Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 12-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'SEAS | ' |
Entity Registrant Name | 'SeaWorld Entertainment, Inc. | ' |
Entity Central Index Key | '0001564902 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 90,001,712 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $61,240 | $116,841 |
Accounts receivable, net | 38,451 | 41,509 |
Inventories | 41,788 | 36,209 |
Prepaid expenses and other current assets | 23,534 | 19,613 |
Deferred tax assets, net | 33,108 | 28,887 |
Total current assets | 198,121 | 243,059 |
Property and equipment, net | 1,780,406 | 1,771,500 |
Goodwill | 335,610 | 335,610 |
Trade names, net | 163,233 | 163,508 |
Other intangible assets, net | 27,014 | 27,843 |
Other assets | 40,117 | 40,753 |
Total assets | 2,544,501 | 2,582,273 |
Current liabilities: | ' | ' |
Accounts payable | 113,482 | 98,500 |
Current maturities on long-term debt | 14,050 | 14,050 |
Accrued salaries, wages and benefits | 16,463 | 23,996 |
Deferred revenue | 124,605 | 82,945 |
Dividends payable | 18,015 | 17,939 |
Other accrued expenses | 25,795 | 15,264 |
Total current liabilities | 312,410 | 252,694 |
Long-term debt | 1,624,798 | 1,627,183 |
Deferred tax liabilities, net | 1,101 | 29,776 |
Other liabilities | 18,781 | 18,488 |
Total liabilities | 1,957,090 | 1,928,141 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at March 31, 2014 and December 31, 2013 | ' | ' |
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 89,920,890 shares issued at March 31, 2014 and 89,900,453 shares issued at December 31, 2013 | 899 | 899 |
Additional paid-in capital | 672,312 | 689,394 |
Accumulated other comprehensive (loss) income | -197 | 11 |
(Accumulated deficit) retained earnings | -41,440 | 7,991 |
Treasury stock, at cost (1,500,000 shares at March 31, 2014 and December 31, 2013) | -44,163 | -44,163 |
Total stockholders' equity | 587,411 | 654,132 |
Total liabilities and stockholders' equity | $2,544,501 | $2,582,273 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | 89,920,890 | 89,900,453 |
Treasury stock, shares | 1,500,000 | 1,500,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net revenues: | ' | ' |
Admissions | $137,386 | $152,426 |
Food, merchandise and other | 74,904 | 86,184 |
Total revenues | 212,290 | 238,610 |
Costs and expenses: | ' | ' |
Cost of food, merchandise and other revenues | 16,760 | 19,828 |
Operating expenses (exclusive of depreciation and amortization shown separately below) | 167,912 | 173,260 |
Selling, general and administrative | 45,076 | 39,987 |
Secondary offering costs | 674 | ' |
Depreciation and amortization | 41,276 | 41,408 |
Total costs and expenses | 271,698 | 274,483 |
Operating loss | -59,408 | -35,873 |
Other loss (income), net | 17 | -73 |
Interest expense | 20,046 | 28,606 |
Loss before income taxes | -79,471 | -64,406 |
Benefit from income taxes | -30,040 | -24,046 |
Net loss | -49,431 | -40,360 |
Other comprehensive (loss) income: | ' | ' |
Unrealized (loss) gain on derivatives, net of tax | -208 | 294 |
Comprehensive loss | ($49,639) | ($40,066) |
Loss per share: | ' | ' |
Net loss per share, basic | ($0.56) | ($0.49) |
Net loss per share, diluted | ($0.56) | ($0.49) |
Weighted average commons shares outstanding: | ' | ' |
Basic, shares | 88,415 | 82,768 |
Diluted, shares | 88,415 | 82,768 |
Cash dividends declared per share: | ' | ' |
Cash dividends declared per share | $0.20 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock, at Cost [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2013 | $654,132 | $899 | $689,394 | $7,991 | $11 | ($44,163) |
Beginning Balance, shares at Dec. 31, 2013 | 89,900,453 | 89,900,453 | ' | ' | ' | ' |
Equity-based compensation | 762 | ' | 762 | ' | ' | ' |
Equity-based compensation, shares | ' | ' | ' | ' | ' | ' |
Unrealized loss on derivatives, net of tax | -208 | ' | ' | ' | -208 | ' |
Vesting of restricted shares | ' | ' | ' | ' | ' | ' |
Vesting of restricted shares, shares | ' | 22,978 | ' | ' | ' | ' |
Shares withheld for tax withholdings | -78 | ' | -78 | ' | ' | ' |
Shares withheld for tax withholdings, shares | ' | -2,541 | ' | ' | ' | ' |
Cash dividends declared to stockholders | -17,766 | ' | -17,766 | ' | ' | ' |
Net loss | -49,431 | ' | ' | -49,431 | ' | ' |
Ending Balance at Mar. 31, 2014 | $587,411 | $899 | $672,312 | ($41,440) | ($197) | ($44,163) |
Ending Balance, shares at Mar. 31, 2014 | 89,920,890 | 89,920,890 | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Cash dividends declared per share | $0.20 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' |
Unrealized loss on derivatives tax benefit expense | ($123) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows From Operating Activities: | ' | ' |
Net loss | ($49,431) | ($40,360) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 41,276 | 41,408 |
Amortization of debt issuance costs and discounts | 2,701 | 4,240 |
Loss on sale or disposal of assets | 908 | 4,147 |
Deferred income tax provision | -32,772 | -24,046 |
Equity-based compensation | 762 | 320 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 3,231 | -2,240 |
Inventories | -5,579 | -5,897 |
Prepaid expenses and other current assets | -3,417 | -6,125 |
Accounts payable | 10,636 | 11,095 |
Accrued salaries, wages and benefits | -7,532 | -16,017 |
Deferred revenue | 41,293 | 44,766 |
Other accrued expenses | 10,034 | 12,306 |
Other assets and liabilities | 901 | 577 |
Net cash provided by operating activities | 13,011 | 24,174 |
Cash Flows From Investing Activities: | ' | ' |
Capital expenditures | -46,827 | -32,319 |
Change in restricted cash | -504 | -467 |
Net cash used in investing activities | -47,331 | -32,786 |
Cash Flows From Financing Activities: | ' | ' |
Repayment of long-term debt | -3,512 | -5,229 |
Proceeds from draw on revolving credit facility | ' | 35,000 |
Repayment of revolving credit facility | ' | -5,000 |
Dividends paid to stockholders | -17,691 | -184 |
Payment of tax withholdings on equity-based compensation through shares withheld | -78 | ' |
Offering costs | ' | -2,283 |
Net cash (used in) provided by financing activities | -21,281 | 22,304 |
Change in Cash and Cash Equivalents | -55,601 | 13,692 |
Cash and Cash Equivalents-Beginning of period | 116,841 | 45,675 |
Cash and Cash Equivalents-End of period | 61,240 | 59,367 |
Supplemental Disclosures of Noncash Investing and Financing Activities | ' | ' |
Capital expenditures in accounts payable | 31,506 | 34,548 |
Dividends declared, but unpaid | $18,015 | ' |
Description_of_the_Business_an
Description of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Description of the Business and Basis of Presentation | ' |
1. DESCRIPTION OF THE BUSINESS AND BASIS OF PRESENTATION | |
Description of the Business | |
SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) and its subsidiaries (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. Prior to its initial public offering on April 24, 2013, 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 9, 2014, the selling stockholders completed a registered secondary offering of 17,250,000 shares of common stock, including 2,250,000 shares pursuant to the exercise in full of the underwriters’ option to purchase additional shares. 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 in April 2014, the Company repurchased 1,750,000 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 12-Stockholders’ Equity. | |
The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; and San Diego, California, and Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Diego, California (Aquatica), Tampa, Florida (Adventure Island), and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only attraction offering interaction with marine animals (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place). | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the SEC. The unaudited condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K. | |
In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2014 or any future period due to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year. | |
The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates. | |
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. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”). The Company is not aware of any new accounting pronouncements that will have a material impact on the Company’s financial position, results of operations or cash flows. |
