x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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DELAWARE
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34-1560655
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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x
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Accelerated filer
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o
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Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Emerging growth company
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o
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Title of Class
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Units Outstanding as of April 30, 2018
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Units Representing
Limited Partner Interests
|
|
56,416,016
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|
|
3/25/2018
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12/31/2017
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3/26/2017
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||||||
ASSETS
|
|
|
|
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||||||
Current Assets:
|
|
|
|
|
|
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||||||
Cash and cash equivalents
|
|
$
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42,888
|
|
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$
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166,245
|
|
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$
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34,242
|
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Receivables
|
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30,795
|
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37,722
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28,585
|
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|||
Inventories
|
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40,303
|
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29,719
|
|
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37,938
|
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|||
Prepaid advertising
|
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25,590
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3,031
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20,046
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|||
Other current assets
|
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14,408
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10,266
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10,423
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|||
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153,984
|
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246,983
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131,234
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Property and Equipment:
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||||||
Land
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269,253
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271,021
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266,433
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|||
Land improvements
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423,425
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421,593
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403,830
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|||
Buildings
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694,029
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693,899
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664,936
|
|
|||
Rides and equipment
|
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1,751,051
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1,740,653
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1,649,934
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|||
Construction in progress
|
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94,602
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|
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72,847
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97,920
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|||
|
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3,232,360
|
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3,200,013
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3,083,053
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|||
Less accumulated depreciation
|
|
(1,611,261
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)
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|
(1,614,241
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)
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(1,494,405
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)
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|||
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1,621,099
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1,585,772
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|
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1,588,648
|
|
|||
Goodwill
|
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182,291
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183,830
|
|
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179,899
|
|
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Other Intangibles, net
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37,710
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38,064
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|
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37,724
|
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|||
Other Assets
|
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9,507
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9,510
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|
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20,774
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|||
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$
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2,004,591
|
|
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$
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2,064,159
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$
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1,958,279
|
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LIABILITIES AND PARTNERS’ EQUITY
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||||||
Current Liabilities:
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||||||
Current maturities of long-term debt
|
|
$
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—
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$
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—
|
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$
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4,350
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Accounts payable
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39,812
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24,621
|
|
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44,715
|
|
|||
Deferred revenue
|
|
124,513
|
|
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86,131
|
|
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116,132
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Accrued interest
|
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21,119
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8,124
|
|
|
11,013
|
|
|||
Accrued taxes
|
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10,176
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|
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43,975
|
|
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8,536
|
|
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Accrued salaries, wages and benefits
|
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14,513
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18,740
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14,427
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Self-insurance reserves
|
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24,811
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|
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25,107
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|
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25,833
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|
|||
Other accrued liabilities
|
|
18,236
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18,796
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|
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11,619
|
|
|||
|
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253,180
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|
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225,494
|
|
|
236,625
|
|
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Deferred Tax Liability
|
|
87,459
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|
|
74,798
|
|
|
122,007
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Derivative Liability
|
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2,730
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8,722
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15,658
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Other Liabilities
|
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11,403
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11,684
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12,923
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Long-Term Debt:
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||||||
Revolving credit loans
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40,000
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—
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85,000
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Term debt
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723,525
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723,788
|
|
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593,197
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|
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Notes
