash from (for) financing activities
|
|
(431,378
|
)
|
|
(8,046
|
)
|
|
(13,854
|
)
|
|
123,140
|
|
|
223,717
|
|
|
(106,421
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
3,640
|
|
|
—
|
|
|
—
|
|
|
3,640
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase for the year
|
|
—
|
|
|
—
|
|
|
20,195
|
|
|
23,404
|
|
|
(70
|
)
|
|
43,529
|
|
||||||
Balance, beginning of year
|
|
—
|
|
|
—
|
|
|
65,563
|
|
|
58,178
|
|
|
(1,025
|
)
|
|
122,716
|
|
||||||
Balance, end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85,758
|
|
|
$
|
81,582
|
|
|
$
|
(1,095
|
)
|
|
$
|
166,245
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
118,833
|
|
|
$
|
(28,315
|
)
|
|
$
|
33,918
|
|
|
$
|
237,262
|
|
|
$
|
(3,351
|
)
|
|
$
|
358,347
|
|
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,562
|
)
|
|
24,562
|
|
|
—
|
|
||||||
Purchase of identifiable intangible assets
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(548
|
)
|
|
—
|
|
|
(577
|
)
|
||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(7,863
|
)
|
|
(152,793
|
)
|
|
—
|
|
|
(160,656
|
)
|
||||||
Net cash for investing activities
|
|
—
|
|
|
—
|
|
|
(7,892
|
)
|
|
(177,903
|
)
|
|
24,562
|
|
|
(161,233
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Term debt payments
|
|
—
|
|
|
(1,237
|
)
|
|
(138
|
)
|
|
(4,625
|
)
|
|
—
|
|
|
(6,000
|
)
|
||||||
Intercompany payables (payments) receipts
|
|
(6,332
|
)
|
|
30,894
|
|
|
—
|
|
|
—
|
|
|
(24,562
|
)
|
|
—
|
|
||||||
Distributions paid to partners
|
|
(189,508
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,326
|
|
|
(187,182
|
)
|
||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(422
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(422
|
)
|
||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(920
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(920
|
)
|
||||||
Net cash from (for) financing activities
|
|
(195,840
|
)
|
|
28,315
|
|
|
(138
|
)
|
|
(4,625
|
)
|
|
(22,236
|
)
|
|
(194,524
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
569
|
|
|
—
|
|
|
—
|
|
|
569
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase (decrease) for the year
|
|
(77,007
|
)
|
|
—
|
|
|
26,457
|
|
|
54,734
|
|
|
(1,025
|
)
|
|
3,159
|
|
||||||
Balance, beginning of year
|
|
77,007
|
|
|
—
|
|
|
39,106
|
|
|
3,444
|
|
|
—
|
|
|
119,557
|
|
||||||
Balance, end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65,563
|
|
|
$
|
58,178
|
|
|
$
|
(1,025
|
)
|
|
$
|
122,716
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
89,637
|
|
|
$
|
(1,120
|
)
|
|
$
|
38,579
|
|
|
$
|
221,001
|
|
|
$
|
(2,147
|
)
|
|
$
|
345,950
|
|
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
(3,252
|
)
|
|
(55,294
|
)
|
|
58,546
|
|
|
—
|
|
||||||
Purchase of preferred equity instrument
|
|
—
|
|
|
(2,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,000
|
)
|
||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(7,663
|
)
|
|
(168,202
|
)
|
|
—
|
|
|
(175,865
|
)
|
||||||
Net cash for investing activities
|
|
—
|
|
|
(2,000
|
)
|
|
(10,915
|
)
|
|
(223,496
|
)
|
|
58,546
|
|
|
(177,865
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany payables (payments) receipts
|
|
82,131
|
|
|
8,060
|
|
|
(31,645
|
)
|
|
—
|
|
|
(58,546
|
)
|
|
—
|
|
||||||
Distributions paid to partners
|
|
(174,761
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,147
|
|
|
(172,614
|
)
|
||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(1,589
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,589
|
)
|
||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(3,733
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,733
|
)
|
||||||
Net cash from (for) financing activities
|
|
(92,630
|
)
|
|
2,738
|
|
|
(31,645
|
)
|
|
—
|
|
|
(56,399
|
)
|
|
(177,936
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(2,432
|
)
|
|
—
|
|
|
—
|
|
|
(2,432
|
)
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net decrease for the year
