Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 12, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SEAS | ' |
Entity Registrant Name | 'SeaWorld Entertainment, Inc. | ' |
Entity Central Index Key | '0001564902 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 93,285,743 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $210,516 | $45,675 |
Accounts receivable, net | 52,505 | 41,149 |
Inventories | 37,886 | 36,587 |
Prepaid expenses and other current assets | 14,170 | 17,817 |
Deferred tax assets, net | 1,315 | 17,405 |
Total current assets | 316,392 | 158,633 |
Property and equipment, at cost | 2,452,229 | 2,343,561 |
Accumulated depreciation | -680,922 | -568,918 |
Property and equipment, net | 1,771,307 | 1,774,643 |
Goodwill | 335,610 | 335,610 |
Trade names, net | 163,783 | 164,608 |
Other intangible assets, net | 28,673 | 31,120 |
Deferred tax assets, net | ' | 6,356 |
Other assets | 42,371 | 50,082 |
Total assets | 2,658,136 | 2,521,052 |
Current liabilities: | ' | ' |
Accounts payable | 105,871 | 89,946 |
Current maturities on long-term debt | 14,050 | 21,330 |
Accrued salaries, wages and benefits | 21,300 | 33,088 |
Deferred revenue | 99,527 | 82,567 |
Other accrued expenses | 31,048 | 19,350 |
Total current liabilities | 271,796 | 246,281 |
Long-term debt | 1,629,489 | 1,802,644 |
Deferred tax liabilities, net | 8,936 | ' |
Other liabilities | 18,628 | 22,279 |
Total liabilities | 1,928,849 | 2,071,204 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at September 30, 2013 and December 31, 2012 | ' | ' |
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; issued and outstanding, 89,626,525 and 82,737,008 shares at September 30, 2013 and December 31, 2012, respectively | 896 | 827 |
Additional paid-in capital | 688,927 | 456,923 |
Accumulated other comprehensive gain (loss) | 199 | -1,254 |
Retained earnings (accumulated deficit) | 39,265 | -6,648 |
Total stockholders' equity | 729,287 | 449,848 |
Total liabilities and stockholders' equity | $2,658,136 | $2,521,052 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 89,626,525 | 82,737,008 |
Common stock, shares outstanding | 89,626,525 | 82,737,008 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenues: | ' | ' | ' | ' |
Admissions | $340,183 | $323,529 | $747,610 | $715,842 |
Food, merchandise and other | 198,206 | 198,726 | 440,681 | 444,737 |
Total revenues | 538,389 | 522,255 | 1,188,291 | 1,160,579 |
Costs and expenses: | ' | ' | ' | ' |
Cost of food, merchandise and other revenues | 40,422 | 43,450 | 93,224 | 99,109 |
Operating expenses | 202,625 | 191,399 | 570,559 | 560,145 |
Selling, general and administrative | 47,426 | 58,807 | 149,581 | 150,571 |
Termination of advisory agreement | ' | ' | 50,072 | ' |
Depreciation and amortization | 42,322 | 44,737 | 124,154 | 122,085 |
Total costs and expenses | 332,795 | 338,393 | 987,590 | 931,910 |
Operating income | 205,594 | 183,862 | 200,701 | 228,669 |
Other income, net | 13 | 237 | 193 | 2,110 |
Interest expense | 21,018 | 29,545 | 72,550 | 86,263 |
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | ' | ' | 32,429 | ' |
Income before income taxes | 184,589 | 154,554 | 95,915 | 144,516 |
Provision for income taxes | 64,390 | 62,297 | 31,930 | 58,273 |
Net income | 120,199 | 92,257 | 63,985 | 86,243 |
Other comprehensive income: | ' | ' | ' | ' |
Unrealized (loss) gain on derivatives, net of tax | -1,127 | -1,172 | 1,453 | -1,172 |
Comprehensive income | $119,072 | $91,085 | $65,438 | $85,071 |
Earnings per share: | ' | ' | ' | ' |
Net income per share, basic | $1.34 | $1.12 | $0.74 | $1.05 |
Net income per share, diluted | $1.33 | $1.11 | $0.73 | $1.04 |
Weighted average commons shares outstanding: | ' | ' | ' | ' |
Basic, shares | 89,610 | 82,461 | 86,867 | 82,480 |
Diluted, shares | 90,206 | 83,374 | 87,531 | 83,301 |
Cash dividends declared per share: | ' | ' | ' | ' |
Cash dividends declared per share | $0.20 | ' | $0.40 | $6.07 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Gain [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2012 | $449,848 | $827 | $456,923 | ($6,648) | ($1,254) |
Beginning Balance, shares at Dec. 31, 2012 | ' | 82,737,008 | ' | ' | ' |
Equity-based compensation | 4,704 | 1 | 4,703 | ' | ' |
Equity-based compensation, shares | ' | 74,561 | ' | ' | ' |
Unrealized gain (loss) on derivatives, net of tax | 1,453 | ' | ' | ' | 1,453 |
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs | 245,441 | 100 | 245,341 | ' | ' |
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs, shares | ' | 10,000,000 | ' | ' | ' |
Conversion of common stock into unvested restricted shares | ' | -32 | 32 | ' | ' |
Conversion of common stock into unvested restricted shares, shares | ' | -3,216,719 | ' | ' | ' |
Vesting of restricted shares | ' | ' | ' | ' | ' |
Vesting of restricted shares, shares | ' | 31,675 | ' | ' | ' |
Dividends declared to stockholders | -36,144 | ' | -18,072 | -18,072 | ' |
Net income | 63,985 | ' | ' | 63,985 | ' |
Ending Balance at Sep. 30, 2013 | $729,287 | $896 | $688,927 | $39,265 | $199 |
Ending Balance, shares at Sep. 30, 2013 | ' | 89,626,525 | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows From Operating Activities: | ' | ' |
Net income | $63,985 | $86,243 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 124,154 | 122,085 |
Amortization of debt issuance costs and discounts | 10,619 | 14,757 |
Loss on sale or disposal of property and equipment | 8,129 | 6,139 |
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 32,429 | ' |
Deferred income tax provision | 31,930 | 58,273 |
Equity-based compensation | 4,704 | 887 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -13,432 | -8,053 |
Inventories | -1,299 | -4,215 |
Prepaid expenses and other current assets | -67 | 3,491 |
Accounts payable | -4,029 | -8,238 |
Accrued salaries, wages and benefits | -11,788 | -8,014 |
Deferred revenue | 16,259 | 16,131 |
Other accrued expenses | 15,168 | 20,161 |
Other assets and liabilities | -445 | 3,001 |
Net cash provided by operating activities | 276,317 | 302,648 |
Cash Flows From Investing Activities: | ' | ' |
Capital expenditures | -125,852 | -154,976 |
Change in restricted cash | 49 | ' |
Net cash used in investing activities | -125,803 | -154,976 |
Cash Flows From Financing Activities: | ' | ' |
Repayment of long-term debt | -185,742 | -52,451 |
Repayment of note payable | -3,000 | ' |
Redemption premium payment | -15,400 | ' |
Proceeds from the issuance of debt | 1,455 | 487,163 |
Proceeds from issuance of common stock, net of underwriter commissions | 253,800 | ' |
Repayment of revolving credit facility, net | ' | -36,000 |
Dividends paid to stockholders | -18,124 | -463,180 |
Debt issuance costs | -13,968 | -7,024 |
Offering costs | -4,694 | ' |
Net cash provided by (used in) financing activities | 14,327 | -71,492 |
Change in Cash and Cash Equivalents | 164,841 | 76,180 |
Cash and Cash Equivalents-Beginning of period | 45,675 | 66,663 |
Cash and Cash Equivalents-End of period | 210,516 | 142,843 |
Supplemental Disclosures of Noncash Investing and Financing Activities | ' | ' |
Dividends declared, but unpaid | 18,223 | 40,000 |
Capital expenditures in accounts payable | $24,449 | $28,496 |
DESCRIPTION_OF_THE_BUSINESS_AN
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | ' |
1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | |
Description of the Business | |
SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates eleven theme parks within the United States. The Company is majority owned by ten limited partnerships (the “Partnerships”), ultimately owned by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. On April 24, 2013, the Company completed an initial public offering in which it sold 10,000,000 shares of common stock and the selling stockholders of the Company sold 19,900,000 shares of common stock, including 3,900,000 shares pursuant to the exercise in full of the underwriters’ over-allotment option. The offering generated net proceeds of approximately $245,400 to the Company after deducting underwriting discounts and commissions, expenses and transaction costs. The Company did not receive any proceeds from shares sold by the selling stockholders. See further discussion in Note 12-Stockholders’ Equity. | |
The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; and San Diego, California, and Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Diego, California (Aquatica), Tampa, Florida (Adventure Island), and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only attraction offering interaction with marine animals (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place). | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2012 included in the Company’s prospectus as filed with the SEC on April 18, 2013, pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). The unaudited condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements at that date. | |
In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2013 or any future period due to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year. | |
The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification (“ASC”) 220, Comprehensive Income. The amended guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amended guidance does not change the current requirements for reporting net income or other comprehensive income. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a significant impact on the Company’s condensed consolidated financial statements. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
statements. | |||||||||||||||||||||||||||||||||||||||||||||||||
3. EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share is computed as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 120,199 | 89,610 | $ | 1.34 | $ | 92,257 | 82,461 | $ | 1.12 | $ | 63,985 | 86,867 | $ | 0.74 | $ | 86,243 | 82,480 | $ | 1.05 | |||||||||||||||||||||||||||||
Effect of dilutive incentive-based awards | 596 | 913 | 664 | 821 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 120,199 | 90,206 | $ | 1.33 | $ | 92,257 | 83,374 | $ | 1.11 | $ | 63,985 | 87,531 | $ | 0.73 | $ | 86,243 | 83,301 | $ | 1.04 | |||||||||||||||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is determined based on the dilutive effect of unvested restricted stock probable of vesting using the treasury stock method. During the three and nine months ended September 30, 2013 and 2012, there were no anti-dilutive shares of common stock excluded from the computation of diluted earnings per share. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
4. INCOME TAXES | |
Income tax expense is recognized based on the Company’s estimated annual effective tax rate which is based upon the tax rate expected for the full calendar year applied to the pre-tax income or loss of the interim period. The Company’s consolidated effective tax rate for the three and nine months ended September 30, 2013 was 34.9% and 33.3%, respectively, and differs from the statutory federal income tax rate primarily due to certain tax credits and state income taxes. The Company’s consolidated effective tax rate for both the three and nine months ended September 30, 2012 was 40.3% and differs from the statutory federal income tax rate primarily due to certain tax credits and state income taxes. | |
The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an uncertain tax position. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of tax expense to the applicable period. |
OTHER_ACCRUED_EXPENSES
OTHER ACCRUED EXPENSES | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
OTHER ACCRUED EXPENSES | ' | ||||||||
5. OTHER ACCRUED EXPENSES | |||||||||
Other accrued expenses at September 30, 2013 and December 31, 2012, consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued property taxes | $ | 11,108 | $ | 1,974 | |||||
Accrued interest | 9,791 | 3,877 | |||||||
Note payable | — | 3,000 | |||||||
Self-insurance reserve | 7,800 | 7,800 | |||||||
Other | 2,349 | 2,699 | |||||||
Total other accrued expenses | $ | 31,048 | $ | 19,350 | |||||
In the three months ended September 30, 2013, the Company paid $3,000 related to a note payable due on September 1, 2013 for the Company’s November 2012 acquisition of Knott’s Soak City, a standalone Southern California water park, from an affiliate of Cedar Fair L.P. |
LONGTERM_DEBT
LONG-TERM DEBT | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
LONG-TERM DEBT | ' | ||||||||
6. LONG-TERM DEBT | |||||||||
Long-term debt as of September 30, 2013 and December 31, 2012 consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Term A Loan | $ | — | $ | 152,000 | |||||
Term B Loan | — | 1,293,774 | |||||||
Term B-2 Loans | 1,401,487 | — | |||||||
Revolving credit agreement | — | — | |||||||
Senior Notes | 260,000 | 400,000 | |||||||
Total long-term debt | 1,661,487 | 1,845,774 | |||||||
Less discounts | (17,948 | ) | (21,800 | ) | |||||
Less current maturities | (14,050 | ) | (21,330 | ) | |||||