|
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937,257
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936,727
|
|
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940,421
|
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|||
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1,700,782
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1,660,515
|
|
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1,618,618
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Partners’ Equity:
|
|
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||||||
Special L.P. interests
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5,290
|
|
|
5,290
|
|
|
5,290
|
|
|||
General partner
|
|
(1
|
)
|
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—
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|
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(1
|
)
|
|||
Limited partners, 56,416, 56,359 and 56,236 units outstanding at March 25, 2018, December 31, 2017 and March 26, 2017, respectively
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(58,550
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)
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81,589
|
|
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(57,116
|
)
|
|||
Accumulated other comprehensive income (loss)
|
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2,298
|
|
|
(3,933
|
)
|
|
4,275
|
|
|||
|
|
(50,963
|
)
|
|
82,946
|
|
|
(47,552
|
)
|
|||
|
|
$
|
2,004,591
|
|
|
$
|
2,064,159
|
|
|
$
|
1,958,279
|
|
|
Three months ended
|
||||||
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3/25/2018
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3/26/2017
|
||||
Net revenues:
|
|
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|
||||
Admissions
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$
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26,721
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$
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22,563
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Food, merchandise and games
|
21,055
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18,208
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|
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Accommodations, extra-charge products and other
|
6,951
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7,547
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||
|
54,727
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|
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48,318
|
|
||
Costs and expenses:
|
|
|
|
||||
Cost of food, merchandise, and games revenues
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6,003
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|
|
5,480
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|
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Operating expenses
|
88,828
|
|
|
84,289
|
|
||
Selling, general and administrative
|
28,682
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|
|
27,619
|
|
||
Depreciation and amortization
|
5,521
|
|
|
5,365
|
|
||
Loss on impairment / retirement of fixed assets, net
|
1,340
|
|
|
1,526
|
|
||
|
130,374
|
|
|
124,279
|
|
||
Operating loss
|
(75,647
|
)
|
|
(75,961
|
)
|
||
Interest expense
|
19,762
|
|
|
18,914
|
|
||
Net effect of swaps
|
(3,628
|
)
|
|
301
|
|
||
Loss on early debt extinguishment
|
1,073
|
|
|
—
|
|
||
(Gain) loss on foreign currency
|
10,094
|
|
|
(2,671
|
)
|
||
Other income
|
(349
|
)
|
|
(32
|
)
|
||
Loss before taxes
|
(102,599
|
)
|
|
(92,473
|
)
|
||
Benefit for taxes
|
(19,199
|
)
|
|
(27,719
|
)
|
||
Net loss
|
(83,400
|
)
|
|
(64,754
|
)
|
||
Net loss allocated to general partner
|
(1
|
)
|
|
(1
|
)
|
||
Net loss allocated to limited partners
|
$
|
(83,399
|
)
|
|
$
|
(64,753
|
)
|
|
|
|
|
||||
Net loss
|
$
|
(83,400
|
)
|
|
$
|
(64,754
|
)
|
Other comprehensive income, (net of tax):
|
|
|
|
||||
Foreign currency translation adjustment
|
4,604
|
|
|
(660
|
)
|
||
Unrealized gain on cash flow hedging derivatives
|
2,018
|
|
|
1,994
|
|
||
Other comprehensive income, (net of tax)
|
6,622
|
|
|
1,334
|
|
||
Total comprehensive loss
|
$
|
(76,778
|
)
|
|
$
|
(63,420
|
)
|
Basic loss per limited partner unit:
|
|
|
|
||||
Weighted average limited partner units outstanding
|
56,150
|
|
|
56,008
|
|
||
Net loss per limited partner unit
|
$
|
(1.49
|
)
|
|
$
|
(1.16
|
)
|
Diluted loss per limited partner unit:
|
|
|
|
||||
Weighted average limited partner units outstanding
|
56,150
|
|
|
56,008
|
|
||
Net loss per limited partner unit
|
$
|
(1.49
|
)
|
|
$
|
(1.16
|
)
|
|
Three months ended
|
||||||
|
3/25/2018
|
|
3/26/2017
|
||||
Limited Partnership Units Outstanding
|
|
|
|
||||
Beginning balance
|
56,359
|
|
|
56,201
|
|
||
Limited partnership unit options exercised
|
6
|
|
|
10
|
|
||
Limited partnership unit forfeitures
|
(1
|
)
|
|
(2
|
)
|
||
Issuance of limited partnership units as compensation
|
52
|
|
|
27
|
|
||
|
56,416
|
|
|
56,236
|
|
||
Limited Partners’ Equity
|
|
|
|
||||
Beginning balance
|
$
|
81,589
|
|
|
$
|
52,288
|
|
Net loss
|
(83,399
|
)
|
|
(64,753
|
)
|
||
Partnership distribution declared ($0.890 and $0.855 per limited partnership unit)
|
(50,266
|
)
|
|
(48,135
|
)
|
||
Reclassification of stranded tax effect
|
391
|
|
|
—
|
|
||
Expense recognized for limited partnership unit options
|
125
|
|
|
—
|
|
||
Tax effect of units involved in treasury unit transactions
|
(3,039
|
)
|
|
(1,369
|
)
|
||
Issuance of limited partnership units as compensation
|
(3,951
|
)
|
|
4,853
|
|
||
|
(58,550
|
)
|
|
(57,116
|
)
|
||
General Partner’s Equity
|
|
|
|
||||
Beginning balance
|
—
|
|
|
—
|
|
||
Net loss
|
(1
|
)
|
|
(1
|
)
|
||
Partnership distribution declared
|
—
|
|
|
—
|
|
||
|
(1
|
)
|
|
(1
|
)
|
||
Special L.P. Interests
|
5,290
|
|
|
5,290
|
|
||
|
|
|
|
||||
Accumulated Other Comprehensive Income
|
|
|
|
||||
Foreign currency translation adjustment:
|
|
|
|
||||
Beginning balance
|
4,042
|
|
|
18,891
|
|
||
Period activity, net of tax $1,145 and $0
|
4,604
|
|
|
(660
|
)
|
||
|
8,646
|
|
|
18,231
|
|
||
Unrealized loss on cash flow hedging derivatives:
|
|
|
|
||||
Beginning balance
|
(7,975
|
)
|
|
(15,950
|
)
|
||
Period activity, net of tax ($347) and ($371)
|
2,018
|
|
|
1,994
|
|
||
Reclassification of stranded tax effect
|
(391
|
)
|
|
—
|
|
||
|
(6,348
|
)
|
|
(13,956
|
)
|
||
|
2,298
|
|
|
4,275
|
|
||
Total Partners’ Equity
|
$
|
(50,963
|
)
|
|
$
|
(47,552
|
)
|
|
Three months ended
|
||||||
|
3/25/2018
|
|
3/26/2017
|
||||
CASH FLOWS FOR OPERATING ACTIVITIES
|
|
|
|
||||
Net loss
|
$
|
(83,400
|
)
|
|
$
|
(64,754
|
)
|
Adjustments to reconcile net loss to net cash for operating activities:
|
|
|
|
||||
Depreciation and amortization
|
5,521
|
|
|
5,365
|
|
||
Loss on early debt extinguishment
|
1,073
|
|
|
—
|
|
||
Non-cash foreign currency (gain) loss on debt
|
10,924
|
|
|
(2,010
|
)
|
||
Other non-cash expenses
|
13,112
|
|
|
21,379
|
|
||
Net change in working capital
|
(2,170
|
)
|
|
(33,738
|
)
|
||
Net change in other assets/liabilities
|
(278
|
)
|
|
(226
|
)
|
||
Net cash for operating activities
|
(55,218
|
)
|
|
(73,984
|
)
|
||
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
||||
Capital expenditures
|
(44,792
|
)
|
|
(48,465
|
)
|
||
Net cash for investing activities
|
(44,792
|
)
|
|
(48,465
|
)
|
||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
||||
Net borrowings on revolving credit loans
|
40,000
|
|
|
85,000
|
|
||
Distributions paid to partners
|
(50,266
|
)
|
|
(48,135
|
)
|
||
Payment of debt issuance costs and original issue discount
|
(1,840
|
)
|
|
—
|
|
||
Exercise of limited partnership unit options
|
125
|
|
|
—
|
|
||
Tax effect of units involved in treasury unit transactions
|
(3,039
|
)
|
|
(1,369
|
)
|
||
Payments related to tax withholding for equity compensation
|
(6,919
|
)
|
|
(1,904
|
)
|
||
Net cash from (for) financing activities
|
(21,939
|
)
|
|
33,592
|
|
||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
(1,408
|
)
|
|
383
|
|
||
CASH AND CASH EQUIVALENTS
|
|
|
|
||||
Net decrease for the period
|
(123,357
|
)
|
|
(88,474
|
)
|
||
Balance, beginning of period
|
166,245
|
|
|
122,716
|
|
||
Balance, end of period
|
$
|
42,888
|
|
|
$
|
34,242
|
|
SUPPLEMENTAL INFORMATION
|
|
|
|
||||
Cash payments for interest expense
|
$
|
6,779
|
|
|
$
|
17,978
|
|
Interest capitalized
|
939
|
|
|
1,047
|
|
||
Cash payments for income taxes, net of refunds
|
4,715
|
|
|
8,084
|
|
||
Capital expenditures in accounts payable
|
6,182
|
|
|
11,898
|
|
(In thousands)
|
|
Goodwill
(gross)
|
|
Accumulated
Impairment
Losses
|
|
Goodwill
(net)
|
||||||
Balance at December 31, 2017
|
|
$
|
263,698
|
|
|
$
|
(79,868
|
)
|
|
$
|
183,830
|
|
Foreign currency translation
|
|
(1,539
|
)
|
|
—
|
|
|
(1,539
|
)
|
|||
Balance at March 25, 2018
|
|
$
|
262,159
|
|
|
$
|
(79,868
|
)
|
|
$
|
182,291
|
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2016
|
|
$
|
259,528
|
|
|
$
|
(79,868
|
)
|
|
$
|
179,660
|
|
Foreign currency translation
|
|
239
|
|
|
—
|
|
|
239
|
|
|||
Balance at March 26, 2017
|
|
$
|
259,767
|
|
|
$
|
(79,868
|
)
|
|
$
|
179,899
|
|
(In thousands)
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||
March 25, 2018
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
36,188
|
|
|
$
|
—
|
|
|
$
|
36,188
|
|
License / franchise agreements
|
|
3,364
|
|
|
(1,842
|
)
|
|
1,522
|
|
|||
Total other intangible assets
|
|
$
|
39,552
|
|
|
$
|
(1,842
|
)
|
|
$
|
37,710
|
|
|
|
|
|
|
|
|
||||||
December 31, 2017
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
36,531
|
|
|
$
|
—
|
|
|
$
|
36,531
|
|
License / franchise agreements
|
|
3,360
|
|
|
(1,827
|
)
|
|
1,533
|
|
|||
Total other intangible assets
|
|
$
|
39,891
|
|
|
$
|
(1,827
|
)
|
|
$
|
38,064
|
|
|
|
|
|
|
|
|
||||||
March 26, 2017
|
|
|
|
|
|
|
||||||
Other intangible assets:
|
|
|
|
|
|
|
||||||
Trade names
|
|
$
|
35,656
|
|
|
$
|
—
|
|
|
$
|
35,656
|
|
License / franchise agreements
|
|
3,301
|
|
|
(1,233
|
)
|
|
2,068
|
|
|||
Total other intangible assets
|
|
$
|
38,957
|
|
|
$
|
(1,233
|
)
|
|
$
|
37,724
|
|
(In thousands)
|
March 25, 2018
|
|
December 31, 2017
|
|
March 26, 2017
|
||||||
|
|
|
|
|
|
||||||
Revolving credit facility (due 2022)
|
$
|
40,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Revolving credit facility (due 2018)
|
—
|
|
|