|
|
(2,993
|
)
|
|
(382
|
)
|
|
(6,413
|
)
|
|
(2,495
|
)
|
|
—
|
|
|
(12,283
|
)
|
||||||
Balance, beginning of year
|
|
80,000
|
|
|
382
|
|
|
45,519
|
|
|
5,939
|
|
|
—
|
|
|
131,840
|
|
||||||
Balance, end of year
|
|
$
|
77,007
|
|
|
$
|
—
|
|
|
$
|
39,106
|
|
|
$
|
3,444
|
|
|
$
|
—
|
|
|
$
|
119,557
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85,758
|
|
|
$
|
80,430
|
|
|
$
|
1,152
|
|
|
$
|
(1,095
|
)
|
|
$
|
166,245
|
|
Receivables
|
|
—
|
|
|
1,184
|
|
|
15,574
|
|
|
26,130
|
|
|
831,075
|
|
|
(836,241
|
)
|
|
37,722
|
|
|||||||
Inventories
|
|
—
|
|
|
—
|
|
|
1,891
|
|
|
22,528
|
|
|
5,300
|
|
|
—
|
|
|
29,719
|
|
|||||||
Other current assets
|
|
164
|
|
|
28,297
|
|
|
3,454
|
|
|
9,341
|
|
|
1,642
|
|
|
(29,601
|
)
|
|
13,297
|
|
|||||||
|
|
164
|
|
|
29,481
|
|
|
106,677
|
|
|
138,429
|
|
|
839,169
|
|
|
(866,937
|
)
|
|
246,983
|
|
|||||||
Property and Equipment, net
|
|
—
|
|
|
835
|
|
|
181,673
|
|
|
—
|
|
|
1,403,264
|
|
|
—
|
|
|
1,585,772
|
|
|||||||
Investment in Park
|
|
588,684
|
|
|
1,045,640
|
|
|
238,132
|
|
|
1,392,761
|
|
|
234,237
|
|
|
(3,499,454
|
)
|
|
—
|
|
|||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
63,551
|
|
|
8,387
|
|
|
111,218
|
|
|
—
|
|
|
183,830
|
|
|||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
14,177
|
|
|
—
|
|
|
23,887
|
|
|
—
|
|
|
38,064
|
|
|||||||
Deferred Tax Asset
|
|
—
|
|
|
20,956
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,956
|
)
|
|
—
|
|
|||||||
Other Assets
|
|
—
|
|
|
—
|
|
|
40
|
|
|
402
|
|
|
9,068
|
|
|
—
|
|
|
9,510
|
|
|||||||
|
|
$
|
589,522
|
|
|
$
|
1,096,912
|
|
|
$
|
604,250
|
|
|
$
|
1,539,979
|
|
|
$
|
2,620,843
|
|
|
$
|
(4,387,347
|
)
|
|
$
|
2,064,159
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Accounts payable
|
|
$
|
497,558
|
|
|
$
|
344,410
|
|
|
$
|
1,379
|
|
|
$
|
13,572
|
|
|
$
|
5,038
|
|
|
$
|
(837,336
|
)
|
|
$
|
24,621
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
6,237
|
|
|
59,307
|
|
|
20,587
|
|
|
—
|
|
|
86,131
|
|
|||||||
Accrued interest
|
|
27
|
|
|
18
|
|
|
2,055
|
|
|
6,024
|
|
|
—
|
|
|
—
|
|
|
8,124
|
|
|||||||
Accrued taxes
|
|
352
|
|
|
—
|
|
|
—
|
|
|
6,176
|
|
|
67,048
|
|
|
(29,601
|
)
|
|
43,975
|
|
|||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
17,498
|
|
|
1,242
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,740
|
|
|||||||
Self-insurance reserves
|
|
—
|
|
|
10,947
|
|
|
1,618
|
|
|
10,156
|
|
|
2,386
|
|
|
—
|
|
|
25,107
|
|
|||||||
Other accrued liabilities
|
|
3,406
|
|
|
5,094
|
|
|
157
|
|
|
5,649
|
|
|
4,490
|
|
|
—
|
|
|
18,796
|
|
|||||||
|
|
501,343
|
|
|
377,967
|
|
|
12,688
|
|
|
100,884
|
|
|
99,549
|
|
|
(866,937
|
)
|
|
225,494
|
|
|||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
13,809
|
|
|
—
|
|
|
81,945
|
|
|
(20,956
|
)
|
|
74,798
|
|
|||||||
Derivative Liability
|
|
5,233
|
|
|
3,489
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,722
|
|
|||||||
Other Liabilities
|
|
—
|
|
|
873
|
|
|
—
|
|
|
120
|
|
|
10,691
|
|
|
—
|
|
|
11,684
|
|
|||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Term debt
|
|
—
|
|
|
127,437
|
|
|
—
|
|
|
596,351
|
|
|
—
|
|
|
—
|
|
|
723,788
|
|
|||||||
Notes
|
|
—
|
|
|
—
|
|
|
445,156
|
|
|
491,571
|
|
|
—
|
|
|
—
|
|
|
936,727
|
|
|||||||
|
|
—
|
|
|
127,437
|
|
|
445,156
|
|
|
1,087,922
|
|
|
—
|
|
|
—
|
|
|
1,660,515
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity
|
|
82,946
|
|
|
587,146
|
|
|
132,597
|
|
|
351,053
|
|
|
2,428,658
|
|
|
(3,499,454
|
)
|
|
82,946
|
|
|||||||
|
|
$
|
589,522
|
|
|
$
|
1,096,912
|
|
|
$
|
604,250
|
|
|
$
|
1,539,979
|
|
|
$
|
2,620,843
|
|
|
$
|
(4,387,347
|
)
|
|
$
|
2,064,159
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65,563
|
|
|
$
|
57,825
|
|
|
$
|
353
|
|
|
$
|
(1,025
|
)
|
|
$
|
122,716
|
|
Receivables
|
|
—
|
|
|
1,409
|
|
|
28,019
|
|
|
25,218
|
|
|
551,757
|
|
|
(570,989
|
)
|
|
35,414
|
|
|||||||
Inventories
|
|
—
|
|
|
—
|
|
|
1,371
|
