Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SEAS | ||
Entity Registrant Name | SeaWorld Entertainment, Inc. | ||
Entity Central Index Key | 1,564,902 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 88,016,096 | ||
Entity Public Float | $ 1,262,276,031 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 18,971 | $ 43,906 |
Accounts receivable, net | 39,538 | 37,002 |
Inventories | 31,213 | 33,134 |
Prepaid expenses and other current assets | 16,360 | 20,894 |
Deferred tax assets, net | 2,975 | 7,268 |
Total current assets | 109,057 | 142,204 |
Property and equipment, at cost | 2,748,161 | 2,612,052 |
Accumulated depreciation | (1,029,165) | (867,421) |
Property and equipment, net | 1,718,996 | 1,744,631 |
Goodwill | 335,610 | 335,610 |
Trade names/trademarks, net | 162,726 | 164,188 |
Other intangible assets, net | 21,327 | 24,525 |
Deferred tax assets, net | 23,491 | |
Other assets | 19,927 | 11,313 |
Total assets | 2,391,134 | 2,422,471 |
Current liabilities: | ||
Accounts payable | 93,743 | 88,279 |
Current maturities on long-term debt | 31,850 | 14,050 |
Accrued salaries, wages and benefits | 12,330 | 19,068 |
Deferred revenue | 79,818 | 79,367 |
Dividends payable | 430 | 172 |
Other accrued expenses | 11,143 | 20,149 |
Total current liabilities | 229,314 | 221,085 |
Long-term debt, net of debt issuance costs of $13,333 and $20,003 as of December 31, 2015 and 2014, respectively | 1,548,893 | 1,569,400 |
Deferred tax liabilities, net | 68,161 | 31,760 |
Other liabilities | 40,646 | 20,691 |
Total liabilities | $ 1,887,014 | $ 1,842,936 |
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, 2015 and 2014 | ||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 90,320,374 and 90,191,100 shares issued at December 31, 2015 and 2014, respectively | $ 903 | $ 902 |
Additional paid-in capital | 624,765 | 655,471 |
Accumulated other comprehensive loss | (13,137) | (483) |
Retained earnings | 46,460 | 33,516 |
Treasury stock, at cost (6,519,773 and 4,105,970 shares at December 31, 2015 and 2014, respectively) | (154,871) | (109,871) |
Total stockholders’ equity | 504,120 | 579,535 |
Total liabilities and stockholders’ equity | $ 2,391,134 | $ 2,422,471 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Debt issuance costs | $ 13,333 | $ 20,003 |
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 | 90,320,374 | 90,191,100 |
Treasury stock, shares | 6,519,773 | 4,105,970 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net revenues: | |||
Admissions | $ 846,922 | $ 859,426 | $ 921,016 |
Food, merchandise and other | 524,082 | 518,386 | 539,234 |
Total revenues | 1,371,004 | 1,377,812 | 1,460,250 |
Costs and expenses: | |||
Cost of food, merchandise and other revenues | 103,980 | 109,024 | 114,192 |
Operating expenses (exclusive of depreciation and amortization shown separately below) | 708,745 | 727,659 | 743,322 |
Selling, general and administrative | 214,072 | 189,369 | 187,298 |
Restructuring and other related costs | 2,268 | 11,567 | 0 |
Separation costs | 0 | 2,574 | 0 |
Secondary offering costs | 0 | 747 | 1,407 |
Termination of advisory agreement | 0 | 0 | 50,072 |
Depreciation and amortization | 182,503 | 176,275 | 166,086 |
Total costs and expenses | 1,211,568 | 1,217,215 | 1,262,377 |
Operating income | 159,436 | 160,597 | 197,873 |
Other expense (income), net | 129 | (198) | (241) |
Interest expense | 65,571 | 81,543 | 90,622 |
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | 20,905 | 461 | 29,858 |
Income before income taxes | 72,831 | 78,791 | 77,634 |
Provision for income taxes | 23,698 | 28,872 | 25,714 |
Net income | 49,133 | 49,919 | 51,920 |
Other comprehensive income: | |||
Unrealized (loss) gain on derivatives, net of tax | (12,654) | (494) | 1,265 |
Comprehensive income | $ 36,479 | $ 49,425 | $ 53,185 |
Earnings per share: | |||
Net income per share, basic | $ 0.57 | $ 0.57 | $ 0.59 |
Net income per share, diluted | $ 0.57 | $ 0.57 | $ 0.59 |
Weighted average common shares outstanding: | |||
Basic | 85,860 | 87,183 | 87,537 |
Diluted | 85,981 | 87,480 | 88,152 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | 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] |
Beginning Balance at Dec. 31, 2012 | $ 442,301 | $ 827 | $ 456,923 | $ (14,195) | $ (1,254) | |
Beginning 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 | |||||
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 | ||||
Equity-based compensation | $ 6,527 | 6,527 | ||||
Unrealized gain (loss) on derivatives, net of tax | (12,654) | (12,654) | ||||
Vesting of restricted shares | $ 2 | (2) | ||||
Vesting of restricted shares, shares | 171,495 | |||||
Shares withheld for tax withholdings | (844) | $ (1) | (843) | |||
Shares withheld for tax withholdings, shares | (42,221) | |||||
Cash dividends declared to stockholders, net of forfeitures | (72,577) | (36,388) | (36,189) | |||
Repurchase of shares of treasury stock, at cost | (45,000) | (45,000) | ||||
Net income | 49,133 | 49,133 | ||||
Ending Balance at Dec. 31, 2015 | $ 504,120 | $ 903 | $ 624,765 | $ 46,460 | $ (13,137) | $ (154,871) |
Ending Balance, shares at Dec. 31, 2015 | 90,320,374 | 90,320,374 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Unrealized gain (loss) on derivatives tax (benefit) expense | $ (6,115) | $ (286) | |
Cash dividends declared per share | $ 0.84 | $ 0.62 | $ 0.60 |
Repurchase of treasury stock, Shares | 2,413,803 | 2,605,970 | 1,500,000 |
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Unrealized gain (loss) on derivatives tax (benefit) expense | $ (6,115) | $ (286) | $ 632 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows From Operating Activities: | |||
Net income | $ 49,133 | $ 49,919 | $ 51,920 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 182,503 | 176,275 | 166,086 |
Amortization of debt issuance costs and discounts | 6,409 | 9,399 | 10,869 |
Loss on sale or disposal of assets | 6,685 | 5,792 | 10,100 |
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | 20,905 | 461 | 29,858 |
Loss on derivatives | 287 | ||
Deferred income tax provision | 23,246 | 28,000 | 24,728 |
Equity-based compensation | 6,527 | 2,349 | 6,025 |
Changes in assets and liabilities: | |||
Accounts receivable | (3,622) | 6,256 | (3,215) |
Inventories | 1,234 | 2,709 | (166) |
Prepaid expenses and other current assets | 835 | (1,276) | (5,343) |
Accounts payable | 2,523 | (8,791) | 4,293 |
Accrued salaries, wages and benefits | (6,738) | (4,928) | (9,092) |
Deferred revenue | 943 | (6,089) | 94 |
Other accrued expenses | (2,347) | (763) | (824) |
Other assets and liabilities | (2,249) | 2,219 | 1,128 |
Net cash provided by operating activities | 286,274 | 261,532 | 286,461 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (157,302) | (154,641) | (166,258) |
Acquisition of intangible assets | (120) | (1,900) | |
Change in restricted cash | 45 | (5) | (118) |
Net cash used in investing activities | (157,377) | (156,546) | (166,376) |
Cash Flows From Financing Activities: | |||
Repayment of long-term debt | (306,150) | (45,537) | (189,255) |
Purchase of treasury stock | (50,650) | (60,058) | (44,163) |
Proceeds from draw on revolving credit facility | 60,000 | 40,000 | 35,000 |
Repayment of revolving credit facility | (45,000) | (40,000) | (35,000) |
Dividends paid to stockholders | (72,318) | (72,113) | (36,175) |
Proceeds from the issuance of debt | 280,000 | 1,455 | |
Debt issuance costs | (4,571) | (10,635) | |
Payment of tax withholdings on equity-based compensation through shares withheld | (843) | (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 | (14,300) | (15,400) | |
Offering costs | (4,694) | ||
Net cash used in financing activities | (153,832) | (177,921) | (48,919) |
Change in Cash and Cash Equivalents | (24,935) | (72,935) | 71,166 |
Cash and Cash Equivalents—Beginning of period | 43,906 | 116,841 | 45,675 |
Cash and Cash Equivalents—End of period | 18,971 | 43,906 | 116,841 |
Supplemental Disclosures of Noncash Investing and Financing Activities | |||
Dividends declared, but unpaid | 430 | 172 | 17,939 |
Capital expenditures in accounts payable | $ 28,743 | 25,730 | $ 27,160 |
Treasury stock purchases settled in January 2015 | $ 5,650 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2015 | |
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 interest 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. As of December 31, 2015, the Partnerships own approximately 22.2% of the Company’s total outstanding common stock. 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). The Company also has an Aquatica water park located within its SeaWorld theme park in San Antonio, which is only accessible to SeaWorld San Antonio guests for an additional fee. In 2016, Aquatica San Antonio will be converted into a stand-alone, separate admission park that guests can access through an independent gate without the need to purchase admission to SeaWorld San Antonio. During the years ended December 31, 2015, 2014 and 2013 approximately 57%, 56% and 55% of the Company’s revenues were generated in the State of Florida, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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 have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation. Use of Estimates The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform to the 2015 presentation, in particular debt issuance costs, which were previously included in other assets in the accompanying consolidated balance sheets, have been reclassified to long-term debt as a result of the adoption of a new Accounting Standards Update (“ASU”). See Note 3–Recently Issued Accounting Pronouncements for further details. Cash and Cash Equivalents Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $9,597 and $8,381 at December 31, 2015 and 2014, 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, 2015. 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 Effective December 31, 2015, inventories are stated at the lower of cost or net realizable value in accordance with the adoption of ASU 2015-11 Simplifying the Measurement of Inventory 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. Development costs associated with new attractions and products are generally 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 active construction projects. Total interest capitalized for the years ended December 31, 2015, 2014 and 2013, was $2,299, $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 $12,873 and $10,287, as of December 31, 2015 and 2014, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $9,250 and $8,841 as of December 31, 2015 and 2014, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2015, 2014 and 2013 was $3,022, $2,703 and $1,949, 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, 2015, 2014 and 2013. 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 and other intangible assets 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 either a quantitative or qualitative assessment of goodwill and other indefinite-lived intangible assets at December 1, 2015, a quantitative assessment at December 1, 2014 and a qualitative assessment at December 1, 2013 and identified no impairments. Other Definite-Lived 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 $27,819 at December 31, 2015, of which $2,769 is recorded in accrued salaries, wages and benefits, $6,973 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 $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. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. Debt Issuance Costs Debt issuance costs are amortized to interest expense using the effective interest method over the term of the Senior Secured Credit Facilities or the Senior Notes, prior to their redemption, and are included in long term debt, net, in the accompanying consolidated balance sheets due to the adoption of ASU 2015-03, Interest-Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs, 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, 2015 and 2014 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, 2015 and 2014, long-term deferred revenue of $1,820 and $2,414, 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 partners specify the allocation of revenue to the Company from any jointly sold products. Whether the Company or the external partner sells the product, the Company’s portion of revenue is deferred until the first time the product is redeemed at one of its parks and recognized over its related use in a manner consistent with the Company’s own admission products. 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 expenses at the time of the exchange and approximates the estimated fair value of the goods or services received or provided, whichever is more readily determinable. For the years ended December 31, 2015, 2014 and 2013, approximately $18,000, $17,700 and $20,000, 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, 2015, 2014 and 2013, totaled approximately $106,000, $110,500 and $112,000, 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, unless service or performance conditions require otherwise. The Company uses the Black-Scholes Option Pricing Model to value its stock options and the closing stock price on the date of grant to value both its time-vesting and performance-vesting restricted share awards granted in 2015. On occasion, the Company may modify the terms or conditions of an equity award for its employees. If an award is modified, the Company evaluates the type of modification in accordance with ASC 718, Compensation-Stock Compensation Restructuring Costs The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations 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 sufficient 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 unrecognized tax benefits 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 similar consumer groups. Accordingly, based on these economic and operational similarities and the way the CODM monitors and makes decisions affecting 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 ASC 815, Derivatives and Hedging 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 Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
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”). On February 25, 2016, the FASB issued ASU 2016-02, Leases In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs Presentation and Subsequent Measurement of Debt Issuance Costs Associated With Line-of-Credit Arrangements: Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue Recognition. Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date |
Restructuring Program and Separ
Restructuring Program and Separation Costs | 12 Months Ended |
Dec. 31, 2015 | |
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 functions and reduce duplication 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 recorded $11,834 in pre-tax restructuring and other related costs associated with this Restructuring Program, of which $11,567 was incurred in 2014 and $267 was incurred in 2015 on the accompanying consolidated statements of comprehensive income. The Company will not incur any additional costs associated with the Restructuring Program as all continuing service obligations were completed as of June 30, 2015. The Restructuring Program activity for the year ended December 31, 2015 was as follows: Severance and Other Employment Expenses Liability as of December 31, 2014 $ 7,691 Costs incurred 267 Payments made (7,958 ) Liability as of December 31, 2015 $ — Costs incurred in 2015 and 2014 related to the Restructuring Program primarily consist of severance and other employment expenses. Other related restructuring expenses incurred in 2014 include third party consulting costs associated with the development of the cost savings plan and the Restructuring Program. The liability as of December 31, 2014 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. Separately, in the fourth quarter of 2015, as part of a cost savings initiative and ongoing review of departmental structures, certain additional positions were eliminated. The severance costs related to these positions of $2,001 was included in restructuring and other related costs for the year ended December 31, 2015 on the accompanying consolidated statement of comprehensive income. 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, 2015 | |
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, 2015 2014 2013 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic earnings per share $ 49,133 85,860 $ 0.57 $ 49,919 87,183 $ 0.57 $ 51,920 87,537 $ 0.59 Effect of dilutive incentive-based awards 121 297 615 Diluted earnings per share $ 49,133 85,981 $ 0.57 $ 49,919 87,480 $ 0.57 $ 51,920 88,152 $ 0.59 In accordance with the Earnings Per Share Diluted earnings per share is determined using the treasury stock method based on the dilutive effect of unvested restricted stock and certain shares of common stock that are issuable upon exercise of stock options. During the year ended December 31, 2015, there were approximately 1,879,000 antidilutive shares of common stock excluded from the computation of diluted earnings per share. 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 year ended December 31, 2013, there were no antidilutive shares of common stock excluded from the computation of diluted earnings per share. The Company’s outstanding performance-vesting restricted share awards are considered contingently issuable shares and are excluded from the calculation of diluted earnings per share until the performance measure criteria is met as of the end of the reporting period. For the year ended December 31, 2015, approximately 19,000 performance-vesting restricted share awards were included in the calculation of diluted earnings per share as their respective performance criteria was met as of December 31, 2015. There were no performance-vesting restricted share awards included in the calculation of diluted earnings per share during the years ended December 31, 2014 and 2013. See further discussion in Note 18–Equity-Based Compensation. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES Inventories as of December 31, 2015 and 2014 consisted of the following: 2015 2014 Merchandise $ 26,183 $ 28,356 Food and beverage 4,740 4,778 Other supplies 290 — Total inventories $ 31,213 $ 33,134 Effective December 31, 2015, inventories are stated at lower of cost or net realizable value in accordance with the adoption of ASU 2015-11 Simplifying the Measurement of Inventory |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 consisted of the following: 2015 2014 Prepaid insurance $ 8,264 $ 8,047 Prepaid marketing and advertising costs 1,439 6,965 Other 6,657 5,882 Total prepaid expenses and other current assets $ 16,360 $ 20,894 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014, consisted of the following: 2015 2014 Land $ 286,200 $ 286,200 Land improvements 281,612 289,892 Buildings 618,507 566,112 Rides, attractions and equipment 1,310,645 1,267,832 Animals 158,191 158,362 Construction in process 93,006 43,654 Less accumulated depreciation (1,029,165 ) (867,421 ) Total property and equipment, net $ 1,718,996 $ 1,744,631 Depreciation expense was approximately $174,700, $169,000 and $159,700 for the years ended December 31, 2015, 2014 and 2013, respectively. In January 2016, the Company made a decision to remove deep-water lifting floors from the killer whale habitats at each of its three SeaWorld theme parks. As a result, in the first half of 2016, the Company expects to record approximately $33,000 of accelerated depreciation related to the disposal of these lifting floors. These lifting floors are included in rides, attractions and equipment in the table above. |
Trade Names_Trademarks and Othe
Trade Names/Trademarks and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2015 | |
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 at December 31, 2015, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade names/trademarks - indefinite lives $ 157,000 $ — $ 157,000 Trade names/trademarks- definite lives 9.3 years 12,900 7,174 5,726 Total trade names/trademarks, net $ 169,900 $ 7,174 $ 162,726 Trade names/trademarks, net at December 31, 2014, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying 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 Other intangible assets, net at December 31, 2015, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Favorable lease asset 39 years $ 18,200 $ 2,800 $ 15,400 Reseller agreements 8.1 years 22,300 16,735 5,565 Non-compete agreement 5 years 500 258 242 Other intangible assets - indefinite lives 120 — 120 Total other intangible assets, net $ 41,120 $ 19,793 $ 21,327 Other intangible assets, net at December 31, 2014, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying 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 Total amortization was approximately $4,800, $4,600 and $4,400 for the years ended December 31, 2015, 2014 and 2013, 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 2016 $ 4,780 2017 4,574 2018 2,235 2019 1,849 2020 467 Thereafter 13,028 $ 26,933 |
Other Accrued Expenses