—
|
|
|
85,000
|
|
|||
Term debt
(1)
|
|
|
|
|
|
||||||
April 2017 U.S. term loan averaging 3.51% (due 2017-2024)
|
735,000
|
|
|
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
|
|
|
500,000
|
|
|
—
|
|
|||
June 2014 U.S. fixed rate notes at 5.375% (due 2024)
|
450,000
|
|
|
450,000
|
|
|
450,000
|
|
|||
March 2013 U.S. fixed rate notes at 5.25% (due 2021)
|
—
|
|
|
—
|
|
|
500,000
|
|
|||
|
1,725,000
|
|
|
1,685,000
|
|
|
1,637,850
|
|
|||
Less current portion
|
—
|
|
|
—
|
|
|
(4,350
|
)
|
|||
|
1,725,000
|
|
|
1,685,000
|
|
|
1,633,500
|
|
|||
Less debt issuance costs and original issue discount
|
(24,218
|
)
|
|
(24,485
|
)
|
|
(14,882
|
)
|
|||
|
$
|
1,700,782
|
|
|
$
|
1,660,515
|
|
|
$
|
1,618,618
|
|
(1)
|
The average interest rate is calculated over the life of the instrument and does not reflect the effect of interest rate swap agreements (see Note 6).
|
(In thousands)
|
|
March 25, 2018
|
|
December 31, 2017
|
|
March 26, 2017
|
||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
||||||
Interest rate swaps
|
|
$
|
(2,730
|
)
|
|
$
|
(8,722
|
)
|
|
$
|
(15,658
|
)
|
•
|
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 for debt issuance costs and original issue discount of
$24.2 million
,
$24.5 million
, and
$14.9 million
as of
March 25, 2018
,
December 31, 2017
, and
March 26, 2017
, respectively.
|
|
Three months ended
|
||||||
|
3/25/2018
|
|
3/26/2017
|
||||
|
(In thousands, except per unit amounts)
|
||||||
Basic weighted average units outstanding
|
56,150
|
|
|
56,008
|
|
||
Diluted weighted average units outstanding
|
56,150
|
|
|
56,008
|
|
||
Net loss per unit - basic
|
$
|
(1.49
|
)
|
|
$
|
(1.16
|
)
|
Net loss per unit - diluted
|
$
|
(1.49
|
)
|
|
$
|
(1.16
|
)
|
|
|
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
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,073
|
|
|
$
|
22,114
|
|
|
$
|
(4,299
|
)
|
|
$
|
42,888
|
|
Receivables
|
|
—
|
|
|
1,232
|
|
|
74,787
|
|
|
785,879
|
|
|
(831,103
|
)
|
|
30,795
|
|
||||||
Inventories
|
|
—
|
|
|
—
|
|
|
2,493
|
|
|
37,810
|
|
|
—
|
|
|
40,303
|
|
||||||
Other current assets
|
|
69
|
|
|
1,922
|
|
|
2,459
|
|
|
35,895
|
|
|
(347
|
)
|
|
39,998
|
|
||||||
|
|
69
|
|
|
3,154
|
|
|
104,812
|
|
|
881,698
|
|
|
(835,749
|
)
|
|
153,984
|
|
||||||
Property and Equipment, net
|
|
—
|
|
|
827
|
|
|
180,303
|
|
|
1,439,969
|
|
|
—
|
|
|
1,621,099
|
|
||||||
Investment in Park
|
|
485,489
|
|
|
967,791
|
|
|
234,220
|
|
|
203,857
|
|
|
(1,891,357
|
)
|
|
—
|
|
||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
62,012
|
|
|
119,605
|
|
|
—
|
|
|
182,291
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
13,834
|
|
|
23,876
|
|
|
—
|
|
|
37,710
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
7,150
|
|
|
—
|
|
|
—
|
|
|
(7,150
|
)
|
|
—
|
|
||||||
Other Assets
|
|
—
|
|
|
—
|
|
|
39
|
|
|
9,468
|
|
|
—
|
|
|
9,507
|
|
||||||
|
|
$
|
486,232
|
|
|
$
|
978,922
|
|
|
$
|
595,220
|
|
|
$
|
2,678,473
|
|
|
$
|
(2,734,256
|
)
|
|
$
|
2,004,591
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable
|
|
$
|
531,176
|
|
|
$
|
302,858
|
|
|
$
|
1,806
|
|
|
$
|
39,374
|
|
|
$
|
(835,402
|
)
|
|
$
|
39,812
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
8,033
|
|
|
116,480
|
|
|
—
|
|
|
124,513
|
|
||||||
Accrued interest
|
|
215
|
|
|
143
|
|
|
7,634
|
|
|
13,127
|
|
|
—
|
|
|
21,119
|
|
||||||
Accrued taxes
|
|
883
|
|
|
—
|
|
|
463
|
|
|
9,177
|
|
|
(347
|
)
|
|
10,176
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
13,777
|
|
|
736
|
|
|
—
|
|
|
—
|
|
|
14,513
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
10,438
|
|
|
1,543
|
|
|
12,830
|
|
|
—
|
|
|
24,811
|
|
||||||
Other accrued liabilities
|
|
3,283
|
|
|
5,249
|
|
|
268
|
|
|
9,436
|
|
|
—
|
|
|
18,236
|
|
||||||
|
|
535,557
|
|
|
332,465
|
|
|
20,483
|
|
|
200,424
|
|
|
(835,749
|
)
|
|
253,180
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
12,664
|
|
|
81,945
|
|
|
(7,150
|
)
|
|
87,459
|
|
||||||
Derivative Liability
|
|
1,638
|
|
|
1,092
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,730
|
|
||||||
Other Liabilities
|
|
—
|
|
|
705
|
|
|
—
|
|
|
10,698
|
|
|
—
|
|
|
11,403
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revolving credit loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
—
|
|
|
40,000
|
|
||||||
Term debt
|
|
—
|
|
|
127,350
|
|
|
—
|
|
|
596,175
|
|
|
—
|
|
|
723,525
|
|
||||||
Notes
|
|
—
|
|
|
—
|
|
|
445,458
|
|
|
491,799
|
|
|
—
|
|
|
937,257
|
|
||||||
|
|
—
|
|
|
127,350
|
|
|
445,458
|
|
|
1,127,974
|
|
|
—
|
|
|
1,700,782
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
(50,963
|
)
|
|
517,310
|
|
|
116,615
|
|
|
1,257,432
|
|
|
(1,891,357
|
)
|
|
(50,963
|
)
|
||||||
|
|
$
|
486,232
|
|
|
$
|
978,922
|
|
|
$
|
595,220
|
|
|
$
|
2,678,473
|
|
|
$
|
(2,734,256
|
)
|
|
$
|
2,004,591
|
|
|
|
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
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,590
|
|
|
$
|
4,652
|
|
|
$
|
—
|
|
|
$
|
34,242
|
|
Receivables
|
|
—
|
|
|
1,552
|
|
|
61,894
|
|
|
541,622
|
|
|
(576,483
|
)
|
|
28,585
|
|
||||||
Inventories
|
|
—
|
|
|
—
|
|
|
1,965
|
|
|
35,973
|
|
|
—
|
|
|
37,938
|
|
||||||
Other current assets
|
|
74
|
|
|
907
|
|
|
3,462
|
|
|
27,687
|
|
|
(1,661
|
)
|
|
30,469
|
|
||||||
|
|
74
|
|
|
2,459
|
|
|
96,911
|
|
|
609,934
|
|
|
(578,144
|
)
|
|
131,234
|
|
||||||
Property and Equipment, net
|
|
—
|
|
|
835
|
|
|
176,952
|
|
|
1,410,861
|
|
|
—
|
|
|
1,588,648
|
|
||||||
Investment in Park
|
|
711,257
|
|
|
852,264
|
|
|
195,731
|
|
|
294,228
|
|
|
(2,053,480
|
)
|
|
—
|
|
||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
59,620
|
|
|
119,605
|
|
|
—
|
|
|
179,899
|
|
||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
13,306
|
|
|
24,418
|
|
|
—
|
|
|
37,724
|
|
||||||
Deferred Tax Asset
|
|
—
|
|
|
16,616
|
|
|
—
|
|
|
—
|
|
|
(16,616
|
)
|
|
—
|
|
||||||
Other Assets
|
|
—
|
|
|
2,000
|
|
|
109
|
|
|
18,665
|
|
|
—
|
|
|
20,774
|
|
||||||
|
|
$
|
712,005
|
|
|
$
|
874,174
|
|
|
$
|
542,629
|
|
|
$
|
2,477,711
|
|
|
$
|
(2,648,240
|
)
|
|
$
|
1,958,279
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
897
|
|
|
$
|
100
|
|
|
$
|
3,353
|
|
|
$
|
—
|
|
|
$
|
4,350
|
|
Accounts payable
|
|
453,329
|
|
|
125,934
|
|
|
2,081
|
|
|
39,854
|
|
|
(576,483
|
)
|
|
44,715
|
|
||||||
Deferred revenue
|
|
—
|
|
|
—
|
|
|
7,373
|
|
|
108,759
|
|
|
—
|
|
|
116,132
|
|
||||||
Accrued interest
|
|
864
|
|
|
589
|
|
|
7,729
|
|
|
1,831
|
|
|
—
|
|
|
11,013
|
|
||||||
Accrued taxes
|
|
1,084
|
|
|
—
|
|
|
—
|
|
|
9,113
|
|
|
(1,661
|
)
|
|
8,536
|
|
||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
13,792
|
|
|
635
|
|
|
—
|
|
|
—
|
|
|
14,427
|
|
||||||
Self-insurance reserves
|
|
—
|
|
|
11,397
|
|
|
1,484
|
|
|
12,952
|
|
|
—
|
|
|
25,833
|
|
||||||
Other accrued liabilities
|
|
2,644
|
|
|
3,907
|
|
|
164
|
|
|
4,904
|
|
|
—
|
|
|
11,619
|
|
||||||
|
|
457,921
|
|
|
156,516
|
|
|
19,566
|
|
|
180,766
|
|
|
(578,144
|
)
|
|
236,625
|
|
||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
13,273
|
|
|
125,350
|
|
|
(16,616
|
)
|
|
122,007
|
|
||||||
Derivative Liability
|
|
9,395
|
|
|
6,263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,658
|
|
||||||
Other Liabilities
|
|
—
|
|
|
1,125
|
|
|
—
|
|
|
11,798
|
|
|
—
|
|
|
12,923
|
|
||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revolving credit loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,000
|
|
|
—
|
|
|
85,000
|
|
||||||
Term debt
|
|
—
|
|
|
123,347
|
|
|
13,576
|
|
|
456,274
|
|
|
—
|
|
|
593,197
|
|
||||||
Notes
|
|
292,241
|
|
|
203,256
|
|
|
444,924
|
|
|
—
|
|
|
—
|
|
|
940,421
|
|
||||||
|
|
292,241
|
|
|
326,603
|
|
|
458,500
|
|
|
541,274
|
|
|
—
|
|
|
1,618,618
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
(47,552
|
)
|
|
383,667
|
|
|
51,290
|
|
|
1,618,523
|
|
|
(2,053,480
|
)
|
|
(47,552
|
)
|
||||||
|
|
$
|
712,005
|
|
|
$
|
874,174
|
|
|
$
|
542,629
|
|
|
$
|
2,477,711
|
|
|
$
|
(2,648,240
|
)
|
|
$
|
1,958,279
|
|
|
|
Cedar Fair L.P.
(Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
(10,767
|
)
|
|
$
|
854
|
|
|
$
|
271
|
|
|
$
|
49,787
|
|
|
$
|
14,582
|
|
|
$
|
54,727
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,003
|
|
|
—
|
|
|
6,003
|
|
||||||
Operating expenses
|
|
—
|
|
|
42,671
|
|
|
5,716
|
|
|
25,859
|
|
|
14,582
|
|
|
88,828
|
|
||||||
Selling, general and administrative
|
|
759
|
|
|
14,450
|
|
|
680
|
|
|
12,793
|
|
|
—
|
|
|
28,682
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
8
|
|
|
—
|
|
|
5,513
|
|
|
—
|
|
|
5,521
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
40
|
|
|
1,300
|
|
|
—
|
|
|
1,340
|
|
||||||
|
|
759
|
|
|
57,129
|
|
|
6,436
|
|
|
51,468
|
|
|
14,582
|
|
|
130,374
|
|
||||||
Operating loss
|
|
(11,526
|
)
|
|
(56,275
|
)
|
|
(6,165
|
)
|
|
(1,681
|
)
|
|
—
|
|
|
(75,647
|
)
|
||||||
Interest expense, net
|
|
4,904
|
|
|
4,367
|
|
|
5,583
|
|
|
4,682
|
|
|
—
|
|
|
19,536
|
|
||||||
Net effect of swaps
|
|
(2,207
|
)
|
|
(1,421
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,628
|
)
|
||||||
Loss on early debt extinguishment
|
|
—
|
|
|
187
|
|
|
—
|
|
|
886
|
|
|
—
|
|
|
1,073
|
|
||||||
(Gain) loss on foreign currency
|
|
—
|
|
|
(41
|
)
|
|
10,135
|
|
|
—
|
|
|
—
|
|
|
10,094
|
|
||||||
Other (income) expense
|
|
59
|
|
|
(9,804
|
)
|
|
854
|
|
|
8,768
|
|
|
—
|
|
|
(123
|
)
|
||||||
Loss from investment in affiliates
|
|
68,528
|
|
|
28,815
|
|
|
3,913
|
|
|
20,585
|
|
|
(121,841
|
)
|
|
—
|
|
||||||
Loss before taxes
|
|
(82,810
|
)
|
|
(78,378
|
)
|
|
(26,650
|
)
|
|
(36,602
|
)
|
|
121,841
|
|
|
(102,599
|
)
|
||||||
Provision (benefit) for taxes
|
|
590
|
|
|
(9,851
|
)
|
|
(6,062
|
)
|
|
(3,876
|
)
|
|
—
|
|
|
(19,199
|
)
|
||||||
Net loss
|
|
$
|
(83,400
|
)
|
|
$
|
(68,527
|
)
|
|
$
|
(20,588
|
)
|
|
$
|
(32,726
|
)
|
|
$
|
121,841
|
|
|
$
|
(83,400
|
)
|
Other comprehensive income, (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustment
|
|
4,604
|
|
|
—
|
|
|
4,604
|
|
|
—
|
|
|
(4,604
|
)
|
|
4,604
|
|
||||||
Unrealized gain on cash flow hedging derivatives
|
|
2,018
|
|
|
630
|
|
|
—
|
|
|
—
|
|
|
(630
|
)
|
|
2,018
|
|
||||||
Other comprehensive income, (net of tax)
|
|
6,622
|
|
|
630
|
|
|
4,604
|
|
|
—
|
|
|
(5,234
|
)
|
|
6,622
|
|
||||||
Total comprehensive loss
|
|
$
|
(76,778
|
)
|
|
$
|
(67,897
|
)
|
|
$
|
(15,984
|
)
|
|
$
|
(32,726
|
)
|
|
$
|
116,607
|
|
|
$
|
(76,778
|
)
|
|
|
Cedar Fair L.P.
(Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net revenues
|
|
$
|
(6,138
|
)
|
|
$
|
(291
|
)
|
|
$
|
353
|
|
|
$
|
45,296
|
|
|
$
|
9,098
|
|
|
$
|
48,318
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of food, merchandise, and games revenues
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,480
|
|
|
—
|
|
|
5,480
|
|
||||||
Operating expenses
|
|
—
|
|
|
40,592
|
|
|
5,304
|
|
|
29,295
|
|
|
9,098
|
|
|
84,289
|
|
||||||
Selling, general and administrative
|
|
894
|
|
|
14,495
|
|
|
746
|
|
|
11,484
|
|
|
—
|
|
|
27,619
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
8
|
|
|
2
|
|
|
5,355
|
|
|
—
|
|
|
5,365
|
|
||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
445
|
|
|
1,081
|
|
|
—
|
|
|
1,526
|
|
||||||
|
|
894
|
|
|
55,095
|
|
|
6,497
|
|
|
52,695
|
|
|
9,098
|
|
|
124,279
|
|
||||||
Operating loss
|
|
(7,032
|
)
|
|
(55,386
|
)
|
|
(6,144
|
)
|
|
(7,399
|
)
|
|
—
|
|
|
(75,961
|
)
|
||||||
Interest (income) expense, net
|
|
8,169
|
|
|
5,308
|
|
|
5,905
|
|
|
(500
|
)
|
|
—
|
|
|
18,882
|
|
||||||
Net effect of swaps
|
|
150
|
|
|
151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
301
|
|
||||||
Gain on foreign currency
|
|
—
|
|
|
—
|
|
|
(2,671
|
)
|
|
—
|
|
|
—
|
|
|
(2,671
|
)
|
||||||
Other (income) expense
|
|
62
|
|
|
(15,264
|
)
|
|
657
|
|
|
14,545
|
|
|
—
|
|
|
—
|
|
||||||
Loss from investment in affiliates
|
|
48,666
|
|
|
20,604
|
|
|
4,344
|
|
|
11,097
|
|
|
(84,711
|
)
|
|
—
|
|
||||||
Loss before taxes
|
|
(64,079
|
)
|
|
(66,185
|
)
|
|
(14,379
|
)
|
|
(32,541
|
)
|
|
84,711
|
|
|
(92,473
|
)
|
||||||
Provision (benefit) for taxes
|
|
675
|
|
|
(17,519
|
)
|
|
(3,276
|
)
|
|
(7,599
|
)
|
|
—
|
|
|
(27,719
|
)
|
||||||
Net loss
|
|
$
|
(64,754
|
)
|
|
$
|
(48,666
|
)
|
|
$
|
(11,103
|
)
|
|
$
|
(24,942
|
)
|
|
$
|
84,711
|
|
|
$
|
(64,754
|
)
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency translation adjustment
|
|
(660
|
)
|
|
—
|
|
|
(660
|
)
|
|
—
|
|
|
660
|
|
|
(660
|
)
|
||||||
Unrealized gain on cash flow hedging derivatives
|
|
1,994
|
|
|
605
|
|
|
—
|
|
|
—
|
|
|
(605
|
)
|
|
1,994
|
|
||||||
Other comprehensive income (loss), (net of tax)
|
|
1,334
|
|
|
605
|
|
|
(660
|
)
|
|
—
|
|
|
55
|
|
|
1,334
|
|
||||||
Total comprehensive loss
|
|
$
|
(63,420
|
)
|
|
$
|
(48,061
|
)
|
|
$
|
(11,763
|
)
|
|
$
|
(24,942
|
)
|
|
$
|
84,766
|
|
|
$
|
(63,420
|
)
|
|
|
Cedar Fair L.P.
(Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING ACTIVITIES
|
|
$
|
16,999
|
|
|
$
|
58,464
|
|
|
$
|
(6,538
|
)
|
|
$
|
(120,584
|
)
|
|
$
|
(3,559
|
)
|
|
$
|
(55,218
|
)
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
(50,000
|
)
|
|
64,688
|
|
|
(14,688
|
)
|
|
—
|
|
||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(2,739
|
)
|
|
(42,053
|
)
|
|
—
|
|
|
(44,792
|
)
|
||||||
Net cash from (for) investing activities
|
|
—
|
|
|
—
|
|
|
(52,739
|
)
|
|
22,635
|
|
|
(14,688
|
)
|
|
(44,792
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany payables (payments) receipts
|
|
33,622
|
|
|
(48,310
|
)
|
|
—
|
|
|
—
|
|
|
14,688
|
|
|
—
|
|
||||||
Net borrowings on revolving credit loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
—
|
|
|
40,000
|
|
||||||
Distributions paid to partners
|
|
(50,621
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
355
|
|
|
(50,266
|
)
|
||||||
Payment of debt issuance costs and original issue discount
|
|
—
|
|
|
(321
|
)
|
|
—
|
|
|
(1,519
|
)
|
|
—
|
|
|
(1,840
|
)
|
||||||
Exercise of limited partnership unit options
|
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125
|
|
||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(3,039
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,039
|
)
|
||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(6,919
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,919
|
)
|
||||||
Net cash from (for) financing activities
|
|
(16,999
|
)
|
|
(58,464
|
)
|
|
—
|
|
|
38,481
|
|
|
15,043
|
|
|
(21,939
|
)
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(1,408
|
)
|
|
—
|
|
|
—
|
|
|
(1,408
|
)
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net decrease for the period
|
|
—
|
|
|
—
|
|
|
(60,685
|
)
|
|
(59,468
|
)
|
|
(3,204
|
)
|
|
(123,357
|
)
|
||||||
Balance, beginning of period
|
|
—
|
|
|
—
|
|
|
85,758
|
|
|
81,582
|
|
|
(1,095
|
)
|
|
166,245
|
|
||||||
Balance, end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,073
|
|
|
$
|
22,114
|
|
|
$
|
(4,299
|
)
|
|
$
|
42,888
|
|
|
|
Cedar Fair L.P.
(Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
NET CASH FROM (FOR) OPERATING
ACTIVITIES |
|
$
|
23,702
|
|
|
$
|
56,496
|
|
|
$
|
(35,208
|
)
|
|
$
|
(119,483
|
)
|
|
$
|
509
|
|
|
$
|
(73,984
|
)
|
CASH FLOWS FOR INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,274
|
|
|
(28,274
|
)
|
|
—
|
|
||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(1,148
|
)
|
|
(47,317
|
)
|
|
—
|
|
|
(48,465
|
)
|
||||||
Net cash for investing activities
|
|
—
|
|
|
—
|
|
|
(1,148
|
)
|
|
(19,043
|
)
|
|
(28,274
|
)
|
|
(48,465
|
)
|
||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intercompany payables (payments) receipts
|
|
24,949
|
|
|
(53,223
|
)
|
|
—
|
|
|
—
|
|
|
28,274
|
|
|
—
|
|
||||||
Net borrowings on revolving credit loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,000
|
|
|
—
|
|
|
85,000
|
|
||||||
Distributions paid to partners
|
|
(48,651
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
516
|
|
|
(48,135
|
)
|
||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(1,369
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,369
|
)
|
||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(1,904
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,904
|
)
|
||||||
Net cash from (for) financing activities
|
|
(23,702
|
)
|
|
(56,496
|
)
|
|
—
|
|
|
85,000
|
|
|
28,790
|
|
|
33,592
|
|
||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
383
|
|
|
—
|
|
|
—
|
|
|
383
|
|
||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net decrease for the period
|
|
—
|
|
|
—
|
|
|
(35,973
|
)
|
|
(53,526
|
)
|
|
1,025
|
|
|
(88,474
|
)
|
||||||
Balance, beginning of period
|
|
—
|
|
|
—
|
|
|
65,563
|
|
|
58,178
|
|
|
(1,025
|
)
|
|
122,716
|
|
||||||
Balance, end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,590
|
|
|
$
|
4,652
|
|
|
$
|
—
|
|
|
$
|
34,242
|
|
|
|
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
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,073
|
|
|
$
|
22,114
|
|
|
$
|
—
|
|
|
$
|
(4,299
|
)
|
|
$
|
42,888
|
|
Receivables
|
|
—
|
|
|
1,232
|
|
|
74,787
|
|
|
23,005
|
|
|
762,874
|
|
|
(831,103
|
)
|
|
30,795
|
|
|||||||
Inventories
|
|
—
|
|
|
—
|
|
|
2,493
|
|
|
30,661
|
|
|
7,149
|
|
|
—
|
|
|
40,303
|
|
|||||||
Other current assets
