Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 21, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | 88,835,076 | ||
Entity Public Float | $ 969,166,737 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 68,958 | $ 18,971 |
Accounts receivable, net | 36,726 | 39,538 |
Inventories | 28,684 | 31,213 |
Prepaid expenses and other current assets | 19,324 | 16,360 |
Total current assets | 153,692 | 106,082 |
Property and equipment, at cost | 2,828,446 | 2,748,161 |
Accumulated depreciation | (1,161,631) | (1,029,165) |
Property and equipment, net | 1,666,815 | 1,718,996 |
Goodwill | 335,610 | 335,610 |
Trade names/trademarks, net | 161,264 | 162,726 |
Other intangible assets, net | 18,008 | 21,327 |
Deferred tax assets, net | 22,114 | 23,994 |
Other assets | 21,268 | 19,927 |
Total assets | 2,378,771 | 2,388,662 |
Current liabilities: | ||
Accounts payable | 87,680 | 93,743 |
Current maturities on long-term debt | 51,713 | 31,850 |
Accrued salaries, wages and benefits | 21,010 | 12,330 |
Deferred revenue | 78,891 | 79,818 |
Dividends payable | 908 | 430 |
Other accrued expenses | 23,410 | 11,143 |
Total current liabilities | 263,612 | 229,314 |
Long-term debt, net of debt issuance costs of $9,702 and $13,333 as of December 31, 2016 and 2015, respectively | 1,531,069 | 1,548,893 |
Deferred tax liabilities, net | 70,033 | 65,689 |
Other liabilities | 52,842 | 40,646 |
Total liabilities | 1,917,556 | 1,884,542 |
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, 2016 and 2015 | ||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 91,861,054 and 90,320,374 shares issued at December 31, 2016 and 2015, respectively | 919 | 903 |
Additional paid-in capital | 621,343 | 624,765 |
Accumulated other comprehensive loss | (13,694) | (13,137) |
Retained earnings | 7,518 | 46,460 |
Treasury stock, at cost (6,519,773 shares at December 31, 2016 and 2015) | (154,871) | (154,871) |
Total stockholders’ equity | 461,215 | 504,120 |
Total liabilities and stockholders’ equity | $ 2,378,771 | $ 2,388,662 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Debt issuance costs | $ 9,702 | $ 13,333 |
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 | 91,861,054 | 90,320,374 |
Treasury stock, shares | 6,519,773 | 6,519,773 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues: | |||
Admissions | $ 817,793 | $ 846,922 | $ 859,426 |
Food, merchandise and other | 526,499 | 524,082 | 518,386 |
Total revenues | 1,344,292 | 1,371,004 | 1,377,812 |
Costs and expenses: | |||
Cost of food, merchandise and other revenues | 100,643 | 103,980 | 109,024 |
Operating expenses (exclusive of depreciation and amortization shown separately below and includes equity compensation of $11,033 and $863 for the years ended December 31, 2016 and 2015, respectively) | 736,842 | 708,745 | 727,659 |
Selling, general and administrative (includes equity compensation of $26,482, $5,664 and $2,349 for the years ended December 31, 2016, 2015 and 2014, respectively) | 238,557 | 214,072 | 189,369 |
Restructuring and other related costs | 9,016 | 2,268 | 11,567 |
Separation costs | 2,574 | ||
Secondary offering costs | 747 | ||
Depreciation and amortization | 199,649 | 182,503 | 176,275 |
Total costs and expenses | 1,284,707 | 1,211,568 | 1,217,215 |
Operating income | 59,585 | 159,436 | 160,597 |
Other expense (income), net | 125 | 129 | (198) |
Interest expense | 62,661 | 65,571 | 81,543 |
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | 20,905 | 461 | |
(Loss) income before income taxes | (3,201) | 72,831 | 78,791 |
Provision for income taxes | 9,330 | 23,698 | 28,872 |
Net (loss) income | (12,531) | 49,133 | 49,919 |
Other comprehensive (loss) income: | |||
Unrealized loss on derivatives, net of tax | (557) | (12,654) | (494) |
Comprehensive (loss) income | $ (13,088) | $ 36,479 | $ 49,425 |
(Loss) earnings per share: | |||
Net (loss) income per share, basic | $ (0.15) | $ 0.57 | $ 0.57 |
Net (loss) income per share, diluted | $ (0.15) | $ 0.57 | $ 0.57 |
Weighted average common shares outstanding: | |||
Basic | 84,925 | 85,860 | 87,183 |
Diluted | 84,925 | 85,981 | 87,480 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity-based compensation expense | $ 37,515 | $ 6,527 | $ 2,349 |
Operating Expense [Member] | |||
Equity-based compensation expense | 11,033 | 863 | |
Selling, General and Administrative Expenses [Member] | |||
Equity-based compensation expense | $ 26,482 | $ 5,664 | $ 2,349 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock, at Cost [Member] |
Beginning Balance at Dec. 31, 2013 | $ 648,027 | $ 899 | $ 689,394 | $ 1,886 | $ 11 | $ (44,163) |
Beginning Balance, shares at Dec. 31, 2013 | 89,900,453 | |||||
Equity-based compensation | 2,349 | 2,349 | ||||
Unrealized 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 (loss) 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 | |||||
Equity-based compensation | 6,527 | 6,527 | ||||
Unrealized 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 (loss) 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 | ||||
Equity-based compensation | $ 37,515 | 37,515 | ||||
Unrealized loss on derivatives, net of tax | (557) | (557) | ||||
Vesting of restricted shares | $ 16 | (16) | ||||
Vesting of restricted shares, shares | 1,625,529 | |||||
Shares withheld for tax withholdings | (1,629) | (1,629) | ||||
Shares withheld for tax withholdings, shares | (89,180) | |||||
Exercise of stock options | $ 82 | 82 | ||||
Exercise of stock options, shares | 4,331 | 4,331 | ||||
Accumulated cash dividends related to performance shares which vested during the period | $ (3,400) | (3,400) | ||||
Cash dividends declared to stockholders, net of forfeitures | (62,385) | (35,974) | (26,411) | |||
Net (loss) income | (12,531) | (12,531) | ||||
Ending Balance at Dec. 31, 2016 | $ 461,215 | $ 919 | $ 621,343 | $ 7,518 | $ (13,694) | $ (154,871) |
Ending Balance, shares at Dec. 31, 2016 | 91,861,054 | 91,861,054 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized loss on derivatives, tax benefit | $ (2,713) | $ (6,115) | |
Cash dividends declared per share | $ 0.73 | $ 0.84 | $ 0.62 |
Repurchase of treasury stock, Shares | 2,413,803 | 2,605,970 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Unrealized loss on derivatives, tax benefit | $ (2,713) | $ (6,115) | $ (286) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Cash Flows From Operating Activities: | |||
Net (loss) income | $ (12,531) | $ 49,133 | $ 49,919 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 199,649 | 182,503 | 176,275 |
Amortization of debt issuance costs and discounts | 5,325 | 6,409 | 9,399 |
Loss on sale or disposal of assets | 9,640 | 6,685 | 5,792 |
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | 20,905 | 461 | |
Loss on derivatives | 1 | 287 | |
Deferred income tax provision | 8,937 | 23,246 | 28,000 |
Equity-based compensation | 37,515 | 6,527 | 2,349 |
Changes in assets and liabilities: | |||
Accounts receivable | 2,110 | (3,622) | 6,256 |
Inventories | 2,503 | 1,234 | 2,709 |
Prepaid expenses and other current assets | (3,196) | 835 | (1,276) |
Accounts payable | 3,600 | 2,523 | (8,791) |
Accrued salaries, wages and benefits | 8,680 | (6,738) | (4,928) |
Deferred revenue | (1,536) | 943 | (6,089) |
Other accrued expenses | 12,281 | (2,347) | (763) |
Other assets and liabilities | 7,434 | (2,249) | 2,219 |
Net cash provided by operating activities | 280,412 | 286,274 | 261,532 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (160,518) | (157,302) | (154,641) |
Acquisition of intangible assets | (120) | (1,900) | |
Change in restricted cash | 232 | 45 | (5) |
Net cash used in investing activities | (160,286) | (157,377) | (156,546) |
Cash Flows From Financing Activities: | |||
Repayment of long-term debt | (12,637) | (306,150) | (45,537) |
Proceeds from draw on revolving credit facility | 109,351 | 60,000 | 40,000 |
Repayment of revolving credit facility | (100,000) | (45,000) | (40,000) |
Dividends paid to stockholders | (65,306) | (72,318) | (72,113) |
Payment of tax withholdings on equity-based compensation through shares withheld | (1,629) | (843) | (213) |
Exercise of stock options | 82 | ||
Proceeds from the issuance of debt | 280,000 | ||
Debt issuance costs | (4,571) | ||
Redemption premium payment | (14,300) | ||
Purchase of treasury stock | (50,650) | (60,058) | |
Net cash used in financing activities | (70,139) | (153,832) | (177,921) |
Change in Cash and Cash Equivalents | 49,987 | (24,935) | (72,935) |
Cash and Cash Equivalents—Beginning of period | 18,971 | 43,906 | 116,841 |
Cash and Cash Equivalents—End of period | 68,958 | 18,971 | 43,906 |
Supplemental Disclosures of Noncash Investing and Financing Activities | |||
Dividends declared, but unpaid | 908 | 430 | 172 |
Capital expenditures in accounts payable | $ 19,080 | $ 28,743 | 25,730 |
Treasury stock purchases settled in January 2015 | $ 5,650 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2016 | |
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 twelve 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, 2016, the Partnerships own approximately 21.9% 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 Antonio, Texas (Aquatica); San Diego, California (Aquatica); Tampa, Florida (Adventure Island); and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only theme park offering interaction with marine animals in Orlando, Florida (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place). In March 2016, Aquatica San Antonio was 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, 2016, 2015 and 2014 approximately 57%, 57% and 56% 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, 2016 | |
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 2016 presentation, in particular, $2,975 previously included in current deferred tax assets, net, in the accompanying consolidated balance sheet as of December 31, 2015 was reclassified to noncurrent deferred tax assets, net, and deferred tax liabilities, net, in the amounts of $503 and $2,472, respectively. This reclassification is 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 $12,289 and $9,597 at December 31, 2016 and 2015, 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, 2016. Interest bearing accounts are insured up to $250. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions. Accounts Receivable—Net Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance for estimated uncollectible receivables, based on the amount and status of past-due accounts, contractual terms of the receivables and the Company’s history of uncollectible accounts. For all periods presented, the allowance for uncollectible accounts and the related provision were insignificant. Inventories Inventories are stated at the lower of cost or net realizable value. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value. Restricted Cash Restricted cash was $420 and $652 as of December 31, 2016 and 2015, respectively, and is recorded in other current assets in the accompanying consolidated balance sheets. Restricted cash 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, 2016, 2015 and 2014, was $2,686, $2,299 and $2,629, 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 $11,441 and $12,873, as of December 31, 2016 and 2015, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $12,576 and $9,250 as of December 31, 2016 and 2015, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2016, 2015 and 2014 was $3,399, $3,022 and $2,703, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive (loss) 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, 2016, 2015 and 2014. 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 or macroeconomic changes. Such events or changes in the overall business environment could include, but are not limited to, significant negative trends or unanticipated changes in the competitive or macroeconomic 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. Interim Impairment Test —During the third quarter of 2016, which is one of the Company’s largest quarters, due to year to date financial performance through the third quarter, driven primarily by a decline in international attendance along with competitive pressures and an overall softness in the Orlando market, the Company determined a triggering event occurred that required an interim goodwill impairment test for its SeaWorld Orlando reporting unit, which has goodwill recorded of approximately $269,000. The first step in its interim goodwill impairment test was a comparison of the fair value of the reporting unit, determined using the income and market approach, to its carrying value. If the carrying value exceeded 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 results of step one of the interim goodwill impairment test as of September 30, 2016 indicated that the fair value for the reporting unit exceeded its carrying value and as a result, step two of the goodwill impairment test was not required. At December 1, 2016, in accordance with the Company’s annual impairment testing date, another quantitative assessment was performed for this reporting unit and the Company identified no impairments. Given the current macroeconomic environment and the uncertainties regarding the related impact on the reporting unit’s financial performance, there can be no assurance that the estimates and assumptions made for purposes of the goodwill impairment testing will prove to be accurate predictions of the future. If the Company’s assumptions, including its projections of future cash flows and financial performance, as well as the economic outlook for the reporting unit are not achieved, the Company may be required to record goodwill impairment charges in future periods, whether in connection with the Company’s next annual impairment testing, or on an interim basis, if any such change constitutes a triggering event outside of the quarter when the Company regularly performs its annual goodwill impairment test. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material. Annual Impairment Tests —The Company has performed a quantitative assessment of goodwill and other indefinite-lived intangible assets for all of its reporting units at December 1, 2016 and either a qualitative or quantitative assessment at December 1, 2015 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 $28,335 at December 31, 2016, of which $2,685 is recorded in accrued salaries, wages and benefits, $7,191 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 $27,819 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. 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 and are included in long term debt, net, in the accompanying consolidated balance sheets. Share Repurchase Program and Treasury Stock From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at December 31, 2016 and 2015 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, 2016 and 2015, long-term deferred revenue of $509 and $1,820, respectively, is included in other liabilities in the accompanying consolidated balance sheets. As of December 31, 2016, other liabilities also includes $10,000 in deferred revenue related to nonrefundable payment received from a partner in connection with a potential project in the Middle East (the “Middle East Project”) to provide certain services pertaining to the planning and design of the Middle East Project, with funding received expected to offset internal expenses. Approximately $2,800 of costs incurred related to the Middle East Project are recorded in other assets on the accompanying consolidated balance sheet as of December 31, 2016. On November 3, 2016, the definitive documents related to the Middle East Project were finalized and executed by the parties. The Middle East Project is subject to various conditions, including, but not limited to, the parties completing the design development and there is no assurance that the Middle East Project will be completed or advance to the next stages. 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, 2016, 2015 and 2014, approximately $29,000, $18,000 and $17,700, 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 (loss) 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, 2016, 2015 and 2014, totaled approximately $124,600, $106,000 and $110,500, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) 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 2016 and 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 Accounting Standards Codification (“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 twelve 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, 2016 | |
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”). In January 2017, the FASB issued ASU 2017-04, Intangible–Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In November 2016, the FASB issued ASU 2016-18, Restricted Cash–a Consensus of the FASB Emerging Issues Task Force In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. On March 30, 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. 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 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, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net), Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements. |
Restructuring Programs and Sepa
Restructuring Programs and Separation Costs | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Programs and Separation Costs | 4. RESTRUCTURING PROGRAMS AND SEPARATION COSTS Restructuring Programs In December 2016, the Company committed to and implemented a restructuring program in an effort to reduce costs, increase efficiencies, reduce duplication of functions and improve the Company’s operations (the “2016 Restructuring Program”). The 2016 Restructuring Program involved the elimination of approximately 320 positions across all of the Company’s theme parks and corporate headquarters. As a result, the Company recorded $8,904 in pre-tax restructuring and other related costs associated with the 2016 Restructuring Program on the accompanying consolidated statements of comprehensive (loss) income. The Company will not incur any additional costs associated with the 2016 Restructuring Program as all continuing service obligations were completed as of December 31, 2016. The 2016 Restructuring Program activity for the year ended December 31, 2016 was as follows: Severance and Other Employment Expenses Liability as of December 31, 2015 — Costs incurred 8,904 Payments made (1,062 ) Liability as of December 31, 2016 $ 7,842 Separately, in the first quarter of 2016, the Company incurred approximately $112 in severance costs associated with certain positions that were eliminated as a result of cost saving initiatives. These costs are included in restructuring and other related costs for the year ended December 31, 2016 on the accompanying consolidated statements of comprehensive (loss) income. The liability as of December 31, 2016 relates to restructuring and other related costs and is included in accrued salaries, wages and benefits on the accompanying consolidated balance sheet. In the fourth quarter of 2015, as part of a cost savings initiative and ongoing review of departmental structures, certain positions were eliminated. The severance costs related to these positions of $2,001 is included in restructuring and other related costs for the year ended December 31, 2015 on the accompanying consolidated statements of comprehensive (loss) 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. In December 2014, the Company implemented a restructuring program in an effort to centralize certain functions and reduce duplication to increase efficiencies (the “2014 Restructuring Program”). The 2014 Restructuring Program involved the elimination of approximately 300 positions across all of the Company’s theme parks and corporate headquarters. As a result, the Company recorded $11,834 in pre-tax restructuring and other related costs associated with the 2014 Restructuring Program, of which $11,567 was incurred in 2014 and $267 was incurred in 2015 on the accompanying consolidated statements of comprehensive (loss) income. The Company will not incur any additional costs associated with the 2014 Restructuring Program as all continuing service obligations were completed as of June 30, 2015. Costs incurred in 2016, 2015 and 2014 related to the 2014 and 2016 Restructuring Programs 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 2014 Restructuring Program. Separation Costs The Company’s former Chief Executive Officer resigned 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 remained involved with the Company as a member of the Board through April 15, 2016 and remains in a consulting capacity to the Company for a three-year consulting term ending on January 15, 2018. The Company recorded $2,574 as separation costs on the accompanying consolidated statements of comprehensive (loss) income for the year ended December 31, 2014 related to this separation, which was paid in January 2015. Additionally, in connection with the 2014 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. |