|
|
20,891
|
|
|
4,014
|
|
|
—
|
|
|
26,276
|
|
|||||||
Other current assets
|
|
173
|
|
|
796
|
|
|
2,229
|
|
|
8,369
|
|
|
1,464
|
|
|
(1,761
|
)
|
|
11,270
|
|
|||||||
|
|
173
|
|
|
2,205
|
|
|
97,182
|
|
|
112,303
|
|
|
557,588
|
|
|
(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
|
|
|
1,145,326
|
|
|
324,282
|
|
|
(3,405,385
|
)
|
|
—
|
|
|||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
59,381
|
|
|
8,387
|
|
|
111,218
|
|
|
—
|
|
|
179,660
|
|
|||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
13,255
|
|
|
—
|
|
|
24,582
|
|
|
—
|
|
|
37,837
|
|
|||||||
Deferred Tax Asset
|
|
—
|
|
|
33,303
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,303
|
)
|
|
—
|
|
|||||||
Other Assets
|
|
—
|
|
|
2,000
|
|
|
108
|
|
|
1,240
|
|
|
17,440
|
|
|
—
|
|
|
20,788
|
|
|||||||
|
|
$
|
798,923
|
|
|
$
|
975,978
|
|
|
$
|
545,359
|
|
|
$
|
1,267,256
|
|
|
$
|
2,398,128
|
|
|
$
|
(4,012,463
|
)
|
|
$
|
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
|
|
|
15,845
|
|
|
2,626
|
|
|
(572,014
|
)
|
|
20,851
|
|
|||||||
Deferred revenue
|
|
—
|
|
|
—
|
|
|
5,601
|
|
|
55,497
|
|
|
21,667
|
|
|
—
|
|
|
82,765
|
|
|||||||
Accrued interest
|
|
4,613
|
|
|
3,207
|
|
|
2,057
|
|
|
109
|
|
|
—
|
|
|
—
|
|
|
9,986
|
|
|||||||
Accrued taxes
|
|
405
|
|
|
18,653
|
|
|
—
|
|
|
5,950
|
|
|
35,711
|
|
|
(1,761
|
)
|
|
58,958
|
|
|||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
29,227
|
|
|
1,131
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,358
|
|
|||||||
Self-insurance reserves
|
|
—
|
|
|
12,490
|
|
|
1,321
|
|
|
11,162
|
|
|
2,090
|
|
|
—
|
|
|
27,063
|
|
|||||||
Other accrued liabilities
|
|
2,282
|
|
|
3,018
|
|
|
193
|
|
|
2,464
|
|
|
1,970
|
|
|
—
|
|
|
9,927
|
|
|||||||
|
|
435,696
|
|
|
212,425
|
|
|
11,107
|
|
|
93,166
|
|
|
64,064
|
|
|
(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
|
|
|
—
|
|
|
337
|
|
|
11,589
|
|
|
—
|
|
|
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
|
|
|
716,795
|
|
|
2,197,125
|
|
|
(3,405,385
|
)
|
|
60,519
|
|
|||||||
|
|
$
|
798,923
|
|
|
$
|
975,978
|
|
|
$
|
545,359
|
|
|
$
|
1,267,256
|
|
|
$
|
2,398,128
|
|
|
$
|
(4,012,463
|
)
|
|
$
|
1,973,181
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net revenues
|
|
$
|
104,080
|
|
|
$
|
317,496
|
|
|
$
|
127,929
|
|
|
$
|
960,108
|
|
|
$
|
395,745
|
|
|
$
|
(583,391
|
)
|
|
$
|
1,321,967
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
11,483
|
|
|
80,942
|
|
|
18,386
|
|
|
—
|
|
|
110,811
|
|
|||||||
Operating expenses
|
|
—
|
|
|
313,654
|
|
|
44,990
|
|
|
738,719
|
|
|
44,130
|
|
|
(583,391
|
)
|
|
558,102
|
|
|||||||
Selling, general and administrative
|
|
3,007
|
|
|
67,872
|
|
|
10,497
|
|
|
92,527
|
|
|
19,867
|
|
|
—
|
|
|
193,770
|
|
|||||||
Depreciation and amortization
|
|
—
|
|
|
33
|
|
|
15,654
|
|
|
—
|
|
|
137,535
|
|
|
—
|
|
|
153,222
|
|
|||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
656
|
|
|
3,102
|
|
|
8,970
|
|
|
—
|
|
|
12,728
|
|
|||||||
Gain on sale of investment
|
|
—
|
|
|
(1,877
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,877
|
)
|
|||||||
|
|
3,007
|
|
|
379,682
|
|
|
83,280
|
|
|
915,290
|
|
|
228,888
|
|
|
(583,391
|
)
|
|
1,026,756
|
|
|||||||
Operating income (loss)
|
|
101,073
|
|
|
(62,186
|
)
|
|
44,649
|
|
|
44,818
|
|
|
166,857
|
|
|
—
|
|
|
295,211
|
|
|||||||
Interest expense, net
|
|
23,739
|
|
|
18,837
|
|
|
24,839
|
|
|
39,768
|
|
|
(22,435
|
)
|
|
—
|
|
|
84,748
|
|
|||||||
Net effect of swaps
|
|
(150
|
)
|
|
105
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(45
|
)
|
|||||||
Loss on early debt extinguishment
|
|
11,773
|
|
|
8,188
|
|
|
205
|
|
|
2,955
|
|
|
—
|
|
|
—
|
|
|
23,121
|
|
|||||||
Gain on foreign currency
|
|
—
|
|
|
(25
|
)
|
|
(29,061
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,086
|
)
|
|||||||
Other (income) expense
|
|
250
|
|
|
(73,581
|
)
|
|
3,460
|
|
|
—
|
|
|
69,756
|
|
|
—
|
|
|
(115
|
)
|
|||||||
