Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 23, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SEAS | ||
Entity Registrant Name | SeaWorld Entertainment, Inc. | ||
Entity Central Index Key | 1564902 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 89,230,648 | ||
Entity Public Float | $1,914,102,285 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $43,906 | $116,841 |
Accounts receivable, net | 37,002 | 41,509 |
Inventories | 33,134 | 36,209 |
Prepaid expenses and other current assets | 20,894 | 19,613 |
Deferred tax assets, net | 7,268 | 28,887 |
Total current assets | 142,204 | 243,059 |
Property and equipment, at cost | 2,612,052 | 2,485,805 |
Accumulated depreciation | -867,421 | -714,305 |
Property and equipment, net | 1,744,631 | 1,771,500 |
Goodwill | 335,610 | 335,610 |
Trade names/trademarks, net | 164,188 | 163,508 |
Other intangible assets, net | 24,525 | 27,843 |
Other assets | 31,316 | 35,890 |
Total assets | 2,442,474 | 2,577,410 |
Current liabilities: | ||
Accounts payable | 88,279 | 98,500 |
Current maturities on long-term debt | 14,050 | 14,050 |
Accrued salaries, wages and benefits | 19,068 | 23,996 |
Deferred revenue | 79,367 | 82,945 |
Dividends payable | 172 | 17,939 |
Other accrued expenses | 20,149 | 15,264 |
Total current liabilities | 221,085 | 252,694 |
Long-term debt | 1,589,403 | 1,632,531 |
Deferred tax liabilities, net | 31,760 | 25,670 |
Other liabilities | 20,691 | 18,488 |
Total liabilities | 1,862,939 | 1,929,383 |
Commitments and contingencies (Note 14) | ||
Stockholders' Equity: | ||
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2014 and 2013 | ||
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 90,191,100 shares issued at December 31, 2014 and 89,900,453 shares issued at December 31, 2013 | 902 | 899 |
Additional paid-in capital | 655,471 | 689,394 |
Accumulated other comprehensive (loss) income | -483 | 11 |
Retained earnings | 33,516 | 1,886 |
Treasury stock, at cost (4,105,970 shares at December 31, 2014 and 1,500,000 shares at December 31, 2013) | -109,871 | -44,163 |
Total stockholders' equity | 579,535 | 648,027 |
Total liabilities and stockholders' equity | $2,442,474 | $2,577,410 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 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 | 90,191,100 | 89,900,453 |
Treasury stock, shares | 4,105,970 | 1,500,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net revenues: | |||
Admissions | $859,426 | $921,016 | $884,407 |
Food, merchandise and other | 518,386 | 539,234 | 539,345 |
Total revenues | 1,377,812 | 1,460,250 | 1,423,752 |
Costs and expenses: | |||
Cost of food, merchandise and other revenues | 109,024 | 114,192 | 118,559 |
Operating expenses (exclusive of depreciation and amortization shown separately below) | 727,659 | 743,322 | 730,582 |
Selling, general and administrative | 189,369 | 187,298 | 184,920 |
Restructuring and other related costs | 11,567 | ||
Separation costs | 2,574 | ||
Secondary offering costs | 747 | 1,407 | |
Termination of advisory agreement | 50,072 | ||
Depreciation and amortization | 176,275 | 166,086 | 166,975 |
Total costs and expenses | 1,217,215 | 1,262,377 | 1,201,036 |
Operating income | 160,597 | 197,873 | 222,716 |
Other income, net | -198 | -241 | -1,563 |
Interest expense | 81,543 | 90,622 | 110,565 |
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 461 | 29,858 | 2,053 |
Income before income taxes | 78,791 | 77,634 | 111,661 |
Provision for income taxes | 28,872 | 25,714 | 37,440 |
Net income | 49,919 | 51,920 | 74,221 |
Other comprehensive income: | |||
Unrealized (loss) gain on derivatives, net of tax | -494 | 1,265 | -1,254 |
Comprehensive income | $49,425 | $53,185 | $72,967 |
Earnings per share: | |||
Net income per share, basic | $0.57 | $0.59 | $0.90 |
Net income per share, diluted | $0.57 | $0.59 | $0.89 |
Weighted average commons shares outstanding: | |||
Basic | 87,183 | 87,537 | 82,480 |
Diluted | 87,480 | 88,152 | 83,552 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | (Accumulated Deficit) Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock, at Cost [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2011 | $868,143 | $824 | $955,735 | ($88,416) | ||
Beginning Balance, shares at Dec. 31, 2011 | 82,418,808 | |||||
Equity-based compensation | 1,191 | 3 | 1,188 | |||
Equity-based compensation, shares | 318,200 | |||||
Unrealized gain (loss) on derivatives, net of tax | -1,254 | -1,254 | ||||
Cash dividends declared to stockholders, net of forfeitures | -500,000 | -500,000 | ||||
Net income | 74,221 | 74,221 | ||||
Ending Balance at Dec. 31, 2012 | 442,301 | 827 | 456,923 | -14,195 | -1,254 | |
Ending Balance, shares at Dec. 31, 2012 | 82,737,008 | |||||
Equity-based compensation | 6,026 | 1 | 6,025 | |||
Equity-based compensation, shares | 74,561 | |||||
Unrealized gain (loss) on derivatives, net of tax | 1,265 | 1,265 | ||||
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs | 245,441 | 100 | 245,341 | |||
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs, shares | 10,000,000 | |||||
Conversion of common stock into unvested restricted shares | -32 | 32 | ||||
Conversion of common stock into unvested restricted shares, shares | -3,216,719 | |||||
Vesting of restricted shares | 3 | -3 | ||||
Vesting of restricted shares, shares | 334,066 | |||||
Shares withheld for tax withholdings | -852 | -852 | ||||
Shares withheld for tax withholdings, shares | -28,463 | |||||
Cash dividends declared to stockholders, net of forfeitures | -53,911 | -18,072 | -35,839 | |||
Repurchase of shares of treasury stock, at cost | -44,163 | -44,163 | ||||
Net income | 51,920 | 51,920 | ||||
Ending Balance at Dec. 31, 2013 | 648,027 | 899 | 689,394 | 1,886 | 11 | -44,163 |
Ending Balance, shares at Dec. 31, 2013 | 89,900,453 | 89,900,453 | ||||
Equity-based compensation | 2,349 | 2,349 | ||||
Unrealized gain (loss) on derivatives, net of tax | -494 | -494 | ||||
Vesting of restricted shares | 3 | -3 | ||||
Vesting of restricted shares, shares | 299,583 | |||||
Shares withheld for tax withholdings | -213 | -213 | ||||
Shares withheld for tax withholdings, shares | -8,936 | |||||
Cash dividends declared to stockholders, net of forfeitures | -54,345 | -36,056 | -18,289 | |||
Repurchase of shares of treasury stock, at cost | -65,708 | -65,708 | ||||
Net income | 49,919 | 49,919 | ||||
Ending Balance at Dec. 31, 2014 | $579,535 | $902 | $655,471 | $33,516 | ($483) | ($109,871) |
Ending Balance, shares at Dec. 31, 2014 | 90,191,100 | 90,191,100 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized gain (loss) on derivatives tax (benefit) expense | ($286) | $632 | |
Cash dividends declared per share | $0.62 | $0.60 | $6.07 |
Repurchase of treasury stock, Shares | 2,605,970 | 1,500,000 | |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Unrealized gain (loss) on derivatives tax (benefit) expense | ($286) | $632 | ($627) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | |||
Net income | $49,919 | $51,920 | $74,221 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 176,275 | 166,086 | 166,975 |
Amortization of debt issuance costs and discounts | 9,399 | 10,869 | 13,896 |
Loss on sale or disposal of assets | 5,792 | 10,100 | 11,223 |
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 461 | 29,858 | 2,053 |
Deferred income tax provision | 28,000 | 24,728 | 36,937 |
Equity-based compensation | 2,349 | 6,025 | 1,191 |
Changes in assets and liabilities: | |||
Accounts receivable | 6,256 | -3,215 | 4,651 |
Inventories | 2,709 | -166 | -4,156 |
Prepaid expenses and other current assets | -1,276 | -5,343 | -1,327 |
Accounts payable | -8,791 | 4,293 | -6,247 |
Accrued salaries, wages and benefits | -4,928 | -9,092 | 899 |
Deferred revenue | -6,089 | 94 | -1,444 |
Other accrued expenses | -763 | -824 | -760 |
Other assets and liabilities | 2,219 | 1,128 | 1,328 |
Net cash provided by operating activities | 261,532 | 286,461 | 299,440 |
Cash Flows From Investing Activities: | |||
Capital expenditures | -154,641 | -166,258 | -191,745 |
Acquisition of Knott's Soak City Water Park | -12,000 | ||
Acquisition of intangible assets | -1,900 | ||
Change in restricted cash | -5 | -118 | -573 |
Net cash used in investing activities | -156,546 | -166,376 | -204,318 |
Cash Flows From Financing Activities: | |||
Repayment of long-term debt | -45,537 | -189,255 | -57,680 |
Purchase of treasury stock | -60,058 | -44,163 | |
Proceeds from draw on revolving credit facility | 40,000 | 35,000 | 61,000 |
Repayment of revolving credit facility | -40,000 | -35,000 | -97,000 |
Dividends paid to stockholders | -72,113 | -36,175 | -502,977 |
Proceeds from the issuance of debt | 1,455 | 487,163 | |
Debt issuance costs | -10,635 | -2,951 | |
Payment of tax withholdings on equity-based compensation through shares withheld | -213 | -852 | |
Proceeds from issuance of common stock in initial public offering, net of underwriter commissions | 253,800 | ||
Repayment of note payable | -3,000 | ||
Redemption premium payment | -15,400 | ||
Offering costs | -4,694 | -3,665 | |
Net cash used in financing activities | -177,921 | -48,919 | -116,110 |
Change in Cash and Cash Equivalents | -72,935 | 71,166 | -20,988 |
Cash and Cash Equivalents-Beginning of period | 116,841 | 45,675 | 66,663 |
Cash and Cash Equivalents-End of period | 43,906 | 116,841 | 45,675 |
Supplemental Disclosures of Noncash Investing and Financing Activities | |||
Dividends declared, but unpaid | 172 | 17,939 | 203 |
Capital expenditures in accounts payable | 25,730 | 27,160 | 22,696 |
Issuance of notes payable related to business acquisition | 3,000 | ||
Treasury stock purchases settled in January 2015 | $5,650 |
Description_of_the_Business
Description of the Business | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Description of the Business | 1. DESCRIPTION OF THE BUSINESS |
SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates eleven theme parks within the United States. Prior to December 1, 2009, the Company did not have any operations. On December 1, 2009, the Company acquired all of the outstanding equity interests of Busch Entertainment LLC and affiliates from Anheuser-Busch Companies, Inc. and Anheuser-Busch InBev SA/NV (“ABI”). At that time, the Company was owned by ten limited partnerships (the “Partnerships” or the “selling stockholders”), ultimately owned by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. The Company completed an initial public offering in April 2013, and the selling stockholders sold shares of common stock in April 2013, December 2013 and April 2014. See further discussion in Note 19–Stockholders’ Equity. | |
The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; and San Diego, California, and Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia. The Company operates water park attractions in Orlando, Florida (Aquatica); San Diego, California (Aquatica); Tampa, Florida (Adventure Island); and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only attraction offering interaction with marine animals (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place). | |
During the years ended December 31, 2014, 2013 and 2012 approximately 56%, 55% and 55% of the Company’s revenues were generated in the State of Florida, respectively. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Basis of Presentation and Principles of Consolidation | |||||
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts have been eliminated in consolidation. | |||||
Use of Estimates | |||||
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates. | |||||
Revision of Previously Issued Financial Statements | |||||
In the third quarter of 2014, the Company conducted an internal review of its application of the guidance in Accounting Standards Codification (“ASC”) 470-50, Debt-Modifications and Extinguishments, to its accounting for certain debt transactions in 2013, 2012 and 2011. As a result of this review and analysis, the Company determined that it had incorrectly applied the accounting guidance in ASC 470-50 and inappropriately accounted for certain fees as a result of modifications and prepayments in certain years. In accordance with ASC 250 (Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin 99, Assessing Materiality), the Company concluded that the correction of the errors was not material to any of its previously issued annual or interim financial statements. The Company has revised its previously issued financial statements contained in this Annual Report on Form 10-K to correct the effect of these immaterial errors for the corresponding periods. See further discussion in the Revision of Previously Issued Financial Statements section of Note 11–Long-Term Debt. | |||||
Cash and Cash Equivalents | |||||
Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $8,381 and $9,776 at December 31, 2014 and 2013, respectively. The cash balances in non-interest bearing accounts held at financial institutions are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2014. Interest bearing accounts are insured up to $250. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions. | |||||
Accounts Receivable—Net | |||||
Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance for estimated uncollectible receivables, based on the amount and status of past-due accounts, contractual terms of the receivables and the Company’s history of uncollectible accounts. For all periods presented, the allowance for uncollectible accounts and the related provision were insignificant. | |||||
Inventories | |||||
Inventories are stated at the lower of cost or market value with the cost being determined by the weighted average cost method. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value. | |||||
Restricted Cash | |||||
Restricted cash is recorded in other current assets and consists of funds received from strategic partners for use in approved marketing and promotional activities. | |||||
Property and Equipment—Net | |||||
Property and equipment are recorded at cost. The cost of ordinary or routine maintenance, repairs, spare parts and minor renewals is expensed as incurred. Internal development costs associated with new attractions, rides and product development are capitalized after necessary feasibility studies have been completed and final concept or contracts have been approved. The cost of assets is depreciated using the straight-line method based on the following estimated useful lives: | |||||
Land improvements | 10-40 years | ||||
Buildings | 5-40 years | ||||
Rides, attractions and equipment | 3-20 years | ||||
Animals | 1-50 years | ||||
Material costs to purchase animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years). All costs to maintain animals are expensed as incurred, including in-house animal breeding costs, as they are insignificant to the consolidated financial statements. Construction in process assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all construction projects. Total interest capitalized for the years ended December 31, 2014 and 2013, was $2,629 and $4,347, respectively. | |||||
Computer System Development Costs | |||||
The Company capitalizes computer system development costs that meet established criteria and, once placed in service, amortizes those costs to expense on a straight-line basis over five years. Total capitalized costs related to computer system development costs, net of accumulated amortization, were $10,287 and $7,350, as of December 31, 2014 and 2013, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $8,841 and $6,199 as of December 31, 2014 and 2013, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2014, 2013 and 2012 was $2,703, $1,949 and $969, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive income. Systems reengineering costs do not meet the proper criteria for capitalization and are expensed as incurred. | |||||
Impairment of Long-Lived Assets | |||||
All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park). No impairment losses were recognized during the years ended December 31, 2014, 2013 and 2012. | |||||
Goodwill and Other Indefinite-Lived Intangible Assets | |||||
Goodwill and other indefinite-lived intangible assets are not amortized, but instead reviewed for impairment at least annually on December 1, and as of an interim date should factors or indicators become apparent that would require an interim test, with ongoing recoverability based on applicable reporting unit performance and consideration of significant events or changes in the overall business environment. In assessing goodwill for impairment, the Company may choose to initially evaluate qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considers several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing for recoverability of a significant asset group within a reporting unit. If this qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. If the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The Company may also choose to perform this two-step impairment analysis instead of the qualitative analysis. The first step is a comparison of the fair value of the reporting unit, determined using the income and market approach, to its recorded amount. If the recorded amount exceeds the fair value, the second step quantifies any impairment write-down by comparing the current implied value of goodwill to the recorded goodwill balance. The Company’s other indefinite-lived intangible assets consist of certain trade names/trademarks which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are tested for impairment using the relief from royalty method. The Company performed a quantitative assessment of goodwill and other indefinite-lived intangible assets at December 1, 2014 and 2012 and a qualitative assessment of goodwill and other indefinite-lived intangible assets at December 1, 2013 and found no impairments. | |||||
Other Intangible Assets | |||||
The Company’s other intangible assets consist primarily of certain trade names/trademarks, relationships with ticket resellers, a favorable lease asset and a non-compete agreement. These intangible assets are amortized on the straight-line basis over their estimated remaining lives. | |||||
Self-Insurance Reserves | |||||
Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities. The Company maintains self-insurance reserves for healthcare, auto, general liability and workers compensation claims. Total claims reserves were $27,127 at December 31, 2014, of which $2,977 is recorded in accrued salaries, wages and benefits, $7,800 is recorded in other accrued expenses and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $24,643 at December 31, 2013, of which $2,905 is recorded in accrued salaries, wages and benefits, $7,800 is recorded in other accrued expenses and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. | |||||
Debt Financing Costs | |||||
Deferred financing costs are amortized to interest expense using the effective interest method over the term of the Senior Secured Credit Facilities or the Senior Notes and are included in other assets in the accompanying consolidated balance sheets. | |||||
Share Repurchase Program and Treasury Stock | |||||
From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at December 31, 2014 and 2013 is recorded as a reduction to stockholders’ equity as the Company does not currently intend to retire the treasury stock held. See further discussion of the Company’s Share Repurchase Program in Note 19–Stockholders’ Equity. | |||||
Revenue Recognition | |||||
The Company recognizes revenue upon admission into a park for single day tickets and when products are received by customers for merchandise, culinary or other in-park spending. For season passes and other multi-use admission products, deferred revenue is recorded and the related revenue is recognized over the terms of the admission product and its estimated usage. Deferred revenue includes a current and long-term portion. At December 31, 2014 and 2013, long-term deferred revenue of $2,414 and $3,176, respectively, is included in other liabilities in the accompanying consolidated balance sheets. The Company has entered into agreements with certain external theme park, zoo and other attraction operators to jointly market and sell single and multi-use admission products. These joint products allow admission to both a Company park and an external park, zoo or other attraction. The agreements with the external parks specify the allocation of revenue to the Company from any jointly sold products. The Company’s portion of revenue is deferred and recognized in a manner consistent with the Company’s own admission products over its related use. The Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the products or services is recognized into admissions revenue and related expense at the time of the exchange and approximates the estimated fair value of either the products or services received or provided, whichever is more readily determinable. For the years ended December 31, 2014, 2013 and 2012, approximately $17,700, $20,000 and $19,600, respectively, were included within admissions revenue with an offset in either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of comprehensive income related to bartered ticket transactions. | |||||
Advertising and Promotional Costs | |||||
Advertising production costs are deferred and expensed the first time the advertisement is shown. Advertising and media costs are expensed as incurred and for the years ended December 31, 2014, 2013 and 2012, totaled approximately $110,500, $112,000 and $116,700, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income. | |||||
Equity-Based Compensation | |||||
The Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period. See further discussion in Note 18–Equity-Based Compensation. | |||||
Restructuring Costs | |||||
The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations. The Company defines a business restructuring as an exit or disposal activity that includes but is not limited to a program which is planned and controlled by management and materially changes either the scope of a business or the manner in which that business is conducted. Business restructuring charges may include (i) one-time termination benefits related to employee separations, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities. | |||||
A liability is recognized and measured at its fair value for one-time termination benefits once the plan of termination is communicated to affected employees and it meets all of the following criteria: (i) management commits to a plan of termination, (ii) the plan identifies the number of employees to be terminated and their job classifications or functions, locations and the expected completion date, (iii) the plan establishes the terms of the benefit arrangement and (iv) it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. Contract termination costs include costs to terminate a contract or costs that will continue to be incurred under the contract without benefit to the Company. A liability is recognized and measured at its fair value when the Company either terminates the contract or ceases using the rights conveyed by the contract. | |||||
Income Taxes | |||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more-likely than not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to uncertain positions are charged to the provision/benefit for income taxes. | |||||
Fair Value Measurements | |||||
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. | |||||
An entity is permitted to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to use the fair value option for any of its financial assets and financial liabilities that are not already recorded at fair value. Carrying values of financial instruments classified as current assets and current liabilities approximate fair value, due to their short-term nature. A description of the Company’s policies regarding fair value measurement is summarized below. | |||||
Fair Value Hierarchy—Fair value is determined for assets and liabilities, which are grouped according to a hierarchy, based upon significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: | |||||
Level 1—Quoted prices for identical instruments in active markets. | |||||
Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||
Determination of Fair Value—The Company generally uses quoted market prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access to determine fair value, and classifies such items in Level 1. Fair values determined by Level 2 inputs utilize inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted market prices in active markets for similar assets or liabilities, and inputs other than quoted market prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest and currency rates, and the like. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. | |||||
Segment Reporting | |||||
The Company maintains discrete financial information for each of its eleven theme parks, which is used by the Chief Operating Decision Maker (“CODM”), identified as the Chief Executive Officer, as a basis for allocating resources. Each theme park has been identified as an operating segment and meets the criteria for aggregation due to similar economic characteristics. In addition, all of the theme parks provide similar products and services and share similar processes for delivering services. The theme parks have a high degree of similarity in the workforces and target the same consumer group. Accordingly, based on these economic and operational similarities and the way the CODM monitors the operations, the Company has concluded that its operating segments may be aggregated and that it has one reportable segment. | |||||
Derivative Instruments and Hedging Activities | |||||
During fiscal year 2012, the Company entered into certain derivative transactions, as detailed in Note 12-Derivative Instruments and Hedging Activities, and elected the related derivative instruments and hedging activities accounting policy described herein. ASC 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, results of operations and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of, and gains and losses on, derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. | |||||
As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 3. 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. | |
In June 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This ASU provides explicit guidance on the treatment of awards with performance targets that could be achieved after the requisite service period. The ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with earlier adoption permitted. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date will be annual reporting periods beginning after December 15, 2016 using one of two retrospective application methods. The Company is evaluating the accounting and disclosure requirements on its consolidated financial statements but does not currently anticipate a material impact to the consolidated financial statements upon adoption. |
Restructuring_Program_and_Sepa
Restructuring Program and Separation Costs | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring Program and Separation Costs | 4. RESTRUCTURING PROGRAM AND SEPARATION COSTS | ||||||||||||
Restructuring Program | |||||||||||||
In December 2014, the Company implemented a restructuring program in an effort to centralize certain operations and reduce duplication of functions to increase efficiencies (the “Restructuring Program”). The Restructuring Program involved the elimination of approximately 300 positions across the Company’s eleven theme parks and corporate headquarters. As a result, the Company expects to record approximately $12,400 in pre-tax restructuring and other related costs associated with this Restructuring Program, of which $11,567 was incurred in 2014 and approximately $800 is expected to be incurred in the first half of 2015, due to certain continuing service obligations which are expected to be completed by the second quarter of 2015. | |||||||||||||
The Restructuring Program activity for the year ended December 31, 2014 was as follows: | |||||||||||||
Severance and | Other Related | Total | |||||||||||
Other | Restructuring | Restructuring | |||||||||||
Employment | Expenses | and Other | |||||||||||
Expenses | Related Costs | ||||||||||||
Costs incurred in 2014 | $ | 8,578 | $ | 2,989 | $ | 11,567 | |||||||
Payments made in 2014 | (887 | ) | (2,989 | ) | (3,876 | ) | |||||||
Liability as of December 31, 2014 | $ | 7,691 | $ | — | $ | 7,691 | |||||||
Costs incurred in 2014 related to the Restructuring Program are recorded as restructuring and other related costs on the accompanying consolidated statements of comprehensive income and primarily consist of severance and other employment expenses. Other related restructuring expenses include third party consulting costs associated with the development of the cost savings plan and the Restructuring Program. The liability related to severance and other employment expenses is included in accrued salaries, wages and benefits as of December 31, 2014 on the accompanying consolidated balance sheet. | |||||||||||||
Restructuring and other related costs do not include any costs associated with the separation of the Company’s Chief Executive Officer and President effective January 15, 2015 (the “Former CEO”) as discussed below. | |||||||||||||
Separation Costs | |||||||||||||
On December 11, 2014, the Company announced that its Chief Executive Officer would resign from his role effective on January 15, 2015. Pursuant to a separation and consulting agreement entered into by the Company and the Former CEO on December 10, 2014, the Former CEO will remain involved with the Company as a member of the Board and in a consulting capacity to the Company for a three-year consulting term. The Company recorded $2,574 as separation costs on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2014 related to this separation. This amount is included in accrued salaries, wages and benefits as of December 31, 2014 on the accompanying consolidated balance sheet and was paid in January 2015. | |||||||||||||
Additionally, in connection with the Restructuring Program and the separation of the Former CEO, conditions for eligibility on certain unvested performance restricted shares of common stock were modified to allow those participants who are separating from the Company, including the Former CEO, to vest in their respective awards if the performance conditions are achieved after their employment ends with the Company. See Note 18–Equity-Based Compensation for further details. |
Earnings_per_Share
Earnings per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||
Earnings per Share | 5. EARNINGS PER SHARE | ||||||||||||||||||||||||||||||||||||
Earnings per share is computed as follows (in thousands, except per share data): | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | |||||||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 49,919 | 87,183 | $ | 0.57 | $ | 51,920 | 87,537 | $ | 0.59 | $ | 74,221 | 82,480 | $ | 0.9 | ||||||||||||||||||||||
Effect of dilutive incentive-based awards | 297 | 615 | 1,072 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 49,919 | 87,480 | $ | 0.57 | $ | 51,920 | 88,152 | $ | 0.59 | $ | 74,221 | 83,552 | $ | 0.89 | ||||||||||||||||||||||
In accordance with the Earnings Per Share Topic of the ASC, basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period (excluding unvested restricted stock). The shares of unvested restricted stock are eligible to receive dividends; however, dividend rights will be forfeited if the award does not vest. Accordingly, only vested shares of outstanding restricted stock are included in the calculation of basic earnings per share. The weighted average number of repurchased shares during the period that are held as treasury stock are excluded from common stock outstanding. | |||||||||||||||||||||||||||||||||||||
Diluted earnings per share is determined based on the dilutive effect of unvested restricted stock probable of vesting using the treasury stock method. During the year ended December 31, 2014, there were approximately 21,000 antidilutive shares of common stock excluded from the computation of diluted earnings per share. During the years ended December 31, 2013 and 2012, there were no antidilutive shares of common stock excluded from the computation of diluted earnings per share. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 6. INVENTORIES | ||||||||
Inventories as of December 31, 2014 and 2013, consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Merchandise | $ | 28,356 | $ | 30,586 | |||||
Food and beverage | 4,778 | 5,623 | |||||||