|
|
69
|
|
|
1,922
|
|
|
2,459
|
|
|
28,669
|
|
|
7,226
|
|
|
(347
|
)
|
|
39,998
|
|
|||||||
|
|
69
|
|
|
3,154
|
|
|
104,812
|
|
|
104,449
|
|
|
777,249
|
|
|
(835,749
|
)
|
|
153,984
|
|
|||||||
Property and Equipment, net
|
|
—
|
|
|
827
|
|
|
180,303
|
|
|
—
|
|
|
1,439,969
|
|
|
—
|
|
|
1,621,099
|
|
|||||||
Investment in Park
|
|
485,489
|
|
|
967,791
|
|
|
234,220
|
|
|
1,426,366
|
|
|
203,858
|
|
|
(3,317,724
|
)
|
|
—
|
|
|||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
62,012
|
|
|
8,388
|
|
|
111,217
|
|
|
—
|
|
|
182,291
|
|
|||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
13,834
|
|
|
—
|
|
|
23,876
|
|
|
—
|
|
|
37,710
|
|
|||||||
Deferred Tax Asset
|
|
—
|
|
|
7,150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,150
|
)
|
|
—
|
|
|||||||
Other Assets
|
|
—
|
|
|
—
|
|
|
39
|
|
|
399
|
|
|
9,069
|
|
|
—
|
|
|
9,507
|
|
|||||||
|
|
$
|
486,232
|
|
|
$
|
978,922
|
|
|
$
|
595,220
|
|
|
$
|
1,539,602
|
|
|
$
|
2,565,238
|
|
|
$
|
(4,160,623
|
)
|
|
$
|
2,004,591
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Accounts payable
|
|
$
|
531,176
|
|
|
$
|
302,858
|
|
|
$
|
1,806
|
|
|
$
|
30,271
|
|
|
$
|
9,103
|
|
|
$
|
(835,402
|
)
|
|
$
|
39,812
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
8,033
|
|
|
89,492
|
|
|
26,988
|
|
|
—
|
|
|
124,513
|
|
|||||||
Accrued interest
|
|
215
|
|
|
143
|
|
|
7,634
|
|
|
13,127
|
|
|
—
|
|
|
—
|
|
|
21,119
|
|
|||||||
Accrued taxes
|
|
883
|
|
|
—
|
|
|
463
|
|
|
7,782
|
|
|
1,395
|
|
|
(347
|
)
|
|
10,176
|
|
|||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
13,777
|
|
|
736
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,513
|
|
|||||||
Self-insurance reserves
|
|
—
|
|
|
10,438
|
|
|
1,543
|
|
|
10,475
|
|
|
2,355
|
|
|
—
|
|
|
24,811
|
|
|||||||
Other accrued liabilities
|
|
3,283
|
|
|
5,249
|
|
|
268
|
|
|
5,054
|
|
|
4,382
|
|
|
—
|
|
|
18,236
|
|
|||||||
|
|
535,557
|
|
|
332,465
|
|
|
20,483
|
|
|
156,201
|
|
|
44,223
|
|
|
(835,749
|
)
|
|
253,180
|
|
|||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
12,664
|
|
|
—
|
|
|
81,945
|
|
|
(7,150
|
)
|
|
87,459
|
|
|||||||
Derivative Liability
|
|
1,638
|
|
|
1,092
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,730
|
|
|||||||
Other Liabilities
|
|
—
|
|
|
705
|
|
|
—
|
|
|
120
|
|
|
10,578
|
|
|
—
|
|
|
11,403
|
|
|||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revolving credit loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|||||||
Term debt
|
|
—
|
|
|
127,350
|
|
|
—
|
|
|
596,175
|
|
|
—
|
|
|
—
|
|
|
723,525
|
|
|||||||
Notes
|
|
—
|
|
|
—
|
|
|
445,458
|
|
|
491,799
|
|
|
—
|
|
|
—
|
|
|
937,257
|
|
|||||||
|
|
—
|
|
|
127,350
|
|
|
445,458
|
|
|
1,127,974
|
|
|
—
|
|
|
—
|
|
|
1,700,782
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity
|
|
(50,963
|
)
|
|
517,310
|
|
|
116,615
|
|
|
255,307
|
|
|
2,428,492
|
|
|
(3,317,724
|
)
|
|
(50,963
|
)
|
|||||||
|
|
$
|
486,232
|
|
|
$
|
978,922
|
|
|
$
|
595,220
|
|
|
$
|
1,539,602
|
|
|
$
|
2,565,238
|
|
|
$
|
(4,160,623
|
)
|
|
$
|
2,004,591
|
|
|
|
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
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,590
|
|
|
$
|
3,979
|
|
|
$
|
673
|
|
|
$
|
—
|
|
|
$
|
34,242
|
|
Receivables
|
|
—
|
|
|
1,552
|
|
|
61,894
|
|
|
20,455
|
|
|
521,167
|
|
|
(576,483
|
)
|
|
28,585
|
|
|||||||
Inventories
|
|
—
|
|
|
—
|
|
|
1,965
|
|
|
29,247
|
|
|
6,726
|
|
|
—
|
|
|
37,938
|
|
|||||||
Other current assets
|
|
74
|
|
|
907
|
|
|
3,462
|
|
|
21,705
|
|
|
5,982
|
|
|
(1,661
|
)
|
|
30,469
|
|
|||||||
|
|
74
|
|
|
2,459
|
|
|
96,911
|
|
|
75,386
|
|
|
534,548
|
|
|
(578,144
|
)
|
|
131,234
|
|
|||||||
Property and Equipment, net
|
|
—
|
|
|
835
|
|
|
176,952
|
|
|
—
|
|
|
1,410,861
|
|
|
—
|
|
|
1,588,648
|
|
|||||||
Investment in Park
|
|
711,257
|
|
|
852,264
|
|
|
195,731
|
|
|
1,291,335
|
|
|
294,228
|
|
|
(3,344,815
|
)
|
|
—
|
|
|||||||
Goodwill
|
|
674
|
|
|
—
|
|
|
59,620
|
|
|
8,388
|
|
|
111,217
|
|
|
—
|
|
|
179,899
|
|
|||||||
Other Intangibles, net
|
|
—
|
|
|
—
|
|
|
13,306
|
|
|
—
|
|
|
24,418
|
|
|
—
|
|
|
37,724
|
|
|||||||
Deferred Tax Asset
|
|
—
|
|
|
16,616
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16,616
|
)
|
|
—
|
|
|||||||
Other Assets
|
|
—
|
|
|
2,000
|
|
|
109
|
|
|
1,240
|
|
|
17,425
|
|
|
—
|
|
|
20,774
|
|
|||||||
|
|
$
|
712,005
|
|
|
$
|
874,174
|
|
|
$
|
542,629
|
|
|
$
|
1,376,349
|
|
|
$
|
2,392,697
|
|
|
$
|
(3,939,575
|
)
|
|
$
|
1,958,279
|
|
LIABILITIES AND PARTNERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Current maturities of long-term debt
|
|
$
|
—
|
|
|
$
|
897
|
|
|
$
|
100
|
|
|
$
|
3,353
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,350
|
|
Accounts payable
|
|
453,329
|
|
|
125,934
|
|
|
2,081
|
|
|
30,886
|
|
|
8,968
|
|
|
(576,483
|
)
|
|
44,715
|
|
|||||||
Deferred revenue
|
|
—
|
|
|
—
|
|
|
7,373
|
|
|
80,666
|
|
|
28,093
|
|
|
—
|
|
|
116,132
|
|
|||||||
Accrued interest
|
|
864
|
|
|
589
|
|
|
7,729
|
|
|
1,831
|
|
|
—
|
|
|
—
|
|
|
11,013
|
|
|||||||
Accrued taxes
|
|
1,084
|
|
|
—
|
|
|
—
|
|
|
7,563
|
|
|
1,550
|
|
|
(1,661
|
)
|
|
8,536
|
|
|||||||
Accrued salaries, wages and benefits
|
|
—
|
|
|
13,792
|
|
|
635
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,427
|
|
|||||||
Self-insurance reserves
|
|
—
|
|
|
11,397
|
|
|
1,484
|
|
|
10,883
|
|
|
2,069
|
|
|
—
|
|
|
25,833
|
|
|||||||
Other accrued liabilities
|
|
2,644
|
|
|
3,907
|
|
|
164
|
|
|
2,717
|
|
|
2,187
|
|
|
—
|
|
|
11,619
|
|
|||||||
|
|
457,921
|
|
|
156,516
|
|
|
19,566
|
|
|
137,899
|
|
|
42,867
|
|
|
(578,144
|
)
|
|
236,625
|
|
|||||||
Deferred Tax Liability
|
|
—
|
|
|
—
|
|
|
13,273
|
|
|
—
|
|
|
125,350
|
|
|
(16,616
|
)
|
|
122,007
|
|
|||||||
Derivative Liability
|
|
9,395
|
|
|
6,263
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,658
|
|
|||||||
Other Liabilities
|
|
—
|
|
|
1,125
|
|
|
—
|
|
|
331
|
|
|
11,467
|
|
|
—
|
|
|
12,923
|
|
|||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revolving credit loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,000
|
|
|
—
|
|
|
—
|
|
|
85,000
|
|
|||||||
Term debt
|
|
—
|
|
|
123,347
|
|
|
13,576
|
|
|
456,274
|
|
|
—
|
|
|
—
|
|
|
593,197
|
|
|||||||
Notes
|
|
292,241
|
|
|
203,256
|
|
|
444,924
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
940,421
|
|
|||||||
|
|
292,241
|
|
|
326,603
|
|
|
458,500
|
|
|
541,274
|
|
|
—
|
|
|
—
|
|
|
1,618,618
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity
|
|
(47,552
|
)
|
|
383,667
|
|
|
51,290
|
|
|
696,845
|
|
|
2,213,013
|
|
|
(3,344,815
|
)
|
|
(47,552
|
)
|
|||||||
|
|
$
|
712,005
|
|
|
$
|
874,174
|
|
|
$
|
542,629
|
|
|
$
|
1,376,349
|
|
|
$
|
2,392,697
|
|
|
$
|
(3,939,575
|
)
|
|
$
|
1,958,279
|
|
|
|
Cedar Fair L.P.
(Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net revenues
|
|
$
|
(10,767
|
)
|
|
$
|
854
|
|
|
$
|
271
|
|
|
$
|
53,731
|
|
|
$
|
1,706
|
|
|
$
|
8,932
|
|
|
$
|
54,727
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,899
|
|
|
104
|
|
|
—
|
|
|
6,003
|
|
|||||||
Operating expenses
|
|
—
|
|
|
42,671
|
|
|
5,716
|
|
|
22,620
|
|
|
8,889
|
|
|
8,932
|
|
|
88,828
|
|
|||||||
Selling, general and administrative
|
|
759
|
|
|
14,450
|
|
|
680
|
|
|
11,643
|
|
|
1,150
|
|
|
—
|
|
|
28,682
|
|
|||||||
Depreciation and amortization
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
5,513
|
|
|
—
|
|
|
5,521
|
|
|||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
40
|
|
|
651
|
|
|
649
|
|
|
—
|
|
|
1,340
|
|
|||||||
|
|
759
|
|
|
57,129
|
|
|
6,436
|
|
|
40,813
|
|
|
16,305
|
|
|
8,932
|
|
|
130,374
|
|
|||||||
Operating income (loss)
|
|
(11,526
|
)
|
|
(56,275
|
)
|
|
(6,165
|
)
|
|
12,918
|
|
|
(14,599
|
)
|
|
—
|
|
|
(75,647
|
)
|
|||||||
Interest (income) expense, net
|
|
4,904
|
|
|
4,367
|
|
|
5,583
|
|
|
11,553
|
|
|
(6,871
|
)
|
|
—
|
|
|
19,536
|
|
|||||||
Net effect of swaps
|
|
(2,207
|
)
|
|
(1,421
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,628
|
)
|
|||||||
Loss on early debt extinguishment
|
|
—
|
|
|
187
|
|
|
—
|
|
|
886
|
|
|
—
|
|
|
—
|
|
|
1,073
|
|
|||||||
(Gain) loss on foreign currency
|
|
—
|
|
|
(41
|
)
|
|
10,135
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,094
|
|
|||||||
Other (income) expense
|
|
59
|
|
|
(9,804
|
)
|
|
854
|
|
|
—
|
|
|
8,768
|
|
|
—
|
|
|
(123
|
)
|
|||||||
Loss from investment in affiliates
|
|
68,528
|
|
|
28,815
|
|
|
3,913
|
|
|
—
|
|
|
20,585
|
|
|
(121,841
|
)
|
|
—
|
|
|||||||
Income (loss) before taxes
|
|
(82,810
|
)
|
|
(78,378
|
)
|
|
(26,650
|
)
|
|
479
|
|
|
(37,081
|
)
|
|
121,841
|
|
|
(102,599
|
)
|
|||||||
Provision (benefit) for taxes
|
|
590
|
|
|
(9,851
|
)
|
|
(6,062
|
)
|
|
479
|
|
|
(4,355
|
)
|
|
—
|
|
|
(19,199
|
)
|
|||||||
Net loss
|
|
$
|
(83,400
|
)
|
|
$
|
(68,527
|
)
|
|
$
|
(20,588
|
)
|
|
$
|
—
|
|
|
$
|
(32,726
|
)
|
|
$
|
121,841
|
|
|
$
|
(83,400
|
)
|
Other comprehensive income, (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cumulative foreign currency translation adjustment
|
|
4,604
|
|
|
—
|
|
|
4,604
|
|
|
—
|
|
|
—
|
|
|
(4,604
|
)
|
|
4,604
|
|
|||||||
Unrealized gain on cash flow hedging derivatives
|
|
2,018
|
|
|
630
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(630
|
)
|
|
2,018
|
|
|||||||
Other comprehensive income, (net of tax)
|
|
6,622
|
|
|
630
|
|
|
4,604
|
|
|
—
|
|
|
—
|
|
|
(5,234
|
)
|
|
6,622
|
|
|||||||
Total comprehensive loss
|
|
$
|
(76,778
|
)
|
|
$
|
(67,897
|
)
|
|
$
|
(15,984
|
)
|
|
$
|
—
|
|
|
$
|
(32,726
|
)
|
|
$
|
116,607
|
|
|
$
|
(76,778
|
)
|
|
|
Cedar Fair L.P.
(Parent)
|
|
Co-Issuer Subsidiary (Magnum)
|
|
Co-Issuer Subsidiary (Cedar Canada)
|
|
Co-Issuer Subsidiary (Millennium)
|
|
Guarantor Subsidiaries
|
|
Eliminations
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net revenues
|
|
$
|
(6,138
|
)
|
|
$
|
(291
|
)
|
|
$
|
353
|
|
|
$
|
46,978
|
|
|
$
|
3,782
|
|
|
$
|
3,634
|
|
|
$
|
48,318
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cost of food, merchandise and games revenues
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,313
|
|
|
167
|
|
|
—
|
|
|
5,480
|
|
|||||||
Operating expenses
|
|
—
|
|
|
40,592
|
|
|
5,304
|
|
|
26,318
|
|
|
8,441
|
|
|
3,634
|
|
|
84,289
|
|
|||||||
Selling, general and administrative
|
|
894
|
|
|
14,495
|
|
|
746
|
|
|
10,893
|
|
|
591
|
|
|
—
|
|
|
27,619
|
|
|||||||
Depreciation and amortization
|
|
—
|
|
|
8
|
|
|
2
|
|
|
—
|
|
|
5,355
|
|
|
—
|
|
|
5,365
|
|
|||||||
Loss on impairment / retirement of fixed assets, net
|
|
—
|
|
|
—
|
|
|
445
|
|
|
496
|
|
|
585
|
|
|
—
|
|
|
1,526
|
|
|||||||
|
|
894
|
|
|
55,095
|
|
|
6,497
|
|
|
43,020
|
|
|
15,139
|
|
|
3,634
|
|
|
124,279
|
|
|||||||
Operating income (loss)
|
|
(7,032
|
)
|
|
(55,386
|
)
|
|
(6,144
|
)
|
|
3,958
|
|
|
(11,357
|
)
|
|
—
|
|
|
(75,961
|
)
|
|||||||
Interest (income) expense, net
|
|
8,169
|
|
|
5,308
|
|
|
5,905
|
|
|
3,422
|
|
|
(3,922
|
)
|
|
—
|
|
|
18,882
|
|
|||||||
Net effect of swaps
|
|
150
|
|
|
151
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
301
|
|
|||||||
Gain on foreign currency
|
|
—
|
|
|
—
|
|
|
(2,671
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,671
|
)
|
|||||||
Other (income) expense
|
|
62
|
|
|
(15,264
|
)
|
|
657
|
|
|
—
|
|
|
14,545
|
|
|
—
|
|
|
—
|
|
|||||||
Loss from investment in affiliates
|
|
48,666
|
|
|
20,604
|
|
|
4,344
|
|
|
—
|
|
|
11,097
|
|
|
(84,711
|
)
|
|
—
|
|
|||||||
Income (loss) before taxes
|
|
(64,079
|
)
|
|
(66,185
|
)
|
|
(14,379
|
)
|
|
536
|
|
|
(33,077
|
)
|
|
84,711
|
|
|
(92,473
|
)
|
|||||||
Provision (benefit) for taxes
|
|
675
|
|
|
(17,519
|
)
|
|
(3,276
|
)
|
|
536
|
|
|
(8,135
|
)
|
|
—
|
|
|
(27,719
|
)
|
|||||||
Net loss
|
|
$
|
(64,754
|
)
|
|
$
|
(48,666
|
)
|
|
$
|
(11,103
|
)
|
|
$
|
—
|
|
|
$
|
(24,942
|
)
|
|
$
|
84,711
|
|
|
$
|
(64,754
|
)
|
Other comprehensive income (loss), (net of tax):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cumulative foreign currency translation adjustment
|
|
(660
|
)
|
|
—
|
|
|
(660
|
)
|
|
—
|
|
|
—
|
|
|
660
|
|
|
(660
|
)
|
|||||||
Unrealized gain on cash flow hedging derivatives
|
|
1,994
|
|
|
605
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(605
|
)
|
|
1,994
|
|
|||||||
Other comprehensive income (loss), (net of tax)
|
|
1,334
|
|
|
605
|
|
|
(660
|
)
|
|
—
|
|
|
—
|
|
|
55
|
|
|
1,334
|
|
|||||||
Total comprehensive loss
|
|
$
|
(63,420
|
)
|
|
$
|
(48,061
|
)
|
|
$
|
(11,763
|
)
|
|
$
|
—
|
|
|
$
|
(24,942
|
)
|
|
$
|
84,766
|
|
|
$
|
(63,420
|
)
|
|
|
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
|
|
$
|
16,999
|
|
|
$
|
58,464
|
|
|
$
|
(6,538
|
)
|
|
$
|
(64,317
|
)
|
|
$
|
(56,267
|
)
|
|
$
|
(3,559
|
)
|
|
$
|
(55,218
|
)
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
(50,000
|
)
|
|
—
|
|
|
64,688
|
|
|
(14,688
|
)
|
|
—
|
|
|||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(2,739
|
)
|
|
(32,480
|
)
|
|
(9,573
|
)
|
|
—
|
|
|
(44,792
|
)
|
|||||||
Net cash from (for) investing activities
|
|
—
|
|
|
—
|
|
|
(52,739
|
)
|
|
(32,480
|
)
|
|
55,115
|
|
|
(14,688
|
)
|
|
(44,792
|
)
|
|||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany payables (payments) receipts
|
|
33,622
|
|
|
(48,310
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,688
|
|
|
—
|
|
|||||||
Net borrowings on revolving credit loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|
—
|
|
|
—
|
|
|
40,000
|
|
|||||||
Distributions paid to partners
|
|
(50,621
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
355
|
|
|
(50,266
|
)
|
|||||||
Payment of debt issuance costs and original issue discount
|
|
—
|
|
|
(321
|
)
|
|
—
|
|
|
(1,519
|
)
|
|
—
|
|
|
—
|
|
|
(1,840
|
)
|
|||||||
Exercise of limited partnership unit options
|
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(3,039
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,039
|
)
|
|||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(6,919
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,919
|
)
|
|||||||
Net cash from (for) financing activities
|
|
(16,999
|
)
|
|
(58,464
|
)
|
|
—
|
|
|
38,481
|
|
|
—
|
|
|
15,043
|
|
|
(21,939
|
)
|
|||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
(1,408
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,408
|
)
|
|||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net decrease for the year
|
|
—
|
|
|
—
|
|
|
(60,685
|
)
|
|
(58,316
|
)
|
|
(1,152
|
)
|
|
(3,204
|
)
|
|
(123,357
|
)
|
|||||||
Balance, beginning of year
|
|
—
|
|
|
—
|
|
|
85,758
|
|
|
80,430
|
|
|
1,152
|
|
|
(1,095
|
)
|
|
166,245
|
|
|||||||
Balance, end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,073
|
|
|
$
|
22,114
|
|
|
$
|
—
|
|
|
$
|
(4,299
|
)
|
|
$
|
42,888
|
|
|
|
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
|
|
$
|
23,702
|
|
|
$
|
56,496
|
|
|
$
|
(35,208
|
)
|
|
$
|
(97,827
|
)
|
|
$
|
(21,656
|
)
|
|
$
|
509
|
|
|
$
|
(73,984
|
)
|
CASH FLOWS FROM (FOR) INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany receivables (payments) receipts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,274
|
|
|
(28,274
|
)
|
|
—
|
|
|||||||
Capital expenditures
|
|
—
|
|
|
—
|
|
|
(1,148
|
)
|
|
(41,019
|
)
|
|
(6,298
|
)
|
|
—
|
|
|
(48,465
|
)
|
|||||||
Net cash from (for) investing activities
|
|
—
|
|
|
—
|
|
|
(1,148
|
)
|
|
(41,019
|
)
|
|
21,976
|
|
|
(28,274
|
)
|
|
(48,465
|
)
|
|||||||
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Intercompany payables (payments) receipts
|
|
24,949
|
|
|
(53,223
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28,274
|
|
|
—
|
|
|||||||
Net borrowings on revolving credit loans
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,000
|
|
|
—
|
|
|
—
|
|
|
85,000
|
|
|||||||
Distributions paid to partners
|
|
(48,651
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
516
|
|
|
(48,135
|
)
|
|||||||
Tax effect of units involved in treasury unit transactions
|
|
—
|
|
|
(1,369
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,369
|
)
|
|||||||
Payments related to tax withholding for equity compensation
|
|
—
|
|
|
(1,904
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,904
|
)
|
|||||||
Net cash from (for) financing activities
|
|
(23,702
|
)
|
|
(56,496
|
)
|
|
—
|
|
|
85,000
|
|
|
—
|
|
|
28,790
|
|
|
33,592
|
|
|||||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
—
|
|
|
383
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
383
|
|
|||||||
CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net increase (decrease) for the year
|
|
—
|
|
|
—
|
|
|
(35,973
|
)
|
|
(53,846
|
)
|
|
320
|
|
|
1,025
|
|
|
(88,474
|
)
|
|||||||
Balance, beginning of year
|
|
—
|
|
|
—
|
|
|
65,563
|
|
|
57,825
|
|
|
353
|
|
|
(1,025
|
)
|
|
122,716
|
|
|||||||
Balance, end of year
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29,590
|
|
|
$
|
3,979
|
|
|
$
|
673
|
|
|
$
|
—
|
|
|
$
|
34,242
|
|
•
|
Income Taxes
|
|
Three months ended
|
||||||
(In thousands)
|
3/25/2018
|
|
3/26/2017
|
||||
Net loss
|
$
|
(83,400
|
)
|
|
$
|
(64,754
|
)
|
Interest expense
|
19,762
|
|
|
18,914
|
|
||
Interest income
|
(226
|
)
|
|
(32
|
)
|
||
Benefit for taxes
|
(19,199
|
)
|
|
(27,719
|
)
|
||
Depreciation and amortization
|
5,521
|
|
|
5,365
|
|
||
EBITDA
|
(77,542
|
)
|
|
(68,226
|
)
|
||
Loss on early debt extinguishment
|
1,073
|
|
|
—
|
|
||
Net effect of swaps
|
(3,628
|
)
|
|
301
|
|
||
Non-cash foreign currency (gain) loss
|
10,098
|
|
|
(2,679
|
)
|
||
Non-cash equity compensation expense
|
2,968
|
|
|
3,417
|
|
||
Loss on impairment / retirement of fixed assets, net
|
1,340
|
|
|
1,526
|
|
||
Other
(1)
|
169
|
|
|
192
|
|
||
Adjusted EBITDA
|
$
|
(65,522
|
)
|
|
$
|
(65,469
|
)
|
(1)
|
Consists of certain costs as defined in the Partnership's Amended 2017 Credit Agreement and prior credit agreements. These items are excluded in the calculation of Adjusted EBITDA and have included certain legal expenses, costs associated with certain ride abandonment or relocation expenses, and severance expenses. This balance also includes unrealized gains and losses on short-term investments.
