Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 84,126,506 | ||
Entity Public Float | $ 1,167,158,608 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 34,073 | $ 33,178 |
Accounts receivable, net | 57,980 | 38,400 |
Inventories | 35,814 | 30,887 |
Prepaid expenses and other current assets | 18,700 | 16,310 |
Total current assets | 146,567 | 118,775 |
Property and equipment, at cost | 3,057,038 | 2,952,074 |
Accumulated depreciation | (1,365,006) | (1,276,833) |
Property and equipment, net | 1,692,032 | 1,675,241 |
Goodwill, net | 66,278 | 66,278 |
Trade names/trademarks, net | 158,343 | 159,802 |
Other intangible assets, net | 14,120 | 14,896 |
Deferred tax assets, net | 23,527 | 32,820 |
Other assets | 14,735 | 17,970 |
Total assets | 2,115,602 | 2,085,782 |
Current liabilities: | ||
Accounts payable and accrued expenses | 120,024 | 100,573 |
Current maturities of long-term debt | 45,505 | 38,707 |
Accrued salaries, wages and benefits | 20,966 | 14,554 |
Deferred revenue | 101,110 | 79,554 |
Other accrued liabilities | 23,066 | 20,082 |
Total current liabilities | 310,671 | 253,470 |
Long-term debt, net of debt issuance costs of $6,641 and $9,045 as of December 31, 2018 and 2017, respectively | 1,494,679 | 1,503,609 |
Deferred tax liabilities, net | 10,711 | |
Other liabilities | 34,347 | 41,237 |
Total liabilities | 1,850,408 | 1,798,316 |
Commitments and contingencies (Note 15) | ||
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2018 and 2017 | ||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 93,400,929 and 92,637,403 shares issued at December 31, 2018 and 2017, respectively | 934 | 926 |
Additional paid-in capital | 663,834 | 641,324 |
Accumulated other comprehensive income (loss) | 2,284 | (5,076) |
Accumulated deficit | (148,955) | (194,837) |
Treasury stock, at cost (10,174,589 and 6,519,773 shares at December 31, 2018 and 2017, respectively) | (252,903) | (154,871) |
Total stockholders’ equity | 265,194 | 287,466 |
Total liabilities and stockholders’ equity | $ 2,115,602 | $ 2,085,782 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Debt issuance costs | $ 6,641 | $ 9,045 |
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 | 93,400,929 | 92,637,403 |
Treasury stock, shares | 10,174,589 | 6,519,773 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues: | |||
Total revenues | $ 1,372,290 | $ 1,263,324 | $ 1,344,292 |
Costs and expenses: | |||
Cost of food, merchandise and other revenues | 106,604 | 95,914 | 100,643 |
Operating expenses (exclusive of depreciation and amortization shown separately below and includes equity compensation of $7,387, $7,049 and $11,033 for the years ended December 31, 2018, 2017 and 2016, respectively) | 705,954 | 702,111 | 736,842 |
Selling, general and administrative expenses (includes equity compensation of $14,765, $16,154 and $26,482 for the years ended December 31, 2018, 2017 and 2016, respectively) | 229,724 | 228,836 | 238,557 |
Goodwill impairment charge | 269,332 | ||
Restructuring and other separation costs | 17,386 | 5,200 | 9,016 |
Depreciation and amortization | 160,955 | 163,294 | 199,649 |
Total costs and expenses | 1,220,623 | 1,464,687 | 1,284,707 |
Operating income (loss) | 151,667 | (201,363) | 59,585 |
Other (income) expense, net | (100) | (115) | 125 |
Interest expense | 80,914 | 78,001 | 62,661 |
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | 8,150 | 8,143 | |
Income (loss) before income taxes | 62,703 | (287,392) | (3,201) |
Provision for (benefit from) income taxes | 17,915 | (85,006) | 9,330 |
Net income (loss) | 44,788 | (202,386) | (12,531) |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on derivatives, net of tax | 8,454 | 8,618 | (557) |
Comprehensive income (loss) | $ 53,242 | $ (193,768) | $ (13,088) |
Earnings (loss) per share: | |||
Earnings (loss) per share, basic | $ 0.52 | $ (2.36) | $ (0.15) |
Earnings (loss) per share, diluted | $ 0.52 | $ (2.36) | $ (0.15) |
Weighted average common shares outstanding: | |||
Basic | 86,170 | 85,811 | 84,925 |
Diluted | 86,910 | 85,811 | 84,925 |
Admissions [Member] | |||
Net revenues: | |||
Total revenues | $ 798,793 | $ 765,072 | $ 817,793 |
Food, Merchandise and Other [Member] | |||
Net revenues: | |||
Total revenues | $ 573,497 | $ 498,252 | $ 526,499 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity-based compensation expense | $ 22,152 | $ 23,203 | $ 37,515 |
Operating Expense [Member] | |||
Equity-based compensation expense | 7,387 | 7,049 | 11,033 |
Selling, General and Administrative Expenses [Member] | |||
Equity-based compensation expense | $ 14,765 | $ 16,154 | $ 26,482 |
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 (Accumulated Deficit) [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock, at Cost [Member] |
Beginning Balance at Dec. 31, 2015 | $ 504,120 | $ 903 | $ 624,765 | $ 46,460 | $ (13,137) | $ (154,871) |
Beginning Balance, shares at Dec. 31, 2015 | 90,320,374 | |||||
Equity-based compensation | 37,515 | 37,515 | ||||
Unrealized gain (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 | |||||
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 | |||||
Equity-based compensation | 23,203 | 23,203 | ||||
Unrealized gain (loss) on derivatives, net of tax | 8,618 | 8,618 | ||||
Vesting of restricted shares | $ 9 | (9) | ||||
Vesting of restricted shares, shares | 905,052 | |||||
Shares withheld for tax withholdings | (2,088) | $ (2) | (2,086) | |||
Shares withheld for tax withholdings, shares | (129,293) | |||||
Exercise of stock options | 11 | 11 | ||||
Exercise of stock options, shares | 590 | |||||
Accumulated cash dividends related to performance shares which vested during the period | (1,270) | (1,270) | ||||
Adjustments to previous dividend declarations | 163 | 132 | 31 | |||
Net (loss) income | (202,386) | (202,386) | ||||
Ending Balance at Dec. 31, 2017 | $ 287,466 | $ 926 | 641,324 | (194,837) | (5,076) | (154,871) |
Ending Balance, shares at Dec. 31, 2017 | 92,637,403 | 92,637,403 | ||||
Impact of adoption of ASU 2018-02 | 1,094 | (1,094) | ||||
Equity-based compensation | $ 22,152 | 22,152 | ||||
Unrealized gain (loss) on derivatives, net of tax | 8,454 | 8,454 | ||||
Vesting of restricted shares | $ 7 | (7) | ||||
Vesting of restricted shares, shares | 725,646 | |||||
Shares withheld for tax withholdings | (3,977) | $ (1) | (3,976) | |||
Shares withheld for tax withholdings, shares | (197,097) | |||||
Exercise of stock options | $ 4,282 | $ 2 | 4,280 | |||
Exercise of stock options, shares | 234,977 | 234,977 | ||||
Adjustments to previous dividend declarations | $ 61 | 61 | ||||
Repurchase of shares of treasury stock, at cost | (98,032) | (98,032) | ||||
Net (loss) income | 44,788 | 44,788 | ||||
Ending Balance at Dec. 31, 2018 | $ 265,194 | $ 934 | $ 663,834 | $ (148,955) | $ 2,284 | $ (252,903) |
Ending Balance, shares at Dec. 31, 2018 | 93,400,929 | 93,400,929 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unrealized gain (loss) on derivatives, tax expense (benefit) | $ (3,100) | $ (5,700) | |
Cash dividends declared per share | $ 0.73 | ||
Repurchase of treasury stock, Shares | 3,654,816 | ||
Accumulated Other Comprehensive (Loss) Income [Member] | |||
Unrealized gain (loss) on derivatives, tax expense (benefit) | $ 3,111 | $ 5,735 | $ (2,713) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities: | |||
Net income (loss) | $ 44,788 | $ (202,386) | $ (12,531) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Goodwill impairment charge | 269,332 | ||
Depreciation and amortization | 160,955 | 163,294 | 199,649 |
Amortization of debt issuance costs and discounts | 4,461 | 4,812 | 5,325 |
Loss on sale or disposal of assets, net | 19,681 | 13,525 | 9,640 |
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | 8,150 | 8,143 | |
Loss on derivatives | 1 | ||
Deferred income tax provision (benefit) | 16,894 | (86,477) | 8,937 |
Equity-based compensation | 22,152 | 23,203 | 37,515 |
Changes in assets and liabilities: | |||
Accounts receivable | (24,347) | (3,005) | 2,110 |
Inventories | (4,620) | (3,285) | 2,503 |
Prepaid expenses and other current assets | (2,275) | 3,336 | (3,196) |
Accounts payable and accrued expenses | 13,317 | 7,347 | 3,600 |
Accrued salaries, wages and benefits | 6,051 | (6,456) | 8,680 |
Deferred revenue | 25,611 | 2,368 | (1,536) |
Other accrued liabilities | 3,417 | (3,692) | 12,281 |
Other assets and liabilities | (300) | 2,398 | 7,434 |
Net cash (used in) provided by operating activities | 293,935 | 192,457 | 280,412 |
Cash Flows From Investing Activities: | |||
Capital expenditures | (179,770) | (172,517) | (160,518) |
Other investing activities, net | (259) | 1,644 | |
Net cash (used in) provided by investing activities | (180,029) | (170,873) | (160,518) |
Cash Flows From Financing Activities: | |||
Proceeds from the issuance of debt | 543,935 | 998,306 | |
Repayments of long-term debt | (565,592) | (1,026,909) | (12,637) |
Proceeds from draw on revolving credit facility | 95,000 | 95,649 | 109,351 |
Repayments of revolving credit facility | (80,000) | (105,000) | (100,000) |
Dividends paid to stockholders | (325) | (1,544) | (65,306) |
Payment of tax withholdings on equity-based compensation through shares withheld | (3,977) | (2,088) | (1,629) |
Exercise of stock options | 4,282 | 11 | 82 |
Debt issuance costs | (8,086) | (15,390) | |
Purchase of treasury stock | (98,032) | ||
Other financing activities | (101) | ||
Net cash provided by (used in) financing activities | (112,896) | (56,965) | (70,139) |
Change in Cash and Cash Equivalents, including Restricted Cash | 1,010 | (35,381) | 49,755 |
Cash and Cash Equivalents, including Restricted Cash—Beginning of year | 33,997 | 69,378 | 19,623 |
Cash and Cash Equivalents, including Restricted Cash—End of year | 35,007 | 33,997 | 69,378 |
Supplemental Disclosures of Noncash Investing and Financing Activities | |||
Capital expenditures in accounts payable and accrued expenses | 30,760 | 24,626 | 19,080 |
Dividends declared, but unpaid | $ 84 | $ 470 | $ 908 |
Description of the Business
Description of the Business | 12 Months Ended |
Dec. 31, 2018 | |
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, ultimately controlled by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. The Company completed an initial public offering in April 2013. On May 8, 2017 affiliate of Zhonghong Zhuoye Group Co., Ltd. (“ZHG Group”), Sun Wise (UK) Co., LTD (“ZHG”) acquired approximately 21% of the then outstanding shares of common stock of the Company (the “ZHG Transaction”) from certain affiliates of Blackstone (the “Seller”), pursuant to a Stock Purchase Agreement between ZHG and Seller (the “Stock Purchase Agreement”). Subsequent to the ZHG Transaction, Blackstone did not own any remaining shares of the Company. 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 in Orlando, Florida (Discovery Cove) and a seasonal park in Langhorne, Pennsylvania (Sesame Place). During each of the years ended December 31, 2018, 2017 and 2016 approximately 57% of the Company’s revenues were generated in the State of Florida. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 and liabilities, 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 with the 2018 presentation, in particular the Company reclassified $0.5 million of dividends payable to other accrued liabilities as of December 31, 2017. Also see Note 3–Recent Accounting Pronouncements. 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 $17.4 million and $16.8 million at December 31, 2018 and 2017, respectively. The cash balances in all accounts held at financial institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2018. 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. From time to time, the Company may invest in certain highly liquid instruments with original maturities of three months or less. These instruments may include money market mutual funds, certificates of deposit or time deposits, among others, which may or may not qualify for FDIC insurance. The Company classifies any such instruments as cash and cash equivalents based on their short-term maturities. Restricted Cash Restricted cash is recorded in other current assets in the accompanying consolidated balance sheets. Restricted cash consists primarily of funds received from strategic partners for use in approved marketing and promotional activities. December 31, December 31, 2018 2017 (In thousands) Cash and cash equivalents $ 34,073 $ 33,178 Restricted cash, included in other current assets 934 819 Total cash, cash equivalents and restricted cash $ 35,007 $ 33,997 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, including amounts due for admissions products purchased on monthly installment arrangements. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance on trade accounts receivable with an offset to the provision for bad debt 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 provision for bad debt was immaterial related to these accounts. The Company also records an allowance on amounts due from monthly installment arrangements based on historical default rates. As of December 31, 2018 and 2017, the Company recorded $14.7 million and $9.5 million, respectively, as an allowance on its installment arrangements with a corresponding reduction to deferred revenue. Inventories Inventories are accounted for using the weighted average cost method and 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. 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 immaterial 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, 2018, 2017 and 2016 was $4.2 million, $2.7 million and $2.7 million, 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 $6.1 million and $9.2 million as of December 31, 2018 and 2017, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $9.9 million and $16.1 million as of December 31, 2018 and 2017, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2018, 2017 and 2016 was $3.7 million, $3.5 million and $3.4 million, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive income (loss). 