Total inventories | $ | 33,134 | $ | 36,209 | |||||
Prepaid_Expenses_and_Other_Cur
Prepaid Expenses and Other Current Assets | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Prepaid Expenses and Other Current Assets | 7. PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||||||||
Prepaid expenses and other current assets as of December 31, 2014 and 2013, consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Prepaid insurance | $ | 8,047 | $ | 8,418 | |||||
Prepaid marketing and advertising costs | 6,965 | 6,817 | |||||||
Other | 5,882 | 4,378 | |||||||
Total prepaid expenses and other current assets | $ | 20,894 | $ | 19,613 | |||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment, Net | 8. PROPERTY AND EQUIPMENT, NET | ||||||||
The components of property and equipment, net as of December 31, 2014 and 2013, consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Land | $ | 286,200 | $ | 286,200 | |||||
Land improvements | 289,892 | 259,722 | |||||||
Buildings | 566,112 | 537,532 | |||||||
Rides, attractions and equipment | 1,267,832 | 1,173,746 | |||||||
Animals | 158,362 | 157,160 | |||||||
Construction in process | 43,654 | 71,445 | |||||||
Less accumulated depreciation | (867,421 | ) | (714,305 | ) | |||||
Total property and equipment, net | $ | 1,744,631 | $ | 1,771,500 | |||||
Depreciation expense was approximately $169,000, $159,700 and $161,700 for the years ended December 31, 2014, 2013 and 2012, respectively. |
Trade_NamesTrademarks_and_Othe
Trade Names/Trademarks and Other Intangible Assets, Net | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Trade Names/Trademarks and Other Intangible Assets, Net | 9. TRADE NAMES/TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET | ||||||||||||||||
Trade names/trademarks, net are comprised of the following at December 31, 2014: | |||||||||||||||||
Weighted Average | Gross | Accumulated | Net | ||||||||||||||
Amortization | Carrying | Amortization | Carrying | ||||||||||||||
Period | Amount | Value | |||||||||||||||
Trade names/trademarks—indefinite lives | $ | 157,000 | $ | — | $ | 157,000 | |||||||||||
Trade names/trademarks—definite lives | 9.3 years | 12,900 | 5,712 | 7,188 | |||||||||||||
Total trade names/trademarks, net | $ | 169,900 | $ | 5,712 | $ | 164,188 | |||||||||||
Trade names/trademarks, net are comprised of the following at December 31, 2013: | |||||||||||||||||
Weighted Average | Gross | Accumulated | Net | ||||||||||||||
Amortization | Carrying | Amortization | Carrying | ||||||||||||||
Period | Amount | Value | |||||||||||||||
Trade names/trademarks—indefinite lives | $ | 157,000 | $ | — | $ | 157,000 | |||||||||||
Trade names/trademarks—definite lives | 10 years | 11,000 | 4,492 | 6,508 | |||||||||||||
Total trade names/trademarks, net | $ | 168,000 | $ | 4,492 | $ | 163,508 | |||||||||||
Other intangible assets, net at December 31, 2014, consisted of the following: | |||||||||||||||||
Weighted Average | Gross | Accumulated | Net | ||||||||||||||
Amortization | Carrying | Amortization | Carrying | ||||||||||||||
Period | Amount | Value | |||||||||||||||
Favorable lease asset | 39 years | $ | 18,200 | $ | 2,333 | $ | 15,867 | ||||||||||
Reseller agreements | 8.1 years | 22,300 | 13,984 | 8,316 | |||||||||||||
Non-compete agreement | 5 years | 500 | 158 | 342 | |||||||||||||
Total other intangible assets, net | $ | 41,000 | $ | 16,475 | $ | 24,525 | |||||||||||
Other intangible assets, net at December 31, 2013, consisted of the following: | |||||||||||||||||
Weighted Average | Gross | Accumulated | Net | ||||||||||||||
Amortization | Carrying | Amortization | Carrying | ||||||||||||||
Period | Amount | Value | |||||||||||||||
Favorable lease asset | 39 years | $ | 18,200 | $ | 1,867 | $ | 16,333 | ||||||||||
Reseller agreements | 8.1 years | 22,300 | 11,232 | 11,068 | |||||||||||||
Non-compete agreement | 5 years | 500 | 58 | 442 | |||||||||||||
Total other intangible assets, net | $ | 41,000 | $ | 13,157 | $ | 27,843 | |||||||||||
Total amortization was approximately $4,600, $4,400 and $4,300 for the years ended December 31, 2014, 2013 and 2012, respectively. The total weighted average amortization period of all finite-lived intangibles is 18.8 years. | |||||||||||||||||
Total expected amortization of the finite-lived intangible assets for the succeeding five years and thereafter is as follows: | |||||||||||||||||
Years Ending December 31 | |||||||||||||||||
2015 | $ | 4,780 | |||||||||||||||
2016 | 4,780 | ||||||||||||||||
2017 | 4,574 | ||||||||||||||||
2018 | 2,235 | ||||||||||||||||
2019 | 1,849 | ||||||||||||||||
Thereafter | 13,495 | ||||||||||||||||
$ | 31,713 | ||||||||||||||||
Other_Accrued_Expenses
Other Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Other Accrued Expenses | 10. OTHER ACCRUED EXPENSES | ||||||||
Other accrued expenses at December 31, 2014 and 2013, consisted of the following: | |||||||||
2014 | 2013 | ||||||||
Accrued property taxes | $ | 2,039 | $ | 2,113 | |||||
Accrued interest | 2,604 | 2,636 | |||||||
Self-insurance reserve | 7,800 | 7,800 | |||||||
Other | 7,706 | 2,715 | |||||||
Total other accrued expenses | $ | 20,149 | $ | 15,264 | |||||
As of December 31, 2014, the Company accrued $5,650 related to the 2014 repurchase of certain shares of common stock, which settled and was paid in January 2015. See Note 19–Stockholders’ Equity for further discussion on the Share Repurchase Program. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Long-Term Debt | 11. LONG-TERM DEBT | ||||||||||||||||||||||||
Long-term debt as of December 31, 2014 and 2013 consisted of the following: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Term B-2 Loans | $ | 1,352,438 | $ | 1,397,975 | |||||||||||||||||||||
Revolving credit agreement | — | — | |||||||||||||||||||||||
Senior Notes | 260,000 | 260,000 | |||||||||||||||||||||||
Total long-term debt | 1,612,438 | 1,657,975 | |||||||||||||||||||||||
Less discounts | (8,985 | ) | (11,394 | ) | |||||||||||||||||||||
Less current maturities | (14,050 | ) | (14,050 | ) | |||||||||||||||||||||
Total long-term debt, net of current maturities | $ | 1,589,403 | $ | 1,632,531 | |||||||||||||||||||||
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”). | |||||||||||||||||||||||||
Deferred financing costs, net of accumulated amortization and amounts written-off for early extinguishment of debt, were $20,003 and $27,453 as of December 31, 2014 and 2013, respectively. Deferred financing costs are amortized to interest expense using the effective interest method over the term of the Senior Secured Credit Facilities or the Senior Notes and are included in other assets in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||
As of December 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 December 31, 2014, the Senior Secured Credit Facilities consisted of a $1,352,438 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 December 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. | |||||||||||||||||||||||||
SEA entered into Amendments No. 1, 2, 3, 4, 5 and 6 of the Senior Secured Credit Facilities effective on February 17, 2011, April 15, 2011, March 30, 2012, April 24, 2013, May 14, 2013 and August 9, 2013, respectively (collectively, the “Amendments”). | |||||||||||||||||||||||||
Revision of Previously Issued Financial Statements | |||||||||||||||||||||||||
In the third quarter of 2014, the Company conducted an internal review of its application of the guidance in ASC 470-50, Debt-Modifications and Extinguishments, to its accounting for certain debt transactions in 2013, 2012 and 2011. As a result of this review and analysis, the Company determined that it had incorrectly applied the accounting guidance in ASC 470-50 and inappropriately accounted for certain fees as a result of modifications related to the Amendments and prepayments in certain years. | |||||||||||||||||||||||||
In particular, for Amendment No. 1 in 2011, the Company determined that $1,074 should have been capitalized, $4,326 should have been expensed and $13,939 should have been written off and reflected as a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. Additionally, for Amendment No. 2 and prepayments in 2011, the Company determined that $45 and $1,145, respectively, should have been written off and reflected as a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. The cumulative impact of the corrections as of January 1, 2012 was an increase to accumulated deficit of $4,324. | |||||||||||||||||||||||||
For Amendment No. 3 in 2012, the Company determined that $10,789 should have been capitalized, $5,072 should have been expensed and $992 should have been written off and reflected as a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. The Company also determined that for prepayments in 2012, fees and discounts of $1,061 should have been written off and reflected as a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. The Company recorded a $5,265 reduction in income before taxes for the 2012 corrections, primarily related to the accounting for Amendment No. 3. | |||||||||||||||||||||||||
For Amendment No. 4 and Amendment No. 6 in 2013, the Company determined that the original accounting was appropriate and there were no corrections necessary. For Amendment No. 5 in 2013, the Company determined that $4,854 should have been capitalized, $3,871 should have been expensed and $8,121 should have been written off and reflected as a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. Additionally, for prepayments in 2013, the Company determined that $856 should have been written off and reflected as a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. The Company recorded an additional $2,152 in income before taxes for the 2013 corrections, primarily related to a reduction in interest expense due to the 2013 amortization impact of the corrections made in 2011, 2012 and 2013. | |||||||||||||||||||||||||
In accordance with ASC 250 (SEC Staff Accounting Bulletin 99, Assessing Materiality), the Company concluded that the correction of the errors was not material to any of its previously issued annual or interim financial statements. The Company has revised its previously issued financial statements contained in this Annual Report on Form 10-K to correct the effect of these immaterial errors for the corresponding periods. | |||||||||||||||||||||||||
The following table presents the impact of these corrections on affected consolidated balance sheet line items as of December 31, 2013: | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
As Previously | Adjustments | As | |||||||||||||||||||||||
Reported | Revised | ||||||||||||||||||||||||
Selected Balance Sheet Data: | |||||||||||||||||||||||||
Other assets | $ | 40,753 | $ | (4,863 | ) | $ | 35,890 | ||||||||||||||||||
Total assets | $ | 2,582,273 | $ | (4,863 | ) | $ | 2,577,410 | ||||||||||||||||||
Long-term debt | $ | 1,627,183 | $ | 5,348 | $ | 1,632,531 | |||||||||||||||||||
Deferred tax liabilities, net | $ | 29,776 | $ | (4,106 | ) | $ | 25,670 | ||||||||||||||||||
Retained earnings | $ | 7,991 | $ | (6,105 | ) | $ | 1,886 | ||||||||||||||||||
Total stockholders’ equity | $ | 654,132 | $ | (6,105 | ) | $ | 648,027 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,582,273 | $ | (4,863 | ) | $ | 2,577,410 | ||||||||||||||||||
The following tables present the additional impact of the corrections for other previously issued annual periods as indicated: | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
Selected Statements of Comprehensive Income Data: | |||||||||||||||||||||||||
Operating expenses | $ | 739,989 | $ | 3,333 | $ | 743,322 | $ | 726,509 | $ | 4,073 | $ | 730,582 | |||||||||||||
Interest expense | $ | 93,536 | $ | (2,914 | ) | $ | 90,622 | $ | 111,426 | $ | (861 | ) | $ | 110,565 | |||||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $ | 32,429 | $ | (2,571 | ) | $ | 29,858 | $ | — | $ | 2,053 | $ | 2,053 | ||||||||||||
Income before income taxes | $ | 75,482 | $ | 2,152 | $ | 77,634 | $ | 116,926 | $ | (5,265 | ) | $ | 111,661 | ||||||||||||
Provision for income taxes | $ | 25,004 | $ | 710 | $ | 25,714 | $ | 39,482 | $ | (2,042 | ) | $ | 37,440 | ||||||||||||
Net income | $ | 50,478 | $ | 1,442 | $ | 51,920 | $ | 77,444 | $ | (3,223 | ) | $ | 74,221 | ||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Net income per share, basic | $ | 0.58 | $ | 0.01 | $ | 0.59 | $ | 0.94 | $ | (0.04 | ) | $ | 0.9 | ||||||||||||
Net income per share, diluted | $ | 0.57 | $ | 0.02 | $ | 0.59 | $ | 0.93 | $ | (0.04 | ) | $ | 0.89 | ||||||||||||
Selected Statements of Cash Flows Data: | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 289,794 | $ | (3,333 | ) | $ | 286,461 | $ | 303,513 | $ | (4,073 | ) | $ | 299,440 | |||||||||||
Net cash used in financing activities | $ | (52,252 | ) | $ | 3,333 | $ | (48,919 | ) | $ | (120,183 | ) | $ | 4,073 | $ | (116,110 | ) | |||||||||
The following tables present the impact of these corrections on the unaudited summary quarterly financial data for the previously issued quarterly periods as indicated (see also Note 21–Summary Quarterly Financial Data (Unaudited)): | |||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
March 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
Selected Summary Quarterly Financial Data: | (Unaudited) | ||||||||||||||||||||||||
Total revenues | $ | 238,610 | $ | — | $ | 238,610 | $ | 411,292 | $ | — | $ | 411,292 | |||||||||||||
Operating expenses | $ | 173,260 | $ | — | $ | 173,260 | $ | 194,674 | $ | 3,333 | $ | 198,007 | |||||||||||||
Operating (loss) income | $ | (35,873 | ) | $ | — | $ | (35,873 | ) | $ | 30,980 | $ | (3,333 | ) | $ | 27,647 | ||||||||||
Interest expense | $ | 28,606 | $ | (610 | ) | $ | 27,996 | $ | 22,926 | $ | (694 | ) | $ | 22,232 | |||||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $ | — | $ | — | $ | — | $ | 32,429 | $ | (2,571 | ) | $ | 29,858 | ||||||||||||
Loss before income taxes | $ | (64,406 | ) | $ | 610 | $ | (63,796 | ) | $ | (24,268 | ) | $ | (68 | ) | $ | (24,336 | ) | ||||||||
Benefit from income taxes | $ | (24,046 | ) | $ | 201 | $ | (23,845 | ) | $ | (8,414 | ) | $ | (22 | ) | $ | (8,436 | ) | ||||||||
Net loss | $ | (40,360 | ) | $ | 409 | $ | (39,951 | ) | $ | (15,854 | ) | $ | (46 | ) | $ | (15,900 | ) | ||||||||
Loss per share: | |||||||||||||||||||||||||
Net loss per share, basic | $ | (0.49 | ) | $ | 0.01 | $ | (0.48 | ) | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | |||||||||
Net loss per share, diluted | $ | (0.49 | ) | $ | 0.01 | $ | (0.48 | ) | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | |||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2013 | ||||||||||||||||||||||||
Reported | Adjustments | As | Reported | Adjustments | As | ||||||||||||||||||||
Revised | Revised | ||||||||||||||||||||||||
Selected Summary Quarterly Financial Data: | (Unaudited) | ||||||||||||||||||||||||
Total revenues | $ | 538,389 | $ | — | $ | 538,389 | $ | 271,959 | $ | — | $ | 271,959 | |||||||||||||
Operating expenses | $ | 202,625 | $ | — | $ | 202,625 | $ | 169,430 | $ | — | $ | 169,430 | |||||||||||||
Operating income | $ | 205,594 | $ | — | $ | 205,594 | $ | 505 | $ | — | $ | 505 | |||||||||||||
Interest expense | $ | 21,018 | $ | (807 | ) | $ | 20,211 | $ | 20,986 | $ | (803 | ) | $ | 20,183 | |||||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Income (loss) before income taxes | $ | 184,589 | $ | 807 | $ | 185,396 | $ | (20,433 | ) | $ | 803 | $ | (19,630 | ) | |||||||||||
Provision for (benefit from) income taxes | $ | 64,390 | $ | 266 | $ | 64,656 | $ | (6,926 | ) | $ | 265 | $ | (6,661 | ) | |||||||||||
Net income (loss) | $ | 120,199 | $ | 541 | $ | 120,740 | $ | (13,507 | ) | $ | 538 | $ | (12,969 | ) | |||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||||
Net income (loss) per share, basic | $ | 1.34 | $ | 0.01 | $ | 1.35 | $ | (0.15 | ) | $ | 0.01 | $ | (0.14 | ) | |||||||||||
Net income (loss) per share, diluted | $ | 1.33 | $ | 0.01 | $ | 1.34 | $ | (0.15 | ) | $ | 0.01 | $ | (0.14 | ) | |||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
March 31, 2014 | June 30, 2014 | ||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
Selected Summary Quarterly Financial Data: | (Unaudited) | ||||||||||||||||||||||||
Total revenues | $ | 212,290 | $ | — | $ | 212,290 | $ | 405,151 | $ | — | $ | 405,151 | |||||||||||||
Operating expenses | $ | 167,912 | $ | — | $ | 167,912 | $ | 189,190 | $ | — | $ | 189,190 | |||||||||||||
Operating (loss) income | $ | (59,408 | ) | $ | — | $ | (59,408 | ) | $ | 80,587 | $ | — | $ | 80,587 | |||||||||||
Interest expense | $ | 20,046 | $ | (342 | ) | $ | 19,704 | $ | 20,638 | $ | (112 | ) | $ | 20,526 | |||||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
(Loss) income before income taxes | $ | (79,471 | ) | $ | 342 | $ | (79,129 | ) | $ | 59,994 | $ | 112 | $ | 60,106 | |||||||||||
(Benefit from) provision for income taxes | $ | (30,040 | ) | $ | 128 | $ | (29,912 | ) | $ | 22,658 | $ | 42 | $ | 22,700 | |||||||||||
Net (loss) income | $ | (49,431 | ) | $ | 214 | $ | (49,217 | ) | $ | 37,336 | $ | 70 | $ | 37,406 | |||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||||
Net (loss) income per share, basic | $ | (0.56 | ) | $ | — | $ | (0.56 | ) | $ | 0.43 | $ | — | $ | 0.43 | |||||||||||
Net (loss) income per share, diluted | $ | (0.56 | ) | $ | — | $ | (0.56 | ) | $ | 0.43 | $ | — | $ | 0.43 | |||||||||||
Term B-2 Loans | |||||||||||||||||||||||||
The Term B-2 Loans were initially borrowed in an aggregate principal amount of $1,405,000. Borrowings under the Senior 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 December 31, 2014, SEA selected the LIBOR rate (interest rate of 3.00% at December 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 December 31, 2014, SEA selected the LIBOR rate and achieved the corporate credit ratings for an applicable margin of 2.50%. | |||||||||||||||||||||||||
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. The commitment fee rate is 0.50% per annum. SEA is also required to pay customary letter of credit fees. | |||||||||||||||||||||||||
The 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 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. | |||||||||||||||||||||||||
SEA had no amounts outstanding at December 31, 2014 and 2013, relating to the Revolving Credit Facility. The revolving credit commitment includes up to $20,000 in short-term loans (five days in duration) and up to $50,000 in letters of credit. Any amounts borrowed under the short-term loans or as letters of credit reduce the total amount available under the revolving credit loan. All amounts outstanding under the revolving credit commitment are due on the Revolving Credit Facility maturity date, except for borrowings under the short term loans, which are payable within five business days of the original borrowing. As of December 31, 2014, the Company had approximately $18,100 of outstanding letters of credit, leaving approximately $174,400 available for borrowing. | |||||||||||||||||||||||||
SEA is required to prepay the outstanding Term B-2 loans, subject to certain exceptions, with: | |||||||||||||||||||||||||
• | 50% of SEA’s annual “excess cash flow” (with step-downs to 25% and 0%, as applicable, based upon achievement by SEA of a certain total net leverage ratio), subject to certain exceptions; | ||||||||||||||||||||||||
• | 100% of the net cash proceeds of certain non-ordinary course asset sales or other dispositions subject to reinvestment rights and certain exceptions; and | ||||||||||||||||||||||||
• | 100% of the net cash proceeds of any incurrence of debt by SEA or any of its restricted subsidiaries, other than debt permitted to be incurred or issued under the Senior Secured Credit Facilities. | ||||||||||||||||||||||||
Notwithstanding any of the foregoing, each lender of term loans has the right to reject its pro rata share of mandatory prepayments described above, in which case SEA may retain the amounts so rejected. The foregoing mandatory prepayments will be applied pro rata to installments of term loans in direct order of maturity. There were no mandatory prepayments during the years ended December 31, 2014 or 2013 since none of the events indicated above occurred during the year. On September 30, 2014, the Company made a voluntary principal repayment of approximately $31,500 on the Term B-2 Loans with available cash on hand. | |||||||||||||||||||||||||
The obligations under the Senior Secured Credit Facilities are fully, unconditionally and irrevocably guaranteed by the Company, any subsidiary of the Company that directly or indirectly owns 100% of the issued and outstanding equity interests of SEA, and, subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries. The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests, subject to certain exceptions, in (i) all the capital stock of, or other equity interests in, substantially all of the Company’s direct or indirect material domestic subsidiaries and 65% of the capital stock of, or other equity interests in, any “first tier” foreign subsidiaries and (ii) certain tangible and intangible assets of SEA and the Company. Certain financial, affirmative and negative covenants, including a maximum total net leverage ratio, minimum interest coverage ratio and maximum capital expenditures are included in the Senior Secured Credit Facilities. If an event of default occurs, the lenders under the Senior Secured Credit Facilities will be entitled to take various actions, including the acceleration of amounts due under the Senior Secured Credit Facilities and all actions permitted to be taken by a secured creditor. | |||||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||
The Senior Notes accrue interest at a rate of 11.0% per annum. Interest is payable semi-annually in arrears. The obligations under the Senior Notes are guaranteed by the same entities as those that guarantee the Senior Secured Credit Facilities. 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. | |||||||||||||||||||||||||
In connection with the issuance of the Senior Notes in 2009, the holders of the Senior Notes received warrants to purchase 101,000 (not in thousands) Partnerships units for $100 (not in thousands) per unit. The Partnerships, in turn, received warrants to acquire 808,000 (not in thousands) shares of the Company’s common stock. The total value of the warrants at December 1, 2009 was $5,000 and was recorded by the Company as additional paid-in capital and a discount on the Senior Notes. The additional discount is being amortized to interest expense over the term of the Senior Notes. The unamortized discount at December 31, 2014 and 2013, of $1,369 and $2,083, respectively, is presented as a reduction of the carrying value of the Senior Notes in the accompanying consolidated financial statements. | |||||||||||||||||||||||||
Restrictive Covenants | |||||||||||||||||||||||||
The Senior Secured Credit Facilities contain a number of customary negative covenants. Such covenants, among other things, restrict, subject to certain exceptions, the ability of SEA and its restricted subsidiaries to incur additional indebtedness; make guarantees; create liens on assets; enter into sale and leaseback transactions; engage in mergers or consolidations; sell assets; make fundamental changes; pay dividends and distributions or repurchase SEA’s capital stock; make investments, loans and advances, including acquisitions; engage in certain transactions with affiliates; make changes in nature of the business; and make prepayments of junior debt. The Senior Secured Credit Facilities also contain covenants requiring SEA to maintain specified maximum annual capital expenditures, a maximum total net leverage ratio and a minimum interest coverage ratio. All of the net assets of SEA and its consolidated subsidiaries are restricted and there are no unconsolidated subsidiaries of SEA. | |||||||||||||||||||||||||
The indenture governing the Senior Notes contain a number of covenants that, among other things, restrict SEA’s ability and the ability of its restricted subsidiaries to, among other things, dispose of certain assets; incur additional indebtedness; pay dividends; prepay subordinated indebtedness; incur liens; make capital expenditures; make investments or acquisitions; engage in mergers or consolidations; and engage in certain types of transactions with affiliates. These covenants are subject to a number of important limitations and exceptions. | |||||||||||||||||||||||||
The Senior Secured Credit Facilities and the indenture permit restricted payments in an aggregate amount per annum not to exceed the greater of (1) 6% of initial public offering net proceeds received by SEA or (2) (a) $90,000, so long as, on a pro forma basis (as defined in the applicable agreement) after giving effect to the payment of any such restricted payment, the Total Leverage Ratio, (as defined in the applicable agreement and calculated as of the end of the prior quarter), is no greater than 5.00 to 1.00 and greater than 4.50 to 1.00, (b) $120,000, so long as, on a pro forma basis after giving effect to the payment of any such restricted payment, the Total Leverage Ratio is no greater than 4.50 to 1.00 and greater than 4.00 to 1.00, (c) the greater of (A) $120,000 and (B) 7.5% of market capitalization, so long as, on a pro forma basis after giving effect to the payment of any such restricted payment, the Total Leverage Ratio is no greater than 4.00 to 1.00 and greater than 3.50 to 1.00 and (d) an unlimited amount, so long as, on a pro forma basis after giving effect to the payment of any such restricted payment, the Total Leverage Ratio is no greater than 3.50 to 1.00. | |||||||||||||||||||||||||
For the year ended December 31, 2014, the Company had a $120,000 capacity for restricted payments, calculated as set forth above. Through the third quarter of 2014, the Company had used approximately $104,900 of its available restricted payments capacity leaving an aggregate amount of approximately $15,100 available in the fourth quarter of 2014 to declare dividends or make other restricted payments. As a result, the Board elected to postpone the declaration of the Company’s fourth quarter 2014 dividend to January 2015 and instead authorized the repurchase of up to $15,000 of its common stock in December 2014. See Note 19–Stockholders’ Equity for further discussion on the Share Repurchase Program. | |||||||||||||||||||||||||
As of December 31, 2014, the Total Leverage Ratio as calculated under the Senior Notes was 4.48 to 1.00 and as calculated under the Senior Secured Credit Facilities was 4.25 to 1.00, which results in an estimated $120,000 capacity for restricted payments in the year ended December 31, 2015. This amount adjusts at the beginning of each quarter as set forth above. | |||||||||||||||||||||||||
Long-term debt at December 31, 2014, is repayable as follows, not including any possible prepayments described above: | |||||||||||||||||||||||||
Years Ending December 31, | |||||||||||||||||||||||||
2015 | $ | 14,050 | |||||||||||||||||||||||
2016 | 274,050 | ||||||||||||||||||||||||
2017 | 14,050 | ||||||||||||||||||||||||
2018 | 14,050 | ||||||||||||||||||||||||
2019 | 14,050 | ||||||||||||||||||||||||
Thereafter | 1,282,188 | ||||||||||||||||||||||||
Total | $ | 1,612,438 | |||||||||||||||||||||||
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 then existing 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; entitled SEA to receive 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. Each 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; entitles SEA to receive 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; entitles SEA to receive 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 12–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 $74,933, $85,514 and $102,551 during the years ended December 31, 2014, 2013 and 2012, respectively. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Instruments and Hedging Activities | 12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ||||||||||||
Risk Management Objective of Using Derivatives | |||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. | |||||||||||||
As of December 31, 2014 and 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 year ended December 31, 2014, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of December 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 swaps required a re-designation of the hedge accounting relationship. The re-designation is expected to result in the recognition of a minimal amount of ineffectiveness throughout the remaining term of the interest rate swaps. | |||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive (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 year ended December 31, 2014, 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 $2,510 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 consolidated balance sheet as of December 31, 2014 and 2013: | |||||||||||||
Liability Derivatives | Asset Derivatives | ||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
Location | Location | ||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other liabilities | $ | 628 | Other assets | $ | 71 | |||||||
Total derivatives designated as hedging instruments | $ | 628 | $ | 71 | |||||||||
The unrealized loss on derivatives is recorded net of a tax benefit of $286 for the year ended December 31, 2014, and is included within the accompanying consolidated statements of comprehensive income. The unrealized gain on derivatives is recorded net of a tax expense of $632 for the year ended December 31, 2013, and is included within the accompanying consolidated statements of comprehensive income. | |||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income | |||||||||||||
The table below presents the pre-tax effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the years ended December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss) | $ | 1,846 | $ | 386 | |||||||||
(Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense | $ | (2,626 | ) | $ | 1,511 | ||||||||
Gain (loss) related to ineffective portion of derivatives recognized in other (income) expense | $ | — | $ | — | |||||||||
Credit Risk-Related Contingent Features | |||||||||||||
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of December 31, 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 $662. As of December 31, 2014, the Company has posted no collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2014, it could have been required to settle its obligations under the agreements at their termination value of $662. | |||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following table reflects the changes in accumulated other comprehensive income (loss) for the year ended December 31, 2014, net of tax: | |||||||||||||
Gains (Losses) on | |||||||||||||
Cash Flow Hedges | |||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||
Balance at December 31, 2013 | $ | 11 | |||||||||||
Other comprehensive income before reclassifications | 1,169 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | (1,663 | ) | |||||||||||
Unrealized loss on derivatives, net of tax | (494 | ) | |||||||||||
Balance at December 31, 2014 | $ | (483 | ) | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 13. INCOME TAXES | ||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the provision for income taxes is comprised of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current income tax (benefit) provision | |||||||||||||
Federal | $ | (70 | ) | $ | (113 | ) | $ | (70 | ) | ||||
State | 937 | 1,086 | 542 | ||||||||||
Foreign | 5 | 13 | 31 | ||||||||||
Total current income tax provision | 872 | 986 | 503 | ||||||||||
Deferred income tax provision (benefit): | |||||||||||||
Federal | 30,414 | 28,628 | 36,030 | ||||||||||
State | (2,414 | ) | (3,900 | ) | 907 | ||||||||
Total deferred income tax provision | 28,000 | 24,728 | 36,937 | ||||||||||
Total income tax provision | $ | 28,872 | $ | 25,714 | $ | 37,440 | |||||||
The deferred income tax provision represents the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Cash paid for income taxes totaled $858, $923 and $767, for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The components of deferred income tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Acquisition and debt related costs | $ | 20,319 | $ | 8,640 | |||||||||
Net operating loss | 269,002 | 270,467 | |||||||||||
Self-insurance | 9,666 | 8,686 | |||||||||||
Deferred revenue | 1,021 | 2,134 | |||||||||||
Other | 10,689 | 8,156 | |||||||||||
Total deferred income tax assets | 310,697 | 298,083 | |||||||||||
Valuation allowance | (1,507 | ) | — | ||||||||||