Loss_Per_Share
Loss Per Share | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Loss Per Share | ' | ||||||||||||||||||||||||
3. LOSS PER SHARE | |||||||||||||||||||||||||
Loss per share is computed as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Net Loss | Shares | Per | Net Loss | Shares | Per | ||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Basic loss per share | $ | (49,431 | ) | 88,415 | $ | (0.56 | ) | $ | (40,360 | ) | 82,768 | $ | (0.49 | ) | |||||||||||
Effect of dilutive incentive-based awards | — | — | |||||||||||||||||||||||
Diluted loss per share | $ | (49,431 | ) | 88,415 | $ | (0.56 | ) | $ | (40,360 | ) | 82,768 | $ | (0.49 | ) | |||||||||||
In accordance with the Earnings Per Share Topic of the FASB Accounting Standards Codification (“ASC”), basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period (excluding unvested restricted stock). The weighted average number of repurchased shares during the period that are held as treasury stock are excluded from common stock outstanding. Diluted loss per share is determined based on the dilutive effect of unvested restricted stock probable of vesting using the treasury stock method. During the three months ended March 31, 2014 and 2013, the Company excluded potentially dilutive shares of 337 (in thousands) and 871 (in thousands), respectively, from the calculation of diluted loss per share as their effect would have been anti-dilutive due to the Company’s net loss in those periods. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
4. INCOME TAXES | |
Income tax (benefit) expense is recognized based on the Company’s estimated annual effective tax rate which is based upon the tax rate expected for the full calendar year applied to the pre-tax income or loss of the interim period. The Company’s consolidated effective tax rate for the three months ended March 31, 2014 was 37.8% and differs from the statutory federal income tax rate primarily due to state income taxes. The Company’s consolidated effective tax rate for the three months ended March 31, 2013 was 37.3% and differs from the statutory federal income tax rate primarily due to certain tax credits and state income taxes. | |
The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an uncertain tax position. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of tax expense to the applicable period. |
Other_Accrued_Expenses
Other Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Other Accrued Expenses | ' | ||||||||
5. OTHER ACCRUED EXPENSES | |||||||||
Other accrued expenses at March 31, 2014 and December 31, 2013, consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued property taxes | $ | 2,386 | $ | 2,113 | |||||
Accrued interest | 9,804 | 2,636 | |||||||
Self-insurance reserve | 7,800 | 7,800 | |||||||
Other | 5,805 | 2,715 | |||||||
Total other accrued expenses | $ | 25,795 | $ | 15,264 | |||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
6. LONG-TERM DEBT | |||||||||
Long-term debt as of March 31, 2014 and December 31, 2013 consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Term B-2 Loans | $ | 1,394,462 | $ | 1,397,975 | |||||
Revolving credit agreement | — | — | |||||||
Senior Notes | 260,000 | 260,000 | |||||||
Total long-term debt | 1,654,462 | 1,657,975 | |||||||
Less discounts | (15,614 | ) | (16,742 | ) | |||||
Less current maturities | (14,050 | ) | (14,050 | ) | |||||
Total long-term debt, net of current maturities | $ | 1,624,798 | $ | 1,627,183 | |||||
SEA is the borrower under the senior secured credit facilities, as amended pursuant to a credit agreement dated as of December 1, 2009 (“Senior Secured Credit Facilities”). Also on December 1, 2009, SEA issued $400,000 aggregate principal amount of unsecured senior notes due December 1, 2016 (the “Senior Notes”). In conjunction with the Company’s initial public offering completed on April 24, 2013, the Company used a portion of the net proceeds received from the offering to repay $37,000 of the outstanding indebtedness under the then existing Term B Loan and to redeem $140,000 aggregate principal amount of its Senior Notes at a redemption price of 111.0%, plus accrued and unpaid interest thereon. See further discussion in Note 12-Stockholders’ Equity. | |||||||||
Deferred financing costs, net of accumulated amortization and amounts written-off for early extinguishment of debt, were $30,744 and $32,317 as of March 31, 2014 and December 31, 2013, 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 unaudited condensed consolidated balance sheets. | |||||||||
As of March 31, 2014, 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. | |||||||||
Senior Secured Credit Facilities | |||||||||
As of March 31, 2014, the Senior Secured Credit Facilities consisted of a $1,394,462 senior secured term loan facility (the “Term B-2 Loans”), which will mature on May 14, 2020 and a $192,500 senior secured revolving credit facility (the “Revolving Credit Facility”), which was not drawn upon at March 31, 2014. The Revolving Credit Facility will mature on the earlier of (a) April 24, 2018 and (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 Term B-2 Loans were borrowed in an aggregate principal amount of $1,405,000. Borrowings under the Secured Credit Facilities 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, or the successor thereto if the BBA is no longer making a LIBOR rate available, for the interest period relevant to such borrowing. The applicable 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 total leverage ratio. At March 31, 2014, the Company selected the LIBOR rate (interest rate of 3.00% at March 31, 2014). | |||||||||
The applicable margin for borrowings under the Revolving Credit Facility is 1.75%, in the case of base rate loans, and 2.75%, in the case of LIBOR rate loans. The applicable margin (under either a base rate or LIBOR rate) is subject to one 25 basis point step-down upon achievement by SEA of certain corporate credit ratings. At March 31, 2014, SEA selected the LIBOR rate and achieved the corporate credit ratings for an applicable margin of 2.50%. The Company did not draw on the Revolving Credit Facility during the three months ended March 31, 2014 and had no amounts outstanding relating to the Revolving Credit Facility at March 31, 2014 and December 31, 2013. | |||||||||
In addition to paying interest on outstanding principal under the Senior Secured Credit Facilities, SEA is required to pay a commitment fee to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder. SEA is also required to pay customary letter of credit fees. | |||||||||
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 May 14, 2013, 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. SEA may voluntarily repay amounts outstanding under the Senior Secured Credit Facilities at any time without premium or penalty, other than customary “breakage” costs with respect to LIBOR loans. | |||||||||
SEA may also increase and/or 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 of March 31, 2014, the Company had approximately $23,500 of outstanding letters of credit, leaving approximately $169,000 available for borrowing. Subsequent to March 31, 2014, the Company drew $40,000 on the Revolving Credit Facility and has repaid $25,000. | |||||||||
Senior Notes | |||||||||
The Senior Notes interest rate is 11.0% per annum and can be redeemed by SEA at any time. Interest is paid 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. Prior to December 1, 2014, SEA may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount of the Senior Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to the redemption date, subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date. The “Applicable Premium” is defined as the greater of (1) 1.0% of the principal amount of the Senior Notes and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Senior Notes at December 1, 2014 plus (ii) all required interest payments due on the Senior Notes through December 1, 2014 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal amount of the Senior Notes. On or after December 1, 2014, the Senior Notes may be redeemed at 105.5% and 102.75% of the principal balance beginning on December 1, 2014 and 2015, respectively. The covenant leverage ratio, as defined, is 3.00 to 1.00. | |||||||||