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 estimated 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). See Note 8–Property and Equipment for further details. 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 overall financial performance and consideration of significant events or changes in the overall business environment or macroeconomic conditions. 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 estimated 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 of recoverability of a significant asset group within a reporting unit. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. The Company may also choose to perform this quantitative impairment analysis instead of the qualitative analysis. The quantitative impairment analysis compares the estimated fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill. The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for each reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested cap ital. 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 valued using the relief from royalty method. Trade names/trademarks are combined by brand as a unit of accounting when testing for impairment as the brand represents the highest and best use of the asset and drives the Company’s marketing strategy and international license agreements. Significant estimates required in this valuation method include estimated future revenues impacted by the trade names/trademarks, royalty rates, and appropriate discount rates. Projections are based on management’s best estimates given recent financial performance, market trends, strategic plans, brand awareness, operating characteristics by park, and other available information. See Note 10–Trade Names/Trademarks and Other Intangible Assets, Net for further details. 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. See Note 10–Trade Names/Trademarks and Other Intangible Assets, Net for further details. 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 $31.2 million at December 31, 2018, of which $3.8 million is recorded in accrued salaries, wages and benefits, $6.9 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $30.6 million at December 31, 2017, of which $2.6 million is recorded in accrued salaries, wages and benefits, $7.1 million is recorded in other accrued liabilities 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 related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. See further discussion in Note 12–Long-Term Debt. 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, 2018 and 2017 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 20–Stockholders’ Equity. Revenue Recognition The Company has adopted Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, Admissions Revenue Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products. As allowed by the practical expedient available to public companies under ASC 606, which the Company adopted, admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying this guidance to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park. Annual passes, season passes or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates a redemption rate using historical and forecasted growth rates and attendance trends by park for similar products. Attendance trends factor in seasonality and are adjusted based on actual trends periodically. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park. The Company has also 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(s) and an external park, zoo or other attraction. The agreements with the external partners specify the allocation of revenue to Company parks 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 the Company’s parks and recognized over its related use in a manner consistent with the Company’s other admission products. Additionally, 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 provided or received, whichever is more readily determinable. Amounts included within admissions revenue with an offset to either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of comprehensive income (loss) related to bartered ticket transactions were $16.6 million, $20.8 million and $29.1 million, respectively, for the years ended December 31, 2018, 2017 and 2016. In accordance with the practical expedients available to public companies under ASC 606 which the accounting standards provide to simplify compliance, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. Additionally, the Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss). The Company has also elected not to adjust consideration for the effects of financing components in the form of installment purchase plans as the period between when the Company transfers the promised service to the customer and when the customer pays for that service generally does not exceed one year. Food, Merchandise and Other Revenue Food, merchandise and other revenue primarily consists of culinary, merchandise and other in-park products and also includes other miscellaneous revenue which is not significant in the periods presented, including revenue related to the Company’s international agreements as discussed in Note 4–Revenues. The Company recognizes revenue for food, merchandise and other in-park products when the related products or services are received by the guests. Certain admission products may also include bundled products at the time of purchase, such as culinary or merchandise items. The Company conducts an analysis of bundled products to identify separate distinct performance obligations that are material in the context of the contract. For those products that are determined to be distinct performance obligations and material in the context of the contract, the Company allocates a portion of the transaction price to each distinct performance obligation using each performance obligation’s standalone price. If the bundled product is related to a pass product and offered over time, revenue will be recognized over time accordingly. See further discussion in Note 4–Revenues. Advertising and Promotional Costs Advertising production costs are deferred and expensed the first time the advertisement is shown. Other advertising and media costs are expensed as incurred and for the years ended December 31, 2018, 2017 and 2016, totaled approximately $127.5 million, $118.0 million and $124.6 million, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss). Equity-Based Compensation In accordance with ASC 718, Compensation-Stock Compensation The Company grants time-vesting restricted shares and units, time-vesting deferred stock units, performance-vesting restricted shares and units, and stock options. On occasion, the Company may modify the terms or conditions of an equity award for its employees. If an award is modified, the Company evaluates the type of modification in accordance with ASC 718 to determine the appropriate accounting. See further discussion in Note 19–Equity-Based Compensation. Restructuring Costs The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations Compensation-Nonretirement Postemployment Benefits If the one-time benefit arrangements are not part of an ongoing benefit arrangement or an individual deferred compensation contract, 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. If the one-time benefit arrangements are part of an ongoing benefit arrangement or an individual deferred compensation contract, a liability is recognized and measured at its fair value for one-time termination benefits when the following conditions are met: (i) the obligation is attributable to services already rendered; (ii) rights to those benefits accumulate; (iii) payment of the benefits is probable; and (iv) amount can be reasonably estimated. If these four conditions are not met, a liability is recognized when it is probable that a liability has been incurred and the amount can be reasonably estimated in accordance with ASC 450-20, Loss Contingencies 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 for (benefit from) income taxes in the accompanying consolidated statements of comprehensive income (loss). See further discussion in Note 14–Income Taxes. Fair Value Measurements Fair value is a market-based measurement, not an entity-specific measurement and 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. Fair Value Hierarchy —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. Fair value is determined for assets and liabilities, 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 and include situations where there is little, if any, market activity for the asset or liability. Determination of Fair Value —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. 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. See further discussion in Note 16–Fair Value Measurements. 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 During 2018, the Company has adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities – As required by ASC 815, the Company records all derivatives on the balance sheet at fair value as either assets or liabilities. 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. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the changes in fair value of the derivative contract are recorded in accumulated other comprehensive income (loss), net of taxes, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. 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. See further discussion in Note 13–Derivative Instruments and Hedging Activities. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 3. RECENT ACCOUNTING PRONOUNCEMENTS The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”). Recently Implemented Accounting Standards In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. elected to early adopt the ASU and applied the amendments in the period of adoption. As a result, the Company reclassified “stranded” tax effects of the Tax Act from accumulated other comprehensive income (loss) to accumulated deficit See Note 13 – In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities See Note 13 – In May 2017, the FASB issued ASU 2017-09, Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting. 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. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition January 1, 2018, using the modified retrospective transition method. The adoption of ASU 2014-09 and its did not have a material impact on the Company’s existing or new contracts as of January 1, 2018; therefore, no cumulative adjustment to beginning retained earnings was required as a result of adoption. See Note 2 – Summary of Significant Accounting Policies subtopic “ Revenue Recognition ” and Note 4 – Revenues for additional disclosure. Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Codification Improvements to Topic 842, Leases Leases (Topic 842) Targeted Improvements. The Company is finalizing its analysis of the expected impacts that the adoption of ASC 842 will have on its consolidated financial statements. Based on preliminary estimates, the Company expects to record right-of-use assets and corresponding lease liabilities of approximately $130.0 million as of January 1, 2019 based on the present value of future minimum lease payments. The Company is currently analyzing other impacts the adoption of ASC 842 may have, however it does not expect a material impact on its consolidated statements of comprehensive income (loss), consolidated statements of cash flows or debt covenant calculations. For more information regarding the Company’s commitments under long-term operating leases requiring annual minimum lease payments, refer to Note 15 – In July 2018, the FASB issued ASU 2018-09, Codification Improvements, , Compensation - Stock Compensation - Income Taxes, In August 2018, - , Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract - In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). In October 2018, the FASB issued ASU 2018-16 Derivatives and Hedging—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Derivatives and Hedging |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenues | 4. REVENUES Effective January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers Revenue Recognition . Deferred revenue primarily includes revenue associated with pass products and contract liability balances related to licensing and international agreements collected in advance of the Company’s performance and expected to be recognized in future periods. At December 31, 2018 and 2017, $10.1 million and $10.9 million, respectively, is included in other liabilities in the accompanying consolidated balance sheets related to the long-term portion of deferred revenue, which primarily relates to the Company’s international agreement, as discussed in the following section. The Company expects to recognize this revenue over the term of the respective license agreement beginning when substantially all of the services have been performed, which is expected to be upon opening. The following table reflects the Company’s deferred revenue balance as of December 31, 2018 and 2017: 2018 2017 (In thousands) Deferred revenue, including long-term portion $ 111,181 $ 90,437 Less: Deferred revenue, long-term portion, included in other liabilities 10,071 10,883 Deferred revenue, short-term portion $ 101,110 $ 79,554 With the exception of an immaterial amount, substantially all of the $79.6 million of deferred revenue, short term portion, balance outstanding as of January 1, 2018 was recognized as revenue during the year ended December 31, 2018. The change in deferred revenue as of December 31, 2018 compared to the prior period relates to additional pass product sales during the year ended December 31, 2018, offset by revenue recognized during 2018. International Agreements In March 2017, the Company entered into a Park Exclusivity and Concept Design Agreement (the “ECDA”) and a Center Concept and Preliminary Design Support Agreement (the “CDSA”) (collectively, the “ZHG Agreements”) with an affiliate of Zhonghong Zhuoye Group Co., Ltd. (“ZHG Group”), a related party, to provide design, support and advisory services for various potential projects and grant exclusive rights in China, Taiwan, Hong Kong and Macau (the “Territory”). The Company analyzed the ZHG Agreements under ASC 606 and determined that the agreements should be combined for accounting purposes and the respective performance obligations should be combined into a single performance obligation which meets the criteria to be recognized over time. Additionally, the services related to the ZHG Agreements are provided ratably over the contract term, as such, the Company recognizes revenue under the ZHG Agreements on a straight line basis over the contractual term of the agreements including approximately $5.1 million and $3.9 million in the years ended December 31, 2018 and 2017, respectively, which is included in food, merchandise and other revenue The Company has also received $10.0 million in deferred revenue recorded in other liabilities related to a 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 $3.8 million and $3.1 million of costs incurred related to the Middle East Project are recorded in other assets in the accompanying consolidated balance sheet as of December 31, 2018 and 2017, respectively. The Company has recognized an asset for the costs incurred to fulfill the contract as the costs are specifically identifiable, enhance resources that will be used to satisfy performance obligations in the future and are expected to be recovered. The related deferred revenue and expense will begin to be recognized when substantially all of the services have been performed, which is expected to be upon opening of the park. The Company continually monitors performance on the contract and will make adjustments, if necessary. 