Other Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Other Accrued Expenses | 10. OTHER ACCRUED EXPENSES Other accrued expenses at December 31, 2015 and 2014, consisted of the following: 2015 2014 Accrued property taxes $ 2,250 $ 2,039 Accrued interest 441 2,604 Self-insurance reserve 6,973 7,800 Other 1,479 7,706 Total other accrued expenses $ 11,143 $ 20,149 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. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 11. LONG-TERM DEBT Long-term debt as of December 31, 2015 and 2014 consisted of the following: 2015 2014 Term B-2 Loans (effective interest rate of 3.26% at December 31, 2015 and 2014, respectively) $ 1,338,387 $ 1,352,438 Term B-3 Loans (effective interest rate of 4.33% at December 31, 2015) 247,900 — Senior Notes (effective interest rate of 12.07% at December 31, 2014) — 260,000 Revolving Credit Facility 15,000 — Total long-term debt 1,601,287 1,612,438 Less discounts (7,211 ) (8,985 ) Less debt issuance costs (13,333 ) (20,003 ) Less current maturities (31,850 ) (14,050 ) Total long-term debt, net $ 1,548,893 $ 1,569,400 SEA is the borrower under the senior secured credit facilities, as amended pursuant to a credit agreement dated as of December 1, 2009 (the “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”). On March 30, 2015, SEA entered into an incremental term loan amendment, Amendment No. 7 (the “Incremental Amendment”), to its existing Senior Secured Credit Facilities. On April 7, 2015, SEA borrowed $280,000 of additional term loans (the “Term B-3 Loans”) pursuant to the Incremental Amendment. The proceeds, along with cash on hand, were used to redeem all of the $260,000 outstanding principal amount of the Senior Notes at a redemption price of 105.5% plus accrued and unpaid interest and pay fees, costs and other expenses in connection with the Term B-3 Loans. The redemption premium of $14,300 along with a write-off of approximately $6,048 in related discounts and debt issuance costs is included in the loss on early extinguishment of debt and write-off of discounts and debt issuance costs on the accompanying consolidated statements of comprehensive income for the year ended December 31, 2015. In connection with the issuance of the Term B-3 Loans, SEA recorded a discount of $1,400 and debt issuance costs of $3,171 during the year ended December 31, 2015. Debt issuance costs and discounts are amortized to interest expense using the effective interest method over the term of the related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. Unamortized debt issuance costs and discounts for the Term B-2 Loans, Term B-3 Loans and senior secured revolving credit facility (the “Revolving Credit Facility”) were $14,713, $3,448 and $2,383, respectively, at December 31, 2015. Unamortized debt issuance costs and discounts for the Term B-2 Loans, Senior Notes and Revolving Credit Facility were $18,205, $6,921 and $3,862, respectively at December 31, 2014. See Note 3–Recently Issued Accounting Pronouncements for more details on the Company’s adoption of ASU 2015-03 in the second quarter of 2015. As of December 31, 2015, SEA was in compliance with all covenants in the provisions contained in the documents governing the Senior Secured Credit Facilities. Senior Secured Credit Facilities As of December 31, 2015, the Senior Secured Credit Facilities consisted of $1,338,387 in Term B-2 Loans and $247,900 in Term B-3 Loans, which will mature on May 14, 2020, along with a $192,500 Revolving Credit Facility, of which $15,000 was outstanding at December 31, 2015 (at an interest rate of 2.89%). The Revolving Credit Facility will mature on the earlier of (a) April 24, 2018 and (b) the 91st day prior to the maturity date of any indebtedness incurred to refinance any of the term loans. The outstanding balance under the Revolving Credit Facility is included in current maturities on long-term debt on the accompanying consolidated balance sheet as of December 31, 2015, due to the Company’s intent to repay the borrowings within the next twelve months. Subsequent to December 31, 2015, SEA borrowed an additional $60,000 under the Revolving Credit Facility for general working capital purposes. 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 balance due on the final maturity date, of May 14, 2020. The Term B-3 Loans amortize in equal quarterly installments in an aggregate annual amount equal to 1.0% of the original principal amount of the Term B-3 Loans on the date of effectiveness of the Incremental Amendment, with 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 and other than a prepayment premium on voluntary prepayments of Term B-3 Loans in connection with certain repricing transactions on or prior to the date that is six months after the effectiveness of the Incremental Amendment. SEA is required to prepay the outstanding Term B-2 and Term B-3 loans, subject to certain exceptions, with (i) 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; (ii) 100% of the net cash proceeds of certain non-ordinary course asset sales or other dispositions subject to reinvestment rights and certain exceptions; and (iii) 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, 2015 or 2014 since none of the events indicated above occurred. On October 30, 2015, the Company made a voluntary principal repayment of approximately $30,000 on the Term B-3 Loans with available cash on hand. 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 Facilities, is no greater than 3.50 to 1.00. 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 SEA’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. 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 rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its “prime 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 total net leverage ratio equal to or less than 3.25 to 1.00. At December 31, 2015, SEA selected the LIBOR rate (interest rate of 3.00% at December 31, 2015). Term B-3 Loans Borrowings of Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (a) a base rate equal to the higher of (1) the federal funds rate plus 1/2 of 1% and (2) the rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its “prime rate” or (b) a LIBOR rate determined by reference to the 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-3 Loans is 2.25%, in the case of base rate loans, and 3.25%, in the case of LIBOR rate loans, subject to a base rate floor of 1.75% and a LIBOR floor of 0.75%. At December 31, 2015, SEA selected the LIBOR rate (interest rate of 4.00% at December 31, 2015). Revolving Credit Facility Borrowings of loans under the Revolving Credit Facility bear interest at a fluctuating rate per annum equal to, at SEA’s option, (a) a base rate equal to the higher of (1) the federal funds rate plus 1/2 of 1%, and (2) the rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its “prime rate” or (b) a LIBOR rate determined by reference to the 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 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, 2015, SEA selected the LIBOR rate and achieved the corporate credit ratings for an applicable LIBOR 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 at a rate of 0.50% per annum. SEA is also required to pay customary letter of credit fees. As of December 31, 2015, SEA had approximately $14,300 of outstanding letters of credit and $15,000 outstanding under the Revolving Credit Facility, leaving approximately $163,200 available for borrowing. 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 the 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 Senior Secured Credit Facilities 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 Senior Secured Credit Facilities) after giving effect to the payment of any such restricted payment, the Total Leverage Ratio, (as defined in the Senior Secured Credit Facilities), 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 (as defined in the Senior Secured Credit Facilities), 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, 2015, the Company had a $120,000 capacity for restricted payments, calculated as set forth above. Through the third quarter of 2015, the Company had used approximately $87,700 of its available restricted payments capacity leaving an aggregate amount of approximately $32,300 available in the fourth quarter of 2015 to declare dividends or make other restricted payments under the Senior Secured Credit Facilities. As a result, the Company repurchased $30,000 of its common stock in December 2015. See Note 19–Stockholders’ Equity for further discussion on the Share Repurchase Program. As of December 31, 2015, the Total Leverage Ratio as calculated under the Senior Secured Credit Facilities was 4.38 to 1.00, which results in the Company having a $120,000 capacity for restricted payments in the year ending December 31, 2016. The amount available for dividend declarations, share repurchases and certain other restricted payments under the covenant restrictions in the debt agreements adjusts at the beginning of each quarter as set forth above. Long-term debt at December 31, 2015, is repayable as follows and does not include the impact of any future prepayments. The outstanding balance under the Revolving Credit Facility is included in current maturities on long-term debt on the accompanying consolidated balance sheet as of December 31, 2015, due to the Company’s intent to repay the borrowings within the next twelve months. Years Ending December 31, 2016 $ 31,850 2017 16,850 2018 16,850 2019 16,850 2020 1,518,887 Total $ 1,601,287 Interest Rate Swap Agreements As of December 31, 2015, SEA had four traditional interest rate swap agreements (collectively, the “Interest Rate Swap Agreements”). Three of the interest rate swap agreements have a combined notional amount of $1,000,000; mature on September 30, 2016; require the Company to pay a fixed rate of interest between 1.049% and 1.051% per annum; pay swap counterparties a variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR; and have interest settlement dates occurring on the last day of March, June, September and December through maturity. In April 2015, the Company executed the fourth traditional interest rate swap agreement to effectively fix the interest rate on $250,000 of the Term B-3 Loans. The interest rate swap became effective on June 30, 2015; has a notional amount of $250,000; is scheduled to mature on September 30, 2016; requires the Company to pay a fixed rate of interest of 0.901% per annum; pays swap counterparties a variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR; and has interest settlement dates occurring on the last day of September, December, March and June through maturity. In June 2015, the Company entered into five forward interest rate swap agreements (“the Forward Swaps”) to effectively fix the interest rate on the three month LIBOR-indexed interest payments associated with $1,000,000 of SEA’s outstanding long-term debt. The Forward Swaps have an effective date of September 30, 2016; have a total notional amount of $1,000,000; mature on May 14, 2020; require the Company to pay a weighted-average fixed rate of 2.45% per annum; pay swap counterparties a variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR; and have interest settlement dates occurring on the last day of September, December, March and June through maturity. SEA designated the Interest Rate Swap Agreements and the Forward Swaps 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 $63,726, $74,933 and $85,514 during the years ended December 31, 2015, 2014 and 2013, respectively. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
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. The Company does not speculate using derivative instruments. As of December 31, 2015 and 2014, 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 years ended December 31, 2015 and 2014, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of December 31, 2015, the Company had four outstanding interest rate swaps with a combined notional value of $1,250,000 and five forward interest rate swap agreements with a combined notional value of $1,000,000 that were designated as cash flow hedges of interest rate risk. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2015, a loss of $287 related to the ineffective portion was recognized in other expense (income), net on the accompanying consolidated statement of comprehensive income. There was no ineffective portion during the year ended December 31, 2014. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $5,299 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, 2015 and 2014: Liability Derivatives Liability Derivatives As of December 31, 2015 As of December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ 1,673 Other liabilities $ 628 Forward interest rate swaps Other liabilities 17,927 — Total derivatives designated as hedging instruments $ 19,600 $ 628 The unrealized loss on derivatives is recorded net of a tax benefit of $6,115 and $286 for the years ended December 31, 2015 and 2014, respectively, and is included in the accompanying statements of changes in stockholders’ equity and the 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, 2015 and 2014: 2015 2014 Derivatives in Cash Flow Hedging Relationships: (Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive loss $ (21,924 ) $ 1,846 Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive loss to interest expense $ 3,154 $ (2,626 ) Loss related to ineffective portion of derivatives recognized in other expense (income), net $ (287 ) $ — 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, 2015, 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 $21,529. As of December 31, 2015, the Company has posted no collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2015, it could have been required to settle its obligations under the agreements at their termination value of $21,529. Changes in Accumulated Other Comprehensive Income (Loss) The following table reflects the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2015 and 2014, net of tax: Accumulated other comprehensive income (loss): Gains (Losses) on Cash Flow Hedges Accumulated other comprehensive income at December 31, 2013 $ 11 Other comprehensive income before reclassifications 1,169 Amounts reclassified from accumulated other comprehensive income to interest expense (1,663 ) Unrealized loss on derivatives, net of tax (494 ) Accumulated other comprehensive loss at December 31, 2014 (483 ) Other comprehensive loss before reclassifications (14,781 ) Amounts reclassified from accumulated other comprehensive loss to interest expense 2,127 Unrealized loss on derivatives, net of tax (12,654 ) Accumulated other comprehensive loss at December 31, 2015 $ (13,137 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES For the years ended December 31, 2015, 2014 and 2013, the provision for income taxes is comprised of the following: 2015 2014 2013 Current income tax (benefit) provision Federal $ (78 ) $ (70 ) $ (113 ) State 494 937 1,086 Foreign 36 5 13 Total current income tax provision 452 872 986 Deferred income tax provision (benefit): Federal 25,210 30,414 28,628 State (1,964 ) (2,414 ) (3,900 ) Total deferred income tax provision 23,246 28,000 24,728 Total income tax provision $ 23,698 $ 28,872 $ 25,714 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 $1,062, $858 and $923, for the years ended December 31, 2015, 2014 and 2013, respectively. The components of deferred income tax assets and liabilities as of December 31, 2015 and 2014 are as follows: 2015 2014 Deferred income tax assets: Acquisition and debt related costs $ 18,281 $ 20,319 Net operating loss 283,947 269,002 Self-insurance 10,039 9,666 Deferred revenue 942 1,021 Cash flow hedge 6,401 286 Tax credits 4,546 2,920 Other 9,652 7,483 Total deferred income tax assets 333,808 310,697 Valuation allowance (1,466 ) (1,507 ) Net deferred tax assets 332,342 309,190 Deferred income tax liabilities: Property and equipment (309,054 ) (278,851 ) Goodwill (42,458 ) (35,396 ) Amortization (17,564 ) (15,226 ) Other (4,961 ) (4,209 ) Total deferred income tax liabilities (374,037 ) (333,682 ) Net deferred income tax liabilities $ (41,695 ) $ (24,492 ) 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 2012. However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from 2009 and subsequent 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 unrecognized tax benefit. 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 $677,000 as of December 31, 2015 and state net operating loss carryforwards spread across various jurisdictions with a combined total of approximately $1,100,000 as of December 31, 2015. 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 Company believes it is more likely than not that the benefit from certain state net operating loss carryforwards will not be realized. Due to the uncertainty of realizing the benefit from the deferred tax asset recorded for state net operating loss carryforwards, the Company has recorded a valuation allowance of approximately $600, net of federal tax benefit, on the deferred tax assets related to those state net operating losses. For the year ended December 31, 2014, a valuation allowance of approximately $1,500 was recorded on charitable contribution carryforward deferred tax assets which expired on December 31, 2015. This valuation allowance reversed at such time due to the expiration of those unused charitable contributions. However, an additional valuation allowance of $900 was recorded for the year ended December 31, 2015 for the charitable contributions the Company expects will expire in 2016 and be unutilized. 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, 2015, 2014 and 2013 differs from the amount computed by applying the U.S. federal statutory income tax rate to the Company’s income before income taxes primarily due to state income taxes, prior year adjustments, and federal tax credits. For the year ended December 31, 2015, the Company realized a net benefit of $1,817 related to the revaluation of certain state net operating loss carryforwards as a result of a restructuring, which also impacted the state effective rate. In addition, for the year ended December 31, 2015, certain equity compensation awards and a valuation allowance related to certain state net operating losses and charitable contribution carryforwards also impacted the provision for income taxes. The prior year adjustment for the year ended December 31, 2014 relates to the revaluation of certain state net operating loss carryforwards resulting in a net benefit of $2,977. In addition, for the year ended December 31, 2014, non-deductible offering costs, 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, 2015, 2014 and 2013, is as follows: 2015 2014 2013 Income tax rate at federal statutory rates 35.00 % 35.00 % 35.00 % State taxes, net of federal benefit 0.56 1.32 (0.77 ) State net operating loss revaluation (2.51 ) (3.78 ) — Charitable contribution carryforward valuation allowance 2.01 1.91 — Tax credits (1.73 ) (0.80 ) (1.16 ) Other (0.79 ) 2.99 0.05 Income tax rate 32.54 % 36.64 % 33.12 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES At December 31, 2015, the Company has commitments under long-term operating leases requiring annual minimum lease payments as follows: Years Ending December 31, 2016 $ 16,185 2017 16,132 2018 15,752 2019 14,643 2020 11,819 Thereafter 288,128 Total $ 362,659 Rental expense was $20,233, $21,643 and $24,338 for the years ended December 31, 2015, 2014 and 2013, 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, 2015, additional capital payments of approximately $80,000 are necessary to complete these projects. The majority of these projects are expected to be completed in 2016. Securities Class Action Lawsuit 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 against the Company, the Chairman of the Company’s Board of Directors, certain of its executive officers and Blackstone. On February 27, 2015, Court-appointed Lead Plaintiffs, Pensionskassen For Børne- Og Ungdomspædagoger and Arkansas Public Employees Retirement System, together with additional plaintiffs, Oklahoma City Employee Retirement System and Pembroke Pines Firefighters and Police Officers Pension Fund (collectively, “Plaintiffs”), filed an amended complaint against the Company, the Chairman of the Company’s Board of Directors, certain of its executive officers, Blackstone, and underwriters of the initial public offering and secondary public offerings. The amended complaint alleges, among other things, 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. Plaintiffs contend that defendants knew or were reckless in not knowing that Blackfish was impacting SeaWorld’s business at the time of each public statement. On May 29, 2015, the Company and the other defendants filed a motion to dismiss the amended complaint. The Plaintiffs filed an opposition to the motion to dismiss on July 31, 2015. The Company and the other defendants filed a reply in further support of their motion to dismiss on September 18, 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. Shareholder Derivative 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. On March 30, 2015, the plaintiff filed an amended complaint against the same set of defendants. The amended complaint alleges, among other things, that the defendants breached their fiduciary duties, aided and abetted breaches of fiduciary duties, violated Florida Blue Sky laws 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. 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. On May 21, 2015, the defendants filed a motion to stay the lawsuit pending resolution of the Company’s securities class action lawsuit. On September 21, 2015, the Court granted the motion and ordered that the derivative action to be stayed in favor of the securities class action captioned Baker v. SeaWorld Entertainment, Inc., et al., Case No. 14-CV-02129-MMA (KSC). Consumer Class Action Lawsuits On March 25, 2015, a purported class action was filed in the United States District Court for the Southern District of California against the Company, captioned Holly Hall v. SeaWorld Entertainment, Inc., Case No. 3:15-cv-00600-CAB-RBB (the “Hall Matter”). The complaint identifies three putative classes consisting of all consumers nationwide who at any time during the four-year period preceding the filing of the original complaint, purchased an admission ticket, a membership or a SeaWorld “experience” that includes an “orca experience” from the SeaWorld amusement park in San Diego, California, Orlando, Florida or San Antonio, Texas respectively. The complaint alleges causes of action under California Unfair Competition Law, California Consumers Legal Remedies Act (“CLRA”), California False Advertising Law, California Deceit statute, Florida Unfair and Deceptive Trade Practices Act, Texas Deceptive Trade Practices Act, as well as claims for Unjust Enrichment. Plaintiffs’ claims are based on their allegations that the Company misrepresented the physical living conditions and care and treatment of its killer whales, resulting in confusion or misunderstanding among ticket purchasers, and omitted material facts regarding its killer whales with intent to deceive and mislead the plaintiff and purported class members. The complaint further alleges that the specific misrepresentations heard and relied upon by Holly Hall in purchasing her SeaWorld tickets concerned the circumstances surrounding the death of a SeaWorld trainer. The complaint seeks actual damages, equitable relief, attorney’s fees and costs. Plaintiffs claim that the amount in controversy exceeds $5,000, but the liability exposure is speculative until the size of the class is determined (if certification is granted at all). In addition, four other purported class actions were filed against the Company and its affiliates. The first three actions were filed on April 9, 2015, April 16, 2015 and April 17, 2015, respectively, in the following federal courts: (i) the United States District Court for the Middle District of Florida, captioned Joyce Kuhl v. SeaWorld LLC et al., 6:15-cv-00574-ACC-GJK (the “Kuhl Matter”), (ii) the United States District Court for the Southern District of California, captioned Jessica Gaab, et. al. v. SeaWorld Entertainment, Inc., Case No. 15:cv-842-CAB-RBB (the “Gaab Matter”), and (iii) the United States District Court for the Western District of Texas, captioned Elaine Salazar Browne v. SeaWorld of Texas LLC et al., 5:15-cv-00301-XR (the “Browne Matter”). On May 1, 2015, the Kuhl Matter and Browne Matter were voluntarily dismissed without prejudice by the respective plaintiffs. On May 7, 2015, plaintiffs Kuhl and Browne re-filed their claims, along with a new plaintiff, Valerie Simo, in the United States District Court for the Southern District of California in an action captioned Valerie Simo et al. v. SeaWorld Entertainment, Inc., Case No. 15:cv-1022-CAB-RBB (the “Simo Matter”). All four of these cases, in essence, reiterate the claims made and relief sought in the Hall Matter. On August 7, 2015, the Gaab Matter and Simo Matter were consolidated with the Hall Matter, and the plaintiffs filed a First Consolidated Amended Complaint (“FAC”) on August 21, 2015. The FAC pursues the same seven causes of action as the original Hall complaint, and adds a request for punitive damages pursuant to the California CLRA. The Company moved to dismiss the FAC in its entirety, and its motion was granted on December 24, 2015. The Court granted dismissal with prejudice as to the California CLRA claim, the portion of California Unfair Competition Law claim premised on the CLRA claim, all claims for injunctive relief, and on all California claims premised solely on alleged omissions by the Company. The Court granted leave to amend as to the remainder of the complaint. On January 25, 2016, plaintiffs filed their Second Consolidated Amended Complaint (“SAC”). The SAC pursues the same causes of action as the FAC, except for the California CLRA, which, as noted above, was dismissed with prejudice. The Company intends to file a motion to dismiss the SAC. On April 13, 2015, a purported class action was filed in the Superior Court of the State of California for the City and County of San Francisco against SeaWorld Parks & Entertainment, Inc., captioned Marc Anderson, et. al., v. SeaWorld Parks & Entertainment, Inc., Case No. CGC-15-545292 (the “Anderson Matter”). The putative class consists of all consumers within California who, within the past four years, purchased tickets to SeaWorld San Diego. On May 11, 2015, the plaintiffs filed a First Amended Class Action Complaint (the “Amended Complaint”). The Amended Complaint alleges causes of action under the California False Advertising Law, California Unfair Competition Law and California CLRA. Plaintiffs’ claims are based on their allegations that the Company misrepresented the physical living conditions and care and treatment of its killer whales, resulting in confusion or misunderstanding among ticket purchasers, and omitted material facts regarding its killer whales with intent to deceive and mislead the plaintiff and purported class members. The Amended Complaint seeks actual damages, equitable relief, attorneys’ fees and costs. Based on plaintiffs’ definition of the class, the amount in controversy exceeds $5,000, but the liability exposure is speculative until the size of the class is determined (if certification is granted at all). On May 14, 2015, the Company removed the case to the United States District Court for the Northern District of California, Case No. 15:cv-2172-SC. On May 19, 2015, the plaintiffs filed a motion to remand. On September 18, 2015, the Company filed a motion to dismiss the Amended Complaint in its entirety. The motion is fully briefed. On September 24, 2015, the Court denied plaintiffs’ motion to remand. On October 5, 2015, plaintiffs filed a motion for leave to file a motion for reconsideration of this order, and contemporaneously filed a petition for permission to appeal to the Ninth Circuit, which the Company opposed. On October 14, 2015, the district court granted plaintiffs’ motion for leave. Plaintiffs’ motion for reconsideration was fully briefed. On January 12, 2016 the court granted in part and denied in part the motion for reconsideration, and refused to remand the case. In that order, the district court noted that it will defer ruling on the Company’s motion to dismiss until the Ninth Circuit rules on plaintiffs’ petition for permission to appeal. On January 22, 2016, plaintiffs filed a petition for permission to appeal the January 12, 2016 order to the Ninth Circuit, which the Company intends to oppose. Both of plaintiffs’ petitions for permission to appeal remain pending. The Company believes that these consumer class action lawsuits are without merit and intends to defend these lawsuits vigorously; however, there can be no assurance regarding the ultimate outcome of these lawsuits. 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. At this time, 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, 2015 | |
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 There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2015. The Company did not have any assets measured at fair value at December 31, 2015. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2015: Quoted Active Markets Significant for Identical Other Significant Assets and Observable Unobservable Balance at Liabilities Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2015 Liabilities: Derivative financial instruments (a) $ — $ 19,600 $ — $ 19,600 Long-term obligations (b) $ — $ 1,601,287 $ — $ 1,601,287 (a) Reflected at fair value in the consolidated balance sheet as other liabilities of $19,600. (b) There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2014. The Company did not have any assets measured at fair value at 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 Active Markets Significant for Identical Other Significant Assets and Observable Unobservable Balance at Liabilities Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2014 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, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,569,400 as of December 31, 2014. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 16. RELATED-PARTY TRANSACTIONS As of December 31, 2015, approximately $77,000 aggregate principal amount of Term B-2 Loans and $9,000 aggregate principal amount of Term B-3 Loans were owned by affiliates of Blackstone. As of December 31, 2014, approximately $65,000 aggregate principal amount of the Senior Notes and approximately $87,000 aggregate principal amount of Term B-2 Loans were owned by affiliates of Blackstone. The Company makes voluntary principal repayments as well as periodic principal and interest payments on such debt in accordance with its terms. On April 7, 2015, the Senior Notes were redeemed as discussed in Note 11–Long-Term Debt. Dividend Payments On January 5, 2016, the Company’s Board of Directors (the “Board”) declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on January 15, 2016, which was paid on January 22, 2016. In connection with this dividend declaration, certain affiliates of Blackstone were paid dividends in the amount of $4,095. On February 22, 2016, the Board declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on March 14, 2016, which will be paid on April 1, 2016. In connection with this dividend declaration, certain affiliates of Blackstone are estimated to receive dividends. On January 5, March 3, June 10, and September 16, 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, March 13, June 22, and September 29, 2015, respectively (see Note 19–Stockholders’ Equity). In connection with these dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $4,095 on January 22, April 1, July 1, and October 6, 2015. 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. 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 for the year ended December 31, 2013. These fees 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 years ended December 31, 2015 or 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, 2015 | |
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, 2015, 2014 and 2013, totaled $7,696, $7,790 and $8,956, respectively. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 18. EQUITY-BASED COMPENSATION In accordance with ASC 718, Compensation-Stock Compensation Total equity compensation expense was $6,527, $2,349 and $6,026 for the years ended December 31, 2015, 2014 and 2013, respectively, and is included in selling, general and administrative expenses and in operating expenses in the accompanying consolidated statements of comprehensive income. Total unrecognized equity compensation expense for all equity compensation awards probable of vesting as of December 31, 2015 was approximately $22,310 which is expected to be recognized over the respective service periods. The total fair value of shares which vested during the years ended December 31, 2015, 2014 and 2013 was approximately $2,450, $2,410 and $4,820, respectively. The weighted average grant date fair value per share of time-vesting and performance-vesting restricted share awards granted during the years ended December 31, 2015, 2014 and 2013 were $18.76, $24.59 and $29.06 per share, respectively. The activity related to the Company’s time-vesting and performance-vesting restricted share awards during the year ended December 31, 2015 is as follows: Performance-Vesting Restricted shares Time-Vesting Restricted shares Bonus Performance Restricted shares Long-Term Incentive Performance Restricted shares 2.25x Performance Restricted shares 2.75x Performance Restricted shares Shares Weighted Average Grant Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Outstanding at December 31, 2014 164,545 $ 11.68 — — — — 1,451,453 $ 20.96 1,451,453 $ 12.61 Granted 968,005 $ 18.64 464,896 $ 18.99 79,279 $ 18.90 — — — — Vested (171,495 ) $ 14.28 — — — — — — — — Forfeited (77,785 ) $ 13.77 (48,901 ) $ 18.96 (16,914 ) $ 18.96 (80,632 ) $ 22.90 (80,632 ) $ 15.76 Outstanding at December 31, 2015 883,270 $ 18.66 415,995 $ 19.00 62,365 $ 18.88 1,370,821 $ 20.35 1,370,821 $ 10.93 The activity related to the Company’s stock option awards during the year ended December 31, 2015 is as follows: Options Weighted Average Exercise Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2014 — — Granted 2,411,415 $ 19.20 Forfeited (137,030 ) $ 18.96 Outstanding at December 31, 2015 2,274,385 $ 19.21 9.31 $ 1,436 Exercisable at December 31, 2015 — — — — The weighted average grant date fair value of stock options granted during the year ended December 31, 2015 was $4.39 per stock option. Key weighted-average assumptions utilized in the Black-Scholes Option Pricing Model for stock options granted during the year ended December 31, 2015 were: Risk- free interest rate 1.66 % Expected volatility (a) 36.71 % Expected dividend yield 4.37 % Expected life (in years) (b) 6.25 (a) Due to the Company’s limited history as a public company, the volatility for the Company’s stock at the date of each grant was estimated using the average volatility calculated for a peer group, which is based upon daily price observations over the estimated term of options granted. (b) The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded. Omnibus Incentive Plan The Company has reserved 15,000,000 shares of common stock for issuance under the Company’s 2013 Omnibus Incentive Plan (the “Omnibus Incentive Plan”). The Omnibus Incentive Plan is administered by the Compensation Committee of the Board of Directors (the “Board”), 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. For the year ended December 31, 2015, the Company withheld an aggregate of 42,221 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, 2015, there were 10,776,041 shares of common stock available for future issuance under the Company’s Omnibus Incentive Plan. Bonus Performance Restricted Shares On March 3, 2015, the Board approved an annual bonus plan (the “2015 Bonus Plan”) for the fiscal year ended December 31, 2015 (the “Fiscal 2015”) under which certain employees are eligible to receive a bonus with respect to Fiscal 2015, payable 50% in cash and 50% in performance-vesting restricted shares (the “Bonus Performance Restricted shares”) based upon the Company’s achievement of specified performance goals with respect to Adjusted EBITDA. The Bonus Performance Restricted shares were granted pursuant to the Omnibus Incentive Plan. Subsequent grants were made in 2015, under the same terms, to newly hired bonus-eligible employees based on their hire date and/or to certain newly promoted employees. As part of the Company’s annual compensation-setting process and in accordance with the Company’s Equity Award Grant Policy (the “Equity Grant Policy”), on February 22, 2016, the Company’s Compensation Committee (the “Compensation Committee”) approved an annual bonus plan (the “2016 Bonus Plan”) for the fiscal year ending December 31, 2016 (the “Fiscal 2016”). The 2016 Bonus Plan contains similar terms as the 2015 Bonus Plan with bonus awards payable 50% in cash and 50% in Bonus Performance Restricted shares and is based upon the Company’s achievement of specified performance goals with respect to Fiscal 2016 Adjusted EBITDA. Pursuant to the Equity Grant Policy, the Bonus Performance Restricted shares related to the 2016 Bonus Plan will be granted effective as of March 1, 2016, which is the second business day following the filing of this Annual Report on Form 10-K. In accordance with ASC 718, equity compensation expense is not recorded until the performance condition is probable of being achieved. Based on the Company’s Fiscal 2015 Adjusted EBITDA results, the Bonus Performance Restricted shares are not considered probable of vesting as of December 31, 2015; therefore, no equity compensation expense has been recorded related to these shares and these shares will forfeit in the first quarter of 2016. Long-Term Incentive Awards On March 3, 2015, the Board also approved a long-term incentive plan grant (the “2015 Long-Term Incentive Grant”) for Fiscal 2015 comprised of nonqualified stock options (“Long-Term Incentive Options”), time-vesting restricted shares (“Long-Term Incentive Time Restricted shares”) and performance-vesting restricted shares (“Long-Term Incentive Performance Restricted shares”) (collectively, “Long-Term Incentive Awards”) to certain of the Company’s management and executive officers. These awards were granted pursuant to the Omnibus Incentive Plan. Subsequent grants were made in 2015, under the same terms, to newly hired employees based on their hire date and/or to certain promoted management and executive officers. As part of the Company’s annual compensation-setting process and in accordance with the Equity Grant Policy, on February 22, 2016, the Compensation Committee approved a long-term incentive plan grant (the “2016 Long-Term Incentive Grant”) for Fiscal 2016 also comprised of Long-Term Incentive Options, Long-Term Incentive Time Restricted shares and Long-Term Incentive Performance Restricted shares with similar terms as the 2015 Long-Term Incentive Grant. Pursuant to the Equity Grant Policy, the Long-Term Incentive Awards related to the 2016 Long-Term Incentive Grant will be granted effective March 1, 2016, which is the second business day following the filing of this Annual Report on Form 10-K. Long-Term Incentive Options The Long-Term Incentive Options vest ratably over four years from the date of grant (25% per year), subject to continued employment through the applicable vesting date and will expire 10 years from the date of grant or earlier if the employee’s service terminates. The options have an exercise price per share equal to the closing price of the Company’s common stock on the date of grant. Equity compensation expense is recognized using the straight line method for each tranche over the four year vesting period. Long-Term Incentive Time Restricted Shares The Long-Term Incentive Time Restricted shares vest ratably over four years from the date of grant (25% per year), subject to continued employment through the applicable vesting date. Equity compensation expense is recognized using the straight line method over the four year vesting period. Long-Term Incentive Performance Restricted Shares The Long-Term Incentive Performance Restricted shares vest following the end of a three-year performance period beginning on January 1, 2015 and ending on December 31, 2017 based upon the Company’s achievement of certain performance goals with respect to Adjusted EBITDA for each fiscal year performance period. The total number of shares eligible to vest is based on the level of achievement of the Adjusted EBITDA target for each fiscal year in the performance period which ranges from 0% (if below threshold performance), to 50% (for threshold performance), to 100% (for target performance), and up to 200% (at or above maximum performance). For actual performance between the specified threshold, target, and maximum levels, the resulting vesting percentage will be adjusted on a linear basis. Total shares earned (approximately 33% are eligible to be earned per year) based on the actual performance percentage for each performance year will vest on the date the Company’s Compensation Committee determines the actual performance percentage for fiscal year 2017 if the employee has not terminated prior to the last day of fiscal year 2017 and all unearned shares will forfeit immediately as of such date. The Adjusted EBITDA target for each fiscal year will be set in the first quarter of each respective year, at which time the grant date and the grant date fair value for accounting purposes related to that performance year will be established based on the closing price of the Company’s stock on such date. Equity compensation expense will be recognized ratably for each fiscal year, if the performance condition is probable of being achieved, beginning on the date of grant and through the end of the final performance period on December 31, 2017. As of December 31, 2015, the Company had awarded 187,125 Long-Term Incentive Performance Restricted shares, net of forfeitures, under the 2015 Long-Term Incentive Plan, which represents the total shares that could be earned under the maximum performance level of achievement for all three performance periods combined, with approximately one-third related to each respective performance period. The performance goal for the first performance period was established as of the award date on March 3, 2015, as such, for accounting purposes, 62,365 of these shares have a grant date in 2015 and a grant date fair value per share determined using the closing price of the Company’s common stock on the date of grant. The performance targets for the second and third performance periods have not yet been set and will be determined by the Compensation Committee during the first quarter of each respective fiscal year, at which time, for accounting purposes, the grant date and respective grant date fair value will be determined for those related shares. As the Long-Term Incentive Performance Restricted shares have both a service and a performance condition, the requisite service period over which equity compensation expense will be recognized once the performance condition is probable of achievement begins on the date of grant and extends through December 31, 2017. Based on the Company’s Fiscal 2015 Adjusted EBITDA results for the first performance period, a percentage of the target performance level for the first performance period is considered probable; as such 18,709 Long-Term Incentive Performance Restricted shares related to the 2015 performance year are considered probable of vesting as of December 31, 2015. Total unrecognized equity compensation expense related to the first performance period expected to be recognized over the remaining vesting term was approximately $260 as of December 31, 2015. Total unrecognized equity compensation expense related to the second and third performance periods has not been determined as the grant date and grant date fair value for these awards have not yet occurred for accounting purposes, as such no expense has been recorded related to the second and third performance periods. Other 2015 Omnibus Incentive Plan Awards On January 15, 2015, the Company granted 100,000 time-vesting 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 a vest date on the earlier of the start date of a new Chief Executive Officer or June 30, 2015. As a new Chief Executive Officer was appointed with a start date of April 7, 2015, these shares fully vested on such date accordingly. Also during the year ended December 31, 2015, the Company granted 49,284 of time-vesting restricted shares to certain Board members. These shares vest ratably over a three-year term. Other 2.25x and 2.75x Performance Restricted Shares The Company has outstanding under both its Omnibus Incentive Plan and its previous incentive plan (the “Pre-IPO Incentive Plan”) certain performance-vesting restricted shares (the “2.25x and 2.75x Performance Restricted shares”). The 2.25x Performance Restricted shares 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 their 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 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 their 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. Equity Plan Modification No equity compensation expense will be recorded related to the 2.25x and 2.75x Performance Restricted shares until their vesting is probable. Accordingly, no equity compensation expense has been recorded during the years ended December 31, 2015, 2014 or 2013, respectively, related to these 2.25x and 2.75x Performance Restricted shares. Total unrecognized equity compensation expense as of December 31, 2015, was approximately $28,000 and $15,000 for the 2.25x and 2.75x Performance Restricted shares, respectively. 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, the Company’s repurchase of shares and the cumulative dividends paid by the Company through January 22, 2016, if such funds receive additional future cash proceeds of approximately $960 and other vesting conditions are satisfied, the 2.25x Performance Restricted shares will vest. Similarly, if such funds receive additional future cash proceeds of approximately $428,000 and other vesting conditions are satisfied, the 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 or additional dividends paid to such funds, the shares are not considered probable of vesting until such events are consummated. On February 22, 2016, the Board declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on March 14, 2016, which will be paid on April 1, 2016. Based on this declaration, the 2.25x Performance Restricted shares will vest on April 1, 2016; therefore, the Company will recognize approximately $28,000 of equity compensation expense and record approximately $3,400 of accumulated dividends related to these shares during the first quarter of 2016. Pre-IPO Incentive Plan and 2013 Grant Prior to April 18, 2013, the Partnerships granted Employee Units to certain key employees of SEA (“Employee Units”) under the 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-vesting restricted share awards and 2.25x and 2.75x Performance Restricted shares which, for accounting purposes, have been removed from issued shares until their restrictions are met, as shown on the accompanying consolidated statement of changes in stockholders’ equity. The Pre-IPO Incentive Plan TVUs originally granted vested over five years (20% per year) and vesting was contingent upon continued employment. The TVUs were originally valued at the fair market value at the date of grant and were being amortized to compensation expense over the vesting period. The unvested time-vesting restricted shares received upon surrender of the TVUs contained substantially the same terms, conditions and vesting schedules as the previously outstanding TVUs. 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 time-vesting restricted shares, 2.25x Performance Restricted shares and 2.75x Performance Restricted shares. The vesting terms and conditions of the 2013 Grant were substantially the same as those of the Pre-IPO Incentive Plan. 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. Equity Plan Modifications In accordance with the guidance in ASC 718, Compensation-Stock Compensation The surrender of the unvested PVUs for unvested 2.25x and 2.75x Performance Restricted shares of stock in 2013 also qualified as a modification of an equity compensation plan. In addition, through December 31, 2015, conditions for eligibility on approximately 940,000 2.25x and 2.75x Performance Restricted shares have been 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). 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. Other Fair Value Assumptions 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. 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 time-vesting restricted shares while the fair value of the performance-vesting restricted shares was estimated using an asset-or-nothing call option approach. Significant assumptions used in both the Option-Pricing Method model and the asset-or-nothing call option approach included a holding period of approximately 2 years from the initial public offering date, a risk free rate of 0.24%, a volatility of approximately 37.6% based on re-levered historical and implied equity volatility of comparable companies and a 0% dividend yield. 2013 Grant Fair Value Assumptions The grant date fair value of the 2013 Grant 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. Modification Fair Value Assumptions In order to calculate the modification date fair value for certain Performance Restricted shares which were modified, the asset-or-nothing call option approach was used. Significant assumptions included a holding period of 0.75 to 1.5 years from the date of modification, a risk free rate of 0.33% to 0.38%, a volatility of 33.0% to 45.4% based on re-levered historical and implied equity volatility of comparable companies and a 0% dividend yield. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 19. STOCKHOLDERS’ EQUITY As of December 31, 2015, 90,320,374 shares of common stock were issued on the accompanying consolidated balance sheet, which excludes 4,228,032 unvested shares of common stock held by certain participants in the Company’s equity compensation plan (see Note 18–Equity-Based Compensation) and includes 6,519,773 shares of treasury stock held by the Company (see Secondary Offerings and Concurrent Share Repurchases and Share Repurchase Program discussions below). Dividends The Board has adopted a policy to pay, subject to legally available funds, regular quarterly dividends. 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, 2015, 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 2015: January 13, 2015 January 22, 2015 $ 0.21 March 13, 2015 (a) April 1, 2015 $ 0.21 June 22, 2015 (a) July 1, 2015 $ 0.21 September 29, 2015 October 6, 2015 $ 0.21 2014: March 20, 2014 (a) April 1, 2014 $ 0.20 June 20, 2014 (a) July 1, 2014 $ 0.21 September 29, 2014 October 6, 2014 $ 0.21 2013: June 20, 2013 (a) July 1, 2013 $ 0.20 September 20, 2013 October 1, 2013 $ 0.20 December 20, 2013 January 3, 2014 $ 0.20 (a) On January 5, 2016, the Board declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on January 15, 2016, which was paid on January 22, 2016. On February 22, 2016, the Board declared a cash dividend of $0.21 per share to all common stockholders of record at the close of business on March 14, 2016, which will be paid on April 1, 2016. As of December 31 2015, the Company had $430 of cash dividends recorded as dividends payable in the accompanying consolidated balance sheet, which relates to unvested time restricted shares and unvested performance restricted shares with a performance condition considered probable of being achieved. These shares carry dividend rights and therefore the dividends will be paid as the shares vest in accordance with the underlying stock compensation grants. These dividend rights will be forfeited if the shares do not vest. Dividends paid to common stockholders were $72,318, $72,113 and $36,175 in the years ended December 31, 2015, 2014 and 2013, respectively. For tax purposes, a portion of the 2015 and 2014 dividends were treated as a return of capital to stockholders. Distributions that qualify as a return of capital are not considered “dividends” for tax purposes only. Dividends on all performance-vesting restricted share awards accumulate and are paid only if the performance conditions are met and the respective shares vest in accordance with their terms. Excluding the impact of the January and February 2016 dividend declarations, dividends on the 2.25x and 2.75x Performance Restricted shares were approximately $2,820 for each tranche as of December 31, 2015, and will accumulate and be paid only if and to the extent these 2.25x and 2.75x Performance Restricted shares vest in accordance with their terms. The Company does not record a dividend payable when the performance conditions on the related unvested shares are not considered probable of being achieved. Due to the dividend declaration on February 22, 2016, the 2.25x Performance Restricted shares will vest on April 1, 2016. The Company expects to record approximately $3,400 of accumulated dividends related to these 2.25x Performance Restricted shares during the first quarter of 2016. See Note 18–Equity-Based Compensation for further details. 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 (the “Share Repurchase Program”). 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 year ended December 31, 2014, the Company 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. The Company paid $5,650 in January 2015 for settlement of shares repurchased in December 2014. During the year ended December 31, 2015, the Company repurchased a total of 2,413,803 shares of common stock at an average price of $18.62 per share and a total cost of approximately $45,000 leaving $190,000 available for future repurchases under the Share Repurchase Program as of December 31, 2015. 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 $154,871 and $109,871 as of December 31, 2015 and 2014, respectively, and are reflected as a reduction to stockholders’ equity on the accompanying consolidated balance sheets. |
Summary Quarterly Financial Dat
Summary Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary Quarterly Financial Data | 20. SUMMARY QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited summary quarterly financial data for the years ended December 31, 2015 and 2014 was as follows: 2015 First Second Third Fourth Quarter Quarter (a) Quarter Quarter (b) (Unaudited) Total revenues $ 214,592 $ 391,616 $ 496,939 $ 267,857 Operating (loss) income $ (50,199 ) $ 45,750 $ 170,860 $ (6,975 ) Net (loss) income $ (43,598 ) $ 5,809 $ 97,950 $ (11,028 ) (Loss) earnings per share: Net (loss) income per share, basic $ (0.51 ) $ 0.07 $ 1.14 $ (0.13 ) Net (loss) income per share, diluted $ (0.51 ) $ 0.07 $ 1.14 $ (0.13 ) 2014 First Second Third Fourth Quarter Quarter Quarter Quarter (c) (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 $ 1.00 $ (0.29 ) (a ) During the second quarter of 2015, the Company recorded $20,348 in loss on early extinguishment of debt and write-off of discounts and debt issuance costs related to the early redemption of $260,000 of its Senior Notes. See Note 11–Long-Term Debt for further details. (b) During the fourth quarter of 2015, the Company recorded $2,001 in restructuring and other related costs primarily related to severance costs for certain positions which were eliminated as part of a cost savings initiative. See Note 4–Restructuring Program and Separation Costs for further details. (c) 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 Former Chief Executive Officer and President on January 15, 2015. See Note 4–Restructuring Program and Separation Costs for further details. 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. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, including SEA. All intercompany accounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets, deferred revenue, equity compensation and the valuation of goodwill and other indefinite-lived intangible assets. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the 2015 presentation, in particular debt issuance costs, which were previously included in other assets in the accompanying consolidated balance sheets, have been reclassified to long-term debt as a result of the adoption of a new Accounting Standards Update (“ASU”). See Note 3–Recently Issued Accounting Pronouncements for further details. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $9,597 and $8,381 at December 31, 2015 and 2014, 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, 2015. 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 Effective December 31, 2015, inventories are stated at the lower of cost or net realizable value in accordance with the adoption of ASU 2015-11 Simplifying the Measurement of Inventory |
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. Development costs associated with new attractions and products are generally 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 active construction projects. Total interest capitalized for the years ended December 31, 2015, 2014 and 2013, was $2,299, $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 $12,873 and $10,287, as of December 31, 2015 and 2014, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $9,250 and $8,841 as of December 31, 2015 and 2014, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2015, 2014 and 2013 was $3,022, $2,703 and $1,949, 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, 2015, 2014 and 2013. |
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 and other intangible assets 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 either a quantitative or qualitative assessment of goodwill and other indefinite-lived intangible assets at December 1, 2015, a quantitative assessment at December 1, 2014 and a qualitative assessment at December 1, 2013 and identified no impairments. |
Other Definite-Lived Intangible Assets | Other Definite-Lived 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 $27,819 at December 31, 2015, of which $2,769 is recorded in accrued salaries, wages and benefits, $6,973 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 $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. All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs are amortized to interest expense using the effective interest method over the term of the Senior Secured Credit Facilities or the Senior Notes, prior to their redemption, and are included in long term debt, net, in the accompanying consolidated balance sheets due to the adoption of ASU 2015-03, Interest-Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs, |
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, 2015 and 2014 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, 2015 and 2014, long-term deferred revenue of $1,820 and $2,414, 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 partners specify the allocation of revenue to the Company from any jointly sold products. Whether the Company or the external partner sells the product, the Company’s portion of revenue is deferred until the first time the product is redeemed at one of its parks and recognized over its related use in a manner consistent with the Company’s own admission products. 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 expenses at the time of the exchange and approximates the estimated fair value of the goods or services received or provided, whichever is more readily determinable. For the years ended December 31, 2015, 2014 and 2013, approximately $18,000, $17,700 and $20,000, 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, 2015, 2014 and 2013, totaled approximately $106,000, $110,500 and $112,000, 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, unless service or performance conditions require otherwise. The Company uses the Black-Scholes Option Pricing Model to value its stock options and the closing stock price on the date of grant to value both its time-vesting and performance-vesting restricted share awards granted in 2015. On occasion, the Company may modify the terms or conditions of an equity award for its employees. If an award is modified, the Company evaluates the type of modification in accordance with ASC 718, Compensation-Stock Compensation |
Restructuring Costs | Restructuring Costs The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations 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 sufficient 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 unrecognized tax benefits 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 similar consumer groups. Accordingly, based on these economic and operational similarities and the way the CODM monitors and makes decisions affecting 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 ASC 815, Derivatives and Hedging 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. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 Sep30
Restructuring Program and Separation Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Program Activity | The Restructuring Program activity for the year ended December 31, 2015 was as follows: Severance and Other Employment Expenses Liability as of December 31, 2014 $ 7,691 Costs incurred 267 Payments made (7,958 ) Liability as of December 31, 2015 $ — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Net Income Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic earnings per share $ 49,133 85,860 $ 0.57 $ 49,919 87,183 $ 0.57 $ 51,920 87,537 $ 0.59 Effect of dilutive incentive-based awards 121 297 615 Diluted earnings per share $ 49,133 85,981 $ 0.57 $ 49,919 87,480 $ 0.57 $ 51,920 88,152 $ 0.59 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of December 31, 2015 and 2014 consisted of the following: 2015 2014 Merchandise $ 26,183 $ 28,356 Food and beverage 4,740 4,778 Other supplies 290 — Total inventories $ 31,213 $ 33,134 |
Prepaid Expenses and Other Cu33
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 consisted of the following: 2015 2014 Prepaid insurance $ 8,264 $ 8,047 Prepaid marketing and advertising costs 1,439 6,965 Other 6,657 5,882 Total prepaid expenses and other current assets $ 16,360 $ 20,894 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment, Net | The components of property and equipment, net as of December 31, 2015 and 2014, consisted of the following: 2015 2014 Land $ 286,200 $ 286,200 Land improvements 281,612 289,892 Buildings 618,507 566,112 Rides, attractions and equipment 1,310,645 1,267,832 Animals 158,191 158,362 Construction in process 93,006 43,654 Less accumulated depreciation (1,029,165 ) (867,421 ) Total property and equipment, net $ 1,718,996 $ 1,744,631 |
Trade Names_Trademarks and Ot35
Trade Names/Trademarks and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Trade Names/Trademarks, Net | Trade names/trademarks, net at December 31, 2015, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Trade names/trademarks - indefinite lives $ 157,000 $ — $ 157,000 Trade names/trademarks- definite lives 9.3 years 12,900 7,174 5,726 Total trade names/trademarks, net $ 169,900 $ 7,174 $ 162,726 Trade names/trademarks, net at December 31, 2014, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying 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 |
Other Intangible Assets-Net | Other intangible assets, net at December 31, 2015, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Favorable lease asset 39 years $ 18,200 $ 2,800 $ 15,400 Reseller agreements 8.1 years 22,300 16,735 5,565 Non-compete agreement 5 years 500 258 242 Other intangible assets - indefinite lives 120 — 120 Total other intangible assets, net $ 41,120 $ 19,793 $ 21,327 Other intangible assets, net at December 31, 2014, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying 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 |
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 2016 $ 4,780 2017 4,574 2018 2,235 2019 1,849 2020 467 Thereafter 13,028 $ 26,933 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Schedule of Other Accrued Expenses | Other accrued expenses at December 31, 2015 and 2014, consisted of the following: 2015 2014 Accrued property taxes $ 2,250 $ 2,039 Accrued interest 441 2,604 Self-insurance reserve 6,973 7,800 Other 1,479 7,706 Total other accrued expenses $ 11,143 $ 20,149 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt as of December 31, 2015 and 2014 consisted of the following: 2015 2014 Term B-2 Loans (effective interest rate of 3.26% at December 31, 2015 and 2014, respectively) $ 1,338,387 $ 1,352,438 Term B-3 Loans (effective interest rate of 4.33% at December 31, 2015) 247,900 — Senior Notes (effective interest rate of 12.07% at December 31, 2014) — 260,000 Revolving Credit Facility 15,000 — Total long-term debt 1,601,287 1,612,438 Less discounts (7,211 ) (8,985 ) Less debt issuance costs (13,333 ) (20,003 ) Less current maturities (31,850 ) (14,050 ) Total long-term debt, net $ 1,548,893 $ 1,569,400 |
Summary of Long-Term Debt Repayable | Long-term debt at December 31, 2015, is repayable as follows and does not include the impact of any future prepayments. The outstanding balance under the Revolving Credit Facility is included in current maturities on long-term debt on the accompanying consolidated balance sheet as of December 31, 2015, due to the Company’s intent to repay the borrowings within the next twelve months. Years Ending December 31, 2016 $ 31,850 2017 16,850 2018 16,850 2019 16,850 2020 1,518,887 Total $ 1,601,287 |
Derivative Instruments and He38
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value of Company's Derivative Financial Instruments Classification on Unaudited Condensed Consolidated Balance Sheets | 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, 2015 and 2014: Liability Derivatives Liability Derivatives As of December 31, 2015 As of December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ 1,673 Other liabilities $ 628 Forward interest rate swaps Other liabilities 17,927 — Total derivatives designated as hedging instruments $ 19,600 $ 628 |
Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed 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, 2015 and 2014: 2015 2014 Derivatives in Cash Flow Hedging Relationships: (Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive loss $ (21,924 ) $ 1,846 Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive loss to interest expense $ 3,154 $ (2,626 ) Loss related to ineffective portion of derivatives recognized in other expense (income), net $ (287 ) $ — |
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 years ended December 31, 2015 and 2014, net of tax: Accumulated other comprehensive income (loss): Gains (Losses) on Cash Flow Hedges Accumulated other comprehensive income at December 31, 2013 $ 11 Other comprehensive income before reclassifications 1,169 Amounts reclassified from accumulated other comprehensive income to interest expense (1,663 ) Unrealized loss on derivatives, net of tax (494 ) Accumulated other comprehensive loss at December 31, 2014 (483 ) Other comprehensive loss before reclassifications (14,781 ) Amounts reclassified from accumulated other comprehensive loss to interest expense 2,127 Unrealized loss on derivatives, net of tax (12,654 ) Accumulated other comprehensive loss at December 31, 2015 $ (13,137 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | For the years ended December 31, 2015, 2014 and 2013, the provision for income taxes is comprised of the following: 2015 2014 2013 Current income tax (benefit) provision Federal $ (78 ) $ (70 ) $ (113 ) State 494 937 1,086 Foreign 36 5 13 Total current income tax provision 452 872 986 Deferred income tax provision (benefit): Federal 25,210 30,414 28,628 State (1,964 ) (2,414 ) (3,900 ) Total deferred income tax provision 23,246 28,000 24,728 Total income tax provision $ 23,698 $ 28,872 $ 25,714 |
Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities as of December 31, 2015 and 2014 are as follows: 2015 2014 Deferred income tax assets: Acquisition and debt related costs $ 18,281 $ 20,319 Net operating loss 283,947 269,002 Self-insurance 10,039 9,666 Deferred revenue 942 1,021 Cash flow hedge 6,401 286 Tax credits 4,546 2,920 Other 9,652 7,483 Total deferred income tax assets 333,808 310,697 Valuation allowance (1,466 ) (1,507 ) Net deferred tax assets 332,342 309,190 Deferred income tax liabilities: Property and equipment (309,054 ) (278,851 ) Goodwill (42,458 ) (35,396 ) Amortization (17,564 ) (15,226 ) Other (4,961 ) (4,209 ) Total deferred income tax liabilities (374,037 ) (333,682 ) Net deferred income tax liabilities $ (41,695 ) $ (24,492 ) |
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, 2015, 2014 and 2013, is as follows: 2015 2014 2013 Income tax rate at federal statutory rates 35.00 % 35.00 % 35.00 % State taxes, net of federal benefit 0.56 1.32 (0.77 ) State net operating loss revaluation (2.51 ) (3.78 ) — Charitable contribution carryforward valuation allowance 2.01 1.91 — Tax credits (1.73 ) (0.80 ) (1.16 ) Other (0.79 ) 2.99 0.05 Income tax rate 32.54 % 36.64 % 33.12 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Operating Leases Requiring Annual Minimum Lease Payments | At December 31, 2015, the Company has commitments under long-term operating leases requiring annual minimum lease payments as follows: Years Ending December 31, 2016 $ 16,185 2017 16,132 2018 15,752 2019 14,643 2020 11,819 Thereafter 288,128 Total $ 362,659 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015: Quoted Active Markets Significant for Identical Other Significant Assets and Observable Unobservable Balance at Liabilities Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2015 Liabilities: Derivative financial instruments (a) $ — $ 19,600 $ — $ 19,600 Long-term obligations (b) $ — $ 1,601,287 $ — $ 1,601,287 (a) Reflected at fair value in the consolidated balance sheet as other liabilities of $19,600. (b) There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2014. The Company did not have any assets measured at fair value at 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 Active Markets Significant for Identical Other Significant Assets and Observable Unobservable Balance at Liabilities Inputs Inputs December 31, (Level 1) (Level 2) (Level 3) 2014 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, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities on long-term debt of $14,050 and long-term debt of $1,569,400 as of December 31, 2014. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Employee Stock Performance Activity | The activity related to the Company’s time-vesting and performance-vesting restricted share awards during the year ended December 31, 2015 is as follows: Performance-Vesting Restricted shares Time-Vesting Restricted shares Bonus Performance Restricted shares Long-Term Incentive Performance Restricted shares 2.25x Performance Restricted shares 2.75x Performance Restricted shares Shares Weighted Average Grant Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Outstanding at December 31, 2014 164,545 $ 11.68 — — — — 1,451,453 $ 20.96 1,451,453 $ 12.61 Granted 968,005 $ 18.64 464,896 $ 18.99 79,279 $ 18.90 — — — — Vested (171,495 ) $ 14.28 — — — — — — — — Forfeited (77,785 ) $ 13.77 (48,901 ) $ 18.96 (16,914 ) $ 18.96 (80,632 ) $ 22.90 (80,632 ) $ 15.76 Outstanding at December 31, 2015 883,270 $ 18.66 415,995 $ 19.00 62,365 $ 18.88 1,370,821 $ 20.35 1,370,821 $ 10.93 |
Schedule of Activity Related to Stock Option Awards | The activity related to the Company’s stock option awards during the year ended December 31, 2015 is as follows: Options Weighted Average Exercise Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2014 — — Granted 2,411,415 $ 19.20 Forfeited (137,030 ) $ 18.96 Outstanding at December 31, 2015 2,274,385 $ 19.21 9.31 $ 1,436 Exercisable at December 31, 2015 — — — — |
Schedule of Key Weighted-average Assumptions Utilized in Black-Scholes Option Pricing Model for Stock Options Granted | The weighted average grant date fair value of stock options granted during the year ended December 31, 2015 was $4.39 per stock option. Key weighted-average assumptions utilized in the Black-Scholes Option Pricing Model for stock options granted during the year ended December 31, 2015 were: Risk- free interest rate 1.66 % Expected volatility (a) 36.71 % Expected dividend yield 4.37 % Expected life (in years) (b) 6.25 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Quarterly Cash Dividends to Common Stockholders | During the years ended December 31, 2015, 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 2015: January 13, 2015 January 22, 2015 $ 0.21 March 13, 2015 (a) April 1, 2015 $ 0.21 June 22, 2015 (a) July 1, 2015 $ 0.21 September 29, 2015 October 6, 2015 $ 0.21 2014: March 20, 2014 (a) April 1, 2014 $ 0.20 June 20, 2014 (a) July 1, 2014 $ 0.21 September 29, 2014 October 6, 2014 $ 0.21 2013: June 20, 2013 (a) July 1, 2013 $ 0.20 September 20, 2013 October 1, 2013 $ 0.20 December 20, 2013 January 3, 2014 $ 0.20 During the years ended December 31, 2015, 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 2015: January 13, 2015 January 22, 2015 $ 0.21 March 13, 2015 April 1, 2015 $ 0.21 June 22, 2015 July 1, 2015 $ 0.21 September 29, 2015 October 6, 2015 $ 0.21 2014: March 20, 2014 April 1, 2014 $ 0.20 June 20, 2014 July 1, 2014 $ 0.21 September 29, 2014 October 6, 2014 $ 0.21 2013: June 20, 2013 July 1, 2013 $ 0.20 September 20, 2013 October 1, 2013 $ 0.20 December 20, 2013 January 3, 2014 $ 0.20 |
Parent Company [Member] | |
Schedule of Cash Dividends Paid to the Parent | As a result, SEA paid a cash dividend to the Parent during the years ended December 31, 2015, 2014 and 2013 related to dividend declarations as follows: Payment Date Cash Dividends Paid 2015: January 22, 2015 $ 18,112 April 1, 2015 (a) $ 18,204 July 1, 2015 (a) $ 18,238 October 6, 2015 $ 18,117 2014 January 3, 2014 $ 17,767 April 1, 2014 (a) $ 17,766 July 1, 2014 (a) $ 18,290 October 6, 2014 $ 18,290 2013: July 1, 2013 (a) $ 18,072 October 1, 2013 $ 18,072 (a) |
Summary Quarterly Financial D44
Summary Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Data | Unaudited summary quarterly financial data for the years ended December 31, 2015 and 2014 was as follows: 2015 First Second Third Fourth Quarter Quarter (a) Quarter Quarter (b) (Unaudited) Total revenues $ 214,592 $ 391,616 $ 496,939 $ 267,857 Operating (loss) income $ (50,199 ) $ 45,750 $ 170,860 $ (6,975 ) Net (loss) income $ (43,598 ) $ 5,809 $ 97,950 $ (11,028 ) (Loss) earnings per share: Net (loss) income per share, basic $ (0.51 ) $ 0.07 $ 1.14 $ (0.13 ) Net (loss) income per share, diluted $ (0.51 ) $ 0.07 $ 1.14 $ (0.13 ) 2014 First Second Third Fourth Quarter Quarter Quarter Quarter (c) (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 $ 1.00 $ (0.29 ) (a ) During the second quarter of 2015, the Company recorded $20,348 in loss on early extinguishment of debt and write-off of discounts and debt issuance costs related to the early redemption of $260,000 of its Senior Notes. See Note 11–Long-Term Debt for further details. (b) During the fourth quarter of 2015, the Company recorded $2,001 in restructuring and other related costs primarily related to severance costs for certain positions which were eliminated as part of a cost savings initiative. See Note 4–Restructuring Program and Separation Costs for further details. (c) 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 Former Chief Executive Officer and President on January 15, 2015. See Note 4–Restructuring Program and Separation Costs for further details. |
Schedule I-Registrant's Condens
Schedule I-Registrant's Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
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, 2015 2014 Assets Current Assets: Cash $ 430 $ 5,858 Total current assets 430 5,858 Investment in wholly owned subsidiary 517,257 580,018 Total assets $ 517,687 $ 585,876 Liabilities and Stockholders' Equity Current Liabilities: Dividends payable $ 430 $ 172 Other accrued expenses — 5,686 Total current liabilities 430 5,858 Total liabilities 430 5,858 Commitments and contingencies Stockholders' Equity: Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2015 and 2014 — — Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 90,320,374 and 90,191,100 shares issued at December 31, 2015 and 2014, respectively 903 902 Additional paid-in capital 624,765 655,471 Retained earnings 46,460 33,516 Treasury stock, at cost (6,519,773 and 4,105,970 shares at December 31, 2015 and 2014, respectively) (154,871 ) (109,871 ) Total stockholders' equity 517,257 580,018 Total liabilities and stockholders' equity $ 517,687 $ 585,876 SEAWORLD ENTERTAINMENT, INC. PARENT COMPANY ONLY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (In thousands) Year Ended December 31, 2015 2014 2013 Equity in net income of subsidiary $ 49,133 $ 49,919 $ 51,920 Net income $ 49,133 $ 49,919 $ 51,920 Other comprehensive income — — — Comprehensive income $ 49,133 $ 49,919 $ 51,920 SEAWORLD ENTERTAINMENT, INC. PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (In thousands) For the Year Ended December 31, 2015 2014 2013 Cash Flows From Operating Activities: Net income $ 49,133 $ 49,919 $ 51,920 Adjustments to reconcile net income to net cash provided by operating activities: Equity in net income of subsidiary (49,133 ) (49,919 ) (51,920 ) Dividend received from subsidiary-return on capital (net of forfeitures) 36,196 36,056 18,072 Net cash provided by operating activities 36,196 36,056 18,072 Cash Flows From Investing Activities: Capital contributed to subsidiary — — (249,106 ) Restricted payment from subsidiary 45,000 65,708 44,163 Dividend received from subsidiary-return of capital (net of forfeitures) 36,381 36,056 18,072 Net cash provided by (used in) investing activities 81,381 101,764 (186,871 ) Cash Flows From Financing Activities: Proceeds from issuance of common stock, net of underwriter commissions — — 253,800 Purchase of treasury stock (50,650 ) (60,058 ) (44,163 ) Dividend paid to common stockholders (72,318 ) (72,113 ) (36,175 ) Offering costs — — (4,694 ) (Payment) receipt of cash for tax withholdings on equity-based compensation (37 ) 37 — Net cash (used in) provided by financing activities (123,005 ) (132,134 ) 168,768 Change in Cash and Cash Equivalents (5,428 ) 5,686 (31 ) Cash and Cash Equivalents - Beginning of year 5,858 172 203 Cash and Cash Equivalents - End of year $ 430 $ 5,858 $ 172 Supplemental Disclosures of Noncash Financing Activities Dividends declared, but unpaid $ 430 $ 172 $ 17,939 Treasury stock purchases settled in January 2015 $ — $ 5,650 $ — 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. 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”). On March 30, 2015, SEA entered into an incremental term loan amendment (the “Incremental Amendment”) to its existing Senior Secured Credit Facilities and on April 7, 2015, SEA borrowed additional term loans pursuant to the Incremental Amendment. The proceeds, along with cash on hand, were used to redeem all of the outstanding Senior Notes. 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”). 4. DIVIDENDS FROM SUBSIDIARIES SEA’s Board of Directors (the “Board”) has 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 during the years ended December 31, 2015, 2014 and 2013 related to dividend declarations as follows: Payment Date Cash Dividends Paid 2015: January 22, 2015 $ 18,112 April 1, 2015 (a) $ 18,204 July 1, 2015 (a) $ 18,238 October 6, 2015 $ 18,117 2014 January 3, 2014 $ 17,767 April 1, 2014 (a) $ 17,766 July 1, 2014 (a) $ 18,290 October 6, 2014 $ 18,290 2013: July 1, 2013 (a) $ 18,072 October 1, 2013 $ 18,072 (a) The Parent’s Board has also 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 Parent’s 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, 2015, 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 2015: January 13, 2015 January 22, 2015 $ 0.21 March 13, 2015 April 1, 2015 $ 0.21 June 22, 2015 July 1, 2015 $ 0.21 September 29, 2015 October 6, 2015 $ 0.21 2014: March 20, 2014 April 1, 2014 $ 0.20 June 20, 2014 July 1, 2014 $ 0.21 September 29, 2014 October 6, 2014 $ 0.21 2013: June 20, 2013 July 1, 2013 $ 0.20 September 20, 2013 October 1, 2013 $ 0.20 December 20, 2013 January 3, 2014 $ 0.20 As of December 31, 2015, the Parent had $430 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, 2016, SEA’s Board declared a cash dividend of up to $17,787 to the Parent, which was paid on January 22, 2016. 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 15, 2016, which was paid on January 22, 2016. On February 22, 2016, SEA’s Board declared a cash dividend of up to $18,600 to the Parent, which will be paid on April 1, 2016. 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 March 14, 2016, which will be paid on April 1, 2016. 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, 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 Parent did not receive any proceeds from shares sold by the selling stockholders. 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. 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 (the “Share Repurchase Program”). 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. Pursuant to the Share Repurchase Program, during the year ended December 31, 2014, the Parent 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. The Company paid $5,650 in January 2015 for settlement of shares repurchased in December 2014. During the year ended December 31, 2015, the Parent repurchased a total of 2,413,803 shares of common stock at an average price of $18.62 per share and a total cost of approximately $45,000 leaving $190,000 available for future repurchases under the Share Repurchase Program as of December 31, 2015. 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 $154,871 and $109,871 as of December 31, 2015 and 2014, respectively, and are reflected as a reduction to stockholders’ equity on the accompanying consolidated balance sheets. SEA transferred $45,000, $65,708 and $44,163 during the years ended December 31, 2015, 2014 and 2013, respectively, as restricted payments to the Parent for the payment of repurchased shares. |
Description of the Business - A
Description of the Business - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2015PartnershipBusiness | Dec. 31, 2014Business | Dec. 31, 2013 | Oct. 02, 2009Partnership | |
Business Description And Basis Of Presentation [Line Items] | ||||
Number of limited partnerships which owned the Company | Partnership | 10 | 10 | ||
Number of theme parks owned and operated | Business | 11 | 11 | ||
Percentage of common stock outstanding by partnership | 22.20% | |||
Geographic Concentration Risk [Member] | Revenues [Member] | Florida [Member] | ||||
Business Description And Basis Of Presentation [Line Items] | ||||
Percentage of revenue | 57.00% | 56.00% | 55.00% |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2015USD ($)BusinessSegment | Dec. 31, 2014USD ($)Business | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents settlement terms | Less than four days | |||
Cash and cash equivalents | $ 18,971,000 | $ 43,906,000 | $ 116,841,000 | $ 45,675,000 |
Interest capitalized | 2,299,000 | 2,629,000 | 4,347,000 | |
Capitalized Computer Software, Net | 12,873,000 | 10,287,000 | ||
Capitalized Computer Software, Accumulated Amortization | 9,250,000 | 8,841,000 | ||
Capitalized Computer Software, Amortization | 3,022,000 | 2,703,000 | 1,949,000 | |
Impairment losses | 0 | 0 | 0 | |
Goodwill impairments | 0 | 0 | 0 | |
Other indefinite lived assets impairments | 0 | 0 | 0 | |
Self-insurance reserves | 27,819,000 | 27,127,000 | ||
Long-term deferred revenue | 1,820,000 | 2,414,000 | ||
Revenue and related expense for bartered ticket transactions | $ 18,000,000 | $ 17,700,000 | 20,000,000 | |
Number of theme parks owned and operated | Business | 11 | 11 | ||
Number of reportable segment | Segment | 1 | |||
Selling, General and Administrative Expenses [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Advertising and media costs | $ 106,000,000 | $ 110,500,000 | $ 112,000,000 | |
Accrued Salaries, Wages and Benefits [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Self-insurance reserves | 2,769,000 | 2,977,000 | ||
Other Liabilities [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Self-insurance reserves | $ 6,973,000 | 7,800,000 | ||
Computer System Development Costs [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 5 years | |||
Amounts Due from Third-Party Credit Card Companies [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 9,597,000 | $ 8,381,000 | ||
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 Accoun48
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
Recently Issued Accounting Pr49
Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Debt issuance costs | $ 13,333 | $ 20,003 |
Restructuring Program and Sep50
Restructuring Program and Separation Costs - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($)Business | Dec. 31, 2014USD ($)Business | Dec. 31, 2015USD ($)Business | Dec. 31, 2014USD ($)BusinessPosition | Dec. 31, 2013USD ($) | |
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 | Position | 300 | ||||
Number of theme parks owned and operated | Business | 11 | 11 | 11 | 11 | |
Restructuring and other related costs incurred to date | $ 11,834 | $ 11,834 | |||
Restructuring and other related costs | 267 | $ 11,567 | |||
Severance costs | $ 2,001 | 2,001 | |||
Separation activities, period of consulting term | 3 years | ||||
Separation costs | $ 2,574 | $ 0 | $ 2,574 | $ 0 |
Restructuring Program and Sep51
Restructuring Program and Separation Costs - Schedule of Restructuring Program Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost And Reserve [Line Items] | ||
Costs incurred | $ 267 | $ 11,567 |
Severance and Other Employment Expenses [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability as of December 31, 2014 | 7,691 | |
Costs incurred | 267 | |
Payments made | $ (7,958) | |
Liability as of December 31, 2015 | $ 7,691 |
Earnings per Share - Schedule o
Earnings per Share - Schedule of Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | Jun. 30, 2015 | [2] | Mar. 31, 2015 | Dec. 31, 2014 | [3] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||||||||||||
Basic earnings per share, Net Income | $ 49,133 | $ 49,919 | $ 51,920 | |||||||||||
Diluted earnings per share, Net Income | $ 49,133 | $ 49,919 | $ 51,920 | |||||||||||
Basic earnings per share, Shares | 85,860 | 87,183 | 87,537 | |||||||||||
Effect of dilutive incentive-based awards, Shares | 121 | 297 | 615 | |||||||||||
Diluted earnings per share, Shares | 85,981 | 87,480 | 88,152 | |||||||||||
Basic earnings per share, Per Share Amount | $ (0.13) | $ 1.14 | $ 0.07 | $ (0.51) | $ (0.29) | $ 1.01 | $ 0.43 | $ (0.56) | $ 0.57 | $ 0.57 | $ 0.59 | |||
Diluted earnings per share, Per Share Amount | $ (0.13) | $ 1.14 | $ 0.07 | $ (0.51) | $ (0.29) | $ 1 | $ 0.43 | $ (0.56) | $ 0.57 | $ 0.57 | $ 0.59 | |||
[1] | During the fourth quarter of 2015, the Company recorded $2,001 in restructuring and other related costs primarily related to severance costs for certain positions which were eliminated as part of a cost savings initiative. See Note 4–Restructuring Program and Separation Costs for further details. | |||||||||||||
[2] | During the second quarter of 2015, the Company recorded $20,348 in loss on early extinguishment of debt and write-off of discounts and debt issuance costs related to the early redemption of $260,000 of its Senior Notes. See Note 11–Long-Term Debt for further details. | |||||||||||||
[3] | 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 $2,574 in separation costs representing costs incurred pursuant to the previously announced separation of the Company’s Former Chief Executive Officer and President on January 15, 2015. See Note 4–Restructuring Program and Separation Costs for further details. |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Line Items] | |||
Anti-dilutive shares of common stock excluded from the computation of diluted earnings per share | 1,879,000 | 21,000 | 0 |
Shares included in calculation of diluted earnings per share | 121,000 | 297,000 | 615,000 |
Performance-vesting Restricted Share [Member] | |||
Earnings Per Share [Line Items] | |||
Shares included in calculation of diluted earnings per share | 19,000 | 0 | 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Merchandise | $ 26,183 | $ 28,356 |
Food and beverage | 4,740 | 4,778 |
Other supplies | 290 | |
Total inventories | $ 31,213 | $ 33,134 |
Prepaid Expenses and Other Cu55
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 8,264 | $ 8,047 |
Prepaid marketing and advertising costs | 1,439 | 6,965 |
Other | 6,657 | 5,882 |
Total prepaid expenses and other current assets | $ 16,360 | $ 20,894 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,748,161 | $ 2,612,052 |
Less accumulated depreciation | (1,029,165) | (867,421) |
Total property and equipment, net | 1,718,996 | 1,744,631 |
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 | 281,612 | 289,892 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 618,507 | 566,112 |
Rides, Attractions and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,310,645 | 1,267,832 |
Animals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 158,191 | 158,362 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 93,006 | $ 43,654 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | $ 174,700 | $ 169,000 | $ 159,700 | |
Rides, Attractions and Equipment [Member] | Scenario, Forecast [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Accelerated depreciation expected from decision to remove deep-water lifting floors | $ 33,000 |
Trade Names_Trademarks and Ot58
Trade Names/Trademarks and Other Intangible Assets, Net - Trade Names/Trademarks, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Net Carrying Value, definite lives | $ 26,933 | |
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 | 12,900 |
Accumulated Amortization, definite lives | 7,174 | 5,712 |
Net Carrying Value, definite lives | 5,726 | 7,188 |
Gross Carrying Amount, total | 169,900 | 169,900 |
Accumulated Amortization, total | 7,174 | 5,712 |
Net Carrying Value, total | $ 162,726 | $ 164,188 |
Weighted Average Amortization Period, definite lives | 9 years 3 months 18 days | 9 years 3 months 18 days |
Trade Names_Trademarks and Ot59
Trade Names/Trademarks and Other Intangible Assets, Net - Other Intangible Assets-Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Weighted Average Amortization Period, definite lives | 18 years 9 months 18 days | |
Net Carrying Value, definite lives | $ 26,933 | |
Other Intangible Assets [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, definite lives | 41,120 | $ 41,000 |
Accumulated Amortization, definite lives | 19,793 | 16,475 |
Net Carrying Value, definite lives | 21,327 | $ 24,525 |
Net Carrying Value, indefinite lives | $ 120 | |
Other Intangible Assets [Member] | Favorable Lease Asset [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Weighted Average Amortization Period, definite lives | 39 years | 39 years |
Gross Carrying Amount, definite lives | $ 18,200 | $ 18,200 |
Accumulated Amortization, definite lives | 2,800 | 2,333 |
Net Carrying Value, definite lives | $ 15,400 | $ 15,867 |
Other Intangible Assets [Member] | Reseller Agreements [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Weighted Average Amortization Period, definite lives | 8 years 1 month 6 days | 8 years 1 month 6 days |
Gross Carrying Amount, definite lives | $ 22,300 | $ 22,300 |
Accumulated Amortization, definite lives | 16,735 | 13,984 |
Net Carrying Value, definite lives | $ 5,565 | $ 8,316 |
Other Intangible Assets [Member] | Non-Compete Agreement [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Weighted Average Amortization Period, definite lives | 5 years | 5 years |
Gross Carrying Amount, definite lives | $ 500 | $ 500 |
Accumulated Amortization, definite lives | 258 | 158 |
Net Carrying Value, definite lives | $ 242 | $ 342 |
Trade Names_Trademarks and Ot60
Trade Names/Trademarks and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 4,800 | $ 4,600 | $ 4,400 |
Weighted average amortization period | 18 years 9 months 18 days |
Trade Names_Trademarks and Ot61
Trade Names/Trademarks and Other Intangible Assets, Net - Schedule of Expected Amortization of Finite-Lived Intangible Assets (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,016 | $ 4,780 |
2,017 | 4,574 |
2,018 | 2,235 |
2,019 | 1,849 |
2,020 | 467 |
Thereafter | 13,028 |
Net Carrying Value, definite lives | $ 26,933 |
Other Accrued Expenses - Schedu
Other Accrued Expenses - Schedule of Other Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables And Accruals [Abstract] | ||
Accrued property taxes | $ 2,250 | $ 2,039 |
Accrued interest | 441 | 2,604 |
Self-insurance reserve | 6,973 | 7,800 |
Other | 1,479 | 7,706 |
Total other accrued expenses | $ 11,143 | $ 20,149 |
Other Accrued Expenses - Additi
Other Accrued Expenses - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 31, 2015 | Dec. 31, 2014 |
Other Income And Expenses [Abstract] | ||
Accrued expenses related to common stock repurchase | $ 5,650 | $ 5,650 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,601,287 | $ 1,612,438 |
Less discounts | (7,211) | (8,985) |
Less debt issuance costs | (13,333) | (20,003) |
Less current maturities | (31,850) | (14,050) |
Long-term debt, net of debt issuance costs of $13,333 and $20,003 as of December 31, 2015 and 2014, respectively | 1,548,893 | 1,569,400 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 260,000 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 15,000 | |
Term B-2 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,338,387 | $ 1,352,438 |
Term B-3 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 247,900 |
Long-Term Debt - Summary of L65
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate effective percentage | 12.07% | |
Term B-2 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate effective percentage | 3.26% | 3.26% |
Term B-3 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate effective percentage | 4.33% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Oct. 30, 2015USD ($) | Apr. 07, 2015USD ($) | Dec. 31, 2015USD ($)Swap | Jan. 31, 2015USD ($) | Dec. 31, 2015USD ($)Swap | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 25, 2016USD ($) | Jun. 30, 2015USD ($)Swap | Apr. 30, 2015USD ($) | May. 14, 2013 | Dec. 01, 2009USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 1,601,287,000 | $ 1,601,287,000 | $ 1,612,438,000 | |||||||||
Outstanding letters of credit | 14,300,000 | $ 14,300,000 | ||||||||||
Percentage of initial public offering net proceeds in restricted payments | 6.00% | |||||||||||
Percentage of Market Capitalization on restricted payment | 7.50% | |||||||||||
Restrictive covenants, restricted payments used | $ 87,700,000 | |||||||||||
Restrictive covenants, restricted payments capacity remaining | 32,300,000 | |||||||||||
Repurchase of common stock | $ 30,000,000 | $ 5,650,000 | 50,650,000 | 60,058,000 | $ 44,163,000 | |||||||
Cash paid for interest | $ 63,726,000 | 74,933,000 | $ 85,514,000 | |||||||||
Interest Rate Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maturity of interest rate swap | Sep. 30, 2016 | |||||||||||
Variable rate of interest | 0.75% | 0.75% | ||||||||||
Interest Rate Swaps [Member] | Combined Interest Rate Cash Flow Hedges On Three Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of interest rate swaps held | Swap | 4 | 4 | ||||||||||
Number of interest rate derivatives held with combined notional amount | Swap | 3 | 3 | ||||||||||
Notional amount of interest rate swap | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||
Forward Interest Rate Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of interest rate swaps held | Swap | 5 | |||||||||||
Notional amount of interest rate swap | $ 1,000,000,000 | |||||||||||
Maturity of interest rate swap | May 14, 2020 | |||||||||||
Variable rate of interest | 0.75% | |||||||||||
Weighted average fixed interest rate | 2.45% | |||||||||||
Restrictive Covenants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Restrictive covenants, restricted payments capacity available | $ 120,000,000 | |||||||||||
Maximum [Member] | Interest Rate Swaps [Member] | Combined Interest Rate Cash Flow Hedges On Three Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed rate of interest on swaps | 1.051% | 1.051% | ||||||||||
Minimum [Member] | Interest Rate Swaps [Member] | Combined Interest Rate Cash Flow Hedges On Three Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Fixed rate of interest on swaps | 1.049% | 1.049% | ||||||||||
Scenario One [Member] | Restrictive Covenants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum Total Leverage Ratio | 5.00% | |||||||||||
Restricted payment on Senior Secured Credit Facilities | $ 90,000,000 | |||||||||||
Minimum Total Leverage Ratio | 4.50% | |||||||||||
Scenario Two [Member] | Restrictive Covenants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum Total Leverage Ratio | 4.50% | |||||||||||
Restricted payment on Senior Secured Credit Facilities | $ 120,000,000 | |||||||||||
Minimum Total Leverage Ratio | 4.00% | |||||||||||
Scenario Three [Member] | Restrictive Covenants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum Total Leverage Ratio | 4.00% | |||||||||||
Restricted payment on Senior Secured Credit Facilities | $ 120,000,000 | |||||||||||
Minimum Total Leverage Ratio | 3.50% | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unamortized debt issuance costs and discounts | $ 2,383,000 | $ 2,383,000 | 3,862,000 | |||||||||
Long-term debt | 15,000,000 | 15,000,000 | ||||||||||
Senior secured revolving | $ 192,500,000 | $ 192,500,000 | ||||||||||
Debt instrument interest rate effective percentage | 2.89% | 2.89% | ||||||||||
Permitted increased commitments under the Revolving Credit Facility in aggregate principal amount | $ 350,000,000 | $ 350,000,000 | ||||||||||
Interest rate, description | Borrowings of loans under the Revolving Credit Facility bear interest at a fluctuating rate per annum equal to, at SEA’s option, (a) a base rate equal to the higher of (1) the federal funds rate plus 1/2 of 1%, and (2) the rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its “prime rate” or (b) a LIBOR rate determined by reference to the 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. | |||||||||||
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% | |||||||||||
Debt instrument interest rate selected percentage | 2.50% | 2.50% | ||||||||||
Commitment fees on unused portion of facility | 0.50% | |||||||||||
Amount available for borrowing | $ 163,200,000 | $ 163,200,000 | ||||||||||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 0.50% | |||||||||||
Revolving Credit Facility [Member] | Base Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 1.75% | |||||||||||
Revolving Credit Facility [Member] | LIBOR Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 2.75% | |||||||||||
Revolving Credit Facility [Member] | Subsequent Events [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Additional borrowings under line of credit facility | $ 60,000,000 | |||||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, balance | $ 400,000,000 | |||||||||||
Long-term debt, maturity date | Dec. 1, 2016 | |||||||||||
Repayment of outstanding principal amount | $ 260,000,000 | |||||||||||
Debt redemption premium | 14,300,000 | |||||||||||
Write-off discounts and debt issuance costs | $ 6,048,000 | |||||||||||
Unamortized debt issuance costs and discounts | 6,921,000 | |||||||||||
Long-term debt | $ 260,000,000 | |||||||||||
Debt instrument interest rate effective percentage | 12.07% | |||||||||||
Senior Notes [Member] | April 7, 2015 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price for Senior Notes Percentage | 105.50% | |||||||||||
Term B-3 Loans [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, balance | $ 280,000,000 | |||||||||||
Long-term debt, maturity date | May 14, 2020 | |||||||||||
Repayment of outstanding principal amount | $ 30,000,000 | |||||||||||
Discount initially recorded | $ 1,400,000 | |||||||||||
Debt issuance costs | 3,171,000 | |||||||||||
Unamortized debt issuance costs and discounts | 3,448,000 | 3,448,000 | ||||||||||
Long-term debt | $ 247,900,000 | 247,900,000 | ||||||||||
Percent of original principal amount on effective date used to calculate aggregate annual amount which will amortize in equal quarterly installments | 1.00% | |||||||||||
Mandatory prepayments | $ 0 | $ 0 | ||||||||||
Interest rate, description | Borrowings of Term B-3 Loans bear interest at a fluctuating rate per annum equal to, at SEA’s option, (a) a base rate equal to the higher of (1) the federal funds rate plus 1/2 of 1% and (2) the rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its “prime rate” or (b) a LIBOR rate determined by reference to the 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. | |||||||||||
Debt instrument interest rate selected percentage | 4.00% | 4.00% | ||||||||||
Term B-3 Loans [Member] | Interest Rate Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notional amount of interest rate swap | $ 250,000,000 | |||||||||||
Maturity of interest rate swap | Sep. 30, 2016 | |||||||||||
Fixed rate of interest on swaps | 0.901% | 0.901% | ||||||||||
Variable rate of interest | 0.75% | 0.75% | ||||||||||
Term B-3 Loans [Member] | Federal Funds Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 0.50% | |||||||||||
Term B-3 Loans [Member] | Base Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 2.25% | |||||||||||
Floor rate | 1.75% | |||||||||||
Term B-3 Loans [Member] | LIBOR Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 3.25% | |||||||||||
Floor rate | 0.75% | |||||||||||
Term B-2 Loans [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, balance | $ 1,405,000,000 | |||||||||||
Long-term debt, maturity date | May 14, 2020 | |||||||||||
Unamortized debt issuance costs and discounts | $ 14,713,000 | $ 14,713,000 | 18,205,000 | |||||||||
Long-term debt | $ 1,338,387,000 | 1,338,387,000 | ||||||||||
Percent of original principal amount on effective date used to calculate aggregate annual amount which will amortize in equal quarterly installments | 1.00% | |||||||||||
Mandatory prepayments | $ 0 | $ 0 | ||||||||||
Interest rate, description | 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 rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its “prime 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. | |||||||||||
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 total net leverage ratio equal to or less than 3.25 to 1.00. | |||||||||||
Basis point step down on applicable margin upon achievement of certain leverage ratio | 0.25% | |||||||||||
Maximum Total Leverage Ratio | 3.25% | |||||||||||
Debt instrument interest rate selected percentage | 3.00% | 3.00% | ||||||||||
Term B-2 Loans [Member] | Federal Funds Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 0.50% | |||||||||||
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% | |||||||||||
Senior Secured Credit Facilities [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
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% | 100.00% | ||||||||||
Percentage of net proceeds incurrence of debt | 100.00% | |||||||||||
First lien secured net leverage ratio | 3.50% | |||||||||||
Percentage of interest in subsidiary | 100.00% | 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 SEA’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. | |||||||||||
Percentage of capital stock | 65.00% | |||||||||||
Restrictive covenants, description | The Senior Secured Credit Facilities 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 Senior Secured Credit Facilities) after giving effect to the payment of any such restricted payment, the Total Leverage Ratio, (as defined in the Senior Secured Credit Facilities), 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) $120,000 and (B) 7.5% of Market Capitalization (as defined in the Senior Secured Credit Facilities), so long as, on a Pro Forma Basis after giving effect to the payment of any such restricted payment, the Total Leverage Ratio is no greater than 4.00 to 1.00 and greater than 3.50 to 1.00 and (d) an unlimited amount, so long as, on a Pro Forma Basis after giving effect to the payment of any such restricted payment, the Total Leverage Ratio is no greater than 3.50 to 1.00. | |||||||||||
Senior Secured Credit Facilities [Member] | Restrictive Covenants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total Leverage Ratio | 4.38% | |||||||||||
Senior Secured Credit Facilities [Member] | Scenario One [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 25.00% | |||||||||||
Senior Secured Credit Facilities [Member] | Scenario One [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 0.00% |
Long-Term Debt - Summary of L67
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Maturities Of Long Term Debt [Abstract] | ||
2,016 | $ 31,850 | |
2,017 | 16,850 | |
2,018 | 16,850 | |
2,019 | 16,850 | |
2,020 | 1,518,887 | |
Long-term debt | $ 1,601,287 | $ 1,612,438 |
Derivative Instruments and He68
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Swap | Dec. 31, 2014USD ($) | Jun. 30, 2015USD ($)Swap | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss related to ineffective portion of derivatives recognized in other expense (income), net | $ 287,000 | $ 0 | |
Reclassified as an increase to interest expense, expected during the next 12 months | 5,299,000 | ||
Unrealized loss on derivatives, tax benefit | 6,115,000 | 286,000 | |
Termination value of derivatives in a net liability position | 21,529,000 | ||
Collateral posted relating to credit risk-related contingent features | 0 | ||
Forward Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swap | $ 1,000,000,000 | ||
Number of interest rate swaps held | Swap | 5 | ||
Combined Interest Rate Cash Flow Hedges, All Swaps [Member] | Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swap | $ 1,250,000,000 | ||
Number of interest rate swaps held | Swap | 4 | ||
Combined Interest Rate Cash Flow Hedges, All Swaps [Member] | Forward Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swap | $ 1,000,000,000 | ||
Number of interest rate swaps held | Swap | 5 | ||
Not Designated as Hedge Accounting Relationships [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivatives outstanding | $ 0 | $ 0 |
Derivative Instruments and He69
Derivative Instruments and Hedging Activities - Fair Value of Company's Derivative Financial Instruments Classification on Unaudited Condensed Consolidated Balance Sheets (Detail) - Other Liabilities [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | $ 19,600 | $ 628 |
Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 1,673 | $ 628 |
Forward Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives Fair Value | $ 17,927 |
Derivative Instruments and He70
Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments on Unaudited Condensed Consolidated Statements of Comprehensive Income (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives in Cash Flow Hedging Relationships: | ||
(Loss) gain related to effective portion of derivatives recognized in accumulated other comprehensive loss | $ (21,924,000) | $ 1,846,000 |
Gain (loss) related to effective portion of derivatives reclassified from accumulated other comprehensive loss to interest expense | 3,154,000 | (2,626,000) |
Loss related to ineffective portion of derivatives recognized in other expense (income), net | $ (287,000) | $ 0 |
Derivative Instruments and He71
Derivative Instruments and Hedging Activities - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated other comprehensive income (loss): | ||
Beginning balance | $ (483) | |
Ending balance | (13,137) | $ (483) |
Gains (Losses) on Cash Flow Hedges [Member] | ||
Accumulated other comprehensive income (loss): | ||
Beginning balance | (483) | 11 |
Other comprehensive income before reclassifications | (14,781) | 1,169 |
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | 2,127 | (1,663) |
Unrealized loss on derivatives, net of tax | (12,654) | (494) |
Ending balance | $ (13,137) | $ (483) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current income tax (benefit) provision | |||
Federal | $ (78) | $ (70) | $ (113) |
State | 494 | 937 | 1,086 |
Foreign | 36 | 5 | 13 |
Total current income tax provision | 452 | 872 | 986 |
Deferred income tax provision (benefit): | |||
Federal | 25,210 | 30,414 | 28,628 |
State | (1,964) | (2,414) | (3,900) |
Total deferred income tax provision | 23,246 | 28,000 | 24,728 |
Total income tax provision | $ 23,698 | $ 28,872 | $ 25,714 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Cash paid for income taxes | $ 1,062 | $ 858 | $ 923 |
Deferred tax assets, valuation allowance | $ 1,466 | 1,507 | |
Deferred tax assets, charitable carryforwards expiration period | 2,016 | ||
Net benefit resulting from adjustment for revaluation of state net operating loss carryforwards | $ 1,817 | 2,977 | |
Charitable Contribution Carryforwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | $ 900 | $ 1,500 | |
Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year federal net operating loss carryforwards begin to expire | 2,029 | ||
Ownership shift due to the secondary offering | 50.00% | ||
Federal Tax Credit Carry Forwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 677,000 | ||
State Tax Credit Carry Forwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 1,100,000 | ||
Deferred tax assets, valuation allowance | $ 600 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred income tax assets: | ||
Acquisition and debt related costs | $ 18,281 | $ 20,319 |
Net operating loss | 283,947 | 269,002 |
Self-insurance | 10,039 | 9,666 |
Deferred revenue | 942 | 1,021 |
Cash flow hedge | 6,401 | 286 |
Tax credits | 4,546 | 2,920 |
Other | 9,652 | 7,483 |
Total deferred income tax assets | 333,808 | 310,697 |
Valuation allowance | (1,466) | (1,507) |
Net deferred tax assets | 332,342 | 309,190 |
Deferred income tax liabilities: | ||
Property and equipment | (309,054) | (278,851) |
Goodwill | (42,458) | (35,396) |
Amortization | (17,564) | (15,226) |
Other | (4,961) | (4,209) |
Total deferred income tax liabilities | (374,037) | (333,682) |
Net deferred income tax liabilities | $ (41,695) | $ (24,492) |
Income Taxes - Schedule of Reco
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax rate at federal statutory rates | 35.00% | 35.00% | 35.00% |
State taxes, net of federal benefit | 0.56% | 1.32% | (0.77%) |
State net operating loss revaluation | (2.51%) | (3.78%) | |
Charitable contribution carryforward valuation allowance | 2.01% | 1.91% | |
Tax credits | (1.73%) | (0.80%) | (1.16%) |
Other | (0.79%) | 2.99% | 0.05% |
Income tax rate | 32.54% | 36.64% | 33.12% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Operating Leases Requiring Annual Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 16,185 |
2,017 | 16,132 |
2,018 | 15,752 |
2,019 | 14,643 |
2,020 | 11,819 |
Thereafter | 288,128 |
Total | $ 362,659 |
Commitments and Contingencies77
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 01, 2014 | |
Loss Contingencies [Line Items] | ||||
Rental expense | $ 20,233,000 | $ 21,643,000 | $ 24,338,000 | |
Lease term | 50 years | |||
Lease expiration date | Jul. 1, 2048 | |||
Minimum annual rent payment | $ 10,400,000 | |||
Additional capital payments | $ 80,000,000 | |||
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Amount in controversy, not recorded | $ 5,000,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Assets measured at fair value | $ 0 | $ 0 |
Transfers between Levels | $ 0 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | Senior Notes [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Discount rate of Senior Notes | 11.37% | |
Senior Notes, redemption date | Apr. 7, 2015 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities: | ||
Derivative financial instruments | $ 19,600 | $ 628 |
Long-term obligations | 1,601,287 | 1,615,635 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Liabilities: | ||
Derivative financial instruments | 19,600 | 628 |
Long-term obligations | $ 1,601,287 | 1,352,438 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Long-term obligations | $ 263,197 |
Fair Value Measurements - Sch80
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 19,600 | $ 628 |
Current maturities on long-term debt | 31,850 | 14,050 |
Long-term debt | 1,548,893 | 1,569,400 |
Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative financial instruments | $ 19,600 | $ 628 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | Feb. 22, 2016 | Jan. 22, 2016 | Jan. 05, 2016 | Oct. 06, 2015 | Sep. 16, 2015 | Jul. 01, 2015 | Jun. 10, 2015 | Apr. 01, 2015 | Mar. 03, 2015 | Jan. 22, 2015 | Jan. 05, 2015 | Oct. 06, 2014 | Jul. 01, 2014 | Apr. 01, 2014 | Jan. 03, 2014 | Oct. 01, 2013 | Jul. 01, 2013 | Apr. 24, 2013 | Sep. 30, 2014 | May. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.84 | $ 0.62 | $ 0.60 | ||||||||||||||||||||
Cash dividends record date | Sep. 29, 2015 | Jun. 22, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | |||||||||||||||||||||||
Cash dividends payable date | Oct. 6, 2015 | Jul. 1, 2015 | Apr. 1, 2015 | Jan. 22, 2015 | |||||||||||||||||||||||
Dividends paid to stockholders | $ 72,318,000 | $ 72,113,000 | $ 36,175,000 | ||||||||||||||||||||||||
Termination of advisory agreement | $ 0 | $ 0 | $ 50,072,000 | ||||||||||||||||||||||||
Q1 2014 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||||||||||||||||
Cash dividends record date | Mar. 20, 2014 | Mar. 20, 2014 | |||||||||||||||||||||||||
Cash dividends payable date | Apr. 1, 2014 | Apr. 1, 2014 | |||||||||||||||||||||||||
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 | Jun. 20, 2014 | Jun. 20, 2014 | |||||||||||||||||||||||||
Cash dividends payable date | Jul. 1, 2014 | Jul. 1, 2014 | |||||||||||||||||||||||||
Cash dividends declare date | 2014-05 | ||||||||||||||||||||||||||
Q3 2014 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends record date | Sep. 29, 2014 | Sep. 29, 2014 | |||||||||||||||||||||||||
Cash dividends payable date | Oct. 6, 2014 | Oct. 6, 2014 | |||||||||||||||||||||||||
Cash dividends declare date | 2014-09 | ||||||||||||||||||||||||||
Q2 2013 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||||||||||||||||
Cash dividends record date | Jun. 20, 2013 | Jun. 20, 2013 | |||||||||||||||||||||||||
Cash dividends payable date | Jul. 1, 2013 | Jul. 1, 2013 | |||||||||||||||||||||||||
Cash dividends declare date | 2013-06 | ||||||||||||||||||||||||||
Q3 2013 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||||||||||||||||
Cash dividends record date | Sep. 20, 2013 | Sep. 20, 2013 | |||||||||||||||||||||||||
Cash dividends payable date | Oct. 1, 2013 | Oct. 1, 2013 | |||||||||||||||||||||||||
Cash dividends declare date | 2013-09 | ||||||||||||||||||||||||||
Q4 2013 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||||||||||||||||
Cash dividends record date | Dec. 20, 2013 | Dec. 20, 2013 | |||||||||||||||||||||||||
Cash dividends payable date | Jan. 3, 2014 | Jan. 3, 2014 | |||||||||||||||||||||||||
Cash dividends declare date | 2013-12 | ||||||||||||||||||||||||||
Subsequent Events [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends record date | Mar. 14, 2016 | Jan. 15, 2016 | |||||||||||||||||||||||||
Cash dividends payable date | Apr. 1, 2016 | Jan. 22, 2016 | |||||||||||||||||||||||||
Blackstone and Affiliates [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | $ 4,095,000 | $ 4,095,000 | $ 4,095,000 | $ 7,849,000 | $ 11,749,000 | $ 11,749,000 | ||||||||||||||||||||
Advisory Agreement, fees | $ 2,799,000 | ||||||||||||||||||||||||||
Termination fee paid | $ 46,300,000 | $ 0 | $ 0 | ||||||||||||||||||||||||
Write-off of 2013 prepaid advisory fee | $ 3,772,000 | ||||||||||||||||||||||||||
Termination of advisory agreement | $ 50,072,000 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Subsequent Events [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Term B-2 Loans [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Debt instrument, balance | 77,000,000 | 87,000,000 | |||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Term B-3 Loans [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Debt instrument, balance | $ 9,000,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Senior Notes [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Debt instrument, balance | $ 65,000,000 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | $ 7,696 | $ 7,790 | $ 8,956 |
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% |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | Feb. 22, 2016 | Jan. 05, 2016 | Sep. 16, 2015 | Jun. 10, 2015 | Mar. 03, 2015 | Jan. 05, 2015 | Apr. 19, 2013 | Apr. 18, 2013 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 24, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Recognized equity compensation expense | $ 6,527,000 | $ 2,349,000 | $ 6,026,000 | |||||||||||
Unrecognized equity compensation cost | 22,310,000 | |||||||||||||
Total fair value | $ 2,450,000 | 2,410,000 | 4,820,000 | |||||||||||
Weighted average grant date fair value of stock options | $ 4.39 | |||||||||||||
Recognized equity compensation expense | $ 6,527,000 | $ 2,349,000 | $ 6,026,000 | |||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.84 | $ 0.62 | $ 0.60 | |||||||
