Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 17, 2014 | Jun. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'SEAS | ' | ' |
Entity Registrant Name | 'SeaWorld Entertainment, Inc. | ' | ' |
Entity Central Index Key | '0001564902 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 91,764,580 | ' |
Entity Public Float | ' | ' | $1,069,284,048 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $116,841 | $45,675 |
Accounts receivable, net | 41,509 | 41,149 |
Inventories | 36,209 | 36,587 |
Prepaid expenses and other current assets | 19,613 | 17,817 |
Deferred tax assets, net | 28,887 | 17,405 |
Total current assets | 243,059 | 158,633 |
Property and equipment, net | 1,771,500 | 1,774,643 |
Goodwill | 335,610 | 335,610 |
Trade names, net | 163,508 | 164,608 |
Other intangible assets, net | 27,843 | 31,120 |
Deferred tax assets, net | ' | 6,356 |
Other assets | 40,753 | 50,082 |
Total assets | 2,582,273 | 2,521,052 |
Current liabilities: | ' | ' |
Accounts payable | 98,500 | 89,743 |
Current maturities on long-term debt | 14,050 | 21,330 |
Accrued salaries, wages and benefits | 23,996 | 33,088 |
Deferred revenue | 82,945 | 82,567 |
Dividends payable | 17,939 | 203 |
Other accrued expenses | 15,264 | 19,350 |
Total current liabilities | 252,694 | 246,281 |
Long-term debt | 1,627,183 | 1,802,644 |
Deferred tax liabilities, net | 29,776 | ' |
Other liabilities | 18,488 | 22,279 |
Total liabilities | 1,928,141 | 2,071,204 |
Commitments and contingencies (Note 14) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2013 and 2012 | ' | ' |
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 89,900,453 shares issued at December 31, 2013 and 82,737,008 shares issued and outstanding at December 31, 2012 | 899 | 827 |
Additional paid-in capital | 689,394 | 456,923 |
Accumulated other comprehensive income (loss) | 11 | -1,254 |
Retained earnings (accumulated deficit) | 7,991 | -6,648 |
Treasury stock, at cost (1,500,000 shares at December 31, 2013 and no shares at December 31, 2012) | -44,163 | ' |
Total stockholders' equity | 654,132 | 449,848 |
Total liabilities and stockholders' equity | $2,582,273 | $2,521,052 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 89,900,453 | 82,737,008 |
Common stock, shares outstanding | ' | 82,737,008 |
Treasury stock, shares | 1,500,000 | 0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net revenues: | ' | ' | ' |
Admissions | $921,016 | $884,407 | $824,937 |
Food, merchandise and other | 539,234 | 539,345 | 505,837 |
Total revenues | 1,460,250 | 1,423,752 | 1,330,774 |
Costs and expenses: | ' | ' | ' |
Cost of food, merchandise and other revenues | 114,192 | 118,559 | 112,498 |
Operating expenses (exclusive of depreciation and amortization shown separately below) | 739,989 | 726,509 | 687,999 |
Selling, general and administrative | 187,298 | 184,920 | 172,368 |
Termination of advisory agreement | 50,072 | ' | ' |
Secondary offering costs | 1,407 | ' | ' |
Depreciation and amortization | 166,086 | 166,975 | 213,592 |
Total costs and expenses | 1,259,044 | 1,196,963 | 1,186,457 |
Operating income | 201,206 | 226,789 | 144,317 |
Other income, net | 241 | 1,563 | -1,679 |
Interest expense | 93,536 | 111,426 | 110,097 |
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 32,429 | ' | ' |
Income before income taxes | 75,482 | 116,926 | 32,541 |
Provision for income taxes | 25,004 | 39,482 | 13,428 |
Net income | 50,478 | 77,444 | 19,113 |
Other comprehensive income: | ' | ' | ' |
Unrealized gain (loss) on derivatives, net of tax | 1,265 | -1,254 | ' |
Comprehensive income | $51,743 | $76,190 | $19,113 |
Earnings per share: | ' | ' | ' |
Net income per share, basic | $0.58 | $0.94 | $0.23 |
Net income per share, diluted | $0.57 | $0.93 | $0.23 |
Weighted average commons shares outstanding: | ' | ' | ' |
Basic, shares | 87,537 | 82,480 | 81,392 |
Diluted, shares | 88,152 | 83,552 | 82,024 |
Consolidated_Statements_of_Cha
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) Income [Member] | Treasury Stock, at Cost [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2010 | $949,795 | $808 | $1,052,192 | ($103,205) | ' | ' |
Beginning Balance, shares at Dec. 31, 2010 | ' | 80,800,000 | ' | ' | ' | ' |
Issuance of common stock | 12,836 | 10 | 12,826 | ' | ' | ' |
Issuance of common stock, shares | ' | 1,041,920 | ' | ' | ' | ' |
Equity-based compensation | 823 | 6 | 817 | ' | ' | ' |
Equity-based compensation, shares | ' | 576,888 | ' | ' | ' | ' |
Cash dividends declared to stockholders | -110,100 | ' | -110,100 | ' | ' | ' |
Net income | 19,113 | ' | ' | 19,113 | ' | ' |
Ending Balance at Dec. 31, 2011 | 872,467 | 824 | 955,735 | -84,092 | ' | ' |
Ending Balance, shares at Dec. 31, 2011 | ' | 82,418,808 | ' | ' | ' | ' |
Equity-based compensation | 1,191 | 3 | 1,188 | ' | ' | ' |
Equity-based compensation, shares | ' | 318,200 | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives, net of tax | -1,254 | ' | ' | ' | -1,254 | ' |
Cash dividends declared to stockholders | -500,000 | ' | -500,000 | ' | ' | ' |
Net income | 77,444 | ' | ' | 77,444 | ' | ' |
Ending Balance at Dec. 31, 2012 | 449,848 | 827 | 456,923 | -6,648 | -1,254 | ' |
Ending Balance, shares at Dec. 31, 2012 | 82,737,008 | 82,737,008 | ' | ' | ' | ' |
Equity-based compensation | 6,026 | 1 | 6,025 | ' | ' | ' |
Equity-based compensation, shares | ' | 74,561 | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives, net of tax | 1,265 | ' | ' | ' | 1,265 | ' |
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 | ' | 3 | -3 | ' | ' | ' |
Vesting of restricted shares, shares | ' | 334,066 | ' | ' | ' | ' |
Shares withheld for tax withholdings | -852 | 0 | -852 | ' | ' | ' |
Shares withheld for tax withholdings, shares | ' | -28,463 | ' | ' | ' | ' |
Cash dividends declared to stockholders | -53,911 | ' | -18,072 | -35,839 | ' | ' |
Repurchase of 1,500,000 shares of treasury stock, at cost | -44,163 | ' | ' | ' | ' | -44,163 |
Net income | 50,478 | ' | ' | 50,478 | ' | ' |
Ending Balance at Dec. 31, 2013 | $654,132 | $899 | $689,394 | $7,991 | $11 | ($44,163) |
Ending Balance, shares at Dec. 31, 2013 | 89,900,453 | 89,900,453 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash dividends declared per share | $0.60 | $6.07 | $1.34 |
Repurchase of treasury stock, shares | 1,500,000 | ' | ' |
Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' |
Unrealized gain (loss) on derivatives tax (benefit) expense | $632 | ($627) | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows From Operating Activities: | ' | ' | ' |
Net income | $50,478 | $77,444 | $19,113 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 166,086 | 166,975 | 213,592 |
Amortization of debt issuance costs and discounts | 13,783 | 14,757 | 18,446 |
Loss on sale or disposal of assets | 10,100 | 11,223 | 11,346 |
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 32,429 | ' | ' |
Deferred income tax provision | 24,018 | 38,979 | 12,197 |
Equity-based compensation | 6,025 | 1,191 | 823 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -3,215 | 4,651 | 11,574 |
Inventories | -166 | -4,156 | -4,089 |
Prepaid expenses and other current assets | -5,343 | -1,327 | -3,711 |
Accounts payable | 4,293 | -6,247 | -6,223 |
Accrued salaries, wages and benefits | -9,092 | 899 | 6,514 |
Deferred revenue | 94 | -1,444 | -13,983 |
Other accrued expenses | -824 | -760 | 1,186 |
Other assets and liabilities | 1,128 | 1,328 | 1,464 |
Net cash provided by operating activities | 289,794 | 303,513 | 268,249 |
Cash Flows From Investing Activities: | ' | ' | ' |
Capital expenditures | -166,258 | -191,745 | -225,316 |
Acquisition of Knott's Soak City Water Park | ' | -12,000 | ' |
Change in restricted cash | -118 | -573 | ' |
Net cash used in investing activities | -166,376 | -204,318 | -225,316 |
Cash Flows From Financing Activities: | ' | ' | ' |
Repayment of long-term debt | -189,255 | -57,680 | -586,248 |
Repayment of note payable | -3,000 | ' | ' |
Redemption premium payment | -15,400 | ' | ' |
Proceeds from the issuance of debt | 1,455 | 487,163 | 550,291 |
Proceeds from issuance of common stock | ' | ' | 12,836 |
Proceeds from issuance of common stock in initial public offering, net of underwriter commissions | 253,800 | ' | ' |
Purchase of treasury stock | -44,163 | ' | ' |
Repayment of revolving credit facility, net | ' | -36,000 | 36,000 |
Dividends paid to stockholders | -36,175 | -502,977 | -106,920 |
Payment of tax withholdings on equity-based compensation through shares withheld | -852 | ' | ' |
Debt issuance costs | -13,968 | -7,024 | -5,926 |
Offering costs | -4,694 | -3,665 | ' |
Net cash used in financing activities | -52,252 | -120,183 | -99,967 |
Change in Cash and Cash Equivalents | 71,166 | -20,988 | -57,034 |
Cash and Cash Equivalents-Beginning of period | 45,675 | 66,663 | 123,697 |
Cash and Cash Equivalents-End of period | 116,841 | 45,675 | 66,663 |
Supplemental Disclosures of Noncash Investing and Financing Activities | ' | ' | ' |
Dividends declared, but unpaid | 17,939 | 203 | 3,180 |
Capital expenditures in accounts payable | 27,160 | 22,696 | 28,441 |
Issuance of notes payable related to business acquisition | ' | $3,000 | ' |
Description_of_the_Business
Description of the Business | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Description of the Business | ' |
1. 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. Prior to December 1, 2009, the Company did not have any operations. On December 1, 2009, the Company acquired all of the outstanding equity interests of Busch Entertainment LLC and affiliates from Anheuser-Busch Companies, Inc. and Anheuser-Busch InBev SA/NV (“ABI”). At that time, the Company was owned by ten limited partnerships (the “Partnerships” or the “selling stockholders”), 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 sold 19,900,000 shares of common stock, including 3,900,000 shares pursuant to the exercise in full of the underwriters’ option to purchase additional shares. 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. | |
On December 17, 2013, the selling stockholders completed a registered secondary offering of 18,000,000 shares of common stock at a price of $30.00 per share. The selling stockholders received all of the net proceeds from the offering and no shares were sold by the Company. Concurrently with the closing of the secondary offering, the Company repurchased 1,500,000 shares of its common stock directly from the selling stockholders in a private, non-underwritten transaction at a price per share equal to the price per share paid to the selling stockholders by the underwriters in the secondary offering. See further discussion in Note 19-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). | |
During the years ended December 31, 2013, 2012 and 2011 approximately 55%, 55% and 56% of the Company’s revenues were generated in the State of Florida, respectively. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Summary of Significant Accounting Policies | ' | ||||
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
Basis of Presentation and Principles of Consolidation | |||||
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 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. | |||||
Reclassifications | |||||
Certain prior year amounts have been reclassified to conform to the 2013 presentation, in particular dividends payable, on the accompanying consolidated balance sheet. | |||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $9,776 and $15,076 at December 31, 2013 and 2012, respectively. The cash balances in non- interest bearing accounts held at financial institutions are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2013. Interest bearing accounts are insured up to $250. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions. | |||||
Accounts Receivable—Net | |||||
Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products. The Company is not exposed to a significant concentration of credit risk. The Company does record an allowance for estimated uncollectible receivables, based on the amount and status of past-due accounts, contractual terms of the receivables and the Company’s history of uncollectible accounts. For all periods presented, the allowance for uncollectible accounts and the related provision were insignificant. | |||||
Inventories | |||||
Inventories are stated at the lower of cost or market value with the cost being determined by the weighted average cost method. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value. | |||||
Restricted Cash | |||||
Restricted cash is recorded in other current assets and consists of funds received from strategic partners for use in approved marketing and promotional activities. | |||||
Property and Equipment—Net | |||||
Property and equipment are recorded at cost. The cost of ordinary or routine maintenance, repairs, spare parts and minor renewals is expensed as incurred. Internal development costs associated with new attractions, rides and product development are capitalized after necessary feasibility studies have been completed and final concept or contracts have been approved. The cost of assets is depreciated using the straight-line method based on the following estimated useful lives: | |||||
Land improvements | 10-40 years | ||||
Buildings | 5-40 years | ||||
Rides, attractions and equipment | 3-20 years | ||||
Animals | 1-50 years | ||||
Material costs to purchase animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years). All costs to maintain animals and animal collections are expensed as incurred, including in-house animal breeding costs, as they are insignificant to the consolidated financial statements. Construction in process assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all construction projects. Total interest capitalized for the years ended December 31, 2013 and 2012, was $4,347 and $5,791, respectively. | |||||
Computer System Development Costs | |||||
The Company capitalizes computer system development costs that meet established criteria and amortizes those costs to expense on a straight-line basis over five years. The capitalized costs related to the computer system development costs were $3,708 and $2,694 for the years ended December 31, 2013 and 2012, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Systems reengineering costs do not meet the proper criteria for capitalization and are expensed as incurred. | |||||
Impairment of Long-Lived Assets | |||||
All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park). No impairment losses were recognized during the years ended December 31, 2013, 2012 and 2011. | |||||
Goodwill and Indefinite-Lived Intangible Assets | |||||
Goodwill and indefinite-lived intangible assets are not amortized, but instead reviewed for impairment at least annually on December 1, with ongoing recoverability based on applicable reporting unit performance and consideration of significant events or changes in the overall business environment. In assessing goodwill for impairment, the Company will initially evaluate qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considers several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing for recoverability of a significant asset group within a reporting unit. If this qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. If the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The first step is a comparison of the fair value of the reporting unit, determined using future cash flow analysis, to its recorded amount. If the recorded amount exceeds the fair value, the second step quantifies any impairment write-down by comparing the current implied value of goodwill to the recorded goodwill balance. The Company’s indefinite-lived intangible assets consist of certain trade names which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are valued using the relief from royalty method. The Company performed a qualitative assessment of goodwill and indefinite lived intangible assets at December 1, 2013 and 2011 and a quantitative assessment at December 1, 2012, and found no impairments. | |||||
Other Intangible Assets | |||||
The Company’s other intangible assets consist primarily of certain trade names, relationships with ticket resellers, a favorable lease asset and a non-compete agreement. These intangible assets are amortized on the straight-line basis over their estimated remaining lives. | |||||
Self-Insurance Reserves | |||||
Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities. The Company maintains self-insurance reserves for healthcare, auto, general liability and workers compensation claims. Total claims reserves were $24,643 at December 31, 2013, of which $2,905 is recorded in accrued salaries, wages and benefits, $7,800 is recorded in other accrued expenses and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $23,509 at December 31, 2012, of which $3,090 is recorded in accrued salaries, wages and benefits, $7,800 is recorded in other accrued expenses and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. | |||||
Debt Financing Costs | |||||
Direct costs incurred in issuance of long-term debt are being amortized to interest expense using the effective interest method over the term of the related debt. | |||||
Treasury Stock | |||||
From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are held in treasury for general corporate purposes. The Company accounts for treasury stock under the cost method. Treasury stock at December 31, 2013 is recorded as a reduction to stockholders’ equity as the Company does not currently intend to retire the treasury stock held. See further discussion in Note 19-Stockholders’ Equity. | |||||
Revenue Recognition | |||||
The Company recognizes revenue upon admission into a park or when products are delivered to customers. For season passes and other multi-use admissions, deferred revenue is recorded and the related revenue is recognized over the terms of the admission product and its related use. Deferred revenue includes a current and long-term portion. At December 31, 2013 and 2012, long-term deferred revenue of $3,176 and $6,315, respectively, is included in other liabilities in the accompanying consolidated balance sheets. The Company has entered into agreements with certain external theme park, zoo and other attraction operators to jointly market and sell admission products. These joint products allow admission to both a Company park and an external park, zoo or other attraction. The agreements with the external parks, specify the allocation of revenue to the Company from any jointly sold products. The Company’s portion of revenue is deferred and recognized over its related use. The Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the admission products is recognized into revenue and related expense at the time of the exchange and approximates the fair value of the goods or services received. For the years ended December 31, 2013, 2012 and 2011, $19,959, $19,628 and $19,734, respectively, were included within admissions revenue and selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income related to bartered ticket transactions. | |||||
Advertising and Promotional Costs | |||||
Advertising production costs are deferred and expensed the first time the advertisement is shown. Advertising and media costs are expensed as incurred and for the years ended December 31, 2013, 2012 and 2011, totaled approximately $112,000, $116,700 and $113,300, respectively, and are included in selling, general nd administrative expenses in the accompanying consolidated statements of comprehensive income. | |||||
Equity-Based 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. See further discussion in Note 18—Equity-Based Compensation. | |||||
Income Taxes | |||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more-likely than not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to uncertain positions are charged to the provision/benefit for income taxes. | |||||
Fair Value Measurements | |||||
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. | |||||
An entity is permitted to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to use the fair value option for any of its financial assets and financial liabilities that are not already recorded at fair value. Carrying values of financial instruments classified as current assets and current liabilities approximate fair value, due to their short-term nature. | |||||
A description of the Company’s policies regarding fair value measurement is summarized below. | |||||
Fair Value Hierarchy—Fair value is determined for assets and liabilities, which are grouped according to a hierarchy, based upon significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: | |||||
Level 1—Quoted prices for identical instruments in active markets. | |||||
Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||