|
|
|
Three months ended
|
|
Three months ended
|
|
Increase (Decrease)
|
|||||||||
|
|
3/25/2018
|
|
3/26/2017
|
|
$
|
|
%
|
|||||||
|
|
(Amounts in thousands, except for per capita spending)
|
|||||||||||||
Net revenues
|
|
$
|
54,727
|
|
|
$
|
48,318
|
|
|
$
|
6,409
|
|
|
13.3
|
%
|
Operating costs and expenses
|
|
123,513
|
|
|
117,388
|
|
|
6,125
|
|
|
5.2
|
%
|
|||
Depreciation and amortization
|
|
5,521
|
|
|
5,365
|
|
|
156
|
|
|
2.9
|
%
|
|||
Loss on impairment / retirement of fixed assets, net
|
|
1,340
|
|
|
1,526
|
|
|
(186
|
)
|
|
N/M
|
|
|||
Operating loss
|
|
$
|
(75,647
|
)
|
|
$
|
(75,961
|
)
|
|
$
|
314
|
|
|
0.4
|
%
|
N/M - Not meaningful
|
|
|
|
|
|
|
|
|
|||||||
Other Data:
|
|
|
|
|
|
|
|
|
|||||||
Adjusted EBITDA
(1)
|
|
$
|
(65,522
|
)
|
|
$
|
(65,469
|
)
|
|
$
|
(53
|
)
|
|
(0.1
|
)%
|
(1)
|
For additional information regarding Adjusted EBITDA, including how we define and use Adjusted EBITDA, as well as a reconciliation to net loss, see page 33.
|
•
|
$500 million
of
5.375%
senior unsecured notes, maturing in
April 2027
, issued at par. Prior to
April 15, 2020
, up to
35%
of the notes may be redeemed with net cash proceeds of certain equity offerings at a price equal to
105.375%
of the principal amount thereof, together with accrued and unpaid interest and additional interest, if any. The notes may be redeemed, in whole or in part, at any time prior to
April 15, 2022
at a price equal to
100%
of the principal amount of the notes redeemed plus a "make-whole" premium, together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The notes pay interest semi-annually in April and October.
|
•
|
$450 million
of
5.375%
senior unsecured notes, maturing in
June 2024
, issued at par. The notes may be redeemed, in whole or in part, at any time prior to
June 1, 2019
at a price equal to
100%
of the principal amount of the notes redeemed plus a "make-whole" premium, together with accrued and unpaid interest, if any, to the redemption date. Thereafter, the notes may be redeemed, in whole or in part, at various prices depending on the date redeemed. The notes pay interest semi-annually in June and December.
|
•
|
$735 million
of senior secured term debt, maturing in
April 2024
under our Amended 2017 Credit Agreement. The term debt bears interest at the London InterBank Offering Rate ("LIBOR") plus
175
basis points (bps), under amendments we entered into on
March 14, 2018
. The pricing terms for the amendment reflected
$0.9 million
of Original Issue Discount ("OID"). 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
March 25, 2018
.
|
•
|
$40 million
of borrowings under the
$275 million
senior secured revolving credit facility under our Amended 2017 Credit Agreement with a Canadian sub-limit of
$15 million
. Borrowings under the senior secured revolving credit facility bear interest at LIBOR or Canadian Dollar Offered Rate ("CDOR") plus
200
bps. The revolving credit facility is scheduled to mature in
April 2022
and also provides for the issuance of documentary and standby letters of credit. The Amended 2017 Credit Agreement requires the payment of a
37.5
bps commitment fee per annum on the unused portion of the credit facilities. After letters of credit, which totaled
$15.9 million
at
March 25, 2018
, we had
$219.1 million
of available borrowings under the revolving credit facility and cash on hand of
$42.9 million
.
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
||||||
Period
|
|
Total Number of Units Purchased
(1)
|
|
Average Price Paid per Unit
|
|
Total Number of Units Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number (or Approximate Dollar Value) of Units that May Yet Be Purchased Under the Plans or Programs
|
||||||
January 1 - January 28
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
January 29 - February 25
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
February 26 - March 25
|
|
30,294
|
|
|
$
|
68.13
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
30,294
|
|
|
$
|
68.13
|
|
|
—
|
|
|
$
|
—
|
|
(1)
|
All repurchased units were reacquired by the Partnership in satisfaction of tax obligations related to the vesting of restricted units which were granted under the Partnership's Omnibus Incentive Plan.
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Exhibit (101)
|
|
The following materials from the Partnership's Quarterly Report on Form 10-Q for the quarter ended March 25, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) the Unaudited Condensed Consolidated Statements of Income, (ii) the Unaudited Condensed Consolidated Balance Sheets, (iii) the Unaudited Condensed Consolidated Statements of Cash Flow, (iv) the Unaudited Condensed Consolidated Statement of Equity, and (v) related notes.
|
|
|
CEDAR FAIR, L.P.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By Cedar Fair Management, Inc.
|
|
|
|
General Partner
|
|
|
|
|
|
Date:
|
May 2, 2018
|
/s/ Richard A. Zimmerman
|
|
|
|
Richard A. Zimmerman
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
Date:
|
May 2, 2018
|
/s/ Brian C. Witherow
|
|
|
|
Brian C. Witherow
|
|
|
|
Executive Vice President and
|
|
|
|
Chief Financial Officer
|
|
|
Page
|
|
|
|
|
|
ARTICLE I
|
ORGANIZATIONAL MATTERS..................................................
|
1
|
|
1.1
|
|
Domicile.................................................................................................
|
1
|
1.2
|
|
Name......................................................................................................
|
2
|
1.3
|
|
Registered Office and Agent: Principal Office......................................
|
2
|
1.4
|
|
Power of Attorney..................................................................................
|
2
|
1.5
|
|
Term........................................................................................................
|
3
|
|
|
|
|
ARTICLE II
|
DEFINITIONS................................................................................
|
3
|
|
2.1
|
|
Definitions.............................................................................................
|
3
|
|
|
|
|
ARTICLE III
|
PURPOSE.......................................................................................
|
11
|
|
3.1
|
|
Purpose..................................................................................................
|
11
|
|
|
|
|
ARTICLE IV
|
CAPITAL CONTRIBUTIONS.......................................................
|
11
|
|
4.1
|
|
General Partner.....................................................................................
|
11
|
4.2
|
|
Limited Partners....................................................................................
|
11
|
4.3
|
|
Additional Issuances of Units and Securities........................................
|
11
|
4.4
|
|
No Preemptive Rights............................................................................
|
12
|
4.5
|
|
Capital Accounts...................................................................................
|
12
|
4.6
|
|
Interest....................................................................................................
|
15
|
4.7
|
|
No Withdrawal......................................................................................
|
15
|
4.8
|
|
Loans from Partners..............................................................................
|
15
|
4.9
|
|
Splits and Combinations.......................................................................
|
15
|
|
|
|
|
ARTICLE V
|
ALLOCATIONS AND DISTRIBUTIONS.....................................
|
16
|
|
5.1
|
|
Allocations for Capital Account Purposes............................................
|
16
|
5.2
|
|
Allocations for Tax Purposes................................................................
|
17
|
5.3
|
|
Distributions..............................................................................................
|
19
|
|
|
|
|
ARTICLE VI
|
MANAGEMENT AND OPERATION OF BUSINESS.................
|
21
|
|
6.1
|
|
Management..........................................................................................
|
21
|
6.2
|
|
Election of Board of Directors of General Partner by Limited Partners; Governance Matters..............................................................
|
22
|
6.3
|
|
Certificate of Limited Partnership........................................................
|
26
|
6.4
|
|
Reliance by Third Parties......................................................................
|
26
|
6.5
|
|
Rights of General Partner as Limited Partner......................................
|
27
|
6.6
|
|
Compensation and Reimbursement of General Partner........................
|
27
|
6.7
|
|
Outside Activities...................................................................................
|
27
|
6.8
|
|
Partnership Funds.................................................................................
|
28
|
6.9
|
|
Loans to or from General Partners; Contracts with Affiliates.............
|
28
|
6.10
|
|
Indemnification..........................................................................................
|
29
|
6.11
|
|
Liability of General Partner..................................................................
|
31
|
6.12
|
|
Resolution of Conflicts of Interest.........................................................
|
31
|
6.13
|
|
Other Matters Concerning General Partners.......................................
|
32
|
6.14
|
|
Title to Partnership Assets.....................................................................
|
32
|
|
|
|
|
ARTICLE VII
|
RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS.........
|
32
|
|
7.1
|
|
Limitation of Liability............................................................................
|
32
|
7.2
|
|
Management of Business.......................................................................
|
32
|
7.3
|
|
Outside Activities...................................................................................
|
32
|
7.4
|
|
Return of Capital...................................................................................
|
32
|
7.5
|
|
Rights of Limited Partners Relating to the Partnership........................
|
33
|
7.6
|
|
Rights of Special Limited Partners Relating to the Partnership...........
|
33
|
|
|
|
|
ARTICLE VIII
|
BOOKS, RECORDS, ACCOUNTING AND REPORTS...............
|
34
|
|
8.1
|
|
Records and Accounting........................................................................
|
34
|
8.2
|
|
Fiscal Year.............................................................................................
|
34
|
8.3
|
|
Reports..................................................................................................
|
34
|
8.4
|
|
Other information..................................................................................
|
35
|
|
|
|
|
ARTICLE IX
|
TAX MATTERS..............................................................................
|
35
|
|
9.1
|
|
Preparation of Tax Return.....................................................................
|
35
|
9.2
|
|
Tax Election...........................................................................................
|
35
|
9.3
|
|
Tax Controversies..................................................................................
|
35
|
9.4
|
|
Organizational Expenses.......................................................................
|
36
|
9.5
|
|
Taxation as a Partnership.....................................................................
|
36
|
9.6
|
|
Opinions Regarding Taxation as a Partnership....................................
|
36
|
9.7
|
|
Withholding...........................................................................................
|
36
|
|
|
|
|
ARTICLE X
|
PROHIBITIONS AND LIMITATIONS..........................................
|
36
|
|
10.1
|
|
Prohibitions and Limitations.................................................................
|
36
|
|
|
|
|
ARTICLE XI
|
TRANSFER OF INTEREST...........................................................
|
37
|
|
11.1
|
|
Transfer..................................................................................................
|
37
|
11.2
|
|
Transfer of Interests of General Partner...............................................
|
37
|
11.3
|
|
Transfer of Units...................................................................................
|
37
|
11.4
|
|
Transfer of Depositary Units.................................................................
|
37
|
11.5
|
|
Restrictions on Transfer.........................................................................
|
38
|
|
|
|
|
ARTICLE XII
|
ADMISSION OF PARTNERS........................................................
|
38
|
|
12.1
|
|
Existing Partners...................................................................................
|
38
|
12.2
|
|
Admission of Additional Limited Partners............................................
|
38
|
12.3
|
|
Admission of Successor General Partner..............................................
|
39
|
12.4
|
|
Amendment of Agreement and of Certificate of Limited Partnership...
|
39
|
|
|
|
|
ARTICLE XIII
|
WITHDRAWAL OR REMOVAL OF PARTNERS........................
|
40
|
|
13.1
|
|
Withdrawal or Removal of General Partner.........................................
|
40
|
13.2
|
|
Withdrawal of Limited Partners............................................................
|
41
|
13.3
|
|
Continuation of Partnership.................................................................
|
41
|
ARTICLE XIV
|
DISSOLUTION AND LIQUIDATION..........................................
|
41
|
|
14.1
|
|
Dissolution............................................................................................
|
41
|
14.2
|
|
Continuation of Business of Partnership after Dissolution..................
|
41
|
14.3
|
|
Liquidation............................................................................................
|
42
|
14.4
|
|
Distribution in Kind..............................................................................
|
43
|
14.5
|
|
Cancellation of Certificate of Limited Partnership...............................
|
43
|
14.6
|
|
Reasonable Time for Winding Up..........................................................
|
43
|
14.7
|
|
Return of Capital...................................................................................
|
44
|
14.8
|
|
Capital Account Restoration.................................................................
|
44
|
14.9
|
|
Waiver of Partition................................................................................
|
44
|
|
|
|
|
ARTICLE XV
|
AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE.......................................................
|
44
|
|
15.1
|
|
Amendments to be Adopted Solely by General Partner.........................
|
44
|
15.2
|
|
Amendment Procedures.........................................................................
|
45
|
15.3
|
|
Amendment Requirements.....................................................................
|
45
|
15.4
|
|
Meetings................................................................................................
|
45
|
15.5
|
|
Notice of a Meeting...............................................................................
|
46
|
15.6
|
|
Record Date...........................................................................................
|
46
|
15.7
|
|
Adjournment..........................................................................................
|
46
|
15.8
|
|
Waiver of Notice; Consent to Meeting; Approval of Minutes...............
|
46
|
15.9
|
|
Quorum.................................................................................................
|
47
|
15.10
|
|
Conduct of Meeting...............................................................................
|
47
|
15.11
|
|
Action Without a Meeting......................................................................
|
47
|
15.12
|
|
Voting Rights.........................................................................................
|
48
|
|
|
|
|
ARTICLE XVI
|
GENERAL PROVISIONS..............................................................
|
48
|
|
16.1
|
|
Addresses and Notices...........................................................................
|
48
|
16.2
|
|
Titles and Captions................................................................................
|
49
|
16.3
|
|
Pronouns and Plurals............................................................................
|
49
|
16.4
|
|
Further Action.......................................................................................
|
49
|
16.5
|
|
Binding Effect........................................................................................
|
49
|
16.6
|
|
Integration.............................................................................................
|
49
|
16.7
|
|
Creditors................................................................................................
|
49
|
16.8
|
|
Waiver....................................................................................................
|
49
|
16.9
|
|
Counterparts...........................................................................................
|
49
|
•
|
the name, age, business address and residence of such nominee;
|
•
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the principal occupation or employment of such nominee;
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•
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the class and approximate number of units of the Partnership which are beneficially owned by such nominee on the date of such Limited Partner’s notice;
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•
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a description of all direct and indirect compensation and other material monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among such
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•
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all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors in a contested election, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934 (including, without limitation, such person’s written consent to being named in the proxy statement as a nominee and to serving as a director if elected).
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•
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a representation that the Limited Partner (a) is a holder of record of units of the Partnership entitled to vote at such meeting, including the class and number of units of such unit that are owned beneficially and of record by such Limited Partner, and (b) intends to appear in person or by proxy at the meeting to nominate the person or persons specified in the notice;
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•
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the name and address, as they appear on the Partnership’s books, of such Limited Partner and any Limited Partner Associated Person known by such Limited Partner to be supporting such nominee(s);
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•
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any derivative positions with respect to securities of the Partnership (including, without limitation, any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion right or a settlement payment or mechanism at a price related to any class of units of the Partnership or with a value derived in whole or in part from the value of any class of units of the Partnership) held or beneficially held by the Limited Partner and any Limited Partner Associated Person and whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding has been made, the effect or intent of which is to increase or decrease the voting power and/or economic benefit and risks of, such Limited Partner or any Limited Partner Associated Person with respect to the Partnership’s units;
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•
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any proxy, contract, arrangement, understanding, or relationship pursuant to which such Limited Partner or any Limited Partner Associated Person has a right to vote any class of units of the Partnership;
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•
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an affirmative statement of such Limited Partner’s intent to deliver a proxy statement and form of proxy to holders of a sufficient number of holders of the Partnership’s voting units to elect such nominee or nominees or a statement that the Limited Partner does not intend to deliver a proxy statement and form of proxy to holders of a sufficient number of holders of the Partnership’s voting units to elect such nominee or nominees; and
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•
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all other information relating to such Limited Partner and any Limited Partner Associated Person that is required to be disclosed in solicitations of proxies for election of directors in a contested election, or is otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934.
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GENERAL PARTNER:
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CEDAR FAIR MANAGEMENT, INC.
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By:
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/s/ Richard L. Kinzel
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Richard L. Kinzel
Chief Executive Officer
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By:
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/s/ Matt Ouimet
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Matt Ouimet
President
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LIMITED PARTNERS:
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By:
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CEDAR FAIR MANAGEMENT, INC.
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As attorney-in-fact pursuant to Section 1.4
of this Agreement
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By:
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/s/ Richard L. Kinzel
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Richard L. Kinzel
Chief Executive Officer |
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By:
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/s/ Matt Ouimet
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Matt Ouimet
President
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1.
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Section 5.2(i) of the Partnership Agreement is amended to read as follows:
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2.
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The remaining provisions of the Partnership Agreement are confirmed.
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GENERAL PARTNER:
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Cedar Fair Management, Inc.
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By:
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/s/ Matthew A. Ouimet
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Matthew A. Ouimet
Chief Executive Officer
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By:
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/s/ Richard A. Zimmerman
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Richard A. Zimmerman
President and Chief Operating Officer
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1)
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I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.;
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2)
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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;
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3)
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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;
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4)
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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:
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a)
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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;
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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):
|
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
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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.
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Date:
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May 2, 2018
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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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1)
|
I have reviewed this quarterly report on Form 10-Q of Cedar Fair, L.P.;
|
2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4)
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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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
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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.
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Date:
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May 2, 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.
|
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
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Chief Financial Officer
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