Net deferred tax assets | 309,190 | 298,083 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Property and equipment | (278,851 | ) | (245,418 | ) | |||||||||
Goodwill | (35,396 | ) | (28,242 | ) | |||||||||
Amortization | (15,226 | ) | (12,613 | ) | |||||||||
Other | (4,209 | ) | (8,593 | ) | |||||||||
Total deferred income tax liabilities | (333,682 | ) | (294,866 | ) | |||||||||
Net deferred income tax (liabilities) assets | $ | (24,492 | ) | $ | 3,217 | ||||||||
The Company files federal, state and provincial income tax returns in various jurisdictions with varying statute of limitation expiration dates. Under the tax statute of limitations applicable to the Internal Revenue Code of 1986, as amended (the “Code”), the Company is no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for years before 2011. However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from 2010 and earlier tax years, these attributes can still be audited when utilized on returns filed in the future. The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an uncertain tax position. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision in the applicable period. | |||||||||||||
The Company has federal tax net operating loss carryforwards of approximately $650,000 as of December 31, 2014 and state net operating loss carryforwards spread across various jurisdictions with a combined total of approximately $970,000 as of December 31, 2014. These net operating loss carryforwards, if not used to reduce taxable income in future periods, will begin to expire in 2029, for both federal and state tax purposes. | |||||||||||||
Realization of the deferred income tax assets, primarily arising from these net operating loss carryforwards and charitable contribution carryforwards, is dependent upon generating sufficient taxable income prior to expiration of the carryforwards, which may include the reversal of deferred tax liability components. The 2009 charitable contribution that was due to expire in the current year was written off in the Company’s deferred analysis. The Company believes it is more likely than not that the benefit from certain charitable contribution carryforwards expiring in 2015 will not be realized. Due to the uncertainty of realizing a benefit from the deferred tax assets recorded for charitable contribution carryforwards expiring in 2015, a valuation allowance of approximately $1,500 was recognized for the year ended December 31, 2014. | |||||||||||||
Due to the secondary offerings in December 2013 and April 2014, there were ownership shifts of more than 50%, as defined by Section 382 of the Code. The Company determined that, while an ownership shift occurred and limits were determined under Section 382 and the regulations and guidance thereunder, the applicable limits would not impair the value or anticipated use of the Company’s federal and state net operating losses. Although realization is not assured, management believes it is more likely than not that all of the deferred income tax assets related to federal and state tax net operating loss carryforwards will be realized. | |||||||||||||
The provision for income taxes for the years ended December 31, 2014, 2013 and 2012 differs from the amount computed by applying the U.S. federal statutory income tax rate to the Company’s income before income taxes primarily due to state income taxes, a prior year adjustment, and federal tax credits. The prior year adjustment relates to the revaluation of state net operating loss carryforwards resulting in a net benefit of $2,977. In addition to these items, for the year ended December 31, 2014, non-deductible offering costs, certain officer compensation, certain equity compensation awards and a valuation allowance related to certain charitable contribution carryforwards also impacted the provision for income taxes. | |||||||||||||
The reconciliation between the U.S. federal statutory income tax rate and the Company’s effective income tax provision rate for the years ended December 31, 2014, 2013 and 2012, is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax rate at federal statutory rates | 35 | % | 35 | % | 35 | % | |||||||
State taxes, net of federal benefit | 1.32 | (0.77 | ) | 1.24 | |||||||||
State net operating loss revaluation | (3.78 | ) | — | — | |||||||||
Charitable contribution carryforward valuation allowance | 1.91 | — | — | ||||||||||
Other | 2.19 | (1.11 | ) | (2.71 | ) | ||||||||
Income tax rate | 36.64 | % | 33.12 | % | 33.53 | % |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES | ||||
At December 31, 2014, the Company has commitments under long-term operating leases requiring annual minimum lease payments as follows: | |||||
Years Ending December 31, | |||||
2015 | $ | 15,648 | |||
2016 | 15,034 | ||||
2017 | 15,056 | ||||
2018 | 14,923 | ||||
2019 | 13,927 | ||||
Thereafter | 298,451 | ||||
Total | $ | 373,039 | |||
Rental expense was $21,643, $24,338 and $23,886 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
The SeaWorld theme park in San Diego, California, leases the land for the theme park from the City of San Diego. The lease term is for 50 years ending on July 1, 2048. Lease payments are based upon gross revenue from the San Diego theme park subject to certain minimums. On January 1, 2014, the minimum annual rent payment was recalculated in accordance with the lease agreement as approximately $10,400 and is included in the table above for all periods presented. This annual rent will remain in effect until January 1, 2017, at which time the next recalculation will be completed in accordance with the lease agreement. | |||||
Pursuant to license agreements with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event. | |||||
ABI has granted the Company a perpetual, exclusive, worldwide, royalty-free license to use the Busch Gardens trademark and certain related domain names in connection with the operation, marketing, promotion and advertising of certain of the Company’s theme parks, as well as in connection with the production, use, distribution and sale of merchandise sold in connection with such theme parks. Under the license, the Company is required to indemnify ABI against losses related to the use of the marks. | |||||
The Company has commenced construction of certain new theme park attractions and other projects under contracts with various third parties. At December 31, 2014, additional capital payments of approximately $43,000 are necessary to complete these projects. The majority of these projects are expected to be completed in 2015. | |||||
On September 9, 2014, a purported stockholder class action lawsuit consisting of purchasers of the Company’s common stock during the periods between April 18, 2013 to August 13, 2014, captioned Baker v. SeaWorld Entertainment, Inc., et al., Case No. 14-CV-02129-MMA (KSC), was filed in the U.S. District Court for the Southern District of California (the “Court”) against the Company, the Chairman of the Company’s Board of Directors, certain of its executive officers and Blackstone. The complaint alleges that the prospectus and registration statements filed contained materially false and misleading information in violation of the federal securities laws and seeks unspecified compensatory damages and other relief. On December 10, 2014, the Court entered an Order Granting Motion for Appointment as Lead Plaintiff and Selection of Counsel, appointing Pensionskassen For Børne- Og Ungdomspædagoger and Arkansas Public Employees Retirement System as Lead Plaintiffs. On December 29, 2014, the Court entered an Order Granting Joint Motion for Scheduling Order setting Lead Plaintiffs’ time to file any amended complaint on or before February 27, 2015. The Company believes that the class action lawsuit is without merit and intends to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of this lawsuit. | |||||
On December 8, 2014, a putative derivative lawsuit captioned Kistenmacher v. Atchison, et al., Civil Action No. 10437, was filed in the Court of Chancery of the State of Delaware against, among others, the Chairman of the Board of Directors, certain of the Company’s executive officers, directors and shareholders, and Blackstone. The Company is a “Nominal Defendant” in the lawsuit. The complaint alleges, among other things, that the defendants breached their fiduciary duties and were unjustly enriched by (i) including materially false and misleading information in the prospectus and registration statements; and (ii) causing the Company to repurchase certain shares of its common stock from certain shareholders at an alleged artificially inflated price. On February 25, 2015, the Court of Chancery granted the parties’ joint stipulation setting forth deadlines for the filing of an amended complaint, defendants’ response, and a briefing schedule in the event defendants file a motion to dismiss that trails behind the due dates in the class action lawsuit by thirty days. The Company does not maintain any direct exposure to loss in connection with this shareholder derivative lawsuit as the lawsuit does not assert any claims against the Company. The Company’s status as a “Nominal Defendant” in the action reflects the fact that the lawsuit is maintained by the named plaintiff on behalf of the Company and that the plaintiff seeks damages on the Company’s behalf. | |||||
In addition, the Company is a party to other various claims and legal proceedings arising in the normal course of business. From time to time, third-party groups may also bring lawsuits against the Company. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if such amount or range can be determined. Management does not expect any known claims or legal proceedings to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 15. FAIR VALUE MEASUREMENTS | ||||||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement is required to be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||||||
The Company has determined that the majority of the inputs used to value its derivative financial instruments using the income approach fall within Level 2 of the fair value hierarchy. The Company uses readily available market data to value its derivatives, such as interest rate curves and discount factors. ASC 820, Fair Value Measurement also requires consideration of credit risk in the valuation. The Company uses a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA are largely based on observable market data, with the exception of certain assumptions regarding credit worthiness which make the CVA a Level 3 input. Based on the magnitude of the CVA, it is not considered a significant input and the derivatives are classified as Level 2. Of the Company’s long-term obligations, the Term B-2 Loans are classified in Level 2 of the fair value hierarchy. The fair value of the term loans as of December 31, 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 11.37% and projected cash flows of the underlying Senior Notes. | |||||||||||||||||
The Company did not have any assets measured at fair value at December 31, 2014. There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2014. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2014: | |||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | December 31, | ||||||||||||||
for Identical | Observable | Inputs | 2014 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (a) | $ | — | $ | 628 | $ | — | $ | 628 | |||||||||
Long-term obligations (b) | $ | — | $ | 1,352,438 | $ | 263,197 | $ | 1,615,635 | |||||||||
(a) | Reflected at fair value in the consolidated balance sheet as other liabilities of $628. | ||||||||||||||||
(b) | Reflected at carrying value in the consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,589,403 as of December 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 consolidated balance sheet as other assets of $71. | ||||||||||||||||
(b) | Reflected at carrying value in the consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,632,531 as of December 31, 2013. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 16. RELATED-PARTY TRANSACTIONS |
Dividend Payments | |
On January 5, 2015, the Board declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on January 13, 2015, which was paid on January 22, 2015. In connection with this dividend declaration, certain affiliates of Blackstone were paid dividends in the amount of $4,095. | |
In March 2014, the Board declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on March 20, 2014. In May and September 2014, the Board declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on June 20 and September 29, 2014, respectively (see Note 19–Stockholders’ Equity). In connection with these dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $7,849, $4,252 and $4,095 on April 1, July 1, and October 6, 2014, respectively. | |
In June, September and December 2013, the Board declared a cash dividend of $0.20 per share to all common stockholders of record at the close of business on June 20, September 20 and December 20, 2013, respectively (see Note 19–Stockholders’ Equity). In connection with these dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $11,749, $11,749 and $7,849, on July 1, 2013, October 1, 2013, and January 3, 2014, respectively. | |
In March 2012, the Company declared and subsequently paid a $500,000 cash dividend to its common stockholders, which at that time consisted of entities controlled by certain affiliates of Blackstone. | |
Share Repurchases | |
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 19—Stockholders’ Equity. | |
Advisory Agreement | |
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 19–Stockholders’ Equity). Fees related to these services, which were based upon a multiple of Adjusted EBITDA as defined in the 2009 Advisory Agreement, amounted to $2,799 and $6,201 for the years ended December 31, 2013 and 2012, respectively. These amounts are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income. There were no fees related to these services in the year ended December 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 19–Stockholders’ Equity), the 2009 Advisory Agreement between the Company and affiliates of Blackstone was terminated (except for certain provisions relating to indemnification and certain other provisions, which survived termination). In connection with such termination, the Company paid a termination fee of $46,300 to Blackstone using a portion of the net proceeds from the offering and wrote-off $3,772 of the 2013 prepaid advisory fee. The combined expense of $50,072 was recorded as termination of advisory agreement during the year ended December 31, 2013 in the accompanying consolidated statements of comprehensive income. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
Retirement Plan | 17. RETIREMENT PLAN |
The Company sponsors a defined contribution plan, under Section 401(k) of the Internal Revenue Code. The plan is a qualified automatic contributions arrangement, which automatically enrolls employees, once eligible, unless they opt out. The Company makes matching cash contributions subject to certain restrictions, structured as a 100% match on the first 1% contributed by the employee and a 50% match on the next 5% contributed by the employee. Employer matching contributions for the years ended December 31, 2014, 2013 and 2012, totaled $7,790, $8,956 and $8,767, respectively. |
EquityBased_Compensation
Equity-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Equity-Based Compensation | 18. EQUITY-BASED COMPENSATION | ||||||||||||
In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period. | |||||||||||||
Pre-IPO Incentive Plan | |||||||||||||
Employee Units Surrendered for Common Stock | |||||||||||||
Prior to April 18, 2013, the Partnerships granted Employee Units to certain key employees of SEA (“Employee Units”) under the Employee Unit Incentive Plan (“Pre-IPO Incentive Plan”). 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. There was no related cost to the employee upon vesting of the units. 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 were 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, and 2.25x and 2.75x Performance Restricted shares, which, for accounting purposes, were removed from issued shares until their restrictions are met, as shown on the accompanying consolidated statement of changes in stockholders’ equity. | |||||||||||||
Pre-IPO Incentive Plan TVUs and Time Restricted Shares | |||||||||||||
One-third of the Pre-IPO Incentive Plan Employee Units originally granted were TVUs and vested over five years (20% per year). Vesting was contingent upon continued employment. The TVUs were originally recorded at the fair market value at the date of grant and were being amortized to compensation expense over the vesting period. | |||||||||||||
The unvested Time Restricted shares received upon surrender of the TVUs contained substantially the same terms, conditions and vesting schedules as the previously outstanding TVUs. In accordance with the guidance in ASC 718-20, Compensation-Stock Compensation, the surrender of the TVUs 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 TVUs immediately prior to and after their modification and determined that $282 of incremental equity compensation cost would be recorded upon surrender of the vested TVUs for vested shares of stock in the year ended December 31, 2013. The remaining incremental compensation cost of $220 which represented the incremental cost on the unvested TVUs surrendered for unvested Time Restricted shares, was added to the original grant date fair value of the respective awards and is being amortized to compensation expense over the remaining vesting period. | |||||||||||||
Total combined compensation expense related to these Pre-IPO Incentive Plan TVU and Time Restricted share awards was $955, $1,938 and $1,191 for the years ended December 31, 2014, 2013 and 2012, respectively, and is included in selling, general and administrative expenses in the accompanying consolidated statement of comprehensive income and as contributed capital in the accompanying consolidated statements of stockholders’ equity. Total unrecognized compensation cost related to the unvested Pre-IPO Incentive Plan Time Restricted shares, expected to be recognized over the remaining vesting term was approximately $358 as of December 31, 2014. | |||||||||||||
The activity related to the Pre-IPO Incentive Plan Time Restricted share awards for the year ended December 31, 2014, is as follows: | |||||||||||||
Shares | Weighted Average | Weighted Average | |||||||||||
Grant Date Fair | Remaining | ||||||||||||
Value per Share | Contractual Term | ||||||||||||
Pre-IPO Incentive Plan Time Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 375,480 | $ | 4.19 | ||||||||||
Granted | — | — | |||||||||||
Vested | (258,064 | ) | $ | 3.95 | |||||||||
Forfeited | (3,343 | ) | $ | 3.82 | |||||||||
Outstanding at December 31, 2014 | 114,073 | $ | 4.72 | 11 months | |||||||||
There were no Pre-IPO Incentive Plan TVUs or Time Restricted shares granted in the years ended December 31, 2014 or 2013. The weighted average grant date fair value of Pre-IPO Incentive Plan TVUs granted during the year ended December 31, 2012 was $23.15 per share. The total fair value of Pre-IPO Incentive Plan TVUs and Time Restricted shares which vested during the years ended December 31, 2014, 2013 and 2012 was approximately $1,020, $1,050 and $850, respectively. | |||||||||||||
Pre-IPO Incentive Plan 2.25x and 2.75x PVUs and Performance Restricted Shares | |||||||||||||
One-third of the Pre-IPO Incentive Plan Employee Units originally granted were 2.25x PVUs and the remaining one-third of the Pre-IPO Incentive Plan Employee Units were 2.75x PVUs. The 2.25x and 2.75x PVUs contained vesting conditions based on certain events occurring. The unvested 2.25x and 2.75x Performance Restricted shares received upon surrender of the unvested 2.25x and 2.75x PVUs contained substantially the same terms and vesting conditions as the previously outstanding 2.25x and 2.75x PVUs. | |||||||||||||
The 2.25x Performance Restricted shares received upon surrender of the 2.25x PVUs will vest if the employee is employed by the Company when and if certain investment funds affiliated with Blackstone receive 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 such funds’ investment and (y) a 2.25x multiple on such funds’ investment. | |||||||||||||
The 2.75x Performance Restricted shares received upon surrender of the 2.75x PVUs will vest if the employee is employed by the Company when and if such funds receive 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 such funds’ investment and (y) a 2.75x multiple on such funds’ investment. | |||||||||||||
The 2.25x and 2.75x Performance Restricted shares received upon surrender of the 2.25x and 2.75x PVUs have no termination date other than termination of employment from the Company and no service or time vesting conditions other than continued employment through the time the performance benchmark is reached. No compensation expense was recorded related to the Pre-IPO Incentive Plan 2.25x and 2.75x PVUs prior to April 18, 2013, since their vesting was not considered probable. No compensation expense will be recorded related to the Pre-IPO Incentive Plan 2.25x and 2.75x Performance Restricted shares until their vesting is probable. Accordingly, no compensation expense has been recorded during the years ended December 31, 2014, 2013 or 2012 related to these PVUs or Performance Restricted shares. | |||||||||||||
In accordance with the guidance in ASC 718-20, Compensation-Stock Compensation, the surrender of the unvested PVUs for unvested Performance Restricted shares of stock qualified as a modification of an equity compensation plan. In December 2014, conditions for eligibility on approximately 576,000 Pre-IPO Incentive Plan Performance Restricted shares were modified to allow those participants holding such shares who were separating from the Company to vest in their respective shares if the performance conditions are achieved after their employment ends with the Company, subject to their continued compliance with applicable post-termination restrictive covenants (see Note 4–Restructuring Program and Separation Costs). This also qualified as a modification of an equity award. As the 2.25x and 2.75x Performance Restricted shares were not considered probable of vesting before or after either modification, the Company will use the respective modification date fair value to record compensation expense related to these shares if the performance conditions become probable within a future reporting period. The impact of this modification reduced the fair value of the respective shares by approximately $1,650 and $3,230 for the Pre-IPO Incentive Plan 2.25x and 2.75x Performance Restricted shares, respectively. Unrecognized compensation expense as of December 31, 2014, was approximately $26,085 and $15,350 for the Pre-IPO Incentive Plan 2.25x and 2.75x Performance Restricted shares, respectively. | |||||||||||||
The activity related to the Pre-IPO Incentive Plan 2.25x Performance Restricted shares for the year ended December 31, 2014, is as follows: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value per Share | |||||||||||||
Pre-IPO Incentive Plan 2.25x Performance Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 1,308,752 | $ | 21.49 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (18,217 | ) | $ | 21.49 | |||||||||
Outstanding at December 31, 2014 | 1,290,535 | $ | 20.21 | ||||||||||
There were no Pre-IPO Incentive Plan 2.25x PVUs or Performance Restricted shares granted in the years ended December 31, 2014 or 2013. The weighted average grant date fair value of the Pre-IPO Incentive Plan 2.25x PVUs granted during the year ended December 31, 2012 was $15.66 per share. There were no Pre-IPO Incentive Plan 2.25x PVUs or Performance Restricted shares which vested in the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The activity related to the Pre-IPO Incentive Plan 2.75x Performance Restricted shares for the year ended December 31, 2014, is as follows: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value per Share | |||||||||||||
Pre-IPO Incentive Plan 2.75x Performance Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 1,308,752 | $ | 14.4 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (18,217 | ) | $ | 14.4 | |||||||||
Outstanding at December 31, 2014 | 1,290,535 | $ | 11.89 | ||||||||||
There were no Pre-IPO Incentive Plan 2.75x PVUs or Performance Restricted shares granted in the years ended December 31, 2014 or 2013. The weighted average grant date fair value of the Pre-IPO Incentive Plan 2.75x PVUs granted during the year ended December 31, 2012 was $10.52 per share. There were no Pre-IPO Incentive Plan 2.75x PVUs or Performance Restricted shares which vested in the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
Pre-IPO Incentive Plan Fair Value Assumptions | |||||||||||||
The fair value of each Pre-IPO Incentive Plan Employee Unit originally granted prior to April 18, 2013 was estimated on the date of grant using a composite of the discounted cash flow model and the guideline public company approach to determine the underlying enterprise value. The discounted cash flow model was based upon significant inputs that are not observable in the market. Key assumptions included projected cash flows, a discount rate of 10.5%, and a terminal value. The guideline public company approach uses relevant public company valuation multiples to determine fair value. The value of the individual equity tranches was allocated based upon the Option-Pricing Method model. Significant assumptions included a holding period of 2.6 to 3.6 years, a risk free rate of 0.33% to 1.22%, volatility of approximately 49% to 57%, a discount for lack of marketability, depending upon the units, from 31% to 53% and a 0% dividend yield. Volatility for SEA’s stock at the date of grant was estimated using the average volatility calculated for a peer group, which is based upon daily price observations over the estimated term of units granted. | |||||||||||||
In order to calculate the incremental fair value when the unvested Employee Units were surrendered for unvested restricted shares on April 18, 2013, the Option-Pricing Method model was used to estimate the fair value prior to the modification. For the fair value after the modification, the initial public offering price of $27.00 per share was used to calculate the fair value of the TVUs while the fair value of the PVUs was estimated using an asset-or-nothing call option approach. Significant assumptions used in both the Option-Pricing Method model and the asset-or-nothing call option approach included a holding period of approximately 2 years from the initial public offering date, a risk free rate of 0.24%, a volatility of approximately 37.6% based on re-levered historical and implied equity volatility of comparable companies and a 0% dividend yield. | |||||||||||||
In order to calculate the modification date fair value in December 2014, for certain Performance Restricted shares, the asset-or-nothing call option approach was used. Significant assumptions included a holding period of approximately 1.5 years from the date of modification, a risk free rate of 0.38%, a volatility of approximately 45.4% based on re-levered historical and implied equity volatility of comparable companies and a 0% dividend yield. | |||||||||||||
Omnibus Incentive Plan | |||||||||||||
The Company reserved 15,000,000 shares of common stock for future issuance under the Company’s 2013 Omnibus Incentive Plan (“Omnibus Incentive Plan”). The 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 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 Omnibus Incentive Plan. | |||||||||||||
During the year ended December 31, 2014, the Company granted 33,273 time vesting restricted shares (“Omnibus Plan Time Restricted shares”) under the Omnibus Incentive Plan primarily to certain Board of Director members. These shares generally vest ratably over a three year term. | |||||||||||||
On April 19, 2013, 494,557 shares of restricted stock were granted to the Company’s directors, officers and employees under the Omnibus Incentive Plan (the “2013 Grant”). The shares granted were in the form of Omnibus Plan Time Restricted shares, 2.25x performance restricted shares (“Omnibus Plan 2.25x Performance Restricted shares”) and 2.75x performance restricted shares (“Omnibus Plan 2.75x Performance Restricted shares”). The vesting terms and conditions of the 2013 Grant were substantially the same as those of the previous Incentive Plan (see the previous section under the caption Pre-IPO Incentive Plan 2.25x and 2.75x PVUs and Performance Restricted Awards). After an initial 180 day post initial public offering lock up period, the vesting schedule from the Pre-IPO Incentive Plan carried over so that each recipient vested in the 2013 Grant in the same proportion as they were vested in the previous Pre-IPO Incentive Plan. The remaining unvested shares vest over the remaining service period, subject to substantially the same vesting conditions which carried over from the previous Pre-IPO Incentive Plan. | |||||||||||||
The activity related to the Omnibus Plan Time Restricted shares for the year ended December 31, 2014, is as follows: | |||||||||||||
Shares | Weighted Average | Weighted Average | |||||||||||
Grant Date Fair | Remaining | ||||||||||||
Value per Share | Contractual Term | ||||||||||||
Omnibus Plan Time Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 59,160 | $ | 33.35 | ||||||||||
Granted | 33,273 | $ | 24.59 | ||||||||||
Vested | (41,519 | ) | $ | 33.58 | |||||||||
Forfeited | (442 | ) | $ | 32.88 | |||||||||
Outstanding at December 31, 2014 | 50,472 | $ | 27.4 | 17 months | |||||||||
The weighted average grant date fair value of the Omnibus Plan Time Restricted shares granted during the years ended December 31, 2014 and 2013 was $24.59 and $33.45 per share, respectively. The total fair value of Omnibus Plan Time Restricted shares which vested during the years ended December 31, 2014 and 2013 was approximately $1,390 and $3,770, respectively. There were no Omnibus Plan Time Restricted shares which were granted or vested in the year ended December 31, 2012. | |||||||||||||
The activity related to the Omnibus Plan 2.25x Performance Restricted shares for the year ended December 31, 2014, is as follows: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value per Share | |||||||||||||
Omnibus Plan 2.25x Performance Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 163,310 | $ | 30.46 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (2,392 | ) | $ | 30.46 | |||||||||
Outstanding at December 31, 2014 | 160,918 | $ | 26.96 | ||||||||||
There were no Omnibus Plan 2.25x Performance Restricted shares granted in the years ended December 31, 2014 or 2012. The weighted average grant date fair value of the Omnibus Plan 2.25x Performance Restricted shares granted during the year ended December 31, 2013 was $30.46 per share. There were no Omnibus Plan 2.25x Performance Restricted shares which vested in the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The activity related to the Omnibus Plan 2.75x Performance Restricted shares for the year ended December 31, 2014, is as follows: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value per Share | |||||||||||||
Omnibus Plan 2.75x Performance Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 163,310 | $ | 23.05 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (2,392 | ) | $ | 23.05 | |||||||||
Outstanding at December 31, 2014 | 160,918 | $ | 18.32 | ||||||||||
There were no Omnibus Plan 2.75x Performance Restricted shares granted in the years ended December 31, 2014 or 2012. The weighted average grant date fair value of the Omnibus Plan 2.75x Performance Restricted shares granted during the year ended December 31, 2013 was $23.05 per share. There were no Omnibus Plan 2.75x Performance Restricted shares which vested in the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
Approximately $1,394 and $4,088 of compensation expense was recognized in the years ended December 31, 2014 and 2013, respectively, related to grants under the Omnibus Incentive Plan. As of December 31, 2014, unrecognized compensation expense related to the Omnibus Plan Time Restricted shares was approximately $1,060 to be recognized over the remaining requisite service period. | |||||||||||||