Determination of Fair Value—The Company generally uses quoted market prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access to determine fair value, and classifies such items in Level 1. Fair values determined by Level 2 inputs utilize inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted market prices in active markets for similar assets or liabilities, and inputs other than quoted market prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest and currency rates, and the like. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. | |||||
Segment Reporting | |||||
The Company maintains discrete financial information for each of its eleven theme parks, which is used by the Chief Operating Decision Maker (“CODM”), identified as the Chief Executive Officer, as a basis for allocating resources. Each theme park has been identified as an operating segment and meets the criteria for aggregation due to similar economic characteristics. In addition, all of the theme parks provide similar products and services and share similar processes for delivering services. The theme parks have a high degree of similarity in the workforces and target the same consumer group. Accordingly, based on these economic and operational similarities and the way the CODM monitors the operations, the Company has concluded that its operating segments may be aggregated and that it has one reportable segment. | |||||
Derivative Instruments and Hedging Activities | |||||
During fiscal year 2012, the Company entered into certain derivative transactions, as detailed in Note 12-Derivative Instruments and Hedging Activities, and elected the related derivative instruments and hedging activities accounting policy described herein. Accounting Standards Codification Topic (“ASC”) 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, results of operations and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of, and gains and losses on, derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. | |||||
As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
3. 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 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 consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
4. ACQUISITIONS | |||||
In November 2012, the Company acquired Knott’s Soak City, a stand-alone Southern California water park, from an affiliate of Cedar Fair L.P, for a total price of $15,000. The Company paid $12,000 at closing and had a note payable for the remaining $3,000 which was due and paid in the third quarter of 2013. For the year ended December 31, 2012, there were no material revenues or expenses associated with the park included in the accompanying consolidated financial statements because the park was closed for the season. The Company rebranded the water park as Aquatica San Diego and re-opened in June 2013. | |||||
The Company allocated the cost of the acquisition to the assets acquired based upon their respective fair values. These fair values are based on management’s estimates and assumptions, including variations of the income approach, the market approach and the cost approach, resulting in a purchase price allocation as follows: | |||||
Land | $ | 12,100 | |||
Other property and equipment | 2,400 | ||||
Non-compete agreement | 500 | ||||
Total assets acquired | $ | 15,000 | |||
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Earnings per Share | ' | ||||||||||||||||||||||||||||||||||||
5. EARNINGS PER SHARE | |||||||||||||||||||||||||||||||||||||
Earnings per share is computed as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | |||||||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 50,478 | 87,537 | $ | 0.58 | $ | 77,444 | 82,480 | $ | 0.94 | $ | 19,113 | 81,392 | $ | 0.23 | ||||||||||||||||||||||
Effect of dilutive incentive-based awards | 615 | 1,072 | 632 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 50,478 | 88,152 | $ | 0.57 | $ | 77,444 | 83,552 | $ | 0.93 | $ | 19,113 | 82,024 | $ | 0.23 | ||||||||||||||||||||||
In accordance with the Earnings Per Share Topic of the FASB ASC, basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period (excluding nonvested restricted stock). 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 years ended December 31, 2013, 2012 and 2011, there were no anti-dilutive shares of common stock excluded from the computation of diluted earnings per share. The weighted average number of repurchased shares during the period that are held as treasury stock are excluded from common stock outstanding. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
6. INVENTORIES | |||||||||
Inventories as of December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Merchandise | $ | 30,586 | $ | 31,435 | |||||
Food and beverage | 5,623 | 5,152 | |||||||
Total inventories | $ | 36,209 | $ | 36,587 | |||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
7. PREPAID EXPENSES AND OTHER CURRENT ASSETS | |||||||||
Prepaid expenses and other current assets as of December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Prepaid insurance | $ | 8,418 | $ | 8,157 | |||||
Prepaid marketing and advertising costs | 6,817 | 2,500 | |||||||
Deferred offering costs | — | 3,665 | |||||||
Other | 4,378 | 3,495 | |||||||
Total prepaid expenses and other current assets | $ | 19,613 | $ | 17,817 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment, Net | ' | ||||||||
8. PROPERTY AND EQUIPMENT, NET | |||||||||
The components of property and equipment, net as of December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 286,200 | $ | 286,200 | |||||
Land improvements | 259,722 | 238,860 | |||||||
Buildings | 537,532 | 468,647 | |||||||
Rides, attractions and equipment | 1,173,746 | 1,100,423 | |||||||
Animals | 157,160 | 161,194 | |||||||
Construction in process | 71,445 | 88,237 | |||||||
Less accumulated depreciation | (714,305 | ) | (568,918 | ) | |||||
Total property and equipment, net | $ | 1,771,500 | $ | 1,774,643 | |||||
Depreciation expense was approximately $159,700, $161,700 and $209,300 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Trade_Names_and_Other_Intangib
Trade Names and Other Intangible Assets, Net | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Trade Names and Other Intangible Assets, Net | ' | ||||||||||||||
9. TRADE NAMES AND OTHER INTANGIBLE ASSETS, NET | |||||||||||||||
Trade names, net are comprised of the following at December 31, 2013: | |||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||
Average | Carrying | Amortization | Carrying | ||||||||||||
Amortization | Amount | Value | |||||||||||||
Period | |||||||||||||||
Trade names—indefinite lives | $ | 157,000 | $ | — | $ | 157,000 | |||||||||
Trade names—definite lives | 10 years | 11,000 | 4,492 | 6,508 | |||||||||||
Total Trade names, net | $ | 168,000 | $ | 4,492 | $ | 163,508 | |||||||||
Trade names-net are comprised of the following at December 31, 2012: | |||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||
Average | Carrying | Amortization | Carrying | ||||||||||||
Amortization | Amount | Value | |||||||||||||
Period | |||||||||||||||
Trade names—indefinite lives | $ | 157,000 | $ | — | $ | 157,000 | |||||||||
Trade names—definite lives | 10 years | 11,000 | 3,392 | 7,608 | |||||||||||
Total Trade names, net | $ | 168,000 | $ | 3,392 | $ | 164,608 | |||||||||
Other intangible assets-net at December 31, 2013, consisted of the following: | |||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||
Average | Carrying | Amortization | Carrying | ||||||||||||
Amortization | Amount | Value | |||||||||||||
Period | |||||||||||||||
Favorable lease asset | 39 years | $ | 18,200 | $ | 1,867 | $ | 16,333 | ||||||||
Reseller agreements | 8.1 years | 22,300 | 11,232 | 11,068 | |||||||||||
Non-compete agreement | 5 years | 500 | 58 | 442 | |||||||||||
Total other intangible assets, net | $ | 41,000 | $ | 13,157 | $ | 27,843 | |||||||||
Other intangible assets-net at December 31, 2012, consisted of the following: | |||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||
Average | Carrying | Amortization | Carrying | ||||||||||||
Amortization | Amount | Value | |||||||||||||
Period | |||||||||||||||
Favorable lease asset | 39 years | $ | 18,200 | $ | 1,397 | $ | 16,803 | ||||||||
Reseller agreements | 8.1 years | 22,300 | 8,483 | 13,817 | |||||||||||
Non-compete agreement | 5 years | 500 | — | 500 | |||||||||||
Total other intangible assets, net | $ | 41,000 | $ | 9,880 | $ | 31,120 | |||||||||
Total amortization was approximately $4,400 for the year ended December 31, 2013 and $4,300 for both the years ended December 31, 2012 and 2011. The total weighted average amortization period of all finite-lived intangibles is 19.3 years. Total expected amortization of the finite-lived intangible assets for the succeeding five years and thereafter is as follows: | |||||||||||||||
Years Ending December 31 | |||||||||||||||
2014 | $ | 4,418 | |||||||||||||
2015 | 4,418 | ||||||||||||||
2016 | 4,418 | ||||||||||||||
2017 | 4,213 | ||||||||||||||
2018 | 1,870 | ||||||||||||||
Thereafter | 15,014 | ||||||||||||||
$ | 34,351 | ||||||||||||||
Other_Accrued_Expenses
Other Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Other Accrued Expenses | ' | ||||||||
10. OTHER ACCRUED EXPENSES | |||||||||
Other accrued expenses at December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Accrued property taxes | $ | 2,113 | $ | 1,974 | |||||
Accrued interest | 2,636 | 3,877 | |||||||
Note payable | — | 3,000 | |||||||
Self-insurance reserve | 7,800 | 7,800 | |||||||
Other | 2,715 | 2,699 | |||||||
Total other accrued expenses | $ | 15,264 | $ | 19,350 | |||||
In 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 stand-alone Southern California water park, from an affiliate of Cedar Fair L.P. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
11. LONG-TERM DEBT | |||||||||
Long-term debt as of December 31, 2013 and 2012 consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Term A Loan | $ | — | $ | 152,000 | |||||
Term B Loan | — | 1,293,774 | |||||||
Term B-2 Loans | 1,397,975 | — | |||||||
Revolving credit agreement | — | — | |||||||
Senior Notes | 260,000 | 400,000 | |||||||
Total long-term debt | 1,657,975 | 1,845,774 | |||||||
Less discounts | (16,742 | ) | (21,800 | ) | |||||
Less current maturities | (14,050 | ) | (21,330 | ) | |||||
Total long-term debt, net of current maturities | $ | 1,627,183 | $ | 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 consolidated statement of comprehensive income for the year ended December 31, 2013. See further discussion in Note 19-Stockholders’ Equity. | |||||||||
On December 1, 2009, SEA entered into both senior secured credit facilities (“Senior Secured Credit Facilities”) and issued $400,000 of 13.5% unsecured senior notes due December 1, 2016 (the “Senior Notes”). | |||||||||
Senior Secured Credit Facilities | |||||||||
SEA is the borrower under the Company’s Senior Secured Credit Facilities pursuant to a credit agreement dated as of December 1, 2009, by and among SEA, as borrower, Bank of America, N.A., as administrative agent, collateral agent, letter of credit issuer and swing line lender and the other agents and lenders party thereto, as the same may be amended, restated, supplemented or modified from time to time. Effective on February 17, 2011, April 15, 2011, March 30, 2012, April 24, 2013 and May 14, 2013, SEA entered into Amendments No. 1, 2, 3, 4 and 5, respectively, of the Senior Secured Credit Facilities (collectively, the “Amendments”). | |||||||||
As a result of Amendment No. 1, the original term loan was refinanced into two tranches of term loans, Term A Loans (original balance of $150,000), and Term B Loans (original balance of $900,000). As a result of Amendment No. 2, $17,000 of the Term B Loan was refinanced to the Term A Loan. In addition, the revolving credit commitment availability under the Senior Secured Credit Facilities increased to $172,500. | |||||||||
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 of Senior Notes with an aggregate principal amount greater than $50,000 outstanding and (2) the maturity date of any indebtedness incurred to refinance any of the Term 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 December 31, 2013, the Company selected the LIBOR rate (interest rate of 3.00% at December 31, 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 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 consolidated statement of comprehensive income for the year ended December 31, 2013. As a result of Amendments No. 4 and 5, the Company capitalized fees totaling approximately $14,000. | |||||||||
In addition to paying interest on outstanding principal under the Senior Secured Credit Facilities, the Company is required to pay a commitment fee to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. The commitment fee rate is 0.50% per annum. SEA is also required to pay customary letter of credit fees. | |||||||||
SEA had no amounts outstanding at December 31, 2013 and 2012, relating to the Revolving Credit Facility. The revolving credit commitment includes up to $20,000 in short-term loans (five days in duration) and up to $50,000 in letters of credit. Any amounts borrowed under the short-term loans or as letters of credit reduce the total amount available under the revolving credit loan. All amounts outstanding under the revolving credit commitment are due on the Revolving Credit Facility maturity date, except for borrowings under the short term loans, which are payable within five business days of the original borrowing. As of December 31, 2013, the Company had approximately $23,500 of outstanding letters of credit, leaving approximately $169,000 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 16-Related-Party Transactions). | |||||||||
SEA is required to prepay the outstanding Term B-2 loans, subject to certain exceptions, in the event of: | |||||||||
• | 50% of SEA’s annual “excess cash flow” (with step-downs to 25% and 0%, as applicable, based upon SEA’s total net leverage ratio), subject to certain exceptions; | ||||||||
• | 100% of the net cash proceeds of certain non-ordinary course asset sales or other dispositions subject to reinvestment rights and certain exceptions; and | ||||||||
• | 100% of the net cash proceeds of any incurrence of debt by SEA or any of its restricted subsidiaries, other than debt permitted to be incurred or issued under the Senior Secured Credit Facilities. | ||||||||
Notwithstanding any of the foregoing, each lender of term loans has the right to reject its pro rata share of mandatory prepayments described above, in which case SEA may retain the amounts so rejected. The foregoing mandatory prepayments will be applied pro rata to installments of term loans in direct order of maturity. There were no mandatory prepayments during the year ended December 31, 2013 or 2012 since none of the events indicated above occurred during the year. | |||||||||
SEA may voluntarily repay amounts outstanding under the Senior Secured Credit Facilities at any time without premium or penalty, other than prepayment premium on voluntary prepayment of Term B-2 Loans on or prior to May 14, 2014 and customary “breakage” costs with respect to LIBOR loans. | |||||||||
The obligations under the Senior Secured Credit Facilities are fully, unconditionally and irrevocably guaranteed by the Company, any subsidiary of the Company that directly or indirectly owns 100% of the issued and outstanding equity interests of SEA, and, subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries. The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests, subject to certain exceptions, in (i) all the capital stock of, or other equity interests in, substantially all of the Company’s direct or indirect material domestic subsidiaries and 65% of the capital stock of, or other equity interests in, any “first tier” foreign subsidiaries and (ii) certain tangible and intangible assets of SEA and the Company. Certain financial, affirmative and negative covenants, including a maximum total net leverage ratio, minimum interest coverage ratio and maximum capital expenditures are included in the Senior Secured Credit Facilities. If an event of default occurs, the lenders under the Senior Secured Credit Facilities will be entitled to take various actions, including the acceleration of amounts due under the Senior Secured Credit Facilities and all actions permitted to be taken by a secured creditor. | |||||||||
Senior Notes | |||||||||
On March 30, 2012, 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”) which, among other matters, reduced the interest rate on the Senior Notes to 11.0% per annum. Interest is payable semi-annually in arrears. The obligations under the Senior Notes are guaranteed by the same entities as those that guarantee the Senior Secured Credit Facilities. The Second Supplemental Indenture also granted waivers to allow SEA to issue the additional $500,000 of Term B Loans to fund the dividend payment discussed above. | |||||||||
SEA can redeem some or all of the Senior Notes at any time prior to December 1, 2014, 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 covenant leverage ratio, as defined, 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, among other matters, 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 2009 Advisory Agreement between the Company and affiliates of Blackstone (see Note 16-Related-Party Transactions). | |||||||||
On November 22, 2013, SEA entered into the Fifth Supplemental Indenture in order to conform certain provisions of the “limitation on restricted payments” covenant of the Indenture to the corresponding provisions of the Senior Secured Credit Facilities. | |||||||||
In connection with the issuance of the Senior Notes, the holders of the Senior Notes received warrants to purchase 101,000 (not in thousands) Partnerships units for $100 (not in thousands) per unit. The Partnerships, in turn, received warrants to acquire 808,000 (not in thousands) shares of the Company’s common stock. The total value of the warrants at December 1, 2009 was $5,000 and was recorded by the Company as additional paid-in capital and a discount on the Senior Notes. The additional discount is being amortized to interest expense over the term of the Senior Notes. The unamortized discount at December 31, 2013 and 2012, of $2,083 and $2,798, respectively, is presented as a reduction of the carrying value of the Senior Notes in the accompanying consolidated financial statements. During 2011, all the warrants were exercised for cash in accordance with the underlying warrant agreement, the holders of the Senior Notes received 101,000 (not in thousands) limited partnership units of the Partnerships and the Company issued a total of 808,000 (not in thousands) shares of common stock to the Partnerships. | |||||||||
As of December 31, 2013, the Company was in compliance with all covenants in the provisions contained in the documents governing the Senior Secured Credit Facilities and in the indenture governing the Senior Notes. | |||||||||
Deferred financing costs, net of accumulated amortization and amounts written-off for early extinguishment of debt, were $32,317 and $44,103 as of December 31, 2013 and 2012, respectively, are being amortized to interest expense using the effective interest method over the term of the Senior Secured Credit Facilities or the Senior Notes and are included in other assets in the accompanying consolidated balance sheets. Financing costs paid to the creditors amounting to $13,968 and $15,046 in 2013 and 2012, respectively, directly related to the Amendments noted above were recorded as deferred financing costs. | |||||||||
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 0.75% or 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 12-Derivative Instruments and Hedging Activities which follows. | |||||||||
In March 2014, the Company executed a new interest rate swap agreement to effectively fix the interest rate on $450,000 of the Term B-2 Loans. The interest rates swap has an effective date of March 31, 2014, has a notional amount of $450,000 and is scheduled to mature on September 30, 2016. | |||||||||
Cash paid for interest relating to the Senior Secured Credit Facilities and the Senior Notes discussed above as well as the Interest Rate Swap Agreements was $85,514, $102,551 and $97,575 during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Long-term debt at December 31, 2013, is repayable as follows, not including any possible prepayments described above: | |||||||||
Years Ending December 31, | |||||||||
2014 | $ | 14,050 | |||||||
2015 | 14,050 | ||||||||
2016 | 14,050 | ||||||||
2017 | 274,050 | ||||||||
2018 | 14,050 | ||||||||
Thereafter | 1,327,725 | ||||||||
Total | $ | 1,657,975 | |||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||
12. 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 December 31, 2013 and 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 year ended December 31, 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of December 31, 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 swaps 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 income (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 year ended December 31, 2013, there was no ineffective portion recognized in earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. As of December 31, 2013, the Company estimates that an additional $1,567 will be reclassified as an increase to interest expense during the next 12 months. | |||||||||||||