Income from investment in affiliates
|
|
(160,925
|
)
|
|
(176,698
|
)
|
|
(38,057
|
)
|
|
—
|
|
|
(84,398
|
)
|
|
460,078
|
|
|
—
|
|
|||||||
Income before taxes
|
|
226,386
|
|
|
160,988
|
|
|
83,263
|
|
|
2,095
|
|
|
203,934
|
|
|
(460,078
|
)
|
|
216,588
|
|
|||||||
Provision (benefit) for taxes
|
|
10,910
|
|
|
60
|
|
|
(1,134
|
)
|
|
2,095
|
|
|
(10,819
|
)
|
|
—
|
|
|
1,112
|
|
|||||||
Net income
|
|
$
|
215,476
|
|
|
$
|
160,928
|
|
|
$
|
84,397
|
|
|
$
|
—
|
|
|
$
|
214,753
|
|
|
$
|
(460,078
|
)
|
|
$
|
215,476
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cumulative foreign currency translation adjustment
|
|
(14,849
|
)
|
|
—
|
|
|
(14,849
|
)
|
|
—
|
|
|
—
|
|
|
14,849
|
|
|
(14,849
|
)
|
|||||||
Unrealized gain on cash flow hedging derivatives
|
|
7,975
|
|
|
2,422
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,422
|
)
|
|
7,975
|
|
|||||||
Other comprehensive income (loss), (net of tax)
|
|
(6,874
|
)
|
|
2,422
|
|
|
(14,849
|
)
|
|
—
|
|
|
—
|
|
|
12,427
|
|
|
(6,874
|
)
|
|||||||
Total comprehensive income
|
|
$
|
208,602
|
|
|
$
|
163,350
|
|
|
$
|
69,548
|
|
|
$
|
—
|
|
|
$
|
214,753
|
|
|
$
|
(447,651
|
)
|
|
$
|
208,602
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net revenues
|
|
$
|
144,042
|
|
|
$
|
320,945
|
|
|
$
|
117,962
|
|
|
$
|
962,363
|
|
|
$
|
378,556
|
|
|
$
|
(635,147
|
)
|
|
$
|
1,288,721
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
9,868
|
|
|
78,984
|
|
|
17,756
|
|
|
—
|
|
|
106,608
|
|
|||||||
Operating expenses
|
|
—
|
|
|
303,974
|
|
|
42,820
|
|
|
777,841
|
|
|
49,393
|
|
|
(635,147
|
)
|
|
538,881
|
|
|||||||
Selling, general and administrative
|
|
3,029
|
|
|
68,422
|
|
|
10,151
|
|
|
85,170
|
|
|
15,058
|
|
|
—
|
|
|
181,830
|
|
|||||||
Depreciation and amortization
|
|
—
|
|
|
35
|
|
|
14,816
|
|
|
—
|
|
|
117,025
|
|
|
—
|
|
|
131,876
|
|
|||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
159
|
|
|
2,686
|
|
|
9,742
|
|
|
—
|
|
|
12,587
|
|
|||||||
|
|
3,029
|
|
|
372,431
|
|
|
77,814
|
|
|
944,681
|
|
|
208,974
|
|
|
(635,147
|
)
|
|
971,782
|
|
|||||||
Operating income (loss)
|
|
141,013
|
|
|
(51,486
|
)
|
|
40,148
|
|
|
17,682
|
|
|
169,582
|
|
|
—
|
|
|
316,939
|
|
|||||||
Interest expense, net
|
|
32,643
|
|
|
24,114
|
|
|
25,403
|
|
|
15,695
|
|
|
(14,169
|
)
|
|
—
|
|
|
83,686
|
|
|||||||
Net effect of swaps
|
|
(473
|
)
|
|
(724
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,197
|
)
|
|||||||
(Gain) loss on foreign currency
|
|
—
|
|
|
—
|
|
|
(14,660
|
)
|
|
4
|
|
|
—
|
|
|
—
|
|
|
(14,656
|
)
|
|||||||
Other (income) expense
|
|
250
|
|
|
(83,657
|
)
|
|
3,925
|
|
|
—
|
|
|
79,482
|
|
|
—
|
|
|
—
|
|
|||||||
Income from investment in affiliates
|
|
(80,295
|
)
|
|
(73,132
|
)
|
|
(20,545
|
)
|
|
—
|
|
|
(27,628
|
)
|
|
201,600
|
|
|
—
|
|
|||||||
Income before taxes
|
|
188,888
|
|
|
81,913
|
|
|
46,025
|
|
|
1,983
|
|
|
131,897
|
|
|
(201,600
|
)
|
|
249,106
|
|
|||||||
Provision for taxes
|
|
11,200
|
|
|
1,621
|
|
|
18,396
|
|
|
1,983
|
|
|
38,218
|
|
|
—
|
|
|
71,418
|
|
|||||||
Net income
|
|
$
|
177,688
|
|
|
$
|
80,292
|
|
|
$
|
27,629
|
|
|
$
|
—
|
|
|
$
|
93,679
|
|
|
$
|
(201,600
|
)
|
|
$
|
177,688
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cumulative foreign currency translation adjustment
|
|
(3,700
|
)
|
|
—
|
|
|
(3,700
|
)
|
|
—
|
|
|
—
|
|
|
3,700
|
|
|
(3,700
|
)
|
|||||||
Unrealized gain on cash flow hedging derivatives
|
|
3,350
|
|
|
1,060
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,060
|
)
|
|
3,350
|
|
|||||||
Other comprehensive income (loss), (net of tax)
|
|
(350
|
)
|
|
1,060
|
|
|
(3,700
|
)
|
|
—
|
|
|
—
|
|
|
2,640
|
|
|
(350
|
)
|
|||||||
Total comprehensive income
|
|
$
|
177,338
|
|
|
$
|
81,352
|
|
|
$
|
23,929
|
|
|
$
|
—
|
|
|
$
|
93,679
|
|
|
$
|
(198,960
|
)
|
|
$
|
177,338
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net revenues
|
|
$
|
145,571
|
|
|
$
|
240,817
|
|
|
$
|
112,217
|
|
|
$
|