Additionally, in December 2014, conditions for eligibility on approximately 77,000 Omnibus Plan Performance Restricted shares were modified to allow those participants holding such awards who were separating from the Company to vest in their respective awards if the performance conditions are achieved after their employment ends with the Company, subject to their continued compliance with applicable post-termination restrictive covenants (see Note 4–Restructuring Program and Separation Costs). There is no compensation expense recorded related to the Omnibus Plan 2.25x and 2.75x Performance Restricted shares until their vesting is probable. The impact of the modification reduced the fair value of the respective awards by approximately $560 and $760 for the Omnibus Plan 2.25x and 2.75x Performance Restricted shares, respectively. Total unrecognized compensation expense as of December 31, 2014 was approximately $4,339 and $2,948 for the Omnibus Plan 2.25x and 2.75x Performance Restricted shares, respectively. | |||||||||||||
Omnibus Incentive Plan Fair Value Assumptions | |||||||||||||
For Omnibus Plan Time Restricted Shares, the grant date fair value is determined based on the closing market price of the Company’s stock at the date of grant applied to the total number of shares that are anticipated to fully vest. The grant date fair value of the Omnibus Plan 2.25x and 2.75x Performance Restricted 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. | |||||||||||||
In order to calculate the modification date fair value in December 2014 for certain Performance Restricted shares which were modified, the asset-or-nothing call option approach was used. Significant assumptions included a holding period of approximately 1.5 years from the date of modification, a risk free rate of 0.38%, a volatility of approximately 45.4% based on re-levered historical and implied equity volatility of comparable companies and a 0% dividend yield. | |||||||||||||
Other | |||||||||||||
Based on cash proceeds previously received by certain investment funds affiliated with Blackstone from the Company’s initial public offering and subsequent secondary offerings of stock in December 2013 and April 2014, the Company’s repurchase of shares directly from such funds and the cumulative dividends paid by the Company through January 31, 2015, if such funds receive additional future cash proceeds of approximately $14,000, and other vesting conditions are satisfied, the Pre-IPO Incentive Plan 2.25x Performance Restricted shares and Omnibus Plan 2.25x Performance Restricted shares will vest. Similarly, if such funds receive additional future cash proceeds of approximately $441,000, and other vesting conditions are satisfied, the Pre-IPO Incentive Plan 2.75x Performance Restricted shares and the Omnibus Plan 2.75x Performance Restricted 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. | |||||||||||||
For the year ended December 31, 2014, the Company withheld an aggregate of 8,936 shares of its common stock from employees to satisfy minimum tax withholding obligations related to the vesting of restricted stock awards. As a result, these shares were added back to the number of shares of common stock available for future issuance under the Company’s Omnibus Incentive Plan. As of December 31, 2014, there were 14,511,216 shares of common stock available for future issuance under the Company’s Omnibus Incentive Plan. | |||||||||||||
Subsequent Grants | |||||||||||||
On January 15, 2015, the Company granted 100,000 Omnibus Plan Time Restricted shares to its Interim Chief Executive Officer (the “Interim CEO”) in accordance with his appointment to such role (see further discussion in Note 4–Restructuring Program and Separation Costs). The shares had a grant date fair value per share of $16.50 and will vest on the earlier of the start date of a new Chief Executive Officer or June 30, 2015. Also on January 15, 2015, the Company granted 7,272 Omnibus Plan Time Restricted shares to a new Board member in accordance with the Company’s Outside Director Compensation Policy. These shares had a grant date fair value per share of $16.50 and vest ratably over a three year term. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Equity [Abstract] | |||||||
Stockholders' Equity | 19. STOCKHOLDERS’ EQUITY | ||||||
As of December 31, 2014, 90,191,100 shares of common stock were issued on the accompanying consolidated balance sheet, which excludes 3,067,451 unvested shares of common stock held by certain participants in the Company’s equity compensation plan (see Note 18–Equity-Based Compensation) and includes 4,105,970 shares of treasury stock held by the Company (see Secondary Offerings and Concurrent Share Repurchases and Share Repurchase Program discussion which follows). | |||||||
Stock Split | |||||||
On April 7, 2013, the Board authorized an eight-for-one split of the Company’s common stock, which was effective on April 8, 2013. The Company retained the current par value of $0.01 per share for all shares of common stock after the stock split, and accordingly, stockholders’ equity on the accompanying consolidated balance sheets and the consolidated statements of changes in stockholders’ equity reflects the stock split. The Company’s historical share and per share information has been retroactively adjusted to give effect to this stock split. | |||||||
Contemporaneously with the stock split, the Board approved an increase in the number of authorized shares of common stock to 1 billion shares. Additionally, in connection with the consummation of the initial public offering, the Board 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 an initial public offering of its common stock in which it offered and sold 10,000,000 shares of common stock and the selling stockholders offered and sold 19,900,000 shares of common stock including 3,900,000 shares of common stock pursuant to the exercise in full of the underwriters’ over-allotment option. The common stock is listed on the New York Stock Exchange under the symbol “SEAS”. | |||||||
The Company’s shares of common stock were sold at an initial public offering price of $27.00 per share, which generated net proceeds of approximately $245,400 to the Company after deducting underwriting discounts and commissions, expenses and transaction costs. The Company did not receive any proceeds from shares sold by the selling stockholders. The Company used a portion of the net proceeds received in the offering to redeem (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 16–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 this secondary offering which is shown as secondary offering expenses on the consolidated statement of comprehensive income for the year ended December 31, 2013. | |||||||
On April 9, 2014, the selling stockholders completed an underwritten 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 year ended December 31, 2014, the Company incurred fees and expenses of $747 in connection with this secondary offering which is shown as secondary offering expenses on the accompanying consolidated statement of comprehensive income. | |||||||
Concurrently with the closing of the secondary offerings in December 2013 and April 2014, the Company repurchased 1,500,000 and 1,750,000 shares, respectively, of its common stock directly from the selling stockholders in private, non-underwritten transactions at a price per share equal to the price per share paid to the selling stockholders by the underwriters in the respective secondary offerings. | |||||||
Share Repurchase Program | |||||||
On August 12, 2014, the Board authorized the repurchase of up to $250,000 of the Company’s common stock beginning on January 1, 2015 (the “Share Repurchase Program”). On December 16, 2014, the Board approved an amendment to the Share Repurchase Program to change the start date of such program from January 1, 2015 to December 17, 2014 and to authorize the repurchase of up to $15,000 of the Company’s common stock during the remainder of calendar year 2014. The other features of the Share Repurchase Program remained unchanged including the total amount authorized and available under the program of $250,000. Under the Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the level of the Company’s cash balances, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions and alternative investment opportunities. | |||||||
Pursuant to the Share Repurchase Program, during the fourth quarter of 2014, the Company entered into a written trading plan under Rule 10b5-1 of the Exchange Act and repurchased a total of 855,970 shares of common stock at an average price of $17.50 per share and a total cost of approximately $15,000, leaving $235,000 available for future repurchases under the Share Repurchase Program. | |||||||
All of the repurchased shares from the Share Repurchase Program and the shares repurchased directly from the selling stockholders during the December 2013 and April 2014 secondary offerings were recorded as treasury stock at a total cost of $109,871 and $44,163 as of December 31, 2014 and 2013, respectively, and are reflected as a reduction to stockholders’ equity on the accompanying consolidated balance sheets and consolidated statement of changes in stockholders’ equity. | |||||||
Dividends | |||||||
In 2013, the Board adopted a policy to pay, subject to legally available funds, a regular quarterly dividend. The payment and timing of cash dividends is within the discretion of the Board and depends on many factors, including, but not limited to, the Company’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in its debt agreements and in any preferred stock, business prospects and other factors that the Board may deem relevant. | |||||||
During the years ended December 31, 2014 and 2013, the Board declared or paid quarterly cash dividends to all common stockholders of record as follows: | |||||||
Record Date | Payment Date | Cash Dividend | |||||
per Common | |||||||
Share | |||||||
20-Jun-13 | 1-Jul-13 | $ | 0.2 | ||||
20-Sep-13 | 1-Oct-13 | $ | 0.2 | ||||
20-Dec-13 | 3-Jan-14 | $ | 0.2 | ||||
20-Mar-14 | 1-Apr-14 | $ | 0.2 | ||||
20-Jun-14 | 1-Jul-14 | $ | 0.21 | ||||
29-Sep-14 | 6-Oct-14 | $ | 0.21 | ||||
On January 5, 2015, the Board declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on January 13, 2015, which was paid on January 22, 2015. | |||||||
As the Company had an accumulated deficit at the time the June 20, 2013, March 20, 2014 and June 20, 2014 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 consolidated statements of changes in stockholders’ equity. | |||||||
Dividends paid to common stockholders were $72,113, $36,175 and $502,977 in the years ended December 31, 2014, 2013 and 2012, respectively. For tax purposes, a portion of the 2014 dividends will be treated as a return of capital to stockholders. Distributions that qualify as a return of capital are not considered “dividends” for tax purposes only. | |||||||
In March 2012, the Company declared a $500,000 cash dividend to its common stockholders, which at that time consisted of entities controlled by certain affiliates of Blackstone. This dividend was considered a return of capital for both accounting and tax purposes. | |||||||
Dividends on the Pre-IPO Incentive Plan and Omnibus Plan 2.25x and 2.75x Performance Restricted shares (collectively the “Performance Restricted shares”), were approximately $1,770 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. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions | 20. ACQUISITIONS |
In November 2012, the Company acquired Knott’s Soak City, a stand-alone Southern California water park, from an affiliate of Cedar Fair L.P, for a total price of $15,000. The Company paid $12,000 at closing and had a note payable for the remaining $3,000 which was due and paid in the third quarter of 2013. For the year ended December 31, 2012, there were no material revenues or expenses associated with the park included in the accompanying consolidated financial statements because the park was closed for the season. The Company rebranded the water park as Aquatica San Diego and re-opened in June 2013. |
Summary_Quarterly_Financial_Da
Summary Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary Quarterly Financial Data | 21. SUMMARY QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||
The Company has revised its previously issued financial statements contained in this Annual Report on Form 10-K to correct the effect of immaterial errors for previously issued periods. See Note 11–Long-Term Debt for further details and a reconciliation of the impact of immaterial prior year corrections on the unaudited summary quarterly financial data. | |||||||||||||||||
Unaudited summary quarterly financial data for the years ended December 31, 2014 and 2013 was as follows: | |||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter (a) | ||||||||||||||
(Unaudited) | |||||||||||||||||
Total revenues | $ | 212,290 | $ | 405,151 | $ | 495,834 | $ | 264,537 | |||||||||
Operating (loss) income | $ | (59,408 | ) | $ | 80,587 | $ | 161,915 | $ | (22,497 | ) | |||||||
Net (loss) income | $ | (49,217 | ) | $ | 37,406 | $ | 87,176 | $ | (25,446 | ) | |||||||
(Loss) earnings per share: | |||||||||||||||||
Net (loss) income per share, basic | $ | (0.56 | ) | $ | 0.43 | $ | 1.01 | $ | (0.29 | ) | |||||||
Net (loss) income per share, diluted | $ | (0.56 | ) | $ | 0.43 | $ | 1 | $ | (0.29 | ) | |||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter (b) | Quarter | Quarter | ||||||||||||||
(Unaudited) | |||||||||||||||||
Total revenues | $ | 238,610 | $ | 411,292 | $ | 538,389 | $ | 271,959 | |||||||||
Operating (loss) income | $ | (35,873 | ) | $ | 27,647 | $ | 205,594 | $ | 505 | ||||||||
Net (loss) income | $ | (39,951 | ) | $ | (15,900 | ) | $ | 120,740 | $ | (12,969 | ) | ||||||
(Loss) earnings per share: | |||||||||||||||||
Net (loss) income per share, basic | $ | (0.48 | ) | $ | (0.18 | ) | $ | 1.35 | $ | (0.14 | ) | ||||||
Net (loss) income per share, diluted | $ | (0.48 | ) | $ | (0.18 | ) | $ | 1.34 | $ | (0.14 | ) | ||||||
(a) | During the fourth quarter of 2014, the Company recorded $10,371 in restructuring and other related costs incurred in connection with the restructuring program which the Company implemented in December 2014. Also during the fourth quarter of 2014, the Company recorded $2,574 in separation costs representing costs incurred pursuant to the previously announced separation of the Company’s Chief Executive Officer and President on January 15, 2015. | ||||||||||||||||
(b) | During the second quarter of 2013, the Company recorded $50,072 in fees related to the termination of the 2009 Advisory Agreement and $29,858 related to a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. | ||||||||||||||||
Based upon historical results, the Company typically generates its highest revenues in the second and third quarters of each year and incurs a net loss in the first and fourth quarters, in part because six of its theme parks are only open for a portion of the year. |
Schedule_IRegistrants_Condense
Schedule I-Registrant's Condensed Financial Statements | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Schedule I-Registrant's Condensed Financial Statements | Schedule I-Registrant’s Condensed Financial Statements | ||||||||||||
SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
PARENT COMPANY ONLY | |||||||||||||
CONDENSED BALANCE SHEETS | |||||||||||||
(In thousands, except share and per share amounts) | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Current Assets: | |||||||||||||
Cash | $ | 5,858 | $ | 172 | |||||||||
Due from wholly owned subsidiary | — | 17,767 | |||||||||||
Total current assets | 5,858 | 17,939 | |||||||||||
Investment in wholly owned subsidiary | 580,018 | 648,016 | |||||||||||
Total assets | $ | 585,876 | $ | 665,955 | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||||
Current Liabilities: | |||||||||||||
Dividends payable | $ | 172 | $ | 17,939 | |||||||||
Other accrued expenses | 5,686 | — | |||||||||||
Total current liabilities | 5,858 | 17,939 | |||||||||||
Total liabilities | 5,858 | 17,939 | |||||||||||
Commitments and contingencies | |||||||||||||
Stockholders’ Equity: | |||||||||||||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2014 and 2013 | — | — | |||||||||||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 90,191,100 shares issued at December 31, 2014 and 89,900,453 shares issued at December 31, 2013 | 902 | 899 | |||||||||||
Additional paid-in capital | 655,471 | 689,394 | |||||||||||
Retained earnings | 33,516 | 1,886 | |||||||||||
Treasury stock, at cost (4,105,970 shares at December 31, 2014 and 1,500,000 shares at December 31, 2013) | (109,871 | ) | (44,163 | ) | |||||||||
Total stockholders’ equity | 580,018 | 648,016 | |||||||||||
Total liabilities and stockholders’ equity | $ | 585,876 | $ | 665,955 | |||||||||
See accompanying notes to condensed financial statements. | |||||||||||||
SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
PARENT COMPANY ONLY | |||||||||||||
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(In thousands) | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Equity in net income of subsidiary | $ | 49,919 | $ | 51,920 | $ | 74,221 | |||||||
Net income | $ | 49,919 | $ | 51,920 | $ | 74,221 | |||||||
Other comprehensive income | — | — | — | ||||||||||
Comprehensive income | $ | 49,919 | $ | 51,920 | $ | 74,221 | |||||||
See accompanying notes to condensed financial statements. | |||||||||||||
SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
PARENT COMPANY ONLY | |||||||||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012 | |||||||||||||
(In thousands) | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Cash Flows From Operating Activities: | |||||||||||||
Net income | $ | 49,919 | $ | 51,920 | $ | 74,221 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in net income of subsidiary | (49,919 | ) | (51,920 | ) | (74,221 | ) | |||||||
Dividend received from subsidiary-return on capital | 36,056 | 18,072 | — | ||||||||||
Net cash provided by operating activities | 36,056 | 18,072 | — | ||||||||||
Cash Flows From Investing Activities: | |||||||||||||
Capital contributed to subsidiary | — | (249,106 | ) | — | |||||||||
Restricted payment from subsidiary | 65,708 | 44,163 | — | ||||||||||
Dividend received from subsidiary-return of capital | 36,056 | 18,072 | 500,000 | ||||||||||
Net cash provided by (used in) investing activities | 101,764 | (186,871 | ) | 500,000 | |||||||||
Cash Flows From Financing Activities: | |||||||||||||
Proceeds from issuance of common stock, net of underwriter commissions | — | 253,800 | — | ||||||||||
Purchase of treasury stock | (60,058 | ) | (44,163 | ) | — | ||||||||
Dividend paid to common stockholders | (72,113 | ) | (36,175 | ) | (502,977 | ) | |||||||
Offering costs | — | (4,694 | ) | — | |||||||||
Payment of tax withholdings on equity-based compensation | 37 | — | — | ||||||||||
Net cash (used in) provided by financing activities | (132,134 | ) | 168,768 | (502,977 | ) | ||||||||
Change in Cash and Cash Equivalents | 5,686 | (31 | ) | (2,977 | ) | ||||||||
Cash and Cash Equivalents — Beginning of year | 172 | 203 | 3,180 | ||||||||||
Cash and Cash Equivalents — End of year | $ | 5,858 | $ | 172 | $ | 203 | |||||||
Supplemental Disclosures of Noncash Financing Activities | |||||||||||||
Dividends declared, but unpaid | $ | 172 | $ | 17,939 | $ | 203 | |||||||
Treasury stock purchases settled in January 2015 | $ | 5,650 | $ | — | $ | — | |||||||
See accompanying notes to condensed financial statements. | |||||||||||||
SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
NOTES TO CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS | |||||||||||||
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) | |||||||||||||
1. DESCRIPTION OF SEAWORLD ENTERTAINMENT, INC. | |||||||||||||
SeaWorld Entertainment, Inc. (the “Parent”) was incorporated in Delaware on October 2, 2009. At that time, the Parent was owned by ten limited partnerships (the “Partnerships” or the “selling stockholders”), ultimately owned by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. The Parent has no operations or significant assets or liabilities other than its investment in SeaWorld Parks & Entertainment, Inc. (“SEA”), which owns and operates eleven theme parks within the United States. Accordingly, the Parent is dependent upon distributions from SEA to fund its obligations. However, under the terms of SEA’s various debt agreements, SEA’s ability to pay dividends or lend to the Parent is restricted, except that SEA may pay specified amounts to the Parent to fund the payment of the Parent’s tax obligations. | |||||||||||||
2. BASIS OF PRESENTATION | |||||||||||||
The accompanying condensed financial statements (the “parent company only financial statements”) include the accounts of the Parent and its investment in SEA accounted for in accordance with the equity method, and do not present the financial statements of the Parent and its subsidiary on a consolidated basis. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted since this information is included with the SeaWorld Entertainment, Inc. consolidated financial statements included elsewhere in this Annual Report on Form 10-K (the “consolidated financial statements”). These parent company only financial statements should be read in conjunction with the consolidated financial statements. | |||||||||||||
Certain prior year amounts have been revised to correct the effect of immaterial errors on certain debt transactions in 2011, 2012 and 2013 incurred by SEA. See further discussion in the Revision of Previously Issued Financial Statements section of Note 11–Long-Term Debt of the accompanying consolidated financial statements. | |||||||||||||
3. GUARANTEES | |||||||||||||
On December 1, 2009, SEA entered into senior secured credit facilities (the “Senior Secured Credit Facilities”) and issued senior notes (the “Senior Notes”). The Senior Secured Credit Facilities were amended effective on February 17, 2011, April 15, 2011, March 30, 2012, April 24, 2013, May 14, 2013 and August 9, 2013. See further discussion in Note 11–Long-Term Debt of the accompanying consolidated financial statements. | |||||||||||||
Under the terms of the Senior Secured Credit Facilities, the obligations of SEA are fully, unconditionally and irrevocably guaranteed by Parent, any subsidiary of Parent that directly or indirectly owns 100% of the issued and outstanding equity interest of SEA, and subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries (collectively, the “Guarantors”). | |||||||||||||
The obligations under the Senior Notes are guaranteed by the same Guarantors as under the Senior Secured Credit Facilities. In the event of a default under the Senior Notes, the principal and accrued interest would become immediately due and payable (subject to, in some cases, grace periods). | |||||||||||||
4. DIVIDENDS FROM SUBSIDIARIES | |||||||||||||
In June 2013, SEA’s Board of Directors (the “Board”) adopted a policy to pay a regular quarterly cash dividend to the Parent (defined as a restricted payment in the Senior Secured Credit Facilities). As a result, SEA paid a cash dividend to the Parent of $17,766, $18,290 and $18,290 on April 1, July 1 and October 6, 2014 related to 2014 declarations and SEA paid a cash dividend to the Parent of $18,072, $18,072 and $17,767 on July 1, 2013, October 1, 2013 and January 3, 2014, respectively, related to 2013 declarations. As SEA had an accumulated deficit at the time the April 1, 2014, July 1, 2014 and July 1, 2013 dividends were declared to the Parent, these dividends were accounted for as a return of capital by the Parent. The remaining dividends from SEA have been reflected as a return on capital in the accompanying condensed financial statements. | |||||||||||||
Also in June 2013, the Parent’s Board adopted a policy to pay a regular quarterly dividend (defined as a restricted payment in the Senior Secured Credit Facilities). The payment of cash dividends is within the discretion of the Board and depends on many factors, including, but not limited to, SEA’s results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in its debt agreements and in any preferred stock, business prospects and other factors that the Board may deem relevant. | |||||||||||||
During the years ended December 31, 2014 and 2013, the Parent’s Board declared or paid quarterly cash dividends to all common stockholders of record as follows: | |||||||||||||
Record Date | Payment Date | Cash Dividend | |||||||||||
per Common | |||||||||||||
Share | |||||||||||||
20-Jun-13 | July 1, 2013 | $ | 0.2 | ||||||||||
20-Sep-13 | October 1, 2013 | $ | 0.2 | ||||||||||
20-Dec-13 | 3-Jan-14 | $ | 0.2 | ||||||||||
20-Mar-14 | 1-Apr-14 | $ | 0.2 | ||||||||||
20-Jun-14 | 1-Jul-14 | $ | 0.21 | ||||||||||
29-Sep-14 | 6-Oct-14 | $ | 0.21 | ||||||||||
As of December 31, 2014, the Parent had $172 of cash dividends payable included in dividends payable in the accompanying condensed balance sheet. See Note 19–Stockholders’ Equity of the accompanying consolidated financial statements for further discussion. | |||||||||||||
On January 5, 2015, SEA’s Board declared a cash dividend of up to $18,112 to the Parent, which was paid on January 22, 2015. Additionally, the Parent’s Board declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on January 13, 2015, which was paid on January 22, 2015. | |||||||||||||
The Parent received dividends in the amount of $500,000 from SEA on March 30, 2012 which have been reflected as a return of capital in the accompanying condensed financial statements. On that same date, the Parent declared dividends (defined as a restricted payment in the Senior Secured Credit Facilities) of $500,000 to the Partnerships. This dividend has also been reflected as a return of capital in the accompanying condensed financial statements. | |||||||||||||
5. STOCKHOLDERS’ EQUITY | |||||||||||||
Stock Split and Authorized Shares | |||||||||||||
On April 7, 2013, the Parent’s Board authorized an eight-for-one split of the Parent’s common stock which was effective on April 8, 2013. The Parent retained the current par value of $0.01 per share for all shares of common stock after the stock split, and accordingly, stockholders’ equity on the accompanying condensed balance sheet reflects the stock split. The Parent’s historical share information has been retroactively adjusted to give effect to this stock split. | |||||||||||||
Contemporaneously with the stock split, on April 8, 2013, the Parent’s Board approved an increase in the number of authorized shares of common stock to 1 billion shares. Additionally, upon the consummation of the initial public offering, the Parent’s Board authorized 100,000,000 shares of preferred stock at a par value of $0.01 per share. | |||||||||||||
Omnibus Incentive Plan | |||||||||||||
The Parent reserved 15,000,000 shares of common stock for future issuance under the 2013 Omnibus Incentive Plan (“Omnibus Incentive Plan”). The Omnibus Incentive Plan is administered by the compensation committee of the Parent’s Board, and provides that the Parent may grant equity incentive awards to eligible employees, directors, consultants or advisors of the Parent or its subsidiary, SEA, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based and performance compensation awards. If an award under the 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 Omnibus Incentive Plan. See further discussion in Note 18–Equity-Based Compensation of the accompanying consolidated financial statements. | |||||||||||||
Initial Public Offering and Use of Proceeds | |||||||||||||
On April 24, 2013, the Parent completed an initial public offering of its common stock in which it offered and sold 10,000,000 shares of common stock and the selling stockholders of the Parent offered and sold 19,900,000 shares of common stock including, 3,900,000 shares of common stock pursuant to the exercise in full of the underwriters’ over-allotment option. The shares offered and sold in the offering were registered under the Securities Act pursuant to the Parent’s Registration Statement on Form S-1, which was declared effective by the Securities and Exchange Commission on April 18, 2013. The common stock is listed on the New York Stock Exchange under the symbol “SEAS”. | |||||||||||||
The Parent’s shares of common stock were sold at an initial public offering price of $27.00 per share, which generated net proceeds of approximately $245,400 to the Parent after deducting underwriting discounts and commissions, expenses and transaction costs. Subsequent to the initial public offering, the Parent transferred the net proceeds to SEA as a capital contribution and increased its investment in SEA. The Parent did not receive any proceeds from shares sold by the selling stockholders. | |||||||||||||
Secondary 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 Parent. | |||||||||||||
On April 9, 2014, the selling stockholders completed an underwritten 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 Parent. | |||||||||||||
Concurrently with the closing of the secondary offering in December 2013 and April 2014, the Parent repurchased 1,500,000 and 1,750,000 shares, respectively, of its common stock directly from the selling stockholders in private, non-underwritten transactions at a price per share equal to the price per share paid to the selling stockholders by the underwriters in the respective secondary offerings. | |||||||||||||
Share Repurchase Program | |||||||||||||
On August 12, 2014, the Parent’s Board authorized the repurchase of up to $250,000 of the Company’s common stock beginning on January 1, 2015 (the “Share Repurchase Program”). On December 16, 2014, the Board approved an amendment to the Share Repurchase Program to change the start date of such program from January 1, 2015 to December 17, 2014 and to authorize the repurchase of up to $15,000 of the Company’s common stock during the remainder of calendar year 2014. The other features of the Share Repurchase Program remained unchanged including the total amount authorized and available under the program of $250,000. Under the Share Repurchase Program, the Parent is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the level of the Company’s cash balances, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions and alternative investment opportunities. | |||||||||||||
As a result of the Share Repurchase Program, during the fourth quarter of 2014, the Parent entered into a written trading plan under Rule 10b5-1 of the Exchange Act and repurchased a total of 855,970 shares of common stock at an average price of $17.50 per share and a total cost of approximately $15,000, leaving $235,000 available for future repurchases under the Share Repurchase Program. As of December 31, 2014, $5,650 related to certain shares of common stock repurchased in 2014 is included in other accrued expenses on the accompanying parent company only condensed balance sheet and was paid in January 2015. | |||||||||||||
All of the repurchased shares from the Share Repurchase Program and the shares repurchased directly from the selling stockholders during December 2013 and April 2014 were recorded as treasury stock at a total cost of $109,871 and $44,163 as of December 31, 2014 and 2013, respectively, and are reflected as a reduction to stockholders’ equity on the accompanying condensed balance sheets. SEA transferred $65,708 and $44,163 during the years ended December 31, 2014 and 2013, respectively, as restricted payments to the Parent for the payment of the repurchased shares. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Changes and Error Corrections [Abstract] | |||||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | ||||
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts have been eliminated in consolidation. | |||||
Use of Estimates | Use of Estimates | ||||
The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates. | |||||
Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial Statements | ||||
In the third quarter of 2014, the Company conducted an internal review of its application of the guidance in Accounting Standards Codification (“ASC”) 470-50, Debt-Modifications and Extinguishments, to its accounting for certain debt transactions in 2013, 2012 and 2011. As a result of this review and analysis, the Company determined that it had incorrectly applied the accounting guidance in ASC 470-50 and inappropriately accounted for certain fees as a result of modifications and prepayments in certain years. In accordance with ASC 250 (Securities and Exchange Commission (“SEC”) Staff Accounting Bulletin 99, Assessing Materiality), the Company concluded that the correction of the errors was not material to any of its previously issued annual or interim financial statements. The Company has revised its previously issued financial statements contained in this Annual Report on Form 10-K to correct the effect of these immaterial errors for the corresponding periods. See further discussion in the Revision of Previously Issued Financial Statements section of Note 11–Long-Term Debt. | |||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||
Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $8,381 and $9,776 at December 31, 2014 and 2013, respectively. The cash balances in non-interest bearing accounts held at financial institutions are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2014. Interest bearing accounts are insured up to $250. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions. | |||||
Accounts Receivable-Net | Accounts Receivable—Net | ||||
Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance for estimated uncollectible receivables, based on the amount and status of past-due accounts, contractual terms of the receivables and the Company’s history of uncollectible accounts. For all periods presented, the allowance for uncollectible accounts and the related provision were insignificant. | |||||
Inventories | Inventories | ||||
Inventories are stated at the lower of cost or market value with the cost being determined by the weighted average cost method. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value. | |||||
Restricted Cash | Restricted Cash | ||||
Restricted cash is recorded in other current assets and consists of funds received from strategic partners for use in approved marketing and promotional activities. | |||||
Property and Equipment-Net | Property and Equipment—Net | ||||
Property and equipment are recorded at cost. The cost of ordinary or routine maintenance, repairs, spare parts and minor renewals is expensed as incurred. Internal development costs associated with new attractions, rides and product development are capitalized after necessary feasibility studies have been completed and final concept or contracts have been approved. The cost of assets is depreciated using the straight-line method based on the following estimated useful lives: | |||||
Land improvements | 10-40 years | ||||
Buildings | 5-40 years | ||||
Rides, attractions and equipment | 3-20 years | ||||
Animals | 1-50 years | ||||
Material costs to purchase animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years). All costs to maintain animals are expensed as incurred, including in-house animal breeding costs, as they are insignificant to the consolidated financial statements. Construction in process assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all construction projects. Total interest capitalized for the years ended December 31, 2014 and 2013, was $2,629 and $4,347, respectively. | |||||
Computer System Development Costs | Computer System Development Costs | ||||
The Company capitalizes computer system development costs that meet established criteria and, once placed in service, amortizes those costs to expense on a straight-line basis over five years. Total capitalized costs related to computer system development costs, net of accumulated amortization, were $10,287 and $7,350, as of December 31, 2014 and 2013, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $8,841 and $6,199 as of December 31, 2014 and 2013, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2014, 2013 and 2012 was $2,703, $1,949 and $969, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive income. Systems reengineering costs do not meet the proper criteria for capitalization and are expensed as incurred. | |||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||||
All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park). No impairment losses were recognized during the years ended December 31, 2014, 2013 and 2012. | |||||
Goodwill and Other Indefinite-Lived Intangible Assets | Goodwill and Other Indefinite-Lived Intangible Assets | ||||
Goodwill and other indefinite-lived intangible assets are not amortized, but instead reviewed for impairment at least annually on December 1, and as of an interim date should factors or indicators become apparent that would require an interim test, with ongoing recoverability based on applicable reporting unit performance and consideration of significant events or changes in the overall business environment. In assessing goodwill for impairment, the Company may choose to initially evaluate qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. The Company considers several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more-likely-than-not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing for recoverability of a significant asset group within a reporting unit. If this qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. If the qualitative assessment is not conclusive and it is necessary to calculate the fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a two-step approach. The Company may also choose to perform this two-step impairment analysis instead of the qualitative analysis. The first step is a comparison of the fair value of the reporting unit, determined using the income and market approach, to its recorded amount. If the recorded amount exceeds the fair value, the second step quantifies any impairment write-down by comparing the current implied value of goodwill to the recorded goodwill balance. The Company’s other indefinite-lived intangible assets consist of certain trade names/trademarks which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are tested for impairment using the relief from royalty method. The Company performed a quantitative assessment of goodwill and other indefinite-lived intangible assets at December 1, 2014 and 2012 and a qualitative assessment of goodwill and other indefinite-lived intangible assets at December 1, 2013 and found no impairments. | |||||
Other Intangible Assets | Other Intangible Assets | ||||
The Company’s other intangible assets consist primarily of certain trade names/trademarks, relationships with ticket resellers, a favorable lease asset and a non-compete agreement. These intangible assets are amortized on the straight-line basis over their estimated remaining lives. | |||||
Self-Insurance Reserves | Self-Insurance Reserves | ||||
Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities. The Company maintains self-insurance reserves for healthcare, auto, general liability and workers compensation claims. Total claims reserves were $27,127 at December 31, 2014, of which $2,977 is recorded in accrued salaries, wages and benefits, $7,800 is recorded in other accrued expenses and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $24,643 at December 31, 2013, of which $2,905 is recorded in accrued salaries, wages and benefits, $7,800 is recorded in other accrued expenses and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. | |||||
Debt Financing Costs | Debt Financing Costs | ||||
Deferred financing costs are amortized to interest expense using the effective interest method over the term of the Senior Secured Credit Facilities or the Senior Notes and are included in other assets in the accompanying consolidated balance sheets. | |||||
Share Repurchase Program and Treasury Stock | Share Repurchase Program and Treasury Stock | ||||
From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at December 31, 2014 and 2013 is recorded as a reduction to stockholders’ equity as the Company does not currently intend to retire the treasury stock held. See further discussion of the Company’s Share Repurchase Program in Note 19–Stockholders’ Equity. | |||||
Revenue Recognition | Revenue Recognition | ||||
The Company recognizes revenue upon admission into a park for single day tickets and when products are received by customers for merchandise, culinary or other in-park spending. For season passes and other multi-use admission products, deferred revenue is recorded and the related revenue is recognized over the terms of the admission product and its estimated usage. Deferred revenue includes a current and long-term portion. At December 31, 2014 and 2013, long-term deferred revenue of $2,414 and $3,176, respectively, is included in other liabilities in the accompanying consolidated balance sheets. The Company has entered into agreements with certain external theme park, zoo and other attraction operators to jointly market and sell single and multi-use admission products. These joint products allow admission to both a Company park and an external park, zoo or other attraction. The agreements with the external parks specify the allocation of revenue to the Company from any jointly sold products. The Company’s portion of revenue is deferred and recognized in a manner consistent with the Company’s own admission products over its related use. The Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the products or services is recognized into admissions revenue and related expense at the time of the exchange and approximates the estimated fair value of either the products or services received or provided, whichever is more readily determinable. For the years ended December 31, 2014, 2013 and 2012, approximately $17,700, $20,000 and $19,600, respectively, were included within admissions revenue with an offset in either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of comprehensive income related to bartered ticket transactions. | |||||
Advertising and Promotional Costs | Advertising and Promotional Costs | ||||
Advertising production costs are deferred and expensed the first time the advertisement is shown. Advertising and media costs are expensed as incurred and for the years ended December 31, 2014, 2013 and 2012, totaled approximately $110,500, $112,000 and $116,700, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income. | |||||
Equity-Based Compensation | Equity-Based Compensation | ||||
The Company measures the cost of employee services rendered in exchange for share-based compensation based upon the grant date fair market value. The cost is recognized over the requisite service period, which is generally the vesting period. See further discussion in Note 18–Equity-Based Compensation. | |||||
Restructuring Costs | Restructuring Costs | ||||
The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations. The Company defines a business restructuring as an exit or disposal activity that includes but is not limited to a program which is planned and controlled by management and materially changes either the scope of a business or the manner in which that business is conducted. Business restructuring charges may include (i) one-time termination benefits related to employee separations, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities. | |||||
A liability is recognized and measured at its fair value for one-time termination benefits once the plan of termination is communicated to affected employees and it meets all of the following criteria: (i) management commits to a plan of termination, (ii) the plan identifies the number of employees to be terminated and their job classifications or functions, locations and the expected completion date, (iii) the plan establishes the terms of the benefit arrangement and (iv) it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. Contract termination costs include costs to terminate a contract or costs that will continue to be incurred under the contract without benefit to the Company. A liability is recognized and measured at its fair value when the Company either terminates the contract or ceases using the rights conveyed by the contract. | |||||
Income Taxes | Income Taxes | ||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more-likely than not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to uncertain positions are charged to the provision/benefit for income taxes. | |||||
Fair Value Measurements | Fair Value Measurements | ||||
Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. | |||||
An entity is permitted to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to use the fair value option for any of its financial assets and financial liabilities that are not already recorded at fair value. Carrying values of financial instruments classified as current assets and current liabilities approximate fair value, due to their short-term nature. A description of the Company’s policies regarding fair value measurement is summarized below. | |||||
Fair Value Hierarchy—Fair value is determined for assets and liabilities, which are grouped according to a hierarchy, based upon significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy: | |||||
Level 1—Quoted prices for identical instruments in active markets. | |||||
Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. | |||||
Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||
Determination of Fair Value—The Company generally uses quoted market prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access to determine fair value, and classifies such items in Level 1. Fair values determined by Level 2 inputs utilize inputs other than quoted market prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted market prices in active markets for similar assets or liabilities, and inputs other than quoted market prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest and currency rates, and the like. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable. | |||||
Segment Reporting | Segment Reporting | ||||
The Company maintains discrete financial information for each of its eleven theme parks, which is used by the Chief Operating Decision Maker (“CODM”), identified as the Chief Executive Officer, as a basis for allocating resources. Each theme park has been identified as an operating segment and meets the criteria for aggregation due to similar economic characteristics. In addition, all of the theme parks provide similar products and services and share similar processes for delivering services. The theme parks have a high degree of similarity in the workforces and target the same consumer group. Accordingly, based on these economic and operational similarities and the way the CODM monitors the operations, the Company has concluded that its operating segments may be aggregated and that it has one reportable segment. | |||||
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities | ||||
During fiscal year 2012, the Company entered into certain derivative transactions, as detailed in Note 12-Derivative Instruments and Hedging Activities, and elected the related derivative instruments and hedging activities accounting policy described herein. ASC 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, results of operations and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of, and gains and losses on, derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. | |||||
As required by ASC 815, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. | |||||
Recently Issued Accounting Pronouncements | 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. | ||||
In June 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. This ASU provides explicit guidance on the treatment of awards with performance targets that could be achieved after the requisite service period. The ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with earlier adoption permitted. The adoption of ASU 2014-12 is not expected to have a material impact on the Company’s consolidated financial statements. | |||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date will be annual reporting periods beginning after December 15, 2016 using one of two retrospective application methods. The Company is evaluating the accounting and disclosure requirements on its consolidated financial statements but does not currently anticipate a material impact to the consolidated financial statements upon adoption. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Estimated Useful Lives | The cost of assets is depreciated using the straight-line method based on the following estimated useful lives: | ||||
Land improvements | 10-40 years | ||||
Buildings | 5-40 years | ||||
Rides, attractions and equipment | 3-20 years | ||||
Animals | 1-50 years |
Restructuring_Program_and_Sepa1
Restructuring Program and Separation Costs (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Schedule of Restructuring Program Activity | The Restructuring Program activity for the year ended December 31, 2014 was as follows: | ||||||||||||
Severance and | Other Related | Total | |||||||||||
Other | Restructuring | Restructuring | |||||||||||
Employment | Expenses | and Other | |||||||||||
Expenses | Related Costs | ||||||||||||
Costs incurred in 2014 | $ | 8,578 | $ | 2,989 | $ | 11,567 | |||||||
Payments made in 2014 | (887 | ) | (2,989 | ) | (3,876 | ) | |||||||
Liability as of December 31, 2014 | $ | 7,691 | $ | — | $ | 7,691 | |||||||
Earnings_per_Share_Tables
Earnings per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Earnings per Share | Earnings per share is computed as follows (in thousands, except per share data): | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Net | Shares | Per | Net | Shares | Per | Net | Shares | Per | |||||||||||||||||||||||||||||
Income | Share | Income | Share | Income | Share | ||||||||||||||||||||||||||||||||
Amount | Amount | Amount | |||||||||||||||||||||||||||||||||||
Basic earnings per share | $ | 49,919 | 87,183 | $ | 0.57 | $ | 51,920 | 87,537 | $ | 0.59 | $ | 74,221 | 82,480 | $ | 0.9 | ||||||||||||||||||||||
Effect of dilutive incentive-based awards | 297 | 615 | 1,072 | ||||||||||||||||||||||||||||||||||
Diluted earnings per share | $ | 49,919 | 87,480 | $ | 0.57 | $ | 51,920 | 88,152 | $ | 0.59 | $ | 74,221 | 83,552 | $ | 0.89 | ||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | Inventories as of December 31, 2014 and 2013, consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Merchandise | $ | 28,356 | $ | 30,586 | |||||
Food and beverage | 4,778 | 5,623 | |||||||
Total inventories | $ | 33,134 | $ | 36,209 | |||||
Prepaid_Expenses_and_Other_Cur1
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets as of December 31, 2014 and 2013, consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Prepaid insurance | $ | 8,047 | $ | 8,418 | |||||
Prepaid marketing and advertising costs | 6,965 | 6,817 | |||||||
Other | 5,882 | 4,378 | |||||||
Total prepaid expenses and other current assets | $ | 20,894 | $ | 19,613 | |||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Components of Property and Equipment, Net | The components of property and equipment, net as of December 31, 2014 and 2013, consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Land | $ | 286,200 | $ | 286,200 | |||||
Land improvements | 289,892 | 259,722 | |||||||
Buildings | 566,112 | 537,532 | |||||||
Rides, attractions and equipment | 1,267,832 | 1,173,746 | |||||||
Animals | 158,362 | 157,160 | |||||||
Construction in process | 43,654 | 71,445 | |||||||
Less accumulated depreciation | (867,421 | ) | (714,305 | ) | |||||
Total property and equipment, net | $ | 1,744,631 | $ | 1,771,500 | |||||
Trade_NamesTrademarks_and_Othe1
Trade Names/Trademarks and Other Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Trade Names/Trademarks, Net | Trade names/trademarks, net are comprised of the following at December 31, 2014: | ||||||||||||||||
Weighted Average | Gross | Accumulated | Net | ||||||||||||||
Amortization | Carrying | Amortization | Carrying | ||||||||||||||
Period | Amount | Value | |||||||||||||||
Trade names/trademarks—indefinite lives | $ | 157,000 | $ | — | $ | 157,000 | |||||||||||
Trade names/trademarks—definite lives | 9.3 years | 12,900 | 5,712 | 7,188 | |||||||||||||
Total trade names/trademarks, net | $ | 169,900 | $ | 5,712 | $ | 164,188 | |||||||||||
Trade names/trademarks, net are comprised of the following at December 31, 2013: | |||||||||||||||||
Weighted Average | Gross | Accumulated | Net | ||||||||||||||
Amortization | Carrying | Amortization | Carrying | ||||||||||||||
Period | Amount | Value | |||||||||||||||
Trade names/trademarks—indefinite lives | $ | 157,000 | $ | — | $ | 157,000 | |||||||||||
Trade names/trademarks—definite lives | 10 years | 11,000 | 4,492 | 6,508 | |||||||||||||
Total trade names/trademarks, net | $ | 168,000 | $ | 4,492 | $ | 163,508 | |||||||||||
Other Intangible Assets-Net | Other intangible assets, net at December 31, 2014, consisted of the following: | ||||||||||||||||
Weighted Average | Gross | Accumulated | Net | ||||||||||||||
Amortization | Carrying | Amortization | Carrying | ||||||||||||||
Period | Amount | Value | |||||||||||||||
Favorable lease asset | 39 years | $ | 18,200 | $ | 2,333 | $ | 15,867 | ||||||||||
Reseller agreements | 8.1 years | 22,300 | 13,984 | 8,316 | |||||||||||||
Non-compete agreement | 5 years | 500 | 158 | 342 | |||||||||||||
Total other intangible assets, net | $ | 41,000 | $ | 16,475 | $ | 24,525 | |||||||||||
Other intangible assets, net at December 31, 2013, consisted of the following: | |||||||||||||||||
Weighted Average | Gross | Accumulated | Net | ||||||||||||||
Amortization | Carrying | Amortization | Carrying | ||||||||||||||
Period | Amount | Value | |||||||||||||||
Favorable lease asset | 39 years | $ | 18,200 | $ | 1,867 | $ | 16,333 | ||||||||||
Reseller agreements | 8.1 years | 22,300 | 11,232 | 11,068 | |||||||||||||
Non-compete agreement | 5 years | 500 | 58 | 442 | |||||||||||||
Total other intangible assets, net | $ | 41,000 | $ | 13,157 | $ | 27,843 | |||||||||||
Schedule of Expected Amortization of Finite-Lived Intangible Assets | Total expected amortization of the finite-lived intangible assets for the succeeding five years and thereafter is as follows: | ||||||||||||||||
Years Ending December 31 | |||||||||||||||||
2015 | $ | 4,780 | |||||||||||||||
2016 | 4,780 | ||||||||||||||||
2017 | 4,574 | ||||||||||||||||
2018 | 2,235 | ||||||||||||||||
2019 | 1,849 | ||||||||||||||||
Thereafter | 13,495 | ||||||||||||||||
$ | 31,713 | ||||||||||||||||
Other_Accrued_Expenses_Tables
Other Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Other Accrued Expenses | Other accrued expenses at December 31, 2014 and 2013, consisted of the following: | ||||||||
2014 | 2013 | ||||||||
Accrued property taxes | $ | 2,039 | $ | 2,113 | |||||
Accrued interest | 2,604 | 2,636 | |||||||
Self-insurance reserve | 7,800 | 7,800 | |||||||
Other | 7,706 | 2,715 | |||||||
Total other accrued expenses | $ | 20,149 | $ | 15,264 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Summary of Long-Term Debt | Long-term debt as of December 31, 2014 and 2013 consisted of the following: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Term B-2 Loans | $ | 1,352,438 | $ | 1,397,975 | |||||||||||||||||||||
Revolving credit agreement | — | — | |||||||||||||||||||||||
Senior Notes | 260,000 | 260,000 | |||||||||||||||||||||||
Total long-term debt | 1,612,438 | 1,657,975 | |||||||||||||||||||||||
Less discounts | (8,985 | ) | (11,394 | ) | |||||||||||||||||||||
Less current maturities | (14,050 | ) | (14,050 | ) | |||||||||||||||||||||
Total long-term debt, net of current maturities | $ | 1,589,403 | $ | 1,632,531 | |||||||||||||||||||||
Summary of Long-Term Debt Repayable | Long-term debt at December 31, 2014, is repayable as follows, not including any possible prepayments described above: | ||||||||||||||||||||||||
Years Ending December 31, | |||||||||||||||||||||||||
2015 | $ | 14,050 | |||||||||||||||||||||||
2016 | 274,050 | ||||||||||||||||||||||||
2017 | 14,050 | ||||||||||||||||||||||||
2018 | 14,050 | ||||||||||||||||||||||||
2019 | 14,050 | ||||||||||||||||||||||||
Thereafter | 1,282,188 | ||||||||||||||||||||||||
Total | $ | 1,612,438 | |||||||||||||||||||||||
Consolidated Balance Sheet Line Items [Member] | |||||||||||||||||||||||||
Schedule of Impact of Corrections on Affected Financial Statements | The following table presents the impact of these corrections on affected consolidated balance sheet line items as of December 31, 2013: | ||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
As Previously | Adjustments | As Revised | |||||||||||||||||||||||
Reported | |||||||||||||||||||||||||
Selected Balance Sheet Data: | |||||||||||||||||||||||||
Other assets | $ | 40,753 | $ | (4,863 | ) | $ | 35,890 | ||||||||||||||||||
Total assets | $ | 2,582,273 | $ | (4,863 | ) | $ | 2,577,410 | ||||||||||||||||||
Long-term debt | $ | 1,627,183 | $ | 5,348 | $ | 1,632,531 | |||||||||||||||||||
Deferred tax liabilities, net | $ | 29,776 | $ | (4,106 | ) | $ | 25,670 | ||||||||||||||||||
Retained earnings | $ | 7,991 | $ | (6,105 | ) | $ | 1,886 | ||||||||||||||||||
Total stockholders’ equity | $ | 654,132 | $ | (6,105 | ) | $ | 648,027 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,582,273 | $ | (4,863 | ) | $ | 2,577,410 | ||||||||||||||||||
Previously Issued Annual Periods [Member] | |||||||||||||||||||||||||
Schedule of Impact of Corrections on Affected Financial Statements | The following tables present the additional impact of the corrections for other previously issued annual periods as indicated: | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
As Previously | Adjustments | As Revised | As Previously | Adjustments | As Revised | ||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
Selected Statements of Comprehensive Income Data: | |||||||||||||||||||||||||
Operating expenses | $ | 739,989 | $ | 3,333 | $ | 743,322 | $ | 726,509 | $ | 4,073 | $ | 730,582 | |||||||||||||
Interest expense | $ | 93,536 | $ | (2,914 | ) | $ | 90,622 | $ | 111,426 | $ | (861 | ) | $ | 110,565 | |||||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $ | 32,429 | $ | (2,571 | ) | $ | 29,858 | $ | — | $ | 2,053 | $ | 2,053 | ||||||||||||
Income before income taxes | $ | 75,482 | $ | 2,152 | $ | 77,634 | $ | 116,926 | $ | (5,265 | ) | $ | 111,661 | ||||||||||||
Provision for income taxes | $ | 25,004 | $ | 710 | $ | 25,714 | $ | 39,482 | $ | (2,042 | ) | $ | 37,440 | ||||||||||||
Net income | $ | 50,478 | $ | 1,442 | $ | 51,920 | $ | 77,444 | $ | (3,223 | ) | $ | 74,221 | ||||||||||||
Earnings per share: | |||||||||||||||||||||||||
Net income per share, basic | $ | 0.58 | $ | 0.01 | $ | 0.59 | $ | 0.94 | $ | (0.04 | ) | $ | 0.9 | ||||||||||||
Net income per share, diluted | $ | 0.57 | $ | 0.02 | $ | 0.59 | $ | 0.93 | $ | (0.04 | ) | $ | 0.89 | ||||||||||||
Selected Statements of Cash Flows Data: | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | 289,794 | $ | (3,333 | ) | $ | 286,461 | $ | 303,513 | $ | (4,073 | ) | $ | 299,440 | |||||||||||
Net cash used in financing activities | $ | (52,252 | ) | $ | 3,333 | $ | (48,919 | ) | $ | (120,183 | ) | $ | 4,073 | $ | (116,110 | ) | |||||||||
Previously Issued Quarterly Periods [Member] | |||||||||||||||||||||||||
Schedule of Impact of Corrections on Affected Financial Statements | The following tables present the impact of these corrections on the unaudited summary quarterly financial data for the previously issued quarterly periods as indicated (see also Note 21–Summary Quarterly Financial Data (Unaudited)): | ||||||||||||||||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
March 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
Selected Summary Quarterly Financial Data: | (Unaudited) | ||||||||||||||||||||||||
Total revenues | $ | 238,610 | $ | — | $ | 238,610 | $ | 411,292 | $ | — | $ | 411,292 | |||||||||||||
Operating expenses | $ | 173,260 | $ | — | $ | 173,260 | $ | 194,674 | $ | 3,333 | $ | 198,007 | |||||||||||||
Operating (loss) income | $ | (35,873 | ) | $ | — | $ | (35,873 | ) | $ | 30,980 | $ | (3,333 | ) | $ | 27,647 | ||||||||||
Interest expense | $ | 28,606 | $ | (610 | ) | $ | 27,996 | $ | 22,926 | $ | (694 | ) | $ | 22,232 | |||||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $ | — | $ | — | $ | — | $ | 32,429 | $ | (2,571 | ) | $ | 29,858 | ||||||||||||
Loss before income taxes | $ | (64,406 | ) | $ | 610 | $ | (63,796 | ) | $ | (24,268 | ) | $ | (68 | ) | $ | (24,336 | ) | ||||||||
Benefit from income taxes | $ | (24,046 | ) | $ | 201 | $ | (23,845 | ) | $ | (8,414 | ) | $ | (22 | ) | $ | (8,436 | ) | ||||||||
Net loss | $ | (40,360 | ) | $ | 409 | $ | (39,951 | ) | $ | (15,854 | ) | $ | (46 | ) | $ | (15,900 | ) | ||||||||
Loss per share: | |||||||||||||||||||||||||
Net loss per share, basic | $ | (0.49 | ) | $ | 0.01 | $ | (0.48 | ) | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | |||||||||
Net loss per share, diluted | $ | (0.49 | ) | $ | 0.01 | $ | (0.48 | ) | $ | (0.18 | ) | $ | — | $ | (0.18 | ) | |||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2013 | ||||||||||||||||||||||||
Reported | Adjustments | As | Reported | Adjustments | As | ||||||||||||||||||||
Revised | Revised | ||||||||||||||||||||||||
Selected Summary Quarterly Financial Data: | (Unaudited) | ||||||||||||||||||||||||
Total revenues | $ | 538,389 | $ | — | $ | 538,389 | $ | 271,959 | $ | — | $ | 271,959 | |||||||||||||
Operating expenses | $ | 202,625 | $ | — | $ | 202,625 | $ | 169,430 | $ | — | $ | 169,430 | |||||||||||||
Operating income | $ | 205,594 | $ | — | $ | 205,594 | $ | 505 | $ | — | $ | 505 | |||||||||||||
Interest expense | $ | 21,018 | $ | (807 | ) | $ | 20,211 | $ | 20,986 | $ | (803 | ) | $ | 20,183 | |||||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
Income (loss) before income taxes | $ | 184,589 | $ | 807 | $ | 185,396 | $ | (20,433 | ) | $ | 803 | $ | (19,630 | ) | |||||||||||
Provision for (benefit from) income taxes | $ | 64,390 | $ | 266 | $ | 64,656 | $ | (6,926 | ) | $ | 265 | $ | (6,661 | ) | |||||||||||
Net income (loss) | $ | 120,199 | $ | 541 | $ | 120,740 | $ | (13,507 | ) | $ | 538 | $ | (12,969 | ) | |||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||||
Net income (loss) per share, basic | $ | 1.34 | $ | 0.01 | $ | 1.35 | $ | (0.15 | ) | $ | 0.01 | $ | (0.14 | ) | |||||||||||
Net income (loss) per share, diluted | $ | 1.33 | $ | 0.01 | $ | 1.34 | $ | (0.15 | ) | $ | 0.01 | $ | (0.14 | ) | |||||||||||
For the Three Months Ended | For the Three Months Ended | ||||||||||||||||||||||||
March 31, 2014 | June 30, 2014 | ||||||||||||||||||||||||
As | Adjustments | As | As | Adjustments | As | ||||||||||||||||||||
Previously | Revised | Previously | Revised | ||||||||||||||||||||||
Reported | Reported | ||||||||||||||||||||||||
Selected Summary Quarterly Financial Data: | (Unaudited) | ||||||||||||||||||||||||
Total revenues | $ | 212,290 | $ | — | $ | 212,290 | $ | 405,151 | $ | — | $ | 405,151 | |||||||||||||
Operating expenses | $ | 167,912 | $ | — | $ | 167,912 | $ | 189,190 | $ | — | $ | 189,190 | |||||||||||||
Operating (loss) income | $ | (59,408 | ) | $ | — | $ | (59,408 | ) | $ | 80,587 | $ | — | $ | 80,587 | |||||||||||
Interest expense | $ | 20,046 | $ | (342 | ) | $ | 19,704 | $ | 20,638 | $ | (112 | ) | $ | 20,526 | |||||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
(Loss) income before income taxes | $ | (79,471 | ) | $ | 342 | $ | (79,129 | ) | $ | 59,994 | $ | 112 | $ | 60,106 | |||||||||||
(Benefit from) provision for income taxes | $ | (30,040 | ) | $ | 128 | $ | (29,912 | ) | $ | 22,658 | $ | 42 | $ | 22,700 | |||||||||||
Net (loss) income | $ | (49,431 | ) | $ | 214 | $ | (49,217 | ) | $ | 37,336 | $ | 70 | $ | 37,406 | |||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||||
Net (loss) income per share, basic | $ | (0.56 | ) | $ | — | $ | (0.56 | ) | $ | 0.43 | $ | — | $ | 0.43 | |||||||||||
Net (loss) income per share, diluted | $ | (0.56 | ) | $ | — | $ | (0.56 | ) | $ | 0.43 | $ | — | $ | 0.43 |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Fair Value of Company's Derivative Financial Instruments Classification on Consolidated Balance Sheet | Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheet as of December 31, 2014 and 2013: | |||||||||||||
Liability Derivatives | Asset Derivatives | ||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||
Balance Sheet | Fair Value | Balance Sheet | Fair Value | ||||||||||
Location | Location | ||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other liabilities | $ | 628 | Other assets | $ | 71 | |||||||
Total derivatives designated as hedging instruments | $ | 628 | $ | 71 | |||||||||
Schedule of Pre-tax Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income (Loss) | Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income | ||||||||||||
The table below presents the pre-tax effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive income for the years ended December 31, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss) | $ | 1,846 | $ | 386 | |||||||||
(Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense | $ | (2,626 | ) | $ | 1,511 | ||||||||
Gain (loss) related to ineffective portion of derivatives recognized in other (income) expense | $ | — | $ | — | |||||||||