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 consolidated balance sheet as of December 31, 2013 and 2012: | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
Location | Location | ||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | 71 | Other liabilities | $ | 1,880 | |||||||
Total derivatives designated as hedging instruments | $ | 71 | $ | 1,880 | |||||||||
The unrealized gain on derivatives is recorded net of a tax expense of $632 for the year ended December 31, 2013, and is included within the accompanying consolidated statements of comprehensive income. The unrealized loss on derivatives is recorded net of a tax benefit of $627 for the year ended December 31, 2012, and is included within the accompanying consolidated statements of comprehensive income. | |||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income | |||||||||||||
The table below presents the pre-tax effect of the Company’s derivative financial instruments on the consolidated statements of comprehensive income for the years ended December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||
Gain (loss) related to effective portion of derivatives recognized in accumulated other comprehensive income | $ | 386 | $ | (1,522 | ) | ||||||||
Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense | $ | 1,511 | $ | (358 | ) | ||||||||
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 December 31, 2013, the Company has posted no collateral related to these agreements. | |||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following table reflects the changes in accumulated other comprehensive income (loss) for the year ended December 31, 2013, net of tax: | |||||||||||||
Gains (Losses) | |||||||||||||
on Cash Flow | |||||||||||||
Hedges | |||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||
Balance at December 31, 2012 | $ | (1,254 | ) | ||||||||||
Other comprehensive income before reclassifications | 257 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income to interest expense | 1,008 | ||||||||||||
Unrealized gain on derivatives, net of tax | 1,265 | ||||||||||||
Balance at December 31, 2013 | $ | 11 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
13. INCOME TAXES | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the provision for income taxes is comprised of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income tax (benefit) provision | |||||||||||||
Federal | $ | (113 | ) | $ | (70 | ) | $ | (70 | ) | ||||
State | 1,086 | 542 | 1,277 | ||||||||||
Foreign | 13 | 31 | 24 | ||||||||||
Total current income tax provision | 986 | 503 | 1,231 | ||||||||||
Deferred income tax provision (benefit): | |||||||||||||
Federal | 27,852 | 37,873 | 11,429 | ||||||||||
State | (3,834 | ) | 1,106 | 768 | |||||||||
Total deferred income tax provision | 24,018 | 38,979 | 12,197 | ||||||||||
Total income tax provision | $ | 25,004 | $ | 39,482 | $ | 13,428 | |||||||
The deferred income tax provision represents the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Cash paid for income taxes totaled $923, $767 and $513, for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
The components of deferred income tax assets and liabilities as of December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Acquisition and debt related costs | $ | 4,534 | $ | 22,651 | |||||||||
Net operating loss | 270,467 | 222,702 | |||||||||||
Self-insurance | 8,686 | 7,912 | |||||||||||
Deferred revenue | 2,134 | 1,077 | |||||||||||
Other | 8,156 | 5,736 | |||||||||||
Total deferred income tax assets | 293,977 | 260,078 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Property and equipment | (245,418 | ) | (199,836 | ) | |||||||||
Goodwill | (28,242 | ) | (21,028 | ) | |||||||||
Amortization | (12,613 | ) | (11,307 | ) | |||||||||
Other | (8,593 | ) | (4,146 | ) | |||||||||
Total deferred income tax liabilities | (294,866 | ) | (236,317 | ) | |||||||||
Net deferred income tax (liabilities) assets | $ | (889 | ) | $ | 23,761 | ||||||||
The Company files federal, state and provincial income tax returns in various jurisdictions with varying statute of limitation expiration dates. Under the tax statute of limitations applicable to the Internal Revenue Code, the Company is no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for years before 2010. However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from 2010 and earlier tax years, these attributes can still be audited when utilized on returns filed in the future. 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. | |||||||||||||
As of December 31, 2013, the Company has federal tax net operating loss carryforwards of approximately $660,000 and state net operating loss carryforwards with a combined total of approximately $850,000 spread across various jurisdictions. These net operating loss carryforwards, if not used to reduce taxable income in future periods, will begin to expire in 2029, for both state and federal tax purposes. Realization of the deferred income tax assets, primarily arising from these net operating loss carryforwards and other charitable contribution carryforwards, is dependent upon generating sufficient taxable income prior to expiration of the carryforwards, which may include the reversal of deferred tax liability components. | |||||||||||||
Due to the secondary offering in December 2013, there was an ownership shift of more than 50 percent, as defined by the Internal Revenue Code (“IRC”) Section 382. The Company determined that, while an ownership shift occurred and limits were determined under IRC Section 382 and the regulations and guidance thereunder, the applicable limit would not impair the value or anticipated use of the Company’s federal and state net operating losses. Although realization is not assured, management believes it is more likely than not that all of the deferred income tax assets will be realized. | |||||||||||||
The provision for income taxes for the years ended December 31, 2013, 2012 and 2011 differs from the amount computed by applying the U.S. federal statutory income tax rate to the Company’s income before income taxes primarily due to state income taxes, prior year true-ups, and federal tax credits. In addition to these items, for the year ended December 31, 2013, non-deductible offering costs, certain officer compensation and certain equity compensation awards also impacted the provision for income taxes. The reconciliation between the U.S. federal statutory income tax rate and the Company’s effective income tax provision (benefit) rate for the years ended December 31, 2013, 2012 and 2011, is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax rate at federal statutory rates | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | (0.93 | ) | 1.36 | 5.57 | |||||||||
Other | (0.94 | ) | (2.59 | ) | 0.69 | ||||||||
Income tax rate | 33.13 | % | 33.77 | % | 41.26 | % | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
14. COMMITMENTS AND CONTINGENCIES | ||||||||||||
At December 31, 2013, the Company has commitments under long-term operating leases requiring annual minimum lease payments as follows: | ||||||||||||
Years Ending December 31, | ||||||||||||
2014 | $ | 14,403 | ||||||||||
2015 | 14,415 | |||||||||||
2016 | 13,523 | |||||||||||
2017 | 13,520 | |||||||||||
2018 | 13,356 | |||||||||||
Thereafter | 311,238 | |||||||||||
Total | $ | 380,455 | ||||||||||
Rental expense was $24,338, $23,886 and $22,119 for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
The SeaWorld theme park in San Diego, California, leases the land for the theme park from the City of San Diego. The lease term is for 50 years ending on July 1, 2048. Lease payments are based upon gross revenue from the San Diego theme park subject to certain minimums. On January 1, 2014, the minimum annual rent payment was recalculated in accordance with the lease agreement as approximately $10,400 and is included in the table above for all periods presented. This annual rent will remain in effect until January 1, 2017, at which time the next recalculation will be completed in accordance with the lease agreement. | ||||||||||||
Pursuant to license agreements with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event. | ||||||||||||
ABI has granted the Company a perpetual, exclusive, worldwide, royalty-free license to use the Busch Gardens trademark and certain related domain names in connection with the operation, marketing, promotion and advertising of certain of the Company’s theme parks, as well as in connection with the production, use, distribution and sale of merchandise sold in connection with such theme parks. Under the license, the Company is required to indemnify ABI against losses related to the use of the marks. | ||||||||||||
The Company has commenced construction of certain new theme park attractions and other projects under contracts with various third parties. At December 31, 2013, additional capital payments of approximately $59,000 are necessary to complete these projects. The majority of these projects are expected to be completed in 2014. | ||||||||||||
In addition, the Company is a party to various claims and legal proceedings arising in the normal course of business. From time to time, third-party groups may also make claims before government agencies, bring lawsuits against the Company, and/or attempt to generate negative publicity associated with the Company’s 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. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
15. 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 December 31, 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 10.06% and projected cash flows of the underlying Senior Notes. | |||||||||||||||||
There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2013. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2013: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | December 31, | ||||||||||||||
for Identical | Observable | Inputs | 2013 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments (a) | $ | — | $ | 71 | $ | — | $ | 71 | |||||||||
Liabilities: | |||||||||||||||||
Long-term obligations (b) | $ | — | $ | 1,397,975 | $ | 264,781 | $ | 1,662,756 | |||||||||
(a) | Reflected at fair value in the consolidated balance sheet as other assets of $71. | ||||||||||||||||
(b) | Reflected at carrying value in the consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,627,183 as of December 31, 2013. | ||||||||||||||||
The Company did not have any assets measured at fair value at December 31, 2012. There were no transfers between Levels 1, 2 or 3 during the year ended 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 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 consolidated balance sheet as other liabilities of $1,880 at December 31, 2012. | ||||||||||||||||
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
16. 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 19-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, $6,201 and $6,012 for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income. | |
In connection with the completion of the initial public offering in April 2013 (see Note 19-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 consolidated statements of comprehensive income. | |
In December 2013, the Company repurchased shares of its common stock from the selling stockholders concurrently with the closing of the secondary offering. See further discussion in Note 19-Stockholders’ Equity. | |
In June, September and December 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, September 20 and December 20, 2013, respectively (see Note 19-Stockholders’ Equity). In connection with these dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $11,749, $11,749 and $7,849, on July 1, 2013, October 1, 2013, and January 3, 2014, respectively. | |
In March 2012 and September 2011, respectively, the Company declared and subsequently paid a $500,000 and $110,100 cash dividend to its common stockholders, which at that time consisted of entities controlled by certain affiliates of Blackstone. | |
The Company had an arrangement with another former Blackstone portfolio theme park company to sell admission tickets on a combined basis. The Company earned revenue of approximately $7,400 (through June 2011) during the year ended December 31, 2011, under the combined ticket arrangement. Blackstone sold its interest in such theme park company in June 2011. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Postemployment Benefits [Abstract] | ' |
Retirement Plan | ' |
17. RETIREMENT PLAN | |
The Company sponsors a defined contribution plan, under Section 401(k) of the Internal Revenue Code, that it established in March 2010. The plan is a qualified automatic contributions arrangement, which automatically enrolls employees, once eligible, unless they opt out. The Company makes matching cash contributions subject to certain restrictions, structured as a 100% match on the first 1% contributed by the employee and a 50% match on the next 5% contributed by the employee. Employer- matching contributions for the years ended December 31, 2013, 2012 and 2011, totaled $8,956, $8,767 and $7,345, respectively. |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Equity-Based Compensation | ' | ||||||||||||||||
18. 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, which, for accounting purposes, were removed from issued shares until their restrictions are met, as shown on the accompanying 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 year ended December 31, 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, was 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 $1,938, $1,191 and $823 for the years ended December 31, 2013, 2012 and 2011and is included in selling, general and administrative expenses in the accompanying consolidated statement of comprehensive income and as contributed capital in the accompanying consolidated statements of stockholders’ equity. Total unrecognized compensation cost related to these unvested Time Restricted shares, expected to be recognized over the remaining vesting term was approximately $1,305 as of December 31, 2013. | |||||||||||||||||
The activity related to the TVU and Time Restricted share awards for the year ended December 31, 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 | (221,710 | ) | $ | 3.83 | |||||||||||||
Forfeited | (2,025 | ) | $ | 3.82 | |||||||||||||
Outstanding unvested Time Restricted shares of stock at December 31, 2013 | — | 375,480 | $ | 4.19 | 13 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 2.25x and 2.75x 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 2.25x and 2.75x Performance Restricted shares until their vesting is probable, accordingly, no compensation expense has been recorded during the years ended December 31, 2013, 2012 or 2011 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 unvested performance restricted shares of stock qualifies as a modification of an equity compensation plan. As the 2.25x and 2.75x 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. Unrecognized compensation expense as of December 31, 2013, was approximately $28,125 and $18,846 for these 2.25x and 2.75x Performance Restricted shares, respectively. | |||||||||||||||||
The activity related to the 2.25x Performance Restricted shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Employee | Shares | Weighted | |||||||||||||||
Units | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Share | |||||||||||||||||
(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 December 31, 2013 | — | 1,308,752 | $ | 21.49 | |||||||||||||
The activity related to the 2.75x Performance Restricted shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Employee | Shares | Weighted | |||||||||||||||
Units | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Share | |||||||||||||||||
(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 December 31, 2013 | — | 1,308,752 | $ | 14.4 | |||||||||||||
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 Omnibus shares”), 2.25x performance restricted shares (“2.25x Performance Restricted Omnibus shares”) and 2.75x performance restricted shares (“2.75x Performance Restricted Omnibus shares”). The activity related to the Time Restricted Omnibus shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Shares | Weighted | Weighted | |||||||||||||||
Average Grant | Average | ||||||||||||||||
Date Fair Value | Remaining | ||||||||||||||||
per Share | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(not in | |||||||||||||||||
thousands) | |||||||||||||||||
Time Restricted Omnibus shares | |||||||||||||||||
Granted | 171,783 | $ | 33.45 | ||||||||||||||
Vested | (112,356 | ) | $ | 33.51 | |||||||||||||
Forfeited | (267 | ) | $ | 33.52 | |||||||||||||
Outstanding unvested Time Restricted Omnibus shares at December 31, 2013 | 59,160 | $ | 33.35 | 15 months | |||||||||||||
The activity related to the 2.25x Performance Restricted Omnibus shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value per | |||||||||||||||||
Share | |||||||||||||||||
(not in | |||||||||||||||||
thousands) | |||||||||||||||||
2.25x Performance Restricted Omnibus shares | |||||||||||||||||
Granted | 163,310 | $ | 30.46 | ||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding unvested 2.25x Performance Restricted Omnibus shares of stock at December 31, 2013 | 163,310 | $ | 30.46 | ||||||||||||||
The activity related to the 2.75x Performance Restricted Omnibus shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value per | |||||||||||||||||
Share | |||||||||||||||||
(not in | |||||||||||||||||
thousands) | |||||||||||||||||
2.75x Performance Restricted Omnibus shares | |||||||||||||||||
Granted | 163,310 | $ | 23.05 | ||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding unvested 2.75x Performance Restricted Omnibus shares of stock at December 31, 2013 | 163,310 | $ | 23.05 | ||||||||||||||
The vesting terms and conditions of the Time Restricted Omnibus shares, the 2.25x Performance Restricted Omnibus shares, and the 2.75x Performance Restricted Omnibus 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 Omnibus 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 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 Omnibus 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 Omnibus shares which vested at the end of the initial public offering 180 day lock up period, and the remaining Time Restricted Omnibus shares which vest over the requisite service period. As a result, approximately $4,088 of equity compensation expense was recognized in the year ended December 31, 2013, related to the 2013 Grant. As of December 31, 2013, unrecognized equity compensation expense related to the Time Restricted Omnibus shares was $1,651 to be recognized over the remaining requisite service period. | |||||||||||||||||
The grant date fair value of the 2.25x and 2.75x Performance Restricted Omnibus 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 Omnibus shares until their issuance is probable. Total unrecognized compensation expense as of December 31, 2013 for the 2013 Grant was approximately $4,974 and $3,764 for the 2.25x Performance Restricted Omnibus shares and 2.75x Performance Restricted Omnibus shares, respectively. | |||||||||||||||||
For the year ended December 31, 2013, the Company withheld an aggregate of 28,463 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 were added back to the number of shares of common stock available for future issuance under the Company’s 2013 Omnibus Incentive Plan. As of December 31, 2013, there were 14,530,327 shares of common stock available for future issuance under the Company’s 2013 Omnibus Incentive Plan. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
19. STOCKHOLDERS’ EQUITY | |
As of December 31, 2013, 89,900,453 shares of common stock were issued on the accompanying consolidated balance sheet, which excludes 3,378,764 unvested shares of common stock held by certain participants in the Company’s equity compensation plan (see Note 18—Equity Compensation) and includes 1,500,000 shares of treasury stock held by the Company (see Secondary Offering and Concurrent Share Repurchase discussion which follows). | |
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 consolidated balance sheets and the 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 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’ option to purchase additional shares. 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 16—Related-Party Transactions). Of the net proceeds received from the offering, $37,000 was used to repay a portion of the outstanding indebtedness under the Term B Loan. | |
Secondary Offering and Concurrent Share Repurchase | |