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. |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | 5. EARNINGS (LOSS) PER SHARE Earnings (loss) per share is computed as follows: Year Ended December 31, 2018 2017 2016 Net Income Shares Per Share Amount Net Loss Shares Per Share Amount Net Loss Shares Per Share Amount (In thousands, except per share amounts) Basic earnings (loss) per share $ 44,788 86,170 $ 0.52 $ (202,386 ) 85,811 $ (2.36 ) $ (12,531 ) 84,925 $ (0.15 ) Effect of dilutive incentive-based awards 740 — — Diluted earnings (loss) per share $ 44,788 86,910 $ 0.52 $ (202,386 ) 85,811 $ (2.36 ) $ (12,531 ) 84,925 $ (0.15 ) In accordance with the Earnings Per Share Diluted earnings (loss) per share is determined using the treasury stock method based on the dilutive effect of unvested restricted awards and certain shares of common stock that are issuable upon exercise of stock options. During the year ended December 31, 2018, there were approximately 1,299,000 anti-dilutive shares of common stock excluded from the computation of diluted earnings per share. During the years ended December 31, 2017 and 2016, there were approximately 5,090,000 and 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 those periods, 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, 2018, 2017 and 2016, approximately 364,000, 78,000, and 13,000 performance-vesting restricted share awards had met their performance criteria as of the end of the reporting periods, respectively, and are therefore included in the calculation of diluted earnings per share. See further discussion in Note 19–Equity-Based Compensation. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES Inventories as of December 31, 2018 and 2017 consisted of the following: 2018 2017 (In thousands) Merchandise $ 31,232 $ 26,586 Food and beverage 4,365 4,084 Other supplies 217 217 Total inventories $ 35,814 $ 30,887 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 consisted of the following: 2018 2017 (In thousands) Prepaid insurance $ 5,857 $ 6,711 Prepaid marketing and advertising costs 3,821 2,800 Other 9,022 6,799 Total prepaid expenses and other current assets $ 18,700 $ 16,310 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017, consisted of the following: 2018 2017 (In thousands) Land $ 286,200 $ 286,200 Land improvements 378,261 354,544 Buildings 690,921 670,121 Rides, attractions and equipment 1,476,866 1,433,246 Animals 142,081 142,147 Construction in process 82,709 65,816 Less accumulated depreciation (1,365,006 ) (1,276,833 ) Total property and equipment, net $ 1,692,032 $ 1,675,241 Depreciation expense was approximately $155.0 million, $155.2 million, and $191.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. During 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 year ended December 31, 2016, the Company recorded approximately $33.7 million of accelerated depreciation related to the disposal of these lifting floors. During 2018, the Company recorded approximately $10.9 million in fixed asset disposals associated with certain rides and equipment which were removed from service during 2018, which is included in operating expenses in the accompanying consolidated statement of comprehensive income (loss) for the year ended December 31, 2018. During 2017, the Company amended an existing agreement relating to the use of certain animals, which reduced the expected future cash flows related to the agreement. As a result, the Company recognized an impairment loss of approximately $7.8 million which is included in operating expenses in the accompanying consolidated statement of comprehensive income (loss) for the year ended December 31, 2017. During 2016, the Company recorded approximately $6.4 million in asset write-offs associated with a canceled project, which is included in operating expenses in the accompanying consolidated statement of comprehensive income (loss) for the year ended December 31, 2016. |
Goodwill, Net
Goodwill, Net | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill, Net | 9. GOODWILL, NET 2017 Interim Impairment Test — Due to financial performance particularly late in the second quarter of 2017 at the Company’s SeaWorld Orlando park, the Company determined a triggering event occurred that required an interim goodwill impairment test for its SeaWorld Orlando reporting unit as of June 30, 2017. Based on financial performance and the resulting impact on projections at that time of future cash flows for this reporting unit, the Company concluded that the reporting unit’s goodwill was fully impaired and recorded a non-cash goodwill impairment charge of $269.3 million in the accompanying consolidated statement of comprehensive income (loss) during the year ended December 31, 2017. The estimated fair value for the SeaWorld Orlando reporting unit was determined using the income approach and represents a Level 3 fair value measurement measured on a non-recurring basis in the fair value hierarchy due to the Company’s use of internal projections and unobservable measurement inputs. The changes in the carrying amount of goodwill for each reporting unit for the years ended December 31, 2018 and 2017 are as follows: SeaWorld Orlando Discovery Cove Total (In thousands) Gross carrying amount at January 1, 2017 $ 269,332 $ 66,278 $ 335,610 Accumulated impairment loss at January 1, 2017 — — — Net carrying amount at January 1, 2017 269,332 66,278 335,610 Goodwill impairment charge (269,332 ) — (269,332 ) Net carrying amount at December 31, 2017 — 66,278 66,278 Changes in goodwill — — — Net carrying amount at December 31, 2018 $ — $ 66,278 $ 66,278 Annual Impairment Test —The Company performed a qualitative assessment on its remaining goodwill at December 1, 2018 and 2017, which now relates only to its Discovery Cove reporting unit, and concluded that it was more-likely-than-not that goodwill was not impaired. |
Trade Names_Trademarks and Othe
Trade Names/Trademarks and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Trade Names/Trademarks and Other Intangible Assets, Net | 10. TRADE NAMES/TRADEMARKS AND OTHER INTANGIBLE ASSETS, NET 2017 Interim Impairment Test – Due to financial performance particularly late in the second quarter of 2017 at the Company’s SeaWorld San Diego and Orlando parks, the Company determined a triggering event occurred that required an interim impairment test for certain trade names/trademarks with a combined balance of $93.0 million related to the SeaWorld brand. Based on its assessment, the Company calculated that the estimated fair value of the trade names/trademarks exceeded their carrying values. As a result, the Company determined there was no impairment as the estimated fair values of these trade names/trademarks were in excess of their carrying values. Annual Impairment Test – The Company conducted a qualitative assessment for its other indefinite-lived intangible assets at December 1, 2018 and concluded that it was more-likely-than-not that the trade names/trademarks were not impaired. The Company also conducted either a qualitative or a quantitative assessment for its other indefinite-lived intangible assets at December 1, 2017 and 2016, and concluded that it was more-likely-than-not that the trade names/trademarks were not impaired. Trade names/trademarks, net, at December 31, 2018, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Trade names/trademarks - indefinite lives $ 157,000 $ — $ 157,000 Trade names/trademarks- finite lives 9.3 years 12,900 11,557 1,343 Total trade names/trademarks, net $ 169,900 $ 11,557 $ 158,343 Trade names/trademarks, net, at December 31, 2017, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Trade names/trademarks - indefinite lives $ 157,000 $ — $ 157,000 Trade names/trademarks- finite lives 9.3 years 12,900 10,098 2,802 Total trade names/trademarks, net $ 169,900 $ 10,098 $ 159,802 Other intangible assets, net, at December 31, 2018, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Favorable lease asset 39 years $ 18,200 $ 4,200 $ 14,000 Reseller agreements 8.1 years 22,300 22,300 — Non-compete agreement 5 years 500 500 — Other intangible assets - indefinite lives 120 — 120 Total other intangible assets, net $ 41,120 $ 27,000 $ 14,120 Other intangible assets, net, at December 31, 2017, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Favorable lease asset 39 years $ 18,200 $ 3,734 $ 14,466 Reseller agreements 8.1 years 22,300 22,032 268 Non-compete agreement 5 years 500 458 42 Other intangible assets - indefinite lives 120 — 120 Total other intangible assets, net $ 41,120 $ 26,224 $ 14,896 Total amortization expense was approximately $2.2 million, $4.6 million and $4.8 million for the years ended December 31, 2018, 2017 and 2016, respectively. The total weighted average amortization period of all finite-lived intangibles is 18.8 years. Total expected amortization expense of the finite-lived intangible assets for the succeeding five years and thereafter is as follows: Years Ending December 31 (In thousands) 2019 $ 1,849 2020 467 2021 467 2022 467 2023 467 Thereafter 11,626 $ 15,343 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | 11. OTHER ACCRUED LIABILITIES Other accrued liabilities at December 31, 2018 and 2017, consisted of the following: 2018 2017 (In thousands) Self-insurance reserve $ 6,895 $ 7,084 Accrued interest 490 6,078 Dividends payable 84 470 Accrued property taxes — 1,280 Other 15,597 5,170 Total other accrued liabilities $ 23,066 $ 20,082 As of December 31, 2018 and 2017, other liabilities above includes $11.5 million and $3.4 million, respectively, related to the EZPay plan lawsuit legal settlement, further described in Note 15–Commitments and Contingencies. As of December 31, 2017, accrued interest above includes $5.1 million relating to the Company’s fourth quarter 2017 interest payable on its Term B-2 Loans, which was paid on January 5, 2018. See further discussion in Note 12–Long-Term Debt. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 12. LONG-TERM DEBT Long-term debt, net, as of December 31, 2018 and 2017 consisted of the following: 2018 2017 (In thousands) Term B-5 Loans (effective interest rate of 5.52% and 4.69% at December 31, 2018 and 2017, respectively) $ 1,523,389 $ 990,819 Term B-2 Loans (effective interest rate of 3.94% at December 31, 2017) — 554,227 Revolving credit facility (effective interest rate of 5.17% and 4.24% at December 31, 2018 and 2017, respectively) 30,000 15,000 Total long-term debt 1,553,389 1,560,046 Less discounts (6,564 ) (8,685 ) Less debt issuance costs (6,641 ) (9,045 ) Less current maturities (45,505 ) (38,707 ) Total long-term debt, net $ 1,494,679 $ 1,503,609 SEA is the borrower under the senior secured credit facilities, as amended pursuant to a credit agreement (the “Existing 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”). On March 31, 2017, SEA entered into a refinancing amendment, Amendment No. 8 (the “Amendment No. 8”), to its Existing Credit Agreement. In connection with Amendment No. 8, SEA borrowed $998.3 million of additional term loans (the “Term B-5 Loans”) of which the proceeds, along with cash on hand, were used to redeem all of the then outstanding principal of the Term B-3 loans (the “Term B-3 Loans”), with a principal amount equal to $244.7 million and a portion of the outstanding principal of the Term B-2 loans (the “Term B-2 Loans”), with a principal amount equal to $753.6 million, and pay other fees, costs and expenses in connection with Amendment No. 8 and related transactions. Additionally, pursuant to Amendment No. 8, SEA terminated the then existing revolving credit commitments and replaced them with a new tranche with an aggregate commitment amount of $210.0 million. On October 31, 2018, SEA entered into another refinancing amendment, Amendment No. 9 (the “Amended Credit Agreement”), to its Existing Credit Agreement. In connection with the Amended Credit Agreement, SEA borrowed $543.9 million of additional term loans (the “Additional Term B-5 Loans”) of which the proceeds, along with cash on hand, were used to redeem all of the then outstanding principal of the Term B-2 Loans, with a principal amount equal to $543.9 million, and pay other fees, costs and expenses in connection with the Amended Credit Agreement and related transactions. Additionally, pursuant to the Amended Credit Agreement, SEA