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) | ||||||||||||
The following table reflects the changes in accumulated other comprehensive income (loss) for the year ended December 31, 2014, net of tax: | |||||||||||||
Gains (Losses) | |||||||||||||
on Cash Flow | |||||||||||||
Hedges | |||||||||||||
Accumulated other comprehensive income (loss): | |||||||||||||
Balance at December 31, 2013 | $ | 11 | |||||||||||
Other comprehensive income before reclassifications | 1,169 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | (1,663 | ) | |||||||||||
Unrealized loss on derivatives, net of tax | (494 | ) | |||||||||||
Balance at December 31, 2014 | $ | (483 | ) | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Provision for Income Taxes | For the years ended December 31, 2014, 2013 and 2012, the provision for income taxes is comprised of the following: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current income tax (benefit) provision | |||||||||||||
Federal | $ | (70 | ) | $ | (113 | ) | $ | (70 | ) | ||||
State | 937 | 1,086 | 542 | ||||||||||
Foreign | 5 | 13 | 31 | ||||||||||
Total current income tax provision | 872 | 986 | 503 | ||||||||||
Deferred income tax provision (benefit): | |||||||||||||
Federal | 30,414 | 28,628 | 36,030 | ||||||||||
State | (2,414 | ) | (3,900 | ) | 907 | ||||||||
Total deferred income tax provision | 28,000 | 24,728 | 36,937 | ||||||||||
Total income tax provision | $ | 28,872 | $ | 25,714 | $ | 37,440 | |||||||
Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities as of December 31, 2014 and 2013 are as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred income tax assets: | |||||||||||||
Acquisition and debt related costs | $ | 20,319 | $ | 8,640 | |||||||||
Net operating loss | 269,002 | 270,467 | |||||||||||
Self-insurance | 9,666 | 8,686 | |||||||||||
Deferred revenue | 1,021 | 2,134 | |||||||||||
Other | 10,689 | 8,156 | |||||||||||
Total deferred income tax assets | 310,697 | 298,083 | |||||||||||
Valuation allowance | (1,507 | ) | — | ||||||||||
Net deferred tax assets | 309,190 | 298,083 | |||||||||||
Deferred income tax liabilities: | |||||||||||||
Property and equipment | (278,851 | ) | (245,418 | ) | |||||||||
Goodwill | (35,396 | ) | (28,242 | ) | |||||||||
Amortization | (15,226 | ) | (12,613 | ) | |||||||||
Other | (4,209 | ) | (8,593 | ) | |||||||||
Total deferred income tax liabilities | (333,682 | ) | (294,866 | ) | |||||||||
Net deferred income tax (liabilities) assets | $ | (24,492 | ) | $ | 3,217 | ||||||||
Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate | The reconciliation between the U.S. federal statutory income tax rate and the Company’s effective income tax provision rate for the years ended December 31, 2014, 2013 and 2012, is as follows: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income tax rate at federal statutory rates | 35.00 | % | 35.00 | % | 35.00 | % | |||||||
State taxes, net of federal benefit | 1.32 | (0.77 | ) | 1.24 | |||||||||
State net operating loss revaluation | (3.78 | ) | — | — | |||||||||
Charitable contribution carryforward valuation allowance | 1.91 | — | — | ||||||||||
Other | 2.19 | (1.11 | ) | (2.71 | ) | ||||||||
Income tax rate | 36.64 | % | 33.12 | % | 33.53 | % | |||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Operating Leases Requiring Annual Minimum Lease Payments | At December 31, 2014, the Company has commitments under long-term operating leases requiring annual minimum lease payments as follows: | ||||
Years Ending December 31, | |||||
2015 | $ | 15,648 | |||
2016 | 15,034 | ||||
2017 | 15,056 | ||||
2018 | 14,923 | ||||
2019 | 13,927 | ||||
Thereafter | 298,451 | ||||
Total | $ | 373,039 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2014: | ||||||||||||||||
Quoted Prices in | Significant | Significant | Balance at | ||||||||||||||
Active Markets | Other | Unobservable | December 31, | ||||||||||||||
for Identical | Observable | Inputs | 2014 | ||||||||||||||
Assets and | Inputs | (Level 3) | |||||||||||||||
Liabilities | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments (a) | $ | — | $ | 628 | $ | — | $ | 628 | |||||||||
Long-term obligations (b) | $ | — | $ | 1,352,438 | $ | 263,197 | $ | 1,615,635 | |||||||||
(a) | Reflected at fair value in the consolidated balance sheet as other liabilities of $628. | ||||||||||||||||
(b) | Reflected at carrying value in the consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,589,403 as of December 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 consolidated balance sheet as other assets of $71. | ||||||||||||||||
(b) | Reflected at carrying value in the consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,632,531 as of December 31, 2013. |
EquityBased_Compensation_Table
Equity-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Time Restricted Shares [Member] | Pre-IPO Incentive Plan [Member] | |||||||||||||
Schedule of Employee Stock Performance Activity | The activity related to the Pre-IPO Incentive Plan Time Restricted share awards for the year ended December 31, 2014, is as follows: | ||||||||||||
Shares | Weighted Average | Weighted Average | |||||||||||
Grant Date Fair | Remaining | ||||||||||||
Value per Share | Contractual Term | ||||||||||||
Pre-IPO Incentive Plan Time Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 375,480 | $ | 4.19 | ||||||||||
Granted | — | — | |||||||||||
Vested | (258,064 | ) | $ | 3.95 | |||||||||
Forfeited | (3,343 | ) | $ | 3.82 | |||||||||
Outstanding at December 31, 2014 | 114,073 | $ | 4.72 | 11 months | |||||||||
Time Restricted Shares [Member] | Omnibus Incentive Plan [Member] | |||||||||||||
Schedule of Employee Stock Performance Activity | The activity related to the Omnibus Plan Time Restricted shares for the year ended December 31, 2014, is as follows: | ||||||||||||
Shares | Weighted Average | Weighted Average | |||||||||||
Grant Date Fair | Remaining | ||||||||||||
Value per Share | Contractual Term | ||||||||||||
Omnibus Plan Time Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 59,160 | $ | 33.35 | ||||||||||
Granted | 33,273 | $ | 24.59 | ||||||||||
Vested | (41,519 | ) | $ | 33.58 | |||||||||
Forfeited | (442 | ) | $ | 32.88 | |||||||||
Outstanding at December 31, 2014 | 50,472 | $ | 27.4 | 17 months | |||||||||
2.25x Performance Restricted Shares [Member] | Pre-IPO Incentive Plan [Member] | |||||||||||||
Schedule of Employee Stock Performance Activity | The activity related to the Pre-IPO Incentive Plan 2.25x Performance Restricted shares for the year ended December 31, 2014, is as follows: | ||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value per Share | |||||||||||||
Pre-IPO Incentive Plan 2.25x Performance Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 1,308,752 | $ | 21.49 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (18,217 | ) | $ | 21.49 | |||||||||
Outstanding at December 31, 2014 | 1,290,535 | $ | 20.21 | ||||||||||
2.25x Performance Restricted Shares [Member] | Omnibus Incentive Plan [Member] | |||||||||||||
Schedule of Employee Stock Performance Activity | The activity related to the Omnibus Plan 2.25x Performance Restricted shares for the year ended December 31, 2014, is as follows: | ||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value per Share | |||||||||||||
Omnibus Plan 2.25x Performance Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 163,310 | $ | 30.46 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (2,392 | ) | $ | 30.46 | |||||||||
Outstanding at December 31, 2014 | 160,918 | $ | 26.96 | ||||||||||
2.75x Performance Restricted Shares [Member] | Pre-IPO Incentive Plan [Member] | |||||||||||||
Schedule of Employee Stock Performance Activity | The activity related to the Pre-IPO Incentive Plan 2.75x Performance Restricted shares for the year ended December 31, 2014, is as follows: | ||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value per Share | |||||||||||||
Pre-IPO Incentive Plan 2.75x Performance Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 1,308,752 | $ | 14.4 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (18,217 | ) | $ | 14.4 | |||||||||
Outstanding at December 31, 2014 | 1,290,535 | $ | 11.89 | ||||||||||
2.75x Performance Restricted Shares [Member] | Omnibus Incentive Plan [Member] | |||||||||||||
Schedule of Employee Stock Performance Activity | The activity related to the Omnibus Plan 2.75x Performance Restricted shares for the year ended December 31, 2014, is as follows: | ||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value per Share | |||||||||||||
Omnibus Plan 2.75x Performance Restricted shares: | (not in thousands | ) | |||||||||||
Outstanding at December 31, 2013 | 163,310 | $ | 23.05 | ||||||||||
Granted | — | — | |||||||||||
Vested | — | — | |||||||||||
Forfeited | (2,392 | ) | $ | 23.05 | |||||||||
Outstanding at December 31, 2014 | 160,918 | $ | 18.32 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Equity [Abstract] | |||||||
Schedule of Quarterly Cash Dividends to Common Stockholders | During the years ended December 31, 2014 and 2013, the Board declared or paid quarterly cash dividends to all common stockholders of record as follows: | ||||||
Record Date | Payment Date | Cash Dividend | |||||
per Common | |||||||
Share | |||||||
20-Jun-13 | 1-Jul-13 | $ | 0.2 | ||||
20-Sep-13 | 1-Oct-13 | $ | 0.2 | ||||
20-Dec-13 | 3-Jan-14 | $ | 0.2 | ||||
20-Mar-14 | 1-Apr-14 | $ | 0.2 | ||||
20-Jun-14 | 1-Jul-14 | $ | 0.21 | ||||
29-Sep-14 | 6-Oct-14 | $ | 0.21 |
Summary_Quarterly_Financial_Da1
Summary Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Financial Data | Unaudited summary quarterly financial data for the years ended December 31, 2014 and 2013 was as follows: | ||||||||||||||||
2014 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter | Quarter | Quarter (a) | ||||||||||||||
(Unaudited) | |||||||||||||||||
Total revenues | $ | 212,290 | $ | 405,151 | $ | 495,834 | $ | 264,537 | |||||||||
Operating (loss) income | $ | (59,408 | ) | $ | 80,587 | $ | 161,915 | $ | (22,497 | ) | |||||||
Net (loss) income | $ | (49,217 | ) | $ | 37,406 | $ | 87,176 | $ | (25,446 | ) | |||||||
(Loss) earnings per share: | |||||||||||||||||
Net (loss) income per share, basic | $ | (0.56 | ) | $ | 0.43 | $ | 1.01 | $ | (0.29 | ) | |||||||
Net (loss) income per share, diluted | $ | (0.56 | ) | $ | 0.43 | $ | 1 | $ | (0.29 | ) | |||||||
2013 | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
Quarter | Quarter (b) | Quarter | Quarter | ||||||||||||||
(Unaudited) | |||||||||||||||||
Total revenues | $ | 238,610 | $ | 411,292 | $ | 538,389 | $ | 271,959 | |||||||||
Operating (loss) income | $ | (35,873 | ) | $ | 27,647 | $ | 205,594 | $ | 505 | ||||||||
Net (loss) income | $ | (39,951 | ) | $ | (15,900 | ) | $ | 120,740 | $ | (12,969 | ) | ||||||
(Loss) earnings per share: | |||||||||||||||||
Net (loss) income per share, basic | $ | (0.48 | ) | $ | (0.18 | ) | $ | 1.35 | $ | (0.14 | ) | ||||||
Net (loss) income per share, diluted | $ | (0.48 | ) | $ | (0.18 | ) | $ | 1.34 | $ | (0.14 | ) | ||||||
(a) | During the fourth quarter of 2014, the Company recorded $10,371 in restructuring and other related costs incurred in connection with the restructuring program which the Company implemented in December 2014. Also during the fourth quarter of 2014, the Company recorded $2,574 in separation costs representing costs incurred pursuant to the previously announced separation of the Company’s Chief Executive Officer and President on January 15, 2015. | ||||||||||||||||
(b) | During the second quarter of 2013, the Company recorded $50,072 in fees related to the termination of the 2009 Advisory Agreement and $29,858 related to a loss on early extinguishment of debt and write-off of discounts and deferred financing costs. |
Description_of_the_Business_Ad
Description of the Business - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 02, 2009 | |
Partnership | ||||
Business Description And Basis Of Presentation [Line Items] | ||||
Number of limited partnerships which owned the Company | 10 | 10 | ||
Number of theme parks owned and operated | 11 | |||
Geographic Concentration Risk [Member] | Revenues [Member] | Florida [Member] | ||||
Business Description And Basis Of Presentation [Line Items] | ||||
Percentage of revenue | 56.00% | 55.00% | 55.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | ||||
Business | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $43,906,000 | $116,841,000 | $45,675,000 | $66,663,000 |
Cash and cash equivalents settlement terms | Less than four days | |||
Interest capitalized | 2,629,000 | 4,347,000 | ||
Capitalized Computer Software, Net | 10,287,000 | 7,350,000 | ||
Capitalized Computer Software, Accumulated Amortization | 8,841,000 | 6,199,000 | ||
Capitalized Computer Software, Amortization | 2,703,000 | 1,949,000 | 969,000 | |
Impairment losses | 0 | 0 | 0 | |
Goodwill impairments | 0 | 0 | 0 | |
Other indefinite lived assets impairments | 0 | 0 | 0 | |
Self-insurance reserves | 27,127,000 | 24,643,000 | ||
Long-term deferred revenue | 2,414,000 | 3,176,000 | ||
Revenue and related expense for bartered ticket transactions | 17,700,000 | 20,000,000 | 19,600,000 | |
Number of reportable segment | 1 | |||
Number of theme parks owned and operated | 11 | |||
Computer System Development Costs [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 5 years | |||
Selling, General and Administrative Expenses [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Advertising and media costs | 110,500,000 | 112,000,000 | 116,700,000 | |
Accrued Salaries, Wages and Benefits [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Self-insurance reserves | 2,977,000 | 2,905,000 | ||
Other Liabilities [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Self-insurance reserves | 7,800,000 | 7,800,000 | ||
Amounts Due from Third-Party Credit Card Companies [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | 8,381,000 | 9,776,000 | ||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
FDIC insured amount | $250,000 | |||
Maximum [Member] | Animals [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 50 years | |||
Minimum [Member] | Animals [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 1 year |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Rides, Attractions and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Rides, Attractions and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Animals [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 1 year |
Animals [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 50 years |
Restructuring_Program_and_Sepa2
Restructuring Program and Separation Costs - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 |
Position | Business | Business | |
Business | |||
Restructuring and Related Activities [Abstract] | |||
Restructuring costs, description | Involved the elimination of approximately 300 positions across the Company's eleven theme parks and corporate headquarters. | ||
Number of positions eliminated | 300 | ||
Number of theme parks | 11 | 11 | |
Restructuring and other related costs | $12,400 | $12,400 | |
Restructuring and other related costs | 11,567 | ||
Restructuring and other related costs, expected to be incurred in first half of 2015 | 800 | 800 | |
Separation activities, period of consulting term | 3 years | ||
Separation costs | $2,574 | $2,574 |
Restructuring_Program_and_Sepa3
Restructuring Program and Separation Costs - Schedule of Restructuring Program Activity (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and other related costs | $11,567 |
Restructuring and other related costs, Payments made | -3,876 |
Restructuring and other related costs, Liability | 7,691 |
Severance and Other Employment Expenses [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and other related costs | 8,578 |
Restructuring and other related costs, Payments made | -887 |
Restructuring and other related costs, Liability | 7,691 |
Other Related Restructuring Expenses [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and other related costs | 2,989 |
Restructuring and other related costs, Payments made | ($2,989) |
Earnings_per_Share_Schedule_of
Earnings per Share - Schedule of Earnings per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Basic earnings per share, Net Income | $49,919 | $51,920 | $74,221 | ||||||||
Diluted earnings per share, Net Income | $49,919 | $51,920 | $74,221 | ||||||||
Basic earnings per share, Shares | 87,183 | 87,537 | 82,480 | ||||||||
Effect of dilutive incentive-based awards, Shares | 297 | 615 | 1,072 | ||||||||
Diluted earnings per share, Shares | 87,480 | 88,152 | 83,552 | ||||||||
Basic earnings per share, Per Share Amount | ($0.29) | $1.01 | $0.43 | ($0.56) | ($0.14) | $1.35 | ($0.18) | ($0.48) | $0.57 | $0.59 | $0.90 |
Diluted earnings per share, Per Share Amount | ($0.29) | $1 | $0.43 | ($0.56) | ($0.14) | $1.34 | ($0.18) | ($0.48) | $0.57 | $0.59 | $0.89 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||
Antidilutive shares of common stock excluded from the computation of diluted earnings per share | 21,000 | 0 | 0 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Merchandise | $28,356 | $30,586 |
Food and beverage | 4,778 | 5,623 |
Total inventories | $33,134 | $36,209 |
Prepaid_Expenses_and_Other_Cur2
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $8,047 | $8,418 |
Prepaid marketing and advertising costs | 6,965 | 6,817 |
Other | 5,882 | 4,378 |
Total prepaid expenses and other current assets | $20,894 | $19,613 |
Property_and_Equipment_Net_Com
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $2,612,052 | $2,485,805 |
Less accumulated depreciation | -867,421 | -714,305 |
Total property and equipment, net | 1,744,631 | 1,771,500 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 286,200 | 286,200 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 289,892 | 259,722 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 566,112 | 537,532 |
Rides, Attractions and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,267,832 | 1,173,746 |
Animals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 158,362 | 157,160 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $43,654 | $71,445 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $169,000 | $159,700 | $161,700 |
Trade_NamesTrademarks_and_Othe2
Trade Names/Trademarks and Other Intangible Assets, Net - Trade Names/Trademarks, Net (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Net Carrying Value, definite lives | $31,713 | |
Weighted Average Amortization Period, definite lives | 18 years 9 months 18 days | |
Trade Names/Trademarks [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Net Carrying Value, indefinite lives | 157,000 | 157,000 |
Gross Carrying Amount, definite lives | 12,900 | 11,000 |
Accumulated Amortization, definite lives | 5,712 | 4,492 |
Net Carrying Value, definite lives | 7,188 | 6,508 |
Gross Carrying Amount, total | 169,900 | 168,000 |
Accumulated Amortization, total | 5,712 | 4,492 |
Net Carrying Value, total | $164,188 | $163,508 |
Weighted Average Amortization Period, definite lives | 9 years 3 months 18 days | 10 years |
Trade_NamesTrademarks_and_Othe3
Trade Names/Trademarks and Other Intangible Assets, Net - Other Intangible Assets-Net (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Value, definite lives | $31,713 | |
Weighted Average Amortization Period, definite lives | 18 years 9 months 18 days | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, definite lives | 41,000 | 41,000 |
Accumulated Amortization, definite lives | 16,475 | 13,157 |
Net Carrying Value, definite lives | 24,525 | 27,843 |
Other Intangible Assets [Member] | Favorable Lease Asset [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, definite lives | 18,200 | 18,200 |
Accumulated Amortization, definite lives | 2,333 | 1,867 |
Net Carrying Value, definite lives | 15,867 | 16,333 |
Weighted Average Amortization Period, definite lives | 39 years | 39 years |
Other Intangible Assets [Member] | Reseller Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, definite lives | 22,300 | 22,300 |
Accumulated Amortization, definite lives | 13,984 | 11,232 |
Net Carrying Value, definite lives | 8,316 | 11,068 |
Weighted Average Amortization Period, definite lives | 8 years 1 month 6 days | 8 years 1 month 6 days |
Other Intangible Assets [Member] | Non-Compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount, definite lives | 500 | 500 |
Accumulated Amortization, definite lives | 158 | 58 |
Net Carrying Value, definite lives | $342 | $442 |
Weighted Average Amortization Period, definite lives | 5 years | 5 years |
Trade_NamesTrademarks_and_Othe4
Trade Names/Trademarks and Other Intangible Assets, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization | $4,600 | $4,400 | $4,300 |
Weighted average amortization period | 18 years 9 months 18 days |
Trade_NamesTrademarks_and_Othe5
Trade Names/Trademarks and Other Intangible Assets, Net - Schedule of Expected Amortization of Finite-Lived Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 | $4,780 |
2016 | 4,780 |
2017 | 4,574 |
2018 | 2,235 |
2019 | 1,849 |
Thereafter | 13,495 |
Net Carrying Value, definite lives | $31,713 |
Other_Accrued_Expenses_Schedul
Other Accrued Expenses - Schedule of Other Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued property taxes | $2,039 | $2,113 |
Accrued interest | 2,604 | 2,636 |
Self-insurance reserve | 7,800 | 7,800 |
Other | 7,706 | 2,715 |
Total other accrued expenses | $20,149 | $15,264 |
Other_Accrued_Expenses_Additio
Other Accrued Expenses - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Income and Expenses [Abstract] | |
Accrued expenses related to common stock repurchase | $5,650 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Long-term debt | $1,612,438 | $1,657,975 |
Long-term debt | 1,612,438 | 1,657,975 |
Less discounts | -8,985 | -11,394 |
Less current maturities | -14,050 | -14,050 |
Total long-term debt, net of current maturities | 1,589,403 | 1,632,531 |
Term B-2 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,352,438 | 1,397,975 |
Long-term debt | 1,352,438 | 1,397,975 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 260,000 | 260,000 |
Long-term debt | 260,000 | 260,000 |
Less discounts | ($1,369) | ($2,083) |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 24, 2013 | Apr. 05, 2013 | Dec. 31, 2015 | Aug. 12, 2014 | Jan. 01, 2012 | Dec. 31, 2009 | Dec. 01, 2009 | 14-May-13 | 31-May-13 | Aug. 23, 2012 | Mar. 31, 2014 | |
Swap | Swap | ||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred financing costs, net | $20,003,000 | $27,453,000 | $27,453,000 | ||||||||||||||
Amounts of outstanding long-term debt | 1,612,438,000 | 1,657,975,000 | 1,657,975,000 | ||||||||||||||
Amount that should have been capitalized | 10,635,000 | 2,951,000 | |||||||||||||||
Increase in accumulated deficit | 4,324,000 | ||||||||||||||||
Effective interest rate | 3.00% | ||||||||||||||||
Commitment fees on unused portion of facility | 0.50% | ||||||||||||||||
Outstanding letters of credit | 18,100,000 | ||||||||||||||||
Mandatory prepayments | 0 | 0 | |||||||||||||||
Unamortized discount | 8,985,000 | 11,394,000 | 11,394,000 | ||||||||||||||
Restrictive covenants, description | The Senior Secured Credit Facilities and the indenture governing the Senior Notes contain a number of covenants that, among other things, restrict SEA's ability and the ability of its restricted subsidiaries to, among other things, make certain restricted payments (as defined in the applicable agreement), including dividend payments and share repurchases. In particular, the Senior Secured Credit Facilities and the indenture permit restricted payments in an aggregate amount per annum not to exceed the greater of (1) 6% of initial public offering net proceeds received by SEA or (2) (a) $90,000, so long as, on a pro forma basis (as defined in the applicable agreement) after giving effect to the payment of any such restricted payment, the Total Leverage Ratio, (as defined in the applicable agreement), is no greater than 5.00 to 1.00 and greater than 4.50 to 1.00, (b) $120,000, so long as, on a pro forma basis after giving effect to the payment of any such restricted payment, the Total Leverage Ratio is no greater than 4.50 to 1.00 and greater than 4.00 to 1.00, (c) the greater of (A) $120,000 and (B) 7.5% of market capitalization, so long as, on a pro forma basis after giving effect to the payment of any such restricted payment, the Total Leverage Ratio is no greater than 4.00 to 1.00 and greater than 3.50 to 1.00 and (d) an unlimited amount, so long as, on a pro forma basis after giving effect to the payment of any such restricted payment, the Total Leverage Ratio is no greater than 3.50 to 1.00. | ||||||||||||||||
Percentage of initial public offering net proceeds in restricted payments | 6.00% | ||||||||||||||||
Percentage of market capitalization on restricted payment | 7.50% | ||||||||||||||||
Share Repurchase Program, authorized amount | 15,000,000 | 250,000,000 | |||||||||||||||
Cash paid for interest | 74,933,000 | 85,514,000 | 102,551,000 | ||||||||||||||
Short-Term Loans [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior secured revolving credit facility existing | 20,000,000 | ||||||||||||||||
Duration of loan | 5 days | ||||||||||||||||
On or After December 1, 2014 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Redemption price for Senior Notes percentage | 105.50% | ||||||||||||||||
On or After December 1, 2015 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Redemption price for Senior Notes percentage | 102.75% | ||||||||||||||||
Prepayments [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount that should have been written off | 856,000 | 1,061,000 | 1,145,000 | ||||||||||||||
Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, balance | 400,000,000 | ||||||||||||||||
Long-term debt, maturity date | 1-Dec-16 | ||||||||||||||||
Amounts of outstanding long-term debt | 260,000,000 | 260,000,000 | 260,000,000 | ||||||||||||||
Amount aggregate principal outstanding must be greater than to use the corresponding instrument's maturity date | 50,000,000 | ||||||||||||||||
Debt instrument interest rate | 11.00% | ||||||||||||||||
Warrant issued in connection with senior note | 808,000 | ||||||||||||||||
Price per unit | $100 | ||||||||||||||||
Additional paid-in capital and a discount on the Senior Notes | 5,000,000 | ||||||||||||||||
Unamortized discount | 1,369,000 | 2,083,000 | 2,083,000 | ||||||||||||||
Senior Notes [Member] | On or After December 1, 2014 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Redemption price for Senior Notes percentage | 111.00% | ||||||||||||||||
Term B-2 Loans [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, balance | 1,405,000,000 | ||||||||||||||||
Long-term debt, maturity date | 14-May-20 | ||||||||||||||||
Amounts of outstanding long-term debt | 1,352,438,000 | 1,397,975,000 | 1,397,975,000 | ||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
Basis point step down on applicable margin upon achievement of certain leverage ratio | 25.00% | ||||||||||||||||
Percent of original principal amount on effective date used to calculate aggregate annual amount which will amortize in equal quarterly installments | 1.00% | ||||||||||||||||
Voluntary principal repayment of term loans | 31,500,000 | ||||||||||||||||
Term B-2 Loans [Member] | Base Rate Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Applicable margin for Term Loans | 1.25% | ||||||||||||||||
Floor rate | 1.75% | ||||||||||||||||
Term B-2 Loans [Member] | LIBOR Rate Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Applicable margin for Term Loans | 2.25% | ||||||||||||||||
Floor rate | 0.75% | ||||||||||||||||
Term B-2 Loans [Member] | Federal Funds Rate [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Applicable margin for Term Loans | 0.50% | ||||||||||||||||
Senior Secured Credit Facilities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
First lien secured net leverage ratio | 3.5 | ||||||||||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 50.00% | ||||||||||||||||
Percentage of net proceeds from sale of non-ordinary assets | 100.00% | ||||||||||||||||
Percentage of net proceeds incurrence of debt | 100.00% | ||||||||||||||||
Percentage of equity interest owned in a subsidiary | 100.00% | ||||||||||||||||
Line of credit facility collateral description | The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests, subject to certain exceptions, in (i) all the capital stock of, or other equity interests in, substantially all of the Companybs direct or indirect material domestic subsidiaries and 65% of the capital stock of, or other equity interests in, any bfirst tierb foreign subsidiaries and (ii) certain tangible and intangible assets of SEA and the Company. Certain financial, affirmative and negative covenants, including a maximum total net leverage ratio, minimum interest coverage ratio and maximum capital expenditures are included in the Senior Secured Credit Facilities. | ||||||||||||||||
Percentage of capital stock | 65.00% | ||||||||||||||||
Interest Rate Swaps [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of interest rate swap held | 3 | 2 | 2 | ||||||||||||||
Notional amount of interest rate swap | 1,000,000,000 | 550,000,000 | |||||||||||||||
Maturity of interest rate swap | 30-Sep-16 | ||||||||||||||||
Fixed rate of interest on swaps | 1.25% | ||||||||||||||||
Variable rate of interest | 0.75% | ||||||||||||||||
Interest Rate Swaps [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Fixed rate of interest on swaps | 1.05% | ||||||||||||||||
Interest Rate Swaps [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Fixed rate of interest on swaps | 1.05% | ||||||||||||||||
Interest Rate Swaps [Member] | Term B-2 Loans [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notional amount of interest rate swap | 450,000,000 | ||||||||||||||||
Maturity of interest rate swap | 30-Sep-16 | ||||||||||||||||
Fixed rate of interest on swaps | 1.05% | ||||||||||||||||
Variable rate of interest | 0.75% | ||||||||||||||||
Interest Rate Swaps [Member] | Term B Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maturity of interest rate swap | 30-Sep-16 | ||||||||||||||||
Interest Rate Swap One [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notional amount of interest rate swap | 275,000,000 | 275,000,000 | |||||||||||||||
Interest Rate Swap Two [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notional amount of interest rate swap | 275,000,000 | 275,000,000 | |||||||||||||||
Partnership Units [Member] | Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Warrant issued in connection with senior note | 101,000 | ||||||||||||||||
Subject to SEA Attaining Certain Total Leverage Ratios [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 25.00% | ||||||||||||||||
Subject to SEA Attaining Certain Total Leverage Ratios [Member] | Senior Secured Credit Facilities [Member] | Minimum [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 0.00% | ||||||||||||||||
Revolving Credit Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior secured revolving | 192,500,000 | ||||||||||||||||
Amounts of outstanding long-term debt | 0 | 0 | 0 | ||||||||||||||
Number of days used to calculate maturity | 91 days | ||||||||||||||||
Senior secured revolving credit facility maturity date | 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. | ||||||||||||||||
Basis point step-down in applicable margin, description | 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. | ||||||||||||||||
Basis point step down on applicable margin upon achievement of certain leverage ratio | 0.25% | ||||||||||||||||
Effective interest rate | 2.50% | ||||||||||||||||
Permitted increased commitments under the Revolving Credit Facility in aggregate principal amount | 350,000,000 | ||||||||||||||||
Letters of credit available amount | 174,400,000 | ||||||||||||||||
Revolving Credit Agreement [Member] | Base Rate Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Applicable margin for Term Loans | 1.75% | ||||||||||||||||
Revolving Credit Agreement [Member] | LIBOR Rate Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Applicable margin for Term Loans | 2.75% | ||||||||||||||||
Amendment Number One [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount that should have been capitalized | 1,074,000 | ||||||||||||||||
Amount that should have been expensed | 4,326,000 | ||||||||||||||||
Amount that should have been written off | 13,939,000 | ||||||||||||||||
Amendment Number Two [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount that should have been written off | 45,000 | ||||||||||||||||
Amendment Number Three [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount that should have been capitalized | 10,789,000 | ||||||||||||||||