On December 17, 2013, the selling stockholders completed an underwritten secondary offering of 18,000,000 shares of common stock at a price of $30.00 per share. The selling stockholders received all of the net proceeds from the offering and no shares were sold by the Company. The Company incurred fees and expenses of $1,407 in connection with the secondary offering which is shown as secondary offering expenses on the accompanying consolidated statement of comprehensive income for the year ended December 31, 2013. | |
Concurrently with the closing of the secondary offering, the Company repurchased 1,500,000 shares of its common stock directly from the selling stockholders in a private, non-underwritten transaction. All repurchased shares are recorded as treasury stock at a cost of $44,163 and reflected as a reduction to stockholders’ equity at December 31, 2013 on the accompanying consolidated balance sheet. | |
Dividends | |
In September 2011 and March 2012, respectively, the Company declared a $110,100 and $500,000 cash dividend to its common stockholders, which at that time consisted of entities controlled by certain affiliates of Blackstone. These dividends were considered a return of capital for both accounting and tax purposes. | |
In 2013, the Company’s Board of Directors (the “Board”) adopted a policy to pay, subject to legally available funds, a regular quarterly dividend. The Board declared quarterly cash dividends of $0.20 per share to all common stockholders of record at the close of business on June 20, September 20 and December 20, 2013, which were paid on July 1, 2013, October 1, 2013 and January 3, 2014, respectively. As the Company had an accumulated deficit at the time the June 20 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 consolidated statement of changes in stockholders’ equity. | |
On March 4, 2014, the Board declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on March 20, 2014, payable on April 1, 2014. | |
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 December 31, 2013, the Company had $17,939 of cash dividends payable recorded as dividends payable in the accompanying consolidated balance sheet, of which $17,680 was paid on January 3, 2014 and the remainder will be paid as certain restricted shares vest. Accumulated dividends on the 2.25x and 2.75x Performance Restricted shares, including the 2.25x and 2.75x Performance Restricted Omnibus shares (collectively, the “Performance Restricted shares”), were approximately $883 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. | |
Other | |
In 2011, the Company sold 233,920 shares of common stock to the Partnership (not in thousands) for net cash consideration of $2,736. |
Summary_Quarterly_Financial_Da
Summary Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary Quarterly Financial Data | ' | ||||||||||||||||
20. SUMMARY QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
Unaudited summary quarterly financial data for the year ended December 31, 2013 was as follows: | |||||||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter (a) | Quarter | Quarter | ||||||||||||||
(Unaudited) | |||||||||||||||||
Total revenues | $ | 238,610 | $ | 411,292 | $ | 538,389 | $ | 271,959 | |||||||||
Operating (loss) income | $ | (35,873 | ) | $ | 30,980 | $ | 205,594 | $ | 505 | ||||||||
Net (loss) income | $ | (40,360 | ) | $ | (15,854 | ) | $ | 120,199 | $ | (13,507 | ) | ||||||
(Loss) earnings per share: | |||||||||||||||||
Net (loss) income per share, basic | $ | (0.49 | ) | $ | (0.18 | ) | $ | 1.34 | $ | (0.15 | ) | ||||||
Net (loss) income per share, diluted | $ | (0.49 | ) | $ | (0.18 | ) | $ | 1.33 | $ | (0.15 | ) | ||||||
(a) | During the second quarter of 2013, the Company recorded $50,072 in fees related to the termination of the 2009 Advisory Agreement and $32,429 related to a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. | ||||||||||||||||
2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(Unaudited) | |||||||||||||||||
Total revenues | $ | 212,442 | $ | 425,882 | $ | 522,255 | $ | 263,173 | |||||||||
Operating (loss) income | $ | (48,279 | ) | $ | 93,086 | $ | 183,862 | $ | (1,880 | ) | |||||||
Net (loss) income | $ | (45,134 | ) | $ | 39,120 | $ | 92,257 | $ | (8,799 | ) | |||||||
(Loss) earnings per share: | |||||||||||||||||
Net (loss) income per share, basic | $ | (0.55 | ) | $ | 0.47 | $ | 1.12 | $ | (0.11 | ) | |||||||
Net (loss) income per share, diluted | $ | (0.55 | ) | $ | 0.47 | $ | 1.11 | $ | (0.11 | ) | |||||||
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. |
Schedule_IRegistrants_Condense
Schedule I-Registrant's Condensed Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule I-Registrant's Condensed Financial Statements | ' | ||||||||||||
Schedule I-Registrant’s Condensed Financial Statements | |||||||||||||
SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
PARENT COMPANY ONLY | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Current Assets: | |||||||||||||
Cash | $ | 172 | $ | 203 | |||||||||
Due from wholly owned subsidiary | 17,767 | — | |||||||||||
Total current assets | 17,939 | 203 | |||||||||||
Investment in wholly owned subsidiary | 654,121 | 451,102 | |||||||||||
Total assets | $ | 672,060 | $ | 451,305 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Current Liabilities: | |||||||||||||
Dividends payable | $ | 17,939 | $ | 203 | |||||||||
Total current liabilities | 17,939 | 203 | |||||||||||
Total liabilities | 17,939 | 203 | |||||||||||
Commitments and contingencies | |||||||||||||
Stockholder Equity: | |||||||||||||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2013 and 2012 | — | — | |||||||||||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 89,900,453 shares issued at December 31, 2013 and 82,737,008 shares issued and outstanding at December 31, 2012 | 899 | 827 | |||||||||||
Additional paid-in capital | 689,394 | 456,923 | |||||||||||
Retained earnings (accumulated deficit) | 7,991 | (6,648 | ) | ||||||||||
Treasury stock, at cost (1,500,000 shares at December 31, 2013) | (44,163 | ) | — | ||||||||||
Total stockholders’ equity | 654,121 | 451,102 | |||||||||||
Total liabilities and stockholders’ equity | $ | 672,060 | $ | 451,305 | |||||||||
See accompanying notes to condensed financial statements. | |||||||||||||
SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
PARENT COMPANY ONLY | |||||||||||||
CONDENSED STATEMENTS OF INCOME | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||
(In thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Equity in net income of subsidiary | $ | 50,478 | $ | 77,444 | $ | 19,113 | |||||||
Net income | $ | 50,478 | $ | 77,444 | $ | 19,113 | |||||||
See accompanying notes to condensed financial statements. | |||||||||||||
SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
PARENT COMPANY ONLY | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | |||||||||||||
(In thousands) | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash Flows From Operating Activities: | |||||||||||||
Net income | $ | 50,478 | $ | 77,444 | $ | 19,113 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in net income of subsidiary | (50,478 | ) | (77,444 | ) | (19,113 | ) | |||||||
Dividend received from subsidiary-return on capital | 18,072 | — | — | ||||||||||
Net cash provided by operating activities | 18,072 | — | — | ||||||||||
Cash Flows From Investing Activities: | |||||||||||||
Capital contributed to subsidiary | (249,106 | ) | — | (2,736 | ) | ||||||||
Resticted payment from subsidiary | 44,163 | — | — | ||||||||||
Dividend received from subsidiary-return of capital | 18,072 | 500,000 | 100,000 | ||||||||||
Net cash (used in) provided by investing activities | (186,871 | ) | 500,000 | 97,264 | |||||||||
Cash Flows From Financing Activities: | |||||||||||||
Net proceeds from issuance of common stock | — | — | 12,836 | ||||||||||
Proceeds from issuance of common stock, net of underwriter commissions | 253,800 | — | — | ||||||||||
Purchase of treasury stock | (44,163 | ) | — | — | |||||||||
Dividend paid to common stockholders | (36,175 | ) | (502,977 | ) | (106,920 | ) | |||||||
Offering costs | (4,694 | ) | — | — | |||||||||
Net cash provided by (used in) financing activities | 168,768 | (502,977 | ) | (94,084 | ) | ||||||||
Change in Cash and Cash Equivalents | (31 | ) | (2,977 | ) | 3,180 | ||||||||
Cash and Cash Equivalents—Beginning of year | 203 | 3,180 | — | ||||||||||
Cash and Cash Equivalents—End of year | $ | 172 | $ | 203 | $ | 3,180 | |||||||
Supplemental Disclosures of Noncash Financing Activities | |||||||||||||
Dividends declared, but unpaid | $ | 17,939 | $ | 203 | $ | 3,180 | |||||||
See accompanying notes to condensed financial statements. | |||||||||||||
SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
NOTES TO CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS | |||||||||||||
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | |||||||||||||
1. DESCRIPTION OF SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
SeaWorld Entertainment, Inc. (the “Parent”) was incorporated in Delaware on October 2, 2009. At that time, the Parent was owned by ten limited partnerships (the “Partnerships” or the “selling stockholders”), ultimately owned by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. The Parent has no operations or significant assets or liabilities other than its investment in SeaWorld & Parks Entertainment, Inc. (“SEA”), which owns and operates eleven theme parks within the United States. Accordingly, the Parent is dependent upon distributions from SEA to fund its obligations. However, under the terms of SEA’s various debt agreements, SEA’s ability to pay dividends or lend to the Parent is restricted, except that SEA may pay specified amounts to the Parent to fund the payment of the Parent’s tax obligations. | |||||||||||||
On April 24, 2013, the Parent completed an initial public offering in which it sold 10,000,000 shares of common stock and the selling stockholders sold 19,900,000 shares of common stock, including 3,900,000 shares pursuant to the exercise in full of the underwriters’ option to purchase additional shares. On December 17, 2013, the selling stockholders completed an underwritten secondary offering of 18,000,000 shares of common stock at a price of $30.00 per share. The selling stockholders received all of the net proceeds from the offering and no shares were sold by the Parent. Concurrently with the closing of the secondary offering, the Parent repurchased 1,500,000 shares of its common stock directly from the selling stockholders in a private, non-underwritten transaction at a price per share equal to the price per share paid to the selling stockholders by the underwriters in the secondary offering. See further discussion in Note 5-Stockholders’ Equity, which follows. | |||||||||||||
2. BASIS OF PRESENTATION | |||||||||||||
The accompanying condensed financial statements (the “parent company only financial statements”) include the accounts of the Parent and its investment in SEA accounted for in accordance with the equity method, and do not present the financial statements of the Parent and its subsidiary on a consolidated basis. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted since this information is included with the SeaWorld Entertainment, Inc. consolidated financial statements included elsewhere in this Annual Report on Form 10-K (the “consolidated financial statements”). These parent company only financial statements should be read in conjunction with the consolidated financial statements. | |||||||||||||
Certain prior year amounts have been reclassified to conform to the 2013 presentation, in particular dividends payable, on the accompanying condensed balance sheets. | |||||||||||||
3. GUARANTEES | |||||||||||||
On December 1, 2009, SEA entered into senior secured credit facilities (the “Senior Secured Credit Facilities”) and issued senior notes (the “Senior Notes”). The Senior Secured Credit Facilities were amended effective on February 17, 2011, April 15, 2011, March 30, 2012, April 24, 2013, May 14, 2013 and August 9, 2013. See further discussion in Note 11-Long-Term Debt of the accompanying consolidated financial statements. | |||||||||||||
Under the terms of the Senior Secured Credit Facilities, the obligations of SEA are fully, unconditionally and irrevocably guaranteed by Parent, any subsidiary of Parent that directly or indirectly owns 100% of the issued and outstanding equity interest of SEA, and subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries (collectively, the “Guarantors”). | |||||||||||||
The obligations under the Senior Notes are guaranteed by the same Guarantors as under the Senior Secured Credit Facilities. In the event of a default under the Senior Notes, the principal and accrued interest would become immediately due and payable (subject to, in some cases, grace periods). | |||||||||||||
4. DIVIDENDS FROM SUBSIDIARIES | |||||||||||||
The Parent received dividends in the amount of $500,000 and $100,000 from SEA on March 30, 2012 and September 29, 2011, respectively, which have been reflected as a return of capital in the accompanying condensed financial statements. On those same dates, the Parent declared dividends (defined as a restricted payment in the Senior Secured Credit Facilities) of $500,000 and $110,100 to the Partnerships, of which $609,897 was paid as of December 31, 2012 and the remainder was paid in 2013. This dividend has also been reflected as a return of capital in the accompanying condensed financial statements. | |||||||||||||
In June 2013, SEA’s Board of Directors (the “Board”) adopted a policy to pay a regular quarterly dividend to the Parent. As a result, a cash dividend of $18,072, $18,072 and $17,767 was paid on July 1, 2013, October 1, 2013 and January 2, 2014, respectively. As SEA had an accumulated deficit at the time the July 1 dividend was declared to the Parent, this dividend was accounted for as a return of capital by the Parent. The remaining dividends from SEA have been reflected as a return on capital in the accompanying condensed financial statements. | |||||||||||||
Also in June 2013, the Parent’s Board adopted a policy to pay a regular quarterly dividend (defined as a restricted payment in the Senior Secured Credit Facilities). As a result, quarterly cash dividends of $0.20 per share were declared to all common stockholders of record at the close of business on June 20, September 20 and December 20, 2013, which were paid on July 1, 2013, October 1, 2013 and January 3, 2014, respectively. As of December 31, 2013, the Parent had $17,939 of cash dividends payable included in dividends payable in the accompanying condensed balance sheet, of which $17,680 was paid on January 3, 2014. See Note 19-Stockholders’ Equity of the accompanying consolidated financial statements for further discussion. | |||||||||||||
On March 4, 2014, SEA’s Board declared a cash dividend of up to $18,352 to the Parent, payable on April 1, 2014. Additionally, the Parent’s Board declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on March 20, 2014, payable on April 1, 2014. | |||||||||||||
5. STOCKHOLDERS’ EQUITY | |||||||||||||
Stock Split and Authorized Shares | |||||||||||||
On April 7, 2013, the Parent’s Board authorized an eight-for-one split of the Parent’s common stock which was effective on April 8, 2013. The Parent 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 condensed balance sheet reflects the stock split. The Parent’s historical share information has been retroactively adjusted to give effect to this stock split. | |||||||||||||
Contemporaneously with the stock split, on April 8, 2013, the Parent’s Board 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 Parent’s Board authorized 100,000,000 shares of preferred stock at a par value of $0.01 per share. | |||||||||||||
2013 Omnibus Incentive Plan | |||||||||||||
The Parent reserved 15,000,000 shares of common stock for future issuance under a new 2013 Omnibus Incentive Plan (“2013 Omnibus Incentive Plan”). The 2013 Omnibus Incentive Plan is administered by the compensation committee of the Parent’s Board, and provides that the Parent may grant equity incentive awards to eligible employees, directors, consultants or advisors of the Parent or its subsidiary, SEA, 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. | |||||||||||||
See further discussion in Note 18- Equity-Based Compensation of the accompanying consolidated financial statements. | |||||||||||||
Initial Public Offering and Use of Proceeds | |||||||||||||
On April 24, 2013, the Parent completed an 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 Parent 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’ option to purchase additional shares. The shares offered and sold in the offering were registered under the Securities Act pursuant to the Parent’s Registration Statement on Form S-1, which was declared effective by the Securities and Exchange Commission on April 18, 2013. The common stock is listed on the New York Stock Exchange under the symbol “SEAS”. | |||||||||||||
The Parent’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 Parent after deducting underwriting discounts and commissions, expenses and transaction costs. Subsequent to the initial public offering, the Parent transferred the net proceeds to SEA as a capital contribution and increased its investment in SEA. The Parent did not receive any proceeds from shares sold by the selling stockholders. | |||||||||||||
Secondary Offering and Concurrent Share Repurchase | |||||||||||||
On December 17, 2013, the selling stockholders completed a registered secondary offering of 18,000,000 shares of common stock at a price of $30.00 per share. The selling stockholders received all of the net proceeds from the offering and no shares were sold by the Parent. Concurrently with the closing of the secondary offering, the Parent repurchased 1,500,000 shares of its common stock directly from the selling stockholders in a private, non-underwritten transaction. All repurchased shares are recorded as treasury stock at a cost of $44,163 and reflected as a reduction to stockholders’ equity at December 31, 2013 on the accompanying condensed balance sheet. SEA transferred $44,163 as a restricted payment to the Parent for the payment of the repurchased shares. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Basis of Presentation and Principles of Consolidation | ' | ||||
Basis of Presentation and Principles of Consolidation | |||||
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 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. | |||||
Reclassifications | ' | ||||
Reclassifications | |||||
Certain prior year amounts have been reclassified to conform to the 2013 presentation, in particular dividends payable, on the accompanying consolidated balance sheet. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $9,776 and $15,076 at December 31, 2013 and 2012, respectively. The cash balances in non- interest bearing accounts held at financial institutions are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2013. Interest bearing accounts are insured up to $250. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions. | |||||
Accounts Receivable-Net | ' | ||||
Accounts Receivable—Net | |||||
Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products. The Company is not exposed to a significant concentration of credit risk. The Company does record an allowance for estimated uncollectible receivables, based on the amount and status of past-due accounts, contractual terms of the receivables and the Company’s history of uncollectible accounts. For all periods presented, the allowance for uncollectible accounts and the related provision were insignificant. | |||||
Inventories | ' | ||||
Inventories | |||||
Inventories are stated at the lower of cost or market value with the cost being determined by the weighted average cost method. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value. | |||||
Restricted Cash | ' | ||||
Restricted Cash | |||||
Restricted cash is recorded in other current assets and consists of funds received from strategic partners for use in approved marketing and promotional activities. | |||||
Property and Equipment-Net | ' | ||||
Property and Equipment—Net | |||||
Property and equipment are recorded at cost. The cost of ordinary or routine maintenance, repairs, spare parts and minor renewals is expensed as incurred. Internal development costs associated with new attractions, rides and product development are capitalized after necessary feasibility studies have been completed and final concept or contracts have been approved. The cost of assets is depreciated using the straight-line method based on the following estimated useful lives: | |||||
Land improvements | 10-40 years | ||||
Buildings | 5-40 years | ||||
Rides, attractions and equipment | 3-20 years | ||||
Animals | 1-50 years | ||||