terminated the then existing revolving credit commitments and replaced them with a new tranche of revolving credit commitments with an aggregate commitment amount of $210.0 million (the “New Revolving Credit Facility”). In connection with the issuance of the additional Term B-5 Loans and as a result of the Amended Credit Agreement, SEA recorded a discount of $0.7 million during the year ended December 31, 2018. Additionally, SEA wrote-off debt issuance costs of $8.2 million, which is included in loss on early extinguishment of debt and write-off of discounts and debt issuances costs in the accompanying consolidated statement of comprehensive income (loss) during the year ended December 31, 2018. In connection with the issuance of the Term B-5 Loans as a result of Amendment No. 8 in 2017, SEA recorded a discount of $5.0 million and immaterial debt issuance costs during the year ended December 31, 2017. Additionally, SEA wrote-off debt issuance costs of $8.0 million, which is included in loss on early extinguishment of debt and write-off of discounts and debt issuances costs in the accompanying consolidated statement of comprehensive income (loss) during the year ended December 31, 2017. See discussion in the Senior Secured Credit Facilities As of December 31, 2018, SEA was in compliance with all covenants contained in the documents governing the Senior Secured Credit Facilities. Senior Secured Credit Facilities As of December 31, 2018, the Senior Secured Credit Facilities consisted of $1.523 billion in Term B-5 Loans which will mature on March 31, 2024 and a $210.0 million New Revolving Credit Facility, of which $30.0 million was outstanding as of December 31, 2018. The New Revolving Credit Facility will mature on October 31, 2023. The outstanding balance on the revolving credit facility was included in current maturities of long-term debt in the accompanying consolidated balance sheets as of December 31, 2018 and 2017 due to the Company’s intent to repay the borrowings within the following twelve month period. Subsequent to December 31, 2018, SEA borrowed an additional $45.0 million on the New Revolving Credit Facility for general working capital purposes. The Term B-5 Loans amortize in equal quarterly installments, commencing with the fiscal quarter ending December 31, 2018, in aggregate annual amounts equal to 1.015% of the original principal amount of Term B-5 Loans outstanding on the Effective Date, with the balance payable on the final maturity date. 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-5 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 secured total 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. During the first quarter of 2017, the Company made a mandatory prepayment of approximately $6.3 million based on its excess cash flow calculation as of December 31, 2016. Approximately $3.5 million of the mandatory prepayment was accepted by the lenders and applied ratably to the Term B-2 and Term B-3 Loans prior to Amendment No. 8 on March 31, 2017, and the remainder of $2.8 million was applied as a voluntary prepayment to the Term B-2 Loans in the second quarter of 2017. There were no mandatory prepayments made during the years ended December 31, 2018 and 2016. SEA may go to market to increase and/or add one or more incremental term loan facilities to the Senior Secured Credit Facilities and/or increase commitments under the New Revolving Credit Facility in an aggregate principal amount of up to $350.0 million. 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 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-5 Loans The Term B-5 Loans were initially borrowed in an aggregate principal amount of $998.3 million on March 31, 2017 in connection with Amendment No. 8. Additional Term B-5 Loans of $543.9 million were borrowed on October 31, 2018 in connection with the Amended Credit Agreement. Borrowings of the Term B-5 Loans under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA ’ “ ” New Revolving Credit Facility Borrowings of the New Revolving Credit Facility under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA ’ 1 2 “ ” 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 New 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, 2018, SEA had approximately $21.3 million of outstanding letters of credit leaving approximately $158.7 million available for borrowing under the New Revolving Credit Facility. 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 limit annual capital expenditures and maintain a maximum total 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 Amended Credit Agreement removed all financial covenants on the Term B-5 Loans. The New Revolving Credit Facility requires that the Company comply with a springing maximum first lien secured leverage ratio of 6.25x to be tested as of the last day of any fiscal quarter, solely to the extent that on such date the aggregate amount of funded loans and letters of credit (excluding undrawn letters of credit in an amount not to exceed $30.0 million and cash collateralized letters of credit) under the New Revolving Credit Facility exceeds an amount equal to 35% of the then outstanding commitments under the New Revolving Credit Facility. The Senior Secured Credit Facilities permit restricted payments in an aggregate amount per annum equal to the sum of (A) $25.0 million plus (B) an amount, if any, equal to (1) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment, is no greater than 3.50 to 1.00, an unlimited amount, (2) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 4.00 to 1.00 and greater than 3.50 to 1.00, the greater of (a) $95.0 million and (b) 7.50% of Market Capitalization (as defined in the Senior Secured Credit Facilities), (3) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 4.50 to 1.00 and greater than 4.00 to 1.00, $95.0 million and (4) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 5.00 to 1.00 and greater than 4.50 to 1.00, $65.0 million. As of December 31, 2018, the total leverage ratio as calculated under the Senior Secured Credit Facilities was 3.58 Long-term debt at December 31, 2018, is repayable as follows and does not include the impact of any future voluntary prepayments. The outstanding balance under the New Revolving Credit Facility is included in current maturities of long-term debt in the accompanying consolidated balance sheet as of December 31, 2018, due to the Company’s intent to repay the borrowings within the next twelve months: Years Ending December 31, (In thousands) 2019 $ 45,505 2020 15,505 2021 15,505 2022 15,505 2023 15,505 Thereafter 1,445,864 Total $ 1,553,389 Interest Rate Swap Agreements As of December 31, 2018, the Company has five interest rate swap agreements (“the Interest Rate Swap Agreements”) which effectively fix the interest rate on the LIBOR-indexed interest payments associated with $1.0 billion of SEA’s outstanding long-term debt. The Interest Rate Swap Agreements became effective on September 30, 2016; have a total notional amount of $1.0 billion; mature on May 14, 2020; require the Company to pay a weighted-average fixed rate of 2.45% per annum to swap counterparties; provide that the Company receives a variable rate of interest based upon the greater of 0.75% or the BBA LIBOR; and have interest settlement dates occurring on the last day of December, March, June and September through maturity. In 2016, the Company had four interest rate swap agreements (the “Former Interest Rate Swap Agreements”) which matured in accordance with their terms. Three of the interest rate swap agreements had a combined notional amount of $1.0 billion; 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 interest rate swap was executed in April 2015 to effectively fix the interest rate on $250.0 million of the Term B-3 Loans and had a notional amount of $250.0 million; 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 December, March, June and September through maturity. SEA designated the Interest Rate Swap Agreements and the Former Interest Rate Swap Agreements above as qualifying cash flow hedge accounting relationships as further discussed in Note 13–Derivative Instruments and Hedging Activities which follows. Cash paid for interest relating to the Senior Secured Credit Facilities, Interest Rate Swap Agreements and Former Interest Rate Swap Agreements, net of amounts capitalized, as applicable, was $82.5 million, $80.6 million and $46.9 million during the years ended December 31, 2018, 2017 and 2016, respectively. Cash paid for interest during the year ended December 31, 2017 excludes $5.1 million related to the fourth quarter interest payment on the Term B-2 Loans which was paid on January 5, 2018. Cash paid for interest during the year ended December 31, 2016 excludes $12.9 million related to the fourth quarter interest payment on the Senior Secured Credit Facilities which was paid on January 3, 2017. See Note 11–Other Accrued Liabilities for accrued interest included in the accompanying consolidated balance sheets as of December 31, 2018 and 2017. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 13. 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, 2018 and 2017, 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, 2018, 2017 and 2016, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of December 31, 2018 and 2017, the Company had five Interest Rate Swap Agreements that mature on May 14, 2020, which effectively fix the interest rate on LIBOR-indexed interest payments associated with $1.0 billion of SEA’s outstanding long-term debt. The interest rate swap agreements are designated as cash flow hedges of interest rate risk. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $2.5 million will be reclassified as a reduction 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 in the accompanying consolidated balance sheets as of December 31, 2018 and 2017: Asset Derivatives Liability Derivatives As of December 31, 2018 As of December 31, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: (In thousands) Interest rate swap agreements Other assets 3,109 Other liabilities 8,455 Total derivatives designated as hedging instruments $ 3,109 $ 8,455 Derivative instruments are valued according to the methodology outlined in Note 2–Summary of Significant Accounting Policies. The Company has determined that its derivatives fall within Level 2 of the fair value hierarchy as discussed in Note–16 Fair Value Measurements. The unrealized gain on derivatives is recorded net of a tax expense of $3.1 million and $5.7 million for the years ended December 31, 2018 and 2017, respectively, and is included in the accompanying statements of changes in stockholders’ equity and the consolidated statements of comprehensive income (loss). Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income (Loss) The table below presents the pre-tax effect of the Company’s derivative financial instruments in the accompanying consolidated statements of comprehensive income (loss) for the years ended December 31, 2018 and 2017: 2018 2017 (In thousands) Derivatives in Cash Flow Hedging Relationships: Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss) $ 14,262 $ 1,619 (Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense $ (2,697 ) $ 12,733 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. Changes in Accumulated Other Comprehensive Income (Loss) The following table reflects the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2018 and 2017, net of tax: Accumulated other comprehensive income (loss) (In thousands): Gains (Losses) on Cash Flow Hedges Accumulated other comprehensive loss at December 31, 2016 $ (13,694 ) Other comprehensive income before reclassifications 972 Amounts reclassified from accumulated other comprehensive income (loss) to interest expense 7,646 Unrealized gain on derivatives, net of tax 8,618 Accumulated other comprehensive loss at December 31, 2017 (5,076 ) Effects of adoption of ASU 2018-02 (1,094 ) Other comprehensive income before reclassifications 10,426 Amounts reclassified from accumulated other comprehensive income (loss) to interest expense (1,972 ) Unrealized gain on derivatives, net of tax 8,454 Accumulated other comprehensive income at December 31, 2018 $ 2,284 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. INCOME TAXES For the years ended December 31, 2018, 2017 and 2016, the provision for (benefit from) income taxes is comprised of the following: 2018 2017 2016 Current income tax provision (benefit) (In thousands) Federal $ (99 ) $ (66 ) $ (72 ) State 1,113 1,525 442 Foreign 7 12 23 Total current income tax provision 1,021 1,471 393 Deferred income tax provision (benefit): Federal 13,019 (74,312 ) 5,169 State 3,875 (12,165 ) 3,768 Total deferred income tax provision (benefit) 16,894 (86,477 ) 8,937 Total income tax provision (benefit) $ 17,915 $ (85,006 ) $ 9,330 The deferred income tax provision (benefit) 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 $0.8 million, $0.5 million and $0.8 million, for the years ended December 31, 2018, 2017 and 2016, respectively. The components of deferred income tax assets and liabilities as of December 31, 2018 and 2017 are as follows: 2018 2017 Deferred income tax assets: (In thousands) Acquisition and debt related costs $ 5,814 $ 5,557 Net operating losses 180,658 201,604 Goodwill impairment 53,972 54,207 Self-insurance 6,847 6,992 Deferred revenue 2,718 2,627 Cash flow hedge — 2,282 Restricted stock 4,472 4,097 Tax credits 9,317 7,922 Other 7,779 7,263 Total deferred income tax assets 271,577 292,551 Valuation allowance (2,762 ) (2,762 ) Net deferred tax assets 268,815 289,789 Deferred income tax liabilities: Property and equipment (192,224 ) (201,019 ) Amortization - Goodwill (41,803 ) (37,291 ) Amortization - Other Intangibles (18,144 ) (15,193 ) Cash flow hedge (836 ) — Other (2,992 ) (3,466 ) Total deferred income tax liabilities (255,999 ) (256,969 ) Net deferred income tax assets $ 12,816 $ 32,820 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 2013. 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 $615.3 million as of December 31, 2018 and state net operating loss carryforwards spread across various jurisdictions with a combined total of approximately $990.5 million as of December 31, 2018. 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. 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 $2.8 million, net of federal tax benefit, on the deferred tax assets related to those state net operating losses as of December 31, 2018 and 2017. As of December 31, 2017, the Company had approximately $0.4 million of charitable contributions which expired unused. During 2017, an ownership shift of more than 50 percent as defined by the Internal Revenue Code (“IRC”) Section 382 occurred. 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 any limitation under IRC Section 382 will not impair the realizability of the deferred income tax assets related to federal and state tax net operating loss carryforwards. However, the annual limitations may impact the timeframe over which the net operating loss carryforwards can be used, potentially impacting the cash tax liabilities in a future period. The reconciliation between the statutory income tax rate and the Company’s effective income tax provision (benefit) rate for the years ended December 31, 2018, 2017 and 2016, is as follows: 2018 2017 2016 Amount % Amount % Amount % (In thousands) Income tax at federal statutory rates $ 13,167 21.00 % $ (100,587 ) 35.00 % $ (1,120 ) 35.00 % Federal net operating loss adjustment — — — — 422 (13.18 ) State taxes, net of federal benefit 4,640 7.40 (5,800 ) 2.02 1,870 (58.42 ) Nondeductible equity-based compensation 668 1.07 2,901 (1.01 ) 8,806 (275.10 ) Tax credits (1,221 ) (1.95 ) (730 ) 0.25 (1,881 ) 58.75 Goodwill impairment — — 17,584 (6.12 ) — — Remeasurement of deferred income tax liabilities resulting from Tax Cuts and Jobs Act — — (1,808 ) 0.63 — — Nondeductible settlement 840 1.34 — — — — Valuation allowance — — 1,688 (0.59 ) (882 ) 27.55 Other (179 ) (0.29 ) 1,746 (0.60 ) 2,115 (66.07 ) Income tax provision (benefit) $ 17,915 28.57 % $ (85,006 ) 29.58 % $ 9,330 (291.47 ) % On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes significant modifications to the provisions of the Internal Revenue Code, including but not limited to a corporate tax rate decrease from 35% to 21% effective as of January 1, 2018. The Company’s net deferred tax assets and liabilities were revalued at the newly enacted U.S. corporate rate in the year of enactment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES At December 31, 2018, the Company has commitments under long-term operating and capital leases requiring annual minimum lease payments as follows: Years Ending December 31, (In thousands) 2019 $ 16,809 2020 14,405 2021 13,331 2022 11,624 2023 10,683 Thereafter 268,028 Total $ 334,880 Rental expense was $21.2 million, $20.5 million and $20.9 million for the years ended December 31, 2018, 2017 and 2016, 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 $10.4 million 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. The Company has commenced construction of certain new theme park attractions and other projects under contracts with various third parties, including the construction of a new corporate headquarters building on owned land adjacent to its SeaWorld Orlando park, which is scheduled to be completed in 2019. At December 31, 2018, excluding certain amounts related to the License Agreement with Sesame Workshop as described below, additional capital payments of approximately $207.0 million are necessary to complete these projects. The majority of these projects are expected to be completed in 2019 and 2020. License Agreements On May 16, 2017, SEA entered into a License Agreement (the “License Agreement”) with Sesame Workshop (“Sesame”), a New York not-for-profit corporation. The License Agreement supersedes the previous two license agreements and extends SEA’s status as Sesame’s exclusive theme park partner in the United States, Puerto Rico and the U.S. Virgin Islands (the “Sesame Territory”), and provides for the payment of certain royalty payments based on gross receipts for stand-alone theme parks (“Standalone Parks”) and license fees and merchandise royalties for Sesame themed areas within SEA theme parks (“Sesame Lands”). Sesame will retain the right to develop certain family entertainment centers subject to certain restrictions including size, number, types of attractions and geographic location. SEA’s principal commitments pursuant to the License Agreement include: (i) opening a new Sesame Place theme park no later than mid-2021 in a location to be determined within the Sesame Territory; (ii) building a new Sesame Land in SeaWorld Orlando by fall 2022; (iii) investing in minimum annual capital and marketing thresholds; and (iv) providing support for agreed upon sponsorship and charitable initiatives, including Sesame’s annual gala event. As of December 31, 2018, the Company estimates the combined remaining obligations for these commitments could be up to approximately $79.0 million over the remaining term of the agreement. After the opening of the second Standalone Park (counting the existing Sesame Place Standalone Park in Langhorne, Pennsylvania), SEA will have the option to build additional Standalone Parks in the Sesame Territory within agreed upon timelines. The License Agreement has an initial term through December 31, 2031, with an automatic additional 15 year extension plus a five year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. On May 2, 2018 the Company announced that it plans to open Sesame Street at SeaWorld Orlando in Spring of 2019. Pursuant to the License Agreement 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. Securities Class Action Lawsuits 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 and 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 17, 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”), then 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 which the Court granted on March 31, 2016. 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 The Court later denied a renewed motion to dismiss the Second Amended Complaint. In May 2017, Plaintiffs filed a motion for class certification which the Court granted on November 29, 2017. On December 13, 2017, Defendants filed a petition for permission to appeal the Court’s class certification order with the United States Court of Appeals for the Ninth Circuit, which was denied on June 28, 2018. Discovery is currently ongoing with the trial scheduled for fall 2019. The Company believes that the class action lawsuit is without merit and intends to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of this lawsuit. On June 14, 2018, a lawsuit captioned Highfields Capital I LP et al. v. SeaWorld Entertainment, Inc. et al., Civil Action No. 18-cv-1276L-BLM was filed in the United States District Court in the Southern District of California against the Company and certain of the Company’s former and present executive officers (collectively, the “Defendants”). The plaintiffs, which are investment funds managed by a common adviser (collectively, the “Plaintiffs”) allege, among other things, that the Defendants made false and misleading statements in violation of the federal securities laws regarding the impact of the documentary Blackfish on SeaWorld’s business. The complaint further alleges that such statements were made to induce Plaintiffs to purchase common stock of the Company at artificially-inflated prices and that Plaintiffs suffered investment losses as a result. The Plaintiffs are seeking unspecified compensatory damages and other relief. On October 19, 2018, Defendants filed a motion for the partial dismissal of the Plaintiffs’ complaint. On February 7, 2019, the Court granted Defendants’ motion, which leave to amend. The Company believes that the 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 in 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. The case is currently stayed in favor of the securities class action captioned Baker v. SeaWorld Entertainment, Inc., et al. described above. Consumer Lawsuit 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. Civil Case No. 15-cv-02172-JSW, (the “Anderson Matter”). The putative class consisted of all consumers within California who, within the past four years, purchased tickets to SeaWorld San Diego. The complaint (as amended) 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 and orca plush purchasers with intent to deceive and mislead the plaintiffs and purported class members. The complaint seeks actual damages, equitable relief, attorneys’ fees and costs. Based on plaintiffs’ definition of the class, the amount in controversy could have exceeded $5.0 million assuming the class became certified. The liability exposure is speculative though. On May 14, 2015, the Company removed the case to the United States District Court for the Northern District of California. The Company filed a motion for summary judgment on October 30, 2017 which the Court granted in part and denied in part. On May 23, 2018, the plaintiffs represented to the Court that they will not file a motion for class certification. The case is no longer a class action. All three named plaintiffs continue to have claims for individual restitution in a nominal amount and injunctive relief. Trial is currently scheduled for October 2019. The Company believes that the lawsuit is without merit and intends to defend the lawsuit vigorously; however, there can be no assurance regarding the ultimate outcome of these lawsuits. EZPay Plan Class Action Lawsuit On December 3, 2014, a purported class action lawsuit was filed in the United States District Court for the Middle District of Florida, Tampa Division against SeaWorld Parks & Entertainment, Inc., captioned Jason Herman, Joey Kratt, and Christina Lancaster, as individuals and on behalf of all others similarly situated, v. SeaWorld Parks & Entertainment, Inc. Case no: 8:14-cv-03028-MSS-JSS. The certified class action currently consists of two claims for breach of contract, unjust enrichment and violation of federal Electronic Funds Transfer Act, 15 U.S.C. section 1693 et seq. on behalf of three individual plaintiffs as well as on behalf of a two classes: (i) individuals in the states of Florida, Texas, Virginia and California who paid for an annual pass through EZ pay in “less than twelve months,” had their passes automatically renewed and did not use the renewed passes after the first year or were not issued a full refund of payments made after the twelfth payment; and (ii) all of these same individuals who used debit cards. In April 2018, the Company reached a preliminary agreement in principle to settle this matter for a payment of $11.5 million, plus certain administrative costs and expenses associated with the proposed settlement. The proposed settlement is still subject to further documentation and court approval. The Company has accrued $11.5 million and $3.4 million related to this proposed settlement in other accrued liabilities in the accompanying consolidated balance sheet as of December 31, 2018 and 2017, respectively. 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”) the U.S. Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”). In September 2018, the Company reached a settlement with the SEC relating to a previously disclosed SEC investigation. In connection with the settlement, without admitting or denying the substantive allegations in the SEC’s complaint, the Company agreed to the entry of a final judgment ordering the Company to pay a civil penalty of $4.0 million and enjoining the Company from violation of certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 and certain rules thereunder. The settlement was approved by the U.S. District Court for the Southern District of New York on September 24, 2018. The settlement is recorded in selling, general and administrative expenses for the year ended December 31, 2018 in the Company’s consolidated statements of comprehensive income (loss). On December 11, 2018, the DOJ informed the Company that it does not intend to take any action against the Company or any individuals in connection with the investigation previously disclosed by the Company concerning disclosures and public statements made by the Company and certain individuals on or before August 2014 and trading in the Company’s securities. The Company considers the DOJ matter concluded. From time to time, various parties also bring other 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 such 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. San Diego Hotel Project On January 22, 2018, the Company and Evans Hotel entered into a Limited Liability Company Agreement to develop, own and operate a hotel project (the “San Diego Hotel Project”) to be located on land that the Company leases from the City of San Diego. In September 2018, the Company elected not to proceed with the San Diego Hotel Project and terminated the agreement. As a result, the Company recorded a loss of approximately $2.8 million primarily related to expenses incurred and fees associated with termination of the agreement, which was recorded in operating expenses in the year ended December 31, 2018 in the accompanying consolidated statements of comprehensive income (loss). |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 16. FAIR VALUE MEASUREMENTS 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, 2018. The following table presents the Company’s estimated fair value measurements and related classifications for assets and liabilities measured on a recurring basis as of December 31, 2018: 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) 2018 Assets: (In thousands) Derivative financial instruments (a) $ — $ 3,109 $ — $ 3,109 Liabilities: Long-term obligations (b) $ — $ 1,553,389 $ — $ 1,553,389 (a) Reflected at fair value in the consolidated balance sheet as other assets of $3.1 million as of December 31, 2018. (b) There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2017. The Company did not have any assets measured on a recurring basis at fair value at December 31, 2017. The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2017: 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) 2017 Liabilities: (In thousands) Derivative financial instruments (a) $ — $ 8,455 $ — $ 8,455 Long-term obligations (b) $ — $ 1,560,046 $ — $ 1,560,046 (a) Reflected at fair value in the consolidated balance sheet as other liabilities of $8.5 million as of December 31, 2017. (b) Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $38.7 million and long-term debt of $1.504 billion as of December 31, 2017. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 17. RELATED-PARTY TRANSACTIONS ZHG Agreements As discussed in Note 4–Revenues, in March 2017, the Company entered into the ZHG Agreements. In exchange for providing services under the ZHG Agreements, the Company is expected to receive fees as well as a travel stipend per year through 2019. The Company recognizes revenue under the ZHG Agreements on a straight line basis over the contractual term of the agreements. Revenue recognized in the In connection with the ZHG Transaction as discussed in Note 1 –Description of the Business Hill Path Capital LP Agreements On November 5, 2017, the Company and Hill Path Capital LP (“Hill Path”) entered into a Cooperation Agreement (the “Cooperation Agreement”) and certain related agreements. Under the terms of the Cooperation Agreement, the Company paid Hill Path $0.5 million during the fourth quarter of 2017 to reimburse for fees and expenses incurred in connection with the negotiation and execution of the Cooperation Agreement. Pursuant to the Cooperation Agreement, on November 5, 2017, the Board appointed a designee from Hill Path (the “Designee”) to the Board and the Revenue Committee, immediately following the execution of the Cooperation Agreement. On November 5, 2017, the Company also entered into an Undertaking Agreement (the “Undertaking Agreement”) which permits the Designee to provide information to certain personnel of Hill Path and certain of Hill Path’s advisors as described therein. The undertakings of Hill Path and the Designee pursuant to the Undertaking Agreement are effective for 12 months following the date on which there is no director serving on the Board who is designated by Hill Path. The Company also entered into a side letter with Hill Path that provides, if it obtains any requisite Board approval or the consent of SunWise (UK) Co. LTD (“ZHG”), the Company will execute and deliver to Hill Path a form of registration rights agreement (the “Registration Rights Agreement”). The Registration Rights Agreement provided that, following the date that is one day after the expiration of the Company’s advance notice period for the nomination of directors at the 2018 Annual Meeting and provided that Hill Path has not submitted any nominations for the election of directors in accordance with the Company’s advance notice period as set forth in the Company’s Second Amended and Restated Bylaws, the Hill Path entities will have limited shelf registration rights with respect to their common stock (including certain demand underwritten offering rights and piggyback registration rights). The Registration Rights Agreement also will require the Company to pay certain expenses relating to such registration and indemnify the Hill Path entities against certain liabilities under the Securities Act of 1933, as amended. |
Retirement Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Retirement Plan | 18. 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, 2018, 2017 and 2016, totaled $7.6 million, $7.9 million and $8.5 million, respectively, and is included in selling, general and administrative expenses and in operating expenses in the accompanying consolidated statements of comprehensive income (loss). |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | 19. EQUITY-BASED COMPENSATION Equity compensation is included in selling, general and administrative expenses and in operating expenses in the accompanying consolidated statements of comprehensive income (loss). Total equity compensation expense was $22.2 million, $23.2 million and $37.5 million for the years ended December 31, 2018, 2017 and 2016, respectively. Equity compensation expense for the year ended December 31, 2018, includes approximately $5.5 million related to equity awards which were accelerated to vest in connection with the departure of certain executives as required by their respective employment agreements (see Note 21–Restructuring Programs and Other Separation Costs for further details). 2.25x and 2.75x Performance Restricted shares The total fair value of shares which vested during the years ended December 31, 2018, 2017 and 2016 was approximately $12.1 million, $13.8 million and $32.2 million, respectively. The weighted average grant date fair value per share of time-vesting and performance-vesting restricted awards granted during the years ended December 31, 2018, 2017 and 2016 were $15.40, $17.71 and $17.20 per share, respectively. The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2018 was as follows: Performance-Vesting Restricted Awards Time-Vesting Restricted Awards Bonus Performance Restricted Awards Long-Term Incentive Performance Restricted Awards 2.75x Performance Restricted shares Shares/Units Weighted Average Grant Fair Value per Award Shares/Units Weighted Average Grant Date Fair Value per Award Shares/Units Weighted Average Grant Date Fair Value per Award Shares/Units Weighted Average Grant Date Fair Value per Share Outstanding at December 31, 2017 1,852,512 $ 17.09 805,245 $ 18.09 864,572 $ 18.50 616,793 $ 3.56 Granted 354,410 $ 17.52 732,747 $ 14.97 1,171,733 $ 15.04 — $ — Vested (647,415 ) $ 16.47 (69,221 ) $ 18.07 (9,010 ) $ 18.79 — $ — Forfeited (657,803 ) $ 17.60 (908,061 ) $ 17.44 (871,809 ) $ 17.39 (616,793 ) $ 3.56 Outstanding at December 31, 2018 901,704 $ 17.34 560,710 $ 15.06 1,155,486 $ 15.82 — $ — The total intrinsic value of stock options exercised during the year ended December 31, 2018 was approximately $1.7 million. The total intrinsic value of stock options exercised during the years ended December 31, 2017 and 2016 was immaterial. The activity related to the Company’s stock option awards during the year ended December 31, 2018 was as follows: Options Weighted Average Exercise Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 2,923,448 $ 18.78 Forfeited (429,992 ) $ 18.00 Expired (1,493,902 ) $ 19.46 Exercised (234,977 ) $ 18.23 Outstanding at December 31, 2018 764,577 $ 18.05 6.82 $ 3,087 Exercisable at December 31, 2018 435,825 $ 18.16 6.72 $ 1,711 Omnibus Incentive Plan The Company has reserved 15,000,000 shares of common stock for issuance under the Company’s Omnibus Incentive Plan (the “Omnibus Incentive Plan”), of which approximately 9,770,000 are available for future issuance as of December 31, 2018. Bonus Performance Restricted Shares The annual bonus plan for 2018 (the “2018 Bonus Plan”) provides for bonus awards payable 50% in cash and 50% in performance-vesting restricted units (the “Bonus Performance Restricted Units”) and is based upon the Company’s achievement of specified performance goals, as defined by the 2018 Bonus Plan, with respect to the year ended December 31, 2018 (the “Fiscal 2018”). The total number of shares eligible to vest is based on the level of achievement of the targets for Fiscal 2018 which ranges from 0% (if below threshold performance) and up to 150% (at or above maximum performance). Bonus Performance Restricted Units representing the total units that could be earned under the maximum performance level of achievement were granted during the year ended December 31, 2018. In accordance with ASC 718, Compensation-Stock Compensation The Company also had an annual bonus plan for the year ended December 31, 2017 (the “Fiscal 2017”), under which certain employees were eligible to vest in performance-vesting restricted shares (the “2017 Bonus Performance Restricted Shares”) based upon the Company’s achievement of specified performance goals with respect to Fiscal 2017. 2018 Long-Term Incentive Awards The long-term incentive plan grants for 2018 (the “2018 Long-Term Incentive Grant”) were comprised of time-vesting restricted units (the “Long-Term Incentive Time Restricted Units”) and performance-vesting restricted units (the “Long-Term Incentive Performance Restricted Units”) (collectively, the “Long-Term Incentive Awards”). Long-Term Incentive Time Restricted Units Long-Term Incentive Time Restricted Units granted in 2018 largely vest over three years, with one-third vesting on each anniversary of the date of grant, subject to continued employment through the applicable vesting date. Other Long-Term Incentive Time Restricted Units vest on the third anniversary of the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense for these units is recognized using the straight line method over the three-year vesting period. Long-Term Incentive Performance Restricted Units The Long-Term Incentive Performance Restricted Units granted in 2018 are expected to vest following the end of the three-year performance period beginning on January 1, 2018 and ending on December 31, 2020 (the “Fiscal 2020”) based upon the Company’s achievement of specified performance goals for Fiscal 2020, as defined by the 2018 Long-Term Incentive Grant. The total number of Long-Term Incentive Performance Restricted Units eligible to vest will be based on the level of achievement of the performance goals and ranges from 0% (if below threshold performance) and up to 200% (for at or above maximum performance). The 2018 Long-Term Incentive Grant provides additional incentive for early achievement of the target as follows: if the Company’s Fiscal 2020 target was achieved in 2018, 30% of target Long-Term Incentive Performance Restricted Units would have been earned and delivered in 2019; if the Company’s Fiscal 2020 target is achieved in 2019, 20% of target Long-Term Incentive Performance Restricted Units will be earned and delivered in 2020, in each case subject to the overall maximum award of 200% of target. Other Long-Term Incentive Awards The Company also has outstanding time-vesting restricted shares (the “Long-Term Incentive Time Restricted Shares”), performance-vesting restricted shares (the “Long-Term Incentive Performance Restricted Shares”) and nonqualified stock options (the “Long-Term Incentive Options”) granted under previous long-term incentive plan grants. Long-Term Incentive Time Restricted Shares For certain executives, the Long-Term Incentive Time Restricted Shares vest over five years, with one-third vesting on each of the third, fourth and fifth anniversaries of the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense for these shares is recognized using the straight line method with one-third recognized over the initial three year vesting period and the remaining two-thirds recognized over the remaining vesting period. For other employees, the Long-Term Incentive Time Restricted Shares vest over three years, with all of the shares vesting on the third anniversary of the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense for these shares is recognized using the straight line method over the three year vesting period. Other Long-Term Incentive Time Restricted Shares vest ratably over four years or three years from the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense is recognized using the straight line method over the respective vesting period. Long-Term Incentive Performance Restricted Shares During the year ended December 31, 2018, a portion of the previously granted Long-Term Incentive Performance Restricted Shares related to completed performance periods vested, with the remainder forfeiting in accordance with their terms. The remaining outstanding Long-Term Incentive Performance Restricted Shares related to future performance periods are eligible to vest based upon the Company’s achievement of pre-established performance goals for the respective performance period, as defined. Long-Term Incentive Performance Restricted Shares granted under the 2017 long-term incentive plan (the “2017 Long-Term Incentive Plan’) 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. As of December 31, 2018, the Company had granted approximately 210,000 Long-Term Incentive Performance Restricted Shares, net of forfeitures, related to the 2017 Long-Term Incentive Plan which represented the total shares that could be earned under the maximum performance level of achievement. Equity compensation expense is recognized ratably over the three year performance period, if the performance condition is probable of being achieved. Long-Term Incentive Performance Restricted Shares granted under the 2016 long-term incentive plan (the “2016 Long-Term Incentive Plan”) were expected to vest following the end of a three year performance period ending on December 31, 2018 based upon the Company’s achievement of certain performance goals for each respective fiscal year performance period, established at the beginning of each period. As such, since the performance goal for the 2018 performance period was established in the first quarter of 2018, for accounting purposes, approximately 100,500 of the Long-Term Incentive Performance Restricted Shares awarded under the 2016 Long-Term Incentive Plan, net of forfeitures, have a grant date in 2018. As of December 31, 2018, the Company had outstanding approximately 99,200 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. Based on the Company’s actual results for 2018, a portion of the shares are expected to vest in the first quarter of 2019, with the remainder forfeiting in accordance with their terms. The Company recognizes equity compensation expense for its performance-vesting restricted awards ratably over the related performance period, if the performance condition is probable of being achieved. Based on the Company’s progress towards its respective performance goals, equity compensation expense includes approximately $10.3 million related to all performance-vesting restricted awards in the year ended December 31, 2018. If the probability of vesting related to these awards changes in a subsequent period, all equity compensation expense related to those awards that would have been recorded over the requisite service period had the awards been considered probable at the new percentage from inception, will be recorded as a cumulative catch-up at such subsequent date. Total unrecognized equity compensation expense for all outstanding performance-vesting restricted awards not probable of vesting was approximately $8.6 million as of December 31, 2018. Long-Term Incentive Options Long-Term Incentive Options granted under previous long-term incentive plans 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. Upon stock option exercises, new shares are issued by the Company. Other Deferred Stock Units During the year ended December 31, 2018, the Company granted approximately 46,000 deferred stock units (“DSUs”) to certain members of its Board of Directors (the “Board”) which will vest one year from the date of grant. Each DSU represents the right to receive one share of the Company’s common stock one year after the respective director leaves the Board. 2.25x and 2.75x Performance Restricted Shares The Company had awarded under its previous incentive plans certain performance-vesting restricted shares (the “2.25x and 2.75x Performance Restricted shares”). During the first quarter of 2017, the Company modified certain 2.75x Performance Restricted shares to vest 60% upon the closing of the ZHG Transaction on May 8, 2017 (see Note 1–Description of the Business and Note 17–Related-Party Transactions). The remaining outstanding unvested 2.75x Performance Restricted shares continued to be eligible to vest in accordance with their terms if the Seller had received additional proceeds from ZHG sufficient to satisfy a 2.75x cumulative return multiple in the twelve month period following the closing of the ZHG Transaction. The period expired on May 8, 2018; as such, these shares forfeited in the second quarter of 2018. As the modification discussed above was based on a liquidity event, for accounting purposes, the 2.75x Performance Restricted shares were not considered probable of vesting until such time the ZHG Transaction was consummated. In accordance with the guidance in ASC 718, Compensation-Stock Compensation During the year ended December 31, 2016, 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, the vesting conditions on the Company’s previously outstanding 2.25x Performance Restricted shares were satisfied. As a result, during the year ended December 31, 2016, the 2.25x Performance Restricted shares vested, and the Company recognized non-cash equity compensation expense related to all of the 2.25x Performance Restricted shares of approximately $27.5 million and paid accumulated dividends of approximately $3.4 million. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 20. STOCKHOLDERS’ EQUITY As of December 31, 2018, 93,400,929 shares of common stock were issued in the accompanying consolidated balance sheet, which includes 10,174,589 shares of treasury stock held by the Company (see Share Repurchase Program discussion below), but excludes 920,904 unvested shares of common stock and 1,696,996 unvested restricted stock units held by certain participants in the Company’s equity compensation plans (see Note 19–Equity-Based Compensation). Share Repurchase Program The Board previously authorized the repurchase of up to $250.0 million 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. During the year ended December 31, 2018, the Company repurchased a total of 3,654,816 shares of common stock at a total cost of approximately $98.0 million, leaving approximately $92.0 million available under the Share Repurchase Program as of December 31, 2018. On February 22, 2019, the Company’s Board of Directors approved a replenishment to its Share Repurchase Program of $158.0 million, bringing the total amount authorized for future share repurchases to $250.0 million. The number of shares to be purchased and the timing of purchases will be based on the Company’s trading windows and available liquidity, general business and market conditions and other factors, including legal requirements and alternative opportunities. No shares were repurchased by the Company during the years ended December 31, 2017 and 2016. All shares repurchased pursuant to the Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $252.9 million and $154.9 million as of December 31, 2018 and 2017, respectively, and are reflected as a reduction to stockholders’ equity in the accompanying consolidated statements of changes in stockholders’ equity. Dividends In 2016, the Board suspended the Company’s then existing quarterly dividend policy to allow greater flexibility to deploy capital 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 year ended December 31, 2016, 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 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 (a) As of December 31, 2018 and 2017, the Company had approximately $0.1 million and $0.5 million of cash dividends payable recorded in other accrued liabilities in the accompanying consolidated balance sheets, which relate to accumulated dividends on unvested time restricted shares and unvested performance restricted shares with a performance condition considered probable of being achieved. These shares, which were granted prior to the dividend suspension, carry dividend rights and therefore the dividends accumulated and will be paid as the shares vest in accordance with the underlying equity compensation grants. These dividend rights will be forfeited if the shares do not vest. Previous dividend declarations 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. For the years ended December 31, 2018 and 2017, dividends paid in the accompanying consolidated statements of cash flows primarily relate to shares that carried dividend rights which vested during the respective year. For the year ended December 31, 2016, dividends paid to stockholders were $65.3 million and primarily related to dividend declarations declared prior to the dividend suspension. For tax purposes, all of the 2016 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. |
Restructuring Programs and Othe
Restructuring Programs and Other Separation Costs | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Programs and Other Separation Costs | 21. RESTRUCTURING PROGRAMS AND OTHER SEPARATION COSTS Restructuring Programs In August 2018, the Company announced a new restructuring program (the “2018 Restructuring Program”) focused on reducing costs, improving operating margins and streamlining its management structure to create efficiencies and better align with its strategic business objectives. The 2018 Restructuring Program involved the elimination of approximately 125 positions during the third quarter of 2018 across the Company’s theme parks and its corporate headquarters. As a result, during the year ended December 31, 2018, the Company recorded approximately $5.5 million in pre-tax restructuring charges primarily related to severance and other termination benefits, which is included in restructuring and other separation costs in the accompanying consolidated statements of comprehensive income (loss). The Company will not incur any additional costs associated with the 2018 Restructuring Program as all continuing service obligations were completed as of December 31, 2018. In October 2017 and December 2016, the Company executed two separate restructuring programs in an effort to reduce costs, increase efficiencies, reduce duplication of functions and improve the Company’s operations (the “2017 Restructuring Program” and the “2016 Restructuring Program”, respectively). The 2017 Restructuring Program involved the elimination of approximately 350 positions by the end of the fourth quarter of 2017 across certain of the Company’s theme parks and corporate headquarters. 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, during the years ended December 31, 2017 and 2016, the Company recorded approximately $5.2 million and $8.9 million, respectively, in pre-tax restructuring charges primarily related to severance and other termination benefits, which is included in restructuring and other separation costs in the accompanying consolidated statements of comprehensive income (loss). The Company will not incur any additional costs associated with the 2017 or the 2016 Restructuring Programs as all continuing service obligations were completed as of December 31, 2017 and 2016, respectively. Liabilities related to the 2018, 2017 and 2016 Restructuring Programs as of December 31, 2018 and 2017 are included in accrued salaries, wages and benefits in the accompanying consolidated balance sheets. The 2018, 2017 and 2016 Restructuring Program activity for the years ended December 31, 2018, 2017 and 2016 was as follows: Severance and Other Employment Expenses 2016 Restructuring Program 2017 Restructuring Program 2018 Restructuring Program Total (In thousands) Liability as of December 31, 2016 $ 7,842 $ — $ — $ 7,842 Costs incurred — 5,200 — 5,200 Reduction in estimated expenses (572 ) — — (572 ) Payments made (7,270 ) (3,966 ) — (11,236 ) Liability as of December 31, 2017 $ — $ 1,234 $ — $ 1,234 Costs incurred — — 5,548 5,548 Payments made — (1,234 ) (5,011 ) (6,245 ) Liability as of December 31, 2018 $ — $ — $ 537 $ 537 The remaining liability as of December 31, 2018 primarily relates to restructuring and other separation costs to be paid as contractually obligated by December 31, 2019 and is included in accrued salaries, wages and benefits in the accompanying consolidated balance sheet. Other Separation Costs Restructuring and other separation costs for the year ended December 31, 2018 also includes severance and other employment expenses for other positions not part of a larger restructuring program and includes certain executives who stepped down from their respective positions during 2018. In particular, on February 27, 2018, the Company announced that its President and Chief Executive Officer (the “Former CEO”) had stepped down from his position and resigned as a member of the Board. In connection with his departure, the Former CEO received a lump sum cash payment of approximately $6.7 million in severance-related benefits, in accordance with his employment agreement. Certain other executives who separated from the Company during the first half of 2018 also received severance-related benefits of approximately $3.8 million in accordance with the terms of their respective employment agreements or relevant company plan, as applicable. These severance expenses are included in restructuring and other separation costs in the accompanying consolidated statements of comprehensive income (loss) for the year ended December 31, 2018. Additionally, during the year ended December 31, 2018, certain equity awards were accelerated to vest in connection with the departure of specific executives as required by their respective employment agreements. As a result, the Company recorded incremental non-cash equity compensation expense related to these awards, which is included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss). See |
Summary Quarterly Financial Dat
Summary Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary Quarterly Financial Data | 22. SUMMARY QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited summary quarterly financial data for the years ended December 31, 2018 and 2017 was as follows: 2018 First Second Third Fourth Quarter (a) Quarter (b) Quarter (c) Quarter (d) (Unaudited, in thousands, except per share amounts) Total revenues $ 217,166 $ 391,921 $ 483,175 $ 280,028 Operating (loss) income $ (66,147 ) $ 55,210 $ 151,730 $ 10,874 Net (loss) income $ (62,844 ) $ 22,697 $ 95,988 $ (11,053 ) (Loss) earnings per share: (Loss) earnings per share, basic $ (0.73 ) $ 0.26 $ 1.11 $ (0.13 ) (Loss) earnings per share, diluted $ (0.73 ) $ 0.26 $ 1.10 $ (0.13 ) 2017 First Second Third Fourth Quarter (e) Quarter (f) Quarter (g) Quarter (Unaudited, in thousands, except per share amounts) Total revenues $ 186,357 $ 373,750 $ 437,712 $ 265,505 Operating (loss) income $ (76,735 ) $ (222,564 ) $ 108,822 $ (10,886 ) Net (loss) income $ (61,129 ) $ (175,850 ) $ 55,034 $ (20,441 ) (Loss) earnings per share: (Loss) earnings per share, basic $ (0.72 ) $ (2.05 ) $ 0.64 $ (0.24 ) (Loss) earnings per share, diluted $ (0.72 ) $ (2.05 ) $ 0.64 $ (0.24 ) (a ) During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. (b ) During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. (c) During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. (d) During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. (e) (f) (g) 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. |
Schedule I-Registrant's Condens