(Loss) Earnings per Share
(Loss) Earnings per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings per Share | 5. (LOSS) EARNINGS PER SHARE (Loss) earnings per share is computed as follows (in thousands, except per share data): Year Ended December 31, 2016 2015 2014 Net Loss Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic (loss) earnings per share $ (12,531 ) 84,925 $ (0.15 ) $ 49,133 85,860 $ 0.57 $ 49,919 87,183 $ 0.57 Effect of dilutive incentive-based awards — 121 297 Diluted (loss) earnings per share $ (12,531 ) 84,925 $ (0.15 ) $ 49,133 85,981 $ 0.57 $ 49,919 87,480 $ 0.57 In accordance with the Earnings Per Share Diluted (loss) 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, 2016, there were approximately 4,807,000 potentially dilutive shares of common stock excluded from the computation of diluted loss per share as their effect would have been anti-dilutive due to the Company’s net loss in the period. During the year ended December 31, 2015 and 2014, there were approximately 1,879,000 and 21,000 antidilutive shares of common stock excluded from the computation of diluted earnings per share, respectively. 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 years ended December 31, 2016 and 2015, approximately 13,000 and 19,000, respectively, performance-vesting restricted share awards were included in the calculation of diluted (loss) earnings per share as their performance criteria was met as of December 31, 2016 and 2015. There were no performance-vesting restricted share awards included in the calculation of diluted earnings per share during the year ended December 31, 2014. See further discussion in Note 18–Equity-Based Compensation. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES Inventories as of December 31, 2016 and 2015 consisted of the following: 2016 2015 Merchandise $ 24,438 $ 26,183 Food and beverage 3,956 4,740 Other supplies 290 290 Total inventories $ 28,684 $ 31,213 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 consisted of the following: 2016 2015 Prepaid insurance $ 8,646 $ 8,264 Prepaid marketing and advertising costs 3,202 1,439 Other 7,476 6,657 Total prepaid expenses and other current assets $ 19,324 $ 16,360 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015, consisted of the following: 2016 2015 Land $ 286,200 $ 286,200 Land improvements 316,774 281,612 Buildings 645,013 618,507 Rides, attractions and equipment 1,368,018 1,310,645 Animals 158,199 158,191 Construction in process 54,242 93,006 Less accumulated depreciation (1,161,631 ) (1,029,165 ) Total property and equipment, net $ 1,666,815 $ 1,718,996 Depreciation expense was approximately $191,500, $174,700 and $169,000 for the years ended December 31, 2016, 2015 and 2014, respectively. In January 2016, the Company made a decision to remove deep-water lifting floors from the orca habitats at each of its three SeaWorld theme parks. As a result, during the first quarter of 2016, the Company recorded approximately $33,700 of accelerated depreciation related to the disposal of these lifting floors. These lifting floors are included in rides, attractions and equipment as of December 31, 2015 in the table above. |
Trade Names_Trademarks and Othe
Trade Names/Trademarks and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 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 8,636 4,264 Total trade names/trademarks, net $ 169,900 $ 8,636 $ 161,264 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 Other intangible assets, net at December 31, 2016, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Favorable lease asset 39 years $ 18,200 $ 3,267 $ 14,933 Reseller agreements 8.1 years 22,300 19,487 2,813 Non-compete agreement 5 years 500 358 142 Other intangible assets - indefinite lives 120 — 120 Total other intangible assets, net $ 41,120 $ 23,112 $ 18,008 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 Total amortization was approximately $4,800, $4,800 and $4,600 for the years ended December 31, 2016, 2015 and 2014, 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 2017 $ 4,574 2018 2,235 2019 1,849 2020 467 2021 467 Thereafter 12,560 $ 22,152 |
Other Accrued Expenses
Other Accrued Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Payables And Accruals [Abstract] | |
Other Accrued Expenses | 10. OTHER ACCRUED EXPENSES Other accrued expenses at December 31, 2016 and 2015, consisted of the following: 2016 2015 Accrued property taxes $ 2,193 $ 2,250 Accrued interest 13,631 441 Self-insurance reserve 7,191 6,973 Other 395 1,479 Total other accrued expenses $ 23,410 $ 11,143 As of December 31, 2016, accrued interest above includes $12,904 relating to the Company’s fourth quarter 2016 interest payable on its Term B-2, Term B-3 and Revolving Credit Facility, which was paid on January 3, 2017. See further discussion in Note 11–Long-Term Debt. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 11. LONG-TERM DEBT Long-term debt as of December 31, 2016 and 2015 consisted of the following: 2016 2015 Term B-2 Loans (effective interest rate of 3.26% at December 31, 2016 and 2015) $ 1,327,850 $ 1,338,387 Term B-3 Loans (effective interest rate of 4.33% at December 31, 2016 and 2015) 245,800 247,900 Revolving Credit Facility 24,351 15,000 Total long-term debt 1,598,001 1,601,287 Less discounts (5,517 ) (7,211 ) Less debt issuance costs (9,702 ) (13,333 ) Less current maturities (51,713 ) (31,850 ) Total long-term debt, net $ 1,531,069 $ 1,548,893 SEA is the borrower under the senior secured credit facilities, as amended pursuant to a credit agreement dated as of December 1, 2009, as the same may be amended, restated, supplemented or modified from time to time (the “Senior Secured Credit Facilities”). Also, on December 1, 2009, SEA issued $400,000 aggregate principal amount of unsecured senior notes which were 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 then outstanding 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 (loss) 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 $11,257, $2,638 and $1,324, respectively, at December 31, 2016. Unamortized debt issuance costs and discounts for the Term B-2 Loans, Term B-3 Loans and Revolving Credit Facility were $14,713, $3,448 and $2,383, respectively, at December 31, 2015. As of December 31, 2016, SEA was in compliance with all covenants in the provisions contained in the documents governing the Senior Secured Credit Facilities. Subsequent to December 31, 2016, the Company began exploring a potential refinancing of its existing senior secured credit facilities in order to improve the Company's capital structure by extending maturities and improving certain other terms of its debt. The debt refinancing will be subject to certain customary closing conditions and there can be no assurance that the Company will be successful in completing the refinancing on any particular terms or at all. Senior Secured Credit Facilities As of December 31, 2016, the Senior Secured Credit Facilities consisted of $1,327,850 in Term B-2 Loans and $245,800 in Term B-3 Loans, which, in each case, will mature on May 14, 2020, along with a $192,500 Revolving Credit Facility, of which $24,351 was outstanding as of December 31, 2016. The Term B-2 Loans and Term B-3 Loans balances as of December 31, 2016 include $3,513 and $700 of principal, respectively, which were paid on January 3, 2017. 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 B-2 Loans or Term B-3 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, 2016 and 2015, due to the Company’s intent to repay the borrowings within the next twelve months. Subsequent to December 31, 2016, SEA borrowed an additional $45,600 under the Revolving Credit Facility for general working capital purposes and repaid $20,000. 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 April 7, 2015, 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. 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, 2016, 2015 and 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. During the first quarter of 2017, the Company expects to make a mandatory prepayment of $6,300 based on its excess cash flow calculation as of December 31, 2016, which is included in current maturities on long-term debt on the accompanying consolidated balance sheet as of December 31, 2016. 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, 2016, SEA selected the LIBOR rate (interest rate of 3.25% at December 31, 2016). Term B-3 Loans The Term B-3 Loans were initially borrowed in an aggregate principal amount of $280,000. 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, 2016, SEA selected the LIBOR rate (interest rate of 4.25% at December 31, 2016). 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, which the Company did not achieve as of December 31, 2016. At December 31, 2016, SEA selected the LIBOR rate (interest rate of 3.46% at December 31, 2016). 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, 2016, SEA had approximately $17,200 of outstanding letters of credit and $24,351 outstanding under the Revolving Credit Facility, leaving approximately $150,949 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, 2016, the Company had a $90,000 capacity for restricted payments, calculated as set forth above. Through the fourth quarter of 2016, the Company used approximately $66,000 of its available restricted payments capacity for the 2016 fiscal year. As of December 31, 2016, the Total Leverage Ratio as calculated under the Senior Secured Credit Facilities was 4.61 to 1.00, which results in the Company having a $90,000 capacity for restricted payments in the year ending December 31, 2017. The amount available for 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, 2016, is repayable as follows and does not include the impact of any future voluntary 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, 2016, due to the Company’s intent to repay the borrowings within the next twelve months. Years Ending December 31, 2017 $ 51,713 2018 16,850 2019 16,850 2020 1,512,588 Total $ 1,598,001 Interest Rate Swap Agreements On September 30, 2016, SEA’s four traditional interest rate swap agreements (collectively, the “Interest Rate Swap Agreements”) matured in accordance with their terms. Three of the interest rate swap agreements had a combined notional amount of $1,000,000; required the Company to pay a fixed rate of interest between 1.049% and 1.051% per annum; paid swap counterparties a variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR; and had interest settlement dates occurring on the last day of March, June, September and December through maturity. The fourth traditional interest rate swap was executed in April 2015 to effectively fix the interest rate on $250,000 of the Term B-3 Loans and had a notional amount of $250,000; required the Company to pay a fixed rate of interest of 0.901% per annum; paid swap counterparties a variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR; and had 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 became effective on 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, Senior Notes, Interest Rate Swap Agreements and Forward Swaps, as applicable, was $46,919, $63,726 and $74,933 during the years ended December 31, 2016, 2015 and 2014, respectively. Cash paid for interest during the year ended December 31, 2016 excludes $12,904 related to the fourth quarter interest payments on the Senior Secured Credit Facilities which was paid on January 3, 2017. See Note 10–Other Accrued Expenses for accrued interest included in the accompanying consolidated balance sheet as of December 31, 2016. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015, 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, 2016 and 2015, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. On September 30, 2016, the Company’s four Interest Rate Swap Agreements with a combined notional value of $1,250,000 matured in accordance with their terms and the five Forward Swaps with a combined notional value of $1,000,000 became effective. The Interest Rate Swap Agreements and the Forward Swaps 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 years ended December 31, 2016 and 2015, an immaterial loss and a loss of $287, respectively, related to the ineffective portion was recognized in other expense (income), net on the accompanying consolidated statements of comprehensive (loss) income. 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 $12,730 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 accompanying consolidated balance sheet as of December 31, 2016 and 2015: Liability Derivatives Liability Derivatives As of December 31, 2016 As of December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ — Other liabilities $ 1,673 Forward interest rate swaps Other liabilities 22,808 Other liabilities 17,927 Total derivatives designated as hedging instruments $ 22,808 $ 19,600 The unrealized loss on derivatives is recorded net of a tax benefit of $2,713 and $6,115 for the years ended December 31, 2016 and 2015, respectively, and is included in the accompanying statements of changes in stockholders’ equity and the consolidated statements of comprehensive (loss) income. Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive (Loss) Income The table below presents the pre-tax effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive (loss) income for the years ended December 31, 2016 and 2015: 2016 2015 Derivatives in Cash Flow Hedging Relationships: Loss related to effective portion of derivatives recognized in accumulated other comprehensive loss $ (9,938 ) $ (21,924 ) Gain related to effective portion of derivatives reclassified from accumulated other comprehensive loss to interest expense $ 6,669 $ 3,154 Loss related to ineffective portion of derivatives recognized in other expense (income), net $ (1 ) $ (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, 2016, 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 $24,001. As of December 31, 2016, the Company has posted no collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2016, it could have been required to settle its obligations under the agreements at their termination value of $24,001. Changes in Accumulated Other Comprehensive Loss The following table reflects the changes in accumulated other comprehensive loss for the years ended December 31, 2016 and 2015, net of tax: Accumulated other comprehensive loss: (Losses) Gains on Cash Flow Hedges 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 ) Other comprehensive loss before reclassifications (1,690 ) Amounts reclassified from accumulated other comprehensive loss to interest expense 1,133 Unrealized loss on derivatives, net of tax (557 ) Accumulated other comprehensive loss at December 31, 2016 $ (13,694 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES For the years ended December 31, 2016, 2015 and 2014, the provision for income taxes is comprised of the following: 2016 2015 2014 Current income tax (benefit) provision Federal $ (72 ) $ (78 ) $ (70 ) State 442 494 937 Foreign 23 36 5 Total current income tax provision 393 452 872 Deferred income tax provision (benefit): Federal 5,169 25,210 30,414 State 3,768 (1,964 ) (2,414 ) Total deferred income tax provision 8,937 23,246 28,000 Total income tax provision $ 9,330 $ 23,698 $ 28,872 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 $819, $1,062 and $858, for the years ended December 31, 2016, 2015 and 2014, respectively. The components of deferred income tax assets and liabilities as of December 31, 2016 and 2015 are as follows: 2016 2015 Deferred income tax assets: Acquisition and debt related costs $ 15,899 $ 18,281 Net operating loss 294,986 283,947 Self-insurance 9,766 10,039 Deferred revenue 4,696 942 Cash flow hedge 9,114 6,401 Tax credits 6,882 4,546 Other 12,539 9,652 Total deferred income tax assets 353,882 333,808 Valuation allowance (584 ) (1,466 ) Net deferred tax assets 353,298 332,342 Deferred income tax liabilities: Property and equipment (326,320 ) (309,054 ) Goodwill (49,493 ) (42,458 ) Amortization (20,877 ) (17,564 ) Other (4,527 ) (4,961 ) Total deferred income tax liabilities (401,217 ) (374,037 ) Net deferred income tax liabilities $ (47,919 ) $ (41,695 ) 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 $709,000 as of December 31, 2016 and state net operating loss carryforwards spread across various jurisdictions with a combined total of approximately $1,105,000 as of December 31, 2016. 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. As of December 31, 2015, an additional valuation allowance of approximately $900 was recorded for the charitable contributions which expired in 2016. This valuation allowance reversed at such time due to the expiration of those unused charitable contributions. 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, 2016, 2015 and 2014 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, nondeductible expenses, prior year adjustments, and federal tax credits. For the year ended December 31, 2016, the Company realized a net expense of $8,806 related to certain nondeductible equity compensation awards and a net expense of $632 related to the revaluation of certain state net operating loss carryforwards as a result of a restructuring, both of which impacted the state effective rate. In addition, for the year ended December 31, 2016 federal net operating loss and tax credit adjustments also impacted the provision for income taxes. 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 impacted the provision for income taxes. The state net operating loss revaluation 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 statutory income tax rate and the Company’s effective income tax provision rate for the years ended December 31, 2016, 2015 and 2014, is as follows: 2016 2015 2014 Income tax rate at federal statutory rates 35.00 % 35.00 % 35.00 % Federal net operating loss and tax credit adjustments 24.40 (0.68 ) 0.72 State taxes, net of federal benefit (58.42 ) 0.56 1.32 State net operating loss revaluation (19.74 ) (2.51 ) (3.78 ) Nondeductible equity-based compensation (275.10 ) 0.15 0.63 Tax credits 21.17 (1.73 ) (0.80 ) Nondeductible expenses (17.15 ) 0.53 1.17 Charitable contribution carryforward valuation allowance — 2.01 1.91 Other (1.63 ) (0.79 ) 0.47 Income tax rate (291.47 ) % 32.54 % 36.64 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES At December 31, 2016, the Company has commitments under long-term operating leases requiring annual minimum lease payments as follows: Years Ending December 31, 2017 $ 15,223 2018 14,781 2019 13,857 2020 11,836 2021 11,834 Thereafter 276,308 Total $ 343,839 Rental expense was $20,912, $20,233 and $21,643 for the years ended December 31, 2016, 2015 and 2014, 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, 2017, 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, 2020, 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, 2016, additional capital payments of approximately $122,000 are necessary to complete these projects. The majority of these projects are expected to be completed in 2017. 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, 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, 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 motions to dismiss the amended complaint. On March 31, 2016, the Court granted the motions to dismiss the amended complaint, in its entirety, without prejudice. On May 31, 2016, Plaintiffs filed a second amended consolidated class action complaint (“Second Amended Complaint”), which, among other things, no longer names the Company’s Board or underwriters as defendants. On June 29, 2016, the remaining defendants filed a motion to dismiss the Second Amended Complaint. On September 30, 2016, the Court denied the motion to dismiss. On October 28, 2016, defendants filed their Answer to the Second Amended Complaint. 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 Company’s Board, 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 orcas, resulting in confusion or misunderstanding among ticket purchasers, and omitted material facts regarding its orcas 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 pursued the same seven causes of action as the original Hall complaint, and added 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 United States District Court for the Southern District of California 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 United States District Court for the Southern District of California 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 filed a motion to dismiss the entirety of the SAC with prejudice on February 25, 2016. The United States District Court for the Southern District of California granted the Company’s motion to dismiss the entire SAC with prejudice and entered judgment for the Company on May 13, 2016. Plaintiffs filed their notice of appeal to the United States Court of Appeals for the Ninth Circuit (the “Ninth Circuit”) on June 10, 2016. The appeal has been fully briefed and is awaiting an oral argument date. 