Material costs to purchase animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years). All costs to maintain animals and animal collections are expensed as incurred, including in-house animal breeding costs, as they are insignificant to the consolidated financial statements. Construction in process assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all construction projects. Total interest capitalized for the years ended December 31, 2013 and 2012, was $4,347 and $5,791, respectively. | |||||
Computer System Development Costs | ' | ||||
Computer System Development Costs | |||||
The Company capitalizes computer system development costs that meet established criteria and amortizes those costs to expense on a straight-line basis over five years. The capitalized costs related to the computer system development costs were $3,708 and $2,694 for the years ended December 31, 2013 and 2012, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Systems reengineering costs do not meet the proper criteria for capitalization and are expensed as incurred. | |||||
Impairment of Long-Lived Assets | ' | ||||
Impairment of Long-Lived Assets | |||||
All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park). No impairment losses were recognized during the years ended December 31, 2013, 2012 and 2011. | |||||
Goodwill and Indefinite-Lived Intangible Assets | ' | ||||
Goodwill and Indefinite-Lived Intangible Assets | |||||
Goodwill and indefinite-lived intangible assets are not amortized, but instead reviewed for impairment at least annually on December 1, with ongoing recoverability based on applicable reporting unit performance and consideration of significant events or changes in the overall business environment. In assessing goodwill for impairment, the Company will initially evaluate qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considers several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing for recoverability of a significant asset group within a reporting unit. If this qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. If the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The first step is a comparison of the fair value of the reporting unit, determined using future cash flow analysis, to its recorded amount. If the recorded amount exceeds the fair value, the second step quantifies any impairment write-down by comparing the current implied value of goodwill to the recorded goodwill balance. The Company’s indefinite-lived intangible assets consist of certain trade names which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are valued using the relief from royalty method. The Company performed a qualitative assessment of goodwill and indefinite lived intangible assets at December 1, 2013 and 2011 and a quantitative assessment at December 1, 2012, and found no impairments. | |||||
Other Intangible Assets | ' | ||||
Other Intangible Assets | |||||
The Company’s other intangible assets consist primarily of certain trade names, relationships with ticket resellers, a favorable lease asset and a non-compete agreement. These intangible assets are amortized on the straight-line basis over their estimated remaining lives. | |||||
Self-Insurance Reserves | ' | ||||
Self-Insurance Reserves | |||||
Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities. The Company maintains self-insurance reserves for healthcare, auto, general liability and workers compensation claims. Total claims reserves were $24,643 at December 31, 2013, of which $2,905 is recorded in accrued salaries, wages and benefits, $7,800 is recorded in other accrued expenses and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $23,509 at December 31, 2012, of which $3,090 is recorded in accrued salaries, wages and benefits, $7,800 is recorded in other accrued expenses and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. | |||||
Debt Financing Costs | ' | ||||
Debt Financing Costs | |||||
Direct costs incurred in issuance of long-term debt are being amortized to interest expense using the effective interest method over the term of the related debt. | |||||
Treasury Stock | ' | ||||
Treasury Stock | |||||
From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are held in treasury for general corporate purposes. The Company accounts for treasury stock under the cost method. Treasury stock at December 31, 2013 is recorded as a reduction to stockholders’ equity as the Company does not currently intend to retire the treasury stock held. See further discussion in Note 19-Stockholders’ Equity. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
The Company recognizes revenue upon admission into a park or when products are delivered to customers. For season passes and other multi-use admissions, deferred revenue is recorded and the related revenue is recognized over the terms of the admission product and its related use. Deferred revenue includes a current and long-term portion. At December 31, 2013 and 2012, long-term deferred revenue of $3,176 and $6,315, respectively, is included in other liabilities in the accompanying consolidated balance sheets. The Company has entered into agreements with certain external theme park, zoo and other attraction operators to jointly market and sell admission products. These joint products allow admission to both a Company park and an external park, zoo or other attraction. The agreements with the external parks, specify the allocation of revenue to the Company from any jointly sold products. The Company’s portion of revenue is deferred and recognized over its related use. The Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the admission products is recognized into revenue and related expense at the time of the exchange and approximates the fair value of the goods or services received. For the years ended December 31, 2013, 2012 and 2011, $19,959, $19,628 and $19,734, respectively, were included within admissions revenue and selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income related to bartered ticket transactions. | |||||
Advertising and Promotional Costs | ' | ||||
Advertising and Promotional Costs | |||||
Advertising production costs are deferred and expensed the first time the advertisement is shown. Advertising and media costs are expensed as incurred and for the years ended December 31, 2013, 2012 and 2011, totaled approximately $112,000, $116,700 and $113,300, respectively, and are included in selling, general nd administrative expenses in the accompanying consolidated statements of comprehensive income. | |||||
Equity-Based Compensation | ' | ||||
Equity-Based 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. See further discussion in Note 18—Equity-Based Compensation. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more-likely than not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to uncertain positions are charged to the provision/benefit for income taxes. | |||||
Fair Value Measurements | ' | ||||
Fair Value Measurements | |||||
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. | |||||
An entity is permitted to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to use the fair value option for any of its financial assets and financial liabilities that are not already recorded at fair value. Carrying values of financial instruments classified as current assets and current liabilities approximate fair value, due to their short-term nature. | |||||
A description of the Company’s policies regarding fair value measurement is summarized below. | |||||
Fair Value Hierarchy—Fair value is determined for assets and liabilities, which are grouped according to a hierarchy, based upon significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: | |||||
Level 1—Quoted prices for identical instruments in active markets. | |||||
Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||
Determination of Fair Value—The Company generally uses quoted market prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access to determine fair value, and classifies such items in Level 1. Fair values determined by Level 2 inputs utilize inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted market prices in active markets for similar assets or liabilities, and inputs other than quoted market prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest and currency rates, and the like. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. | |||||
Segment Reporting | ' | ||||
Segment Reporting | |||||
The Company maintains discrete financial information for each of its eleven theme parks, which is used by the Chief Operating Decision Maker (“CODM”), identified as the Chief Executive Officer, as a basis for allocating resources. Each theme park has been identified as an operating segment and meets the criteria for aggregation due to similar economic characteristics. In addition, all of the theme parks provide similar products and services and share similar processes for delivering services. The theme parks have a high degree of similarity in the workforces and target the same consumer group. Accordingly, based on these economic and operational similarities and the way the CODM monitors the operations, the Company has concluded that its operating segments may be aggregated and that it has one reportable segment. | |||||
Derivative Instruments and Hedging Activities | ' | ||||
Derivative Instruments and Hedging Activities | |||||
During fiscal year 2012, the Company entered into certain derivative transactions, as detailed in Note 12-Derivative Instruments and Hedging Activities, and elected the related derivative instruments and hedging activities accounting policy described herein. Accounting Standards Codification Topic (“ASC”) 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, results of operations and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of, and gains and losses on, derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. | |||||
As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | |||||
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 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 consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Estimated Useful Lives | ' | ||||
The cost of assets is depreciated using the straight-line method based on the following estimated useful lives: | |||||
Land improvements | 10-40 years | ||||
Buildings | 5-40 years | ||||
Rides, attractions and equipment | 3-20 years | ||||
Animals | 1-50 years | ||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Purchase Price Allocation | ' | ||||
The Company allocated the cost of the acquisition to the assets acquired based upon their respective fair values. These fair values are based on management’s estimates and assumptions, including variations of the income approach, the market approach and the cost approach, resulting in a purchase price allocation as follows: | |||||
Land | $ | 12,100 | |||
Other property and equipment | 2,400 | ||||
Non-compete agreement | 500 | ||||
Total assets acquired | $ | 15,000 | |||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||||||||||||||
Schedule of Earnings per Share | ' | ||||||||||||||||||||||||||||||||||||
Earnings per share is computed as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | |||||||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 50,478 | 87,537 | $ | 0.58 | $ | 77,444 | 82,480 | $ | 0.94 | $ | 19,113 | 81,392 | $ | 0.23 | ||||||||||||||||||||||
Effect of dilutive incentive-based awards | 615 | 1,072 | 632 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 50,478 | 88,152 | $ | 0.57 | $ | 77,444 | 83,552 | $ | 0.93 | $ | 19,113 | 82,024 | $ | 0.23 | ||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories as of December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Merchandise | $ | 30,586 | $ | 31,435 | |||||
Food and beverage | 5,623 | 5,152 | |||||||
Total inventories | $ | 36,209 | $ | 36,587 | |||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ||||||||
Schedule of Prepaid Expenses and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets as of December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Prepaid insurance | $ | 8,418 | $ | 8,157 | |||||
Prepaid marketing and advertising costs | 6,817 | 2,500 | |||||||
Deferred offering costs | — | 3,665 | |||||||
Other | 4,378 | 3,495 | |||||||
Total prepaid expenses and other current assets | $ | 19,613 | $ | 17,817 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Components of Property and Equipment, Net | ' | ||||||||
The components of property and equipment, net as of December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Land | $ | 286,200 | $ | 286,200 | |||||
Land improvements | 259,722 | 238,860 | |||||||
Buildings | 537,532 | 468,647 | |||||||
Rides, attractions and equipment | 1,173,746 | 1,100,423 | |||||||
Animals | 157,160 | 161,194 | |||||||
Construction in process | 71,445 | 88,237 | |||||||
Less accumulated depreciation | (714,305 | ) | (568,918 | ) | |||||
Total property and equipment, net | $ | 1,771,500 | $ | 1,774,643 | |||||
Trade_Names_and_Other_Intangib1
Trade Names and Other Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||
Trade Names, Net | ' | ||||||||||||||
Trade names, net are comprised of the following at December 31, 2013: | |||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||
Average | Carrying | Amortization | Carrying | ||||||||||||
Amortization | Amount | Value | |||||||||||||
Period | |||||||||||||||
Trade names—indefinite lives | $ | 157,000 | $ | — | $ | 157,000 | |||||||||
Trade names—definite lives | 10 years | 11,000 | 4,492 | 6,508 | |||||||||||
Total Trade names, net | $ | 168,000 | $ | 4,492 | $ | 163,508 | |||||||||
Trade names-net are comprised of the following at December 31, 2012: | |||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||
Average | Carrying | Amortization | Carrying | ||||||||||||
Amortization | Amount | Value | |||||||||||||
Period | |||||||||||||||
Trade names—indefinite lives | $ | 157,000 | $ | — | $ | 157,000 | |||||||||
Trade names—definite lives | 10 years | 11,000 | 3,392 | 7,608 | |||||||||||
Total Trade names, net | $ | 168,000 | $ | 3,392 | $ | 164,608 | |||||||||
Other Intangible Assets-Net | ' | ||||||||||||||
Other intangible assets-net at December 31, 2013, consisted of the following: | |||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||
Average | Carrying | Amortization | Carrying | ||||||||||||
Amortization | Amount | Value | |||||||||||||
Period | |||||||||||||||
Favorable lease asset | 39 years | $ | 18,200 | $ | 1,867 | $ | 16,333 | ||||||||
Reseller agreements | 8.1 years | 22,300 | 11,232 | 11,068 | |||||||||||
Non-compete agreement | 5 years | 500 | 58 | 442 | |||||||||||
Total other intangible assets, net | $ | 41,000 | $ | 13,157 | $ | 27,843 | |||||||||
Other intangible assets-net at December 31, 2012, consisted of the following: | |||||||||||||||
Weighted | Gross | Accumulated | Net | ||||||||||||
Average | Carrying | Amortization | Carrying | ||||||||||||
Amortization | Amount | Value | |||||||||||||
Period | |||||||||||||||
Favorable lease asset | 39 years | $ | 18,200 | $ | 1,397 | $ | 16,803 | ||||||||
Reseller agreements | 8.1 years | 22,300 | 8,483 | 13,817 | |||||||||||
Non-compete agreement | 5 years | 500 | — | 500 | |||||||||||
Total other intangible assets, net | $ | 41,000 | $ | 9,880 | $ | 31,120 | |||||||||
Schedule of Expected Amortization of Finite-Lived Intangible Assets | ' | ||||||||||||||
Total expected amortization of the finite-lived intangible assets for the succeeding five years and thereafter is as follows: | |||||||||||||||
Years Ending December 31 | |||||||||||||||
2014 | $ | 4,418 | |||||||||||||
2015 | 4,418 | ||||||||||||||
2016 | 4,418 | ||||||||||||||
2017 | 4,213 | ||||||||||||||
2018 | 1,870 | ||||||||||||||
Thereafter | 15,014 | ||||||||||||||
$ | 34,351 | ||||||||||||||
Other_Accrued_Expenses_Tables
Other Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Other Accrued Expenses | ' | ||||||||
Other accrued expenses at December 31, 2013 and 2012, consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Accrued property taxes | $ | 2,113 | $ | 1,974 | |||||
Accrued interest | 2,636 | 3,877 | |||||||
Note payable | — | 3,000 | |||||||
Self-insurance reserve | 7,800 | 7,800 | |||||||
Other | 2,715 | 2,699 | |||||||
Total other accrued expenses | $ | 15,264 | $ | 19,350 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt as of December 31, 2013 and 2012 consisted of the following: | |||||||||
2013 | 2012 | ||||||||
Term A Loan | $ | — | $ | 152,000 | |||||
Term B Loan | — | 1,293,774 | |||||||
Term B-2 Loans | 1,397,975 | — | |||||||
Revolving credit agreement | — | — | |||||||
Senior Notes | 260,000 | 400,000 | |||||||
Total long-term debt | 1,657,975 | 1,845,774 | |||||||
Less discounts | (16,742 | ) | (21,800 | ) | |||||
Less current maturities | (14,050 | ) | (21,330 | ) | |||||
Total long-term debt, net of current maturities | $ | 1,627,183 | $ | 1,802,644 | |||||
Summary of Long-Term Debt Repayable | ' | ||||||||
Long-term debt at December 31, 2013, is repayable as follows, not including any possible prepayments described above: | |||||||||
Years Ending December 31, | |||||||||
2014 | $ | 14,050 | |||||||
2015 | 14,050 | ||||||||
2016 | 14,050 | ||||||||
2017 | 274,050 | ||||||||
2018 | 14,050 | ||||||||
Thereafter | 1,327,725 | ||||||||
Total | $ | 1,657,975 | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Fair Value of Company's Derivative Financial Instruments Classification on Balance Sheet | ' | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2013 and 2012: | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
Location | Location | ||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | 71 | Other liabilities | $ | 1,880 | |||||||
Total derivatives designated as hedging instruments | $ | 71 | $ | 1,880 | |||||||||
Schedule of Pre-tax Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income | ' | ||||||||||||
The table below presents the pre-tax effect of the Company’s derivative financial instruments on the consolidated statements of comprehensive income for the years ended December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||
Gain (loss) related to effective portion of derivatives recognized in accumulated other comprehensive income | $ | 386 | $ | (1,522 | ) | ||||||||
Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense | $ | 1,511 | $ | (358 | ) | ||||||||
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense) | $ | — | $ | — | |||||||||
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
The following table reflects the changes in accumulated other comprehensive income (loss) for the year ended December 31, 2013, net of tax: | |||||||||||||
Gains (Losses) | |||||||||||||
on Cash Flow | |||||||||||||
Hedges | |||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||
Balance at December 31, 2012 | $ | (1,254 | ) | ||||||||||
Other comprehensive income before reclassifications | 257 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income to interest expense | 1,008 | ||||||||||||
Unrealized gain on derivatives, net of tax | 1,265 | ||||||||||||
Balance at December 31, 2013 | $ | 11 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Provision for Income Taxes | ' | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the provision for income taxes is comprised of the following: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Current income tax (benefit) provision | |||||||||||||
Federal | $ | (113 | ) | $ | (70 | ) | $ | (70 | ) | ||||
State | 1,086 | 542 | 1,277 | ||||||||||
Foreign | 13 | 31 | 24 | ||||||||||
Total current income tax provision | 986 | 503 | 1,231 | ||||||||||
Deferred income tax provision (benefit): | |||||||||||||
Federal | 27,852 | 37,873 | 11,429 | ||||||||||
State | (3,834 | ) | 1,106 | 768 | |||||||||
Total deferred income tax provision | 24,018 | 38,979 | 12,197 | ||||||||||
Total income tax provision | $ | 25,004 | $ | 39,482 | $ | 13,428 | |||||||
Components of Deferred Income Tax Assets and Liabilities | ' | ||||||||||||
The components of deferred income tax assets and liabilities as of December 31, 2013 and 2012 are as follows: | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Acquisition and debt related costs | $ | 4,534 | $ | 22,651 | |||||||||
Net operating loss | 270,467 | 222,702 | |||||||||||
Self-insurance | 8,686 | 7,912 | |||||||||||
Deferred revenue | 2,134 | 1,077 | |||||||||||
Other | 8,156 | 5,736 | |||||||||||
Total deferred income tax assets | 293,977 | 260,078 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Property and equipment | (245,418 | ) | (199,836 | ) | |||||||||
Goodwill | (28,242 | ) | (21,028 | ) | |||||||||
Amortization | (12,613 | ) | (11,307 | ) | |||||||||
Other | (8,593 | ) | (4,146 | ) | |||||||||
Total deferred income tax liabilities | (294,866 | ) | (236,317 | ) | |||||||||
Net deferred income tax (liabilities) assets | $ | (889 | ) | $ | 23,761 | ||||||||
Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate | ' | ||||||||||||
The reconciliation between the U.S. federal statutory income tax rate and the Company’s effective income tax provision (benefit) rate for the years ended December 31, 2013, 2012 and 2011, is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax rate at federal statutory rates | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | (0.93 | ) | 1.36 | 5.57 | |||||||||