Long-term debt at March 31, 2014, is repayable as follows, not including any possible prepayments: | |||||||||
Years Ending December 31, | |||||||||
2014 | $ | 10,537 | |||||||
2015 | 14,050 | ||||||||
2016 | 274,050 | ||||||||
2017 | 14,050 | ||||||||
2018 | 14,050 | ||||||||
Thereafter | 1,327,725 | ||||||||
Total | $ | 1,654,462 | |||||||
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 an amendment to the Senior Secured Credit Facilities 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. | |||||||||
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 new interest rate swap has an effective date of March 31, 2014; has a notional amount of $450,000; matures on September 30, 2016; requires the Company to pay a fixed rate of interest of 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 the interest rate swap agreements above as qualifying cash flow hedge accounting relationships as further discussed in Note 7-Derivative Instruments and Hedging Activities which follows. | |||||||||
Cash paid for interest relating to the Senior Secured Credit Facilities, the Senior Notes and the interest rate swap agreements was $11,253 and $14,254 for the three month periods ending March 31, 2014 and 2013, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||
7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. | |||||||||||||
As of March 31, 2014 and December 31, 2013, the Company did not have any derivatives outstanding that were not designated in hedge accounting relationships. | |||||||||||||
Cash Flow Hedges of Interest Rate Risk | |||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the three months ended March 31, 2014, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of March 31, 2014, the Company had three outstanding interest rate swaps with a combined notional value of $1,000,000 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 two of its then existing interest rate swaps to match the refinanced debt. The restructuring of the interest rate swap required a re-designation of the hedge accounting relationship. The re-designation is expected to result in the recognition of a minimal amount of ineffectiveness throughout the remaining term of the interest rate swaps. | |||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2014 and 2013, there was no ineffective portion recognized in earnings. Amounts reported in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $2,921 will be reclassified as an increase to interest expense. | |||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheet as of March 31, 2014: | |||||||||||||
As of March 31, 2014 | |||||||||||||
Asset Derivatives | Liabilities Derivatives | ||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
Location | Location | ||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | — | Other liabilities | $ | 238 | |||||||
Total derivatives designated as hedging instruments | $ | — | $ | 238 | |||||||||
The unrealized loss on derivatives is recorded net of a tax benefit of $123 for the three months ended March 31, 2014, and is included within the unaudited condensed consolidated statements of comprehensive loss. | |||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Loss | |||||||||||||
The table below presents the pre-tax effect of the Company’s derivative financial instruments on the unaudited condensed consolidated statements of comprehensive loss for the three months ended March 31, 2014: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||
(Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive (loss) income | $ | (726 | ) | $ | 672 | ||||||||
Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive (loss) income to interest expense | $ | 395 | $ | (340 | ) | ||||||||
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 March 31, 2014, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $264. As of March 31, 2014, the Company has posted no collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2014, it could have been required to settle its obligations under the agreements at their termination value of $264. | |||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income | |||||||||||||
The following table reflects the changes in accumulated other comprehensive (loss) income for the three months ended March 31, 2014, net of tax: | |||||||||||||
Gains (Losses) | |||||||||||||
on Cash Flow | |||||||||||||
Hedges | |||||||||||||
Accumulated other comprehensive (loss) income: | |||||||||||||
Balance at December 31, 2013 | $ | 11 | |||||||||||
Other comprehensive loss before reclassifications | (456 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income to interest expense | 248 | ||||||||||||
Unrealized loss on derivatives, net of tax | (208 | ) | |||||||||||
Balance at March 31, 2014 | $ | (197 | ) | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
8. FAIR VALUE MEASUREMENTS | |||||||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is required to be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||||||
The Company has determined that the majority of the inputs used to value its derivative financial instruments using the income approach fall within Level 2 of the fair value hierarchy. The Company uses readily available market data to value its derivatives, such as interest rate curves and discount factors. ASC 820, Fair Value Measurements and Disclosures, also requires consideration of credit risk in the valuation. The Company uses a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA are largely based on observable market data, with the exception of certain assumptions regarding credit worthiness which make the CVA a Level 3 input. Based on the magnitude of the CVA, it is not considered a significant input and the derivatives are classified as Level 2. Of the Company’s long-term obligations, the Term B-2 Loans are classified in Level 2 of the fair value hierarchy. The fair value of the term loans as of March 31, 2014 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 9.63% and projected cash flows of the underlying Senior Notes. | |||||||||||||||||
There were no transfers between Levels 1, 2 or 3 during the three months ended March 31, 2014. The Company did not have any assets measured at fair value as of March 31, 2014. The following table presents the Company’s estimated fair value measurements and related classifications as of March 31, 2014: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | March 31, | ||||||||||||||
for Identical | Observable | Inputs | 2014 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (a) | $ | — | $ | 238 | $ | — | $ | 238 | |||||||||
Long-term obligations (b) | $ | — | $ | 1,394,462 | $ | 260,644 | $ | 1,655,106 | |||||||||
(a) | Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $238. | ||||||||||||||||
(b) | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,624,798 as of March 31, 2014. | ||||||||||||||||
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 unaudited condensed consolidated balance sheet as other assets of $71. | ||||||||||||||||
(b) | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,627,183 as of December 31, 2013. |
RelatedParty_Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related-Party Transactions | ' |
9. RELATED-PARTY TRANSACTIONS | |
Prior to April 2013, certain affiliates of Blackstone provided monitoring, advisory, and consulting services to the Company under an advisory fee agreement (the “2009 Advisory Agreement”), which was terminated on April 24, 2013 in connection with the completion of the initial public offering (see Note 12 — Stockholders’ Equity). Fees related to these services, which were based upon a multiple of Adjusted EBITDA as defined in the 2009 Advisory Agreement, amounted to $925 for the three months ended March 31, 2013. These amounts are included in selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of comprehensive loss. There were no fees related to these services in the three months ended March 31, 2014 due to the termination of the 2009 Advisory Agreement in April 2013. | |
In connection with the completion of the initial public offering in April 2013 (see Note 12 — Stockholders’ Equity), the 2009 Advisory Agreement between the Company and affiliates of Blackstone was terminated (except for certain provisions relating to indemnification and certain other provisions, which survived termination). In connection with such termination, in April 2013, 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 was recorded as termination of advisory agreement during the three months ended June 30, 2013. | |