904,376
|
|
|
$
|
418,394
|
|
|
$
|
(585,597
|
)
|
|
$
|
1,235,778
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
372
|
|
|
8,878
|
|
|
77,093
|
|
|
18,484
|
|
|
—
|
|
|
104,827
|
|
|||||||
Operating expenses
|
|
1,063
|
|
|
179,139
|
|
|
42,814
|
|
|
733,446
|
|
|
146,761
|
|
|
(585,597
|
)
|
|
517,626
|
|
|||||||
Selling, general and administrative
|
|
3,081
|
|
|
55,551
|
|
|
10,358
|
|
|
77,795
|
|
|
24,705
|
|
|
—
|
|
|
171,490
|
|
|||||||
Depreciation and amortization
|
|
—
|
|
|
37
|
|
|
14,326
|
|
|
—
|
|
|
111,268
|
|
|
—
|
|
|
125,631
|
|
|||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
417
|
|
|
3,389
|
|
|
17,067
|
|
|
—
|
|
|
20,873
|
|
|||||||
|
|
4,144
|
|
|
235,099
|
|
|
76,793
|
|
|
891,723
|
|
|
318,285
|
|
|
(585,597
|
)
|
|
940,447
|
|
|||||||
Operating income
|
|
141,427
|
|
|
5,718
|
|
|
35,424
|
|
|
12,653
|
|
|
100,109
|
|
|
—
|
|
|
295,331
|
|
|||||||
Interest expense, net
|
|
34,204
|
|
|
28,210
|
|
|
25,381
|
|
|
10,721
|
|
|
(11,731
|
)
|
|
—
|
|
|
86,785
|
|
|||||||
Net effect of swaps
|
|
(3,820
|
)
|
|
(3,064
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,884
|
)
|
|||||||
Loss on foreign currency
|
|
—
|
|
|
—
|
|
|
81,016
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,016
|
|
|||||||
Other (income) expense
|
|
750
|
|
|
(18,649
|
)
|
|
3,883
|
|
|
—
|
|
|
14,016
|
|
|
—
|
|
|
—
|
|
|||||||
(Income) loss from investment in affiliates
|
|
(13,523
|
)
|
|
(15,141
|
)
|
|
(20,100
|
)
|
|
—
|
|
|
27,480
|
|
|
21,284
|
|
|
—
|
|
|||||||
Income (loss) before taxes
|
|
123,816
|
|
|
14,362
|
|
|
(54,756
|
)
|
|
1,932
|
|
|
70,344
|
|
|
(21,284
|
)
|
|
134,414
|
|
|||||||
Provision (benefit) for taxes
|
|
11,594
|
|
|
840
|
|
|
(27,274
|
)
|
|
1,932
|
|
|
35,100
|
|
|
—
|
|
|
22,192
|
|
|||||||
Net income (loss)
|
|
$
|
112,222
|
|
|
$
|
13,522
|
|
|
$
|
(27,482
|
)
|
|
$
|
—
|
|
|
$
|
35,244
|
|
|
$
|
(21,284
|
)
|
|
$
|
112,222
|
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cumulative foreign currency translation adjustment
|
|
16,655
|
|
|
—
|
|
|
16,655
|
|
|
—
|
|
|
—
|
|
|
(16,655
|
)
|
|
16,655
|
|
|||||||
Unrealized loss on cash flow hedging derivatives
|
|
(2,734
|
)
|
|
(1,021
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,021
|
|
|
(2,734
|
)
|
|||||||
Other comprehensive income (loss), (net of tax)
|
|
13,921
|
|
|
(1,021
|
)
|
|
16,655
|
|
|
—
|
|
|
—
|
|
|
(15,634
|
)
|
|
13,921
|
|
|||||||
Total comprehensive income (loss)
|
|
$
|
126,143
|
|
|
$
|
12,501
|
|
|
$
|
(10,827
|
)
|
|
$
|
—
|
|
|
$
|
35,244
|
|
|
$
|
(36,918
|
)
|
|
$
|
126,143
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
93,378
|
|
|
$
|
(10,710
|
)
|
|
$
|
40,569
|
|
|
$
|
48,979
|
|
|
$
|
160,801
|
|
|
$
|
(1,838
|
)
|
|
$
|
331,179
|
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278,051
|
)
|
|
278,051
|
|
|
—
|
|
|||||||
Proceeds from returns on investments
|
|
338,000
|
|
|
15,500
|
|
|
—
|
|
|
—
|
|
|
146,500
|
|
|
(500,000
|
)
|
|
—
|
|
|||||||
Purchase of identifiable intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|
—
|
|
|
—
|
|
|
(66
|
)
|
|||||||
Proceeds from sale of preferred equity investment
|
|
—
|
|
|
3,281
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,281
|
|
|||||||
Capital expenditures
|
|
—
|
|
|
(25
|
)
|
|
(10,160
|
)
|
|
(149,448
|
)
|
|
(28,451
|
)
|
|
—
|
|
|
(188,084
|
)
|
|||||||
Net cash from (for) investing activities
|
|
338,000
|
|
|
18,756
|
|
|
(10,160
|
)
|
|
(149,514
|
)
|
|
(160,002
|
)
|
|
(221,949
|
)
|
|
(184,869
|
)
|
|||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany payables (payments) receipts
|
|
69,160
|
|
|
208,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(278,051
|
)
|
|
—
|
|
|||||||
Payments for returns of capital
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(500,000
|
)
|
|
—
|
|
|
500,000
|
|
|
—
|
|
|||||||
Term debt borrowings
|
|
—
|
|
|
131,000
|
|
|
—
|
|
|
619,000
|
|
|
—
|
|
|
—
|
|
|