Cash dividends record date | Sep. 29, 2015 | Jun. 22, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | ||||||||||
Cash dividends payable date | Oct. 6, 2015 | Jul. 1, 2015 | Apr. 1, 2015 | Jan. 22, 2015 | ||||||||||
Initial Public Offering [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Offering price per share | $ 27 | $ 27 | ||||||||||||
Subsequent Events [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | ||||||||||||
Cash dividends declared date | Feb. 22, 2016 | Jan. 5, 2016 | ||||||||||||
Cash dividends record date | Mar. 14, 2016 | Jan. 15, 2016 | ||||||||||||
Cash dividends payable date | Apr. 1, 2016 | Jan. 22, 2016 | ||||||||||||
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 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares withheld from employees to satisfy minimum tax withholding obligation | 42,221 | 8,936 | 28,463 | |||||||||||
Omnibus Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock reserved for future issuance | 15,000,000 | |||||||||||||
Shares available for future issuance | 10,776,041 | |||||||||||||
Restricted stock granted to directors, officers and employees | 494,557 | |||||||||||||
Initial public offering lock up period | 180 days | |||||||||||||
2015 Bonus Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Percentage of bonus payable by cash | 50.00% | |||||||||||||
2016 Bonus Plan [Member] | Scenario, Forecast [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Percentage of bonus payable by cash | 50.00% | |||||||||||||
2015 Long-Term Incentive Plan Below Threshold Performance [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage, per year | 0.00% | |||||||||||||
2015 Long-Term Incentive Plan Threshold Performance [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage, per year | 50.00% | |||||||||||||
2015 Long-Term Incentive Plan Target Performance [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage, per year | 100.00% | |||||||||||||
2015 Long-Term Incentive Plan At or Above Maximum Performance [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage, per year | 200.00% | |||||||||||||
Pre-IPO Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Incentive Plan terms | Under the 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. | |||||||||||||
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. | |||||||||||||
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 | |||||||||||||
2013 Grant Fair Value Assumptions [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 | 33.20% | |||||||||||||
Fair value assumptions, dividend yield | 0.00% | |||||||||||||
Time Vesting and Performance Vesting Restricted Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Weighted average grant date fair value | $ 18.76 | $ 24.59 | $ 29.06 | |||||||||||
Bonus Performance Restricted Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Weighted average grant date fair value | $ 18.99 | |||||||||||||
Granted shares | 464,896 | |||||||||||||
Bonus Performance Restricted Shares [Member] | 2015 Bonus Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Recognized equity compensation expense | $ 0 | |||||||||||||
Percentage of bonus payable by shares | 50.00% | |||||||||||||
Recognized equity compensation expense | $ 0 | |||||||||||||
Bonus Performance Restricted Shares [Member] | 2016 Bonus Plan [Member] | Scenario, Forecast [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Percentage of bonus payable by shares | 50.00% | |||||||||||||
Long-Term Incentive Options [Member] | 2015 Long-Term Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 4 years | |||||||||||||
Vesting percentage, per year | 25.00% | |||||||||||||
Long-Term Incentive Options, expiration period | 10 years | |||||||||||||
Long-Term Incentive Time Restricted Shares [Member] | 2015 Long-Term Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 4 years | |||||||||||||
Vesting percentage, per year | 25.00% | |||||||||||||
Long-Term Incentive Performance Restricted Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Weighted average grant date fair value | $ 18.90 | |||||||||||||
Granted shares | 79,279 | |||||||||||||
Long-Term Incentive Performance Restricted Shares [Member] | 2015 Long-Term Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Unrecognized equity compensation cost | $ 260,000 | |||||||||||||
Performance period | 3 years | |||||||||||||
Performance period, beginning date | Jan. 1, 2015 | |||||||||||||
Performance period, ending date | Dec. 31, 2017 | |||||||||||||
Shares earned, percentage | 33.00% | |||||||||||||
Awarded shares | 187,125 | |||||||||||||
Number of shares probable of vesting related to the first performance period | 18,709 | |||||||||||||
Long-Term Incentive Performance Restricted Shares [Member] | 2015 Long-Term Incentive Plan [Member] | First Performance Period [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted shares | 62,365 | |||||||||||||
Time-Vesting Restricted Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Weighted average grant date fair value | $ 18.64 | |||||||||||||
Granted shares | 968,005 | |||||||||||||
Time-Vesting Restricted Shares [Member] | Other 2015 Omnibus Incentive Plan Awards [Member] | Interim Chief Executive Officer [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Weighted average grant date fair value | $ 16.50 | |||||||||||||
Granted shares | 100,000 | |||||||||||||
Vesting period, description | The earlier of the start date of a new Chief Executive Officer or June 30, 2015. | |||||||||||||
Time-Vesting Restricted Shares [Member] | Other 2015 Omnibus Incentive Plan Awards [Member] | Board Members [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Granted shares | 49,284 | |||||||||||||
2.25x Performance Restricted Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Recognized equity compensation expense | $ 0 | $ 0 | $ 0 | |||||||||||
Unrecognized equity compensation cost | 28,000,000 | |||||||||||||
Recognized equity compensation expense | $ 0 | 0 | 0 | |||||||||||
Return on investment | 2.25% | |||||||||||||
Annualized effective compounded return rate | 20.00% | |||||||||||||
Additional future funds to receive | $ 960,000 | |||||||||||||
2.25x Performance Restricted Shares [Member] | Scenario, Forecast [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Unrecognized equity compensation cost | $ 28,000,000 | |||||||||||||
Accumulated dividends on unvested performance restricted shares | $ 3,400,000 | |||||||||||||
2.75x Performance Restricted Shares [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Recognized equity compensation expense | 0 | 0 | 0 | |||||||||||
Unrecognized equity compensation cost | 15,000,000 | |||||||||||||
Recognized equity compensation expense | $ 0 | $ 0 | $ 0 | |||||||||||
Return on investment | 2.75% | |||||||||||||
Annualized effective compounded return rate | 15.00% | |||||||||||||
Additional future funds to receive | $ 428,000,000 | |||||||||||||
TVUs [Member] | Units Surrendered for Shares Plan [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% | |||||||||||||
TVUs [Member] | Pre-IPO Incentive Plan and 2013 Grant [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 5 years | |||||||||||||
Vesting percentage, per year | 20.00% | |||||||||||||
Performance Restricted Shares [Member] | Equity Plan Modifications [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Modified shares | 940,000 | |||||||||||||
Performance Restricted Shares [Member] | Modification Fair Value Assumptions [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Fair value assumptions, dividend yield | 0.00% | |||||||||||||
Performance Restricted Shares [Member] | Modification Fair Value Assumptions [Member] | Minimum [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Fair value assumptions, holding period | 9 months | |||||||||||||
Fair value assumptions, risk free rate | 0.33% | |||||||||||||
Fair value assumptions, volatility | 33.00% | |||||||||||||
Performance Restricted Shares [Member] | Modification Fair Value Assumptions [Member] | Maximum [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% |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding, Ending Balance | 4,228,032 |
Time-Vesting Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 164,545 |
Shares, Granted | 968,005 |
Shares, Vested | (171,495) |
Shares, Forfeited | (77,785) |
Shares, Outstanding, Ending Balance | 883,270 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ / shares | $ 11.68 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | 18.64 |
Weighted Average Grant Date Fair Value per Share, Vested | $ / shares | 14.28 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 13.77 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 18.66 |
Bonus Performance Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Granted | 464,896 |
Shares, Forfeited | (48,901) |
Shares, Outstanding, Ending Balance | 415,995 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | $ 18.99 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 18.96 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 19 |
Long-Term Incentive Performance Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Granted | 79,279 |
Shares, Forfeited | (16,914) |
Shares, Outstanding, Ending Balance | 62,365 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | $ 18.90 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 18.96 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 18.88 |
2.25x Performance Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 1,451,453 |
Shares, Forfeited | (80,632) |
Shares, Outstanding, Ending Balance | 1,370,821 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ / shares | $ 20.96 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 22.90 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 20.35 |
2.75x Performance Restricted Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 1,451,453 |
Shares, Forfeited | (80,632) |
Shares, Outstanding, Ending Balance | 1,370,821 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ / shares | $ 12.61 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 15.76 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 10.93 |
Equity-Based Compensation - S85
Equity-Based Compensation - Schedule of Activity Related to Stock Option Awards (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, granted | shares | 2,411,415 |
Options, Forfeited | shares | (137,030) |
Options, Outstanding, Ending Balance | shares | 2,274,385 |
Options, Exercisable at December 31, 2015 | shares | 0 |
Weighted Average Exercise Price, Granted | $ / shares | $ 19.20 |
Weighted Average Exercise Price, Forfeited | $ / shares | 18.96 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares | 19.21 |
Weighted Average Exercise Price, Exercisable at December 31, 2015 | $ / shares | $ 0 |
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2015 | 9 years 3 months 22 days |
Aggregate Intrinsic Value, Outstanding at December 31, 2015 | $ | $ 1,436 |
Aggregate Intrinsic Value, Exercisable at December 31, 2015 | $ | $ 0 |
Equity-Based Compensation - S86
Equity-Based Compensation - Schedule of Key Weighted-average Assumptions Utilized in Black-Scholes Option Pricing Model for Stock Options Granted (Detail) - Employee Stock Option | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 1.66% |
Expected volatility | 36.71% |
Expected dividend yield | 4.37% |
Expected life (in years) | 6 years 3 months |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | Feb. 22, 2016$ / shares | Jan. 22, 2016USD ($) | Jan. 05, 2016$ / shares | Oct. 06, 2015USD ($) | Sep. 16, 2015$ / shares | Jul. 01, 2015USD ($) | Jun. 10, 2015$ / shares | Apr. 01, 2015USD ($) | Mar. 03, 2015$ / shares | Jan. 22, 2015USD ($) | Jan. 05, 2015$ / shares | Apr. 09, 2014shares | Jan. 03, 2014USD ($) | Dec. 17, 2013shares | Oct. 01, 2013USD ($) | Jul. 01, 2013USD ($) | Apr. 24, 2013USD ($)$ / sharesshares | Apr. 08, 2013 | Dec. 31, 2015USD ($)$ / sharesshares | Jan. 31, 2015USD ($) | Apr. 30, 2014shares | Dec. 31, 2013USD ($)shares | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Aug. 12, 2014USD ($) | Apr. 18, 2013$ / shares |
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Common stock, shares issued | shares | 90,320,374 | 90,320,374 | 90,191,100 | |||||||||||||||||||||||||
Unvested shares of common stock | shares | 4,228,032 | 4,228,032 | ||||||||||||||||||||||||||
Treasury stock, shares | shares | 6,519,773 | 6,519,773 | 4,105,970 | |||||||||||||||||||||||||
Cash dividends declared per share | $ / shares | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.84 | $ 0.62 | $ 0.60 | |||||||||||||||||||||
Cash dividends record date | Sep. 29, 2015 | Jun. 22, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | ||||||||||||||||||||||||
Cash dividends payable date | Oct. 6, 2015 | Jul. 1, 2015 | Apr. 1, 2015 | Jan. 22, 2015 | ||||||||||||||||||||||||
Dividends payable | $ 430,000 | $ 17,939,000 | $ 430,000 | $ 172,000 | $ 17,939,000 | |||||||||||||||||||||||
Dividends paid to stockholders | $ 72,318,000 | $ 72,113,000 | 36,175,000 | |||||||||||||||||||||||||
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 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. | |||||||||||||||||||||||||||
Stock split conversion ratio | 8 | |||||||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||
Common stock, shares authorized | shares | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||||||||||
Preferred stock, shares authorized | shares | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||||||||||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||||||||
Net proceeds received from offering | 245,441,000 | |||||||||||||||||||||||||||
Secondary offering costs | $ 0 | $ 747,000 | $ 1,407,000 | |||||||||||||||||||||||||
Shares repurchased | shares | 2,413,803 | 2,605,970 | 1,500,000 | |||||||||||||||||||||||||
Share Repurchase Program, authorized amount | $ 250,000,000 | |||||||||||||||||||||||||||
Stock repurchased during period under Share Repurchase Program, average price per share | $ / shares | $ 18.62 | $ 17.50 | ||||||||||||||||||||||||||
Stock repurchased during period, total cost | $ 45,000,000 | $ 65,708,000 | $ 44,163,000 | |||||||||||||||||||||||||
Repurchase of common stock | $ 30,000,000 | $ 5,650,000 | 50,650,000 | 60,058,000 | $ 44,163,000 | |||||||||||||||||||||||
Share Repurchase Program, remaining authorized repurchase amount | 190,000,000 | 190,000,000 | ||||||||||||||||||||||||||
Treasury stock at cost | 154,871,000 | 154,871,000 | $ 109,871,000 | |||||||||||||||||||||||||
Share Repurchase Program [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Shares repurchased | shares | 855,970 | |||||||||||||||||||||||||||
Stock repurchased during period, total cost | $ 15,000,000 | |||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | $ 4,095,000 | $ 4,095,000 | $ 4,095,000 | $ 7,849,000 | $ 11,749,000 | $ 11,749,000 | |||||||||||||||||||||
Termination fee paid | $ 46,300,000 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||
Senior Notes [Member] | On or After December 1, 2014 [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Redemption price for Senior Notes Percentage | 111.00% | |||||||||||||||||||||||||||
Initial Public Offering [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Shares of common stock issued through initial public offering, shares | shares | 10,000,000 | |||||||||||||||||||||||||||
Shares offered and sold by the selling stockholders | shares | 19,900,000 | |||||||||||||||||||||||||||
Offering price per share | $ / shares | $ 27 | $ 27 | ||||||||||||||||||||||||||
Net proceeds received from offering | $ 245,400,000 | |||||||||||||||||||||||||||
Initial Public Offering [Member] | Blackstone and Affiliates [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Termination fee paid | 46,300,000 | |||||||||||||||||||||||||||
Initial Public Offering [Member] | Senior Notes [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Net proceeds received used to redeem 11% Senior Notes | 140,000,000 | |||||||||||||||||||||||||||
Initial Public Offering [Member] | Term B Loan [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Net proceeds from offering | $ 37,000,000 | |||||||||||||||||||||||||||
Underwriters Over-Allotment Option [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Shares offered and sold by the selling stockholders | shares | 2,250,000 | 3,900,000 | ||||||||||||||||||||||||||
Secondary Offering [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Common stock, shares issued | shares | 0 | 0 | ||||||||||||||||||||||||||
Shares offered and sold by the selling stockholders | shares | 17,250,000 | 18,000,000 | ||||||||||||||||||||||||||
Shares repurchased | shares | 1,750,000 | 1,500,000 | ||||||||||||||||||||||||||
2.25x Performance Restricted Shares [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Unvested shares of common stock | shares | 1,370,821 | 1,370,821 | 1,451,453 | |||||||||||||||||||||||||
Dividends payable on unvested restricted performance shares not probable of vesting | $ 2,820,000 | |||||||||||||||||||||||||||
2.25x Performance Restricted Shares [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Accumulated dividends on unvested performance restricted shares | $ 3,400,000 | |||||||||||||||||||||||||||
2.75x Performance Restricted Shares [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Unvested shares of common stock | shares | 1,370,821 | 1,370,821 | 1,451,453 | |||||||||||||||||||||||||
Dividends payable on unvested restricted performance shares not probable of vesting | $ 2,820,000 | |||||||||||||||||||||||||||
Subsequent Events [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Cash dividends declared per share | $ / shares | $ 0.21 | $ 0.21 | ||||||||||||||||||||||||||
Cash dividends declared date | Feb. 22, 2016 | Jan. 5, 2016 | ||||||||||||||||||||||||||
Cash dividends record date | Mar. 14, 2016 | Jan. 15, 2016 | ||||||||||||||||||||||||||
Cash dividends payable date | Apr. 1, 2016 | Jan. 22, 2016 | ||||||||||||||||||||||||||
Subsequent Events [Member] | Blackstone and Affiliates [Member] | ||||||||||||||||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail) - $ / shares | Sep. 16, 2015 | Jun. 10, 2015 | Mar. 03, 2015 | Jan. 05, 2015 | Sep. 30, 2014 | May. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Sep. 29, 2015 | Jun. 22, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | |||||||||
Cash dividends payable date | Oct. 6, 2015 | Jul. 1, 2015 | Apr. 1, 2015 | Jan. 22, 2015 | |||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.84 | $ 0.62 | $ 0.60 | ||||||
Q4 2014 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Jan. 13, 2015 | ||||||||||||
Cash dividends payable date | Jan. 22, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Q1 2015 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Mar. 13, 2015 | ||||||||||||
Cash dividends payable date | Apr. 1, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Q2 2015 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Jun. 22, 2015 | ||||||||||||
Cash dividends payable date | Jul. 1, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Q3 2015 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Sep. 29, 2015 | ||||||||||||
Cash dividends payable date | Oct. 6, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Q1 2014 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Mar. 20, 2014 | Mar. 20, 2014 | |||||||||||
Cash dividends payable date | Apr. 1, 2014 | Apr. 1, 2014 | |||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||
Q2 2014 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Jun. 20, 2014 | Jun. 20, 2014 | |||||||||||
Cash dividends payable date | Jul. 1, 2014 | Jul. 1, 2014 | |||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||
Q3 2014 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Sep. 29, 2014 | Sep. 29, 2014 | |||||||||||
Cash dividends payable date | Oct. 6, 2014 | Oct. 6, 2014 | |||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||
Q2 2013 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Jun. 20, 2013 | Jun. 20, 2013 | |||||||||||
Cash dividends payable date | Jul. 1, 2013 | Jul. 1, 2013 | |||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||
Q3 2013 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Sep. 20, 2013 | Sep. 20, 2013 | |||||||||||
Cash dividends payable date | Oct. 1, 2013 | Oct. 1, 2013 | |||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||
Q4 2013 Declaration [Member] | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cash dividends record date | Dec. 20, 2013 | Dec. 20, 2013 | |||||||||||
Cash dividends payable date | Jan. 3, 2014 | Jan. 3, 2014 | |||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 |
Summary Quarterly Financial D89
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | Jun. 30, 2015 | [2] | Mar. 31, 2015 | Dec. 31, 2014 | [3] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Total revenues | $ 267,857 | $ 496,939 | $ 391,616 | $ 214,592 | $ 264,537 | $ 495,834 | $ 405,151 | $ 212,290 | $ 1,371,004 | $ 1,377,812 | $ 1,460,250 | |||
Operating (loss) income | (6,975) | 170,860 | 45,750 | (50,199) | (22,497) | 161,915 | 80,587 | (59,408) | 159,436 | 160,597 | 197,873 | |||
Net (loss) income | $ (11,028) | $ 97,950 | $ 5,809 | $ (43,598) | $ (25,446) | $ 87,176 | $ 37,406 | $ (49,217) | $ 49,133 | $ 49,919 | $ 51,920 | |||
(Loss) earnings per share: | ||||||||||||||
Net (loss) income per share, basic | $ (0.13) | $ 1.14 | $ 0.07 | $ (0.51) | $ (0.29) | $ 1.01 | $ 0.43 | $ (0.56) | $ 0.57 | $ 0.57 | $ 0.59 | |||
Net (loss) income per share, diluted | $ (0.13) | $ 1.14 | $ 0.07 | $ (0.51) | $ (0.29) | $ 1 | $ 0.43 | $ (0.56) | $ 0.57 | $ 0.57 | $ 0.59 | |||
[1] | During the fourth quarter of 2015, the Company recorded $2,001 in restructuring and other related costs primarily related to severance costs for certain positions which were eliminated as part of a cost savings initiative. See Note 4–Restructuring Program and Separation Costs for further details. | |||||||||||||
[2] | During the second quarter of 2015, the Company recorded $20,348 in loss on early extinguishment of debt and write-off of discounts and debt issuance costs related to the early redemption of $260,000 of its Senior Notes. See Note 11–Long-Term Debt for further details. | |||||||||||||
[3] | 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 $2,574 in separation costs representing costs incurred pursuant to the previously announced separation of the Company’s Former Chief Executive Officer and President on January 15, 2015. See Note 4–Restructuring Program and Separation Costs for further details. |
Summary Quarterly Financial D90
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | $ 20,348 | $ 20,905 | $ 461 | $ 29,858 | ||
Long-term debt | $ 260,000 | |||||
Severance costs | $ 2,001 | 2,001 | ||||
Restructuring and other related costs incurred | $ 10,371 | |||||
Separation costs | $ 2,574 | $ 0 | $ 2,574 | $ 0 |
Summary Quarterly Financial D91
Summary Quarterly Financial Data - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Business | |
Quarterly Financial Information Disclosure [Abstract] | |
Number of theme parks opened for a portion of the year | 6 |
Schedule I - Condensed Balance
Schedule I - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ||||