In June 2013, September 2013, December 2013, and March 2014 the Company’s Board of Directors declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on June 20, 2013, September 20, 2013, December 20, 2013, and March 20, 2014, respectively (see Note 12 — Stockholders’ Equity). In connection with these dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $11,749, $11,749, $7,849 and $7,849 on July 1, 2013, October 1, 2013, January 3, 2014 and April 1, 2014, respectively. | |
In December 2013 and April 2014, the Company repurchased shares of its common stock from the selling stockholders concurrently with the closing of the respective secondary offerings in December 2013 and April 2014. See further discussion in Note 12 — Stockholders’ Equity. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
10. COMMITMENTS AND CONTINGENCIES | |
The Company is a party to various claims and legal proceedings arising in the normal course of business. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating, and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if such amount or range can be determined. Management does not expect any known claims or legal proceedings to have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. |
EquityBased_Compensation
Equity-Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Equity-Based Compensation | ' |
11. EQUITY-BASED COMPENSATION | |
In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period. | |
Employee Units Surrendered for Common Stock | |
Prior to April 18, 2013, the Company had an Employee Unit Incentive Plan (“Employee Unit Plan”). Under the Employee Unit Plan, the Partnerships granted Employee Units to certain key employees of SEA (“Employee Units”). The Employee Units which were granted were accounted for as equity awards and were divided into three tranches, Time-Vesting Units (“TVUs”), 2.25x Performance Vesting Units (“PVUs”) and 2.75x PVUs. Separately, certain members of management in 2011 also purchased 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 consisted of time restricted shares (“Time Restricted shares”, and 2.25x and 2.75x Performance Restricted shares, collectively, the “Performance Restricted shares”), which, for accounting purposes, were removed from issued and outstanding shares until their restrictions are met. | |
TVUs and Time Restricted Shares | |
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 qualified 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 three months ended June 30, 2013. The remaining incremental compensation cost of $220 which represents the incremental cost on the unvested TVUs which were surrendered for unvested Time Restricted shares of restricted stock, will be added to the original grant date fair value of the TVU awards and amortized to compensation expense over the remaining vesting period. | |
Total combined compensation expense related to these TVU and Time Restricted share awards was $250 and $320 for the three months ended March 31, 2014 and 2013, respectively, and is included in selling, general, and administrative expenses in the accompanying unaudited condensed consolidated statement of comprehensive loss. Total unrecognized compensation cost related to the unvested Time Restricted shares, expected to be recognized over the remaining vesting term was $1,047 as of March 31, 2014. | |
2.25x and 2.75x PVUs and Performance Restricted Shares | |
The Performance Restricted shares received upon surrender of the Employee Unit PVUs contain substantially the same terms and conditions as the previously outstanding Employee Unit PVUs. The 2.25x Performance Restricted Shares vest 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 multiple on Blackstone’s investment. The 2.75x Performance Restricted Shares vest 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 15% annualized effective compounded return rate on Blackstone’s investment and (y) a 2.75x multiple on Blackstone’s investment. The Performance Restricted Shares have no termination date other than termination of employment from the Company and there are no service or period vesting conditions associated with the Performance Restricted Shares other than employment at the time the benchmark was reached. No compensation expense will be recorded related to the Performance Restricted shares until their vesting is probable, accordingly, no compensation expense has been recorded during the three months ended March 31, 2014 or 2013 related to these PVUs or Performance Restricted share awards. | |
In accordance with the guidance in ASC 718-20, Compensation-Stock Compensation, the surrender of the Employee Units for shares of common stock qualified as a modification of an equity compensation plan. As the Performance Restricted shares were not considered probable of vesting before or after the modification, the Company will use the modification date fair value to record compensation expense related to these awards if the performance conditions become probable within a future reporting period. Total unrecognized compensation expense as of March 31, 2014, was approximately $27,970 and $18,740 for the 2.25x and 2.75x Performance Restricted shares, respectively. | |
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 Time Restricted shares while the fair value of the Performance Restricted shares 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 | |
In 2013, 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 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 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 carried over so that each recipient vested 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 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 were anticipated to fully vest. The fair value of Time Restricted Omnibus shares is recognized as equity compensation on a straight-line basis over the requisite service period. Approximately $512 of equity compensation expense was recognized in the three months ended March 31, 2014, related to Time Restricted Omnibus shares. As of March 31, 2014, unrecognized equity compensation expense related to the Time Restricted Omnibus shares was $1,348 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 2013 shares until their issuance is probable. Total unrecognized compensation expense as of March 31, 2014 was approximately $4,950 and $3,740 for the 2.25x Performance Restricted Omnibus shares and 2.75x Performance Restricted Omnibus shares, respectively. | |
Based on cash proceeds previously received by Blackstone from the Company’s initial public offering and subsequent secondary offerings of stock, the Company’s repurchase of shares directly from Blackstone and the cumulative dividends paid to Blackstone by the Company through April 30, 2014, if Blackstone receives additional future cash proceeds of approximately $31,000, and other vesting conditions are satisfied, the 2.25x Performance Restricted Shares and 2.25x Performance Restricted Omnibus shares will vest. Similarly, if Blackstone receives additional future cash proceeds of approximately $628,000, and other vesting conditions are satisfied, the 2.75x Performance Restricted Shares and the 2.75x Performance Restricted Omnibus shares will vest. As receipt of these future cash proceeds will be primarily related to liquidity events, such as secondary offerings of stock, the shares are not considered to be probable of vesting until such events are consummated. | |
As of March 31, 2014, there were 14,528,669 shares of common stock available for future issuance under the Company’s 2013 Omnibus Incentive Plan. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
12. STOCKHOLDERS’ EQUITY | |
As of March 31, 2014, 89,920,890 shares of common stock were issued on the accompanying unaudited condensed consolidated balance sheet, which excludes 3,343,690 unvested shares of common stock held by certain participants in the Company’s equity compensation plans (see Note 11 — Equity Compensation). | |
Stock Split | |