Total long-term debt, net of current maturities | $ | 1,629,489 | $ | 1,802,644 | |||||
In conjunction with the Company’s initial public offering completed on April 24, 2013, the Company used $37,000 of the net proceeds received from the offering to repay a portion of the outstanding indebtedness under the then existing Term B Loan and $140,000 to redeem a portion of its Senior Notes at a redemption price of 111.0%, plus accrued and unpaid interest thereon, pursuant to a provision in the indenture governing the Senior Notes that permitted the Company to redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings and pay estimated premiums and accrued interest thereon. The redemption premium of $15,400 along with a write-off of approximately $5,500 in related discounts and deferred financing costs is included in loss on early extinguishment of debt and write-off of discounts and deferred financing costs on the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2013. See further discussion in Note 12-Stockholders’ Equity. | |||||||||
Senior Secured Credit Facilities | |||||||||
On March 30, 2012, April 5, 2013 and May 14, 2013, SEA entered into Amendments No. 3, 4 and 5, respectively, of the senior secured credit facilities (the “Senior Secured Credit Facilities”). | |||||||||
Amendment No. 3 increased the amount of Term B Loans (“Additional Term B Loans”) by $500,000 for the purposes of financing a dividend payment to the stockholders in the same amount during the three months ended March 31, 2012. The Additional Term B Loans were issued at a discount which was being amortized to interest expense using the weighted average interest method. | |||||||||
Amendment No. 4 amended the terms of the existing Senior Secured Credit Facilities to, among other things, permit SEA to pay certain distributions following an initial public offering and replace the then existing $172,500 senior secured revolving credit facility with a new $192,500 senior secured revolving credit facility. The new senior secured revolving credit facility will mature on the earlier of (a) April 24, 2018 or (b) the 91st day prior to the earlier of (1) the maturity date with respect to Term A Loans with an aggregate principal amount greater than $50,000 outstanding, (2) the maturity date with respect to the Term B Loans with an aggregate principal amount greater than $150,000 outstanding, (3) the maturity date of Senior Notes with an aggregate principal amount greater than $50,000 outstanding and (4) the maturity date of any indebtedness incurred to refinance any of the Term A or Term B Loans or the Senior Notes. | |||||||||
Amendment No. 5 amended the terms of the existing Senior Secured Credit Facilities to, among other things, refinance Term A Loan and Term B Loan into new Term B-2 Loans, extend the final maturity date of the term loan facilities, reduce future principal and interest payments, and provide for additional future borrowings. | |||||||||
The Term B-2 Loans were borrowed in an aggregate principal amount of $1,405,000. Borrowings under the Term B-2 Loans bear interest, at SEA’s option, at a rate equal to a margin over either (a) a base rate determined by reference to the higher of (1) the Bank of America’s prime lending rate and (2) the federal funds effective rate plus 1/2 of 1% or (b) a LIBOR rate determined by reference to the British Bankers Association (“BBA”) LIBOR rate for the interest period relevant to such borrowing. The margin for the Term B-2 Loans is 1.25%, in the case of base rate loans, and 2.25%, in the case of LIBOR rate loans, subject to a base rate floor of 1.75% and a LIBOR floor of 0.75%. The applicable margin for the Term B-2 Loans (under either a base rate or LIBOR rate) is subject to one 25 basis point step-down upon achievement by SEA of a certain leverage ratio. At September 30, 2013, the Company selected the LIBOR rate (interest rate of 3.00% at September 30, 2013). | |||||||||
Term B-2 Loans amortize in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term B-2 Loans on the Amendment No. 5 effective date, with the first payment due and paid on September 30, 2013 and the balance due on the final maturity date. The Term B-2 Loans have a final maturity date of May 14, 2020. Amendment No. 5 also permits SEA to add one or more incremental term loan facilities to the Senior Secured Credit Facilities and/or increase commitments under the Revolving Credit Facility in an aggregate principal amount of up to $350,000. SEA may also incur additional incremental term loans provided that, among other things, on a pro forma basis after giving effect to the incurrence of such incremental term loans, the first lien secured net leverage ratio, as defined in the Senior Secured Credit Facility, is no greater than 3.50 to 1.00. | |||||||||
As a result of Amendment No. 5, approximately $11,500 of debt issuance costs were written off and included as loss on early extinguishment of debt and write-off of discounts and deferred financing costs on the Company’s unaudited condensed consolidated statements of operations and comprehensive income (loss) for the nine months ended September 30, 2013. As a result of Amendments No. 4 and 5, the Company capitalized fees totaling approximately $14,000. Deferred financing costs, net of accumulated amortization, were $34,275 and $44,103 as of September 30, 2013 and December 31, 2012, respectively, are being amortized to interest expense using the weighted average interest method and are included in other assets in the accompanying unaudited condensed consolidated balance sheets. | |||||||||
SEA had no amounts outstanding at September 30, 2013 and December 31, 2012, relating to the Revolving Credit Facility. As of September 30, 2013, the Company had approximately $18,500 of outstanding letters of credit, leaving approximately $174,000 available for borrowing. | |||||||||
On August 9, 2013, SEA entered into Amendment No. 6 of the Senior Secured Credit Facilities. Amendment No. 6 amends the calculation of the Company’s covenant Adjusted EBITDA to allow the add back of the termination fee paid in connection with the termination of the 2009 Advisory Agreement between the Company and affiliates of Blackstone. See Note 9-Related-Party Transactions for further discussion. | |||||||||
Senior Notes | |||||||||
In conjunction with the execution of Amendment No. 3 to the Senior Secured Credit Facilities, SEA also entered into the Second Supplemental Indenture (the “Second Supplemental Indenture”) dated March 30, 2012 relating to the Senior Notes. Among other matters, the Second Supplemental Indenture granted waivers to allow SEA to issue the additional $500,000 of Term B Loans to fund the dividend payment discussed above and decreased the interest rate on the Senior Notes from 13.5% per annum to 11% per annum. SEA can redeem the Senior Notes at any time and the Senior Notes are unsecured. Interest is paid semi-annually in arrears. Prior to December 1, 2014, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount of the Senior Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date, subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date. The “Applicable Premium” is defined as the greater of (1) 1.0% of the principal amount of the Senior Notes and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Senior Notes at December 1, 2014 plus (ii) all required interest payments due on the Senior Notes through December 1, 2014 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal amount of the Senior Notes. On or after December 1, 2014, the Senior Notes may be redeemed at 105.5% and 102.75% of the principal balance beginning on December 1, 2014 and 2015, respectively. The Second Supplemental Indenture also increased the minimum covenant leverage ratio from 2.75 to 1.00 to 3.00 to 1.00. | |||||||||
In conjunction with the execution of Amendment No. 4 to the Senior Secured Credit Facilities, SEA also entered into the Fourth Supplemental Indenture, dated April 5, 2013 (the “Fourth Supplemental Indenture”). The Fourth Supplemental Indenture increased by $20,000 the amount of debt that the Company can incur and have outstanding at one time under the Senior Secured Credit Facilities and amended the transactions with affiliates covenant to allow for the payment of a termination fee, not to exceed $50,000, in connection with the termination of the advisory agreement between the Company and affiliates of Blackstone (see Note 9-Related-Party Transactions). | |||||||||
As of September 30, 2013, the Company was in compliance in all material respects with all covenants in the provisions contained in the documents governing the Senior Secured Credit Facilities and in the indenture governing the Senior Notes. | |||||||||
Interest Rate Swap Agreements | |||||||||
On August 23, 2012, SEA executed two interest rate swap agreements (the “Interest Rate Swap Agreements”) to effectively fix the interest rate on $550,000 of the Term B Loans. Each interest rate swap had a notional amount of $275,000; was scheduled to mature on September 30, 2016; required the Company to pay a fixed rate of interest of 1.247% per annum; paid swap counterparties a variable rate of interest based upon three month BBA LIBOR; and had interest settlement dates occurring on the last day of December, March, June and September through maturity. SEA had designated such interest rate swap agreements as qualifying cash flow hedge accounting relationships. As a result of Amendment No. 5, in May 2013, the Interest Rate Swap Agreements were restructured into two interest rate swaps totaling $550,000 to match the refinanced debt. Each restructured interest rate swap has a notional amount of $275,000; matures on September 30, 2016; requires the Company to pay a fixed rate of interest between 1.049% and 1.051% per annum; pays swap counterparties a variable rate of interest based upon the greater of three month BBA LIBOR; and has interest settlement dates occurring on the last day of December, March, June and September through maturity. SEA designated such interest rate swap agreements as qualifying cash flow hedge accounting relationships as further discussed in Note 7-Derivative Instruments and Hedging Activities which follows. | |||||||||
Cash paid for interest relating to the Senior Secured Credit Facilities, the Senior Notes and the Interest Rate Swap Agreements was $11,804 and $59,685 for the three and nine month periods ending September 30, 2013, respectively, and $15,026 and $66,201 for the three and nine month periods ending September 30, 2012, respectively. | |||||||||
Long-term debt at September 30, 2013, is repayable as follows, not including any possible prepayments: | |||||||||
Years Ending December 31, | |||||||||
2013 | $ | 3,512 | |||||||
2014 | 14,050 | ||||||||
2015 | 14,050 | ||||||||
2016 | 274,050 | ||||||||
2017 | 14,050 | ||||||||
Thereafter | 1,341,775 | ||||||||
Total | $ | 1,661,487 | |||||||
DERIVATIVE_INSTRUMENTS_AND_HED
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||
7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. | |||||||||||||
As of September 30, 2013 and December 31, 2012, the Company did not have any derivatives outstanding that were not designated in hedge accounting relationships. | |||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the three and nine months ended September 30, 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of September 30, 2013, the Company had two outstanding interest rate swaps with a combined notional value of $550,000 that were designated as cash flow hedges of interest rate risk. In connection with Amendment No. 5 to the Senior Secured Credit Facility on May 14, 2013, the Company restructured the interest rate swaps to match the refinanced debt. The restructuring of the interest rate swap required a re-designation of the hedge accounting relationship. The re-designation is expected to result in the recognition of a minimal amount of ineffectiveness throughout the remaining term of the interest rate swaps. | |||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and nine months ended September 30, 2013, there was no ineffective portion recognized in earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $1,567 will be reclassified as an increase to interest expense. | |||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheet as of September 30, 2013: | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
As of September 30, 2013 | As of September 30, 2013 | ||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
Location | Location | ||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | 347 | Other liabilities | $ | — | |||||||
Total derivatives designated as hedging instruments | $ | 347 | $ | — | |||||||||
The unrealized gain on derivatives is recorded net of a tax benefit of $675 and a tax expense of $741 for the three and nine months ended September 30, 2013, respectively, and is included within the unaudited condensed consolidated statements of operations and comprehensive income (loss). | |||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Operations and Comprehensive Income (Loss) | |||||||||||||