Total current assets | $ 109,057 | $ 142,204 | ||
Total assets | 2,391,134 | 2,422,471 | ||
Current liabilities: | ||||
Dividends payable | 430 | 172 | $ 17,939 | |
Other accrued expenses | 11,143 | 20,149 | ||
Total current liabilities | 229,314 | 221,085 | ||
Total liabilities | $ 1,887,014 | $ 1,842,936 | ||
Commitments and contingencies | ||||
Stockholders’ Equity: | ||||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2015 and 2014 | ||||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 90,320,374 and 90,191,100 shares issued at December 31, 2015 and 2014, respectively | $ 903 | $ 902 | ||
Additional paid-in capital | 624,765 | 655,471 | ||
Retained earnings | 46,460 | 33,516 | ||
Treasury stock, at cost (6,519,773 and 4,105,970 shares at December 31, 2015 and 2014, respectively) | (154,871) | (109,871) | ||
Total stockholders’ equity | 504,120 | 579,535 | 648,027 | $ 442,301 |
Total liabilities and stockholders’ equity | 2,391,134 | 2,422,471 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash | 430 | 5,858 | ||
Total current assets | 430 | 5,858 | ||
Investment in wholly owned subsidiary | 517,257 | 580,018 | ||
Total assets | 517,687 | 585,876 | ||
Current liabilities: | ||||
Dividends payable | 430 | 172 | $ 17,939 | |
Other accrued expenses | 5,686 | |||
Total current liabilities | 430 | 5,858 | ||
Total liabilities | $ 430 | $ 5,858 | ||
Commitments and contingencies | ||||
Stockholders’ Equity: | ||||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2015 and 2014 | ||||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 90,320,374 and 90,191,100 shares issued at December 31, 2015 and 2014, respectively | $ 903 | $ 902 | ||
Additional paid-in capital | 624,765 | 655,471 | ||
Retained earnings | 46,460 | 33,516 | ||
Treasury stock, at cost (6,519,773 and 4,105,970 shares at December 31, 2015 and 2014, respectively) | (154,871) | (109,871) | ||
Total stockholders’ equity | 517,257 | 580,018 | ||
Total liabilities and stockholders’ equity | $ 517,687 | $ 585,876 |
Schedule I - Condensed Balanc93
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
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 | 90,320,374 | 90,191,100 |
Treasury stock, shares | 6,519,773 | 4,105,970 |
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 | 90,320,374 | 90,191,100 |
Treasury stock, shares | 6,519,773 | 4,105,970 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | Jun. 30, 2015 | [2] | Mar. 31, 2015 | Dec. 31, 2014 | [3] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net income | $ (11,028) | $ 97,950 | $ 5,809 | $ (43,598) | $ (25,446) | $ 87,176 | $ 37,406 | $ (49,217) | $ 49,133 | $ 49,919 | $ 51,920 | |||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Equity in net income of subsidiary | 49,133 | 49,919 | 51,920 | |||||||||||
Net income | 49,133 | 49,919 | 51,920 | |||||||||||
Comprehensive income | $ 49,133 | $ 49,919 | $ 51,920 | |||||||||||
[1] | During the fourth quarter of 2015, the Company recorded $2,001 in restructuring and other related costs primarily related to severance costs for certain positions which were eliminated as part of a cost savings initiative. See Note 4–Restructuring Program and Separation Costs for further details. | |||||||||||||
[2] | During the second quarter of 2015, the Company recorded $20,348 in loss on early extinguishment of debt and write-off of discounts and debt issuance costs related to the early redemption of $260,000 of its Senior Notes. See Note 11–Long-Term Debt for further details. | |||||||||||||
[3] | 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 $2,574 in separation costs representing costs incurred pursuant to the previously announced separation of the Company’s Former Chief Executive Officer and President on January 15, 2015. See Note 4–Restructuring Program and Separation Costs for further details. |
Schedule I - Condensed Statem95
Schedule I - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | [2] | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Cash Flows From Operating Activities: | ||||||||||||||||
Net income | $ (11,028) | [1] | $ 97,950 | $ 5,809 | $ (43,598) | $ (25,446) | [3] | $ 87,176 | $ 37,406 | $ (49,217) | $ 49,133 | $ 49,919 | $ 51,920 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Net cash provided by operating activities | 286,274 | 261,532 | 286,461 | |||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Net cash used in investing activities | (157,377) | (156,546) | (166,376) | |||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Proceeds from issuance of common stock, net of underwriter commissions | 253,800 | |||||||||||||||
Purchase of treasury stock | $ (30,000) | $ (5,650) | (50,650) | (60,058) | (44,163) | |||||||||||
Dividend paid to common stockholders | (72,318) | (72,113) | (36,175) | |||||||||||||
Offering costs | (4,694) | |||||||||||||||
Net cash used in financing activities | (153,832) | (177,921) | (48,919) | |||||||||||||
Change in Cash and Cash Equivalents | (24,935) | (72,935) | 71,166 | |||||||||||||
Cash and Cash Equivalents—Beginning of period | 43,906 | 43,906 | 116,841 | 45,675 | ||||||||||||
Cash and Cash Equivalents—End of period | 18,971 | 18,971 | 43,906 | 18,971 | 43,906 | 116,841 | ||||||||||
Supplemental Disclosures of Noncash Investing and Financing Activities | ||||||||||||||||
Dividends declared, but unpaid | 430 | 430 | 172 | 430 | 172 | 17,939 | ||||||||||
Treasury stock purchases settled in January 2015 | 5,650 | 5,650 | 5,650 | |||||||||||||
Parent Company [Member] | ||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||
Net income | 49,133 | 49,919 | 51,920 | |||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
Equity in net income of subsidiary | (49,133) | (49,919) | (51,920) | |||||||||||||
Dividend received from subsidiary-return on capital (net of forfeitures) | 36,196 | 36,056 | 18,072 | |||||||||||||
Net cash provided by operating activities | 36,196 | 36,056 | 18,072 | |||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Capital contributed to subsidiary | (249,106) | |||||||||||||||
Restricted payment from subsidiary | 45,000 | 65,708 | 44,163 | |||||||||||||
Dividend received from subsidiary-return of capital (net of forfeitures) | 36,381 | 36,056 | 18,072 | |||||||||||||
Net cash used in investing activities | 81,381 | 101,764 | (186,871) | |||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Proceeds from issuance of common stock, net of underwriter commissions | 253,800 | |||||||||||||||
Purchase of treasury stock | (5,650) | (50,650) | (60,058) | (44,163) | ||||||||||||
Dividend paid to common stockholders | (72,318) | (72,113) | (36,175) | |||||||||||||
Offering costs | (4,694) | |||||||||||||||
(Payment) receipt of cash for tax withholdings on equity-based compensation | (37) | 37 | ||||||||||||||
Net cash used in financing activities | (123,005) | (132,134) | 168,768 | |||||||||||||
Change in Cash and Cash Equivalents | (5,428) | 5,686 | (31) | |||||||||||||
Cash and Cash Equivalents—Beginning of period | $ 5,858 | 5,858 | 172 | 203 | ||||||||||||
Cash and Cash Equivalents—End of period | 430 | 430 | 5,858 | 430 | 5,858 | 172 | ||||||||||
Supplemental Disclosures of Noncash Investing and Financing Activities | ||||||||||||||||
Dividends declared, but unpaid | $ 430 | $ 430 | 172 | $ 430 | 172 | $ 17,939 | ||||||||||
Treasury stock purchases settled in January 2015 | $ 5,650 | $ 5,650 | ||||||||||||||
[1] | During the fourth quarter of 2015, the Company recorded $2,001 in restructuring and other related costs primarily related to severance costs for certain positions which were eliminated as part of a cost savings initiative. See Note 4–Restructuring Program and Separation Costs for further details. | |||||||||||||||
[2] | During the second quarter of 2015, the Company recorded $20,348 in loss on early extinguishment of debt and write-off of discounts and debt issuance costs related to the early redemption of $260,000 of its Senior Notes. See Note 11–Long-Term Debt for further details. | |||||||||||||||
[3] | 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 $2,574 in separation costs representing costs incurred pursuant to the previously announced separation of the Company’s Former Chief Executive Officer and President on January 15, 2015. See Note 4–Restructuring Program and Separation Costs for further details. |
Schedule I - Description of Sea
Schedule I - Description of Seaworld Entertainment, Inc. - Additional Information (Detail) | Dec. 31, 2015PartnershipBusiness | Dec. 31, 2014Business | Oct. 02, 2009Partnership |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Number of limited partnerships which owned the Company | Partnership | 10 | 10 | |
Number of theme parks owned and operated | Business | 11 | 11 |
Schedule I - Guarantees - Addit
Schedule I - Guarantees - Additional Information (Detail) | Dec. 31, 2015 |
Guarantor Obligations [Line Items] | |
Percentage of common stock outstanding by partnership | 22.20% |
SeaWorld Parks & Entertainment, Inc (SEA) [Member] | Senior Secured Credit Facilities [Member] | |
Guarantor Obligations [Line Items] | |
Percentage of common stock outstanding by partnership | 100.00% |
Schedule I - Dividends from Sub
Schedule I - Dividends from Subsidiaries - Schedule of SEA Paid a Cash Dividend to Parent Related to Dividend Declarations (Detail) - USD ($) $ in Thousands | Sep. 16, 2015 | Jun. 10, 2015 | Mar. 03, 2015 | Jan. 05, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Oct. 6, 2015 | Jul. 1, 2015 | Apr. 1, 2015 | Jan. 22, 2015 | |||
Q4 2014 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jan. 22, 2015 | ||||||
Q1 2015 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Apr. 1, 2015 | ||||||
Q2 2015 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jul. 1, 2015 | ||||||
Q3 2015 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Oct. 6, 2015 | ||||||
Q4 2013 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jan. 3, 2014 | Jan. 3, 2014 | |||||
Q1 2014 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Apr. 1, 2014 | Apr. 1, 2014 | |||||
Q2 2014 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jul. 1, 2014 | Jul. 1, 2014 | |||||
Q3 2014 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Oct. 6, 2014 | Oct. 6, 2014 | |||||
Q2 2013 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jul. 1, 2013 | Jul. 1, 2013 | |||||
Q3 2013 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Oct. 1, 2013 | Oct. 1, 2013 | |||||
Parent Company [Member] | Q4 2014 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jan. 22, 2015 | ||||||
Cash dividends paid | $ 18,112 | ||||||
Parent Company [Member] | Q1 2015 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Apr. 1, 2015 | ||||||
Cash dividends paid | $ 18,204 | ||||||
Parent Company [Member] | Q2 2015 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jul. 1, 2015 | ||||||
Cash dividends paid | $ 18,238 | ||||||
Parent Company [Member] | Q3 2015 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Oct. 6, 2015 | ||||||
Cash dividends paid | $ 18,117 | ||||||
Parent Company [Member] | Q4 2013 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jan. 3, 2014 | Jan. 3, 2014 | |||||
Cash dividends paid | $ 17,767 | ||||||
Parent Company [Member] | Q1 2014 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Apr. 1, 2014 | ||||||
Cash dividends paid | $ 17,766 | ||||||
Parent Company [Member] | Q2 2014 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jul. 1, 2014 | ||||||
Cash dividends paid | $ 18,290 | ||||||
Parent Company [Member] | Q3 2014 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Oct. 6, 2014 | ||||||
Cash dividends paid | $ 18,290 | ||||||
Parent Company [Member] | Q2 2013 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Jul. 1, 2013 | ||||||
Cash dividends paid | $ 18,072 | ||||||
Parent Company [Member] | Q3 2013 Declaration [Member] | |||||||
Dividends Payable [Line Items] | |||||||
Cash dividends payable date | Oct. 1, 2013 | ||||||
Cash dividends paid | $ 18,072 |
Schedule I - Dividends from S99
Schedule I - Dividends from Subsidiaries - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail) - $ / shares | Sep. 16, 2015 | Jun. 10, 2015 | Mar. 03, 2015 | Jan. 05, 2015 | Sep. 30, 2014 | May. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Sep. 29, 2015 | Jun. 22, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | |||||||||
Cash dividends payable date | Oct. 6, 2015 | Jul. 1, 2015 | Apr. 1, 2015 | Jan. 22, 2015 | |||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.84 | $ 0.62 | $ 0.60 | ||||||
Q4 2014 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Jan. 13, 2015 | ||||||||||||
Cash dividends payable date | Jan. 22, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Q1 2015 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Mar. 13, 2015 | ||||||||||||
Cash dividends payable date | Apr. 1, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Q2 2015 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Jun. 22, 2015 | ||||||||||||
Cash dividends payable date | Jul. 1, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Q3 2015 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Sep. 29, 2015 | ||||||||||||
Cash dividends payable date | Oct. 6, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Q1 2014 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Mar. 20, 2014 | Mar. 20, 2014 | |||||||||||
Cash dividends payable date | Apr. 1, 2014 | Apr. 1, 2014 | |||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||
Q2 2014 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Jun. 20, 2014 | Jun. 20, 2014 | |||||||||||
Cash dividends payable date | Jul. 1, 2014 | Jul. 1, 2014 | |||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||
Q3 2014 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Sep. 29, 2014 | Sep. 29, 2014 | |||||||||||
Cash dividends payable date | Oct. 6, 2014 | Oct. 6, 2014 | |||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||
Q2 2013 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Jun. 20, 2013 | Jun. 20, 2013 | |||||||||||
Cash dividends payable date | Jul. 1, 2013 | Jul. 1, 2013 | |||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||
Q3 2013 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Sep. 20, 2013 | Sep. 20, 2013 | |||||||||||
Cash dividends payable date | Oct. 1, 2013 | Oct. 1, 2013 | |||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||
Q4 2013 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Dec. 20, 2013 | Dec. 20, 2013 | |||||||||||
Cash dividends payable date | Jan. 3, 2014 | Jan. 3, 2014 | |||||||||||
Cash dividends declared per share | $ 0.20 | $ 0.20 | |||||||||||
Parent Company [Member] | Q4 2014 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Jan. 13, 2015 | ||||||||||||
Cash dividends payable date | Jan. 22, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Parent Company [Member] | Q1 2015 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Mar. 13, 2015 | ||||||||||||
Cash dividends payable date | Apr. 1, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Parent Company [Member] | Q2 2015 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Jun. 22, 2015 | ||||||||||||
Cash dividends payable date | Jul. 1, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Parent Company [Member] | Q3 2015 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Sep. 29, 2015 | ||||||||||||
Cash dividends payable date | Oct. 6, 2015 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Parent Company [Member] | Q1 2014 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Mar. 20, 2014 | ||||||||||||
Cash dividends payable date | Apr. 1, 2014 | ||||||||||||
Cash dividends declared per share | $ 0.20 | ||||||||||||
Parent Company [Member] | Q2 2014 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Jun. 20, 2014 | ||||||||||||
Cash dividends payable date | Jul. 1, 2014 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Parent Company [Member] | Q3 2014 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Sep. 29, 2014 | ||||||||||||
Cash dividends payable date | Oct. 6, 2014 | ||||||||||||
Cash dividends declared per share | $ 0.21 | ||||||||||||
Parent Company [Member] | Q2 2013 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Jun. 20, 2013 | ||||||||||||
Cash dividends payable date | Jul. 1, 2013 | ||||||||||||
Cash dividends declared per share | $ 0.20 | ||||||||||||
Parent Company [Member] | Q3 2013 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Sep. 20, 2013 | ||||||||||||
Cash dividends payable date | Oct. 1, 2013 | ||||||||||||
Cash dividends declared per share | $ 0.20 | ||||||||||||
Parent Company [Member] | Q4 2013 Declaration [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Cash dividends record date | Dec. 20, 2013 | ||||||||||||
Cash dividends payable date | Jan. 3, 2014 | Jan. 3, 2014 | |||||||||||
Cash dividends declared per share | $ 0.20 |
Schedule I - Dividends from 100
Schedule I - Dividends from Subsidiaries - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 22, 2016 | Jan. 05, 2016 | Sep. 16, 2015 | Jun. 10, 2015 | Mar. 03, 2015 | Jan. 05, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Dividends Payable [Line Items] | |||||||||
Dividends payable | $ 430 | $ 172 | $ 17,939 | ||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.84 | $ 0.62 | $ 0.60 | ||
Cash dividends record date | Sep. 29, 2015 | Jun. 22, 2015 | Mar. 13, 2015 | Jan. 13, 2015 | |||||
Cash dividends payable date | Oct. 6, 2015 | Jul. 1, 2015 | Apr. 1, 2015 | Jan. 22, 2015 | |||||
Subsequent Events [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||
Cash dividends record date | Mar. 14, 2016 | Jan. 15, 2016 | |||||||
Cash dividends payable date | Apr. 1, 2016 | Jan. 22, 2016 | |||||||
Parent Company [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Dividends payable | $ 430 | $ 172 | $ 17,939 | ||||||
Parent Company [Member] | Subsequent Events [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Dividends payable | $ 18,600 | ||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||
Cash dividends record date | Mar. 14, 2016 | Jan. 15, 2016 | |||||||
Cash dividends payable date | Apr. 1, 2016 | Jan. 22, 2016 | |||||||
Parent Company [Member] | Subsequent Events [Member] | Maximum [Member] | |||||||||
Dividends Payable [Line Items] | |||||||||
Dividends payable | $ 17,787 |
Schedule I - Stockholders' Equi
Schedule I - Stockholders' Equity - Additional Information (Detail) | Apr. 09, 2014shares | Dec. 17, 2013shares | Apr. 24, 2013USD ($)$ / sharesshares | Apr. 08, 2013 | Dec. 31, 2015USD ($)$ / sharesshares | Jan. 31, 2015USD ($) | Apr. 30, 2014shares | Dec. 31, 2013shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares | Aug. 12, 2014USD ($) | Apr. 19, 2013shares | Apr. 18, 2013$ / shares |
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 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. | |||||||||||||
Stock split conversion ratio | 8 | |||||||||||||
Common stock, par value | $ / shares | $ 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 | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Net proceeds received from offering | $ | $ 245,441,000 | |||||||||||||
Common stock, shares issued | 90,320,374 | 90,320,374 | 90,191,100 | |||||||||||
Treasury stock, shares | 6,519,773 | 6,519,773 | 4,105,970 | |||||||||||
Share Repurchase Program, authorized amount | $ | $ 250,000,000 | |||||||||||||
Repurchase of treasury stock, Shares | 2,413,803 | 2,605,970 | 1,500,000 | |||||||||||
Stock repurchased during period under Share Repurchase Program, average price per share | $ / shares | $ 18.62 | $ 17.50 | ||||||||||||
Repurchase of common stock | $ | $ 30,000,000 | $ 5,650,000 | $ 50,650,000 | $ 60,058,000 | $ 44,163,000 | |||||||||
Stock repurchased during period, total cost | $ | 45,000,000 | 65,708,000 | 44,163,000 | |||||||||||
Share Repurchase Program, remaining authorized repurchase amount | $ | 190,000,000 | 190,000,000 | ||||||||||||
Treasury stock at cost | $ | $ 154,871,000 | $ 154,871,000 | $ 109,871,000 | |||||||||||
Initial Public Offering [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs, shares | 10,000,000 | |||||||||||||
Shares offered and sold by the selling stockholders | 19,900,000 | |||||||||||||
Offering price per share | $ / shares | $ 27 | $ 27 | ||||||||||||
Net proceeds received from offering | $ | $ 245,400,000 | |||||||||||||
Underwriters Over-Allotment Option [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares offered and sold by the selling stockholders | 2,250,000 | 3,900,000 | ||||||||||||
Secondary Offering [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares offered and sold by the selling stockholders | 17,250,000 | 18,000,000 | ||||||||||||
Common stock, shares issued | 0 | 0 | ||||||||||||
Repurchase of treasury stock, Shares | 1,750,000 | 1,500,000 | ||||||||||||
Omnibus Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock reserved for future issuance | 15,000,000 | 15,000,000 | ||||||||||||
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 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. | |||||||||||||
Stock split conversion ratio | 8 | |||||||||||||
Common stock, par value | $ / shares | $ 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 | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Common stock, shares issued | 90,320,374 | 90,320,374 | 90,191,100 | |||||||||||
Treasury stock, shares | 6,519,773 | 6,519,773 | 4,105,970 | |||||||||||
Share Repurchase Program, authorized amount | $ | $ 250,000,000 | |||||||||||||
Repurchase of treasury stock, Shares | 2,413,803 | 855,970 | ||||||||||||
Stock repurchased during period under Share Repurchase Program, average price per share | $ / shares | $ 18.62 | $ 17.50 | ||||||||||||
Repurchase of common stock | $ | $ 5,650,000 | $ 50,650,000 | $ 60,058,000 | 44,163,000 | ||||||||||
Stock repurchased during period, total cost | $ | 45,000,000 | 15,000,000 | ||||||||||||
Share Repurchase Program, remaining authorized repurchase amount | $ | $ 190,000,000 | 190,000,000 | ||||||||||||
Treasury stock at cost | $ | $ 154,871,000 | 154,871,000 | 109,871,000 | |||||||||||
Restricted payments to the parent | $ | (45,000,000) | (65,708,000) | $ (44,163,000) | |||||||||||
Parent Company [Member] | Initial Public Offering [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Issuance of common stock in initial public offering, net of underwriter commissions and offering costs, shares | 10,000,000 | |||||||||||||
Shares offered and sold by the selling stockholders | 19,900,000 | |||||||||||||
Offering price per share | $ / shares | $ 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 stockholders | 2,250,000 | 3,900,000 | ||||||||||||
Parent Company [Member] | Secondary Offering [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares offered and sold by the selling stockholders | 17,250,000 | 18,000,000 | ||||||||||||
Common stock, shares issued | 0 | 0 | ||||||||||||
Treasury stock, shares | 1,750,000 | 1,500,000 | 1,500,000 | |||||||||||
Restricted payments to the parent | $ | $ 45,000,000 | $ 65,708,000 | $ 44,163,000 | |||||||||||
Parent Company [Member] | Omnibus Incentive Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock reserved for future issuance | 15,000,000 |