On April 7, 2013, the Company’s Board of Directors authorized an eight-for-one split of the Company’s common stock which was effective on April 8, 2013. The Company retained the current par value of $0.01 per share for all shares of common stock after the stock split, and accordingly, stockholders’ equity on the accompanying unaudited condensed consolidated balance sheets and the unaudited condensed consolidated statements of changes in stockholders’ equity reflects the stock split. The Company’s historical share and per share information has been retroactively adjusted to give effect to this stock split. | |
Contemporaneously with the stock split, the Company’s Board of Directors approved an increase in the number of authorized shares of common stock to 1 billion shares. Additionally, upon the consummation of the initial public offering, the Board of Directors authorized 100,000,000 shares of preferred stock at a par value of $0.01 per share. | |
Initial Public Offering and Use of Proceeds | |
On April 24, 2013, the Company completed its initial public offering of its common stock in which it offered and sold 10,000,000 shares of common stock and the selling stockholders of the Company offered and sold 19,900,000 shares of common stock including, 3,900,000 shares of common stock pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The common stock is listed on the New York Stock Exchange under the symbol “SEAS”. | |
The Company’s initial public 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. The Company used a portion of the net proceeds received in the offering to redeem (1) $140,000 in aggregate principal amount of its Senior Notes at a redemption price of 111.0% plus accrued and unpaid interest thereon and (2) to repay $37,000 of the outstanding indebtedness under the then existing Term B Loan. In addition, the Company used approximately $46,300 of the net proceeds received from the offering to make a one-time payment to an affiliate of Blackstone in connection with the termination of the 2009 Advisory Agreement (see Note 9 — Related-Party Transactions). | |
Secondary Offerings and Concurrent Share Repurchases | |
On December 17, 2013, the selling stockholders completed an underwritten secondary offering of 18,000,000 shares of common stock. 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 was shown as secondary offering expenses on the 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 at a price per share equal to the price per share paid to the selling stockholders by the underwriters in the secondary offering. All repurchased shares were recorded as treasury stock at a cost of $44,163 and reflected as a reduction to stockholders’ equity at March 31, 2014 and December 31, 2013 on the accompanying unaudited condensed consolidated balance sheet. | |
Subsequently, on April 9, 2014, the selling stockholders completed another registered secondary offering of 17,250,000 shares of common stock, including 2,250,000 shares pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The selling stockholders received all of the net proceeds from the offering and no shares were sold by the Company. In the three months ended March 31, 2014, the Company incurred fees and expenses of $674 in connection with this secondary offering which is shown as secondary offering expenses on the accompanying unaudited condensed consolidated statement of comprehensive loss. Concurrently with the closing of the secondary offering in April 2014, the Company repurchased 1,750,000 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. All repurchased shares will be recorded as treasury stock at a cost of approximately $50,700. | |
Dividends | |
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, 2013, September 20, 2013, December 20, 2013, and March 20, 2014 which were paid on July 1, 2013, October 1, 2013, January 3, 2014 and April 1, 2014, respectively. As the Company had an accumulated deficit at the time the June 20 and March 20 dividends were declared, these dividends were accounted for as a return of capital and recorded as a reduction to additional paid-in capital on the accompanying unaudited condensed consolidated statement of changes in stockholders’ equity. | |
On May 13, 2014, the Board declared a cash dividend of $0.21 per share, payable on July 1, 2014, to all common stockholders of record at the close of business on June 20, 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 March 31, 2014, the Company had $18,015 of cash dividends payable recorded as dividends payable in the accompanying unaudited condensed consolidated balance sheet. Dividends on the 2.25x and 2.75x Performance Restricted shares, including the 2.25x and 2.75x Performance Restricted Omnibus shares (collectively the “Performance Restricted shares”), were approximately $1,170 for each tranche and will accumulate and be paid only if and to the extent the Performance Restricted shares vest in accordance with their terms. The Company has not recorded a payable related to these dividends as the vesting of the Performance Restricted shares is not probable. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
13. SUBSEQUENT EVENTS | |
In connection with the preparation of the unaudited condensed consolidated financial statements, the Company evaluated subsequent events after the condensed consolidated balance sheet date through the date the unaudited condensed consolidated financial statements were issued, to determine whether any events occurred that required recognition or disclosure in the accompanying unaudited condensed consolidated financial statements. |
Description_of_the_Business_an1
Description of the Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the SEC. The unaudited condensed consolidated balance sheet as of December 31, 2013 has been derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K. | |
In the opinion of management, such unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods, but are not necessarily indicative of the results of operations for the year ending December 31, 2014 or any future period due to the seasonal nature of the Company’s operations. Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year. | |
The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates. | |
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. |
Loss_Per_Share_Tables
Loss Per Share (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Loss Per Share | ' | ||||||||||||||||||||||||
Loss per share is computed as follows (in thousands, except per share data): | |||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Net Loss | Shares | Per | Net Loss | Shares | Per | ||||||||||||||||||||
Share | Share | ||||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Basic loss per share | $ | (49,431 | ) | 88,415 | $ | (0.56 | ) | $ | (40,360 | ) | 82,768 | $ | (0.49 | ) | |||||||||||
Effect of dilutive incentive-based awards | — | — | |||||||||||||||||||||||
Diluted loss per share | $ | (49,431 | ) | 88,415 | $ | (0.56 | ) | $ | (40,360 | ) | 82,768 | $ | (0.49 | ) | |||||||||||
Other_Accrued_Expenses_Tables
Other Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Other Accrued Expenses | ' | ||||||||
Other accrued expenses at March 31, 2014 and December 31, 2013, consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued property taxes | $ | 2,386 | $ | 2,113 | |||||
Accrued interest | 9,804 | 2,636 | |||||||
Self-insurance reserve | 7,800 | 7,800 | |||||||
Other | 5,805 | 2,715 | |||||||
Total other accrued expenses | $ | 25,795 | $ | 15,264 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt as of March 31, 2014 and December 31, 2013 consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Term B-2 Loans | $ | 1,394,462 | $ | 1,397,975 | |||||
Revolving credit agreement | — | — | |||||||
Senior Notes | 260,000 | 260,000 | |||||||
Total long-term debt | 1,654,462 | 1,657,975 | |||||||
Less discounts | (15,614 | ) | (16,742 | ) | |||||
Less current maturities | (14,050 | ) | (14,050 | ) | |||||
Total long-term debt, net of current maturities | $ | 1,624,798 | $ | 1,627,183 | |||||
Summary of Long-Term Debt Repayable | ' | ||||||||
Long-term debt at March 31, 2014, is repayable as follows, not including any possible prepayments: | |||||||||
Years Ending December 31, | |||||||||
2014 | $ | 10,537 | |||||||
2015 | 14,050 | ||||||||
2016 | 274,050 | ||||||||
2017 | 14,050 | ||||||||
2018 | 14,050 | ||||||||
Thereafter | 1,327,725 | ||||||||