The table below presents the pre-tax effect of the Company’s derivative financial instruments on the unaudited condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2013: | |||||||||||||
Three Months | Nine Months | ||||||||||||
Ended | Ended | ||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||
(Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive income | $ | (1,380 | ) | $ | 3,338 | ||||||||
Loss related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense | $ | (422 | ) | $ | (1,144 | ) | |||||||
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense) | $ | — | $ | — | |||||||||
Credit Risk-Related Contingent Features | |||||||||||||
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. | |||||||||||||
As of September 30, 2013, the termination value of derivatives in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $348. As of September 30, 2013, the Company has posted no collateral related to these agreements. If the Company had breached any of these provisions at September 30, 2013, it could have been required to settle its obligations under the agreements at their termination value of $348. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||
8. FAIR VALUE MEASUREMENTS | |||||||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is required to be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||||||
The Company has determined that the majority of the inputs used to value its derivative financial instruments using the income approach fall within Level 2 of the fair value hierarchy. The Company uses readily available market data to value its derivatives, such as interest rate curves and discount factors. ASC 820, Fair Value Measurements and Disclosures, also requires consideration of credit risk in the valuation. The Company uses a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA are largely based on observable market data, with the exception of certain assumptions regarding credit worthiness which make the CVA a Level 3 input. Based on the magnitude of the CVA, it is not considered a significant input and the derivatives are classified as Level 2. Of the Company’s long-term obligations, the Term B-2 Loans are classified in Level 2 of the fair value hierarchy. The fair value of the term loans as of September 30, 2013 approximates their carrying value due to the variable nature of the underlying interest rates and the frequent intervals at which such interest rates are reset. The Senior Notes are classified in Level 3 of the fair value hierarchy and have been valued using significant inputs that are not observable in the market including a discount rate of 10.41% and projected cash flows of the underlying Senior Notes. | |||||||||||||||||
The following table presents the Company’s estimated fair value measurements and related classifications as of September 30, 2013: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | September 30, | ||||||||||||||
for Identical | Observable | Inputs | 2013 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments (a) | $ | — | $ | 347 | $ | — | $ | 347 | |||||||||
Liabilities: | |||||||||||||||||
Long-term obligations (b) | $ | — | $ | 1,401,487 | $ | 269,627 | $ | 1,671,114 | |||||||||
(a) | Reflected at fair value in the unaudited condensed consolidated balance sheet as other assets of $347. There were no transfers between Levels 1, 2 or 3 during the three or nine months ended September 30, 2013. | ||||||||||||||||
(b) | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,629,489 as of September 30, 2013. | ||||||||||||||||
The Company did not have any assets measured at fair value at December 31, 2012. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2012: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | December 31, | ||||||||||||||
for Identical | Observable | Inputs | 2012 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Long-term obligations (a) | $ | — | $ | 1,445,774 | $ | 416,317 | $ | 1,862,091 | |||||||||
Derivative financial instruments (b) | $ | — | $ | 1,880 | $ | — | $ | 1,880 | |||||||||
(a) | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $21,330 and long-term debt of $1,802,644 as of December 31, 2012. | ||||||||||||||||
(b) | Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $1,880 at December 31, 2012. |
RELATEDPARTY_TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
RELATED-PARTY TRANSACTIONS | ' |
9. RELATED-PARTY TRANSACTIONS | |
Certain affiliates of Blackstone provided monitoring, advisory, and consulting services to the Company under an advisory fee agreement (the “2009 Advisory Agreement”), which was terminated on April 24, 2013 in connection with the completion of the initial public offering (see Note 12 – Stockholders’ Equity). Fees related to these services, which were based upon a multiple of Adjusted EBITDA as defined in the 2009 Advisory Agreement, amounted to $2,799 for the nine months ended September 30, 2013, and $2,264 and $5,075 for the three and nine months ended September 30, 2012, respectively. These amounts are included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). There were no fees related to these services in the three months ended September 30, 2013 due to the termination of the 2009 Advisory Agreement in April 2013 (see discussion which follows). | |
In connection with the completion of the initial public offering in April 2013 (see Note 12 – Stockholders’ Equity), the 2009 Advisory Agreement between the Company and affiliates of Blackstone was terminated (except for certain provisions relating to indemnification and certain other provisions, which survived termination). In connection with such termination, the Company paid a termination fee of $46,300 to Blackstone using a portion of the net proceeds from the offering and wrote-off $3,772 of the 2013 prepaid advisory fee. The combined expense of $50,072 is recorded as termination of advisory agreement in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). | |
On March 30, 2012, the Company declared and paid a $500,000 cash dividend to its stockholders. In June 2013, the Company’s Board of Directors declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on June 20, 2013, which was paid on July 1, 2013. In September 2013, the Company’s Board of Directors declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on September 20, 2013, which was paid on October 1, 2013. In connection with the dividend declarations described above, certain affiliates of Blackstone were paid dividends in the amount of $500,000, $11,749 and $11,749 on March 30, 2012, July 1, 2013 and October 1, 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. COMMITMENTS AND CONTINGENCIES | |
The Company is a party to various claims and legal proceedings arising in the normal course of business. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating, and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if such amount or range can be determined. Management does not expect any known claims or legal proceedings to have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. |
EQUITYBASED_COMPENSATION
EQUITY-BASED COMPENSATION | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||
EQUITY-BASED COMPENSATION | ' | ||||||||||||||
11. EQUITY-BASED COMPENSATION | |||||||||||||||
In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period. | |||||||||||||||
Employee Units Surrendered for Common Stock | |||||||||||||||
Prior to April 18, 2013, the Company had an Employee Unit Incentive Plan (“Employee Unit Plan”). Under the Employee Unit Plan, the Partnerships granted Employee Units to certain key employees of SEA (“Employee Units”). The Employee Units which were granted were accounted for as equity awards and were divided into three tranches, Time-Vesting Units (“TVUs”), 2.25x Performance Vesting Units (“PVUs”) and 2.75x PVUs. Upon vesting of the Employee Units, the Company issued the corresponding number of shares of common stock of the Company to the Partnerships. There was no related cost to the employee upon vesting of the units. As of April 18, 2013, 669,293 Employee Units had been granted under the Employee Unit Plan, net of forfeitures. Separately, certain members of management in 2011 also purchased an aggregate of 29,240 Class D Units of the Partnerships (“Class D Units”). | |||||||||||||||
Prior to the consummation of the Company’s initial public offering, on April 18, 2013, the Employee Units and Class D Units held by certain of the Company’s directors, officers, employees, and consultants were surrendered to the Partnerships and such individuals received an aggregate of 4,165,861 shares of the Company’s issued and outstanding common stock from the Partnerships. The number of shares of the Company’s common stock received by such individuals from the Partnerships was determined in a manner intended to replicate the economic value to each equity holder immediately prior to the transaction. The Class D Units and vested Employee Units were surrendered for an aggregate of 949,142 shares of common stock. The unvested Employee Units were surrendered for an aggregate of 3,216,719 unvested restricted shares of the Company’s common stock, which are subject to vesting terms substantially similar to those applicable to the unvested Employee Units immediately prior to the transaction. These unvested restricted shares consist of Time Restricted shares, and 2.25x and 2.75x Performance Restricted shares (collectively the “Performance Restricted shares”), which, for accounting purposes, were removed from issued and outstanding shares until their restrictions are met, as shown on the accompanying unaudited condensed consolidated statement of changes in stockholders’ equity. The following table sets forth the number of Class D Units and Employee Units surrendered for shares of common stock prior to the consummation of the Company’s initial public offering: | |||||||||||||||
Units | Shares of | ||||||||||||||
Common Stock | |||||||||||||||
(not in thousands) | |||||||||||||||
Vested TVUs surrendered for shares of stock | 121,206 | 727,852 | |||||||||||||
Class D Units surrendered for shares of stock | 29,240 | 221,290 | |||||||||||||
Total Class D Units and vested TVUs surrendered for shares of stock | 150,446 | 949,142 | |||||||||||||
Unvested TVUs surrendered for unvested Time Restricted shares of stock | 103,913 | 599,215 | |||||||||||||
2.25x PVUs surrendered for 2.25x Performance Restricted shares of stock | 222,087 | 1,308,752 | |||||||||||||
2.75x PVUs surrendered for 2.75x Performance Restricted shares of stock | 222,087 | 1,308,752 | |||||||||||||
Total unvested TVUs and PVUs surrendered for shares of unvested restricted stock | 548,087 | 3,216,719 | |||||||||||||
Total units surrendered for shares of stock and unvested restricted stock | 698,533 | 4,165,861 | |||||||||||||
Time-Vesting Units (TVUs) and Time Restricted Shares | |||||||||||||||
One-third of the Employee Units originally granted vested over five years (20% per year). Generally, the vesting began on the earlier of December 1, 2009, or the grant date. Vesting was contingent upon continued employment. In the event of a change of control (defined as a sale or disposition of the assets of the limited partnership to other than a Blackstone affiliated group or, if any group other than a Blackstone-affiliated entity, becomes the general partner or the beneficial owner of more than 50% interest), the TVUs immediately 100% vested. The TVUs were originally recorded at the fair market value at the date of grant and were being amortized to compensation expense over the vesting period. | |||||||||||||||
The shares of stock received upon surrender of the Employee Units contain substantially identical terms, conditions and vesting schedules as the previously outstanding Employee Units. In accordance with the guidance in ASC 718-20, Compensation-Stock Compensation, the surrender of the Employee Units for shares of common stock and Time Restricted shares qualifies as a modification of an equity compensation plan. As such, the Company calculated the incremental fair value of the TVU awards immediately prior to and after their modification and determined that $282 of incremental equity compensation cost would be recorded upon surrender of the vested TVUs for vested shares of stock in the nine months ended September 30, 2013. The remaining incremental compensation cost of $220 which represents the incremental cost on the unvested TVUs which were surrendered for unvested Time Restricted shares of restricted stock, will be added to the original grant date fair value of the TVU awards and amortized to compensation expense over the remaining vesting period. | |||||||||||||||