Amount that should have been expensed | 5,072,000 | ||||||||||||||||
Amount that should have been written off | 992,000 | ||||||||||||||||
Reduction (increase) in income before tax | 5,265,000 | ||||||||||||||||
Amendment Number Five [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Amount that should have been capitalized | 4,854,000 | ||||||||||||||||
Amount that should have been expensed | 3,871,000 | ||||||||||||||||
Amount that should have been written off | 8,121,000 | ||||||||||||||||
Reduction (increase) in income before tax | -2,152,000 | ||||||||||||||||
Letter of Credit [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Senior secured revolving credit facility existing | 50,000,000 | ||||||||||||||||
Restricted Covenants [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Restrictive covenants, restricted payments capacity available | 120,000,000 | ||||||||||||||||
Restrictive covenants, restricted payments used | 104,900,000 | ||||||||||||||||
Restricted Covenants [Member] | Senior Notes [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total Leverage Ratio | 4.48 | ||||||||||||||||
Restricted Covenants [Member] | Senior Secured Credit Facilities [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total Leverage Ratio | 4.25 | ||||||||||||||||
Restricted Covenants [Member] | Subject to SEA Attaining Certain Total Leverage Ratios [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Restricted payment on Senior Secured Credit Facilities | 90,000,000 | ||||||||||||||||
Maximum Total Leverage Ratio | 5 | ||||||||||||||||
Minimum Total Leverage Ratio | 4.5 | ||||||||||||||||
Restricted Covenants [Member] | Scenario Two [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Restricted payment on Senior Secured Credit Facilities | 120,000,000 | ||||||||||||||||
Maximum Total Leverage Ratio | 4.5 | ||||||||||||||||
Minimum Total Leverage Ratio | 4 | ||||||||||||||||
Restricted Covenants [Member] | Scenario Three [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Restricted payment on Senior Secured Credit Facilities | 120,000,000 | ||||||||||||||||
Maximum Total Leverage Ratio | 4 | ||||||||||||||||
Minimum Total Leverage Ratio | 3.5 | ||||||||||||||||
Restricted Covenants [Member] | Scenario, Forecast [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Restrictive covenants, restricted payments capacity available | $120,000,000 |
LongTerm_Debt_Schedule_of_Impa
Long-Term Debt - Schedule of Impact of Corrections on Affected Financial Statements (Consolidated Balance Sheet Line Items) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Selected Balance Sheet Data: | ||||
Other assets | $31,316 | $35,890 | ||
Total assets | 2,442,474 | 2,577,410 | ||
Long-term debt | 1,589,403 | 1,632,531 | ||
Deferred tax liabilities, net | 31,760 | 25,670 | ||
Retained earnings | 33,516 | 1,886 | ||
Total stockholders' equity | 579,535 | 648,027 | 442,301 | 868,143 |
Total liabilities and stockholders' equity | 2,442,474 | 2,577,410 | ||
As Previously Reported [Member] | ||||
Selected Balance Sheet Data: | ||||
Other assets | 40,753 | |||
Total assets | 2,582,273 | |||
Long-term debt | 1,627,183 | |||
Deferred tax liabilities, net | 29,776 | |||
Retained earnings | 7,991 | |||
Total stockholders' equity | 654,132 | |||
Total liabilities and stockholders' equity | 2,582,273 | |||
Adjustments [Member] | ||||
Selected Balance Sheet Data: | ||||
Other assets | -4,863 | |||
Total assets | -4,863 | |||
Long-term debt | 5,348 | |||
Deferred tax liabilities, net | -4,106 | |||
Retained earnings | -6,105 | |||
Total stockholders' equity | -6,105 | |||
Total liabilities and stockholders' equity | -4,863 | |||
Scenario as Revised [Member] | ||||
Selected Balance Sheet Data: | ||||
Other assets | 35,890 | |||
Total assets | 2,577,410 | |||
Long-term debt | 1,632,531 | |||
Deferred tax liabilities, net | 25,670 | |||
Retained earnings | 1,886 | |||
Total stockholders' equity | 648,027 | |||
Total liabilities and stockholders' equity | $2,577,410 |
LongTerm_Debt_Schedule_of_Impa1
Long-Term Debt - Schedule of Impact of Corrections on Affected Financial Statements (Previously Issued Annual Periods) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Statements of Comprehensive Income Data: | |||||||||||
Operating expenses | $727,659 | $743,322 | $730,582 | ||||||||
Interest expense | 81,543 | 90,622 | 110,565 | ||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 29,858 | 461 | 29,858 | 2,053 | |||||||
Income before income taxes | 78,791 | 77,634 | 111,661 | ||||||||
Provision for income taxes | 28,872 | 25,714 | 37,440 | ||||||||
Net income | -25,446 | 87,176 | 37,406 | -49,217 | -12,969 | 120,740 | -15,900 | -39,951 | 49,919 | 51,920 | 74,221 |
Earnings per share: | |||||||||||
Net income per share, basic | ($0.29) | $1.01 | $0.43 | ($0.56) | ($0.14) | $1.35 | ($0.18) | ($0.48) | $0.57 | $0.59 | $0.90 |
Net income per share, diluted | ($0.29) | $1 | $0.43 | ($0.56) | ($0.14) | $1.34 | ($0.18) | ($0.48) | $0.57 | $0.59 | $0.89 |
Selected Statements of Cash Flows Data: | |||||||||||
Net cash provided by operating activities | 261,532 | 286,461 | 299,440 | ||||||||
Net cash used in financing activities | -177,921 | -48,919 | -116,110 | ||||||||
As Previously Reported [Member] | |||||||||||
Selected Statements of Comprehensive Income Data: | |||||||||||
Operating expenses | 169,430 | 202,625 | 189,190 | 167,912 | 194,674 | 173,260 | 739,989 | 726,509 | |||
Interest expense | 20,986 | 21,018 | 20,638 | 20,046 | 22,926 | 28,606 | 93,536 | 111,426 | |||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 32,429 | 32,429 | |||||||||
Income before income taxes | -20,433 | 184,589 | 59,994 | -79,471 | -24,268 | -64,406 | 75,482 | 116,926 | |||
Provision for income taxes | -6,926 | 64,390 | 22,658 | -30,040 | -8,414 | -24,046 | 25,004 | 39,482 | |||
Net income | -13,507 | 120,199 | 37,336 | -49,431 | -15,854 | -40,360 | 50,478 | 77,444 | |||
Earnings per share: | |||||||||||
Net income per share, basic | ($0.15) | $1.34 | $0.43 | ($0.56) | ($0.18) | ($0.49) | $0.58 | $0.94 | |||
Net income per share, diluted | ($0.15) | $1.33 | $0.43 | ($0.56) | ($0.18) | ($0.49) | $0.57 | $0.93 | |||
Selected Statements of Cash Flows Data: | |||||||||||
Net cash provided by operating activities | 289,794 | 303,513 | |||||||||
Net cash used in financing activities | -52,252 | -120,183 | |||||||||
Adjustments [Member] | |||||||||||
Selected Statements of Comprehensive Income Data: | |||||||||||
Operating expenses | 3,333 | 3,333 | 4,073 | ||||||||
Interest expense | -803 | -807 | -112 | -342 | -694 | -610 | -2,914 | -861 | |||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | -2,571 | -2,571 | 2,053 | ||||||||
Income before income taxes | 803 | 807 | 112 | 342 | -68 | 610 | 2,152 | -5,265 | |||
Provision for income taxes | 265 | 266 | 42 | 128 | -22 | 201 | 710 | -2,042 | |||
Net income | 538 | 541 | 70 | 214 | -46 | 409 | 1,442 | -3,223 | |||
Earnings per share: | |||||||||||
Net income per share, basic | $0.01 | $0.01 | $0.01 | $0.01 | ($0.04) | ||||||
Net income per share, diluted | $0.01 | $0.01 | $0.01 | $0.02 | ($0.04) | ||||||
Selected Statements of Cash Flows Data: | |||||||||||
Net cash provided by operating activities | -3,333 | -4,073 | |||||||||
Net cash used in financing activities | 3,333 | 4,073 | |||||||||
Scenario as Revised [Member] | |||||||||||
Selected Statements of Comprehensive Income Data: | |||||||||||
Operating expenses | 169,430 | 202,625 | 189,190 | 167,912 | 198,007 | 173,260 | 743,322 | 730,582 | |||
Interest expense | 20,183 | 20,211 | 20,526 | 19,704 | 22,232 | 27,996 | 90,622 | 110,565 | |||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 29,858 | 29,858 | 2,053 | ||||||||
Income before income taxes | -19,630 | 185,396 | 60,106 | -79,129 | -24,336 | -63,796 | 77,634 | 111,661 | |||
Provision for income taxes | -6,661 | 64,656 | 22,700 | -29,912 | -8,436 | -23,845 | 25,714 | 37,440 | |||
Net income | -12,969 | 120,740 | 37,406 | -49,217 | -15,900 | -39,951 | 51,920 | 74,221 | |||
Earnings per share: | |||||||||||
Net income per share, basic | ($0.14) | $1.35 | $0.43 | ($0.56) | ($0.18) | ($0.48) | $0.59 | $0.90 | |||
Net income per share, diluted | ($0.14) | $1.34 | $0.43 | ($0.56) | ($0.18) | ($0.48) | $0.59 | $0.89 | |||
Selected Statements of Cash Flows Data: | |||||||||||
Net cash provided by operating activities | 286,461 | 299,440 | |||||||||
Net cash used in financing activities | ($48,919) | ($116,110) |
LongTerm_Debt_Schedule_of_Impa2
Long-Term Debt - Schedule of Impact of Corrections on Affected Financial Statements (Previously Issued Quarterly Periods) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Summary Quarterly Financial Data: | |||||||||||
Total revenues | $264,537 | $495,834 | $405,151 | $212,290 | $271,959 | $538,389 | $411,292 | $238,610 | $1,377,812 | $1,460,250 | $1,423,752 |
Operating expenses | 727,659 | 743,322 | 730,582 | ||||||||
Operating (loss) income | -22,497 | 161,915 | 80,587 | -59,408 | 505 | 205,594 | 27,647 | -35,873 | 160,597 | 197,873 | 222,716 |
Interest expense | 81,543 | 90,622 | 110,565 | ||||||||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 29,858 | 461 | 29,858 | 2,053 | |||||||
Income (loss) before income taxes | 78,791 | 77,634 | 111,661 | ||||||||
(Benefit from) provision for income taxes | 28,872 | 25,714 | 37,440 | ||||||||
Net (loss) income | -25,446 | 87,176 | 37,406 | -49,217 | -12,969 | 120,740 | -15,900 | -39,951 | 49,919 | 51,920 | 74,221 |
(Loss) earnings per share: | |||||||||||
Net (loss) income per share, basic | ($0.29) | $1.01 | $0.43 | ($0.56) | ($0.14) | $1.35 | ($0.18) | ($0.48) | $0.57 | $0.59 | $0.90 |
Net (loss) income per share, diluted | ($0.29) | $1 | $0.43 | ($0.56) | ($0.14) | $1.34 | ($0.18) | ($0.48) | $0.57 | $0.59 | $0.89 |
As Previously Reported [Member] | |||||||||||
Selected Summary Quarterly Financial Data: | |||||||||||
Total revenues | 271,959 | 538,389 | 405,151 | 212,290 | 411,292 | 238,610 | |||||
Operating expenses | 169,430 | 202,625 | 189,190 | 167,912 | 194,674 | 173,260 | 739,989 | 726,509 | |||
Operating (loss) income | 505 | 205,594 | 80,587 | -59,408 | 30,980 | -35,873 | |||||
Interest expense | 20,986 | 21,018 | 20,638 | 20,046 | 22,926 | 28,606 | 93,536 | 111,426 | |||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 32,429 | 32,429 | |||||||||
Income (loss) before income taxes | -20,433 | 184,589 | 59,994 | -79,471 | -24,268 | -64,406 | 75,482 | 116,926 | |||
(Benefit from) provision for income taxes | -6,926 | 64,390 | 22,658 | -30,040 | -8,414 | -24,046 | 25,004 | 39,482 | |||
Net (loss) income | -13,507 | 120,199 | 37,336 | -49,431 | -15,854 | -40,360 | 50,478 | 77,444 | |||
(Loss) earnings per share: | |||||||||||
Net (loss) income per share, basic | ($0.15) | $1.34 | $0.43 | ($0.56) | ($0.18) | ($0.49) | $0.58 | $0.94 | |||
Net (loss) income per share, diluted | ($0.15) | $1.33 | $0.43 | ($0.56) | ($0.18) | ($0.49) | $0.57 | $0.93 | |||
Adjustments [Member] | |||||||||||
Selected Summary Quarterly Financial Data: | |||||||||||
Operating expenses | 3,333 | 3,333 | 4,073 | ||||||||
Operating (loss) income | -3,333 | ||||||||||
Interest expense | -803 | -807 | -112 | -342 | -694 | -610 | -2,914 | -861 | |||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | -2,571 | -2,571 | 2,053 | ||||||||
Income (loss) before income taxes | 803 | 807 | 112 | 342 | -68 | 610 | 2,152 | -5,265 | |||
(Benefit from) provision for income taxes | 265 | 266 | 42 | 128 | -22 | 201 | 710 | -2,042 | |||
Net (loss) income | 538 | 541 | 70 | 214 | -46 | 409 | 1,442 | -3,223 | |||
(Loss) earnings per share: | |||||||||||
Net (loss) income per share, basic | $0.01 | $0.01 | $0.01 | $0.01 | ($0.04) | ||||||
Net (loss) income per share, diluted | $0.01 | $0.01 | $0.01 | $0.02 | ($0.04) | ||||||
Scenario as Revised [Member] | |||||||||||
Selected Summary Quarterly Financial Data: | |||||||||||
Total revenues | 271,959 | 538,389 | 405,151 | 212,290 | 411,292 | 238,610 | |||||
Operating expenses | 169,430 | 202,625 | 189,190 | 167,912 | 198,007 | 173,260 | 743,322 | 730,582 | |||
Operating (loss) income | 505 | 205,594 | 80,587 | -59,408 | 27,647 | -35,873 | |||||
Interest expense | 20,183 | 20,211 | 20,526 | 19,704 | 22,232 | 27,996 | 90,622 | 110,565 | |||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | 29,858 | 29,858 | 2,053 | ||||||||
Income (loss) before income taxes | -19,630 | 185,396 | 60,106 | -79,129 | -24,336 | -63,796 | 77,634 | 111,661 | |||
(Benefit from) provision for income taxes | -6,661 | 64,656 | 22,700 | -29,912 | -8,436 | -23,845 | 25,714 | 37,440 | |||
Net (loss) income | ($12,969) | $120,740 | $37,406 | ($49,217) | ($15,900) | ($39,951) | $51,920 | $74,221 | |||
(Loss) earnings per share: | |||||||||||
Net (loss) income per share, basic | ($0.14) | $1.35 | $0.43 | ($0.56) | ($0.18) | ($0.48) | $0.59 | $0.90 | |||
Net (loss) income per share, diluted | ($0.14) | $1.34 | $0.43 | ($0.56) | ($0.18) | ($0.48) | $0.59 | $0.89 |
LongTerm_Debt_Summary_of_LongT1
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Maturities of Long-term Debt [Abstract] | ||
2015 | $14,050 | |
2016 | 274,050 | |
2017 | 14,050 | |
2018 | 14,050 | |
2019 | 14,050 | |
Thereafter | 1,282,188 | |
Long-term debt | $1,612,438 | $1,657,975 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | 14-May-13 | 31-May-13 | Aug. 23, 2012 | |
Swap | Swap | Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of restructured interest rate swaps | 2 | ||||
Reclassified as an increase to interest expense, expected during the next 12 months | $2,510,000 | ||||
Tax expense on unrealized gain (loss) on derivatives | -286,000 | 632,000 | |||
Termination value of derivatives in a net liability position | 662,000 | ||||
Collateral posted relating to credit risk-related contingent features | 0 | ||||
Interest Rate Swaps [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Notional amount of interest rate swap | 1,000,000,000 | 550,000,000 | |||
Number of outstanding interest rate derivatives | 3 | 2 | 2 | ||
Not Designated as Hedge Accounting Relationships [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives outstanding | $0 | $0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities - Fair Value of Company's Derivative Financial Instruments Classification on Consolidated Balance Sheet (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | $628 | |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 628 | |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 71 | |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives Fair Value | $71 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives in Cash Flow Hedging Relationships: | ||
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss) | $1,846 | $386 |
(Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense | -2,626 | 1,511 |
Gain (loss) related to ineffective portion of derivatives recognized in other (income) expense | $0 | $0 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated other comprehensive income (loss): | ||
Balance at December 31, 2013 | $11 | |
Balance at December 31, 2014 | -483 | 11 |
Gains (Losses) on Cash Flow Hedges [Member] | ||
Accumulated other comprehensive income (loss): | ||
Balance at December 31, 2013 | 11 | |
Other comprehensive income before reclassifications | 1,169 | |
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | -1,663 | |
Unrealized loss on derivatives, net of tax | -494 | |
Balance at December 31, 2014 | ($483) |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current income tax (benefit) provision | |||
Federal | ($70) | ($113) | ($70) |
State | 937 | 1,086 | 542 |
Foreign | 5 | 13 | 31 |
Total current income tax provision | 872 | 986 | 503 |
Deferred income tax provision (benefit): | |||
Federal | 30,414 | 28,628 | 36,030 |
State | -2,414 | -3,900 | 907 |
Total deferred income tax provision | 28,000 | 24,728 | 36,937 |
Total income tax provision | $28,872 | $25,714 | $37,440 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Line Items] | |||
Cash paid for income taxes | $858 | $923 | $767 |
Deferred tax assets, valuation allowance | 1,507 | ||
Deferred tax assets, charitable carryforwards expiration start year | 2015 | ||
Net benefit resulting from prior year adjustment for revaluation of state net operating loss carryforwards | -2,977 | ||
State Tax Credit Carry Forwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 970,000 | ||
Federal Tax Credit Carry Forwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $650,000 | ||
Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year federal net operating loss carryforwards begin to expire | 2029 | ||
Ownership shift due to the secondary offering | 50.00% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ||
Acquisition and debt related costs | $20,319 | $8,640 |
Net operating loss | 269,002 | 270,467 |
Self-insurance | 9,666 | 8,686 |
Deferred revenue | 1,021 | 2,134 |
Other | 10,689 | 8,156 |
Total deferred income tax assets | 310,697 | 298,083 |
Valuation allowance | -1,507 | |
Net deferred tax assets | 309,190 | 298,083 |
Deferred income tax liabilities: | ||
Property and equipment | -278,851 | -245,418 |
Goodwill | -35,396 | -28,242 |
Amortization | -15,226 | -12,613 |
Other | -4,209 | -8,593 |
Total deferred income tax liabilities | -333,682 | -294,866 |
Net deferred income tax (liabilities) assets | ($24,492) | $3,217 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation between U.S. Federal Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Income tax rate at federal statutory rates | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 1.32% | -0.77% | 1.24% |
State net operating loss revaluation | -3.78% | ||
Charitable contribution carryforward valuation allowance | 1.91% | ||
Other | 2.19% | -1.11% | -2.71% |
Income tax rate | 36.64% | 33.12% | 33.53% |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Operating Leases Requiring Annual Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $15,648 |
2016 | 15,034 |
2017 | 15,056 |
2018 | 14,923 |
2019 | 13,927 |
Thereafter | 298,451 |
Total | $373,039 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Rental expense | $21,643 | $24,338 | $23,886 | |
Lease term | 50 years | |||
Lease expiration date | 1-Jul-48 | |||
Minimum annual rent payment | 10,400 | |||
Additional capital payments | $43,000 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Assets measured at fair value | $0 | $71,000 |
Transfers between Levels | $0 | $0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Discount rate of Senior Notes | 11.37% |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets: | ||
Derivative financial instruments | $0 | $71,000 |
Liabilities: | ||
Derivative financial instruments | 628,000 | |
Long-term obligations | 1,615,635,000 | 1,662,756,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Derivative financial instruments | 71,000 | |
Liabilities: | ||
Derivative financial instruments | 628,000 | |
Long-term obligations | 1,352,438,000 | 1,397,975,000 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Long-term obligations | $263,197,000 | $264,781,000 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $628,000 | |
Derivative financial instruments | 0 | 71,000 |
Current maturities on long-term debt | 14,050,000 | 14,050,000 |
Long-term debt | 1,589,403,000 | 1,632,531,000 |
Other Liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | 628,000 | |
Other Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $71,000 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||
Mar. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 05, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | 31-May-14 | Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 03, 2014 | Oct. 01, 2013 | Jul. 01, 2013 | Apr. 24, 2013 | Jan. 22, 2015 | Apr. 01, 2014 | Jul. 01, 2014 | Oct. 06, 2014 | |
Related Party Transaction [Line Items] | |||||||||||||||||||||
Cash dividends declared per share | $0.62 | $0.60 | $6.07 | ||||||||||||||||||
Dividends paid to stockholders | $72,113,000 | $36,175,000 | $502,977,000 | ||||||||||||||||||
Dividend declared to stockholders | 500,000,000 | 54,345,000 | 53,911,000 | 500,000,000 | |||||||||||||||||
Termination of advisory agreement | 50,072,000 | 50,072,000 | |||||||||||||||||||
Subsequent Events [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Cash dividends declared per share | $0.21 | ||||||||||||||||||||
Cash dividends record date | 13-Jan-15 | ||||||||||||||||||||
Cash dividends paid date | 22-Jan-15 | ||||||||||||||||||||
Q1 2014 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Cash dividends declared per share | $0.20 | ||||||||||||||||||||
Cash dividends record date | 20-Mar-14 | ||||||||||||||||||||
Cash dividends paid date | 1-Apr-14 | ||||||||||||||||||||
Cash dividends declare date | 2014-03 | ||||||||||||||||||||
Q2 2014 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Cash dividends declared per share | $0.21 | $0.21 | |||||||||||||||||||
Cash dividends record date | 20-Jun-14 | ||||||||||||||||||||
Cash dividends paid date | 1-Jul-14 | ||||||||||||||||||||
Cash dividends declare date | 2014-05 | ||||||||||||||||||||
Q3 2014 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Cash dividends declared per share | $0.21 | ||||||||||||||||||||
Cash dividends record date | 29-Sep-14 | ||||||||||||||||||||
Cash dividends paid date | 6-Oct-14 | ||||||||||||||||||||
Cash dividends declare date | 2014-09 | ||||||||||||||||||||
Q2 2013 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Cash dividends declared per share | $0.20 | ||||||||||||||||||||
Cash dividends record date | 20-Jun-13 | ||||||||||||||||||||
Cash dividends paid date | 1-Jul-13 | ||||||||||||||||||||
Cash dividends declare date | 2013-06 | ||||||||||||||||||||
Q3 2013 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Cash dividends declared per share | $0.20 | ||||||||||||||||||||
Cash dividends record date | 20-Sep-13 | ||||||||||||||||||||
Cash dividends paid date | 1-Oct-13 | ||||||||||||||||||||
Cash dividends declare date | 2013-09 | ||||||||||||||||||||
Q4 2013 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Cash dividends declared per share | $0.20 | ||||||||||||||||||||
Cash dividends record date | 20-Dec-13 | ||||||||||||||||||||
Cash dividends paid date | 3-Jan-14 | ||||||||||||||||||||
Cash dividends declare date | 2013-12 | ||||||||||||||||||||
Blackstone and Affiliates [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Dividends paid to stockholders | 7,849,000 | 11,749,000 | 11,749,000 | ||||||||||||||||||
Dividend declared to stockholders | 500,000,000 | ||||||||||||||||||||
Advisory Agreement, fees | 0 | 2,799,000 | 6,201,000 | ||||||||||||||||||
Termination fee paid | 46,300,000 | ||||||||||||||||||||
Write-off of 2013 prepaid advisory fee | 3,772,000 | ||||||||||||||||||||
Termination of advisory agreement | 50,072,000 | ||||||||||||||||||||
Blackstone and Affiliates [Member] | Subsequent Events [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Dividends paid to stockholders | 4,095,000 | ||||||||||||||||||||
Blackstone and Affiliates [Member] | Q1 2014 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Dividends paid to stockholders | 7,849,000 | ||||||||||||||||||||
Blackstone and Affiliates [Member] | Q2 2014 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Dividends paid to stockholders | 4,252,000 | ||||||||||||||||||||
Blackstone and Affiliates [Member] | Q3 2014 Declaration [Member] | |||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||
Dividends paid to stockholders | $4,095,000 |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan employer contribution description | The Company makes matching cash contributions subject to certain restrictions, structured as a 100% match on the first 1% contributed by the employee and a 50% match on the next 5% contributed by the employee. | ||
Defined contribution plan, employer- matching contributions | $7,790 | $8,956 | $8,767 |
First 1% [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching percentage | 100.00% | ||
Percentage of gross pay matched | 1.00% | ||
Second 5% [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching percentage | 50.00% | ||
Percentage of gross pay matched | 5.00% |
EquityBased_Compensation_Addit
Equity-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Apr. 18, 2013 | Apr. 19, 2013 | Jan. 15, 2015 | Apr. 24, 2013 | |
Vested Time Vesting Units Surrendered for Shares of Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incremental Fair Value | $282,000 | ||||||
Unvested Time Vesting Units Surrendered for Unvested Time Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incremental Fair Value | 220,000 | ||||||
Initial Public Offering [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Offering price per share | 27 | $27 | |||||
Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares withheld from employees to satisfy minimum tax withholding obligation | 28,463 | 8,936 | |||||
2.25x Performance Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 0 | 0 | 0 | ||||
Unrecognized compensation cost | 26,085,000 | ||||||
Annualized effective compounded return rate | 20.00% | ||||||
Return on investment | 2.25% | ||||||
Additional future funds receive | 14,000,000 | ||||||
2.75x Performance Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 0 | 0 | 0 | ||||
Unrecognized compensation cost | 15,350,000 | ||||||
Annualized effective compounded return rate | 15.00% | ||||||
Return on investment | 2.75% | ||||||
Additional future funds receive | 441,000,000 | ||||||
2.25x PVU Employee Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 0 | 0 | 0 | ||||
2.75x PVU Employee Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 0 | 0 | 0 | ||||
Performance Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value assumptions, holding period | 1 year 6 months | ||||||
Fair value assumptions, risk free rate | 0.38% | ||||||
Fair value assumptions, volatility | 45.40% | ||||||
Fair value assumptions, dividend yield | 0.00% | ||||||
Units Surrendered for Shares Plan [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares provided for surrender of units, in shares | 4,165,861 | ||||||
Units Surrendered for Shares Plan [Member] | Common Stock [Member] | Class D Units and Vested TVUs Surrendered for Shares of Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares provided for surrender of units, in shares | 949,142 | ||||||
Units Surrendered for Shares Plan [Member] | Common Stock [Member] | Unvested TVUs and PVUs Surrendered for Shares of Unvested Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares provided for surrender of units, in shares | 3,216,719 | ||||||
Units Surrendered for Shares Plan [Member] | TVUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value assumptions, holding period | 2 years | ||||||
Fair value assumptions, risk free rate | 0.24% | ||||||
Fair value assumptions, volatility | 37.60% | ||||||
Fair value assumptions, dividend yield | 0.00% | ||||||
Pre-IPO Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Incentive Plan terms | Under the Employee Unit Incentive Plan ("Pre-IPO Incentive Plan"). 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. There was no related cost to the employee upon vesting of the units. | ||||||
Weighted average grant date fair value | $23.15 | ||||||
Grant date fair value measuring method | The fair value of each Pre-IPO Incentive Plan Employee Unit originally granted prior to April 18, 2013 was estimated on the date of grant using a composite of the discounted cash flow model and the guideline public company approach to determine the underlying enterprise value. | ||||||
Employee Unit fair value input discount rate | 10.50% | ||||||
Fair value assumptions, dividend yield | 0.00% | ||||||
Pre-IPO Incentive Plan [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value assumptions, holding period | 2 years 7 months 6 days | ||||||
Fair value assumptions, risk free rate | 0.33% | ||||||
Fair value assumptions, volatility | 49.00% | ||||||
Fair value assumptions, discount for lack of marketability | 31.00% | ||||||
Pre-IPO Incentive Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value assumptions, holding period | 3 years 7 months 6 days | ||||||
Fair value assumptions, risk free rate | 1.22% | ||||||
Fair value assumptions, volatility | 57.00% | ||||||
Fair value assumptions, discount for lack of marketability | 53.00% | ||||||
Pre-IPO Incentive Plan [Member] | TVUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Portion of employee units originally granted that were TVUs | One-third | ||||||
Vesting period | 5 years | ||||||
Vesting percentage per year | 20.00% | ||||||
Granted shares | 0 | 0 | |||||
Total fair value | 1,050,000 | 1,020,000 | 850,000 | ||||
Pre-IPO Incentive Plan [Member] | Time Vesting Units and Time Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 1,938,000 | 955,000 | 1,191,000 | ||||
Pre-IPO Incentive Plan [Member] | Time Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | 358,000 | ||||||
Granted shares | 0 | 0 | |||||
Weighted average grant date fair value | 0 | ||||||
Total fair value | 1,050,000 | 1,020,000 | 850,000 | ||||
Grant date fair value | $4.19 | 4.72 | |||||
Pre-IPO Incentive Plan [Member] | Time Restricted Shares [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares | 0 | ||||||
Vested shares | 258,064 | ||||||
Pre-IPO Incentive Plan [Member] | 2.25x Performance Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 0 | ||||||
Granted shares | 0 | 0 | |||||
Weighted average grant date fair value | 0 | $15.66 | |||||
Impact of fair value modification reduced | 1,650,000 | ||||||
Vested shares | 0 | 0 | 0 | ||||
Grant date fair value | $21.49 | 20.21 | |||||
Pre-IPO Incentive Plan [Member] | 2.25x Performance Restricted Shares [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares | 0 | ||||||
Vested shares | 0 | ||||||
Pre-IPO Incentive Plan [Member] | 2.75x Performance Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 0 | ||||||
Granted shares | 0 | 0 | |||||
Weighted average grant date fair value | 0 | $10.52 | |||||
Impact of fair value modification reduced | 3,230,000 | ||||||
Vested shares | 0 | 0 | 0 | ||||
Grant date fair value | $14.40 | 11.89 | |||||
Pre-IPO Incentive Plan [Member] | 2.75x Performance Restricted Shares [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares | 0 | ||||||
Vested shares | 0 | ||||||
Pre-IPO Incentive Plan [Member] | 2.25x PVU Employee Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee Units vesting condition period | One-third | ||||||
Pre-IPO Incentive Plan [Member] | 2.75x PVU Employee Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Employee Units vesting condition period | One-third | ||||||
Pre-IPO Incentive Plan [Member] | Performance Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Modified shares | 576,000 | ||||||
Employee Unit Plan and 2013 Grants [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of tranches for each equity award | 3 | ||||||
Grant date fair value measuring method | The grant date fair value of the Omnibus Plan 2.25x and 2.75x Performance Restricted shares was measured using the asset-or-nothing option pricing model | ||||||
Omnibus Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Fair value assumptions, holding period | 2 years | ||||||
Common stock reserved for future issuance | 15,000,000 | ||||||
Restricted stock granted to directors, officers and employees | 494,557 | ||||||
Initial public offering lock up period | 180 days | ||||||
Shares withheld from employees to satisfy minimum tax withholding obligation | 8,936 | ||||||
Shares available for future issuance | 14,511,216 | ||||||
Omnibus Incentive Plan [Member] | Time Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Granted shares | 33,273 | 0 | |||||
Weighted average grant date fair value | $33.45 | 24.59 | |||||
Total fair value | 3,770,000 | 1,390,000 | |||||
Vested shares | 41,519 | 0 | |||||
Grant date fair value | $33.35 | 27.4 | |||||
Omnibus Incentive Plan [Member] | Time Restricted Shares [Member] | Subsequent Events [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period, description | The earlier of the start date of a new Chief Executive Officer or on June 30, 2015 | ||||||
Omnibus Incentive Plan [Member] | Time Restricted Shares [Member] | Subsequent Events [Member] | Interim Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares | 100,000 | ||||||
Grant date fair value | 16.5 | ||||||
Omnibus Incentive Plan [Member] | Time Restricted Shares [Member] | Subsequent Events [Member] | New Board Member [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Granted shares | 7,272 | ||||||
Grant date fair value | 16.5 | ||||||
Omnibus Incentive Plan [Member] | 2.25x Performance Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 0 | ||||||