Other | (0.94 | ) | (2.59 | ) | 0.69 | ||||||||
Income tax rate | 33.13 | % | 33.77 | % | 41.26 | % | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Operating Lease Requiring Annual Minimum Lease Payments | ' | ||||
At December 31, 2013, the Company has commitments under long-term operating leases requiring annual minimum lease payments as follows: | |||||
Years Ending December 31, | |||||
2014 | $ | 14,403 | |||
2015 | 14,415 | ||||
2016 | 13,523 | ||||
2017 | 13,520 | ||||
2018 | 13,356 | ||||
Thereafter | 311,238 | ||||
Total | $ | 380,455 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Liabilities Measured at Fair Value | ' | ||||||||||||||||
There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2013. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2013: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | December 31, | ||||||||||||||
for Identical | Observable | Inputs | 2013 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments (a) | $ | — | $ | 71 | $ | — | $ | 71 | |||||||||
Liabilities: | |||||||||||||||||
Long-term obligations (b) | $ | — | $ | 1,397,975 | $ | 264,781 | $ | 1,662,756 | |||||||||
(a) | Reflected at fair value in the consolidated balance sheet as other assets of $71. | ||||||||||||||||
(b) | Reflected at carrying value in the consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,627,183 as of December 31, 2013. | ||||||||||||||||
The Company did not have any assets measured at fair value at December 31, 2012. There were no transfers between Levels 1, 2 or 3 during the year ended 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 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 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]) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 | |||||||||||||||
2.25x Performance Restricted Shares [Member] | 2.25x PVU Employee Units [Member] | ' | ||||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||||
The activity related to the 2.25x Performance Restricted shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Employee | Shares | Weighted | |||||||||||||||
Units | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Share | |||||||||||||||||
(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 December 31, 2013 | — | 1,308,752 | $ | 21.49 | |||||||||||||
2.25x Performance Restricted Shares [Member] | 2013 Omnibus Incentive Plan [Member] | ' | ||||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||||
The activity related to the 2.25x Performance Restricted Omnibus shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value per | |||||||||||||||||
Share | |||||||||||||||||
(not in | |||||||||||||||||
thousands) | |||||||||||||||||
2.25x Performance Restricted Omnibus shares | |||||||||||||||||
Granted | 163,310 | $ | 30.46 | ||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding unvested 2.25x Performance Restricted Omnibus shares of stock at December 31, 2013 | 163,310 | $ | 30.46 | ||||||||||||||
2.75x Performance Restricted Shares [Member] | 2.75x PVU Employee Units [Member] | ' | ||||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||||
The activity related to the 2.75x Performance Restricted shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Employee | Shares | Weighted | |||||||||||||||
Units | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Share | |||||||||||||||||
(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 December 31, 2013 | — | 1,308,752 | $ | 14.4 | |||||||||||||
2.75x Performance Restricted Shares [Member] | 2013 Omnibus Incentive Plan [Member] | ' | ||||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||||
The activity related to the 2.75x Performance Restricted Omnibus shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair | |||||||||||||||||
Value per | |||||||||||||||||
Share | |||||||||||||||||
(not in | |||||||||||||||||
thousands) | |||||||||||||||||
2.75x Performance Restricted Omnibus shares | |||||||||||||||||
Granted | 163,310 | $ | 23.05 | ||||||||||||||
Vested | — | — | |||||||||||||||
Forfeited | — | — | |||||||||||||||
Outstanding unvested 2.75x Performance Restricted Omnibus shares of stock at December 31, 2013 | 163,310 | $ | 23.05 | ||||||||||||||
Time Restricted Shares [Member] | 2013 Omnibus Incentive Plan [Member] | ' | ||||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||||
The activity related to the Time Restricted Omnibus shares for the year ended December 31, 2013, is as follows: | |||||||||||||||||
Shares | Weighted | Weighted | |||||||||||||||
Average Grant | Average | ||||||||||||||||
Date Fair Value | Remaining | ||||||||||||||||
per Share | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(not in | |||||||||||||||||
thousands) | |||||||||||||||||
Time Restricted Omnibus shares | |||||||||||||||||
Granted | 171,783 | $ | 33.45 | ||||||||||||||
Vested | (112,356 | ) | $ | 33.51 | |||||||||||||
Forfeited | (267 | ) | $ | 33.52 | |||||||||||||
Outstanding unvested Time Restricted Omnibus shares at December 31, 2013 | 59,160 | $ | 33.35 | 15 months | |||||||||||||
Time Restricted Shares [Member] | TVUs [Member] | ' | ||||||||||||||||
Schedule of Employee Stock Performance Activity | ' | ||||||||||||||||
The activity related to the TVU and Time Restricted share awards for the year ended December 31, 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 | (221,710 | ) | $ | 3.83 | |||||||||||||
Forfeited | (2,025 | ) | $ | 3.82 | |||||||||||||
Outstanding unvested Time Restricted shares of stock at December 31, 2013 | — | 375,480 | $ | 4.19 | 13 months |
Summary_Quarterly_Financial_Da1
Summary Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Quarterly Financial Data | ' | ||||||||||||||||
Unaudited summary quarterly financial data for the year ended December 31, 2013 was as follows: | |||||||||||||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter (a) | Quarter | Quarter | ||||||||||||||
(Unaudited) | |||||||||||||||||
Total revenues | $ | 238,610 | $ | 411,292 | $ | 538,389 | $ | 271,959 | |||||||||
Operating (loss) income | $ | (35,873 | ) | $ | 30,980 | $ | 205,594 | $ | 505 | ||||||||
Net (loss) income | $ | (40,360 | ) | $ | (15,854 | ) | $ | 120,199 | $ | (13,507 | ) | ||||||
(Loss) earnings per share: | |||||||||||||||||
Net (loss) income per share, basic | $ | (0.49 | ) | $ | (0.18 | ) | $ | 1.34 | $ | (0.15 | ) | ||||||
Net (loss) income per share, diluted | $ | (0.49 | ) | $ | (0.18 | ) | $ | 1.33 | $ | (0.15 | ) | ||||||
(a) | During the second quarter of 2013, the Company recorded $50,072 in fees related to the termination of the 2009 Advisory Agreement and $32,429 related to a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. | ||||||||||||||||
2012 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||
(Unaudited) | |||||||||||||||||
Total revenues | $ | 212,442 | $ | 425,882 | $ | 522,255 | $ | 263,173 | |||||||||
Operating (loss) income | $ | (48,279 | ) | $ | 93,086 | $ | 183,862 | $ | (1,880 | ) | |||||||
Net (loss) income | $ | (45,134 | ) | $ | 39,120 | $ | 92,257 | $ | (8,799 | ) | |||||||
(Loss) earnings per share: | |||||||||||||||||
Net (loss) income per share, basic | $ | (0.55 | ) | $ | 0.47 | $ | 1.12 | $ | (0.11 | ) | |||||||
Net (loss) income per share, diluted | $ | (0.55 | ) | $ | 0.47 | $ | 1.11 | $ | (0.11 | ) | |||||||
Description_of_the_Business_Ad
Description of the Business - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 24, 2013 | Apr. 24, 2013 | Dec. 17, 2013 | Dec. 31, 2013 |
Business | Partnership | Revenues [Member] | Revenues [Member] | Revenues [Member] | Initial Public Offering [Member] | Underwriters Option to Purchase Additional Shares [Member] | Secondary Offering [Member] | Secondary Offering [Member] | ||
PartnershipUnit | Florida [Member] | Florida [Member] | Florida [Member] | |||||||
Description Of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of limited partnerships which owned the Company | 10 | ' | 10 | ' | ' | ' | ' | ' | ' | ' |
Number of theme parks owned and operated | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued through initial public offering | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Net proceeds received from offering | $245,441 | ' | ' | ' | ' | ' | $245,400 | ' | ' | ' |
Shares offered and sold by the selling shareholders | ' | ' | ' | ' | ' | ' | 19,900,000 | 3,900,000 | 18,000,000 | ' |
Offering price per share | ' | ' | ' | ' | ' | ' | $27 | ' | $30 | ' |
Number of shares repurchased | 1,500,000 | 0 | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 |
Common stock, shares issued | 89,900,453 | 82,737,008 | ' | ' | ' | ' | ' | ' | 0 | ' |
Percentage of revenue | ' | ' | ' | 55.00% | 55.00% | 56.00% | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment | ||||
Business | ||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $116,841 | $45,675 | $66,663 | $123,697 |
Cash and cash equivalents settlement terms | 'Less than four days | ' | ' | ' |
Interest capitalized | 4,347 | 5,791 | ' | ' |
Capitalized costs related to the computer system development costs | 3,708 | 2,694 | ' | ' |
Impairment losses | 0 | 0 | 0 | ' |
Goodwill impairments | 0 | 0 | ' | ' |
Indefinite lived assets impairments | 0 | 0 | ' | ' |
Self-insurance reserves | 24,643 | 23,509 | ' | ' |
Long-term deferred revenue | 3,176 | 6,315 | ' | ' |
Revenue and related expense for bartered ticket transactions | 19,959 | 19,628 | 19,734 | ' |
Number of reportable segment | 1 | ' | ' | ' |
Number of theme parks owned and operated | 11 | ' | ' | ' |
Computer System Development Costs [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life | '5 years | ' | ' | ' |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Advertising and media costs | 112,000 | 116,700 | 113,300 | ' |
Accrued Salaries, Wages and Benefits [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Self-insurance reserves | 2,905 | 3,090 | ' | ' |
Other Liabilities [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Self-insurance reserves | 7,800 | 7,800 | ' | ' |
Amounts Due from Third-Party Credit Card Companies [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 9,776 | 15,076 | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
FDIC insured amount | $250 | ' | ' | ' |
Maximum [Member] | Animals [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life | '50 years | ' | ' | ' |
Minimum [Member] | Animals [Member] | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Estimated useful life | '1 year | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Land Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '10 years |
Land Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Buildings [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '5 years |
Buildings [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '40 years |
Rides, Attractions and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Rides, Attractions and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '20 years |
Animals [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '1 year |
Animals [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '50 years |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2013 |
Knott's Soak City [Member] | Knott's Soak City [Member] | Knott's Soak City [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cost of acquired entity | ' | $15,000 | ' | ' |
Payments in acquisition | 12,000 | 12,000 | ' | ' |
Debt issued | ' | ' | $3,000 | ' |
Description of acquired entity | ' | ' | ' | 'For the year ended December 31, 2012, there were no material revenues or expenses associated with the park included in the accompanying consolidated financial statements because the park was closed for the season. The Company rebranded the water park as Aquatica San Diego and re-opened in June 2013. |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation (Detail) (Knott's Soak City [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Knott's Soak City [Member] | ' |
Business Acquisition [Line Items] | ' |
Land | $12,100 |
Other property and equipment | 2,400 |
Non-compete agreement | 500 |
Total assets acquired | $15,000 |
Earnings_per_Share_Schedule_of
Earnings per Share - Schedule of Earnings per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share, Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $50,478 | $77,444 | $19,113 |
Diluted earnings per share, Net Income | ' | ' | ' | ' | ' | ' | ' | ' | $50,478 | $77,444 | $19,113 |
Basic earnings per share, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 87,537 | 82,480 | 81,392 |
Effect of dilutive incentive-based awards, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 615 | 1,072 | 632 |
Diluted earnings per share, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 88,152 | 83,552 | 82,024 |
Basic earnings per share, Per Share Amount | ($0.15) | $1.34 | ($0.18) | ($0.49) | ($0.11) | $1.12 | $0.47 | ($0.55) | $0.58 | $0.94 | $0.23 |
Diluted earnings per share, Per Share Amount | ($0.15) | $1.33 | ($0.18) | ($0.49) | ($0.11) | $1.11 | $0.47 | ($0.55) | $0.57 | $0.93 | $0.23 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' |
Anti-dilutive shares of common stock excluded from the computation of diluted earnings per share | 0 | 0 | 0 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Merchandise | $30,586 | $31,435 |
Food and beverage | 5,623 | 5,152 |
Total inventories | $36,209 | $36,587 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Prepaid insurance | $8,418 | $8,157 |
Prepaid marketing and advertising costs | 6,817 | 2,500 |
Deferred offering costs | ' | 3,665 |
Other | 4,378 | 3,495 |
Total prepaid expenses and other current assets | $19,613 | $17,817 |
Property_and_Equipment_Net_Com
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Less accumulated depreciation | ($714,305) | ($568,918) |
Total property and equipment, net | 1,771,500 | 1,774,643 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | 286,200 | 286,200 |
Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | 259,722 | 238,860 |
Buildings [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | 537,532 | 468,647 |
Rides, Attractions and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | 1,173,746 | 1,100,423 |
Animals [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | 157,160 | 161,194 |
Construction in Progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | $71,445 | $88,237 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $159,700 | $161,700 | $209,300 |
Trade_Names_and_Other_Intangib2
Trade Names and Other Intangible Assets, Net - Trade Names, Net (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ' | ' |
Net Carrying Value, definite lives | $34,351 | ' |
Weighted Average Amortization Period, definite lives | '19 years 3 months 18 days | ' |
Trade Names [Member] | ' | ' |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ' | ' |
Net Carrying Value, indefinite lives | 157,000 | 157,000 |
Gross Carrying Amount, definite lives | 11,000 | 11,000 |
Accumulated Amortization, definite lives | 4,492 | 3,392 |
Net Carrying Value, definite lives | 6,508 | 7,608 |
Gross Carrying Amount, total | 168,000 | 168,000 |
Accumulated Amortization, total | 4,492 | 3,392 |
Net Carrying Value, total | $163,508 | $164,608 |
Weighted Average Amortization Period, definite lives | '10 years | '10 years |
Trade_Names_and_Other_Intangib3
Trade Names and Other Intangible Assets, Net - Other Intangible Assets-Net (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Net Carrying Value, definite lives | $34,351 | ' |
Weighted Average Amortization Period, definite lives | '19 years 3 months 18 days | ' |
Other Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, definite lives | 41,000 | 41,000 |
Accumulated Amortization, definite lives | 13,157 | 9,880 |
Net Carrying Value, definite lives | 27,843 | 31,120 |
Other Intangible Assets [Member] | Favorable Lease Asset [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, definite lives | 18,200 | 18,200 |
Accumulated Amortization, definite lives | 1,867 | 1,397 |
Net Carrying Value, definite lives | 16,333 | 16,803 |
Weighted Average Amortization Period, definite lives | '39 years | '39 years |
Other Intangible Assets [Member] | Reseller Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, definite lives | 22,300 | 22,300 |
Accumulated Amortization, definite lives | 11,232 | 8,483 |
Net Carrying Value, definite lives | 11,068 | 13,817 |
Weighted Average Amortization Period, definite lives | '8 years 1 month 10 days | '8 years 1 month 10 days |
Other Intangible Assets [Member] | Non-compete Agreement [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount, definite lives | 500 | 500 |
Accumulated Amortization, definite lives | 58 | ' |
Net Carrying Value, definite lives | $442 | $500 |
Weighted Average Amortization Period, definite lives | '5 years | '5 years |
Trade_Names_and_Other_Intangib4
Trade Names and Other Intangible Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization | $4,400 | $4,300 | $4,300 |
Weighted average amortization period | '19 years 3 months 18 days | ' | ' |
Trade_Names_and_Other_Intangib5
Trade Names and Other Intangible Assets, Net - Schedule of Expected Amortization of Finite-Lived Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $4,418 |
2015 | 4,418 |
2016 | 4,418 |
2017 | 4,213 |
2018 | 1,870 |
Thereafter | 15,014 |
Net Carrying Value, definite lives | $34,351 |
Other_Accrued_Expenses_Schedul
Other Accrued Expenses - Schedule of Other Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued property taxes | $2,113 | $1,974 |
Accrued interest | 2,636 | 3,877 |
Note payable | ' | 3,000 |
Self-insurance reserve | 7,800 | 7,800 |
Other | 2,715 | 2,699 |
Total other accrued expenses | $15,264 | $19,350 |
Other_Accrued_Expenses_Additio
Other Accrued Expenses - Additional Information (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Other Income And Expenses [Abstract] | ' |
Repayment of note payable | $3,000 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,657,975 | $1,845,774 |
Less discounts | -16,742 | -21,800 |
Less current maturities | -14,050 | -21,330 |
Total long-term debt, net of current maturities | 1,627,183 | 1,802,644 |
Term A Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 152,000 |
Term B Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | 1,293,774 |
Term B-2 Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,397,975 | ' |
Revolving Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | ' | ' |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 260,000 | 400,000 |
Less discounts | ($2,083) | ($2,798) |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | 14-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Aug. 23, 2012 | 13-May-13 | 13-May-13 | 31-May-13 | Aug. 23, 2012 | 31-May-13 | Aug. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | 14-May-13 | Apr. 05, 2013 | Apr. 04, 2013 | Apr. 15, 2011 | Mar. 31, 2014 | Apr. 24, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 17, 2011 | Apr. 24, 2013 | Dec. 31, 2013 | Apr. 05, 2013 | Dec. 31, 2012 | Mar. 30, 2012 | Dec. 31, 2009 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2011 | Apr. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 24, 2013 | Feb. 17, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 17, 2011 | Apr. 15, 2011 | 14-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | 14-May-13 | 14-May-13 | 14-May-13 | Apr. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 05, 2013 |
Interest Rate Swaps [Member] | 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] | Short-Term Loans [Member] | Letter of Credit [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Subsequent Events [Member] | Term B Loan [Member] | Term B Loan [Member] | Term B Loan [Member] | Term B Loan [Member] | Term B Loan [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] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes and Term B Loan [Member] | Term Loans [Member] | Term A Loan [Member] | Term A Loan [Member] | Term A Loan [Member] | Term B Loan Refinanced to Term A Loan [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] | Term B-2 Loans [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | Senior Secured Credit Facilities [Member] | Second Supplemental Indenture [Member] | Second Supplemental Indenture [Member] | Fourth Supplemental Indenture [Member] | |||||
Swap | Swap | Swap | Maximum [Member] | Minimum [Member] | Interest Rate Swaps [Member] | Partnership Units [Member] | Partnership Units [Member] | Common Stock [Member] | Prior to December 1, 2014 [Member] | Prior to December 1, 2014 [Member] | On or After December 1, 2014 [Member] | On or After December 1, 2015 [Member] | Tranches | Federal Funds Rate [Member] | Base Rate Loan [Member] | LIBOR Rate Loan [Member] | Subject to SEA Attaining Certain Total Leverage Ratios [Member] | Subject to SEA Attaining Certain Total Leverage Ratios [Member] | Revised [Member] | |||||||||||||||||||||||||||||||||||||||||
Maximum [Member] | Minimum [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 Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | 1,405,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | 13.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14-May-20 | 14-May-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts of outstanding long-term debt (In USD) | ' | 1,657,975 | 1,845,774 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,293,774 | ' | ' | 260,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000 | ' | 17,000 | ' | 1,397,975 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit facility existing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | 50,000 | ' | 192,500 | 172,500 | 172,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | 1,455 | 487,163 | 550,291 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days used to calculate maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '91 days | ' | ' | ' | ' | ' | ' | ' | ' |
Amount aggregate principal outstanding must be greater than to use the corresponding instrument's maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 of Senior Notes with an aggregate principal amount greater than $50,000 outstanding and (2) the maturity date of any indebtedness incurred to refinance any of the Term Loans or the Senior Notes. | '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 of Senior Notes with an aggregate principal amount greater than $50,000 outstanding and (2) the maturity date of any indebtedness incurred to refinance any of the Term Loans or the Senior Notes. | ' | ' | ' | ' | ' | ' | ' |
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. | '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. | '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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum first lien secured net leverage ratio | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Written off of debt issuance cost | 11,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized fees | ' | 13,968 | 7,024 | 5,926 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fees on unused portion of facility | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Duration of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | 23,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit available amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of annual excess cash flow used to prepay outstanding loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 25.00% | 0.00% | ' | ' | ' |
Percentage of net proceeds from sale of non-ordinary assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Percentage of net proceeds incurrence of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Mandatory prepayments | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity interest owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Line of credit facility collateral description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests, subject to certain exceptions, in (i) all the capital stock of, or other equity interests in, substantially all of the Companybs direct or indirect material domestic subsidiaries and 65% of the capital stock of, or other equity interests in, any bfirst tierb foreign subsidiaries and (ii) certain tangible and intangible assets of SEA and the Company. Certain financial, affirmative and negative covenants, including a maximum total net leverage ratio, minimum interest coverage ratio and maximum capital expenditures are included in the Senior Secured Credit Facilities. | ' | ' | ' | ' | ' |
Percentage of capital stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' |
Percent of Senior Notes principle amount used to calculate applicable premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Senior Notes, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'SEA can redeem some or all of the Senior Notes at any time prior to December 1, 2014, 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 covenant leverage ratio, as defined, from 2.75 to 1.00 to 3.00 to 1.00. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant leverage ratio as defined | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.75 | 3 | ' |
Maximum termination fee payment allowed for the advisory agreement termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 |
Warrant issued in connection with senior note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 808,000 | ' | 101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price per unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital and a discount on the Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Partnership Units of the Partnerships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued to Partnerships as a result of warrants exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 808,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | ' | 16,742 | 21,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,083 | ' | 2,798 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, net | ' | 32,317 | 44,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of financing costs | ' | 13,968 | 15,046 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | 450,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 | ' | $85,514 | $102,551 | $97,575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Maturities Of Long Term Debt [Abstract] | ' | ' |
2014 | $14,050 | ' |
2015 | 14,050 | ' |
2016 | 14,050 | ' |
2017 | 274,050 | ' |
2018 | 14,050 | ' |
Thereafter | 1,327,725 | ' |
Total | $1,657,975 | $1,845,774 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | Aug. 23, 2012 |
Interest Rate Risk [Member] | Not Designated as Hedge Accounting Relationships [Member] | Not Designated as Hedge Accounting Relationships [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | |||
Swap | Swap | Swap | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives outstanding | ' | ' | ' | $0 | $0 | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' |
Ineffective portion of change in fair value of derivatives recognized in earnings | ' | ' | 0 | ' | ' | ' | ' | ' |
Tax expense (benefit) on unrealized gain (loss) on derivatives | 632 | -627 | ' | ' | ' | ' | ' | ' |
Collateral posted relating to credit risk-related contingent features | $0 | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair Value of Company's Derivative Financial Instruments Classification on Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Other Assets [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Asset Derivatives Fair Value | $71 |
Other Assets [Member] | Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Asset Derivatives Fair Value | 71 |
Other Liabilities [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability Derivatives Fair Value | 1,880 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liability Derivatives Fair Value | $1,880 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives in Cash Flow Hedging Relationships: | ' | ' |
Gain (loss) related to effective portion of derivatives recognized in accumulated other comprehensive income | $386 | ($1,522) |
Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive income to interest expense | 1,511 | -358 |
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense) | ' | ' |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated other comprehensive income (loss): | ' | ' |
Beginning balance | ($1,254) | ' |
Unrealized gain on derivatives, net of tax | 1,265 | -1,254 |
Ending balance | 11 | -1,254 |
Gains (Losses) on Cash Flow Hedges [Member] | ' | ' |
Accumulated other comprehensive income (loss): | ' | ' |
Beginning balance | -1,254 | ' |
Other comprehensive income before reclassifications | 257 | ' |
Amounts reclassified from accumulated other comprehensive income to interest expense | 1,008 | ' |
Unrealized gain on derivatives, net of tax | 1,265 | ' |
Ending balance | $11 | ' |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current income tax (benefit) provision | ' | ' | ' |
Federal | ($113) | ($70) | ($70) |
State | 1,086 | 542 | 1,277 |
Foreign | 13 | 31 | 24 |
Total current income tax provision | 986 | 503 | 1,231 |
Deferred income tax provision (benefit): | ' | ' | ' |
Federal | 27,852 | 37,873 | 11,429 |
State | -3,834 | 1,106 | 768 |
Total deferred income tax provision | 24,018 | 38,979 | 12,197 |
Total income tax provision | $25,004 | $39,482 | $13,428 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes Disclosure [Line Items] | ' | ' | ' |
Cash paid for income taxes | $923 | $767 | $513 |
Ownership shift due to the secondary offering | 50.00% | ' | ' |
State Tax Credit Carry Forwards [Member] | ' | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 850,000 | ' | ' |
Federal Tax Credit Carry Forwards [Member] | ' | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' | ' |
Net operating loss carryforwards | $660,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Income Taxes Disclosure [Line Items] | ' | ' | ' |
Year federal net operating loss carry forwards begin to expire | '2029 | ' | ' |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Acquisition and debt related costs | $4,534 | $22,651 |
Net operating loss | 270,467 | 222,702 |
Self-insurance | 8,686 | 7,912 |
Deferred revenue | 2,134 | 1,077 |
Other | 8,156 | 5,736 |
Total deferred income tax assets | 293,977 | 260,078 |
Deferred income tax liabilities: | ' | ' |
Property and equipment | -245,418 | -199,836 |
Goodwill | -28,242 | -21,028 |
Amortization | -12,613 | -11,307 |
Other | -8,593 | -4,146 |
Total deferred income tax liabilities | -294,866 | -236,317 |
Net deferred income tax (liabilities) assets | ($889) | $23,761 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation Between U.S. Federal Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax rate at federal statutory rates | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | -0.93% | 1.36% | 5.57% |
Other | -0.94% | -2.59% | 0.69% |
Income tax rate | 33.13% | 33.77% | 41.26% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Operating Lease Requiring Annual Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $14,403 |
2015 | 14,415 |
2016 | 13,523 |
2017 | 13,520 |
2018 | 13,356 |
Thereafter | 311,238 |
Total | $380,455 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Rental expense | $24,338 | $23,886 | $22,119 |
Lease term | '50 years | ' | ' |
Lease expiration date | 1-Jul-48 | ' | ' |
Annual rent payment | 14,403 | ' | ' |
Additional Capital Payments | $59,000 | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Transfers between Levels | $0 | $0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Discount rate of Senior Notes | 10.06% | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Derivative financial instruments | $71 | ' |
Liabilities: | ' | ' |
Long-term obligations | 1,662,756 | 1,862,091 |
Derivative financial instruments | ' | 1,880 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Long-term obligations | ' | ' |
Derivative financial instruments | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Derivative financial instruments | 71 | ' |
Liabilities: | ' | ' |
Long-term obligations | 1,397,975 | 1,445,774 |
Derivative financial instruments | ' | 1,880 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Long-term obligations | 264,781 | 416,317 |
Derivative financial instruments | ' | ' |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Liabilities Measured at Fair Value (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Derivative financial instruments, assets | $71 | ' |
Current maturities on long-term debt | 14,050 | 21,330 |
Long-term debt | 1,627,183 | 1,802,644 |
Derivative financial instruments, liabilities | ' | $1,880 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 20, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 24, 2013 | Mar. 31, 2012 | Sep. 30, 2011 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 03, 2014 |
Subsequent Events [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | Blackstone and Affiliates [Member] | |||||||||
Subsequent Events [Member] | |||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory Agreement, fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,799 | $6,201 | $6,012 | ' |
Termination fee paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,300 | ' | ' | ' | ' | ' | ' | ' |
Write off of 2013 Prepaid advisory fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,772 | ' | ' | ' | ' | ' | ' | ' |
Termination of advisory agreement | ' | ' | ' | ' | 50,072 | 50,072 | ' | ' | ' | ' | ' | 50,072 | ' | ' | ' | ' | ' | ' | ' |
Cash dividend declared | ' | ' | $0.20 | $0.20 | $0.20 | $0.60 | $6.07 | $1.34 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declare date | ' | ' | '2013-12 | '2013-09 | '2013-06 | '2013-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends record date | ' | ' | 20-Dec-13 | 20-Sep-13 | 20-Jun-13 | ' | ' | ' | 20-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend | ' | ' | 3-Jan-14 | 1-Oct-13 | 1-Jul-13 | ' | ' | ' | 1-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared to stockholders | 500,000 | 110,100 | ' | ' | ' | 53,911 | 500,000 | 110,100 | ' | 11,749 | 11,749 | ' | 500,000 | 110,100 | ' | ' | ' | ' | 7,849 |
Revenue under the combined ticket arrangement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,400 | ' | ' | ' | ' |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Retirement Plan [Line Items] | ' | ' | ' |
Define benefit plan employer contribution description | 'The Company makes matching cash contributions subject to certain restrictions, structured as a 100% match on the first 1% contributed by the employee and a 50% match on the next 5% contributed by the employee. | ' | ' |
Defined contribution plan, employer- matching contributions | $8,956 | $8,767 | $7,345 |
First 1% [Member] | ' | ' | ' |
Retirement Plan [Line Items] | ' | ' | ' |
Employer matching percentage | 100.00% | ' | ' |
Percentage of gross pay matched | 1.00% | ' | ' |
Second 5% [Member] | ' | ' | ' |
Retirement Plan [Line Items] | ' | ' | ' |
Employer matching percentage | 50.00% | ' | ' |
Percentage of gross pay matched | 5.00% | ' | ' |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 24, 2013 | Apr. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Initial Public Offering [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 Restricted Shares [Member] | 2.25x PVU Employee Units [Member] | 2.25x PVU Employee Units [Member] | 2.25x PVU Employee Units [Member] | 2.75x PVU Employee Units [Member] | 2.75x PVU Employee Units [Member] | 2.75x PVU Employee Units [Member] | 2.25x Performance Restricted Shares [Member] | 2.25x Performance Restricted Shares [Member] | 2.25x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | Common Stock [Member] | Employee Unit Incentive Plan [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] | Units Surrendered for Shares Plan [Member] | 2013 Omnibus Incentive Plan [Member] | 2013 Omnibus Incentive Plan [Member] | 2013 Grant [Member] | 2013 Grant [Member] | 2013 Grant [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] | Unvested Time Vesting Units Surrendered for Unvested Time Restricted Shares [Member] | Over Remaining Service Period [Member] | ||
Minimum [Member] | Minimum [Member] | Maximum [Member] | TVUs [Member] | Tranches | TVUs [Member] | Common Stock [Member] | 2.25x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | Employee Unit Incentive Plan [Member] | Employee Unit Incentive Plan [Member] | Units Surrendered for Shares Plan [Member] | Employee Unit Incentive Plan [Member] | Units Surrendered for Shares Plan [Member] | Employee Unit Incentive Plan [Member] | Units Surrendered for Shares Plan [Member] | Employee Unit Incentive Plan [Member] | Units Surrendered for Shares Plan [Member] | Employee Unit Incentive Plan [Member] | Units Surrendered for Shares Plan [Member] | Units Surrendered for Shares Plan [Member] | 2013 Grant [Member] | |||||||||||||||||||||||||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Time Restricted Shares [Member] | ||||||||||||||||||||||||||||||||||||||||||
Time Restricted Shares [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 | 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 | ' | ' | ' | ' | 1,938 | 1,191 | 823 | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | $1,305 | $28,125 | ' | ' | $18,846 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,974 | $3,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,651 |
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 Omnibus 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% | ' | ' | 37.60% | ' | ' | ' | 33.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions, discount for lack of marketability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | 53.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions, dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | 0.00% | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering price 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 withheld from employees to satisfy minimum tax withholding obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,463 | ' | ' | ' | ' | ' | ' | ' | ' | 28,463 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,530,327 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail) | 12 Months Ended |
Dec. 31, 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] | ' |
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] | 2.25x Performance Vesting Units Surrendered for 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] | 2.75x Performance Vesting Units Surrendered for 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] | 2.25x Performance Vesting Units Surrendered for 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 units) | 222,087 |
Employee Unit Incentive Plan [Member] | 2.75x Performance Vesting Units Surrendered for 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 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 $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested shares | 0 |
Forfeited shares | 0 |
Outstanding shares, Ending balance | 0 |
Outstanding Unvested shares | 0 |
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] | 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 |
Units Surrendered for Shares Plan [Member] | Time Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted average fair value (in USD per share/unit) | 3.83 |
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) | 4.19 |
Outstanding unvested Time Restricted shares of stock, Weighted Average Remaining Contractual Term | '13 months |
Units Surrendered for Shares Plan [Member] | Time Restricted Shares [Member] | Common Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested units | ' |
Vested shares | -221,710 |
Forfeited shares | -2,025 |
Outstanding shares, Ending balance | 375,480 |
Outstanding Unvested shares | 375,480 |
Units Surrendered for Shares Plan [Member] | Time Restricted Shares [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 |
Units Surrendered for Shares Plan [Member] | Time Restricted Shares [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 |
Units Surrendered for Shares Plan [Member] | TVUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding units, Beginning balance | 112,701 |
Weighted average fair value of outstanding unvested units/shares, Beginning balance (in USD per share/unit) | 21.7 |
Vested units | -8,788 |
Weighted average fair value (in USD per share/unit) | 22.71 |
Employee Unit Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
TVUS surrendered for unvested Time Restricted shares of 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 unvested Time Restricted shares of stock (in units) | -103,913 |
EquityBased_Compensation_Sched2
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2.25x Performance Restricted Shares) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Forfeited shares | 0 |
Vested shares | 0 |
Outstanding shares, Ending balance | 0 |
Units Surrendered for Shares Plan [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) | 4,165,861 |
Units Surrendered for Shares Plan [Member] | 2.25x Performance Vesting Units Surrendered for 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 |
Units Surrendered for Shares Plan [Member] | 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 | ' |
Weighted average fair value of outstanding unvested shares of stock, Ending balance (in USD per share/unit) | 21.49 |
Units Surrendered for Shares Plan [Member] | 2.25x PVU Employee Units [Member] | 2.25x Performance Vesting Units Surrendered for 2.25x Performance Restricted Shares [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 |
Units Surrendered for Shares Plan [Member] | 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 |
Units Surrendered for Shares Plan [Member] | 2.25x Performance Restricted Shares [Member] | 2.25x Performance Vesting Units Surrendered for 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 |
EquityBased_Compensation_Sched3
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2.75x Performance Restricted Shares) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Forfeited shares | 0 |
Vested shares | 0 |