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 “First Amended Complaint”). The First 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 orcas, resulting in confusion or misunderstanding among ticket purchasers, and omitted material facts regarding its orcas with intent to deceive and mislead the plaintiff and purported class members. The First 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 First Amended Complaint in its entirety. The motion was fully briefed. On September 24, 2015, the United States District Court for the Northern District of California 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 United States District Court for the Northern District of California granted plaintiffs’ motion for leave. Plaintiffs’ motion for reconsideration was fully briefed. On January 12, 2016, the United States District Court for the Northern District of California granted in part and denied in part the motion for reconsideration, and refused to remand the case. On January 22, 2016, plaintiffs filed a petition for permission to appeal the January 12, 2016 order to the Ninth Circuit, which the Company opposed. On April 7, 2016, the Ninth Circuit denied both of plaintiffs’ petitions for permission to appeal and the plaintiffs filed a motion for leave to file a Second Amended Class Action Complaint (“Second Amended Complaint”), seeking to add two additional plaintiffs and make various pleading adjustments. The Company opposed the motion. On August 1, 2016, the United States District Court for the Northern District of California issued an order granting in part the Company’s motion to dismiss and granting plaintiffs leave to file an amended complaint by August 22, 2016, which they filed. The Second Amended Complaint likewise asserted causes of action based on the California False Advertising Law, California Unfair Competition Law and California CLRA. Essentially plaintiffs allege there were fraudulent representations made by the Company about the health of its orcas that ultimately induced consumers to purchase admission tickets to SeaWorld parks and in some cases, plush toys while in the parks. The Company moved to dismiss this on various grounds. On November 7, 2016, the United States District Court for the Northern District of California issued an order granting in part, and denying in part, the Company’s motion to dismiss. The United States District Court for the Northern District of California found that one named plaintiff failed to allege reliance on any specific statements so those claims, in their entirety, have been dismissed. In addition, the United States District Court for the Northern District of California determined that plaintiffs did not allege any misrepresentations made about the plush toy purchases, which disposes of the CLRA claims based on the toys. The United States District Court for the Northern District of California also found that certain plaintiff’s conversation with SeaWorld’s trainers was not “advertising,” and dismissed the false advertising claim and Unfair Competition Law claim premised on it. Plaintiffs filed a Third Amended Class Action Complaint on November 22, 2016. The Company moved to dismiss portions of that pleading, but the motion to dismiss was denied. What remains at this point are plaintiff’s claims under California’s Unfair Competition Law, False Advertising Law and the CLRA based on the purchase of tickets; plaintiff’s California Unfair Competition Law and False Advertising Law claims based on the purchase of plush toys; and plaintiff’s claims under California’s Unfair Competition Law based on the purchase of plush toys. 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. Other Matters The Company is a party to various other claims and legal proceedings arising in the normal course of business. In addition, from time to time the Company is subject to audits, inspections and investigations by, or receives requests for information from, various federal and state regulatory agencies, including, but not limited to, the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service (APHIS), the U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA), the California Occupational Safety and Health Administration (Cal-OSHA), the Florida Fish & Wildlife Commission (FWC), the Equal Employment Opportunity Commission (EEOC), the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC). From time to time, various parties 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, legal proceedings or regulatory matters 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, 2016 | |
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, 2016. The Company did not have any assets measured at fair value at December 31, 2016. The following table presents the Company’s estimated fair value measurements and related classifications as of December 31, 2016: 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) 2016 Liabilities: Derivative financial instruments (a) $ — $ 22,808 $ — $ 22,808 Long-term obligations (b) $ — $ 1,598,001 $ — $ 1,598,001 (a) Reflected at fair value in the consolidated balance sheet as other liabilities of $22,808. (b) 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 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) 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) 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 $31,850 and long-term debt of $1,548,893 as of December 31, 2015. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 16. RELATED-PARTY TRANSACTIONS As of December 31, 2016, approximately $25,000 aggregate principal amount of Term B-2 Loans were owned by affiliates of Blackstone. 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. 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 then outstanding Senior Notes, of which a portion were owned by affiliates of Blackstone, were redeemed as discussed in Note 11–Long-Term Debt. Dividend Payments On January 5, February 22 and June 8, 2016, the Board of Directors of the Company (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, March 14 and June 20, 2016, respectively. On September 19, 2016 the Board declared a cash dividend of $0.10 per share to all common stockholders of record at the close of business on September 29, 2016. In connection with these dividend declarations, certain affiliates of Blackstone were paid dividends in the amount of $4,095 on January 22, April 1, and July 1, 2016 and dividends in the amount of $1,950 on October 7, 2016. On September 19, 2016, the Board suspended the Company’s quarterly dividend policy. See further discussion at Note 19–Stockholders’ Equity. 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. Share Repurchases The Company repurchased shares of its common stock from the selling stockholders concurrently with the closing of the respective secondary offering in April 2014. See further discussion in Note 19–Stockholders’ Equity. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015 and 2014, totaled $8,495, $7,696 and $7,790, respectively. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
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 $37,515, $6,527 and $2,349 for the years ended December 31, 2016, 2015 and 2014, respectively. Total equity compensation expense for the year ended December 31, 2016 includes $27,516 related to certain of the Company’s performance-vesting restricted shares (the “2.25x Performance Restricted shares”) which vested on April 1, 2016. See the “ 2.25x and 2.75x Performance Restricted Shares” The total fair value of shares which vested during the years ended December 31, 2016, 2015 and 2014 was approximately $32,164, $2,450 and $2,410, respectively. Total fair value of shares which vested during the year ended December 31, 2016 includes $27,516 related to the 2.25x Performance Restricted shares which vested on April 1, 2016. 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, 2016, 2015 and 2014 were $17.20, $18.76 and $24.59 per share, respectively. The activity related to the Company’s time-vesting and performance-vesting restricted share awards during the year ended December 31, 2016 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, 2015 883,270 $ 18.66 415,995 $ 19.00 62,365 $ 18.88 1,370,821 $ 20.35 1,370,821 $ 10.93 Granted 769,906 $ 16.41 502,576 $ 17.89 200,098 $ 18.50 — — — — Vested (254,708 ) $ 18.25 — — — — (1,370,821 ) $ 20.07 — — Forfeited (75,443 ) $ 18.02 (467,282 ) $ 18.88 (50,094 ) $ 19.28 — $ — (60,095 ) $ 15.42 Outstanding at December 31, 2016 1,323,025 $ 17.47 451,289 $ 17.88 212,369 $ 18.43 — $ — 1,310,726 $ 8.19 The activity related to the Company’s stock option awards during the year ended December 31, 2016 is as follows: Options Weighted Average Exercise Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2015 2,274,385 $ 19.21 Granted 1,472,937 $ 17.83 Forfeited (266,307 ) $ 18.60 Expired (34,784 ) $ 18.96 Exercised (4,331 ) $ 18.96 Outstanding at December 31, 2016 3,441,900 $ 18.67 8.67 $ 2,091 Exercisable at December 31, 2016 523,125 $ 19.23 8.32 $ 140 The weighted average grant date fair value of stock options granted during the year ended December 31, 2016 was $3.69 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, 2016 were: Risk- free interest rate 1.47 % Expected volatility (a) 35.46 % Expected dividend yield 4.69 % 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, 2016, the Company withheld an aggregate of 89,180 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, 2016, there were 8,642,630 shares of common stock available for future issuance under the Company’s Omnibus Incentive Plan. Bonus Performance Restricted Shares The Company has annual bonus plans (the “2016 Bonus Plan” and the “2015 Bonus Plan”) for the fiscal years ended December 31, 2016 and 2015, respectively (the “Fiscal 2016” and “Fiscal 2015”), under which certain employees are eligible to receive a bonus with respect to Fiscal 2016 and 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 for the respective performance year. The Bonus Performance Restricted shares were granted in 2016 and 2015 pursuant to the Omnibus Incentive Plan. 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 2016 and 2015 Adjusted EBITDA results, the Bonus Performance Restricted shares were not considered probable of vesting as of December 31, 2016 and 2015; therefore, no equity compensation expense has been recorded related to these shares. The shares related to the 2016 Bonus Plan will forfeit in the first quarter of 2017 and the shares related to the 2015 Bonus Plan forfeited in the first quarter of 2016. 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 December 7, 2016, the Compensation Committee approved an annual bonus plan (the “2017 Bonus Plan”) for the fiscal year ending December 31, 2017 (the “Fiscal 2017”). The 2017 Bonus Plan provides for 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 2017 Adjusted EBITDA (weighted at 50%), Total Revenue (weighted at 30%) and Adjusted EBITDA Margin (weighted at 20%). Pursuant to the Equity Grant Policy, the Bonus Performance Restricted shares related to the 2017 Bonus Plan will be granted effective as of March 3, 2017, which is the second business day following the filing of the Annual Report on Form 10-K. Long-Term Incentive Awards The Board has also approved long-term incentive plan grants (the “2016 Long-Term Incentive Grant” and “the 2015 Long-Term Incentive Grant”) for Fiscal 2016 and 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 in 2016 and 2015. 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 Long-Term Incentive 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 of the fiscal year in which the award was granted and ending on December 31 of the third fiscal year 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 is 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 the third fiscal year (“Determination Date”) in the performance period if the employee has not terminated prior to the last day of such fiscal year. Additionally, all unearned shares will forfeit immediately as of the Determination Date. The Adjusted EBITDA target for each fiscal year is 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 is established based on the closing price of the Company’s stock on such date plus any accumulated dividends earned since the date of the initial award. Equity compensation expense is recognized ratably for each fiscal year, if the performance condition is probable of being achieved, beginning on the date of grant and through December 31 of the third fiscal year in the performance period. As of December 31, 2016, the Company had awarded 385,153 Long-Term Incentive Performance Restricted shares, net of forfeitures, under the 2016 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 (Fiscal 2016, Fiscal 2017 and Fiscal 2018). For accounting purposes, the performance goals for the respective performance periods must be established for a grant date to be determined. As such, since the performance goal for Fiscal 2016 was established as of the award date, for accounting purposes, 128,369, net of forfeitures, of the Long-Term Incentive Performance Restricted shares under the 2016 Long-Term Incentive Plan have a grant date in 2016 and grant-date fair value determined using the closing price of the Company’s common stock on the date of grant. The performance targets for the subsequent performance periods, Fiscal 2017 and Fiscal 2018, 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 of December 31, 2016, the Company had awarded 126,024 Long-Term Incentive Performance Restricted shares, net of forfeitures, under its 2015 Long-Term Incentive Plan which represented the total shares that could be earned under the maximum performance level of achievement for all three performance periods combined under the 2015 Long-Term Incentive Plan (Fiscal 2015, Fiscal 2016 and Fiscal 2017). Of these Long-Term Incentive Performance Restricted Shares, 42,000, net of forfeitures, relate to the Fiscal 2015 performance period and were considered granted for accounting purposes in 2015. As the Fiscal 2016 performance target was established during the first quarter of 2016, 42,000 Long-Term Incentive Performance Restricted shares, net of forfeitures, were considered granted for accounting purposes during the year ended December 31, 2016 and the grant-date fair value was determined using the close price on the date the performance target was established plus accumulated dividends earned since the date of the initial award. 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 is recognized once the performance condition is probable of achievement begins on the date of grant and extends through December 31 of the third fiscal year in the respective performance period (Fiscal 2017 under the 2015 Long-Term Incentive Plan and Fiscal 2018 under the 2016 Long-Term Incentive Plan). Based on the Company’s progress toward the Adjusted EBITDA performance goal for Fiscal 2016, the target performance level for Fiscal 2016 is not considered probable; as such all 170,369 Long-Term Incentive Performance Restricted shares granted in Fiscal 2016, net of forfeitures, under both the 2015 and the 2016 Long-Term Incentive Plan are not considered probable of vesting as of December 31, 2016. Total unrecognized equity compensation expense related to the Fiscal 2015 performance period expected to be recognized over the remaining vesting term was approximately $91 as of December 31, 2016. Unrecognized equity compensation expense related to the maximum performance level for the Fiscal 2016 performance period on shares not probable of vesting is $3,081 as of December 31, 2016. Total unrecognized equity compensation expense related to the subsequent performance periods have 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 subsequent performance periods. As part of the Company’s annual compensation-setting process and in accordance with the Equity Grant Policy, on December 7, 2016, the Compensation Committee approved a long-term incentive plan grant (the “2017 Long-Term Incentive Grant”) for Fiscal 2017 comprised of Long-Term Incentive Time Restricted shares and Long-Term Incentive Performance Restricted shares to certain employees. The 2017 Long-Term Incentive Grant will no longer include Long-Term Incentive Options. The Long-Term Incentive Time Restricted shares are expected to vest over five years, with one-third vesting on each of the third, fourth and fifth anniversaries of the date of grant. The Long-Term Incentive Performance Restricted shares are expected to vest following the end of the three-year performance period beginning on January 1, 2017 and ending on December 31, 2019 based upon the Company’s achievement of pre-established performance goals with respect to Adjusted EBITDA (weighted at 50%), Total Revenue (weighted at 30%) and Return on Invested Capital (weighted at 20%) for the three year performance period, as defined by the 2017 Long Term Incentive Grant. Pursuant to the Equity Grant Policy, the Long-Term Incentive Awards related to the 2017 Long-Term Incentive Grant will be granted effective March 3, 2017, which is the second business day following the filing of the Annual Report on Form 10-K. Other 2016 Omnibus Incentive Plan Awards In accordance with the Company’s Second Amended and Restated Outside Director Compensation Policy, on June 15, 2016, 53,333 time-vesting restricted shares were granted to the non-employee directors of the Company’s Board of which 7,619 of these shares represented the grant of an initial award, which vests ratably over three years from the date of grant, subject to the outside director’s continued service on the Board through such vesting date and 45,714 of these shares vest 100% on the day before the 2017 Annual Stockholders Meeting, subject to the outside directors’ continued service on the Board through such vesting date. Other Other Fair Value Assumptions The Company has outstanding under both its Omnibus Incentive Plan and its previous incentive plan (the “Pre-IPO Incentive Plan”) certain time-vesting restricted shares (the “TVUs”) and performance-vesting restricted shares (the “2.75x Performance Restricted shares”). 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 fair value of each Pre-IPO Incentive Plan 2.75x Performance Restricted shares originally granted was estimated on the date of grant using a composite of the discounted cash flow model and the guideline public company approach to determine the underlying enterprise value. The discounted cash flow model was based upon significant inputs that are not observable in the market. After the IPO on April 8, 2013, the modification fair value was calculated using the asset-or-nothing call approach. Significant assumptions used 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. The grant date fair value of the Omnibus Incentive Plan 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. Equity Plan Modifications Through the year ended December 31, 2016, conditions for eligibility on a total of 702,735 2.75x Performance Restricted shares were modified to allow those participants holding such shares who were separating from the Company to vest in their respective shares if the performance conditions are achieved after their employment ends with the Company, subject to their continued compliance with applicable post-termination restrictive covenants. As the 2.75x Performance Restricted shares were not considered probable of vesting at the time of the modifications, the Company used the respective modification date fair value to calculate any related equity compensation expense. 2.25x and 2.75x Performance Restricted Shares 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 repurchases of shares and the cumulative dividends paid by the Company through April 1, 2016, the vesting conditions on the Company’s previously outstanding 2.25x Performance Restricted shares were satisfied with the Company’s dividend payment to such investment funds affiliated with Blackstone on April 1, 2016. Accordingly, during the three months ended March 31, 2016, upon declaration of the dividend, the 2.25x Performance Restricted shares were considered probable of vesting and all of the related equity compensation expense and accumulated dividends were recognized in the accompanying consolidated financial statements. On April 1, 2016, upon payment of the dividend to such investment funds affiliated with Blackstone, all previously outstanding 1,370,821 2.25x Performance Restricted shares vested and the related accumulated dividends of $3,400 were paid. The 2.75x Performance Restricted shares remain outstanding and will vest if the employee is employed by the Company when and if such 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 15% annualized effective compounded return rate on such funds’ investment and (y) a 2.75x multiple on such funds’ investment. As receipt of these future cash proceeds will be primarily related to a liquidity event, such as secondary offerings of stock or additional dividends paid to such funds, the 2.75x Performance Restricted shares are not considered probable of vesting until such events are consummated. The additional future cash proceeds necessary to trigger the vesting of the 2.75x Performance Restricted shares under the terms of the original award is approximately $421,000. Total unrecognized equity compensation expense as of December 31, 2016, was approximately $11,000 for the 2.75x Performance Restricted shares. No equity compensation expense has been recorded during the years ended December 31, 2016, 2015 and 2014 related to the 2.75x Performance Restricted shares as their vesting has not been considered probable. The Company will recognize equity compensation expense related to any outstanding 2.75x Performance Restricted shares upon such funds’ receipt of final cash proceeds in the event of a full liquidation by such funds regardless of whether or not the shares vest in accordance to their terms. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 19. STOCKHOLDERS’ EQUITY As of December 31, 2016, 91,861,054 shares of common stock were issued on the accompanying consolidated balance sheet, which excludes 3,596,217 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 Offering and Concurrent Share Repurchase and Share Repurchase Program discussions below). Dividends Prior to September 19, 2016, the Board had a policy to pay, subject to legally available funds, regular quarterly dividends. The payment and timing of cash dividends was within the discretion of the Board and depended 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 deemed relevant. On September 19, 2016, the Board declared a cash dividend of $0.10 per share of common stock, which was paid on October 7, 2016. Subsequent to this dividend declaration, the Board also suspended the Company’s quarterly dividend policy to allow greater flexibility to deploy capital, when possible, to opportunities that offer the greatest long term returns to shareholders, such as, but not limited to, investments in new attractions, debt repayments or share repurchases. During the years ended December 31, 2016, 2015 and 2014, 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 2016: January 15, 2016 January 22, 2016 $ 0.21 March 14, 2016 (a) April 1, 2016 $ 0.21 June 20, 2016 (a) July 1, 2016 $ 0.21 September 29, 2016 October 7, 2016 $ 0.10 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 (a) As of December 31, 2016, the Company had $908 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 $65,306, $72,318 and $72,113 in the years ended December 31, 2016, 2015 and 2014, respectively. For tax purposes, all of the 2016 dividends and 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. On April 1, 2016, the Company’s 2.25x Performance Restricted shares held by certain participants in the Company’s Omnibus Incentive Plan and Pre-IPO Incentive Plan vested and accumulated dividends were paid (see Note 18–Equity-Based Compensation for further details). Accumulated dividends on the 2.75x Performance Restricted shares are approximately $3,690, and will be paid only if and to the extent these 2.75x Performance Restricted shares vest in accordance with their terms. Accumulated dividends on the Long-Term Incentive Performance Restricted shares were approximately $180, of which approximately $18 was recorded related to the portion of the shares considered probable of vesting. The Company does not record a dividend payable when the performance conditions on the related unvested shares are not considered probable of being achieved. Secondary Offering and Concurrent Share Repurchase 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 statements of comprehensive (loss) income. Concurrently with the closing of the secondary offering in April 2014, the Company repurchased 1,750,000 shares of its common stock directly from the selling stockholders in 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 offering. Share Repurchase Program In 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. No shares were repurchased by the Company during the year ended December 31, 2016. 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, 2016. 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. All shares repurchased pursuant to the Share Repurchase Program and all shares repurchased directly from the selling stockholders concurrently with the secondary offerings were recorded as treasury stock at a total cost of $154,871 at December 31, 2016 and 2015 and $109,871 as of December 31, 2014, and are reflected as a reduction to stockholders’ equity on the accompanying consolidated statements of changes in stockholders’ equity. |
Summary Quarterly Financial Dat
Summary Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 was as follows: 2016 First Second Third Fourth Quarter (a) Quarter Quarter Quarter (b) (Unaudited) Total revenues $ 220,241 $ 371,136 $ 485,318 $ 267,597 Operating (loss) income $ (119,567 ) $ 38,050 $ 152,641 $ (11,539 ) Net (loss) income $ (84,049 ) $ 17,768 $ 65,655 $ (11,905 ) (Loss) earnings per share: Net (loss) income per share, basic $ (1.00 ) $ 0.21 $ 0.77 $ (0.14 ) Net (loss) income per share, diluted $ (1.00 ) $ 0.21 $ 0.77 $ (0.14 ) 2015 First Second Third Fourth Quarter Quarter (c) Quarter Quarter (d) (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 ) (a ) During the first quarter of 2016, the Company recorded $27,516 in equity compensation expense related to certain of the Company’s performance-vesting restricted shares (the “2.25x Performance Restricted shares”) which became probable of vesting during the first quarter and vested on April 1, 2016. See Note 18–Equity-Based Compensation for further details. (b) During the fourth quarter of 2016, the Company recorded $8,904 in restructuring and other related costs primarily related to severance costs and other employment expenses. See Note 4–Restructuring Programs and Separation Costs for further details. (c ) 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 then existing Senior Notes. See Note 11–Long-Term Debt for further details. (d) 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 Programs 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 seven of its theme parks are only open for a portion of the year. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 presentation, in particular, $2,975 previously included in current deferred tax assets, net, in the accompanying consolidated balance sheet as of December 31, 2015 was reclassified to noncurrent deferred tax assets, net, and deferred tax liabilities, net, in the amounts of $503 and $2,472, respectively. This reclassification is 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 $12,289 and $9,597 at December 31, 2016 and 2015, 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, 2016. Interest bearing accounts are insured up to $250. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions. |
Accounts Receivable-Net | Accounts Receivable—Net Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance for estimated uncollectible receivables, based on the amount and status of past-due accounts, contractual terms of the receivables and the Company’s history of uncollectible accounts. For all periods presented, the allowance for uncollectible accounts and the related provision were insignificant. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value. |
Restricted Cash | Restricted Cash Restricted cash was $420 and $652 as of December 31, 2016 and 2015, respectively, and is recorded in other current assets in the accompanying consolidated balance sheets. Restricted cash 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, 2016, 2015 and 2014, was $2,686, $2,299 and $2,629, 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 $11,441 and $12,873, as of December 31, 2016 and 2015, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $12,576 and $9,250 as of December 31, 2016 and 2015, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2016, 2015 and 2014 was $3,399, $3,022 and $2,703, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive (loss) 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, 2016, 2015 and 2014. |
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 or macroeconomic changes. Such events or changes in the overall business environment could include, but are not limited to, significant negative trends or unanticipated changes in the competitive or macroeconomic 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. Interim Impairment Test —During the third quarter of 2016, which is one of the Company’s largest quarters, due to year to date financial performance through the third quarter, driven primarily by a decline in international attendance along with competitive pressures and an overall softness in the Orlando market, the Company determined a triggering event occurred that required an interim goodwill impairment test for its SeaWorld Orlando reporting unit, which has goodwill recorded of approximately $269,000. The first step in its interim goodwill impairment test was a comparison of the fair value of the reporting unit, determined using the income and market approach, to its carrying value. If the carrying value exceeded 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 results of step one of the interim goodwill impairment test as of September 30, 2016 indicated that the fair value for the reporting unit exceeded its carrying value and as a result, step two of the goodwill impairment test was not required. At December 1, 2016, in accordance with the Company’s annual impairment testing date, another quantitative assessment was performed for this reporting unit and the Company identified no impairments. Given the current macroeconomic environment and the uncertainties regarding the related impact on the reporting unit’s financial performance, there can be no assurance that the estimates and assumptions made for purposes of the goodwill impairment testing will prove to be accurate predictions of the future. If the Company’s assumptions, including its projections of future cash flows and financial performance, as well as the economic outlook for the reporting unit are not achieved, the Company may be required to record goodwill impairment charges in future periods, whether in connection with the Company’s next annual impairment testing, or on an interim basis, if any such change constitutes a triggering event outside of the quarter when the Company regularly performs its annual goodwill impairment test. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material. Annual Impairment Tests —The Company has performed a quantitative assessment of goodwill and other indefinite-lived intangible assets for all of its reporting units at December 1, 2016 and either a qualitative or quantitative assessment at December 1, 2015 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 $28,335 at December 31, 2016, of which $2,685 is recorded in accrued salaries, wages and benefits, $7,191 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 $27,819 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. 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 and are included in long term debt, net, in the accompanying consolidated balance sheets. |
Share Repurchase Program and Treasury Stock | Share Repurchase Program and Treasury Stock From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock. Shares repurchased under Board authorizations are held in treasury for general corporate purposes. The Company accounts for treasury stock on the trade date under the cost method. Treasury stock at December 31, 2016 and 2015 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, 2016 and 2015, long-term deferred revenue of $509 and $1,820, respectively, is included in other liabilities in the accompanying consolidated balance sheets. As of December 31, 2016, other liabilities also includes $10,000 in deferred revenue related to nonrefundable payment received from a partner in connection with a potential project in the Middle East (the “Middle East Project”) to provide certain services pertaining to the planning and design of the Middle East Project, with funding received expected to offset internal expenses. Approximately $2,800 of costs incurred related to the Middle East Project are recorded in other assets on the accompanying consolidated balance sheet as of December 31, 2016. On November 3, 2016, the definitive documents related to the Middle East Project were finalized and executed by the parties. The Middle East Project is subject to various conditions, including, but not limited to, the parties completing the design development and there is no assurance that the Middle East Project will be completed or advance to the next stages. 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, 2016, 2015 and 2014, approximately $29,000, $18,000 and $17,700, 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 (loss) 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, 2016, 2015 and 2014, totaled approximately $124,600, $106,000 and $110,500, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) 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 2016 and 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 Accounting Standards Codification (“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 twelve 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. |
Recently Issued Accounting Pronouncements | The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”). In January 2017, the FASB issued ASU 2017-04, Intangible–Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In November 2016, the FASB issued ASU 2016-18, Restricted Cash–a Consensus of the FASB Emerging Issues Task Force In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. On March 30, 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. 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 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, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net), Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Programs and Se31
Restructuring Programs and Separation Costs (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Program Activity | The 2016 Restructuring Program activity for the year ended December 31, 2016 was as follows: Severance and Other Employment Expenses Liability as of December 31, 2015 — Costs incurred 8,904 Payments made (1,062 ) Liability as of December 31, 2016 $ 7,842 |
(Loss) Earnings per Share (Tabl
(Loss) Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of (Loss) Earnings per Share | (Loss) earnings per share is computed as follows (in thousands, except per share data): Year Ended December 31, 2016 2015 2014 Net Loss Shares Per Share Amount Net Income Shares Per Share Amount Net Income Shares Per Share Amount Basic (loss) earnings per share $ (12,531 ) 84,925 $ (0.15 ) $ 49,133 85,860 $ 0.57 $ 49,919 87,183 $ 0.57 Effect of dilutive incentive-based awards — 121 297 Diluted (loss) earnings per share $ (12,531 ) 84,925 $ (0.15 ) $ 49,133 85,981 $ 0.57 $ 49,919 87,480 $ 0.57 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of December 31, 2016 and 2015 consisted of the following: 2016 2015 Merchandise $ 24,438 $ 26,183 Food and beverage 3,956 4,740 Other supplies 290 290 Total inventories $ 28,684 $ 31,213 |
Prepaid Expenses and Other Cu34
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 consisted of the following: 2016 2015 Prepaid insurance $ 8,646 $ 8,264 Prepaid marketing and advertising costs 3,202 1,439 Other 7,476 6,657 Total prepaid expenses and other current assets $ 19,324 $ 16,360 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment, Net | The components of property and equipment, net as of December 31, 2016 and 2015, consisted of the following: 2016 2015 Land $ 286,200 $ 286,200 Land improvements 316,774 281,612 Buildings 645,013 618,507 Rides, attractions and equipment 1,368,018 1,310,645 Animals 158,199 158,191 Construction in process 54,242 93,006 Less accumulated depreciation (1,161,631 ) (1,029,165 ) Total property and equipment, net $ 1,666,815 $ 1,718,996 |
Trade Names_Trademarks and Ot36
Trade Names/Trademarks and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Trade Names/Trademarks, Net | Trade names/trademarks, net at December 31, 2016, 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 8,636 4,264 Total trade names/trademarks, net $ 169,900 $ 8,636 $ 161,264 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 |
Other Intangible Assets-Net | Other intangible assets, net at December 31, 2016, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Favorable lease asset 39 years $ 18,200 $ 3,267 $ 14,933 Reseller agreements 8.1 years 22,300 19,487 2,813 Non-compete agreement 5 years 500 358 142 Other intangible assets - indefinite lives 120 — 120 Total other intangible assets, net $ 41,120 $ 23,112 $ 18,008 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 |
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 2017 $ 4,574 2018 2,235 2019 1,849 2020 467 2021 467 Thereafter 12,560 $ 22,152 |
Other Accrued Expenses (Tables)
Other Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables And Accruals [Abstract] | |
Schedule of Other Accrued Expenses | Other accrued expenses at December 31, 2016 and 2015, consisted of the following: 2016 2015 Accrued property taxes $ 2,193 $ 2,250 Accrued interest 13,631 441 Self-insurance reserve 7,191 6,973 Other 395 1,479 Total other accrued expenses $ 23,410 $ 11,143 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Long-term debt as of December 31, 2016 and 2015 consisted of the following: 2016 2015 Term B-2 Loans (effective interest rate of 3.26% at December 31, 2016 and 2015) $ 1,327,850 $ 1,338,387 Term B-3 Loans (effective interest rate of 4.33% at December 31, 2016 and 2015) 245,800 247,900 Revolving Credit Facility 24,351 15,000 Total long-term debt 1,598,001 1,601,287 Less discounts (5,517 ) (7,211 ) Less debt issuance costs (9,702 ) (13,333 ) Less current maturities (51,713 ) (31,850 ) Total long-term debt, net $ 1,531,069 $ 1,548,893 |
Summary of Long-Term Debt Repayable | Long-term debt at December 31, 2016, is repayable as follows and does not include the impact of any future voluntary 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, 2016, due to the Company’s intent to repay the borrowings within the next twelve months. Years Ending December 31, 2017 $ 51,713 2018 16,850 2019 16,850 2020 1,512,588 Total $ 1,598,001 |
Derivative Instruments and He39
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value of Company's Derivative Financial Instruments Classification on Consolidated Balance Sheet | Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the accompanying consolidated balance sheet as of December 31, 2016 and 2015: Liability Derivatives Liability Derivatives As of December 31, 2016 As of December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: Interest rate swaps Other liabilities $ — Other liabilities $ 1,673 Forward interest rate swaps Other liabilities 22,808 Other liabilities 17,927 Total derivatives designated as hedging instruments $ 22,808 $ 19,600 |
Schedule of Pre-tax Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive (Loss) Income | Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive (Loss) Income The table below presents the pre-tax effect of the Company’s derivative financial instruments on the accompanying consolidated statements of comprehensive (loss) income for the years ended December 31, 2016 and 2015: 2016 2015 Derivatives in Cash Flow Hedging Relationships: Loss related to effective portion of derivatives recognized in accumulated other comprehensive loss $ (9,938 ) $ (21,924 ) Gain related to effective portion of derivatives reclassified from accumulated other comprehensive loss to interest expense $ 6,669 $ 3,154 Loss related to ineffective portion of derivatives recognized in other expense (income), net $ (1 ) $ (287 ) |
Schedule of Changes in Accumulated Other Comprehensive Loss | Changes in Accumulated Other Comprehensive Loss The following table reflects the changes in accumulated other comprehensive loss for the years ended December 31, 2016 and 2015, net of tax: Accumulated other comprehensive loss: (Losses) Gains on Cash Flow Hedges 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 ) Other comprehensive loss before reclassifications (1,690 ) Amounts reclassified from accumulated other comprehensive loss to interest expense 1,133 Unrealized loss on derivatives, net of tax (557 ) Accumulated other comprehensive loss at December 31, 2016 $ (13,694 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | For the years ended December 31, 2016, 2015 and 2014, the provision for income taxes is comprised of the following: 2016 2015 2014 Current income tax (benefit) provision Federal $ (72 ) $ (78 ) $ (70 ) State 442 494 937 Foreign 23 36 5 Total current income tax provision 393 452 872 Deferred income tax provision (benefit): Federal 5,169 25,210 30,414 State 3,768 (1,964 ) (2,414 ) Total deferred income tax provision 8,937 23,246 28,000 Total income tax provision $ 9,330 $ 23,698 $ 28,872 |
Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities as of December 31, 2016 and 2015 are as follows: 2016 2015 Deferred income tax assets: Acquisition and debt related costs $ 15,899 $ 18,281 Net operating loss 294,986 283,947 Self-insurance 9,766 10,039 Deferred revenue 4,696 942 Cash flow hedge 9,114 6,401 Tax credits 6,882 4,546 Other 12,539 9,652 Total deferred income tax assets 353,882 333,808 Valuation allowance (584 ) (1,466 ) Net deferred tax assets 353,298 332,342 Deferred income tax liabilities: Property and equipment (326,320 ) (309,054 ) Goodwill (49,493 ) (42,458 ) Amortization (20,877 ) (17,564 ) Other (4,527 ) (4,961 ) Total deferred income tax liabilities (401,217 ) (374,037 ) Net deferred income tax liabilities $ (47,919 ) $ (41,695 ) |
Schedule of Reconciliation between Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate | The reconciliation between the statutory income tax rate and the Company’s effective income tax provision rate for the years ended December 31, 2016, 2015 and 2014, is as follows: 2016 2015 2014 Income tax rate at federal statutory rates 35.00 % 35.00 % 35.00 % Federal net operating loss and tax credit adjustments 24.40 (0.68 ) 0.72 State taxes, net of federal benefit (58.42 ) 0.56 1.32 State net operating loss revaluation (19.74 ) (2.51 ) (3.78 ) Nondeductible equity-based compensation (275.10 ) 0.15 0.63 Tax credits 21.17 (1.73 ) (0.80 ) Nondeductible expenses (17.15 ) 0.53 1.17 Charitable contribution carryforward valuation allowance — 2.01 1.91 Other (1.63 ) (0.79 ) 0.47 Income tax rate (291.47 ) % 32.54 % 36.64 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Operating Leases Requiring Annual Minimum Lease Payments | At December 31, 2016, the Company has commitments under long-term operating leases requiring annual minimum lease payments as follows: Years Ending December 31, 2017 $ 15,223 2018 14,781 2019 13,857 2020 11,836 2021 11,834 Thereafter 276,308 Total $ 343,839 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016: 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) 2016 Liabilities: Derivative financial instruments (a) $ — $ 22,808 $ — $ 22,808 Long-term obligations (b) $ — $ 1,598,001 $ — $ 1,598,001 (a) Reflected at fair value in the consolidated balance sheet as other liabilities of $22,808. (b) 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 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) 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) 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 $31,850 and long-term debt of $1,548,893 as of December 31, 2015. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 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, 2015 883,270 $ 18.66 415,995 $ 19.00 62,365 $ 18.88 1,370,821 $ 20.35 1,370,821 $ 10.93 Granted 769,906 $ 16.41 502,576 $ 17.89 200,098 $ 18.50 — — — — Vested (254,708 ) $ 18.25 — — — — (1,370,821 ) $ 20.07 — — Forfeited (75,443 ) $ 18.02 (467,282 ) $ 18.88 (50,094 ) $ 19.28 — $ — (60,095 ) $ 15.42 Outstanding at December 31, 2016 1,323,025 $ 17.47 451,289 $ 17.88 212,369 $ 18.43 — $ — 1,310,726 $ 8.19 |
Schedule of Activity Related to Stock Option Awards | The activity related to the Company’s stock option awards during the year ended December 31, 2016 is as follows: Options Weighted Average Exercise Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2015 2,274,385 $ 19.21 Granted 1,472,937 $ 17.83 Forfeited (266,307 ) $ 18.60 Expired (34,784 ) $ 18.96 Exercised (4,331 ) $ 18.96 Outstanding at December 31, 2016 3,441,900 $ 18.67 8.67 $ 2,091 Exercisable at December 31, 2016 523,125 $ 19.23 8.32 $ 140 |
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, 2016 was $3.69 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, 2016 were: Risk- free interest rate 1.47 % Expected volatility (a) 35.46 % Expected dividend yield 4.69 % 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. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Quarterly Cash Dividends to Common Stockholders | During the years ended December 31, 2016, 2015 and 2014, 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 2016: January 15, 2016 January 22, 2016 $ 0.21 March 14, 2016 (a) April 1, 2016 $ 0.21 June 20, 2016 (a) July 1, 2016 $ 0.21 September 29, 2016 October 7, 2016 $ 0.10 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 During the years ended December 31, 2016, 2015 and 2014, 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 2016: January 15, 2016 January 22, 2016 $ 0.21 March 14, 2016 April 1, 2016 $ 0.21 June 20, 2016 July 1, 2016 $ 0.21 September 29, 2016 October 7, 2016 $ 0.10 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 |
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, 2016, 2015 and 2014 related to dividend declarations as follows: Payment Date Cash Dividends Paid 2016: January 22, 2016 $ 17,808 April 1, 2016 (a) $ 21,269 July 1, 2016 (a) $ 18,176 October 7, 2016 $ 8,647 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 (a) |
Summary Quarterly Financial D45
Summary Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Data | Unaudited summary quarterly financial data for the years ended December 31, 2016 and 2015 was as follows: 2016 First Second Third Fourth Quarter (a) Quarter Quarter Quarter (b) (Unaudited) Total revenues $ 220,241 $ 371,136 $ 485,318 $ 267,597 Operating (loss) income $ (119,567 ) $ 38,050 $ 152,641 $ (11,539 ) Net (loss) income $ (84,049 ) $ 17,768 $ 65,655 $ (11,905 ) (Loss) earnings per share: Net (loss) income per share, basic $ (1.00 ) $ 0.21 $ 0.77 $ (0.14 ) Net (loss) income per share, diluted $ (1.00 ) $ 0.21 $ 0.77 $ (0.14 ) 2015 First Second Third Fourth Quarter Quarter (c) Quarter Quarter (d) (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 ) (a ) During the first quarter of 2016, the Company recorded $27,516 in equity compensation expense related to certain of the Company’s performance-vesting restricted shares (the “2.25x Performance Restricted shares”) which became probable of vesting during the first quarter and vested on April 1, 2016. See Note 18–Equity-Based Compensation for further details. (b) During the fourth quarter of 2016, the Company recorded $8,904 in restructuring and other related costs primarily related to severance costs and other employment expenses. See Note 4–Restructuring Programs and Separation Costs for further details. (c ) 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 then existing Senior Notes. See Note 11–Long-Term Debt for further details. (d) 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 Programs and Separation Costs for further details. |
Schedule I-Registrant's Condens
Schedule I-Registrant's Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule I-Registrant's Condensed Financial Statements | Schedule I-Registrant’s Condensed Financial Statements SEAWORLD ENTERTAINMENT, INC. PARENT COMPANY ONLY CONDENSED BALANCE SHEETS (In thousands, except share and per share amounts) December 31, 2016 2015 Assets Current Assets: Cash $ 908 $ 430 Total current assets 908 430 Investment in wholly owned subsidiary 474,909 517,257 Total assets $ 475,817 $ 517,687 Liabilities and Stockholders' Equity Current Liabilities: Dividends payable $ 908 $ 430 Total current liabilities 908 430 Total liabilities 908 430 Commitments and contingencies Stockholders' Equity: Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2016 and 2015 — — Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 91,861,054 and 90,320,374 shares issued at December 31, 2016 and 2015, respectively 919 903 Additional paid-in capital 621,343 624,765 Retained earnings 7,518 46,460 Treasury stock, at cost (6,519,773 shares at December 31, 2016 and 2015) (154,871 ) (154,871 ) Total stockholders' equity 474,909 517,257 Total liabilities and stockholders' equity $ 475,817 $ 517,687 SEAWORLD ENTERTAINMENT, INC. PARENT COMPANY ONLY CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014 (In thousands) Year Ended December 31, 2016 2015 2014 Equity in net (loss) income of subsidiary $ (12,531 ) $ 49,133 $ 49,919 Net (loss) income $ (12,531 ) $ 49,133 $ 49,919 Other comprehensive income — — — Comprehensive (loss) income $ (12,531 ) $ 49,133 $ 49,919 SEAWORLD ENTERTAINMENT, INC. PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014 (In thousands) For the Year Ended December 31, 2016 2015 2014 Cash Flows From Operating Activities: Net (loss) income $ (12,531 ) $ 49,133 $ 49,919 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Equity in net (loss) income of subsidiary 12,531 (49,133 ) (49,919 ) Dividend received from subsidiary-return on capital (net of forfeitures) 26,412 36,196 36,056 Net cash provided by operating activities 26,412 36,196 36,056 Cash Flows From Investing Activities: Restricted payment from subsidiary — 45,000 65,708 Dividend received from subsidiary-return of capital (net of forfeitures) 39,372 36,381 36,056 Net cash provided by investing activities 39,372 81,381 101,764 Cash Flows From Financing Activities: Purchase of treasury stock — (50,650 ) (60,058 ) Dividend paid to common stockholders (65,306 ) (72,318 ) (72,113 ) (Payment) receipt of cash for tax withholdings on equity-based compensation — (37 ) 37 Net cash used in financing activities (65,306 ) (123,005 ) (132,134 ) Change in Cash and Cash Equivalents 478 (5,428 ) 5,686 Cash and Cash Equivalents - Beginning of year 430 5,858 172 Cash and Cash Equivalents - End of year $ 908 $ 430 $ 5,858 Supplemental Disclosures of Noncash Financing Activities Dividends declared, but unpaid $ 908 $ 430 $ 172 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 twelve 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 Prior to September 19, 2016, SEA’s Board of Directors (the “Board”) had a policy to pay, subject to legally available funds, regular quarterly cash dividends to the Parent (defined as a restricted payment in the Senior Secured Credit Facilities) and the Parent’s Board had a policy to pay a regular quarterly cash dividends. Subsequent to the September 19, 2016 dividend declaration, both the SEA’s Board and the Parent’s Board suspended the quarterly dividend policy to allow greater flexibility to deploy capital, when possible, to opportunities that offer the greatest long term returns to shareholders, such as, but not limited to, investments in new attractions, debt repayments or share repurchases. As a result, SEA paid a cash dividend to the Parent during the years ended December 31, 2016, 2015 and 2014 related to dividend declarations as follows: Payment Date Cash Dividends Paid 2016: January 22, 2016 $ 17,808 April 1, 2016 (a) $ 21,269 July 1, 2016 (a) $ 18,176 October 7, 2016 $ 8,647 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 (a) During the years ended December 31, 2016, 2015 and 2014, 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 2016: January 15, 2016 January 22, 2016 $ 0.21 March 14, 2016 April 1, 2016 $ 0.21 June 20, 2016 July 1, 2016 $ 0.21 September 29, 2016 October 7, 2016 $ 0.10 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 As of December 31, 2016, the Parent had $908 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. 5. STOCKHOLDERS’ EQUITY 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. Secondary Offering and Concurrent Share Repurchase 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 April 2014, the Parent repurchased 1,750,000 shares 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 offering. Share Repurchase Program In 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. There were no share repurchases during the year ended December 31, 2016. 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, 2016. 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. All shares repurchased pursuant to the Share Repurchase Program and all shares repurchased directly from the selling stockholders concurrently with the secondary offerings were recorded as treasury stock at a total cost of $154,871 as of December 31, 2016 and 2015, and $109,871 as of December 31, 2014 and are reflected as a reduction to stockholders’ equity on the accompanying consolidated statements of changes in stockholders’ equity. SEA transferred $45,000 and $65,708 during the years ended December 31, 2015 and 2014, respectively, as restricted payments to the Parent for the payment of repurchased shares. |
Description of the Business - A
Description of the Business - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016PartnershipBusiness | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 02, 2009Partnership | |
Business Description And Basis Of Presentation [Line Items] | ||||
Number of limited partnerships which owned the Company | Partnership | 10 | 10 | ||
Number of theme parks owned and operated | Business | 12 | |||
Percentage of common stock outstanding by partnership | 21.90% | |||
Geographic Concentration Risk [Member] | Revenues [Member] | Florida [Member] | ||||
Business Description And Basis Of Presentation [Line Items] | ||||
Percentage of revenue | 57.00% | 57.00% | 56.00% |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)BusinessSegment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Deferred tax liabilities net, noncurrent | $ 70,033,000 | $ 65,689,000 | |||
Cash and cash equivalents settlement terms | Less than four days | ||||
Cash and cash equivalents | $ 68,958,000 | 18,971,000 | $ 43,906,000 | $ 116,841,000 | |
Restricted cash | 420,000 | 652,000 | |||
Interest capitalized | 2,686,000 | 2,299,000 | 2,629,000 | ||
Capitalized Computer Software, Net | 11,441,000 | 12,873,000 | |||
Capitalized Computer Software, Accumulated Amortization | 12,576,000 | 9,250,000 | |||
Capitalized Computer Software, Amortization | 3,399,000 | 3,022,000 | 2,703,000 | ||
Impairment losses | 0 | 0 | 0 | ||
Goodwill | 335,610,000 | 335,610,000 | |||
Goodwill impairments | 0 | 0 | |||
Other indefinite lived assets impairments | 0 | 0 | |||
Self-insurance reserves | 28,335,000 | 27,819,000 | |||
Long-term deferred revenue | 509,000 | 1,820,000 | |||
Revenue and related expense for bartered ticket transactions | $ 29,000,000 | 18,000,000 | 17,700,000 | ||
Number of theme parks owned and operated | Business | 12 | ||||
Number of reportable segment | Segment | 1 | ||||
Selling, General and Administrative Expenses [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Advertising and media costs | $ 124,600,000 | 106,000,000 | $ 110,500,000 | ||
Middle East Project [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Long-term deferred revenue | 10,000,000 | ||||
Deferred costs incurred under Middle East Project | 2,800,000 | ||||
Accrued Salaries, Wages and Benefits [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Self-insurance reserves | 2,685,000 | 2,769,000 | |||
Other Liabilities [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Self-insurance reserves | $ 7,191,000 | 6,973,000 | |||
SeaWorld Orlando Reporting Unit [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | $ 269,000,000 | ||||
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 | $ 12,289,000 | 9,597,000 | |||
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 | ||||
Scenario Previously Reported [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Deferred tax assets, net | $ 2,975,000 | ||||
Restatement Adjustment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Deferred tax assets net, noncurrent | $ 503,000 | ||||
Deferred tax liabilities net, noncurrent | $ 2,472,000 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Minimum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Minimum [Member] | Rides, Attractions and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Minimum [Member] | Animals [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 1 year |
Maximum [Member] | Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Maximum [Member] | Rides, Attractions and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Maximum [Member] | Animals [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 50 years |
Recently Issued Accounting Pr50
Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred tax liabilities, net | $ 70,033 | $ 65,689 |
Scenario Previously Reported [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred tax assets, net | $ 2,975 | |
Restatement Adjustment | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred tax assets net, noncurrent | 503 | |
Deferred tax liabilities, net | $ 2,472 |
Restructuring Programs and Se51
Restructuring Programs and Separation Costs - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)Position | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)Position | |
Restructuring Cost And Reserve [Line Items] | |||||
Severance costs | $ 112 | $ 2,001 | $ 2,001 | ||
Separation activities, period of consulting term | 3 years | ||||
Separation costs | $ 2,574 | ||||
2016 Restructuring Program [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring costs, description | Involved the elimination of approximately 320 positions across all of the Company’s theme parks and corporate headquarters. | ||||
Number of positions eliminated | Position | 320 | ||||
Restructuring and other related costs incurred to date | $ 8,904 | ||||
2014 Restructuring Program [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring costs, description | Involved the elimination of approximately 300 positions across all of the Company’s theme parks and corporate headquarters. | ||||
Number of positions eliminated | Position | 300 | ||||
Restructuring and other related costs incurred to date | $ 11,834 | 11,834 | |||
Restructuring and other related costs | $ 267 | $ 11,567 |
Restructuring Programs and Se52
Restructuring Programs and Separation Costs - Schedule of Restructuring Program Activity (Detail) - Severance and Other Employment Expenses [Member] - 2016 Restructuring Programs [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Costs incurred | $ 8,904 |
Payments made | (1,062) |
Liability, ending balance | $ 7,842 |
Restructuring Program and Separ
Restructuring Program and Separation Costs - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | |||
Severance costs | $ 112 | $ 2,001 | $ 2,001 |
(Loss) Earnings per Share - Sch
(Loss) Earnings per Share - Schedule of (Loss) Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | [2] | Dec. 31, 2015 | [3] | Sep. 30, 2015 | Jun. 30, 2015 | [4] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||||||||||||||
Basic (loss) earnings per share, Net (Loss) Income | $ (12,531) | $ 49,133 | $ 49,919 | ||||||||||||
Diluted (loss) earnings per share, Net (Loss) Income | $ (12,531) | $ 49,133 | $ 49,919 | ||||||||||||
Basic (loss) earnings per share, Shares | 84,925 | 85,860 | 87,183 | ||||||||||||
Effect of dilutive incentive-based awards, Shares | 121 | 297 | |||||||||||||
Diluted (loss) earnings per share, Shares | 84,925 | 85,981 | 87,480 | ||||||||||||
Basic (loss) earnings per share, Per Share Amount | $ (0.14) | $ 0.77 | $ 0.21 | $ (1) | $ (0.13) | $ 1.14 | $ 0.07 | $ (0.51) | $ (0.15) | $ 0.57 | $ 0.57 | ||||
Diluted (loss) earnings per share, Per Share Amount | $ (0.14) | $ 0.77 | $ 0.21 | $ (1) | $ (0.13) | $ 1.14 | $ 0.07 | $ (0.51) | $ (0.15) | $ 0.57 | $ 0.57 | ||||
[1] | During the fourth quarter of 2016, the Company recorded $8,904 in restructuring and other related costs primarily related to severance costs and other employment expenses. See Note 4–Restructuring Programs and Separation Costs for further details. | ||||||||||||||
[2] | During the first quarter of 2016, the Company recorded $27,516 in equity compensation expense related to certain of the Company’s performance-vesting restricted shares (the “2.25x Performance Restricted shares”) which became probable of vesting during the first quarter and vested on April 1, 2016. See Note 18–Equity-Based Compensation for further details. | ||||||||||||||
[3] | 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 Programs and Separation Costs for further details. | ||||||||||||||