Unrecognized compensation cost | 4,339,000 | ||||||
Granted shares | 0 | 0 | |||||
Weighted average grant date fair value | $30.46 | 0 | |||||
Impact of fair value modification reduced | 560,000 | ||||||
Vested shares | 0 | 0 | 0 | ||||
Grant date fair value | $30.46 | 26.96 | |||||
Omnibus Incentive Plan [Member] | 2.75x Performance Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 0 | ||||||
Unrecognized compensation cost | 2,948,000 | ||||||
Granted shares | 0 | 0 | |||||
Weighted average grant date fair value | $23.05 | 0 | |||||
Impact of fair value modification reduced | 760,000 | ||||||
Vested shares | 0 | 0 | 0 | ||||
Grant date fair value | $23.05 | 18.32 | |||||
Omnibus Incentive Plan [Member] | Omnibus Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Modified shares | 77,000 | ||||||
Omnibus Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Recognized compensation expense | 4,088,000 | 1,394,000 | |||||
Fair value assumptions, risk free rate | 0.24% | ||||||
Fair value assumptions, volatility | 33.20% | ||||||
Fair value assumptions, dividend yield | 0.00% | ||||||
Omnibus Grant [Member] | Time Restricted Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost | 1,060,000 |
EquityBased_Compensation_Sched
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Pre-IPO Incentive Plan Time Restricted Shares) (Detail) (Pre-IPO Incentive Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value (in USD per share), Granted | $23.15 | ||
Time Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted shares | 0 | 0 | |
Weighted Average Grant Date Fair Value per Share, outstanding shares, Beginning balance (in USD per share) | $4.19 | ||
Weighted average fair value (in USD per share), Granted | $0 | ||
Weighted average fair value (in USD per share), Vested | $3.95 | ||
Weighted average fair value (in USD per share), Forfeited | $3.82 | ||
Weighted Average Grant Date Fair Value per Share, outstanding shares, Ending balance (in USD per share) | $4.72 | $4.19 | |
Outstanding Time Restricted Shares, Weighted Average Remaining Contractual Term | 11 months | ||
Time Restricted Shares [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding shares, Beginning balance | 375,480 | ||
Granted shares | 0 | ||
Vested shares | -258,064 | ||
Forfeited shares | -3,343 | ||
Outstanding shares, Ending balance | 114,073 |
EquityBased_Compensation_Sched1
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Pre-IPO Incentive Plan 2.25x Performance Restricted Shares) (Detail) (Pre-IPO Incentive Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value per Share, Granted | $23.15 | ||
2.25x Performance Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted shares | 0 | 0 | |
Vested shares | 0 | 0 | 0 |
Weighted Average Grant Date Fair Value per Share, outstanding shares, Beginning balance (in USD per share) | $21.49 | ||
Weighted Average Grant Date Fair Value per Share, Granted | $0 | $15.66 | |
Weighted Average Grant Date Fair Value per Share, Vested | $0 | ||
Weighted Average Grant Date Fair Value per Share, Forfeited | $21.49 | ||
Weighted Average Grant Date Fair Value per Share, outstanding shares, Ending balance (in USD per share) | $20.21 | $21.49 | |
2.25x Performance Restricted Shares [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding shares, Beginning balance | 1,308,752 | ||
Granted shares | 0 | ||
Vested shares | 0 | ||
Forfeited shares | -18,217 | ||
Outstanding shares, Ending balance | 1,290,535 |
EquityBased_Compensation_Sched2
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Pre-IPO Incentive Plan 2.75x Performance Restricted Shares) (Detail) (Pre-IPO Incentive Plan [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Grant Date Fair Value per Share, Granted | $23.15 | ||
2.75x Performance Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted shares | 0 | 0 | |
Vested shares | 0 | 0 | 0 |
Weighted Average Grant Date Fair Value per Share, outstanding shares, Beginning balance (in USD per share) | $14.40 | ||
Weighted Average Grant Date Fair Value per Share, Granted | $0 | $10.52 | |
Weighted Average Grant Date Fair Value per Share, Vested | $0 | ||
Weighted Average Grant Date Fair Value per Share, Forfeited | $14.40 | ||
Weighted Average Grant Date Fair Value per Share, outstanding shares, Ending balance (in USD per share) | $11.89 | $14.40 | |
2.75x Performance Restricted Shares [Member] | Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding shares, Beginning balance | 1,308,752 | ||
Granted shares | 0 | ||
Vested shares | 0 | ||
Forfeited shares | -18,217 | ||
Outstanding shares, Ending balance | 1,290,535 |
EquityBased_Compensation_Sched3
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Omnibus Plan Time Restricted Shares) (Detail) (Omnibus Incentive Plan [Member], Time Restricted Shares [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Omnibus Incentive Plan [Member] | Time Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding shares, Beginning balance | 59,160 | ||
Granted shares | 33,273 | 0 | |
Vested shares | -41,519 | 0 | |
Forfeited shares | -442 | ||
Outstanding shares, Ending balance | 50,472 | 59,160 | |
Weighted Average Grant Date Fair Value per Share, outstanding shares, Beginning balance (in USD per share) | $33.35 | ||
Granted (in USD per share) | $24.59 | $33.45 | |
Vested (in USD per share) | $33.58 | ||
Forfeited (in USD per share) | $32.88 | ||
Weighted Average Grant Date Fair Value per Share, outstanding shares, Ending balance (in USD per share) | $27.40 | $33.35 | |
Time Restricted 2014 shares vesting period | 17 months |
EquityBased_Compensation_Sched4
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Omnibus Plan 2.25x Performance Restricted Shares) (Detail) (Omnibus Incentive Plan [Member], 2.25x Performance Restricted Shares [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Omnibus Incentive Plan [Member] | 2.25x Performance Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding shares, Beginning balance | 163,310 | ||
Granted shares | 0 | 0 | |
Vested shares | 0 | 0 | 0 |
Forfeited shares | -2,392 | ||
Outstanding shares, Ending balance | 160,918 | 163,310 | |
Weighted Average Grant Date Fair Value per Share, outstanding shares, Beginning balance (in USD per share) | $30.46 | ||
Granted (in USD per share) | $0 | $30.46 | |
Vested (in USD per share) | $0 | ||
Forfeited (in USD per share) | $30.46 | ||
Weighted Average Grant Date Fair Value per Share, outstanding shares, Ending balance (in USD per share) | $26.96 | $30.46 |
EquityBased_Compensation_Sched5
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Omnibus Plan 2.75x Performance Restricted Shares) (Detail) (Omnibus Incentive Plan [Member], 2.75x Performance Restricted Shares [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Omnibus Incentive Plan [Member] | 2.75x Performance Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding shares, Beginning balance | 163,310 | ||
Granted shares | 0 | 0 | |
Vested shares | 0 | 0 | 0 |
Forfeited shares | -2,392 | ||
Outstanding shares, Ending balance | 160,918 | 163,310 | |
Weighted Average Grant Date Fair Value per Share, outstanding shares, Beginning balance (in USD per share) | $23.05 | ||
Granted (in USD per share) | $0 | $23.05 | |
Vested (in USD per share) | $0 | ||
Forfeited (in USD per share) | $23.05 | ||
Weighted Average Grant Date Fair Value per Share, outstanding shares, Ending balance (in USD per share) | $18.32 | $23.05 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 08, 2013 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jan. 05, 2015 | Apr. 24, 2013 | Apr. 09, 2014 | Dec. 17, 2013 | Aug. 12, 2014 | Dec. 16, 2014 | Apr. 30, 2014 | Apr. 18, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock, shares issued | 90,191,100 | 90,191,100 | 89,900,453 | 90,191,100 | |||||||||||
Unvested shares of common stock | 3,067,451 | 3,067,451 | 3,067,451 | ||||||||||||
Shares of treasury stock held | 4,105,970 | 4,105,970 | 4,105,970 | ||||||||||||
Stock split description | On April 7, 2013, the Board authorized an eight-for-one split of the Company's common stock, which was effective on April 8, 2013. The Companybs historical share and per share information has been retroactively adjusted to give effect to this stock split. | ||||||||||||||
Stock split conversion ratio | 8 | ||||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | |||||||||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||
Preferred stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | |||||||||||
Net proceeds received from offering | $245,441 | ||||||||||||||
Secondary offering costs | 747 | 1,407 | |||||||||||||
Number of shares repurchased | 4,105,970 | 4,105,970 | 1,500,000 | 4,105,970 | |||||||||||
Share Repurchase Program, authorized amount | 15,000 | 15,000 | 15,000 | 250,000 | |||||||||||
Share Repurchase Program, beginning date | 1-Jan-15 | ||||||||||||||
Shares repurchased | 855,970 | 2,605,970 | 1,500,000 | ||||||||||||
Stock repurchase during period under Share Repurchase Program, average price per share | $17.50 | ||||||||||||||
Share Repurchase Program, remaining authorized repurchase amount | 235,000 | 235,000 | 235,000 | ||||||||||||
Stock repurchased during period, total cost | 15,000 | 65,708 | 44,163 | ||||||||||||
Treasury stock at cost | 109,871 | 109,871 | 44,163 | 109,871 | |||||||||||
Cash dividends declared | $0.62 | $0.60 | $6.07 | ||||||||||||
Dividends paid to common stockholders | 72,113 | 36,175 | 502,977 | ||||||||||||
Dividend declared to stockholders | 500,000 | 54,345 | 53,911 | 500,000 | |||||||||||
On or After December 1, 2014 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Redemption price for Senior Notes percentage | 105.50% | ||||||||||||||
2.25x Performance Restricted Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Dividends on unvested restricted shares | 1,770 | ||||||||||||||
2.75x Performance Restricted Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Dividends on unvested restricted shares | 1,770 | ||||||||||||||
Subsequent Events [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Cash dividends declared | $0.21 | ||||||||||||||
Dividend payable date | 22-Jan-15 | ||||||||||||||
Dividend record date | 13-Jan-15 | ||||||||||||||
Dividends declared date | 5-Jan-15 | ||||||||||||||
Amended Share Repurchase Program [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share Repurchase Program, authorized amount during remainder of 2014 | 15,000 | ||||||||||||||
Share Repurchase Program, beginning date | 17-Dec-14 | ||||||||||||||
Senior Notes [Member] | On or After December 1, 2014 [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Redemption price for Senior Notes percentage | 111.00% | ||||||||||||||
Secondary Offering [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common stock, shares issued | 0 | 0 | |||||||||||||
Shares offered and sold by the selling stockholders | 17,250,000 | 18,000,000 | |||||||||||||
Number of shares repurchased | 1,500,000 | 1,750,000 | |||||||||||||
Treasury stock at cost | 109,871 | 109,871 | 44,163 | 109,871 | |||||||||||
Initial Public Offering [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares of common stock issued through initial public offering, shares | 10,000,000 | ||||||||||||||
Shares offered and sold by the selling stockholders | 19,900,000 | ||||||||||||||
Offering price per share | 27 | $27 | |||||||||||||
Net proceeds received from offering | 245,400 | ||||||||||||||
Payment made to affiliate for termination of Advisory Agreement | 46,300 | ||||||||||||||
Initial Public Offering [Member] | Senior Notes [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Net proceeds received used to redeem 11% Senior Notes | 140,000 | ||||||||||||||
Initial Public Offering [Member] | Term B Loan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Net proceeds from offering | 37,000 | ||||||||||||||
Underwriters Over-Allotment Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Shares offered and sold by the selling stockholders | 3,900,000 | 2,250,000 |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | 31-May-14 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Cash dividends declared | $0.62 | $0.60 | $6.07 | |||||||
Q2 2013 Declaration [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Dividend record date | 20-Jun-13 | |||||||||
Dividend payable date | 1-Jul-13 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Q3 2013 Declaration [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Dividend record date | 20-Sep-13 | |||||||||
Dividend payable date | 1-Oct-13 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Q4 2013 Declaration [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Dividend record date | 20-Dec-13 | |||||||||
Dividend payable date | 3-Jan-14 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Q1 2014 Declaration [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Dividend record date | 20-Mar-14 | |||||||||
Dividend payable date | 1-Apr-14 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Q2 2014 Declaration [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Dividend record date | 20-Jun-14 | |||||||||
Dividend payable date | 1-Jul-14 | |||||||||
Cash dividends declared | $0.21 | $0.21 | ||||||||
Q3 2014 Declaration [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Dividend record date | 29-Sep-14 | |||||||||
Dividend payable date | 6-Oct-14 | |||||||||
Cash dividends declared | $0.21 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Nov. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Payments in acquisition | $12,000 | |||
Knott's Soak City [Member] | ||||
Business Acquisition [Line Items] | ||||
Cost of acquired entity | 15,000 | |||
Payments in acquisition | 12,000 | |||
Note payable | $3,000 | |||
Description of acquired entity | For the year ended December 31, 2012, there were no material revenues or expenses associated with the park included in the accompanying consolidated financial statements because the park was closed for the season. The Company rebranded the water park as Aquatica San Diego and re-opened in June 2013. |
Summary_Quarterly_Financial_Da2
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $264,537 | $495,834 | $405,151 | $212,290 | $271,959 | $538,389 | $411,292 | $238,610 | $1,377,812 | $1,460,250 | $1,423,752 |
Operating (loss) income | -22,497 | 161,915 | 80,587 | -59,408 | 505 | 205,594 | 27,647 | -35,873 | 160,597 | 197,873 | 222,716 |
Net (loss) income | ($25,446) | $87,176 | $37,406 | ($49,217) | ($12,969) | $120,740 | ($15,900) | ($39,951) | $49,919 | $51,920 | $74,221 |
(Loss) earnings per share: | |||||||||||
Net (loss) income per share, basic | ($0.29) | $1.01 | $0.43 | ($0.56) | ($0.14) | $1.35 | ($0.18) | ($0.48) | $0.57 | $0.59 | $0.90 |
Net (loss) income per share, diluted | ($0.29) | $1 | $0.43 | ($0.56) | ($0.14) | $1.34 | ($0.18) | ($0.48) | $0.57 | $0.59 | $0.89 |
Summary_Quarterly_Financial_Da3
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||
Restructuring and other related costs incurred | $10,371 | ||||
Separation costs | 2,574 | 2,574 | |||
Fees related to termination of 2009 Advisory Agreement | 50,072 | 50,072 | |||
Loss on early extinguishment of debt and write-off of discounts and deferred financing costs | $29,858 | $461 | $29,858 | $2,053 |
Summary_Quarterly_Financial_Da4
Summary Quarterly Financial Data - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Business | |
Quarterly Financial Information Disclosure [Abstract] | |
Number of theme parks opened for a portion of the year | 6 |
Schedule_I_Condensed_Balance_S
Schedule I - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Total current assets | $142,204 | $243,059 | ||
Total assets | 2,442,474 | 2,577,410 | ||
Current liabilities: | ||||
Dividends payable | 172 | 17,939 | 203 | |
Other accrued expenses | 20,149 | 15,264 | ||
Total current liabilities | 221,085 | 252,694 | ||
Total liabilities | 1,862,939 | 1,929,383 | ||
Commitments and contingencies | ||||
Stockholders' Equity: | ||||
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2014 and 2013 | ||||
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 90,191,100 shares issued at December 31, 2014 and 89,900,453 shares issued at December 31, 2013 | 902 | 899 | ||
Additional paid-in capital | 655,471 | 689,394 | ||
Retained earnings | 33,516 | 1,886 | ||
Treasury stock, at cost (4,105,970 shares at December 31, 2014 and 1,500,000 shares at December 31, 2013) | -109,871 | -44,163 | ||
Total stockholders' equity | 579,535 | 648,027 | 442,301 | 868,143 |
Total liabilities and stockholders' equity | 2,442,474 | 2,577,410 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash | 5,858 | 172 | ||
Due from wholly owned subsidiary | 17,767 | |||
Total current assets | 5,858 | 17,939 | ||
Investment in wholly owned subsidiary | 580,018 | 648,016 | ||
Total assets | 585,876 | 665,955 | ||
Current liabilities: | ||||
Dividends payable | 172 | 17,939 | ||
Other accrued expenses | 5,686 | |||
Total current liabilities | 5,858 | 17,939 | ||
Total liabilities | 5,858 | 17,939 | ||
Commitments and contingencies | ||||
Stockholders' Equity: | ||||
Preferred stock, $0.01 par value-authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2014 and 2013 | ||||
Common stock, $0.01 par value-authorized, 1,000,000,000 shares; 90,191,100 shares issued at December 31, 2014 and 89,900,453 shares issued at December 31, 2013 | 902 | 899 | ||
Additional paid-in capital | 655,471 | 689,394 | ||
Retained earnings | 33,516 | 1,886 | ||
Treasury stock, at cost (4,105,970 shares at December 31, 2014 and 1,500,000 shares at December 31, 2013) | -109,871 | -44,163 | ||
Total stockholders' equity | 580,018 | 648,016 | ||
Total liabilities and stockholders' equity | $585,876 | $665,955 |
Schedule_I_Condensed_Balance_S1
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 90,191,100 | 89,900,453 |
Treasury stock, shares | 4,105,970 | 1,500,000 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 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 | 90,191,100 | 89,900,453 |
Treasury stock, shares | 4,105,970 | 1,500,000 |
Schedule_I_Condensed_Statement
Schedule I - Condensed Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | ($25,446) | $87,176 | $37,406 | ($49,217) | ($12,969) | $120,740 | ($15,900) | ($39,951) | $49,919 | $51,920 | $74,221 |
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Equity in net income of subsidiary | 49,919 | 51,920 | 74,221 | ||||||||
Net income | 49,919 | 51,920 | 74,221 | ||||||||
Other comprehensive income | 0 | 0 | 0 | ||||||||
Comprehensive income | $49,919 | $51,920 | $74,221 |
Schedule_I_Condensed_Statement1
Schedule I - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows From Operating Activities: | |||
Net income | $49,919 | $51,920 | $74,221 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net cash provided by operating activities | 261,532 | 286,461 | 299,440 |
Cash Flows From Investing Activities: | |||
Net cash used in investing activities | -156,546 | -166,376 | -204,318 |
Cash Flows From Financing Activities: | |||
Proceeds from issuance of common stock, net of underwriter commissions | 253,800 | ||
Purchase of treasury stock | -60,058 | -44,163 | |
Dividend paid to common stockholders | -72,113 | -36,175 | -502,977 |
Offering costs | -4,694 | -3,665 | |
Payment of tax withholdings on equity-based compensation | -213 | -852 | |
Net cash used in financing activities | -177,921 | -48,919 | -116,110 |
Change in Cash and Cash Equivalents | -72,935 | 71,166 | -20,988 |
Cash and Cash Equivalents-Beginning of period | 116,841 | 45,675 | 66,663 |
Cash and Cash Equivalents-End of period | 43,906 | 116,841 | 45,675 |
Supplemental Disclosures of Noncash Financing Activities | |||
Treasury stock purchases settled in January 2015 | 5,650 | ||
Parent Company [Member] | |||
Cash Flows From Operating Activities: | |||
Net income | 49,919 | 51,920 | 74,221 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in net income of subsidiary | -49,919 | -51,920 | -74,221 |
Dividend received from subsidiary-return on capital | 36,056 | 18,072 | 0 |
Net cash provided by operating activities | 36,056 | 18,072 | 0 |
Cash Flows From Investing Activities: | |||
Capital contributed to subsidiary | -249,106 | 0 | |
Restricted payment from subsidiary | 65,708 | 44,163 | 0 |
Dividend received from subsidiary-return of capital | 36,056 | 18,072 | 500,000 |
Net cash used in investing activities | 101,764 | -186,871 | 500,000 |
Cash Flows From Financing Activities: | |||
Proceeds from issuance of common stock, net of underwriter commissions | 253,800 | 0 | |
Purchase of treasury stock | -60,058 | -44,163 | 0 |
Dividend paid to common stockholders | -72,113 | -36,175 | -502,977 |
Offering costs | -4,694 | 0 | |
Payment of tax withholdings on equity-based compensation | 37 | 0 | |
Net cash used in financing activities | -132,134 | 168,768 | -502,977 |
Change in Cash and Cash Equivalents | 5,686 | -31 | -2,977 |
Cash and Cash Equivalents-Beginning of period | 172 | 203 | 3,180 |
Cash and Cash Equivalents-End of period | 5,858 | 172 | 203 |
Supplemental Disclosures of Noncash Financing Activities | |||
Dividends declared, but unpaid | 172 | 17,939 | 203 |
Treasury stock purchases settled in January 2015 | $5,650 | $0 |
Schedule_I_Description_of_Seaw
Schedule I - Description of Seaworld Entertainment, Inc. - Additional Information (Detail) | Dec. 31, 2014 | Oct. 02, 2009 |
Business | Partnership | |
Partnership | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of limited partnerships which owned the Company | 10 | 10 |
Number of theme parks, owns and operates | 11 |
Schedule_I_Guarantees_Addition
Schedule I - Guarantees - Additional Information (Detail) (SeaWorld Parks & Entertainment, Inc (SEA) [Member], Senior Secured Credit Facilities [Member]) | Dec. 31, 2014 |
SeaWorld Parks & Entertainment, Inc (SEA) [Member] | Senior Secured Credit Facilities [Member] | |
Guarantor Obligations [Line Items] | |
Percentage of equity interest owned | 100.00% |
Schedule_I_Dividends_from_Subs
Schedule I - Dividends from Subsidiaries - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 05, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2013 | Oct. 06, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Jan. 03, 2014 | Oct. 01, 2013 | Jul. 01, 2013 | Mar. 30, 2012 |
Dividends Payable [Line Items] | ||||||||||||||||
Cash dividend declared | $0.62 | $0.60 | $6.07 | |||||||||||||
Dividends declared | $500,000 | $54,345 | $53,911 | $500,000 | ||||||||||||
Subsequent Events [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend payable date | 22-Jan-15 | |||||||||||||||
Cash dividend declared | $0.21 | |||||||||||||||
Dividend record date | 13-Jan-15 | |||||||||||||||
Q1 2014 Declaration [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend payable date | 1-Apr-14 | |||||||||||||||
Cash dividend declared | $0.20 | |||||||||||||||
Dividend record date | 20-Mar-14 | |||||||||||||||
Q2 2014 Declaration [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend payable date | 1-Jul-14 | |||||||||||||||
Cash dividend declared | $0.21 | $0.21 | ||||||||||||||
Dividend record date | 20-Jun-14 | |||||||||||||||
Q2 2013 Declaration [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend payable date | 1-Jul-13 | |||||||||||||||
Cash dividend declared | $0.20 | |||||||||||||||
Dividend record date | 20-Jun-13 | |||||||||||||||
Parent Company [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend declared to stockholders | 18,290 | 18,290 | 17,766 | 17,767 | 18,072 | 18,072 | ||||||||||
Cash dividends payable | 172 | 17,939 | 203 | |||||||||||||
Dividends received | 500,000 | |||||||||||||||
Dividends declared | 500,000 | |||||||||||||||
Parent Company [Member] | Subsequent Events [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend payable date | 22-Jan-15 | |||||||||||||||
Cash dividend declared | $0.21 | |||||||||||||||
Dividend record date | 13-Jan-15 | |||||||||||||||
Parent Company [Member] | Subsequent Events [Member] | Maximum [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Cash dividends payable | $18,112 | |||||||||||||||
Parent Company [Member] | Q1 2014 Declaration [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend payable date | 1-Apr-14 | |||||||||||||||
Cash dividend declared | $0.20 | |||||||||||||||
Dividend record date | 20-Mar-14 | |||||||||||||||
Parent Company [Member] | Q2 2014 Declaration [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend payable date | 1-Jul-14 | |||||||||||||||
Cash dividend declared | $0.21 | |||||||||||||||
Dividend record date | 20-Jun-14 | |||||||||||||||
Parent Company [Member] | Q2 2013 Declaration [Member] | ||||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||||
Dividend payable date | 1-Jul-13 | |||||||||||||||
Cash dividend declared | $0.20 | |||||||||||||||
Dividend record date | 20-Jun-13 |
Schedule_I_Dividends_from_Subs1
Schedule I - Dividends from Subsidiaries - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | 31-May-14 | Sep. 30, 2014 | |
Dividends Payable [Line Items] | ||||||||||
Cash dividends declared | $0.62 | $0.60 | $6.07 | |||||||
Q2 2013 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Jun-13 | |||||||||
Dividend payable date | 1-Jul-13 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Q3 2013 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Sep-13 | |||||||||
Dividend payable date | 1-Oct-13 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Q4 2013 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Dec-13 | |||||||||
Dividend payable date | 3-Jan-14 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Q1 2014 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Mar-14 | |||||||||
Dividend payable date | 1-Apr-14 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Q2 2014 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Jun-14 | |||||||||
Dividend payable date | 1-Jul-14 | |||||||||
Cash dividends declared | $0.21 | $0.21 | ||||||||
Q3 2014 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 29-Sep-14 | |||||||||
Dividend payable date | 6-Oct-14 | |||||||||
Cash dividends declared | $0.21 | |||||||||
Parent Company [Member] | Q2 2013 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Jun-13 | |||||||||
Dividend payable date | 1-Jul-13 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Parent Company [Member] | Q3 2013 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Sep-13 | |||||||||
Dividend payable date | 1-Oct-13 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Parent Company [Member] | Q4 2013 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Dec-13 | |||||||||
Dividend payable date | 3-Jan-14 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Parent Company [Member] | Q1 2014 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Mar-14 | |||||||||
Dividend payable date | 1-Apr-14 | |||||||||
Cash dividends declared | $0.20 | |||||||||
Parent Company [Member] | Q2 2014 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 20-Jun-14 | |||||||||
Dividend payable date | 1-Jul-14 | |||||||||
Cash dividends declared | $0.21 | |||||||||
Parent Company [Member] | Q3 2014 Declaration [Member] | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividend record date | 29-Sep-14 | |||||||||
Dividend payable date | 6-Oct-14 | |||||||||
Cash dividends declared | $0.21 |
Schedule_I_Stockholders_Equity
Schedule I - Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Apr. 08, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2013 | Apr. 09, 2014 | Dec. 17, 2013 | Dec. 31, 2012 | Aug. 12, 2014 | Dec. 16, 2014 | Apr. 19, 2013 | Apr. 18, 2013 | Apr. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock split description | On April 7, 2013, the Board authorized an eight-for-one split of the Company's common stock, which was effective on April 8, 2013. The Companybs historical share and per share information has been retroactively adjusted to give effect to this stock split. | ||||||||||||
Stock split conversion ratio | 8 | ||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | ||||||||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||
Preferred stock, par value | $0.01 | $0.01 | $0.01 | ||||||||||
Net proceeds received from offering | $245,441 | ||||||||||||
Number of shares repurchased | 4,105,970 | 4,105,970 | 1,500,000 | ||||||||||
Share Repurchase Program, authorized amount | 15,000 | 15,000 | 250,000 | ||||||||||
Share Repurchase Program, beginning date | 1-Jan-15 | ||||||||||||
Shares repurchased | 855,970 | 2,605,970 | 1,500,000 | ||||||||||
Stock repurchase during period under Share Repurchase Program, average price per share | $17.50 | ||||||||||||
Share Repurchase Program, remaining authorized repurchase amount | 235,000 | 235,000 | |||||||||||
Treasury stock purchases settled in January 2015 | 5,650 | 5,650 | |||||||||||
Stock repurchased during period, total cost | 15,000 | 65,708 | 44,163 | ||||||||||
Treasury stock at cost | 109,871 | 109,871 | 44,163 | ||||||||||
Amended Share Repurchase Program [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share Repurchase Program, authorized amount during remainder of 2014 | 15,000 | ||||||||||||
Share Repurchase Program, beginning date | 17-Dec-14 | ||||||||||||
Omnibus Incentive Plan [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Common stock reserved for future issuance | 15,000,000 | ||||||||||||
Initial Public Offering [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares of common stock issued through initial public offering, shares | 10,000,000 | ||||||||||||
Shares offered and sold by the selling shareholders | 19,900,000 | ||||||||||||
Offering price per share | $27 | $27 | |||||||||||
Net proceeds received from offering | 245,400 | ||||||||||||
Underwriters Over-Allotment Option [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares offered and sold by the selling shareholders | 3,900,000 | 2,250,000 | |||||||||||
Secondary Offering [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares offered and sold by the selling shareholders | 17,250,000 | 18,000,000 | |||||||||||
Number of shares repurchased | 1,500,000 | 1,750,000 | |||||||||||
Treasury stock at cost | 109,871 | 109,871 | 44,163 | ||||||||||
Parent Company [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Stock split description | On April 7, 2013, the Parent's Board authorized an eight-for-one split of the Parent's common stock which was effective on April 8, 2013.The Parentbs historical share information has been retroactively adjusted to give effect to this stock split. | ||||||||||||
Stock split conversion ratio | 8 | ||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | ||||||||||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||
Preferred stock, par value | $0.01 | $0.01 | $0.01 | ||||||||||
Number of shares repurchased | 4,105,970 | 4,105,970 | 1,500,000 | ||||||||||
Share Repurchase Program, authorized amount | 250,000 | ||||||||||||
Share Repurchase Program, beginning date | 1-Jan-15 | ||||||||||||
Shares repurchased | 855,970 | ||||||||||||
Stock repurchase during period under Share Repurchase Program, average price per share | $17.50 | ||||||||||||
Share Repurchase Program, remaining authorized repurchase amount | 235,000 | 235,000 | |||||||||||
Treasury stock purchases settled in January 2015 | 5,650 | 5,650 | 0 | ||||||||||
Stock repurchased during period, total cost | 15,000 | ||||||||||||
Treasury stock at cost | 109,871 | 109,871 | 44,163 | ||||||||||
Restricted payments to the parent | 65,708 | 44,163 | 0 | ||||||||||
Parent Company [Member] | Amended Share Repurchase Program [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share Repurchase Program, authorized amount during remainder of 2014 | 15,000 | ||||||||||||
Share Repurchase Program, beginning date | 17-Dec-14 | ||||||||||||
Parent Company [Member] | Initial Public Offering [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares of common stock issued through initial public offering, shares | 10,000,000 | ||||||||||||
Shares offered and sold by the selling shareholders | 19,900,000 | ||||||||||||
Offering price per share | $27 | ||||||||||||
Net proceeds received from offering | 245,400 | ||||||||||||
Parent Company [Member] | Underwriters Over-Allotment Option [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares offered and sold by the selling shareholders | 3,900,000 | 2,250,000 | |||||||||||
Parent Company [Member] | Secondary Offering [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Shares offered and sold by the selling shareholders | 17,250,000 | 18,000,000 | |||||||||||
Number of shares repurchased | 1,500,000 | 1,750,000 | |||||||||||
Treasury stock at cost | 109,871 | 109,871 | 44,163 | ||||||||||
Restricted payments to the parent | $65,708 | $44,163 |