750,000
|
|
|||||||
Note borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|
—
|
|
|
—
|
|
|
500,000
|
|
|||||||
Term debt payments
|
|
—
|
|
|
(126,619
|
)
|
|
(13,854
|
)
|
|
(477,377
|
)
|
|
—
|
|
|
—
|
|
|
(617,850
|
)
|
|||||||
Note payments, including amounts paid for early termination
|
|
(304,014
|
)
|
|
(211,444
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(515,458
|
)
|
|||||||
Distributions paid to partners
|
|
(196,524
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,768
|
|
|
(194,756
|
)
|
|||||||
Payment of debt issuance costs
|
|
—
|
|
|
(1,326
|
)
|
|
—
|
|
|
(18,483
|
)
|
|
—
|
|
|
—
|
|
|
(19,809
|
)
|
|||||||
Exercise of limited partnership unit options
|
|
—
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(4,440
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,440
|
)
|
|||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(4,173
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,173
|
)
|
|||||||
Net cash from (for) financing activities
|
|
(431,378
|
)
|
|
(8,046
|
)
|
|
(13,854
|
)
|
|
123,140
|
|
|
—
|
|
|
223,717
|
|
|
(106,421
|
)
|
|||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
3,640
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,640
|
|
|||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net increase for the year
|
|
—
|
|
|
—
|
|
|
20,195
|
|
|
22,605
|
|
|
799
|
|
|
(70
|
)
|
|
43,529
|
|
|||||||
Balance, beginning of year
|
|
—
|
|
|
—
|
|
|
65,563
|
|
|
57,825
|
|
|
353
|
|
|
(1,025
|
)
|
|
122,716
|
|
|||||||
Balance, end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85,758
|
|
|
$
|
80,430
|
|
|
$
|
1,152
|
|
|
$
|
(1,095
|
)
|
|
$
|
166,245
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
118,833
|
|
|
$
|
(28,315
|
)
|
|
$
|
33,918
|
|
|
$
|
189,534
|
|
|
$
|
47,728
|
|
|
$
|
(3,351
|
)
|
|
$
|
358,347
|
|
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,562
|
)
|
|
24,562
|
|
|
—
|
|
|||||||
Purchase of identifiable intangible assets
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(74
|
)
|
|
(474
|
)
|
|
—
|
|
|
(577
|
)
|
|||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(7,863
|
)
|
|
(129,815
|
)
|
|
(22,978
|
)
|
|
—
|
|
|
(160,656
|
)
|
|||||||
Net cash for investing activities
|
|
—
|
|
|
—
|
|
|
(7,892
|
)
|
|
(129,889
|
)
|
|
(48,014
|
)
|
|
24,562
|
|
|
(161,233
|
)
|
|||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Term debt payments
|
|
—
|
|
|
(1,237
|
)
|
|
(138
|
)
|
|
(4,625
|
)
|
|
—
|
|
|
—
|
|
|
(6,000
|
)
|
|||||||
Intercompany payables (payments) receipts
|
|
(6,332
|
)
|
|
30,894
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,562
|
)
|
|
—
|
|
|||||||
Distributions paid to partners
|
|
(189,508
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,326
|
|
|
(187,182
|
)
|
|||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(422
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(422
|
)
|
|||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(920
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(920
|
)
|
|||||||
Net cash from (for) financing activities
|
|
(195,840
|
)
|
|
28,315
|
|
|
(138
|
)
|
|
(4,625
|
)
|
|
—
|
|
|
(22,236
|
)
|
|
(194,524
|
)
|
|||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
569
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
569
|
|
|||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net increase (decrease) for the year
|
|
(77,007
|
)
|
|
—
|
|
|
26,457
|
|
|
55,020
|
|
|
(286
|
)
|
|
(1,025
|
)
|
|
3,159
|
|
|||||||
Balance, beginning of year
|
|
77,007
|
|
|
—
|
|
|
39,106
|
|
|
2,805
|
|
|
639
|
|
|
—
|
|
|
119,557
|
|
|||||||
Balance, end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65,563
|
|
|
$
|
57,825
|
|
|
$
|
353
|
|
|
$
|
(1,025
|
)
|
|
$
|
122,716
|
|
|
|
Cedar Fair L.P. (Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
89,637
|
|
|
$
|
(1,120
|
)
|
|
$
|
38,579
|
|
|
$
|
91,714
|
|
|
$
|
129,287
|
|
|
$
|
(2,147
|
)
|
|
$
|
345,950
|
|
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
(3,252
|
)
|
|
—
|
|
|
(55,294
|
)
|
|
58,546
|
|
|
—
|
|
|||||||
Purchase of preferred equity investment
|
|
—
|
|
|
(2,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,000
|
)
|
|||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(7,663
|
)
|
|
(94,443
|
)
|
|
(73,759
|
)
|
|
—
|
|
|
(175,865
|
)
|
|||||||
Net cash for investing activities
|
|
—
|
|
|
(2,000
|
)
|
|
(10,915
|
)
|
|
(94,443
|
)
|
|
(129,053
|
)
|
|
58,546
|
|
|
(177,865
|
)
|
|||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany payables (payments) receipts
|
|
82,131
|
|
|
8,060
|
|
|
(31,645
|
)
|
|
—
|
|
|
—
|
|
|
(58,546
|
)
|
|
—
|
|
|||||||
Distributions paid to partners
|
|
(174,761
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,147
|
|
|
(172,614
|
)
|
|||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(1,589
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,589
|
)
|
|||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(3,733
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,733
|
)
|
|||||||
Net cash from (for) financing activities
|
|
(92,630
|
)
|
|
2,738
|
|
|
(31,645
|
)
|
|
—
|
|
|
—
|
|
|
(56,399
|
)
|
|
(177,936
|
)
|
|||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(2,432
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,432
|
)
|
|||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net increase (decrease) for the year
|
|
(2,993
|
)
|
|
(382
|
)
|
|
(6,413
|
)
|
|
(2,729
|
)
|
|
234
|
|
|
—
|
|
|
(12,283
|
)
|
|||||||
Balance, beginning of year
|
|
80,000
|
|
|
382
|
|
|
45,519
|
|
|
5,534
|
|
|
405
|
|
|
—
|
|
|
131,840
|
|
|||||||
Balance, end of year
|
|
$
|
77,007
|
|
|
$
|
—
|
|
|
$
|
39,106
|
|
|
$
|
2,805
|
|
|
$
|
639
|
|
|
$
|
—
|
|
|
$
|
119,557
|
|
Plan Category
|
|
Number of units to be issued upon exercise of outstanding options, warrants and rights
(a)
(1)
|
|
Weighted-average exercise price of outstanding options, warrants and rights
(b)
(2)
|
|
Number of units remaining available for future issuance under equity compensation plans
(excluding units
reflected in column (a))
(c)
|
||||
Equity compensation plans approved by unitholders
|
|
1,110,243
|
|
|
$
|
34.55
|
|
|
2,721,134
|
|
Equity compensation plans not approved by unitholders
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
1,110,243
|
|
|
$
|
34.55
|
|
|
2,721,134
|
|
(1)
|
The units in column (a) include performance awards and deferred unit awards at the maximum number of units issuable, the remaining balance of retention grant units, as well as unit options outstanding.
|
(2)
|
The weighted average price in column (b) represents the weighted average price of
373,612
unit options outstanding. Performance awards, deferred unit awards and the remaining balance of retention grant units are excluded from column (b).
|
|
|
Page
|
(i)
|
Report of Independent Registered Public Accounting Firm.
|
|
(ii)
|
Consolidated Balance Sheets - December 31, 2017 and 2016.
|
|
(iii)
|
Consolidated Statements of Operations and Comprehensive Income - Years ended December 31, 2017, 2016, and 2015.
|
|
(iv)
|
Consolidated Statements of Cash Flows - Years ended December 31, 2017, 2016, and 2015.
|
|
(v)
|
Consolidated Statements of Partners' Equity - Years ended December 31, 2017, 2016, and 2015.
|
|
(vi)
|
Notes to Consolidated Financial Statements - December 31, 2017, 2016, and 2015.
|
Exhibit Number
|
Description
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
Exhibit Number
|
Description
|
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
101
|
|
The following materials from the Partnership's Annual Report on Form 10-K for the year ended December 31, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Operations and Comprehensive Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, (iv) the Consolidated Statements of Partners' Equity, and (v) related notes.