Total | $ | 1,654,462 | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Fair Value of Company's Derivative Financial Instruments Classification on Unaudited Condensed Consolidated Balance Sheet | ' | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the unaudited condensed consolidated balance sheet as of March 31, 2014: | |||||||||||||
As of March 31, 2014 | |||||||||||||
Asset Derivatives | Liabilities Derivatives | ||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
Location | Location | ||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | — | Other liabilities | $ | 238 | |||||||
Total derivatives designated as hedging instruments | $ | — | $ | 238 | |||||||||
Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed Consolidated Statements of Comprehensive Loss | ' | ||||||||||||
The table below presents the pre-tax effect of the Company’s derivative financial instruments on the unaudited condensed consolidated statements of comprehensive loss for the three months ended March 31, 2014: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||
(Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive (loss) income | $ | (726 | ) | $ | 672 | ||||||||
Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive (loss) income to interest expense | $ | 395 | $ | (340 | ) | ||||||||
Gain (loss) related to ineffective portion of derivatives recognized in other income (expense) | $ | — | $ | — | |||||||||
Schedule of Changes in Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income | |||||||||||||
The following table reflects the changes in accumulated other comprehensive (loss) income for the three months ended March 31, 2014, net of tax: | |||||||||||||
Gains (Losses) | |||||||||||||
on Cash Flow | |||||||||||||
Hedges | |||||||||||||
Accumulated other comprehensive (loss) income: | |||||||||||||
Balance at December 31, 2013 | $ | 11 | |||||||||||
Other comprehensive loss before reclassifications | (456 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income to interest expense | 248 | ||||||||||||
Unrealized loss on derivatives, net of tax | (208 | ) | |||||||||||
Balance at March 31, 2014 | $ | (197 | ) | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Asset and Liabilities Measured at Fair Value | ' | ||||||||||||||||
The following table presents the Company’s estimated fair value measurements and related classifications as of March 31, 2014: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | March 31, | ||||||||||||||
for Identical | Observable | Inputs | 2014 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (a) | $ | — | $ | 238 | $ | — | $ | 238 | |||||||||
Long-term obligations (b) | $ | — | $ | 1,394,462 | $ | 260,644 | $ | 1,655,106 | |||||||||
(a) | Reflected at fair value in the unaudited condensed consolidated balance sheet as other liabilities of $238. | ||||||||||||||||
(b) | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,624,798 as of March 31, 2014. | ||||||||||||||||
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 unaudited condensed consolidated balance sheet as other assets of $71. | ||||||||||||||||
(b) | Reflected at carrying value in the unaudited condensed consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,627,183 as of December 31, 2013. |
Description_of_the_Business_an2
Description of the Business and Basis of Presentation - Additional Information (Detail) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2013 | Apr. 09, 2014 | Dec. 17, 2013 | Apr. 09, 2014 | |
Segment | Underwriters' Over-Allotment Option [Member] | Secondary Offering [Member] | Secondary Offering [Member] | ||
PartnershipUnit | Subsequent Events [Member] | Subsequent Events [Member] | |||
Business | |||||
Business Description And Basis Of Presentation [Line Items] | ' | ' | ' | ' | ' |
Number of limited partnerships which owned the Company | 10 | ' | ' | ' | ' |
Number of theme parks owned and operated | 11 | ' | ' | ' | ' |
Shares offered and sold by the selling stockholders | ' | ' | 2,250,000 | 18,000,000 | 17,250,000 |
Number of shares repurchased | 1,500,000 | 1,500,000 | ' | ' | 1,750,000 |
Common stock, shares issued | ' | ' | ' | ' | ' |
Number of reportable segment | 1 | ' | ' | ' | ' |
Loss_Per_Share_Schedule_of_Los
Loss Per Share - Schedule of Loss per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Basic loss per share, Net Loss | ($49,431) | ($40,360) |
Effect of dilutive incentive-based awards, Net Loss | ' | ' |
Diluted loss per share, Net Loss | ($49,431) | ($40,360) |
Basic loss per share, Shares | 88,415 | 82,768 |
Effect of dilutive incentive-based awards, Shares | ' | ' |
Diluted loss per share, Shares | 88,415 | 82,768 |
Basic loss per share, Per Share Amount | ($0.56) | ($0.49) |
Diluted loss per share, Per Share Amount | ($0.56) | ($0.49) |
Loss_Per_Share_Additional_Info
Loss Per Share - Additional Information (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Potentially dilutive shares from the calculation of diluted loss per share | 337 | 871 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Effective tax rate | 37.80% | 37.30% |
Other_Accrued_Expenses_Schedul
Other Accrued Expenses - Schedule of Other Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued property taxes | $2,386 | $2,113 |
Accrued interest | 9,804 | 2,636 |
Self-insurance reserve | 7,800 | 7,800 |
Other | 5,805 | 2,715 |
Total other accrued expenses | $25,795 | $15,264 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term debt | $1,654,462 | $1,657,975 |
Less discounts | -15,614 | -16,742 |
Less current maturities | -14,050 | -14,050 |
Total long-term debt, net of current maturities | 1,624,798 | 1,627,183 |
Term B-2 Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt | 1,394,462 | 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 | $260,000 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | 14-May-13 | Aug. 23, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | 14-May-13 | Aug. 23, 2012 | 14-May-13 | Aug. 23, 2012 | Apr. 24, 2013 | Apr. 24, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 01, 2009 | Apr. 24, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | 14-May-13 | Dec. 01, 2009 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
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] | 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] | 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] | Term B-2 Loans [Member] | Term B-2 Loans [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | ||||
Swap | Swap | Swap | Minimum [Member] | Maximum [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] | Interest Rate Swaps [Member] | Federal Funds Rate [Member] | Base Rate Loan [Member] | LIBOR Rate Loan [Member] | Subsequent Events [Member] | Base Rate Loan [Member] | LIBOR Rate Loan [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, balance (In USD) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | $1,405,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Dec-16 | ' | ' | ' | ' | ' | ' | 14-May-20 | ' | ' | ' | ' | ' | ' | ' | 24-Apr-18 | ' | ' | ' | ' |
Repayment of portion of Term Loan B (In USD) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of Senior Notes (In USD) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price for Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, net (In USD) | 30,744,000 | ' | 32,317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,654,462,000 | ' | 1,657,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,000,000 | 260,000,000 | ' | ' | ' | ' | ' | 1,394,462,000 | 1,397,975,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit facility maximum borrowing capacity (in USD) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,500,000 | ' | ' | ' | ' |
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 (in USD) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured revolving credit facility maturity date description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Revolving Credit Facility will mature on the earlier of (a) April 24, 2018 and (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 Secured Credit Facilities bear interest, at SEAbs 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 Americabs 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 (bBBAb) LIBOR rate, or the successor thereto if the BBA is no longer making a LIBOR rate available, for the interest period relevant to such borrowing. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Applicable margin for Term Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.25% | 2.25% | ' | ' | ' | 1.75% | 2.75% |