[4] | 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 $260,000 of its then existing Senior Notes. See Note 11–Long-Term Debt for further details. |
(Loss) Earnings per Share - Add
(Loss) Earnings per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Line Items] | |||
Anti-dilutive shares of common stock excluded from the computation of diluted (loss) earnings per share | 1,879,000 | 21,000 | |
Potentially dilutive shares of common stock excluded from the computation of diluted loss per share | 4,807,000 | ||
Shares included in calculation of diluted (loss) earnings per share | 121,000 | 297,000 | |
Performance-vesting Restricted Share [Member] | |||
Earnings Per Share [Line Items] | |||
Shares included in calculation of diluted (loss) earnings per share | 13,000 | 19,000 | 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Merchandise | $ 24,438 | $ 26,183 |
Food and beverage | 3,956 | 4,740 |
Other supplies | 290 | 290 |
Total inventories | $ 28,684 | $ 31,213 |
Prepaid Expenses and Other Cu57
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 8,646 | $ 8,264 |
Prepaid marketing and advertising costs | 3,202 | 1,439 |
Other | 7,476 | 6,657 |
Total prepaid expenses and other current assets | $ 19,324 | $ 16,360 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,828,446 | $ 2,748,161 |
Less accumulated depreciation | (1,161,631) | (1,029,165) |
Total property and equipment, net | 1,666,815 | 1,718,996 |
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 | 316,774 | 281,612 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 645,013 | 618,507 |
Rides, Attractions and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,368,018 | 1,310,645 |
Animals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 158,199 | 158,191 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 54,242 | $ 93,006 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 191,500 | $ 174,700 | $ 169,000 | |
Accelerated depreciation related to the disposal of the lifting floors | $ 33,700 |
Trade Names_Trademarks and Ot60
Trade Names/Trademarks and Other Intangible Assets, Net - Trade Names/Trademarks, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Net Carrying Value, definite lives | $ 22,152 | |
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 | 8,636 | 7,174 |
Net Carrying Value, definite lives | 4,264 | 5,726 |
Gross Carrying Amount, total | 169,900 | 169,900 |
Accumulated Amortization, total | 8,636 | 7,174 |
Net Carrying Value, total | $ 161,264 | $ 162,726 |
Weighted Average Amortization Period, definite lives | 9 years 3 months 18 days | 9 years 3 months 18 days |
Trade Names_Trademarks and Ot61
Trade Names/Trademarks and Other Intangible Assets, Net - Other Intangible Assets-Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 22,152 | |
Other Intangible Assets [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, definite lives | 41,120 | $ 41,120 |
Accumulated Amortization, definite lives | 23,112 | 19,793 |
Net Carrying Value, definite lives | 18,008 | 21,327 |
Net Carrying Value, indefinite lives | $ 120 | $ 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 | 3,267 | 2,800 |
Net Carrying Value, definite lives | $ 14,933 | $ 15,400 |
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 | 19,487 | 16,735 |
Net Carrying Value, definite lives | $ 2,813 | $ 5,565 |
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 | 358 | 258 |
Net Carrying Value, definite lives | $ 142 | $ 242 |
Trade Names_Trademarks and Ot62
Trade Names/Trademarks and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization | $ 4,800 | $ 4,800 | $ 4,600 |
Weighted average amortization period | 18 years 9 months 18 days |
Trade Names_Trademarks and Ot63
Trade Names/Trademarks and Other Intangible Assets, Net - Schedule of Expected Amortization of Finite-Lived Intangible Assets (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,017 | $ 4,574 |
2,018 | 2,235 |
2,019 | 1,849 |
2,020 | 467 |
2,021 | 467 |
Thereafter | 12,560 |
Net Carrying Value, definite lives | $ 22,152 |
Other Accrued Expenses - Schedu
Other Accrued Expenses - Schedule of Other Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables And Accruals [Abstract] | ||
Accrued property taxes | $ 2,193 | $ 2,250 |
Accrued interest | 13,631 | 441 |
Self-insurance reserve | 7,191 | 6,973 |
Other | 395 | 1,479 |
Total other accrued expenses | $ 23,410 | $ 11,143 |
Other Accrued Expenses - Additi
Other Accrued Expenses - Additional Information (Detail) $ in Thousands | Jan. 03, 2017USD ($) |
Subsequent Events [Member] | |
Other Accrued Expenses [Line Items] | |
Cash paid for interest | $ 12,904 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,598,001 | $ 1,601,287 |
Less discounts | (5,517) | (7,211) |
Less debt issuance costs | (9,702) | (13,333) |
Less current maturities | (51,713) | (31,850) |
Total long-term debt, net | 1,531,069 | 1,548,893 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 24,351 | 15,000 |
Term B-2 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,327,850 | 1,338,387 |
Term B-3 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 245,800 | $ 247,900 |
Long-Term Debt - Summary of L67
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) | Dec. 31, 2016 | Dec. 31, 2015 |
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% | 4.33% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Jan. 03, 2017USD ($) | Oct. 30, 2015USD ($) | Apr. 07, 2015USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 01, 2017USD ($) | Sep. 30, 2016USD ($)Swap | Jun. 30, 2015USD ($)Swap | May 14, 2013 | Dec. 01, 2009USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Long-term debt | $ 1,598,001,000 | $ 1,601,287,000 | ||||||||||
Outstanding letters of credit | $ 17,200,000 | |||||||||||
Interest Rate Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of interest rate swaps matured | Swap | 4 | |||||||||||
Interest Rate Swaps [Member] | Combined Interest Rate Cash Flow Hedges On Three Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of interest rate derivatives held with combined notional amount | Swap | 3 | |||||||||||
Notional amount of interest rate swap | $ 1,000,000,000 | |||||||||||
Variable rate of interest | 0.75% | |||||||||||
Variable rate of interest, description | variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR | |||||||||||
Interest Rate Swaps [Member] | Fourth Traditional Swap [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notional amount of interest rate swap | $ 250,000,000 | |||||||||||
Fixed rate of interest on swaps | 0.901% | |||||||||||
Variable rate of interest | 0.75% | |||||||||||
Variable rate of interest, description | variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR | |||||||||||
Forward Interest Rate Swaps [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notional amount of interest rate swap | $ 1,000,000,000 | |||||||||||
Variable rate of interest | 0.75% | |||||||||||
Variable rate of interest, description | variable rate of interest based upon the greater of 0.75% or the three month BBA LIBOR | |||||||||||
Number of interest rate swaps held | Swap | 5 | |||||||||||
Maturity of interest rate swap | May 14, 2020 | |||||||||||
Weighted average fixed interest rate | 2.45% | |||||||||||
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% | |||||||||||
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% | |||||||||||
Subsequent Events [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash paid for interest | $ 12,904,000 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Unamortized debt issuance costs and discounts | $ 1,324,000 | 2,383,000 | ||||||||||
Long-term debt | 24,351,000 | 15,000,000 | ||||||||||
Senior secured revolving | 192,500,000 | |||||||||||
Permitted increased commitments under the Revolving Credit Facility in aggregate principal amount | $ 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, which the Company did not achieve as of December 31, 2016. | |||||||||||
Basis point step down on applicable margin upon achievement of certain leverage ratio | 0.25% | |||||||||||
Debt instrument interest rate selected percentage | 3.46% | |||||||||||
Commitment fees on unused portion of facility | 0.50% | |||||||||||
Outstanding letters of credit | $ 24,351,000 | |||||||||||
Amount available for borrowing | $ 150,949,000 | |||||||||||
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 | $ 45,600,000 | |||||||||||
Restrictive Covenants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Restrictive covenants, restricted payments capacity available | $ 90,000,000 | |||||||||||
Restrictive covenants, restricted payments used | 66,000,000 | |||||||||||
Term B-3 Loans [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, balance | $ 280,000,000 | $ 280,000,000 | ||||||||||
Long-term debt, maturity date | May 14, 2020 | |||||||||||
Repayment of outstanding principal | $ 30,000,000 | |||||||||||
Discount initially recorded | 1,400,000 | |||||||||||
Debt issuance costs initially recorded | 3,171,000 | |||||||||||
Unamortized debt issuance costs and discounts | $ 2,638,000 | 3,448,000 | ||||||||||
Long-term debt | 245,800,000 | 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 | $ 0 | |||||||||
Interest rate, description | The Term B-3 Loans were initially borrowed in an aggregate principal amount of $280,000. 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 effective percentage | 4.33% | 4.33% | ||||||||||
Debt instrument interest rate selected percentage | 4.25% | |||||||||||
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% | |||||||||||
Term B-3 Loans [Member] | LIBOR Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 3.25% | |||||||||||
Term B-3 Loans [Member] | Minimum [Member] | Base Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate effective percentage | 1.75% | |||||||||||
Term B-3 Loans [Member] | Minimum [Member] | LIBOR Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate effective percentage | 0.75% | |||||||||||
Term B-3 Loans [Member] | Subsequent Events [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount paid | 700,000 | |||||||||||
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 | $ 11,257,000 | $ 14,713,000 | ||||||||||
Long-term debt | 1,327,850,000 | 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 | 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. | |||||||||||
Debt instrument interest rate effective percentage | 3.26% | 3.26% | ||||||||||
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 | 325.00% | |||||||||||
Debt instrument interest rate selected percentage | 3.25% | |||||||||||
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% | |||||||||||
Term B-2 Loans [Member] | LIBOR Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Applicable margin for Term Loans | 2.25% | |||||||||||
Term B-2 Loans [Member] | Minimum [Member] | Base Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate effective percentage | 1.75% | |||||||||||
Term B-2 Loans [Member] | Minimum [Member] | LIBOR Rate Loan [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate effective percentage | 0.75% | |||||||||||
Term B-2 Loans [Member] | Subsequent Events [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Principal amount paid | 3,513,000 | |||||||||||
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 | $ 260,000,000 | |||||||||||
Debt redemption premium | 14,300,000 | |||||||||||
Write-off discounts and debt issuance costs | $ 6,048,000 | |||||||||||
Senior Notes [Member] | April 7, 2015 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Redemption price for Senior Notes Percentage | 105.50% | |||||||||||
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% | |||||||||||
Percentage of net proceeds incurrence of debt | 100.00% | |||||||||||
First lien secured net leverage ratio | 350.00% | |||||||||||
Percentage of interest in subsidiary | 100.00% | |||||||||||
Line of credit facility collateral description | The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests, subject to certain exceptions, in (i) all the capital stock of, or other equity interests in, substantially all of 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% | |||||||||||
Cash paid for interest | $ 46,919,000 | $ 63,726,000 | $ 74,933,000 | |||||||||
Senior Secured Credit Facilities [Member] | Scenario, Forecast [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Mandatory prepayments | $ 6,300,000 | |||||||||||
Senior Secured Credit Facilities [Member] | Subsequent Events [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash paid for interest | $ 12,904,000 | |||||||||||
Senior Secured Credit Facilities [Member] | Restrictive Covenants [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
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. | |||||||||||
Percentage of initial public offering net proceeds in restricted payments | 6.00% | |||||||||||
Percentage of Market Capitalization on restricted payment | 7.50% | |||||||||||
Total Leverage Ratio, as calculated | 461.00% | |||||||||||
Senior Secured Credit Facilities [Member] | Restrictive Covenants [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 25.00% | |||||||||||
Restricted payment on Senior Secured Credit Facilities, first payment | $ 90,000,000 | |||||||||||
Restricted payment on Senior Secured Credit Facilities, second payment | 120,000,000 | |||||||||||
Restricted payment on Senior Secured Credit Facilities, third payment | $ 120,000,000 | |||||||||||
Total Leverage Ratio, one | 500.00% | |||||||||||
Total Leverage Ratio, two | 450.00% | |||||||||||
Total Leverage Ratio, three | 400.00% | |||||||||||
First lien secured net leverage ratio | 350.00% | |||||||||||
Senior Secured Credit Facilities [Member] | Restrictive Covenants [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 0.00% | |||||||||||
Total Leverage Ratio, one | 450.00% | |||||||||||
Total Leverage Ratio, two | 400.00% | |||||||||||
Total Leverage Ratio, three | 350.00% |
Long-Term Debt - Summary of L69
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Maturities Of Long Term Debt [Abstract] | ||
2,017 | $ 51,713 | |
2,018 | 16,850 | |
2,019 | 16,850 | |
2,020 | 1,512,588 | |
Long-term debt | $ 1,598,001 | $ 1,601,287 |
Derivative Instruments and He70
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2016USD ($)Swap | Jun. 30, 2015USD ($)Swap | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss related to ineffective portion of derivatives recognized in other expense (income), net | $ (1,000) | $ (287,000) | ||
Reclassified as an increase to interest expense, expected during the next 12 months | 12,730,000 | |||
Unrealized loss on derivatives, tax benefit | (2,713,000) | (6,115,000) | ||
Termination value of derivatives in a net liability position | 24,001,000 | |||
Collateral posted relating to credit risk-related contingent features | 0 | |||
Interest Rate Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of interest rate swaps matured | Swap | 4 | |||
Forward 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 matured | Swap | 4 | |||
Combined Interest Rate Cash Flow Hedges, All Swaps [Member] | Forward 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 He71
Derivative Instruments and Hedging Activities - Fair Value of Company's Derivative Financial Instruments Classification on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivatives Fair Value [Line Items] | ||
Liability Derivatives Fair Value | $ 22,808 | $ 19,600 |
Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 22,808 | 19,600 |
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives Fair Value | 1,673 | |
Forward Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives Fair Value | $ 22,808 | $ 17,927 |
Derivative Instruments and He72
Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments on Consolidated Statements of Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives in Cash Flow Hedging Relationships: | ||
Loss related to effective portion of derivatives recognized in accumulated other comprehensive loss | $ (9,938) | $ (21,924) |
Gain related to effective portion of derivatives reclassified from accumulated other comprehensive loss to interest expense | 6,669 | 3,154 |
Loss related to ineffective portion of derivatives recognized in other expense (income), net | $ (1) | $ (287) |
Derivative Instruments and He73
Derivative Instruments and Hedging Activities - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated other comprehensive loss: | ||
Beginning Balance | $ 504,120 | $ 579,535 |
Ending Balance | 461,215 | 504,120 |
Gains (Losses) on Cash Flow Hedges [Member] | ||
Accumulated other comprehensive loss: | ||
Beginning Balance | (13,137) | (483) |
Other comprehensive loss before reclassifications | (1,690) | (14,781) |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 1,133 | 2,127 |
Unrealized loss on derivatives, net of tax | (557) | (12,654) |
Ending Balance | $ (13,694) | $ (13,137) |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current income tax (benefit) provision | |||
Federal | $ (72) | $ (78) | $ (70) |
State | 442 | 494 | 937 |
Foreign | 23 | 36 | 5 |
Total current income tax provision | 393 | 452 | 872 |
Deferred income tax provision (benefit): | |||
Federal | 5,169 | 25,210 | 30,414 |
State | 3,768 | (1,964) | (2,414) |
Total deferred income tax provision | 8,937 | 23,246 | 28,000 |
Total income tax provision | $ 9,330 | $ 23,698 | $ 28,872 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | |||
Cash paid for income taxes | $ 819 | $ 1,062 | $ 858 |
Deferred tax assets, valuation allowance | $ 584 | 1,466 | |
Deferred tax assets, charitable contributions expiration date | 2,016 | ||
Net expense related to nondeductible equity compensation awards | $ 8,806 | ||
Net expense (benefit) resulting from adjustment for revaluation of state net operating loss carryforwards | $ 632 | (1,817) | $ (2,977) |
Charitable Contribution Carryforwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | $ 900 | ||
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 | $ 709,000 | ||
State Tax Credit Carry Forwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 1,105,000 | ||
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, 2016 | Dec. 31, 2015 |
Deferred income tax assets: | ||
Acquisition and debt related costs | $ 15,899 | $ 18,281 |
Net operating loss | 294,986 | 283,947 |
Self-insurance | 9,766 | 10,039 |
Deferred revenue | 4,696 | 942 |
Cash flow hedge | 9,114 | 6,401 |
Tax credits | 6,882 | 4,546 |
Other | 12,539 | 9,652 |
Total deferred income tax assets | 353,882 | 333,808 |
Valuation allowance | (584) | (1,466) |
Net deferred tax assets | 353,298 | 332,342 |
Deferred income tax liabilities: | ||
Property and equipment | (326,320) | (309,054) |
Goodwill | (49,493) | (42,458) |
Amortization | (20,877) | (17,564) |
Other | (4,527) | (4,961) |
Total deferred income tax liabilities | (401,217) | (374,037) |
Net deferred income tax liabilities | $ (47,919) | $ (41,695) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation between Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax rate at federal statutory rates | 35.00% | 35.00% | 35.00% |
Federal net operating loss and tax credit adjustments | 24.40% | (0.68%) | 0.72% |
State taxes, net of federal benefit | (58.42%) | 0.56% | 1.32% |
State net operating loss revaluation | (19.74%) | (2.51%) | (3.78%) |
Nondeductible equity-based compensation | (275.10%) | 0.15% | 0.63% |
Tax credits | 21.17% | (1.73%) | (0.80%) |
Nondeductible expenses | (17.15%) | 0.53% | 1.17% |
Charitable contribution carryforward valuation allowance | 2.01% | 1.91% | |
Other | (1.63%) | (0.79%) | 0.47% |
Income tax rate | (291.47%) | 32.54% | 36.64% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Operating Leases Requiring Annual Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 15,223 |
2,018 | 14,781 |
2,019 | 13,857 |
2,020 | 11,836 |
2,021 | 11,834 |
Thereafter | 276,308 |
Total | $ 343,839 |
Commitments and Contingencies79
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jan. 02, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||||
Rental expense | $ 20,912,000 | $ 20,233,000 | $ 21,643,000 | |
Lease term | 50 years | |||
Lease expiration date | Jul. 1, 2048 | |||
Additional capital payments | $ 122,000,000 | |||
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
Amount in controversy, not recorded | $ 5,000,000 | |||
Subsequent Events [Member] | ||||
Loss Contingencies [Line Items] | ||||
Minimum annual rent payment | $ 10,400,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Assets measured at fair value | $ 0 | $ 0 |
Transfers between Levels | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Derivative financial instruments | $ 22,808 | $ 19,600 |
Long-term obligations | 1,598,001 | 1,601,287 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Liabilities: | ||
Derivative financial instruments | 22,808 | 19,600 |
Long-term obligations | $ 1,598,001 | $ 1,601,287 |
Fair Value Measurements - Sch82
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liability Derivatives Fair Value | $ 22,808 | $ 19,600 |
Current maturities on long-term debt | 51,713 | 31,850 |
Total long-term debt, net | 1,531,069 | 1,548,893 |
Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liability Derivatives Fair Value | $ 22,808 | $ 19,600 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | Oct. 07, 2016 | Sep. 19, 2016 | Jul. 01, 2016 | Jun. 08, 2016 | Apr. 01, 2016 | 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 | Sep. 30, 2014 | May 31, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 07, 2015 | Dec. 01, 2009 |
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.73 | $ 0.84 | $ 0.62 | ||||||||||||||||||||||||
Dividends paid to stockholders | $ 65,306,000 | $ 72,318,000 | $ 72,113,000 | ||||||||||||||||||||||||
Q4 2015 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends declared date | Jan. 5, 2016 | ||||||||||||||||||||||||||
Cash dividends record date | Jan. 15, 2016 | ||||||||||||||||||||||||||
Cash dividends payable date | Jan. 22, 2016 | ||||||||||||||||||||||||||
Q1 2016 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends declared date | Feb. 22, 2016 | ||||||||||||||||||||||||||
Cash dividends record date | Mar. 14, 2016 | ||||||||||||||||||||||||||
Cash dividends payable date | Apr. 1, 2016 | ||||||||||||||||||||||||||
Q2 2016 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends declared date | Jun. 8, 2016 | ||||||||||||||||||||||||||
Cash dividends record date | Jun. 20, 2016 | ||||||||||||||||||||||||||
Cash dividends payable date | Jul. 1, 2016 | ||||||||||||||||||||||||||
Q3 2016 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.10 | $ 0.10 | |||||||||||||||||||||||||
Cash dividends declared date | Sep. 19, 2016 | ||||||||||||||||||||||||||
Cash dividends record date | Sep. 29, 2016 | ||||||||||||||||||||||||||
Cash dividends payable date | Oct. 7, 2016 | ||||||||||||||||||||||||||
Q4 2014 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends declared date | Jan. 5, 2015 | ||||||||||||||||||||||||||
Cash dividends record date | Jan. 13, 2015 | ||||||||||||||||||||||||||
Cash dividends payable date | Jan. 22, 2015 | ||||||||||||||||||||||||||
Q1 2015 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends declared date | Mar. 3, 2015 | ||||||||||||||||||||||||||
Cash dividends record date | Mar. 13, 2015 | ||||||||||||||||||||||||||
Cash dividends payable date | Apr. 1, 2015 | ||||||||||||||||||||||||||
Q2 2015 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends declared date | Jun. 10, 2015 | ||||||||||||||||||||||||||
Cash dividends record date | Jun. 22, 2015 | ||||||||||||||||||||||||||
Cash dividends payable date | Jul. 1, 2015 | ||||||||||||||||||||||||||
Q3 2015 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | |||||||||||||||||||||||||
Cash dividends declared date | Sep. 16, 2015 | ||||||||||||||||||||||||||
Cash dividends record date | Sep. 29, 2015 | ||||||||||||||||||||||||||
Cash dividends payable date | Oct. 6, 2015 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Cash dividends payable date | 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 | ||||||||||||||||||||||||||
Cash dividends payable date | 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 | ||||||||||||||||||||||||||
Cash dividends payable date | Oct. 6, 2014 | ||||||||||||||||||||||||||
Cash dividends declare date | 2014-09 | ||||||||||||||||||||||||||
Term B-2 Loans [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Debt instrument, balance | $ 1,405,000,000 | ||||||||||||||||||||||||||
Term B-3 Loans [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Debt instrument, balance | $ 280,000,000 | $ 280,000,000 | |||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q4 2015 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q1 2016 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q2 2016 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q3 2016 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 1,950,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q4 2014 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q1 2015 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q2 2015 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q3 2015 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q1 2014 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 7,849,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q2 2014 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,252,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Q3 2014 Declaration [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Dividends paid to stockholders | $ 4,095,000 | ||||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Term B-2 Loans [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Debt instrument, balance | $ 25,000,000 | $ 77,000,000 | |||||||||||||||||||||||||
Blackstone and Affiliates [Member] | Term B-3 Loans [Member] | |||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||
Debt instrument, balance | $ 9,000,000 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 8,495 | $ 7,696 | $ 7,790 |
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 ($) | Mar. 03, 2017 | Jun. 15, 2016 | Apr. 01, 2016 | Apr. 08, 2013 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation expense | $ 37,515,000 | $ 6,527,000 | $ 2,349,000 | ||||||
Unrecognized equity compensation cost | 27,960,000 | ||||||||
Total fair value of shares vested during the period | $ 32,164,000 | $ 2,450,000 | $ 2,410,000 | ||||||
Weighted average grant date fair value of stock options | $ 3.69 | ||||||||
Unvested shares of common stock | 3,596,217 | ||||||||
Accumulated dividends related to performance shares which vested during the period | $ 3,400,000 | ||||||||
Common Stock [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Shares withheld from employees to satisfy minimum tax withholding obligation | 89,180 | 42,221 | 8,936 | ||||||
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 | 8,642,630 | ||||||||
2016 Bonus Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of bonus payable by cash | 50.00% | ||||||||
2015 Bonus Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of bonus payable by cash | 50.00% | ||||||||
2017 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% | ||||||||
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% | ||||||||
Long-Term Incentive Plan Threshold Performance [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting percentage, per year | 50.00% | ||||||||
Long-Term Incentive Plan Target Performance [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting percentage, per year | 100.00% | ||||||||
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% | ||||||||
2017 Long-Term Incentive Performance Restricted Shares [Member] | Scenario, Forecast [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Performance goals | Long-Term Incentive Performance Restricted shares are expected to vest based upon the Company’s achievement of pre-established performance goals with respect to Adjusted EBITDA (weighted at 50%), Total Revenue (weighted at 30%) and Return on Invested Capital (weighted at 20%) for the three year performance period. | ||||||||
Adjusted EBITDA performance goal weight | 50.00% | ||||||||
Total revenue performance goal weight | 30.00% | ||||||||
Equity grant effective date | Mar. 3, 2017 | ||||||||
Return on invested capital performance goal weight | 20.00% | ||||||||
Pre-IPO Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Grant date fair value measuring method | The fair value of each Pre-IPO Incentive Plan 2.75x Performance Restricted shares originally granted was estimated on the date of grant using a composite of the discounted cash flow model and the guideline public company approach to determine the underlying enterprise value. | ||||||||
Pre-IPO Incentive Plan 2.75x Performance Restricted shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expected volatility | 37.60% | ||||||||
2.25x Performance Restricted Shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation expense | $ 27,516,000 | $ 27,516,000 | |||||||
Total fair value of shares vested during the period | $ 27,516,000 | ||||||||
Unvested shares of common stock | 1,370,821 | 1,370,821 | |||||||
Accumulated dividends related to performance shares which vested during the period | $ 3,400,000 | ||||||||
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 | $ 17.20 | $ 18.76 | $ 24.59 | ||||||
Bonus Performance Restricted Shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Weighted average grant date fair value | $ 17.89 | ||||||||
Granted shares | 502,576 | ||||||||
Unvested shares of common stock | 451,289 | 415,995 | |||||||
Bonus Performance Restricted Shares [Member] | 2016 Bonus Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation expense | $ 0 | ||||||||
Percentage of bonus payable by shares | 50.00% | ||||||||
Bonus Performance Restricted Shares [Member] | 2015 Bonus Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation expense | $ 0 | ||||||||
Percentage of bonus payable by shares | 50.00% | ||||||||
Bonus Performance Restricted Shares [Member] | 2017 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% | ||||||||
Performance goals | Is based upon the Company’s achievement of specified performance goals with respect to Fiscal 2017 Adjusted EBITDA (weighted at 50%), Total Revenue (weighted at 30%) and Adjusted EBITDA Margin (weighted at 20%). | ||||||||
Adjusted EBITDA performance goal weight | 50.00% | ||||||||
Total revenue performance goal weight | 30.00% | ||||||||
Adjusted EBITDA margin performance goal weight | 20.00% | ||||||||
Equity grant effective date | Mar. 3, 2017 | ||||||||
Long-Term Incentive Options [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] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 4 years | ||||||||
Vesting percentage, per year | 25.00% | ||||||||
Long-Term Incentive Time Restricted Shares [Member] | 2017 Long-Term Incentive Performance Restricted Shares [Member] | Scenario, Forecast [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Performance period | 5 years | ||||||||
Long-Term Incentive Performance Restricted Shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Weighted average grant date fair value | $ 18.50 | ||||||||
Granted shares | 200,098 | ||||||||
Unvested shares of common stock | 212,369 | 62,365 | |||||||
Long-Term Incentive Performance Restricted Shares [Member] | Fiscal 2016 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Unrecognized equity compensation cost | $ 3,081,000 | ||||||||
Number of shares not probable of vesting | 170,369 | ||||||||
Long-Term Incentive Performance Restricted Shares [Member] | Fiscal 2015 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Unrecognized equity compensation cost | $ 91,000 | ||||||||
Long-Term Incentive Performance Restricted Shares [Member] | 2015 and 2016 Long-Term Incentive Plan [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Performance period | 3 years | ||||||||
Shares earned, percentage | 33.00% | ||||||||
Long-Term Incentive Performance Restricted Shares [Member] | 2016 Long-Term Incentive Plan [Member] | Maximum Performance [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Awarded shares | 385,153 | ||||||||
Long-Term Incentive Performance Restricted Shares [Member] | 2016 Long-Term Incentive Plan [Member] | Fiscal 2016 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Granted shares | 128,369 | ||||||||
Long-Term Incentive Performance Restricted Shares [Member] | 2015 Long-Term Incentive Plan [Member] | Maximum Performance [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Awarded shares | 126,024 | ||||||||
Long-Term Incentive Performance Restricted Shares [Member] | 2015 Long-Term Incentive Plan [Member] | Fiscal 2016 [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Granted shares | 42,000 | ||||||||
Long-Term Incentive Performance Restricted Shares [Member] | 2017 Long-Term Incentive Performance Restricted Shares [Member] | Scenario, Forecast [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Performance period | 3 years | ||||||||
Time-Vesting Restricted Shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Weighted average grant date fair value | $ 16.41 | ||||||||
Granted shares | 769,906 | ||||||||
Unvested shares of common stock | 1,323,025 | 883,270 | |||||||
Time-Vesting Restricted Shares [Member] | Other 2016 Omnibus Incentive Plan Awards [Member] | Board Members [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Granted shares | 53,333 | ||||||||
Time-Vesting Restricted Shares [Member] | Other 2016 Omnibus Incentive Plan Awards [Member] | Three Year Vesting [Member] | Board Members [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Granted shares | 7,619 | ||||||||
Time-Vesting Restricted Shares [Member] | Other 2016 Omnibus Incentive Plan Awards [Member] | One Year Vesting [Member] | Board Members [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting percentage, per year | 100.00% | ||||||||
Granted shares | 45,714 | ||||||||
TVUs [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Vesting period | 5 years | ||||||||
Vesting percentage, per year | 20.00% | ||||||||
Omnibus Incentive Plan 2.75x Performance Restricted shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expected volatility | 33.20% | ||||||||
Omnibus Incentive Plan 2.75x Performance Restricted shares [Member] | Pre-IPO Incentive Plan 2.75x Performance Restricted shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Expected life (in years) | 2 years | 2 years | |||||||
Risk- free interest rate | 0.24% | 0.24% | |||||||
Fair value assumptions, dividend yield | 0.00% | 0.00% | |||||||
Performance Restricted Shares [Member] | Equity Plan Modifications [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Modified shares | 702,735 | ||||||||
2.75x Performance Restricted Shares [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity-based compensation expense | $ 0 | $ 0 | $ 0 | ||||||
Unrecognized equity compensation cost | $ 11,000,000 | ||||||||
Unvested shares of common stock | 1,310,726 | 1,370,821 | |||||||
Return on investment | 2.75% | ||||||||
Annualized effective compounded return rate | 15.00% | ||||||||
Additional future funds to receive | $ 421,000,000 |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding, Ending Balance | 3,596,217 |
Time-Vesting Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 883,270 |
Shares, Granted | 769,906 |
Shares, Vested | (254,708) |
Shares, Forfeited | (75,443) |
Shares, Outstanding, Ending Balance | 1,323,025 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ / shares | $ 18.66 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | 16.41 |
Weighted Average Grant Date Fair Value per Share, Vested | $ / shares | 18.25 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 18.02 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 17.47 |
Bonus Performance Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 415,995 |
Shares, Granted | 502,576 |
Shares, Forfeited | (467,282) |
Shares, Outstanding, Ending Balance | 451,289 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ / shares | $ 19 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | 17.89 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 18.88 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 17.88 |
Long-Term Incentive Performance Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 62,365 |
Shares, Granted | 200,098 |
Shares, Forfeited | (50,094) |
Shares, Outstanding, Ending Balance | 212,369 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ / shares | $ 18.88 |
Weighted Average Grant Date Fair Value per Share, Granted | $ / shares | 18.50 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 19.28 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 18.43 |
2.25x Performance Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 1,370,821 |
Shares, Vested | (1,370,821) |
Shares, Outstanding, Ending Balance | |
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ / shares | $ 20.35 |
Weighted Average Grant Date Fair Value per Share, Vested | $ / shares | $ 20.07 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | |
2.75x Performance Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Outstanding, Beginning Balance | 1,370,821 |
Shares, Forfeited | (60,095) |
Shares, Outstanding, Ending Balance | 1,310,726 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Beginning Balance | $ / shares | $ 10.93 |
Weighted Average Grant Date Fair Value per Share, Forfeited | $ / shares | 15.42 |
Weighted Average Grant Date Fair Value per Share, Outstanding, Ending Balance | $ / shares | $ 8.19 |
Equity-Based Compensation - S87
Equity-Based Compensation - Schedule of Activity Related to Stock Option Awards (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, Outstanding, Beginning Balance | shares | 2,274,385 |
Options, granted | shares | 1,472,937 |
Options, Forfeited | shares | (266,307) |
Options, Expired | shares | (34,784) |
Options, Exercised | shares | (4,331) |
Options, Outstanding, Ending Balance | shares | 3,441,900 |
Options, Exercisable at December 31, 2016 | shares | 523,125 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 19.21 |
Weighted Average Exercise Price, Granted | $ / shares | 17.83 |
Weighted Average Exercise Price, Forfeited | $ / shares | 18.60 |
Weighted Average Exercise Price, Expired | $ / shares | 18.96 |
Weighted Average Exercise Price, Exercised | $ / shares | 18.96 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares | 18.67 |
Weighted Average Exercise Price, Exercisable at December 31, 2016 | $ / shares | $ 19.23 |
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2016 | 8 years 8 months 1 day |
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2016 | 8 years 3 months 26 days |
Aggregate Intrinsic Value, Outstanding at December 31, 2016 | $ | $ 2,091 |
Aggregate Intrinsic Value, Exercisable at December 31, 2016 | $ | $ 140 |
Equity-Based Compensation - S88
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, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Risk- free interest rate | 1.47% |
Expected volatility | 35.46% |
Expected dividend yield | 4.69% |
Expected life (in years) | 6 years 3 months |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Sep. 19, 2016 | Apr. 09, 2014 | Jan. 31, 2015 | Apr. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders Equity [Line Items] | |||||||
Common stock, shares issued | 91,861,054 | 90,320,374 | |||||
Unvested shares of common stock | 3,596,217 | ||||||
Treasury stock, shares | 6,519,773 | 6,519,773 | |||||
Cash dividends declared per share | $ 0.73 | $ 0.84 | $ 0.62 | ||||
Dividends payable | $ 908,000 | $ 430,000 | $ 172,000 | ||||
Dividends paid to stockholders | 65,306,000 | $ 72,318,000 | 72,113,000 | ||||
Secondary offering costs | $ 747,000 | ||||||
Shares repurchased | 2,413,803 | 2,605,970 | |||||
Stock repurchased during period, total cost | $ 45,000,000 | $ 65,708,000 | |||||
Shares repurchased payment settlement during period | $ 5,650,000 | 50,650,000 | 60,058,000 | ||||
Treasury stock at cost | 154,871,000 | $ 154,871,000 | $ 109,871,000 | ||||
Share Repurchase Program [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Shares repurchased | 2,413,803 | 855,970 | |||||
Share Repurchase Program, authorized amount | $ 250,000,000 | ||||||
Stock repurchased during period under Share Repurchase Program, average price per share | $ 18.62 | $ 17.50 | |||||
Stock repurchased during period, total cost | $ 45,000,000 | $ 15,000,000 | |||||
Share Repurchase Program, remaining authorized repurchase amount | $ 190,000,000 | ||||||
Stock Repurchase Program, number of shares repurchased | 0 | ||||||
Secondary Offering [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Common stock, shares issued | 0 | ||||||
Shares offered and sold by the selling stockholders | 17,250,000 | ||||||
Shares repurchased | 1,750,000 | ||||||
Underwriters Over-Allotment Option [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Shares offered and sold by the selling stockholders | 2,250,000 | ||||||
2.75x Performance Restricted Shares [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Unvested shares of common stock | 1,310,726 | 1,370,821 | |||||
Accumulated dividends on unvested performance restricted shares | $ 3,690,000 | ||||||
Long-Term Incentive Performance Restricted Shares [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Unvested shares of common stock | 212,369 | 62,365 | |||||
Accumulated dividends on unvested performance restricted shares | $ 180,000 | ||||||
Dividends on shares probable of vesting | $ 18,000 | ||||||
Q3 2016 Declaration [Member] | |||||||
Stockholders Equity [Line Items] | |||||||
Cash dividends declared per share | $ 0.10 | $ 0.10 | |||||
Cash dividends declared date | Sep. 19, 2016 | ||||||
Cash dividends payable date | Oct. 7, 2016 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail) - $ / shares | Sep. 19, 2016 | Jun. 08, 2016 | Feb. 22, 2016 | Jan. 05, 2016 | Sep. 16, 2015 | Jun. 10, 2015 | Mar. 03, 2015 | Jan. 05, 2015 | Sep. 30, 2014 | May 31, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders Equity [Line Items] | ||||||||||||||
Cash dividends declared per share | $ 0.73 | $ 0.84 | $ 0.62 | |||||||||||
Q4 2015 Declaration [Member] | ||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||
Cash dividends record date | Jan. 15, 2016 | |||||||||||||
Cash dividends payable date | Jan. 22, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | ||||||||||||
Q1 2016 Declaration [Member] | ||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||
Cash dividends record date | Mar. 14, 2016 | |||||||||||||
Cash dividends payable date | Apr. 1, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | ||||||||||||
Q2 2016 Declaration [Member] | ||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||
Cash dividends record date | Jun. 20, 2016 | |||||||||||||
Cash dividends payable date | Jul. 1, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | ||||||||||||
Q3 2016 Declaration [Member] | ||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||
Cash dividends record date | Sep. 29, 2016 | |||||||||||||
Cash dividends payable date | Oct. 7, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.10 | $ 0.10 | ||||||||||||
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 | $ 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 | $ 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 | $ 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 | $ 0.21 | ||||||||||||
Q1 2014 Declaration [Member] | ||||||||||||||
Stockholders Equity [Line Items] | ||||||||||||||
Cash dividends record date | Mar. 20, 2014 | |||||||||||||
Cash dividends payable date | 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 | |||||||||||||
Cash dividends payable date | 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 | |||||||||||||
Cash dividends payable date | Oct. 6, 2014 | |||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 |
Summary Quarterly Financial D91
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | [2] | Dec. 31, 2015 | [3] | Sep. 30, 2015 | Jun. 30, 2015 | [4] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Total revenues | $ 267,597 | $ 485,318 | $ 371,136 | $ 220,241 | $ 267,857 | $ 496,939 | $ 391,616 | $ 214,592 | $ 1,344,292 | $ 1,371,004 | $ 1,377,812 | ||||
Operating (loss) income | (11,539) | 152,641 | 38,050 | (119,567) | (6,975) | 170,860 | 45,750 | (50,199) | 59,585 | 159,436 | 160,597 | ||||
Net (loss) income | $ (11,905) | $ 65,655 | $ 17,768 | $ (84,049) | $ (11,028) | $ 97,950 | $ 5,809 | $ (43,598) | $ (12,531) | $ 49,133 | $ 49,919 | ||||
(Loss) earnings per share: | |||||||||||||||
Net (loss) income per share, basic | $ (0.14) | $ 0.77 | $ 0.21 | $ (1) | $ (0.13) | $ 1.14 | $ 0.07 | $ (0.51) | $ (0.15) | $ 0.57 | $ 0.57 | ||||
Net (loss) income per share, diluted | $ (0.14) | $ 0.77 | $ 0.21 | $ (1) | $ (0.13) | $ 1.14 | $ 0.07 | $ (0.51) | $ (0.15) | $ 0.57 | $ 0.57 | ||||
[1] | During the fourth quarter of 2016, the Company recorded $8,904 in restructuring and other related costs primarily related to severance costs and other employment expenses. See Note 4–Restructuring Programs and Separation Costs for further details. | ||||||||||||||
[2] | During the first quarter of 2016, the Company recorded $27,516 in equity compensation expense related to certain of the Company’s performance-vesting restricted shares (the “2.25x Performance Restricted shares”) which became probable of vesting during the first quarter and vested on April 1, 2016. See Note 18–Equity-Based Compensation for further details. | ||||||||||||||
[3] | 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 Programs and Separation Costs for further details. | ||||||||||||||
[4] | 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 $260,000 of its then existing Senior Notes. See Note 11–Long-Term Debt for further details. |
Summary Quarterly Financial D92
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Line Items] | |||||||
Equity compensation expense | $ 37,515 | $ 6,527 | $ 2,349 | ||||
Restructuring and other related costs related to severance costs and other employment expenses | $ 8,904 | ||||||
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | $ 20,348 | 20,905 | $ 461 | ||||
Long-term debt | $ 260,000 | ||||||
Severance costs | $ 112 | $ 2,001 | $ 2,001 | ||||
2.25x Performance Restricted Shares [Member] | |||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||
Equity compensation expense | $ 27,516 | $ 27,516 |
Summary Quarterly Financial D93
Summary Quarterly Financial Data - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Business | |
Quarterly Financial Information Disclosure [Abstract] | |
Number of theme parks opened for a portion of the year | 7 |
Schedule I - Condensed Balance
Schedule I - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Total current assets | $ 153,692 | $ 106,082 | ||
Total assets | 2,378,771 | 2,388,662 | ||
Current liabilities: | ||||
Dividends payable | 908 | 430 | $ 172 | |
Total current liabilities | 263,612 | 229,314 | ||
Total liabilities | 1,917,556 | 1,884,542 | ||
Commitments and contingencies | ||||
Stockholders’ Equity: | ||||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2016 and 2015 | ||||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 91,861,054 and 90,320,374 shares issued at December 31, 2016 and 2015, respectively | 919 | 903 | ||
Additional paid-in capital | 621,343 | 624,765 | ||
Retained earnings | 7,518 | 46,460 | ||
Treasury stock, at cost (6,519,773 shares at December 31, 2016 and 2015) | (154,871) | (154,871) | (109,871) | |
Total stockholders’ equity | 461,215 | 504,120 | 579,535 | $ 648,027 |
Total liabilities and stockholders’ equity | 2,378,771 | 2,388,662 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash | 908 | 430 | ||
Total current assets | 908 | 430 | ||
Investment in wholly owned subsidiary | 474,909 | 517,257 | ||
Total assets | 475,817 | 517,687 | ||
Current liabilities: | ||||
Dividends payable | 908 | 430 | 172 | |
Total current liabilities | 908 | 430 | ||
Total liabilities | 908 | 430 | ||
Commitments and contingencies | ||||
Stockholders’ Equity: | ||||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2016 and 2015 | ||||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 91,861,054 and 90,320,374 shares issued at December 31, 2016 and 2015, respectively | 919 | 903 | ||
Additional paid-in capital | 621,343 | 624,765 | ||
Retained earnings | 7,518 | 46,460 | ||
Treasury stock, at cost (6,519,773 shares at December 31, 2016 and 2015) | (154,871) | (154,871) | $ (109,871) | |
Total stockholders’ equity | 474,909 | 517,257 | ||
Total liabilities and stockholders’ equity | $ 475,817 | $ 517,687 |
Schedule I - Condensed Balanc95
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 91,861,054 | 90,320,374 |
Treasury stock, shares | 6,519,773 | 6,519,773 |
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 | 91,861,054 | 90,320,374 |
Treasury stock, shares | 6,519,773 | 6,519,773 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | [2] | Dec. 31, 2015 | [3] | Sep. 30, 2015 | Jun. 30, 2015 | [4] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Net (loss) income | $ (11,905) | $ 65,655 | $ 17,768 | $ (84,049) | $ (11,028) | $ 97,950 | $ 5,809 | $ (43,598) | $ (12,531) | $ 49,133 | $ 49,919 | ||||
Comprehensive (loss) income | (13,088) | 36,479 | 49,425 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Equity in net (loss) income of subsidiary | (12,531) | 49,133 | 49,919 | ||||||||||||
Net (loss) income | (12,531) | 49,133 | 49,919 | ||||||||||||
Comprehensive (loss) income | $ (12,531) | $ 49,133 | $ 49,919 | ||||||||||||
[1] | During the fourth quarter of 2016, the Company recorded $8,904 in restructuring and other related costs primarily related to severance costs and other employment expenses. See Note 4–Restructuring Programs and Separation Costs for further details. | ||||||||||||||
[2] | During the first quarter of 2016, the Company recorded $27,516 in equity compensation expense related to certain of the Company’s performance-vesting restricted shares (the “2.25x Performance Restricted shares”) which became probable of vesting during the first quarter and vested on April 1, 2016. See Note 18–Equity-Based Compensation for further details. | ||||||||||||||
[3] | 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 Programs and Separation Costs for further details. | ||||||||||||||
[4] | 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 $260,000 of its then existing Senior Notes. See Note 11–Long-Term Debt for further details. |
Schedule I - Condensed Statem97
Schedule I - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Jan. 31, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | [4] | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Cash Flows From Operating Activities: | ||||||||||||||||
Net (loss) income | $ (11,905) | [1] | $ 65,655 | $ 17,768 | $ (84,049) | [2] | $ (11,028) | [3] | $ 97,950 | $ 5,809 | $ (43,598) | $ (12,531) | $ 49,133 | $ 49,919 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||
Net cash provided by operating activities | 280,412 | 286,274 | 261,532 | |||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Net cash used in investing activities | (160,286) | (157,377) | (156,546) | |||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Purchase of treasury stock | $ (5,650) | (50,650) | (60,058) | |||||||||||||
Dividend paid to common stockholders | (65,306) | (72,318) | (72,113) | |||||||||||||
Net cash used in financing activities | (70,139) | (153,832) | (177,921) | |||||||||||||
Change in Cash and Cash Equivalents | 49,987 | (24,935) | (72,935) | |||||||||||||
Cash and Cash Equivalents—Beginning of period | 43,906 | 18,971 | 18,971 | 43,906 | 116,841 | |||||||||||
Cash and Cash Equivalents—End of period | 68,958 | 18,971 | 68,958 | 18,971 | 43,906 | |||||||||||
Supplemental Disclosures of Noncash Investing and Financing Activities | ||||||||||||||||
Dividends declared, but unpaid | 908 | 430 | 908 | 430 | 172 | |||||||||||
Treasury stock purchases settled in January 2015 | 5,650 | |||||||||||||||
Parent Company [Member] | ||||||||||||||||
Cash Flows From Operating Activities: | ||||||||||||||||
Net (loss) income | (12,531) | 49,133 | 49,919 | |||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||
Equity in net (loss) income of subsidiary | 12,531 | (49,133) | (49,919) | |||||||||||||
Dividend received from subsidiary-return on capital (net of forfeitures) | 26,412 | 36,196 | 36,056 | |||||||||||||
Net cash provided by operating activities | 26,412 | 36,196 | 36,056 | |||||||||||||
Cash Flows From Investing Activities: | ||||||||||||||||
Restricted payment from subsidiary | 45,000 | 65,708 | ||||||||||||||
Dividend received from subsidiary-return of capital (net of forfeitures) | 39,372 | 36,381 | 36,056 | |||||||||||||
Net cash used in investing activities | 39,372 | 81,381 | 101,764 | |||||||||||||
Cash Flows From Financing Activities: | ||||||||||||||||
Purchase of treasury stock | (5,650) | (50,650) | (60,058) | |||||||||||||
Dividend paid to common stockholders | (65,306) | (72,318) | (72,113) | |||||||||||||
(Payment) receipt of cash for tax withholdings on equity-based compensation | (37) | 37 | ||||||||||||||
Net cash used in financing activities | (65,306) | (123,005) | (132,134) | |||||||||||||
Change in Cash and Cash Equivalents | 478 | (5,428) | 5,686 | |||||||||||||
Cash and Cash Equivalents—Beginning of period | $ 5,858 | $ 430 | 430 | 5,858 | 172 | |||||||||||
Cash and Cash Equivalents—End of period | 908 | 430 | 908 | 430 | 5,858 | |||||||||||
Supplemental Disclosures of Noncash Investing and Financing Activities | ||||||||||||||||
Dividends declared, but unpaid | $ 908 | $ 430 | $ 908 | $ 430 | 172 | |||||||||||
Treasury stock purchases settled in January 2015 | $ 5,650 | |||||||||||||||
[1] | During the fourth quarter of 2016, the Company recorded $8,904 in restructuring and other related costs primarily related to severance costs and other employment expenses. See Note 4–Restructuring Programs and Separation Costs for further details. | |||||||||||||||
[2] | During the first quarter of 2016, the Company recorded $27,516 in equity compensation expense related to certain of the Company’s performance-vesting restricted shares (the “2.25x Performance Restricted shares”) which became probable of vesting during the first quarter and vested on April 1, 2016. See Note 18–Equity-Based Compensation for further details. | |||||||||||||||
[3] | 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 Programs and Separation Costs for further details. | |||||||||||||||
[4] | 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 $260,000 of its then existing Senior Notes. See Note 11–Long-Term Debt for further details. |
Schedule I - Description of Sea
Schedule I - Description of SeaWorld Entertainment, Inc. - Additional Information (Detail) | Dec. 31, 2016PartnershipBusiness | Oct. 02, 2009Partnership |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Number of limited partnerships which owned the Company | Partnership | 10 | 10 |
Number of theme parks owned and operated | Business | 12 |
Schedule I - Guarantees - Addit
Schedule I - Guarantees - Additional Information (Detail) | Dec. 31, 2016 |
Guarantor Obligations [Line Items] | |
Percentage of common stock owned directly or indirectly | 21.90% |
SeaWorld Parks & Entertainment, Inc (SEA) [Member] | Senior Secured Credit Facilities [Member] | |
Guarantor Obligations [Line Items] | |
Percentage of common stock owned directly or indirectly | 100.00% |
Schedule I - Dividends from Sub
Schedule I - Dividends from Subsidiaries - Schedule of SEA Paid a Cash Dividend to Parent Related to Dividend Declarations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Q4 2015 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Jan. 22, 2016 | ||
Q1 2016 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Apr. 1, 2016 | ||
Q2 2016 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Jul. 1, 2016 | ||
Q3 2016 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Oct. 7, 2016 | ||
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 | ||
Q1 2014 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Apr. 1, 2014 | ||
Q2 2014 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Jul. 1, 2014 | ||
Q3 2014 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Oct. 6, 2014 | ||
Parent Company [Member] | Q4 2015 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Jan. 22, 2016 | ||
Cash dividends paid | $ 17,808 | ||
Parent Company [Member] | Q1 2016 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Apr. 1, 2016 | ||
Cash dividends paid | $ 21,269 | ||
Parent Company [Member] | Q2 2016 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Jul. 1, 2016 | ||
Cash dividends paid | $ 18,176 | ||
Parent Company [Member] | Q3 2016 Declaration [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividends payable date | Oct. 7, 2016 | ||
Cash dividends paid | $ 8,647 | ||
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 | ||
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 |
Schedule I - Dividends from 101
Schedule I - Dividends from Subsidiaries - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail) - $ / shares | Sep. 19, 2016 | Jun. 08, 2016 | Feb. 22, 2016 | Jan. 05, 2016 | Sep. 16, 2015 | Jun. 10, 2015 | Mar. 03, 2015 | Jan. 05, 2015 | Sep. 30, 2014 | May 31, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends declared per share | $ 0.73 | $ 0.84 | $ 0.62 | |||||||||||
Q4 2015 Declaration [Member] | ||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends record date | Jan. 15, 2016 | |||||||||||||
Cash dividends payable date | Jan. 22, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | ||||||||||||
Q1 2016 Declaration [Member] | ||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends record date | Mar. 14, 2016 | |||||||||||||
Cash dividends payable date | Apr. 1, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | ||||||||||||
Q2 2016 Declaration [Member] | ||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends record date | Jun. 20, 2016 | |||||||||||||
Cash dividends payable date | Jul. 1, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | $ 0.21 | ||||||||||||
Q3 2016 Declaration [Member] | ||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends record date | Sep. 29, 2016 | |||||||||||||
Cash dividends payable date | Oct. 7, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.10 | $ 0.10 | ||||||||||||
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 | $ 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 | $ 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 | $ 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 | $ 0.21 | ||||||||||||
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 | $ 0.20 | ||||||||||||
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 | $ 0.21 | ||||||||||||
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 | $ 0.21 | ||||||||||||
Parent Company [Member] | Q4 2015 Declaration [Member] | ||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends record date | Jan. 15, 2016 | |||||||||||||
Cash dividends payable date | Jan. 22, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | |||||||||||||
Parent Company [Member] | Q1 2016 Declaration [Member] | ||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends record date | Mar. 14, 2016 | |||||||||||||
Cash dividends payable date | Apr. 1, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | |||||||||||||
Parent Company [Member] | Q2 2016 Declaration [Member] | ||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends record date | Jun. 20, 2016 | |||||||||||||
Cash dividends payable date | Jul. 1, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.21 | |||||||||||||
Parent Company [Member] | Q3 2016 Declaration [Member] | ||||||||||||||
Dividends Payable [Line Items] | ||||||||||||||
Cash dividends record date | Sep. 29, 2016 | |||||||||||||
Cash dividends payable date | Oct. 7, 2016 | |||||||||||||
Cash dividends declared per share | $ 0.10 | |||||||||||||
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 |
Schedule I - Dividends from 102
Schedule I - Dividends from Subsidiaries - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Dividends Payable [Line Items] | |||
Dividends payable | $ 908 | $ 430 | $ 172 |
Parent Company [Member] | |||
Dividends Payable [Line Items] | |||
Dividends payable | $ 908 | $ 430 | $ 172 |
Schedule I - Stockholders' Equi
Schedule I - Stockholders' Equity - Additional Information (Detail) - USD ($) | Apr. 09, 2014 | Jan. 31, 2015 | Apr. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 19, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares issued | 91,861,054 | 90,320,374 | |||||
Treasury stock, shares | 6,519,773 | 6,519,773 | |||||
Repurchase of treasury stock, Shares | 2,413,803 | 2,605,970 | |||||
Shares repurchased payment settlement during period | $ 5,650,000 | $ 50,650,000 | $ 60,058,000 | ||||
Stock repurchased during period, total cost | 45,000,000 | 65,708,000 | |||||
Treasury stock at cost | $ 154,871,000 | $ 154,871,000 | 109,871,000 | ||||
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 | ||||||
Common stock, shares issued | 0 | ||||||
Repurchase of treasury stock, Shares | 1,750,000 | ||||||
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 | ||||||
Omnibus Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock reserved for future issuance | 15,000,000 | ||||||
Parent Company [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, shares issued | 91,861,054 | 90,320,374 | |||||
Treasury stock, shares | 6,519,773 | 6,519,773 | |||||
Share Repurchase Program, authorized amount | $ 250,000,000 | ||||||
Repurchase of treasury stock, Shares | 0 | 2,413,803 | 855,970 | ||||
Stock repurchased during period under Share Repurchase Program, average price per share | $ 18.62 | $ 17.50 | |||||
Shares repurchased payment settlement during period | $ 5,650,000 | $ 50,650,000 | $ 60,058,000 | ||||
Stock repurchased during period, total cost | 45,000,000 | 15,000,000 | |||||
Share Repurchase Program, remaining authorized repurchase amount | $ 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) | |||||
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 | ||||||
Common stock, shares issued | 0 | ||||||
Treasury stock, shares | 1,750,000 | ||||||
Restricted payments to the parent | $ 45,000,000 | $ 65,708,000 | |||||
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 | ||||||
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 |