|
/S/ Richard A. Zimmerman
|
Richard A. Zimmerman
|
President and Chief Executive Officer
|
|
Signature
|
|
Title
|
Date
|
|
|
|
|
|
/S/
|
Richard A. Zimmerman
|
|
President and Chief Executive Officer
|
February 23, 2018
|
|
Richard A. Zimmerman
|
|
|
|
|
|
|
|
|
/S/
|
Brian C. Witherow
|
|
Executive Vice President and Chief Financial Officer
|
February 23, 2018
|
|
Brian C. Witherow
|
|
(Principal Financial Officer)
|
|
|
|
|
|
|
/S/
|
David R. Hoffman
|
|
Senior Vice President and Chief Accounting Officer
|
February 23, 2018
|
|
David R. Hoffman
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
/S/
|
Matthew A. Ouimet
|
|
Executive Chairman
|
February 23, 2018
|
|
Matthew A. Ouimet
|
|
Director
|
|
|
|
|
|
|
/S/
|
Debra Smithart-Oglesby
|
|
Lead Independent Director
|
February 23, 2018
|
|
Debra Smithart-Oglesby
|
|
|
|
|
|
|
|
|
/S/
|
Eric L. Affeldt
|
|
Director
|
February 23, 2018
|
|
Eric L. Affeldt
|
|
|
|
|
|
|
|
|
/S/
|
Gina D. France
|
|
Director
|
February 23, 2018
|
|
Gina D. France
|
|
|
|
|
|
|
|
|
/S/
|
Daniel J. Hanrahan
|
|
Director
|
February 23, 2018
|
|
Daniel J. Hanrahan
|
|
|
|
|
|
|
|
|
/S/
|
Tom Klein
|
|
Director
|
February 23, 2018
|
|
Tom Klein
|
|
|
|
|
|
|
|
|
/S/
|
D. Scott Olivet
|
|
Director
|
February 23, 2018
|
|
D. Scott Olivet
|
|
|
|
|
|
|
|
|
/S/
|
John M. Scott III
|
|
Director
|
February 23, 2018
|
|
John M. Scott III
|
|
|
|
|
|
|
|
|
/S/
|
Lauri M. Shanahan
|
|
Director
|
February 23, 2018
|
|
Lauri M. Shanahan
|
|
|
|
|
MAGNUM MANAGEMENT CORPORATION
By:
Title:
Date:
|
Vesting Date
|
No. of Shares
|
Percent
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expensed
|
|
$
|
85,603
|
|
|
$
|
83,863
|
|
|
$
|
86,849
|
|
|
$
|
96,286
|
|
|
$
|
103,071
|
|
Interest capitalized
|
|
2,524
|
|
|
2,331
|
|
|
3,094
|
|
|
2,983
|
|
|
1,610
|
|
|||||
Amortization of capitalized debt costs
|
|
3,896
|
|
|
4,030
|
|
|
4,039
|
|
|
4,602
|
|
|
6,130
|
|
|||||
Interest component of rental expense
|
|
4,958
|
|
|
4,279
|
|
|
4,841
|
|
|
4,220
|
|
|
3,142
|
|
|||||
Total fixed charges
|
|
$
|
96,981
|
|
|
$
|
94,503
|
|
|
$
|
98,823
|
|
|
$
|
108,091
|
|
|
$
|
113,953
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
|
$
|
215,476
|
|
|
$
|
177,688
|
|
|
$
|
112,222
|
|
|
$
|
104,215
|
|
|
$
|
108,204
|
|
Add:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income tax expense
|
|
1,112
|
|
|
71,418
|
|
|
22,192
|
|
|
9,885
|
|
|
20,243
|
|
|||||
Fixed charges
|
|
96,981
|
|
|
94,503
|
|
|
98,823
|
|
|
108,091
|
|
|
113,953
|
|
|||||
Amortization of capitalized interest
|
|
1,230
|
|
|
1,134
|
|
|
1,021
|
|
|
897
|
|
|
830
|
|
|||||
Less:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest capitalized
|
|
(2,524
|
)
|
|
(2,331
|
)
|
|
(3,094
|
)
|
|
(2,983
|
)
|
|
(1,610
|
)
|
|||||
Total earnings
|
|
$
|
312,275
|
|
|
$
|
342,412
|
|
|
$
|
231,164
|
|
|
$
|
220,105
|
|
|
$
|
241,620
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of total earnings to total fixed charges
|
|
3.2x
|
|
|
3.6x
|
|
|
2.3x
|
|
|
2.0x
|
|
|
2.1x
|
|
|||||
Excess of total earnings over total fixed charges
|
|
$
|
215,294
|
|
|
$
|
247,909
|
|
|
$
|
132,341
|
|
|
$
|
112,014
|
|
|
$
|
127,667
|
|
Name
|
Jurisdiction of Organization
|
Millennium Operations LLC
|
Delaware
|
Magnum Management Corporation
|
Ohio
|
Michigan's Adventure, Inc.
|
Michigan
|
Cedar Fair Southwest Inc.
|
Delaware
|
Kings Island Company
|
Delaware
|
Wonderland Company Inc.
|
Delaware
|
Canada's Wonderland Company
|
Canada (Nova Scotia)
|
Cedar Point Park LLC
|
Delaware
|
Valleyfair LLC
|
Delaware
|
Worlds of Fun LLC
|
Delaware
|
Dorney Park LLC
|
Delaware
|
Knott's Berry Farm LLC
|
Delaware
|
Carowinds LLC
|
Delaware
|
Kings Dominion LLC
|
Delaware
|
Michigan's Adventure Park LLC
|
Delaware
|
Kings Island Park LLC
|
Delaware
|
Geauga Lake LLC
|
Delaware
|
1)
|
I have reviewed this annual report on Form 10-K 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:
|
February 23, 2018
|
|
/s/ Richard A. Zimmerman
|
|
|
|
Richard A. Zimmerman
|
|
|
|
President and Chief Executive Officer
|
1)
|
I have reviewed this annual report on Form 10-K 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)
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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;
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c)
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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
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d)
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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
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5)
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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):
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a)
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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
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b)
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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.
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Date:
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February 23, 2018
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/s/ Brian C. Witherow
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Brian C. Witherow
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Executive Vice President and Chief Financial Officer
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1.
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The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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2.
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
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/s/ Richard A. Zimmerman
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Richard A. Zimmerman
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President and Chief Executive Officer
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/s/ Brian C. Witherow
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Brian C. Witherow
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Executive Vice President and Chief Financial Officer
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