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 total leverage ratio. | ' | ' | ' | ' | ' | ' | ' | 'The applicable margin (under either a base rate or LIBOR rate) is subject to one 25 basis point step-down upon achievement by SEA of certain corporate credit ratings. | ' | ' | ' | ' |
Basis point step down on applicable margin upon achievement of certain leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' |
Effective interest rate | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' |
Line of credit facility, amount outstanding (In USD) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Percent of original principal amount on effective date used to calculate aggregate annual amount which will amortize in equal quarterly installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Permitted increased commitments under the Revolving Credit Facility in aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' |
Maximum first lien secured net leverage ratio | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit (In USD) | 23,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit available amount (In USD) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,000,000 | ' | ' | ' | ' |
Amount drawn against the facility (In USD) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' |
Lines of credit, amount repaid (In USD) | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' |
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price for Senior Notes percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 111.00% | 100.00% | 105.50% | 102.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Senior Notes principle amount used to calculate applicable premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of Senior Notes, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prior to December 1, 2014, SEA may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount of the Senior Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to the redemption date, subject to the right of the holders of record on the relevant record date to receive interest due on the relevant interest payment date. The bApplicable Premiumb is defined as the greater of (1) 1.0% of the principal amount of the Senior Notes and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of the Senior Notes at December 1, 2014 plus (ii) all required interest payments due on the Senior Notes through December 1, 2014 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 50 basis points over (b) the principal amount of the Senior Notes. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points over the principal balance of the Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument covenant leverage ratio, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The covenant leverage ratio, as defined, is 3.00 to 1.00. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant leverage ratio as defined | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate swap held | ' | ' | ' | 3 | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate swap (In USD) | ' | ' | ' | 1,000,000,000 | 550,000,000 | 550,000,000 | ' | ' | 275,000,000 | 275,000,000 | 275,000,000 | 275,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity of interest rate swap | ' | ' | ' | 30-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate of interest on swaps | ' | ' | ' | ' | ' | 1.25% | 1.05% | 1.05% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate of interest | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for interest (In USD) | $11,253,000 | $14,254,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Maturities Of Long Term Debt [Abstract] | ' | ' |
2014 | $10,537 | ' |
2015 | 14,050 | ' |
2016 | 274,050 | ' |
2017 | 14,050 | ' |
2018 | 14,050 | ' |
Thereafter | 1,327,725 | ' |
Total | $1,654,462 | $1,657,975 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | 14-May-13 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | 14-May-13 | Aug. 23, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | |
Swap | Interest Rate Risk [Member] | Interest Rate Risk [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Not Designated as Hedge Accounting Relationships [Member] | Not Designated as Hedge Accounting Relationships [Member] | |||
Swap | Swap | Swap | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives outstanding | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 |
Notional amount interest rate swap (In USD) | ' | ' | ' | ' | ' | 1,000,000,000 | 550,000,000 | 550,000,000 | ' | ' |
Number of outstanding interest rate derivatives | ' | ' | ' | ' | ' | 3 | 2 | 2 | ' | ' |
Number of restructured interest rate swaps | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Reclassified as an increase to interest expense | 2,921,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ineffective portion of change in fair value of derivatives recognized in earnings | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Tax benefit on unrealized loss on derivatives | 123,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination value of derivatives in net liability position | 264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 Unaudited Condensed Consolidated Balance Sheet (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Assets [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Asset Derivatives Fair Value | ' |
Other Assets [Member] | Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Asset Derivatives Fair Value | ' |
Other Liabilities [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities Derivatives Fair Value | 238 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities Derivatives Fair Value | $238 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed Consolidated Statements of Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivatives in Cash Flow Hedging Relationships: | ' | ' |
(Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive (loss) income | ($726) | $672 |
Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive (loss) income to interest expense | 395 | -340 |
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 (Loss) Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated other comprehensive (loss) income: | ' | ' |
Beginning balance | $11 | ' |
Unrealized loss on derivatives, net of tax | -208 | 294 |
Ending balance | -197 | ' |
Gains (Losses) on Cash Flow Hedges [Member] | ' | ' |
Accumulated other comprehensive (loss) income: | ' | ' |
Beginning balance | 11 | ' |
Other comprehensive loss before reclassifications | -456 | ' |
Amounts reclassified from accumulated other comprehensive (loss) income to interest expense | 248 | ' |
Unrealized loss on derivatives, net of tax | -208 | ' |
Ending balance | ($197) | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Transfers between Levels | $0 | $0 |
Assets measured at fair value | 0 | 71,000 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Discount rate of Senior Notes | 9.63% | ' |
Assets measured at fair value | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Asset and Liabilities Measured at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets: | ' | ' |
Derivative financial instruments | $0 | $71,000 |
Liabilities: | ' | ' |
Derivative financial instruments | 238,000 | ' |
Long-term obligations | 1,655,106,000 | 1,662,756,000 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | ' | ' |
Long-term obligations | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Derivative financial instruments | ' | 71,000 |
Liabilities: | ' | ' |
Derivative financial instruments | 238,000 | ' |
Long-term obligations | 1,394,462,000 | 1,397,975,000 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets: | ' | ' |
Derivative financial instruments | ' | ' |
Liabilities: | ' | ' |
Derivative financial instruments | ' | ' |
Long-term obligations | $260,644,000 | $264,781,000 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Asset and Liabilities Measured at Fair Value (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Derivative financial instruments | $238,000 | ' |
Derivative financial instruments | 0 | 71,000 |
Current maturities on long-term debt | 14,050,000 | 14,050,000 |
Long-term debt | $1,624,798,000 | $1,627,183,000 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Jan. 03, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 24, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 |