Total combined compensation expense related to these TVU and Time Restricted share awards was $606 and $1,537 for the three and nine months ended September 30, 2013 and $305 and $872 for the three and nine months ended September 30, 2012 and is included in selling, general, and administrative expenses in the accompanying unaudited condensed consolidated statement of operations and comprehensive income (loss) and as contributed capital in the accompanying unaudited condensed consolidated statements of stockholders’ equity. Total unrecognized compensation cost related to the unvested Time Restricted shares, expected to be recognized over the remaining vesting term was approximately $1,706 as of September 30, 2013. | |||||||||||||||
The activity related to the TVU and Time Restricted share awards for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Employee | Shares | Weighted | Weighted | ||||||||||||
Units | Average Grant | Average | |||||||||||||
Date Fair Value | Remaining | ||||||||||||||
per Unit/Share | Contractual | ||||||||||||||
Term | |||||||||||||||
(not in thousands) | |||||||||||||||
Outstanding unvested TVUs at December 31, 2012 | 112,701 | $ | 21.7 | ||||||||||||
Vested units | (8,788 | ) | $ | 22.71 | |||||||||||
TVUs surrendered for unvested Time Restricted shares of stock | (103,913 | ) | 599,215 | $ | 4.06 | ||||||||||
Vested shares | (31,675 | ) | $ | 3.82 | |||||||||||
Forfeited | (2,025 | ) | $ | 3.82 | |||||||||||
Outstanding unvested Time Restricted shares of stock at September 30, 2013 | — | 565,515 | $ | 4.07 | 17 months | ||||||||||
2.25x and 2.75x Performance Vesting Units (PVUs) and Performance Restricted Shares | |||||||||||||||
Two tranches of the Employee Units vested only if certain events occur. The 2.25x PVUs under the Employee Unit Plan vested if the employee is employed by the Company when and if Blackstone receives cash proceeds (not subject to any clawback, indemnity or similar contractual obligation) in respect of its Partnerships units equal to (x) a 20% annualized effective compounded return rate on Blackstone’s investment and (y) a 2.25x on Blackstone’s investment. The 2.75x PVUs under the Employee Unit Plan vested if the employee is employed by the Company when and if Blackstone received cash proceeds (not subject to any clawback, indemnity or similar contractual obligation) in respect of its Partnerships units equal to (x) a 15% annualized effective compounded return rate on Blackstone’s investment and (y) a 2.75x multiple on Blackstone’s investment. The PVUs had no termination date other than termination of employment from the Company and there were no service or period vesting conditions associated with the PVUs other than employment at the time the benchmark was reached; no compensation was recorded related to these PVUs prior to the modification since their exercise was not considered probable. The unvested Performance Restricted shares received upon surrender of the Employee Unit PVUs contain substantially the same terms and conditions as the previously outstanding PVUs. No compensation expense will be recorded related to the Performance Restricted shares until their vesting is probable, accordingly, no compensation expense has been recorded during the nine months ended September 30, 2013 or 2012 related to these PVUs or Performance Restricted share awards. In accordance with the guidance in ASC 718-20, Compensation-Stock Compensation, the surrender of the Employee Units for shares of common stock qualifies as a modification of an equity compensation plan. As the Performance Restricted shares were not considered probable of vesting before or after the modification, the Company will use the modification date fair value to record compensation expense related to these awards if the performance conditions become probable within a future reporting period. Total unrecognized compensation expense as of September 30, 2013, was approximately $28,125 and $18,846 for the 2.25x and 2.75x Performance Restricted shares, respectively. | |||||||||||||||
The activity related to the 2.25x Performance Restricted shares for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Employee | Shares | ||||||||||||||
Units | |||||||||||||||
(not in thousands) | |||||||||||||||
Outstanding 2.25x PVUs at December 31, 2012 | 225,051 | ||||||||||||||
Forfeited | (2,964 | ) | |||||||||||||
2.25x PVUs surrendered for unvested 2.25x Performance Restricted shares of stock | (222,087 | ) | 1,308,752 | ||||||||||||
Vested | — | ||||||||||||||
Outstanding unvested 2.25x Performance Restricted shares of stock at September 30, 2013 | — | 1,308,752 | |||||||||||||
The activity related to the 2.75x Performance Restricted shares for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Employee | Shares | ||||||||||||||
Units | |||||||||||||||
(not in thousands) | |||||||||||||||
Outstanding 2.75x PVUs at December 31, 2012 | 225,051 | ||||||||||||||
Forfeited | (2,964 | ) | |||||||||||||
2.75x PVUs surrendered for unvested 2.75x Performance Restricted shares of stock | (222,087 | ) | 1,308,752 | ||||||||||||
Vested | — | ||||||||||||||
Outstanding unvested 2.75x Performance Restricted shares of stock at September 30, 2013 | — | 1,308,752 | |||||||||||||
The fair value of each Employee Unit originally granted was estimated on the date of grant using a composite of the discounted cash flow model and the guideline public company approach to determine the underlying enterprise value. The discounted cash flow model was based upon significant inputs that are not observable in the market. Key assumptions included projected cash flows, a discount rate of 10.5%, and a terminal value. The guideline public company approach uses relevant public company valuation multiples to determine fair value. The value of the individual equity tranches was allocated based upon the Option-Pricing Method model. Significant assumptions included a holding period of 2.6 to 3.6 years, a risk free rate of 0.33% to 1.22%, volatility of approximately 49% to 57%, a discount for lack of marketability, depending upon the units, from 31% to 53% and a 0 dividend yield. Volatility for SEA’s stock at the date of grant was estimated using the average volatility calculated for a peer group, which is based upon daily price observations over the estimated term of units granted. | |||||||||||||||
In order to calculate the incremental fair value at the modification date, the Option-Pricing Method model was used to estimate the fair value prior to the modification. For the fair value after the modification, the initial public offering price of $27.00 per share was used to calculate the fair value of the TVUs while the fair value of the PVUs was estimated using an asset-or-nothing call option approach. Significant assumptions used in both the Option-Pricing Method model and the asset-or-nothing call option approach included a holding period of approximately 2 years from the initial public offering date, a risk free rate of 0.24%, a volatility of approximately 37.6% based on re-levered historical and implied equity volatility of comparable companies and a 0 dividend yield. | |||||||||||||||
2013 Omnibus Incentive Plan | |||||||||||||||
The Company reserved 15,000,000 shares of common stock for future issuance under the Company’s new 2013 Omnibus Incentive Plan (“2013 Omnibus Incentive Plan”). The 2013 Omnibus Incentive Plan is administered by the compensation committee of the Board of Directors, and provides that the Company may grant equity incentive awards to eligible employees, directors, consultants or advisors in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based and performance compensation awards. If an award under the 2013 Omnibus Incentive Plan terminates, lapses, or is settled without the payment of the full number of shares subject to the award, the undelivered shares may be granted again under the 2013 Omnibus Incentive Plan. | |||||||||||||||
On April 19, 2013, 494,557 shares of restricted stock were granted to the Company’s directors, officers and employees under the 2013 Omnibus Incentive Plan (the “2013 Grant”). The shares granted were in the form of time vesting restricted shares (“Time Restricted 2013 shares”), 2.25x performance restricted shares (“2.25x Performance Restricted 2013 shares”) and 2.75x performance restricted shares (“2.75x Performance Restricted 2013 shares”). The activity related to the 2013 Grant for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Shares | Weighted | Weighted | |||||||||||||
Average Grant | Average | ||||||||||||||
Date Fair Value | Remaining | ||||||||||||||
per Share | Contractual | ||||||||||||||
Term | |||||||||||||||
(not in thousands | ) | ||||||||||||||
2013 Grant | |||||||||||||||
Granted: | |||||||||||||||
Time Restricted 2013 shares vesting after initial public offering 180 day lock up period | 85,647 | $ | 33.52 | ||||||||||||
Time Restricted 2013 shares vesting over remaining service period | 82,290 | $ | 33.52 | ||||||||||||
2.25x Performance Restricted 2013 shares | 163,310 | $ | 30.46 | ||||||||||||
2.75x Performance Restricted 2013 shares | 163,310 | $ | 23.05 | ||||||||||||
Vested | — | — | |||||||||||||
Forfeited | (267 | ) | $ | 33.52 | |||||||||||
Outstanding 2013 Grant unvested restricted shares at September 30, 2013 | 494,290 | $ | 29.05 | 16 months | |||||||||||
The vesting terms and conditions of the Time Restricted 2013 shares, the 2.25x Performance Restricted 2013 shares, and the 2.75x Performance Restricted 2013 shares included in the 2013 Grant are substantially the same as those of the previous Employee Unit Plan TVUs, 2.25x PVUs, and 2.75x PVUs, respectively, (see 2.25x and 2.75x Performance Vesting Units (PVUs) and Performance Restricted Shares section). For the Time Restricted 2013 shares, after an initial 180 day post initial public offering lock up period, the vesting schedule from the Employee Unit Plan carries over so that each recipient will vest in the 2013 Grant in the same proportion as they were vested in the previous Employee Unit Plan. The remaining unvested shares will vest over the remaining service period, subject to substantially the same vesting conditions which carried over from the previous Employee Unit Plan. | |||||||||||||||
The grant date fair value for the Time Restricted 2013 shares awarded was determined based on the closing market price of the Company’s stock at the date of grant applied to the total number of shares that are anticipated to fully vest. The fair value of the restricted shares will be recognized as equity compensation on a straight-line basis over the requisite service period as if the award was, in substance, multiple awards consisting of the Time Restricted 2013 shares which vest at the end of the initial public offering 180 day lock up period, and the remaining Time Restricted 2013 shares which vest over the requisite service period. As a result, approximately $1,876 and $3,167 of equity compensation expense was recognized in the three and nine months ended September 30, 2013, respectively, related to the 2013 Grant. As of September 30, 2013, unrecognized equity compensation expense related to the Time Restricted 2013 shares was $491 to be recognized by the end of the initial public offering 180 day lock up period and $1,961 to be recognized over the remaining requisite service period. | |||||||||||||||
The grant date fair value of the 2.25x and 2.75x Performance Restricted 2013 shares was measured using the asset-or-nothing option pricing model. Significant assumptions included a holding period of approximately 2 years from the initial public offering date, a risk free rate of 0.24%, a volatility of approximately 33.2% based on re-levered historical and implied equity volatility of comparable companies and a 0 dividend yield. There is no compensation expense recorded related to the Performance Restricted 2013 shares until their issuance is probable. Total unrecognized compensation expense as of September 30, 2013 for the 2013 Grant was approximately $4,974 and $3,764 for the 2.25x Performance Restricted 2013 shares and 2.75x Performance Restricted 2013 shares, respectively. | |||||||||||||||
As of September 30, 2013, there were 14,505,710 shares of common stock available for future issuance under the Company’s 2013 Omnibus Incentive Plan. Subsequent to September 30, 2013, the Company withheld an aggregate of 21,937 shares of its common stock from employees to satisfy minimum tax withholding obligations relating to the vesting of restricted stock awards. As a result, these shares will be added back to the number of shares of common stock available for future issuance under the Company’s 2013 Omnibus Incentive Plan. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
12. STOCKHOLDERS’ EQUITY | |
As of September 30, 2013, 89,626,525 shares of common stock were issued and outstanding on the accompanying unaudited condensed consolidated balance sheet, which excludes 3,677,309 unvested shares of common stock held by certain participants in the Company’s equity compensation plan (see Note 11 – Equity Compensation). | |