Outstanding shares, Ending balance | 0 |
Units Surrendered for Shares Plan [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) | 4,165,861 |
Units Surrendered for Shares Plan [Member] | 2.75x Performance Vesting Units Surrendered for 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 |
Units Surrendered for Shares Plan [Member] | 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 | ' |
Weighted average fair value of outstanding unvested shares of stock, Ending balance (in USD per share/unit) | 14.4 |
Units Surrendered for Shares Plan [Member] | 2.75x PVU Employee Units [Member] | 2.75x Performance Vesting Units Surrendered for 2.75x Performance Restricted Shares [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 |
Units Surrendered for Shares Plan [Member] | 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 |
Units Surrendered for Shares Plan [Member] | 2.75x Performance Restricted Shares [Member] | 2.75x Performance Vesting Units Surrendered for 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 |
EquityBased_Compensation_Sched4
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Time Restricted Omni Bus Shares) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested shares | 0 |
Forfeited shares | 0 |
Outstanding shares, Ending balance | 0 |
2013 Omnibus Incentive Plan [Member] | Time Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding shares, Beginning balance | ' |
Granted shares | 171,783 |
Vested shares | -112,356 |
Forfeited shares | -267 |
Outstanding shares, Ending balance | 59,160 |
Weighted average fair value of outstanding unvested units/shares, Beginning balance (in USD per share/unit) | 0 |
Granted (in USD per share/unit) | 33.45 |
Vested (in USD per share/unit) | 33.51 |
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) | 33.35 |
Time Restricted 2013 shares vesting period | '15 months |
EquityBased_Compensation_Sched5
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2.25x Performance Restricted Omni Bus Shares) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested shares | 0 |
Forfeited shares | 0 |
Outstanding shares, Ending balance | 0 |
2013 Omnibus Incentive Plan [Member] | 2.25x Performance Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding shares, Beginning balance | ' |
Granted shares | 163,310 |
Vested shares | ' |
Forfeited shares | ' |
Outstanding shares, Ending balance | 163,310 |
Weighted average fair value of outstanding unvested units/shares, Beginning balance (in USD per share/unit) | 0 |
Granted (in USD per share/unit) | 30.46 |
Vested (in USD per share/unit) | ' |
Forfeited (in USD per share/unit) | ' |
Weighted average fair value of outstanding unvested shares of stock, Ending balance (in USD per share/unit) | 30.46 |
EquityBased_Compensation_Sched6
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (2.75x Performance Restricted Omni Bus Shares) (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vested shares | 0 |
Forfeited shares | 0 |
Outstanding shares, Ending balance | 0 |
2013 Omnibus Incentive Plan [Member] | 2.75x Performance Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding shares, Beginning balance | ' |
Granted shares | 163,310 |
Vested shares | ' |
Forfeited shares | ' |
Outstanding shares, Ending balance | 163,310 |
Weighted average fair value of outstanding unvested units/shares, Beginning balance (in USD per share/unit) | ' |
Granted (in USD per share/unit) | 23.05 |
Vested (in USD per share/unit) | ' |
Forfeited (in USD per share/unit) | ' |
Weighted average fair value of outstanding unvested shares of stock, Ending balance (in USD per share/unit) | 23.05 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 08, 2013 | Mar. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 08, 2013 | Mar. 30, 2012 | Sep. 29, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 20, 2014 | Jan. 02, 2014 | Mar. 04, 2014 | Apr. 24, 2013 | Apr. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Dec. 31, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Dec. 17, 2013 | Dec. 31, 2013 | Dec. 17, 2013 | Dec. 31, 2013 |
2.25x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Partnership [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | Underwriters Option to Purchase Additional Shares [Member] | Underwriters Option to Purchase Additional Shares [Member] | Secondary Offering [Member] | Secondary Offering [Member] | Secondary Offering [Member] | Secondary Offering [Member] | ||||||||||
Parent Company [Member] | Parent Company [Member] | Prior to December 1, 2014 [Member] | Prior to December 1, 2014 [Member] | Parent Company [Member] | Senior Notes [Member] | Senior Notes [Member] | Term Loan B [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued | ' | ' | ' | 89,900,453 | ' | ' | 89,900,453 | 82,737,008 | ' | ' | ' | ' | ' | ' | ' | ' | 89,900,453 | ' | ' | 82,737,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' |
Unvested shares of common stock | ' | ' | ' | 3,378,764 | ' | ' | 3,378,764 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of treasury stock held | ' | ' | ' | 1,500,000 | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On April 7, 2013, the Parent's Board of Directors authorized an eight-for-one split of the Parent's common stock which was effective on April 8, 2013. The Parent's historical share and per share information has been retroactively adjusted to give effects to this stock split. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split conversion ratio | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | ' | $0.01 | ' | ' | $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 | ' | ' | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | 100,000,000 | ' | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | ' | $0.01 | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued for cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 233,920 | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares offered and sold by the selling shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,900,000 | 19,900,000 | ' | ' | ' | 3,900,000 | 3,900,000 | 18,000,000 | ' | 18,000,000 | ' |
Offering price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27 | $27 | ' | ' | ' | ' | ' | $30 | ' | $30 | ' |
Net proceeds received from offering | ' | ' | ' | ' | ' | ' | $245,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $245,400 | $245,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds received used to redeem 11% Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price for Senior Notes Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | 111.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment made to affiliate for termination of Advisory Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,000 | ' | ' | ' | ' | ' | ' |
Secondary offering costs | ' | ' | ' | ' | ' | ' | 1,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,407 | ' | ' |
Repurchase of common shares | ' | ' | ' | 1,500,000 | ' | ' | 1,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | 1,500,000 | 1,500,000 |
Treasury stock at cost | ' | ' | ' | 44,163 | ' | ' | 44,163 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,163 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,163 | ' | 44,163 |
Dividend declared to stockholders | ' | 500,000 | 110,100 | ' | ' | ' | 53,911 | 500,000 | 110,100 | ' | ' | 18,072 | 18,072 | ' | 500,000 | 110,100 | ' | ' | ' | ' | ' | ' | 17,767 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend declared | ' | ' | ' | $0.20 | $0.20 | $0.20 | $0.60 | $6.07 | $1.34 | ' | ' | ' | ' | ' | ' | ' | $0.20 | $0.20 | $0.20 | ' | ' | $0.20 | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | ' | ' | 3-Jan-14 | 1-Oct-13 | 1-Jul-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3-Jan-14 | 1-Oct-13 | 1-Jul-13 | ' | ' | 1-Apr-14 | ' | 1-Apr-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend record date | ' | ' | ' | 20-Dec-13 | 20-Sep-13 | 20-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20-Dec-13 | 20-Sep-13 | 20-Jun-13 | ' | ' | 20-Mar-14 | ' | 20-Mar-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends payable | ' | ' | ' | 17,939 | ' | ' | 17,939 | 203 | 3,180 | ' | ' | ' | ' | ' | ' | ' | 17,939 | ' | ' | 203 | 3,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 883 | 883 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends paid | ' | ' | ' | ' | ' | ' | 17,680 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,680 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consideration amount for shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,736 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_Quarterly_Financial_Da2
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $271,959 | $538,389 | $411,292 | $238,610 | $263,173 | $522,255 | $425,882 | $212,442 | $1,460,250 | $1,423,752 | $1,330,774 |
Operating (loss) income | 505 | 205,594 | 30,980 | -35,873 | -1,880 | 183,862 | 93,086 | -48,279 | 201,206 | 226,789 | 144,317 |
Net (loss) income | ($13,507) | $120,199 | ($15,854) | ($40,360) | ($8,799) | $92,257 | $39,120 | ($45,134) | $50,478 | $77,444 | $19,113 |
(Loss) earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss) income per share, basic | ($0.15) | $1.34 | ($0.18) | ($0.49) | ($0.11) | $1.12 | $0.47 | ($0.55) | $0.58 | $0.94 | $0.23 |
Net (loss) income per share, diluted | ($0.15) | $1.33 | ($0.18) | ($0.49) | ($0.11) | $1.11 | $0.47 | ($0.55) | $0.57 | $0.93 | $0.23 |
Summary_Quarterly_Financial_Da3
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2013 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' |
Fees related to termination of 2009 Advisory Agreement | $50,072 | $50,072 |
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $32,429 | ($32,429) |
Summary_Quarterly_Financial_Da4
Summary Quarterly Financial Data - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Business | |
Quarterly Financial Information Disclosure [Abstract] | ' |
Number of theme parks opened for a portion of the year | 6 |
Schedule_I_Condensed_Balance_S
Schedule I - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Total current assets | $243,059 | $158,633 | ' | ' |
Total assets | 2,582,273 | 2,521,052 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Dividends payable | 17,939 | 203 | ' | ' |
Total current liabilities | 252,694 | 246,281 | ' | ' |
Total liabilities | 1,928,141 | 2,071,204 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholder Equity: | ' | ' | ' | ' |
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2013 and 2012 | ' | ' | ' | ' |
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 89,900,453 shares issued at December 31, 2013 and 82,737,008 shares issued and outstanding at December 31, 2012 | 899 | 827 | ' | ' |
Additional paid-in capital | 689,394 | 456,923 | ' | ' |
Retained earnings (accumulated deficit) | 7,991 | -6,648 | ' | ' |
Treasury stock, at cost (1,500,000 shares at December 31, 2013) | -44,163 | ' | ' | ' |
Total stockholders' equity | 654,132 | 449,848 | 872,467 | 949,795 |
Total liabilities and stockholders' equity | 2,582,273 | 2,521,052 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash | 172 | 203 | ' | ' |
Due from wholly owned subsidiary | 17,767 | ' | ' | ' |
Total current assets | 17,939 | 203 | ' | ' |
Investment in wholly owned subsidiary | 654,121 | 451,102 | ' | ' |
Total assets | 672,060 | 451,305 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Dividends payable | 17,939 | 203 | ' | ' |
Total current liabilities | 17,939 | 203 | ' | ' |
Total liabilities | 17,939 | 203 | ' | ' |
Commitments and contingencies | ' | ' | ' | ' |
Stockholder Equity: | ' | ' | ' | ' |
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2013 and 2012 | ' | ' | ' | ' |
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 89,900,453 shares issued at December 31, 2013 and 82,737,008 shares issued and outstanding at December 31, 2012 | 899 | 827 | ' | ' |
Additional paid-in capital | 689,394 | 456,923 | ' | ' |
Retained earnings (accumulated deficit) | 7,991 | -6,648 | ' | ' |
Treasury stock, at cost (1,500,000 shares at December 31, 2013) | -44,163 | ' | ' | ' |
Total stockholders' equity | 654,121 | 451,102 | ' | ' |
Total liabilities and stockholders' equity | $672,060 | $451,305 | ' | ' |
Schedule_I_Condensed_Balance_S1
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
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 | 89,900,453 | 82,737,008 |
Common stock, shares outstanding | ' | 82,737,008 |
Treasury stock, shares | 1,500,000 | 0 |
Parent Company [Member] | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 89,900,453 | 82,737,008 |
Common stock, shares outstanding | ' | 82,737,008 |
Treasury stock, shares | 1,500,000 | ' |
Schedule_I_Condensed_Statement
Schedule I - Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ($13,507) | $120,199 | ($15,854) | ($40,360) | ($8,799) | $92,257 | $39,120 | ($45,134) | $50,478 | $77,444 | $19,113 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in net income of subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 50,478 | 77,444 | 19,113 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $50,478 | $77,444 | $19,113 |
Schedule_I_Condensed_Statement1
Schedule I - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | 15 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 |
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | ||||
Cash Flows From Operating Activities: | ' | ' | ' | ' | ' | ' | ' |
Net income | $50,478 | $77,444 | $19,113 | $50,478 | $77,444 | $19,113 | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' |
Equity in net income of subsidiary | ' | ' | ' | -50,478 | -77,444 | -19,113 | ' |
Dividend received from subsidiary-return on capital | ' | ' | ' | 18,072 | ' | ' | ' |
Net cash provided by operating activities | 289,794 | 303,513 | 268,249 | 18,072 | ' | ' | ' |
Cash Flows From Investing Activities: | ' | ' | ' | ' | ' | ' | ' |
Capital contributed to subsidiary | ' | ' | ' | -249,106 | ' | -2,736 | ' |
Restricted payment from subsidiary | ' | ' | ' | 44,163 | ' | ' | ' |
Dividend received from subsidiary-return of capital | ' | ' | ' | 18,072 | 500,000 | 100,000 | ' |
Net cash used in investing activities | -166,376 | -204,318 | -225,316 | -186,871 | 500,000 | 97,264 | ' |
Cash Flows From Financing Activities: | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of common stock | ' | ' | 12,836 | ' | ' | 12,836 | ' |
Proceeds from issuance of common stock, net of underwriter commissions | 253,800 | ' | ' | 253,800 | ' | ' | ' |
Purchase of treasury stock | -44,163 | ' | ' | -44,163 | ' | ' | ' |
Dividend paid to common stockholders | -36,175 | -502,977 | -106,920 | -36,175 | -502,977 | -106,920 | -609,897 |
Offering costs | -4,694 | -3,665 | ' | -4,694 | ' | ' | ' |
Net cash used in financing activities | -52,252 | -120,183 | -99,967 | 168,768 | -502,977 | -94,084 | ' |
Change in Cash and Cash Equivalents | 71,166 | -20,988 | -57,034 | -31 | -2,977 | 3,180 | ' |
Cash and Cash Equivalents-Beginning of period | 45,675 | 66,663 | 123,697 | 203 | 3,180 | ' | ' |
Cash and Cash Equivalents-End of period | 116,841 | 45,675 | 66,663 | 172 | 203 | 3,180 | 203 |
Supplemental Disclosures of Noncash Financing Activities | ' | ' | ' | ' | ' | ' | ' |
Dividends declared, but unpaid | $17,939 | $203 | $3,180 | $17,939 | $203 | $3,180 | $203 |
Schedule_I_Description_of_Seaw
Schedule I - Description of Seaworld Entertainment, Inc. - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2009 | Apr. 24, 2013 | Dec. 17, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 24, 2013 | Apr. 24, 2013 | Dec. 17, 2013 | Dec. 31, 2013 |
PartnershipUnit | Partnership | Initial Public Offering [Member] | Secondary Offering [Member] | Secondary Offering [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | ||
Business | Initial Public Offering [Member] | Initial Public Offering Over-Allotment [Member] | Secondary Offering [Member] | Secondary Offering [Member] | ||||||||
Business Description [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of limited partnerships which owned the Company | 10 | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of theme parks, owns and operates | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued through initial public offering | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Shares offered and sold by the selling shareholders | ' | ' | ' | 19,900,000 | 18,000,000 | ' | ' | ' | 19,900,000 | 3,900,000 | 18,000,000 | ' |
Offering price per share | ' | ' | ' | $27 | $30 | ' | ' | ' | $27 | ' | $30 | ' |
Number of shares repurchased | 1,500,000 | 0 | ' | ' | 1,500,000 | 1,500,000 | 1,500,000 | ' | ' | ' | 1,500,000 | 1,500,000 |
Common stock, shares issued | 89,900,453 | 82,737,008 | ' | ' | 0 | ' | 89,900,453 | 82,737,008 | ' | ' | 0 | ' |
Schedule_I_Guarantees_Addition
Schedule I - Guarantees - Additional Information (Detail) (SeaWorld & Parks Entertainment, Inc (SEA) [Member], Senior Secured Credit Facilities [Member]) | Dec. 31, 2013 |
SeaWorld & Parks Entertainment, Inc (SEA) [Member] | Senior Secured Credit Facilities [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Percentage of equity interest owned | 100.00% |
Schedule_I_Dividends_from_Subs
Schedule I - Dividends from Subsidiaries - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 15 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 20, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 30, 2012 | Sep. 29, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jan. 02, 2014 | Mar. 04, 2014 | Mar. 04, 2014 |
Subsequent Events [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |||||||||
Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||
Dividends Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared to stockholders | 500,000 | 110,100 | ' | ' | ' | 53,911 | 500,000 | 110,100 | ' | 18,072 | 18,072 | 500,000 | 110,100 | ' | ' | ' | ' | ' | ' | ' | 17,767 | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | 36,175 | 502,977 | 106,920 | ' | ' | ' | ' | ' | ' | ' | ' | 36,175 | 502,977 | 106,920 | 609,897 | ' | ' | ' |
Cash dividend declared | ' | ' | $0.20 | $0.20 | $0.20 | $0.60 | $6.07 | $1.34 | $0.20 | ' | ' | ' | ' | $0.20 | $0.20 | $0.20 | ' | ' | ' | ' | ' | $0.20 | ' |
Dividend payable date | ' | ' | 3-Jan-14 | 1-Oct-13 | 1-Jul-13 | ' | ' | ' | 1-Apr-14 | ' | ' | ' | ' | 3-Jan-14 | 1-Oct-13 | 1-Jul-13 | ' | ' | ' | ' | ' | 1-Apr-14 | ' |
Dividend record date | ' | ' | 20-Dec-13 | 20-Sep-13 | 20-Jun-13 | ' | ' | ' | 20-Mar-14 | ' | ' | ' | ' | 20-Dec-13 | 20-Sep-13 | 20-Jun-13 | ' | ' | ' | ' | ' | 20-Mar-14 | ' |
Cash dividends payable | ' | ' | 17,939 | ' | ' | 17,939 | 203 | 3,180 | ' | ' | ' | ' | ' | 17,939 | ' | ' | 17,939 | 203 | 3,180 | 203 | ' | ' | 18,352 |
Cash dividends paid | ' | ' | ' | ' | ' | $17,680 | ' | ' | ' | ' | ' | ' | ' | $17,680 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_I_Stockholders_Equity
Schedule I - Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 19, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Dec. 17, 2013 | Dec. 31, 2013 | Apr. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 24, 2013 | Apr. 24, 2013 | Dec. 17, 2013 | Dec. 31, 2013 |
2013 Omnibus Incentive Plan [Member] | Initial Public Offering [Member] | Underwriters Option to Purchase Additional Shares [Member] | Secondary Offering [Member] | Secondary Offering [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | ||||
Initial Public Offering [Member] | Underwriters Option to Purchase Additional Shares [Member] | Secondary Offering [Member] | Secondary Offering [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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. | ' | ' | ' | ' | ' | ' | ' | 'On April 7, 2013, the Parent's Board of Directors authorized an eight-for-one split of the Parent's common stock which was effective on April 8, 2013. The Parent's historical share and per share information has been retroactively adjusted to give effects to this stock split. | ' | ' | ' | ' | ' | ' |
Stock split conversion ratio | 8 | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' |
Common stock reserved for future issuance | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued through initial public offering, shares | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Shares offered and sold by the selling shareholders | ' | ' | ' | ' | 19,900,000 | 3,900,000 | 18,000,000 | ' | ' | ' | ' | 19,900,000 | 3,900,000 | 18,000,000 | ' |
Offering price per share | ' | ' | ' | ' | $27 | ' | $30 | ' | ' | ' | ' | $27 | ' | $30 | ' |
Net proceeds received from offering | ' | $245,441 | ' | ' | $245,400 | ' | ' | ' | ' | ' | ' | $245,400 | ' | ' | ' |
Common stock, shares issued | ' | 89,900,453 | 82,737,008 | ' | ' | ' | 0 | ' | ' | 89,900,453 | 82,737,008 | ' | ' | 0 | ' |
Repurchase of common shares | ' | 1,500,000 | 0 | ' | ' | ' | 1,500,000 | 1,500,000 | ' | 1,500,000 | ' | ' | ' | 1,500,000 | 1,500,000 |
Treasury stock at cost | ' | 44,163 | ' | ' | ' | ' | ' | 44,163 | ' | 44,163 | ' | ' | ' | ' | 44,163 |
Restricted payment to the parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($44,163) | ' | ' | ' | ' | $44,163 |