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] | ||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory Agreement, fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $925 |
Termination fee paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,300 | ' | ' | ' |
Write-off of 2013 prepaid advisory fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,772 | ' | ' | ' |
Termination of advisory agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,072 | ' |
Cash dividend declared | $0.20 | $0.20 | $0.20 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends declare date | '2014-03 | '2013-12 | '2013-09 | '2013-06 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends record date | 20-Mar-14 | 20-Dec-13 | 20-Sep-13 | 20-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividend | 1-Apr-14 | 3-Jan-14 | 1-Oct-13 | 1-Jul-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend declared to stockholders | $17,691 | ' | ' | ' | $184 | $7,849 | $7,849 | $11,749 | $11,749 | ' | ' | ' | ' |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | Apr. 24, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 18, 2013 | Apr. 19, 2013 | Mar. 31, 2014 | Apr. 19, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 19, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 18, 2013 | Apr. 18, 2013 | Apr. 18, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | Initial Public Offering [Member] | Employee Unit Incentive Plan [Member] | Employee Unit Plan and 2013 Grants [Member] | Units Surrendered for Shares Plan [Member] | 2013 Omnibus Incentive Plan [Member] | 2013 Omnibus Incentive Plan [Member] | 2013 Grant [Member] | Time Restricted Shares [Member] | Time Restricted Shares [Member] | Time Restricted Shares [Member] | Time Restricted Shares [Member] | Time Vesting Units and Time Restricted Shares [Member] | 2.25x Performance Restricted Shares [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] | 2.75x Performance Restricted Shares [Member] | Performance Restricted Shares [Member] | TVUs [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] | Vested Time Vesting Units Surrendered for Shares of Stock [Member] | Unvested Time Vesting Units Surrendered for Unvested Time Restricted Shares [Member] | Omnibus Stock Plan [Member] | Omnibus Stock Plan [Member] |
Tranches | Common Stock [Member] | Units Surrendered for Shares Plan [Member] | 2013 Omnibus Incentive Plan [Member] | 2013 Grant [Member] | Units Surrendered for Shares Plan [Member] | 2013 Omnibus Incentive Plan [Member] | Units Surrendered for Shares Plan [Member] | 2013 Omnibus Incentive Plan [Member] | Units Surrendered for Shares Plan [Member] | Units Surrendered for Shares Plan [Member] | Units Surrendered for Shares Plan [Member] | 2.25x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | |||||||||||||||
Common Stock [Member] | Common Stock [Member] | Units Surrendered for Shares Plan [Member] | Units Surrendered for Shares Plan [Member] | |||||||||||||||||||||||||
Subsequent Events [Member] | Subsequent Events [Member] | |||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Blackstone and Affiliates [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 ("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. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tranches for each equity award | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares provided for surrender of units, in shares | ' | ' | ' | 4,165,861 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 949,142 | 3,216,719 | ' | ' | ' | ' |
Incremental equity compensation cost at modification | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $282 | $220 | ' | ' |
Equity compensation expense | ' | ' | ' | ' | ' | ' | ' | 250 | ' | 512 | ' | 320 | 0 | 0 | ' | ' | 0 | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | 1,047 | 1,348 | ' | ' | ' | ' | 27,970 | 4,950 | ' | ' | 18,740 | 3,740 | ' | ' | ' | ' | ' | ' | ' | ' |
Annualized effective compounded return rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Return on investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2.25x multiple on Blackstone's investment | ' | ' | ' | '2.75x multiple on Blackstone's investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering price, per share | $27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value assumptions, holding Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' |
Fair value assumptions, risk free rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.24% | ' | ' | ' | ' | ' | ' |
Fair value assumptions, volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.60% | ' | ' | ' | ' | ' | ' |
Fair value assumptions, dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value measuring method | ' | ' | ' | ' | ' | ' | '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. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional future cash proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $31,000 | $628,000 |
Shares available for future issuance | ' | ' | ' | ' | ' | 14,528,669 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 08, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | 13-May-14 | Apr. 24, 2013 | Mar. 31, 2014 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Mar. 31, 2014 | Apr. 24, 2013 | Apr. 09, 2014 | Dec. 17, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 09, 2014 |
2.25x Performance Restricted Shares [Member] | 2.75x Performance Restricted Shares [Member] | Subsequent Events [Member] | Senior Notes [Member] | Senior Notes [Member] | Term B Loan [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] | ||||||
Prior to December 1, 2014 [Member] | Prior to December 1, 2014 [Member] | Senior Notes [Member] | Senior Notes [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 89,920,890 | 89,900,453 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 |
Unvested shares of common stock | ' | 3,343,690 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split description | ' | 'On April 7, 2013, the Company's Board of Directors authorized an eight-for-one split of the Company's common stock which was effective on April 8, 2013. The Company's historical share and per share information has been retroactively adjusted to give effects to this stock split. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split conversion ratio | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 1,000,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 100,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock issued through initial public offering, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares offered and sold by the selling stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,900,000 | ' | ' | 3,900,000 | 2,250,000 | 18,000,000 | ' | ' | 17,250,000 |
Net proceeds received from offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $245,400 | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds received used to redeem 11% Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140,000 | ' | ' | ' | ' | ' | ' | ' |
Redemption price for Senior Notes percentage | ' | ' | ' | ' | ' | ' | ' | ' | 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. | ' | ' | ' | ' | ' | ' |
Payment made to affiliate for termination of Advisory Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,300 | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from offering to repay the outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secondary offering costs | ' | 674 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,407 | ' | ' |
Number of shares repurchased | ' | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,750,000 |
Treasury stock at cost | ' | 44,163 | 44,163 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,163 | 44,163 | 50,700 |
Cash dividends declared | ' | $0.20 | $0.20 | $0.20 | $0.20 | ' | ' | $0.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend payable date | ' | 1-Apr-14 | 3-Jan-14 | 1-Oct-13 | 1-Jul-13 | ' | ' | 1-Jul-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend record date | ' | 20-Mar-14 | 20-Dec-13 | 20-Sep-13 | 20-Jun-13 | ' | ' | 20-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends payable | ' | 18,015 | 17,939 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends payable | ' | ' | ' | ' | ' | $1,170 | $1,170 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |