CEDAR FAIR L P - 10-Q filing on 2016-11-02

Consolidating Financial Information of Guarantors and Issuers (Tables)

9 Months Ended

Sep. 25, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Consolidating Balance Sheet

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

September 25, 2016

(In thousands)



	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)		Co-Issuer Subsidiary (Cedar Canada)		Guarantor Subsidiaries		Eliminations			Total
ASSETS
Current Assets:
Cash and cash equivalents	$	—		$	—	$	75,562	$	111,740	$	—		$	187,302
Receivables	(5		)	1,387		24,964		585,190		(560,000		)	51,536
Inventories	—			—		1,519		29,540		—			31,059
Other current assets	275			24,479		680		12,800		(24,425		)	13,809
	270			25,866		102,725		739,270		(584,425		)	283,706
Property and Equipment (net)	—			876		179,172		1,345,992		—			1,526,040
Investment in Park	820,465			963,870		197,538		347,137		(2,329,010		)	—
Goodwill	674			—		95,180		119,606		—			215,460
Other Intangibles, net	—			—		13,519		22,911		—			36,430
Deferred Tax Asset	—			3,651		—		—		(3,651		)	—
Other Assets	—			1,999		123		19,351		—			21,473
	$	821,409		$	996,262	$	588,257	$	2,594,267	$	(2,917,086	)	$	2,083,109
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—		$	247	$	28	$	925	$	—		$	1,200
Accounts payable	399,384			164,335		1,342		27,830		(560,000		)	32,891
Deferred revenue	—			—		5,091		60,657		—			65,748
Accrued interest	875			597		7,784		1,683		—			10,939
Accrued taxes	3,325			—		14,109		76,907		(24,425		)	69,916
Accrued salaries, wages and benefits	—			40,588		2,156		—		—			42,744
Self-insurance reserves	—			12,394		1,567		12,859		—			26,820
Other accrued liabilities	2,358			3,532		510		5,948		—			12,348
	405,942			221,693		32,587		186,809		(584,425		)	262,606
Deferred Tax Liability	—			—		19,497		121,866		(3,651		)	137,712
Derivative Liability	18,111			12,074		—		—		—			30,185
Other Liabilities	—			1,520		—		10,968		—			12,488
Long-Term Debt:
Term debt	—			123,996		13,616		457,641		—			595,253
Notes	291,909			203,025		444,484		—		—			939,418
	291,909			327,021		458,100		457,641		—			1,534,671

Equity	105,447			433,954		78,073		1,816,983		(2,329,010		)	105,447
	$	821,409		$	996,262	$	588,257	$	2,594,267	$	(2,917,086	)	$	2,083,109

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2015

(In thousands)



	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	$	77,007	$	—	$	39,106	$	3,444	$	—		$	119,557
Receivables	—		1,292		27,788		547,361		(546,947		)	29,494
Inventories	—		121		1,222		23,686		—			25,029
Other current assets	188		1,261		1,332		8,781		(1,616		)	9,946
	77,195		2,674		69,448		583,272		(548,563		)	184,026
Property and Equipment (net)	—		5,593		176,390		1,332,895		—			1,514,878
Investment in Park	724,592		911,910		179,529		27,862		(1,843,893		)	—
Goodwill	674		—		90,531		119,606		—			210,811
Other Intangibles, net	—		—		12,832		23,063		—			35,895
Deferred Tax Asset	—		14,080		—		—		(14,080		)	—
Other Assets	—		14,414		210		2,786		—			17,410
	$	802,461	$	948,671	$	528,940	$	2,089,484	$	(2,406,536	)	$	1,963,020
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt	$	—	$	1,008	$	57	$	1,410	$	—		2,475
Accounts payable	433,621		115,135		810		14,503		(546,947		)	17,122
Deferred revenue	—		85		4,397		65,032		—			69,514
Accrued interest	4,602		3,221		2,056		31		—			9,910
Accrued taxes	1,066		—		—		42,487		(1,616		)	41,937
Accrued salaries, wages and benefits	—		22,166		1,026		3,724		—			26,916
Self-insurance reserves	—		7,437		1,400		15,159					23,996
Other accrued liabilities	1,355		1,531		167		3,748		—			6,801
	440,644		150,583		9,913		146,094		(548,563		)	198,671
Deferred Tax Liability	—		—		21,979		121,864		(14,080		)	129,763
Derivative Liability	13,396		9,522		—		—		—			22,918
Other Liabilities	—		6,705		—		11,278		—			17,983
Long-Term Debt:
Term debt	—		244,101		13,691		340,554		—			598,346
Notes	291,412		202,679		444,239		—		—			938,330
	291,412		446,780		457,930		340,554		—			1,536,676

Equity	57,009		335,081		39,118		1,469,694		(1,843,893		)	57,009
	$	802,461	$	948,671	$	528,940	$	2,089,484	$	(2,406,536	)	$	1,963,020

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET

September 27, 2015

(In thousands)



	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	$	132,000	$	—	$	49,512	$	16,632	$	(1,821	)	$	196,323
Receivables	478		139,898		117,605		701,212		(914,214		)	44,979
Inventories	—		124		1,496		28,542		—			30,162
Other current assets	285		25		747		13,028		—			14,085
	132,763		140,047		169,360		759,414		(916,035		)	285,549
Property and Equipment (net)	—		5,602		183,842		1,325,638		—			1,515,082
Investment in Park	760,412		876,248		178,052		42,485		(1,857,197		)	—
Goodwill	674		—		94,040		119,605		—			214,319
Other Intangibles, net	—		—		13,330		22,919		—			36,249
Deferred Tax Asset	—		27,659		—		—		(27,659		)	—
Other Assets	—		14,413		240		2,900		—			17,553
	$	893,849	$	1,063,969	$	638,864	$	2,272,961	$	(2,800,891	)	$	2,068,752
LIABILITIES AND PARTNERS’ EQUITY
Current Liabilities:
Accounts payable	$	456,209	$	155,898	$	3,062	$	322,284	$	(916,035	)	$	21,418
Deferred revenue	—		30		4,582		47,332		—			51,944
Accrued interest	1,199		2,793		7,906		—		—			11,898
Accrued taxes	2,548		36,440		991		9,756		—			49,735
Accrued salaries, wages and benefits	—		31,277		2,012		9,266		—			42,555
Self-insurance reserves	—		7,861		1,391		15,150		—			24,402
Current derivative liability	2,257		1,513		—		—		—			3,770
Other accrued liabilities	1,183		3,641		601		10,049		—			15,474
	463,396		239,453		20,545		413,837		(916,035		)	221,196
Deferred Tax Liability	—		—		49,021		123,602		(27,659		)	144,964
Derivative Liability	14,065		9,976		—		1		—			24,042
Other Liabilities	—		4,088		—		11,400		—			15,488
Long-Term Debt:
Term debt	—		244,938		13,724		341,600		—			600,262
Notes	291,246		202,565		443,847		—		—			937,658
	291,246		447,503		457,571		341,600		—			1,537,920

Equity	125,142		362,949		111,727		1,382,521		(1,857,197		)	125,142
	$	893,849	$	1,063,969	$	638,864	$	2,272,961	$	(2,800,891	)	$	2,068,752

Condensed Consolidating Statement of Operations and Other Comprehensive Income (Loss)

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended September 25, 2016

(In thousands)



	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total

Net revenues	$	92,371		$	172,703		$	77,164		$	606,823		$	(298,778	)	$	650,283
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			6,417			45,640			—			52,057
Operating expenses	(10		)	119,140			17,885			361,055			(298,778		)	199,292
Selling, general and administrative	610			21,412			4,413			38,664			—			65,099
Depreciation and amortization	—			9			7,624			57,052			—			64,685
Loss on impairment / retirement of fixed assets, net	—			—			57			1,298			—			1,355
	600			140,561			36,396			503,709			(298,778		)	382,488
Operating income	91,771			32,142			40,768			103,114			—			267,795
Interest expense (income), net	7,984			5,759			6,323			833			—			20,899
Net effect of swaps	959			691			—			—			—			1,650
Unrealized / realized foreign currency loss	—			—			7,337			4			—			7,341
Other (income) expense	62			(29,663		)	1,302			28,299			—			—
Income from investment in affiliates	(98,451		)	(62,240		)	(12,574		)	(28,737		)	202,002			—
Income before taxes	181,217			117,595			38,380			102,715			(202,002		)	237,905
Provision for taxes	6,230			19,142			9,643			27,903			—			62,918
Net income	$	174,987		$	98,453		$	28,737		$	74,812		$	(202,002	)	$	174,987
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	1,397			—			1,397			—			(1,397		)	1,397
Unrealized gain on cash flow hedging derivatives	1,994			606			—			—			(606		)	1,994
Other comprehensive income (loss), (net of tax)	3,391			606			1,397			—			(2,003		)	3,391
Total comprehensive income	$	178,378		$	99,059		$	30,134		$	74,812		$	(204,005	)	$	178,378

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended September 27, 2015

(In thousands)



	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total

Net revenues	$	96,104		$	140,898		$	74,383		$	565,908		$	(232,656	)	$	644,637
Costs and expenses:
Cost of food, merchandise, and games revenues	—			301			5,911			45,962			—			52,174
Operating expenses	1,167			67,890			16,884			102,624			—			188,565
Selling, general and administrative	483			16,979			4,417			39,515			—			61,394
Depreciation and amortization	—			10			7,399			51,650			—			59,059
Loss on impairment / retirement of fixed assets, net	—			—			240			5,513			—			5,753
	1,650			85,180			34,851			245,264			—			366,945
Operating income	94,454			55,718			39,532			320,644			(232,656		)	277,692
Interest expense (income), net	8,640			6,994			6,356			165			—			22,155
Net effect of swaps	(775		)	(664		)	—			—			—			(1,439		)
Unrealized / realized foreign currency loss	—			—			33,891			—			—			33,891
Other (income) expense	189			(7,803		)	1,518			6,096			—			—
Income from investment in affiliates	(84,099		)	(48,408		)	(13,536		)	(12,510		)	158,553			—
Income before taxes	170,499			105,599			11,303			326,893			(391,209		)	223,085
Provision (benefit) for taxes	6,348			21,979			(1,207		)	31,814			—			58,934
Net income	$	164,151		$	83,620		$	12,510		$	295,079		$	(391,209	)	$	164,151
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	7,688			—			7,688			—			(7,688		)	7,688
Unrealized loss on cash flow hedging derivatives	(2,978		)	(934		)	—			—			934			(2,978		)
Other comprehensive income (loss), (net of tax)	4,710			(934		)	7,688			—			(6,754		)	4,710
Total comprehensive income	$	168,861		$	82,686		$	20,198		$	295,079		$	(397,963	)	$	168,861

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Nine Months Ended September 25, 2016

(In thousands)



	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total

Net revenues	$	131,215		$	271,069		$	107,637		$	1,036,162		$	(449,328	)	$	1,096,755
Costs and expenses:
Cost of food, merchandise, and games revenues	—			—			9,389			83,471			—			92,860
Operating expenses	2			246,624			36,249			607,874			(449,328		)	441,421
Selling, general and administrative	2,264			49,307			8,757			81,754			—			142,082
Depreciation and amortization	—			27			13,022			105,126			—			118,175
Loss on impairment / retirement of fixed assets, net	—			—			83			5,299			—			5,382
	2,266			295,958			67,500			883,524			(449,328		)	799,920
Operating income (loss)	128,949			(24,889		)	40,137			152,638			—			296,835
Interest expense (income), net	23,776			17,830			18,672			1,507			—			61,785
Net effect of swaps	5,617			3,285			—			—			—			8,902
Unrealized / realized foreign currency (gain) loss	—			—			(23,679		)	4			—			(23,675		)
Other (income) expense	187			(69,801		)	3,051			66,563			—			—
Income from investment in affiliates	(94,910		)	(78,515		)	(18,008		)	(44,399		)	235,832			—
Income before taxes	194,279			102,312			60,101			128,963			(235,832		)	249,823
Provision for taxes	9,795			7,403			15,701			32,440			—			65,339
Net income	$	184,484		$	94,909		$	44,400		$	96,523		$	(235,832	)	$	184,484
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	(5,447		)	—			(5,447		)	—			5,447			(5,447		)
Unrealized gain on cash flow hedging derivatives	1,356			455			—			—			(455		)	1,356
Other comprehensive income (loss), (net of tax)	(4,091		)	455			(5,447		)	—			4,992			(4,091		)
Total comprehensive income	$	180,393		$	95,364		$	38,953		$	96,523		$	(230,840	)	$	180,393

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

For the Nine Months Ended September 27, 2015

(In thousands)



	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total

Net revenues	$	132,792		$	205,178		$	102,464		$	961,258		$	(332,830	)	$	1,068,862
Costs and expenses:
Cost of food, merchandise, and games revenues	—			372			8,503			81,993			—			90,868
Operating expenses	1,423			142,366			36,245			243,986			—			424,020
Selling, general and administrative	1,856			39,250			8,624			83,547			—			133,277
Depreciation and amortization	—			28			12,895			97,252			—			110,175
Loss on impairment / retirement of fixed assets, net	—			—			344			9,092			—			9,436
	3,279			182,016			66,611			515,870			—			767,776
Operating income	129,513			23,162			35,853			445,388			(332,830		)	301,086
Interest expense (income), net	24,634			21,048			18,781			(348		)	—			64,115
Net effect of swaps	(1,518		)	(1,444		)	—			—			—			(2,962		)
Unrealized / realized foreign currency loss	—			—			64,198			—			—			64,198
Other (income) expense	564			(15,634		)	3,223			11,847			—			—
(Income) loss from investment in affiliates	(42,244		)	(30,060		)	(18,624		)	12,089			78,839			—
Income (loss) before taxes	148,077			49,252			(31,725		)	421,800			(411,669		)	175,735
Provision (benefit) for taxes	10,176			7,485			(19,636		)	39,809			—			37,834
Net income (loss)	$	137,901		$	41,767		$	(12,089	)	$	381,991		$	(411,669	)	$	137,901
Other comprehensive income (loss), (net of tax):
Cumulative foreign currency translation adjustment	13,144			—			13,144			—			(13,144		)	13,144
Unrealized loss on cash flow hedging derivatives	(3,576		)	(1,236		)	—			—			1,236			(3,576		)
Other comprehensive income (loss), (net of tax)	9,568			(1,236		)	13,144			—			(11,908		)	9,568
Total comprehensive income	$	147,469		$	40,531		$	1,055		$	381,991		$	(423,577	)	$	147,469

Condensed Consolidating Statement of Cash Flows

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 25, 2016

(In thousands)



	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total

NET CASH FROM (FOR) OPERATING ACTIVITIES	$	99,232		$	(54,962	)	$	41,273		$	256,105		$	(1,866	)	$	339,782
CASH FLOWS FOR INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			—			(22,771		)	22,771			—
Capital expenditures	—			—			(6,451		)	(120,413		)	—			(126,864		)
Net cash for investing activities	—			—			(6,451		)	(143,184		)	22,771			(126,864		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Term debt payments	—			(1,237		)	(138		)	(4,625		)	—			(6,000		)
Distributions paid	(140,908		)	—			—			—			1,866			(139,042		)
Intercompany payables (payments) receipts	(35,331		)	58,102			—			—			(22,771		)	—
Tax effect of units involved in treasury unit transactions	—			(1,903		)	—			—			—			(1,903		)
Net cash from (for) financing activities	(176,239		)	54,962			(138		)	(4,625		)	(20,905		)	(146,945		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			1,772			—			—			1,772
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	(77,007		)	—			36,456			108,296			—			67,745
Balance, beginning of period	77,007			—			39,106			3,444			—			119,557
Balance, end of period	$	—		$	—		$	75,562		$	111,740		$	—		$	187,302

CEDAR FAIR, L.P.

UNAUDITED CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Nine Months Ended September 27, 2015

(In thousands)



	Cedar Fair L.P. (Parent)			Co-Issuer Subsidiary (Magnum)			Co-Issuer Subsidiary (Cedar Canada)			Guarantor Subsidiaries			Eliminations			Total

NET CASH FROM OPERATING ACTIVITIES	$	76,056		$	30		$	31,546		$	239,848		$	(3,408	)	$	344,072
CASH FLOWS FOR INVESTING ACTIVITIES
Intercompany receivables (payments) receipts	—			—			(8,296		)	(91,289		)	99,585			—
Purchase of preferred equity investment	—			(2,000		)	—			—			—			(2,000		)
Capital expenditures	—			—			(6,610		)	(137,866		)	—			(144,476		)
Net cash for investing activities	—			(2,000		)	(14,906		)	(229,155		)	99,585			(146,476		)
CASH FLOWS FROM (FOR) FINANCING ACTIVITIES
Distributions paid	(127,854		)	—			—			—			1,587			(126,267		)
Intercompany payables (payments) receipts	103,798			3,636			(7,849		)	—			(99,585		)	—
Tax effect of units involved in treasury unit transactions	—			(2,048		)	—			—			—			(2,048		)
Net cash from (for) financing activities	(24,056		)	1,588			(7,849		)	—			(97,998		)	(128,315		)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	—			—			(4,798		)	—			—			(4,798		)
CASH AND CASH EQUIVALENTS
Net increase (decrease) for the period	52,000			(382		)	3,993			10,693			(1,821		)	64,483
Balance, beginning of period	80,000			382			45,519			5,939			—			131,840
Balance, end of period	$	132,000		$	—		$	49,512		$	16,632		$	(1,821	)	$	196,323