Stock Split | |
On April 7, 2013, the Company’s Board of Directors authorized an eight-for-one split of the Company’s common stock which was effective on April 8, 2013. The Company retained the current par value of $0.01 per share for all shares of common stock after the stock split, and accordingly, stockholders’ equity on the accompanying unaudited condensed consolidated balance sheets and the unaudited condensed consolidated statements of changes in stockholders’ equity reflects the stock split. The Company’s historical share and per share information has been retroactively adjusted to give effect to this stock split. | |
Contemporaneously with the stock split, the Company’s Board of Directors approved an increase in the number of authorized shares of common stock to 1 billion shares. Additionally, upon the consummation of the initial public offering, the Board of Directors authorized 100,000,000 shares of preferred stock at a par value of $0.01 per share. | |
Initial Public Offering and Use of Proceeds | |
On April 24, 2013, the Company completed its initial public offering of its common stock in which it offered and sold 10,000,000 shares of common stock and the selling stockholders of the Company offered and sold 19,900,000 shares of common stock including, 3,900,000 shares of common stock pursuant to the exercise in full of the underwriters’ over-allotment option. The shares offered and sold in the offering were registered under the Securities Act pursuant to the Company’s Registration Statement on Form S-1, which was declared effective by the SEC on April 18, 2013. The common stock is listed on the New York Stock Exchange under the symbol “SEAS”. | |
The Company’s shares of common stock were sold at an initial public offering price of $27.00 per share, which generated net proceeds of approximately $245,400 to the Company after deducting underwriting discounts and commissions, expenses and transaction costs. The Company did not receive any proceeds from shares sold by the selling stockholders. The Company used a portion of the net proceeds received in the offering to redeem $140,000 in aggregate principal amount of its Senior Notes at a redemption price of 111.0% plus accrued and unpaid interest thereon, pursuant to a provision in the indenture governing the Senior Notes that permits the Company to redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings. In addition, the Company used approximately $46,300 of the net proceeds received from the offering to make a one-time payment to an affiliate of Blackstone in connection with the termination of the 2009 Advisory Agreement (see Note 9 – Related-Party Transactions). Of the net proceeds received from the offering, $37,000 was used to repay a portion of the outstanding indebtedness under Term B Loan. | |
Dividends | |
In March 2012, the Company declared a $500,000 cash dividend to its common stockholders, which at that time consisted of entities controlled by certain affiliates of Blackstone. This dividend was considered a return of capital for both accounting and tax purposes. | |
In June 2013, the Company’s Board of Directors adopted a policy to pay a regular quarterly dividend. As a result, an initial quarterly cash dividend of $0.20 per share was declared to all common stockholders of record at the close of business on June 20, 2013, which was paid on July 1, 2013. As the Company had an accumulated deficit at the time the dividend was declared, this dividend was accounted for as a return of capital and recorded as a reduction to additional paid-in capital on the accompanying unaudited condensed consolidated statement of changes in stockholders’ equity. In September 2013, the Company’s Board of Directors declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on September 20, 2013, which was paid on October 1, 2013. | |
Unvested restricted shares carry dividend rights and therefore the dividends are payable as the shares vest in accordance with the underlying stock compensation grants. As of September 30, 2013, the Company had $18,219 of cash dividends payable included in other current liabilities in the accompanying unaudited condensed consolidated balance sheet. Dividends on the 2.25x and 2.75x Performance Restricted shares, including the 2.25x and 2.75x Performance Restricted 2013 shares (collectively the “Performance Restricted shares”), were approximately $589 for each tranche and will accumulate and be paid only if and to the extent the Performance Restricted shares vest in accordance with their terms. The Company has not recorded a payable related to these dividends as the vesting of the Performance Restricted shares is not probable. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. SUBSEQUENT EVENTS | |
In connection with the preparation of the unaudited condensed consolidated financial statements, the Company evaluated subsequent events after the condensed consolidated balance sheet date through the date the unaudited condensed consolidated financial statements were issued, to determine whether any events occurred that required recognition or disclosure in the accompanying unaudited condensed consolidated financial statements. |
DESCRIPTION_OF_THE_BUSINESS_AN1
DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2012 included in the Company’s prospectus as filed with the SEC on April 18, 2013, pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”). The unaudited condensed consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements at that date. | |
In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2013 or any future period due to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year. | |
The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates. | |
Recently Issued Accounting Pronouncements | ' |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification (“ASC”) 220, Comprehensive Income. The amended guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. Additionally, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. The amended guidance does not change the current requirements for reporting net income or other comprehensive income. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU No. 2013-02 did not have a significant impact on the Company’s condensed consolidated financial statements. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of (Loss) Earnings Per Share | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share is computed as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | ||||||||||||||||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 120,199 | 89,610 | $ | 1.34 | $ | 92,257 | 82,461 | $ | 1.12 | $ | 63,985 | 86,867 | $ | 0.74 | $ | 86,243 | 82,480 | $ | 1.05 | |||||||||||||||||||||||||||||
Effect of dilutive incentive-based awards | 596 | 913 | 664 | 821 | |||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 120,199 | 90,206 | $ | 1.33 | $ | 92,257 | 83,374 | $ | 1.11 | $ | 63,985 | 87,531 | $ | 0.73 | $ | 86,243 | 83,301 | $ | 1.04 | |||||||||||||||||||||||||||||
OTHER_ACCRUED_EXPENSES_Tables
OTHER ACCRUED EXPENSES (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Other Accrued Expenses | ' | ||||||||
Other accrued expenses at September 30, 2013 and December 31, 2012, consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Accrued property taxes | $ | 11,108 | $ | 1,974 | |||||
Accrued interest | 9,791 | 3,877 | |||||||
Note payable | — | 3,000 | |||||||
Self-insurance reserve | 7,800 | 7,800 | |||||||
Other | 2,349 | 2,699 | |||||||
Total other accrued expenses | $ | 31,048 | $ | 19,350 | |||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt as of September 30, 2013 and December 31, 2012 consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Term A Loan | $ | — | $ | 152,000 | |||||
Term B Loan | — | 1,293,774 | |||||||
Term B-2 Loans | 1,401,487 | — | |||||||
Revolving credit agreement | — | — | |||||||
Senior Notes | 260,000 | 400,000 | |||||||
Total long-term debt | 1,661,487 | 1,845,774 | |||||||
Less discounts | (17,948 | ) | (21,800 | ) | |||||
Less current maturities | (14,050 | ) | (21,330 | ) | |||||
Total long-term debt, net of current maturities | $ | 1,629,489 | $ | 1,802,644 | |||||
Summary of Long-Term Debt Repayable | ' | ||||||||
Long-term debt at September 30, 2013, is repayable as follows, not including any possible prepayments: | |||||||||
Years Ending December 31, | |||||||||
2013 | $ | 3,512 | |||||||
2014 | 14,050 | ||||||||
2015 | 14,050 | ||||||||
2016 | 274,050 | ||||||||
2017 | 14,050 | ||||||||
Thereafter | 1,341,775 | ||||||||
Total | $ | 1,661,487 | |||||||
DERIVATIVE_INSTRUMENTS_AND_HED1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Fair Value of the Company's Derivative Financial Instruments Classification on Unaudited Condensed Consolidated Balance Sheet | ' | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheet as of September 30, 2013: | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
As of September 30, 2013 | As of September 30, 2013 | ||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
Location | Location | ||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | 347 | Other liabilities | $ | — | |||||||
Total derivatives designated as hedging instruments | $ | 347 | $ | — | |||||||||
Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) | ' | ||||||||||||
The table below presents the pre-tax effect of the Company’s derivative financial instruments on the unaudited condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2013: | |||||||||||||
Three Months | Nine Months | ||||||||||||
Ended | Ended | ||||||||||||
September 30, 2013 | September 30, 2013 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||
(Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive income | $ | (1,380 | ) | $ | 3,338 | ||||||||
Loss related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense | $ | (422 | ) | $ | (1,144 | ) | |||||||
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense) | $ | — | $ | — |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Liabilities Measured at Fair Value | ' | ||||||||||||||||
The following table presents the Company’s estimated fair value measurements and related classifications as of September 30, 2013: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | September 30, | ||||||||||||||
for Identical | Observable | Inputs | 2013 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments (a) | $ | — | $ | 347 | $ | — | $ | 347 | |||||||||
Liabilities: | |||||||||||||||||
Long-term obligations (b) | $ | — | $ | 1,401,487 | $ | 269,627 | $ | 1,671,114 | |||||||||
(a) | Reflected at fair value in the unaudited condensed consolidated balance sheet as other assets of $347. There were no transfers between Levels 1, 2 or 3 during the three or nine months ended September 30, 2013. | ||||||||||||||||
(b) | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,629,489 as of September 30, 2013. | ||||||||||||||||
The Company did not have any assets measured at fair value at December 31, 2012. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2012: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | December 31, | ||||||||||||||
for Identical | Observable | Inputs | 2012 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Long-term obligations (a) | $ | — | $ | 1,445,774 | $ | 416,317 | $ | 1,862,091 | |||||||||
Derivative financial instruments (b) | $ | — | $ | 1,880 | $ | — | $ | 1,880 | |||||||||
(a) | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $21,330 and long-term debt of $1,802,644 as of December 31, 2012. | ||||||||||||||||
(b) | Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $1,880 at December 31, 2012. |
EQUITYBASED_COMPENSATION_Table
EQUITY-BASED COMPENSATION (Tables) (Converted Shares of Stock [Member]) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||
The following table sets forth the number of Class D Units and Employee Units surrendered for shares of common stock prior to the consummation of the Company’s initial public offering: | |||||||||||||||
Units | Shares of | ||||||||||||||
Common Stock | |||||||||||||||
(not in thousands) | |||||||||||||||
Vested TVUs surrendered for shares of stock | 121,206 | 727,852 | |||||||||||||
Class D Units surrendered for shares of stock | 29,240 | 221,290 | |||||||||||||
Total Class D Units and vested TVUs surrendered for shares of stock | 150,446 | 949,142 | |||||||||||||
Unvested TVUs surrendered for unvested Time Restricted shares of stock | 103,913 | 599,215 | |||||||||||||
2.25x PVUs surrendered for 2.25x Performance Restricted shares of stock | 222,087 | 1,308,752 | |||||||||||||
2.75x PVUs surrendered for 2.75x Performance Restricted shares of stock | 222,087 | 1,308,752 | |||||||||||||
Total unvested TVUs and PVUs surrendered for shares of unvested restricted stock | 548,087 | 3,216,719 | |||||||||||||
Total units surrendered for shares of stock and unvested restricted stock | 698,533 | 4,165,861 | |||||||||||||
2013 Omni Bus Incentive Plan [Member] | ' | ||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||
The activity related to the 2013 Grant for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Shares | Weighted | Weighted | |||||||||||||
Average Grant | Average | ||||||||||||||
Date Fair Value | Remaining | ||||||||||||||
per Share | Contractual | ||||||||||||||
Term | |||||||||||||||
(not in thousands | ) | ||||||||||||||
2013 Grant | |||||||||||||||
Granted: | |||||||||||||||
Time Restricted 2013 shares vesting after initial public offering 180 day lock up period | 85,647 | $ | 33.52 | ||||||||||||
Time Restricted 2013 shares vesting over remaining service period | 82,290 | $ | 33.52 | ||||||||||||
2.25x Performance Restricted 2013 shares | 163,310 | $ | 30.46 | ||||||||||||
2.75x Performance Restricted 2013 shares | 163,310 | $ | 23.05 | ||||||||||||
Vested | — | — | |||||||||||||
Forfeited | (267 | ) | $ | 33.52 | |||||||||||
Outstanding 2013 Grant unvested restricted shares at September 30, 2013 | 494,290 | $ | 29.05 | 16 months | |||||||||||
TVUs [Member] | Time Restricted Shares [Member] | ' | ||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||
The activity related to the TVU and Time Restricted share awards for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Employee | Shares | Weighted | Weighted | ||||||||||||
Units | Average Grant | Average | |||||||||||||
Date Fair Value | Remaining | ||||||||||||||
per Unit/Share | Contractual | ||||||||||||||
Term | |||||||||||||||
(not in thousands) | |||||||||||||||
Outstanding unvested TVUs at December 31, 2012 | 112,701 | $ | 21.7 | ||||||||||||
Vested units | (8,788 | ) | $ | 22.71 | |||||||||||
TVUs surrendered for unvested Time Restricted shares of stock | (103,913 | ) | 599,215 | $ | 4.06 | ||||||||||
Vested shares | (31,675 | ) | $ | 3.82 | |||||||||||
Forfeited | (2,025 | ) | $ | 3.82 | |||||||||||
Outstanding unvested Time Restricted shares of stock at September 30, 2013 | — | 565,515 | $ | 4.07 | 17 months | ||||||||||
2.25x PVU Employee Units [Member] | 2.25x Performance Restricted Shares [Member] | ' | ||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||
The activity related to the 2.25x Performance Restricted shares for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Employee | Shares | ||||||||||||||
Units | |||||||||||||||
(not in thousands) | |||||||||||||||
Outstanding 2.25x PVUs at December 31, 2012 | 225,051 | ||||||||||||||
Forfeited | (2,964 | ) | |||||||||||||
2.25x PVUs surrendered for unvested 2.25x Performance Restricted shares of stock | (222,087 | ) | 1,308,752 | ||||||||||||
Vested | — | ||||||||||||||
Outstanding unvested 2.25x Performance Restricted shares of stock at September 30, 2013 | — | 1,308,752 | |||||||||||||
2.75x PVU Employee Units [Member] | 2.75x Performance Restricted Shares [Member] | ' | ||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||
The activity related to the 2.75x Performance Restricted shares for the nine months ended September 30, 2013, is as follows: | |||||||||||||||
Employee | Shares | ||||||||||||||
Units | |||||||||||||||
(not in thousands) | |||||||||||||||
Outstanding 2.75x PVUs at December 31, 2012 | 225,051 | ||||||||||||||
Forfeited | (2,964 | ) | |||||||||||||
2.75x PVUs surrendered for unvested 2.75x Performance Restricted shares of stock | (222,087 | ) | 1,308,752 | ||||||||||||
Vested | — | ||||||||||||||
Outstanding unvested 2.75x Performance Restricted shares of stock at September 30, 2013 | — | 1,308,752 | |||||||||||||
Recovered_Sheet1
Description of the Business and Basis of Presentation - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Apr. 24, 2013 | Apr. 24, 2013 |
PartnershipUnit | Initial Public Offering [Member] | Initial Public Offering Over-Allotment [Member] | |
Business | |||
Business Description And Basis Of Presentation [Line Items] | ' | ' | ' |
Number of limited partnerships which owned the Company | 10 | ' | ' |
Number of theme parks owned | 11 | ' | ' |
Shares of common stock issued through initial public offering | ' | 10,000,000 | ' |
Net proceeds received from offering | $245,441 | $245,441 | ' |
Shares offered and sold by the selling shareholders | ' | 19,900,000 | 3,900,000 |
Loss_Earnings_Per_Share_Schedu
(Loss) Earnings Per Share - Schedule of (Loss) Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Basic earnings per share, Net Income | $120,199 | $92,257 | $63,985 | $86,243 |
Effect of dilutive incentive-based awards | 0 | ' | 0 | ' |
Diluted earnings per share, Net Income | $120,199 | $92,257 | $63,985 | $86,243 |
Basic earnings per share, Shares | 89,610 | 82,461 | 86,867 | 82,480 |
Effect of dilutive incentive-based awards, Shares | 596 | 913 | 664 | 821 |
Diluted earnings per share, Shares | 90,206 | 83,374 | 87,531 | 83,301 |
Basic earnings per share, Per Share Amount | $1.34 | $1.12 | $0.74 | $1.05 |
Effect of dilutive incentive-based awards, Per Share Amount | $0 | ' | $0 | ' |
Diluted earnings per share, Per Share Amount | $1.33 | $1.11 | $0.73 | $1.04 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | 34.90% | 40.30% | 33.30% | 40.30% |
Other_Accrued_Expenses_Schedul
Other Accrued Expenses - Schedule of Other Accrued Expenses (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued property taxes | $11,108 | $1,974 |
Accrued interest | 9,791 | 3,877 |
Note payable | ' | 3,000 |
Self-insurance reserve | 7,800 | 7,800 |
Other | 2,349 | 2,699 |
Total other accrued expenses | $31,048 | $19,350 |
Other_Accrued_Expenses_Additio
Other Accrued Expenses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Other Income And Expenses [Abstract] | ' | ' |
Repayment of note payable | $3,000 | $3,000 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,661,487 | $1,845,774 |
Less discounts | -17,948 | -21,800 |
Less current maturities | -14,050 | -21,330 |
Total long-term debt, net of current maturities | 1,629,489 | 1,802,644 |
Term Loan A [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 152,000 |
Term Loan B [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 1,293,774 |
Term B-2 Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,401,487 | ' |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $260,000 | $400,000 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | 14-May-13 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | 31-May-13 | Aug. 23, 2012 | Sep. 30, 2013 | 13-May-13 | 13-May-13 | 31-May-13 | Aug. 23, 2012 | 31-May-13 | Aug. 23, 2012 | 14-May-13 | Apr. 05, 2013 | Apr. 04, 2013 | Apr. 24, 2013 | Mar. 30, 2012 | Apr. 05, 2013 | Dec. 31, 2012 | 14-May-13 | Sep. 30, 2013 | 14-May-13 | 14-May-13 | 14-May-13 | Apr. 24, 2013 | Sep. 30, 2013 | Apr. 05, 2013 | Dec. 31, 2012 | Mar. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 05, 2013 | Apr. 05, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 24, 2013 | Apr. 05, 2013 | Dec. 31, 2012 |
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swap One [Member] | Interest Rate Swap One [Member] | Interest Rate Swap Two [Member] | Interest Rate Swap Two [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Term Loan B [Member] | Term Loan B [Member] | Term Loan B [Member] | Term Loan B [Member] | Term B-2 Loans [Member] | Term B-2 Loans [Member] | Term B-2 Loans [Member] | Term B-2 Loans [Member] | Term B-2 Loans [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Fourth Supplemental Indenture [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Second Supplemental Indenture [Member] | Second Supplemental Indenture [Member] | Senior Notes And Term B Loan [Member] | Term Loan A [Member] | Term Loan A [Member] | |||||||
Swap | Swap | Swap | Minimum [Member] | Maximum [Member] | Federal Funds Rate [Member] | Base Rate Loan [Member] | LIBOR Rate Loan [Member] | Prior to December 1, 2014 [Member] | On or After December 1, 2014 [Member] | On or After December 1, 2015 [Member] | Revised [Member] | |||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of portion of Term Loan B | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price for Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | ' | ' | ' | ' | 100.00% | 105.50% | 102.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption premium included in early extinguishment of debt | ' | ' | ' | 15,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of discounts and deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500 | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | 1,455 | 487,163 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit facility existing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,500 | 172,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days used to calculate maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '91 days | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount at maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Senior secured revolving credit facility maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The new senior secured revolving credit facility will mature on the earlier of (a) April 24, 2018 or (b) the 91st day prior to the earlier of (1) the maturity date with respect to Term A Loans with an aggregate principal amount greater than $50,000 outstanding, (2) the maturity date with respect to the Term B Loans with an aggregate principal amount greater than $150,000 outstanding, (3) the maturity date of Senior Notes (also referred to as bMezzanine Debtb) with an aggregate principal amount greater than $50,000 outstanding and (4) the maturity date of any indebtedness incurred to refinance any of the Term A or Term B Loans or the Mezzanine Debt. | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,405,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Borrowings under the Term B-2 Loans bear interest, at SEA's option, at a rate equal to a margin over either (a) a base rate determined by reference to the higher of (1) the Bank of America's prime lending rate and (2) the federal funds effective rate plus 1/2 of 1% or (b) a LIBOR rate determined by reference to the British Bankers Association ("BBA") LIBOR rate for the interest period relevant to such borrowing. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Margin for Term Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.25% | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Floor rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point step-down in applicable margin, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The applicable margin for the Term B-2 Loans (under either a base rate or LIBOR rate) is subject to one 25 basis point step-down upon achievement by SEA of a certain leverage ratio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point step down on applicable margin upon achievement of certain leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR interest rate | ' | 3.00% | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Permitted increased commitments under the Revolving Credit Facility in aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of original principal amount on effective date used to calculate aggregate annual amount which will amortize in equal quarterly installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-May-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum first lien secured net leverage ratio | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Written off of debt issuance cost | 11,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized fees | ' | ' | ' | 13,968 | 7,024 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, net of accumulated amortization | ' | 34,275 | ' | 34,275 | ' | 44,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts of outstanding long-term debt (In USD) | ' | 1,661,487 | ' | 1,661,487 | ' | 1,845,774 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,293,774 | ' | 1,401,487 | ' | ' | ' | ' | 260,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | 152,000 |
Outstanding letters of credit (In USD) | ' | 18,500 | ' | 18,500 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit available amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,000 | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | 13.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Senior Notes principle amount used to calculate applicable premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Senior Notes, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prior to December 1, 2014, the Company may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount of the Senior Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date, subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date. The bApplicable Premiumb is defined as the greater of (1) 1.0% of the principal amount of the Senior Notes and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Senior Notes at December 1, 2014 plus (ii) all required interest payments due on the Senior Notes through December 1, 2014 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal amount of the Senior Notes. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points over the principal balance of the Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument covenant leverage ratio, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Second Supplemental Indenture also increased the minimum covenant leverage ratio from 2.75 to 1.00 to 3.00 to 1.00. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum covenant leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75 | 3 | ' | ' | ' |
Increase in debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum termination fee payment allowed for the Advisory Agreement termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swap held | ' | ' | ' | ' | ' | ' | 2 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of Interest rate swap | ' | ' | ' | ' | ' | ' | 550,000 | 550,000 | 550,000 | ' | ' | 275,000 | 275,000 | 275,000 | 275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of interest rate swap | ' | ' | ' | ' | ' | ' | 30-Sep-16 | 30-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate of interest on swaps | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | 1.05% | 1.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for interest | ' | $11,804 | $15,026 | $59,685 | $66,201 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities Of Long Term Debt [Abstract] | ' | ' |
2013 | $3,512 | ' |
2014 | 14,050 | ' |
2015 | 14,050 | ' |
2016 | 274,050 | ' |
2017 | 14,050 | ' |
Thereafter | 1,341,775 | ' |
Total | $1,661,487 | $1,845,774 |
Recovered_Sheet2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | 31-May-13 | Aug. 23, 2012 |
Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | |||
Swap | Swap | Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' |
Notional amount interest rate swap | ' | ' | $550,000 | $550,000 | $550,000 |
Number of outstanding interest rate derivatives | ' | ' | 2 | 2 | 2 |
Reclassified as an increase to interest expense | ' | 1,567 | ' | ' | ' |
Tax on unrealized gain on derivatives | -675 | 741 | ' | ' | ' |
Termination value of derivatives in net asset position | $348 | $348 | ' | ' | ' |
Recovered_Sheet3
Derivative Instruments and Hedging Activities - Fair Value of the Company's Derivative Financial Instruments Classification on Unaudited Condensed Consolidated Balance Sheet (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Other Assets [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Asset Derivatives Fair Value | $347 |
Other Assets [Member] | Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Asset Derivatives Fair Value | 347 |
Other Liabilities [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability Derivatives Fair Value | ' |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability Derivatives Fair Value | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Derivatives in Cash Flow Hedging Relationships: | ' | ' |
(Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive income | ($1,380) | $3,338 |
Loss related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense | -422 | -1,144 |
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense) | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (Significant Unobservable Inputs (Level 3) [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Significant Unobservable Inputs (Level 3) [Member] | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' |
Discount rate of Senior Notes | 10.41% |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Derivative financial instruments | $347 | [1] | ' | |
Liabilities: | ' | ' | ||
Long-term obligations | 1,671,114 | [2] | 1,862,091 | [3] |
Derivative financial instruments | ' | 1,880 | [4] | |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative financial instruments | ' | [1] | ' | |
Liabilities: | ' | ' | ||
Long-term obligations | ' | [2] | ' | [3] |
Derivative financial instruments | ' | ' | [4] | |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative financial instruments | 347 | [1] | ' | |
Liabilities: | ' | ' | ||
Long-term obligations | 1,401,487 | [2] | 1,445,774 | [3] |
Derivative financial instruments | ' | 1,880 | [4] | |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ||
Assets: | ' | ' | ||
Derivative financial instruments | ' | [1] | ' | |
Liabilities: | ' | ' | ||
Long-term obligations | 269,627 | [2] | 416,317 | [3] |
Derivative financial instruments | ' | ' | [4] | |
[1] | Reflected at fair value in the unaudited condensed consolidated balance sheet as other assets of $347. There were no transfers between Levels 1, 2 or 3 during the three or nine months ended September 30, 2013. | |||
[2] | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,629,489 as of September 30, 2013. | |||
[3] | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $21,330 and long-term debt of $1,802,644 as of December 31, 2012 | |||
[4] | Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $1,880 at December 31, 2012. |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Fair Value Disclosures [Abstract] | ' | ' | ||
Derivative financial instruments | $347 | [1] | ' | |
Current maturities on long-term debt | 14,050 | 21,330 | ||
Long-term debt | 1,629,489 | 1,802,644 | ||
Derivative financial instruments | ' | $1,880 | [2] | |
[1] | Reflected at fair value in the unaudited condensed consolidated balance sheet as other assets of $347. There were no transfers between Levels 1, 2 or 3 during the three or nine months ended September 30, 2013. | |||
[2] | Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $1,880 at December 31, 2012. |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 24, 2013 | Mar. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of advisory agreement | ' | ' | ' | ' | ' | ' | $50,072 | ' |
Cash dividend declared | $0.20 | $0.20 | ' | ' | $0.20 | ' | $0.40 | $6.07 |
Dividend declared to stockholders | ' | ' | ' | 500,000 | ' | ' | 36,144 | ' |
Blackstone and Affiliates [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory Agreement, fees | ' | ' | ' | ' | 0 | 2,264 | 2,799 | 5,075 |
Agreement termination date | ' | ' | 24-Apr-13 | ' | ' | ' | ' | ' |
Termination fee paid | ' | ' | 46,300 | ' | ' | ' | ' | ' |
Write off of 2013 Prepaid advisory fees | ' | ' | 3,772 | ' | ' | ' | ' | ' |
Termination of advisory agreement | ' | ' | 50,072 | ' | ' | ' | ' | ' |
Dividend declared to stockholders | $11,749 | $11,749 | ' | $500,000 | ' | ' | ' | ' |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 24, 2013 | Apr. 24, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 19, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Initial Public Offering [Member] | Employee Unit Incentive Plan [Member] | Employee Unit Incentive Plan [Member] | Employee Unit Incentive Plan [Member] | Employee Unit Plan and 2013 Grants [Member] | Units Surrendered For Shares Plan [Member] | 2013 Omni Bus Incentive Plan [Member] | 2013 Omni Bus Incentive Plan [Member] | 2013 Grant [Member] | 2013 Grant [Member] | TVUs [Member] | TVUs [Member] | TVUs [Member] | TVUs [Member] | Time Vesting Units And Time Restricted Shares [Member] | Time Vesting Units And Time Restricted Shares [Member] | Time Vesting Units And Time Restricted Shares [Member] | Time Vesting Units And Time Restricted Shares [Member] | Time Restricted Shares [Member] | Time Restricted Shares [Member] | Time Restricted Shares [Member] | 2.25x PVU Employee Units [Member] | 2.75x PVU Employee Units [Member] | Employee Unit Incentive Plan [Member] | 2.25x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | Subsequent Events [Member] | Common Stock [Member] | Vested And Unvested Time Vesting Units, Performance Vesting Units Surrendered for Shares Of Stock And Unvested Restricted Stock [Member] | Class D Units surrendered for shares of stock [Member] | Class D Units surrendered for shares of stock [Member] | Class D Units and vested TVUs surrendered for shares of stock [Member] | Class D Units and vested TVUs surrendered for shares of stock [Member] | Unvested TVUs and PVUs surrendered for shares of unvested restricted stock [Member] | Unvested TVUs and PVUs surrendered for shares of unvested restricted stock [Member] | Vested Time Vesting Units Surrendered For Shares Of Stock [Member] | Vested Time Vesting Units Surrendered For Shares Of Stock [Member] | Vested Time Vesting Units Surrendered For Shares Of Stock [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | ||
Minimum [Member] | Maximum [Member] | Tranches | Minimum [Member] | Employee Unit Incentive Plan [Member] | Units Surrendered For Shares Plan [Member] | After Lock Up Period [Member] | Over Remaining Service Period [Member] | 2013 Grant [Member] | 2013 Grant [Member] | 2013 Grant [Member] | 2013 Omni Bus Incentive Plan [Member] | Units Surrendered For Shares Plan [Member] | Employee Unit Incentive Plan [Member] | Employee Unit Incentive Plan [Member] | Common Stock [Member] | Employee Unit Incentive Plan [Member] | Common Stock [Member] | Employee Unit Incentive Plan [Member] | Common Stock [Member] | Employee Unit Incentive Plan [Member] | Common Stock [Member] | Employee Unit Incentive Plan [Member] | Common Stock [Member] | |||||||||||||||||||
2013 Grant [Member] | 2013 Grant [Member] | Units Surrendered For Shares Plan [Member] | Units Surrendered For Shares Plan [Member] | Units Surrendered For Shares Plan [Member] | Units Surrendered For Shares Plan [Member] | Time Restricted Shares [Member] | ||||||||||||||||||||||||||||||||||||
Units Surrendered For Shares Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Unit Incentive Plan terms | ' | ' | 'Under the Employee Unit Plan, the Partnerships granted Employee Units to certain key employees of SEA (bEmployee Units). The Employee Units which were granted were accounted for as equity awards and were divided into three tranches, Time-Vesting Units (bTVUsb), 2.25x Performance Vesting Units (bPVUsb) and 2.75x PVUs. Upon vesting of the Employee Units, the Company issued the corresponding number of shares of common stock of the Company to the Partnerships. There was no related cost to the employee upon vesting of the units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches for each equity award | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Surrender of units to shares of stock (in units) | ' | ' | 698,533 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 669,293 | 29,240 | ' | 150,446 | ' | 548,087 | ' | ' | 121,206 | ' | ' | 103,913 | ' |
Shares provided for surrender of units, in shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,165,861 | ' | ' | 221,290 | ' | 949,142 | ' | 3,216,719 | ' | ' | 727,852 | ' | ' | 599,215 |
Portion of employee units originally granted that were TVUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'One-third | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of Employee Units granted, years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting percentage per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage interest a general partner or beneficial owner other than Blackstone needs to obtain more of | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of vesting upon change of control | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental equity compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $282 | ' | ' | $220 | ' | ' |
Recognized compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,876 | 3,167 | ' | ' | ' | ' | 606 | 305 | 1,537 | 872 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,706 | $491 | $1,961 | $28,125 | $18,846 | ' | $4,974 | $3,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annualized effective compounded return rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return on investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225.00% | 275.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value measuring method | ' | ' | 'The fair value of each Employee Unit originally granted was estimated on the date of grant using a composite of the discounted cash flow model and the guideline public company approach to determine the underlying enterprise value. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The grant date fair value of the 2.25x and 2.75x Performance Restricted 2013 shares was measured using the asset-or-nothing option pricing model. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Unit fair value input discount rate | ' | ' | 10.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions, holding period | ' | ' | ' | '2 years 7 months 6 days | '3 years 7 months 6 days | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions, risk free rate | ' | ' | ' | 0.33% | 1.22% | ' | 0.24% | ' | ' | ' | 0.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions, volatility | ' | ' | ' | 49.00% | 57.00% | ' | ' | ' | ' | ' | 33.20% | ' | ' | ' | 37.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions, discount for lack of marketability | ' | ' | ' | 31.00% | 53.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions, dividend yield | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued through initial public offering, per share | ' | $27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for future issuance | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted to directors, officers and employees | ' | ' | ' | ' | ' | ' | ' | 494,557 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering lock up period | '180 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | 14,505,710 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares withheld from employees to satisfy minimum tax withholding obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,937 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 4,165,861 |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Vested Time Vesting Units Surrendered For Shares Of Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 727,852 |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Class D Units surrendered for shares of stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 221,290 |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Class D Units and vested TVUs surrendered for shares of stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 949,142 |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | Time Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 599,215 |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Two Point Two Five Performance Vesting Units Surrendered For Two Point Two Five Performance Restricted Shares [Member] | 2.25x Performance Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 1,308,752 |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Two Point Seven Five Performance Vesting Units Surrendered For Two Point Seven Five Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 1,308,752 |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | Unvested TVUs and PVUs surrendered for shares of unvested restricted stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 3,216,719 |
Employee Unit Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in units) | 698,533 |
Employee Unit Incentive Plan [Member] | Vested Time Vesting Units Surrendered For Shares Of Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in units) | 121,206 |
Employee Unit Incentive Plan [Member] | Class D Units surrendered for shares of stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in units) | 29,240 |
Employee Unit Incentive Plan [Member] | Class D Units and vested TVUs surrendered for shares of stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in units) | 150,446 |
Employee Unit Incentive Plan [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in units) | 103,913 |
Employee Unit Incentive Plan [Member] | Two Point Two Five Performance Vesting Units Surrendered For Two Point Two Five Performance Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in units) | 222,087 |
Employee Unit Incentive Plan [Member] | Two Point Seven Five Performance Vesting Units Surrendered For Two Point Seven Five Performance Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in units) | 222,087 |
Employee Unit Incentive Plan [Member] | Unvested TVUs and PVUs surrendered for shares of unvested restricted stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in units) | 548,087 |
EquityBased_Compensation_Sched1
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Time-Vesting Units and Time Restricted shares) (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Units Surrendered For Shares Plan [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 4,165,861 |
Employee Unit Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
TVUS surrendered for shares of stock and unvested restricted stock (in units) | -698,533 |
Employee Unit Incentive Plan [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
TVUS surrendered for shares of stock and unvested restricted stock (in units) | -103,913 |
Time Restricted Shares [Member] | Units Surrendered For Shares Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted average fair value (in USD per share/unit) | 3.82 |
Forfeited (in USD per share/unit) | 3.82 |
Weighted average fair value of outstanding unvested shares of stock, Ending balance (in USD per share/unit) | 4.07 |
Outstanding unvested Time Restricted shares of stock, Weighted Average Remaining Contractual Term | '17 months |
Time Restricted Shares [Member] | Units Surrendered For Shares Plan [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested shares | -31,675 |
Forfeited shares | -2,025 |
Outstanding Unvested shares | 565,515 |
Time Restricted Shares [Member] | Units Surrendered For Shares Plan [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted average fair value (in USD per share/unit) | 4.06 |
Time Restricted Shares [Member] | Units Surrendered For Shares Plan [Member] | Unvested Time Vesting Units Surrendered For Unvested Time Restricted Shares [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Surrender of units to shares of stock (in shares) | 599,215 |
TVUs [Member] | Units Surrendered For Shares Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding units, beginning balance | 112,701 |
Vested units | -8,788 |
Weighted average fair value of outstanding unvested Units (in USD per share/unit) | 21.7 |
Weighted average fair value (in USD per share/unit) | 22.71 |
EquityBased_Compensation_Sched2
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2.25x Performance Restricted Shares) (Detail) (Units Surrendered For Shares Plan [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
PVUs surrendered for unvested Performance Restricted shares of stock (in shares) | 4,165,861 |
2.25x Performance Restricted Shares [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding shares, Beginning balance | ' |
Forfeited shares | ' |
Vested shares | ' |
Outstanding shares, ending balance | 1,308,752 |
2.25x PVU Employee Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding units, beginning balance | 225,051 |
Forfeited units | -2,964 |
Vested units | ' |
Outstanding units, ending balance | ' |
Two Point Two Five Performance Vesting Units Surrendered For Two Point Two Five Performance Restricted Shares [Member] | 2.25x Performance Restricted Shares [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
PVUs surrendered for unvested Performance Restricted shares of stock (in shares) | 1,308,752 |
Two Point Two Five Performance Vesting Units Surrendered For Two Point Two Five Performance Restricted Shares [Member] | 2.25x PVU Employee Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
PVUs surrendered for unvested Performance Restricted shares of stock (in units) | -222,087 |
EquityBased_Compensation_Sched3
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2.75x Performance Restricted Shares) (Detail) (Units Surrendered For Shares Plan [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
PVUs surrendered for unvested Performance Restricted shares of stock (in shares) | 4,165,861 |
2.75x Performance Restricted Shares [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding shares, Beginning balance | ' |
Forfeited shares | ' |
Vested shares | ' |
Outstanding shares, ending balance | 1,308,752 |
2.75x PVU Employee Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding units, beginning balance | 225,051 |
Forfeited units | -2,964 |
Vested units | ' |
Outstanding units, ending balance | ' |
Two Point Seven Five Performance Vesting Units Surrendered For Two Point Seven Five Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
PVUs surrendered for unvested Performance Restricted shares of stock (in shares) | 1,308,752 |
Two Point Seven Five Performance Vesting Units Surrendered For Two Point Seven Five Performance Restricted Shares [Member] | 2.75x PVU Employee Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
PVUs surrendered for unvested Performance Restricted shares of stock (in units) | -222,087 |
EquityBased_Compensation_Sched4
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2013 Omni Bus Incentive Plan) (Detail) (2013 Omni Bus Incentive Plan [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding shares, Beginning balance | ' |
Shares Granted: | ' |
Vested shares | ' |
Forfeited shares | -267 |
Outstanding shares, ending balance | 494,290 |
Weighted average fair value of outstanding unvested Units (in USD per share/unit) | $0 |
Shares Granted: | ' |
Vested (in USD per share/unit) | ' |
Forfeited (in USD per share/unit) | $33.52 |
Weighted average fair value of outstanding unvested shares of stock, Ending balance (in USD per share/unit) | $29.05 |
Time Restricted Shares [Member] | ' |
Shares Granted: | ' |
Time Restricted 2013 shares vesting period | '16 months |
2.25x Performance Restricted Shares [Member] | ' |
Shares Granted: | ' |
Granted shares | 163,310 |
Shares Granted: | ' |
Granted (in USD per share/unit) | $30.46 |
2.75x Performance Restricted Shares [Member] | ' |
Shares Granted: | ' |
Granted shares | 163,310 |
Shares Granted: | ' |
Granted (in USD per share/unit) | $23.05 |
After Lock Up Period [Member] | Time Restricted Shares [Member] | ' |
Shares Granted: | ' |
Granted shares | 85,647 |
Shares Granted: | ' |
Granted (in USD per share/unit) | $33.52 |
Over Remaining Service Period [Member] | Time Restricted Shares [Member] | ' |
Shares Granted: | ' |
Granted shares | 82,290 |
Shares Granted: | ' |
Granted (in USD per share/unit) | $33.52 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 08, 2013 | Mar. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 24, 2013 | Sep. 30, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 |
2.25x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | Senior Notes [Member] | Senior Notes [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering Over-Allotment [Member] | Equity Offering [Member] | Equity Offering [Member] | |||||||||
Prior to December 1, 2014 [Member] | Senior Notes [Member] | Term Loan B [Member] | Senior Notes [Member] | Senior Notes [Member] | ||||||||||||||
Prior to December 1, 2014 [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 89,626,525 | ' | ' | ' | 89,626,525 | 89,626,525 | ' | 82,737,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | 89,626,525 | ' | ' | ' | 89,626,525 | 89,626,525 | ' | 82,737,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unvested shares of common stock | 3,677,309 | ' | ' | ' | 3,677,309 | 3,677,309 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split description | ' | ' | 'On April 7, 2013, the Company's Board of Directors authorized an eight-for-one split of the Company's common stock which was effective on April 8, 2013. The Company's historical share and per share information has been retroactively adjusted to give effects to this stock split. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split conversion ratio | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | $0.01 | ' | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 1,000,000,000 | ' | ' | ' | 1,000,000,000 | 1,000,000,000 | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | 100,000,000 | ' | ' | ' | 100,000,000 | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | $0.01 | ' | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued through initial public offering, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' |
Shares offered and sold by the selling shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,900,000 | ' | ' | 3,900,000 | ' | ' |
Shares of common stock issued through initial public offering, per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27 | ' | ' | ' | ' | ' |
Net proceeds received from offering | ' | ' | ' | ' | ' | $245,441 | ' | ' | ' | ' | ' | ' | $245,441 | ' | ' | ' | ' | ' |
Net proceeds received used to redeem 11% Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' |
Senior Notes redemption aggregate price percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | 100.00% | ' | ' | ' | ' | ' | 111.00% |
Senior Notes redemption terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'A provision in the indenture governing the Senior Notes that permits the Company to redeem up to 35% of the aggregate principal amount of the Senior Notes with the net cash proceeds of certain equity offerings. | ' | ' | ' | ' |
Senior Notes redemption percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | 35.00% | ' |
Payment made to affiliate for termination of Advisory Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,300 | ' | ' | ' | ' | ' |
Net proceeds from offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,000 | ' | ' | ' |
Dividend declared to stockholders | ' | ' | ' | 500,000 | ' | 36,144 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend declared | $0.20 | $0.20 | ' | ' | $0.20 | $0.40 | $6.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | 1-Oct-13 | 1-Jul-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend record date | 20-Sep-13 | 20-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends payable | 18,219 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable | $18,223 | ' | ' | ' | $18,223 | $18,223 | $40,000 | ' | $589 | $589 | ' | ' | ' | ' | ' | ' | ' | ' |