Schedule I-Registrant's Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 Assets Current Assets: Cash $ 136 $ 470 Total current assets 136 470 Investment in wholly owned subsidiary 265,194 287,466 Total assets $ 265,330 $ 287,936 Liabilities and Stockholders' Equity Current Liabilities: Dividends payable $ 84 $ 470 Other accrued liabilities 52 — Total current liabilities 136 470 Total liabilities 136 470 Commitments and contingencies Stockholders' Equity: Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2018 and 2017 — — Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 93,400,929 and 92,637,403 shares issued at December 31, 2018 and 2017, respectively 934 926 Additional paid-in capital 663,834 641,324 Accumulated other comprehensive gain (loss) 2,284 (5,076 ) Accumulated deficit (148,955 ) (194,837 ) Treasury stock, at cost (10,174,589 and 6,519,773 shares at December 31, 2018 and 2017, respectively) (252,903 ) (154,871 ) Total stockholders' equity 265,194 287,466 Total liabilities and stockholders' equity $ 265,330 $ 287,936 SEAWORLD ENTERTAINMENT, INC. PARENT COMPANY ONLY CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016 (In thousands) Year Ended December 31, 2018 2017 2016 Equity in net income (loss) of subsidiary $ 44,788 $ (202,386 ) $ (12,531 ) Net income (loss) $ 44,788 $ (202,386 ) $ (12,531 ) Equity in other comprehensive income (loss) of subsidiary 8,454 8,618 (557 ) Comprehensive income (loss) $ 53,242 $ (193,768 ) $ (13,088 ) SEAWORLD ENTERTAINMENT, INC. PARENT COMPANY ONLY CONDENSED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016 (In thousands) For the Year Ended December 31, 2018 2017 2016 Cash Flows From Operating Activities: Net income (loss) $ 44,788 $ (202,386 ) $ (12,531 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Equity in net (income) loss of subsidiary (44,788 ) 202,386 12,531 Dividends (forfeited) received from subsidiary-return on capital, net of forfeitures — (31 ) 26,412 Net cash (used in) provided by operating activities — (31 ) 26,412 Cash Flows From Investing Activities: Dividends (forfeited) received from subsidiary- return of capital, net of forfeitures (61 ) 1,137 39,372 Capital contributed to subsidiary from exercises of stock options (4,230 ) — — Net cash (used in) provided by investing activities (4,291 ) 1,137 39,372 Cash Flows From Financing Activities: Exercise of stock options 4,282 — — Dividends paid to common stockholders (325 ) (1,544 ) (65,306 ) Net cash provided by (used in) financing activities 3,957 (1,544 ) (65,306 ) Change in Cash and Cash Equivalents (334 ) (438 ) 478 Cash and Cash Equivalents - Beginning of year 470 908 430 Cash and Cash Equivalents - End of year $ 136 $ 470 $ 908 Supplemental Disclosures of Noncash Financing Activities Dividends from subsidiary- return of capital, for purchase of treasury stock $ 98,032 $ — $ — Dividends declared, but unpaid $ 84 $ 470 $ 908 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, ultimately owned by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors. On May 8, 2017 an affiliate of Zhonghong Zhuoye Group Co., Ltd. (“ZHG Group”), Sun Wise (UK) Co., LTD (“ZHG”) acquired approximately 21% of the then outstanding shares of common stock of the Parent (the “ZHG Transaction”) from Blackstone. Subsequent to the ZHG Transaction, Blackstone did not own any remaining shares of the Company. 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 SEA is the borrower under the senior secured credit facilities, (the “Senior Secured Credit Facilities”) under a credit agreement (the “Existing Credit Agreement”) dated as of December 1, 2009, as the same may be amended, restated, supplemented or modified from time to time. On March 31, 2017, SEA entered into a refinancing amendment, Amendment No. 8 (the “Amendment No. 8”) to its existing credit agreement and borrowed additional term loans of which the proceeds, along with cash on hand, were used to redeem all of the Term B-3 loans and a portion of the outstanding principal of the Term B-2 loans. Additionally, on October 31, 2018, SEA entered into another refinancing amendment, Amendment No. 9 (the “Amended Credit Agreement”), to its Existing Credit Agreement. In connection with the Amended Credit Agreement, SEA borrowed additional term loans (the “Additional Term B-5 Loans”) of which the proceeds, along with cash on hand, were used to redeem all of the then outstanding principal of the Term B-2 Loans. Additionally, pursuant to the Amended Credit Agreement, SEA terminated the existing revolving credit commitments and replaced them with a new tranche of revolving credit commitments (the “New Revolving Credit Facility”). See further discussion in Note 12–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 SUBSIDIARY In 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 regular quarterly cash dividends to its stockholders. Subsequent to the September 19, 2016 dividend declaration, both 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. SEA paid a cash dividend to the Parent during the year ended December 31, 2016 related to dividend declarations as follows: Payment Date Cash Dividends Paid (In Thousands) January 22, 2016 $ 17,808 April 1, 2016 (a) $ 21,269 July 1, 2016 (a) $ 18,176 October 7, 2016 $ 8,647 (a) During the year ended December 31, 2016, 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 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 As of December 31, 2018 and 2017, the Parent had $0.1 million and $0.5 million of cash dividends payable included in dividends payable in the accompanying condensed balance sheet, which relates to accumulated dividend on unvested restricted shares in SEA’s equity compensation plan. These shares, which were granted prior to the dividend suspension, carry dividend rights and therefore dividends accumulate and will be paid as the shares vest in accordance with the underlying equity compensation grants. These dividend rights will be forfeited if the shares do not vest. See Note 20–Stockholders’ Equity of the accompanying consolidated financial statements for further discussion. During the year ended December 31, 2018, SEA paid dividends to the Parent of approximately $98.0 million. The dividends were in the form of payments that SEA made for share repurchases at the Parent level (see Note 5–Stockholders’ Equity which follows). During the years ended December 31, 2018 and 2017, Parent paid accumulated dividends, net of forfeitures, related to shares that carried dividend rights which vested during the respective year. For the year ended December 31, 2016, dividends paid to stockholders were $65.3 million and primarily related to dividend declarations declared prior to the dividend suspension. 5. STOCKHOLDERS’ EQUITY Omnibus Incentive Plan The Parent has reserved 15,000,000 shares of common stock for future issuance under the Omnibus Incentive Plan (the “Omnibus Incentive Plan”), of which approximately 9,770,000 are available for future issuance as of December 31, 2018. 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 expires or is canceled, forfeited, or terminated, without issuance to the participant, the unissued shares may be granted again under the Omnibus Incentive Plan. See further discussion in Note 19–Equity-Based Compensation of the accompanying consolidated financial statements. During the year ended December 31, 2018, Parent transferred approximately $4.2 million in proceeds received from the exercise of stock options to SEA as a capital contribution and increased its investment in SEA. Share Repurchase Program The Parent’s Board previously authorized the repurchase of up to $250.0 million 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. During the year ended December 31, 2018, the Parent repurchased a total of 3,654,816 shares of common stock at a total cost of approximately $98.0 million, leaving $92.0 million available under the Share Repurchase Program as of December 31, 2018. On February 22, 2019, the Parent’s Board authorized a replenishment to its Share Repurchase Program of $158.0 million, bringing the total amount authorized for future share repurchases to $250.0 million. The number of shares to be purchased and the timing of purchases will be based on the Parent’s trading windows and available liquidity, general business and market conditions and other factors, including legal requirements and alternative opportunities. There were no share repurchases during the years ended December 31, 2017 and 2016. All shares repurchased pursuant to the Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $252.9 million and $154.9 million as of the years ended December 31, 2018 and 2017, respectively, and are reflected as a reduction to stockholders’ equity in the accompanying condensed balance sheets. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 and liabilities, 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 with the 2018 presentation, in particular the Company reclassified $0.5 million of dividends payable to other accrued liabilities as of December 31, 2017. Also see Note 3–Recent Accounting Pronouncements. |
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 $17.4 million and $16.8 million at December 31, 2018 and 2017, respectively. The cash balances in all accounts held at financial institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2018. 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. From time to time, the Company may invest in certain highly liquid instruments with original maturities of three months or less. These instruments may include money market mutual funds, certificates of deposit or time deposits, among others, which may or may not qualify for FDIC insurance. The Company classifies any such instruments as cash and cash equivalents based on their short-term maturities. |
Restricted Cash | Restricted Cash Restricted cash is recorded in other current assets in the accompanying consolidated balance sheets. Restricted cash consists primarily of funds received from strategic partners for use in approved marketing and promotional activities. December 31, December 31, 2018 2017 (In thousands) Cash and cash equivalents $ 34,073 $ 33,178 Restricted cash, included in other current assets 934 819 Total cash, cash equivalents and restricted cash $ 35,007 $ 33,997 |
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, including amounts due for admissions products purchased on monthly installment arrangements. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance on trade accounts receivable with an offset to the provision for bad debt 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 provision for bad debt was immaterial related to these accounts. The Company also records an allowance on amounts due from monthly installment arrangements based on historical default rates. As of December 31, 2018 and 2017, the Company recorded $14.7 million and $9.5 million, respectively, as an allowance on its installment arrangements with a corresponding reduction to deferred revenue. |
Inventories | Inventories Inventories are accounted for using the weighted average cost method and 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. |
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 immaterial 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, 2018, 2017 and 2016 was $4.2 million, $2.7 million and $2.7 million, 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 $6.1 million and $9.2 million as of December 31, 2018 and 2017, respectively, and are recorded in other assets in the accompanying consolidated balance sheets. Accumulated amortization was $9.9 million and $16.1 million as of December 31, 2018 and 2017, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2018, 2017 and 2016 was $3.7 million, $3.5 million and $3.4 million, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive income (loss). 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 estimated 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). See Note 8–Property and Equipment for further details. |
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 overall financial performance and consideration of significant events or changes in the overall business environment or macroeconomic conditions. 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 estimated 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 of recoverability of a significant asset group within a reporting unit. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. The Company may also choose to perform this quantitative impairment analysis instead of the qualitative analysis. The quantitative impairment analysis compares the estimated fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill. The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for each reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested cap ital. 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 valued using the relief from royalty method. Trade names/trademarks are combined by brand as a unit of accounting when testing for impairment as the brand represents the highest and best use of the asset and drives the Company’s marketing strategy and international license agreements. Significant estimates required in this valuation method include estimated future revenues impacted by the trade names/trademarks, royalty rates, and appropriate discount rates. Projections are based on management’s best estimates given recent financial performance, market trends, strategic plans, brand awareness, operating characteristics by park, and other available information. See Note 10–Trade Names/Trademarks and Other Intangible Assets, Net for further details. |
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. See Note 10–Trade Names/Trademarks and Other Intangible Assets, Net for further details. |
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 $31.2 million at December 31, 2018, of which $3.8 million is recorded in accrued salaries, wages and benefits, $6.9 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets. Total claims reserves were $30.6 million at December 31, 2017, of which $2.6 million is recorded in accrued salaries, wages and benefits, $7.1 million is recorded in other accrued liabilities 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 related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. See further discussion in Note 12–Long-Term Debt. |
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, 2018 and 2017 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 20–Stockholders’ Equity. |
Revenue Recognition | Revenue Recognition The Company has adopted Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, Admissions Revenue Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products. As allowed by the practical expedient available to public companies under ASC 606, which the Company adopted, admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying this guidance to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park. Annual passes, season passes or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates a redemption rate using historical and forecasted growth rates and attendance trends by park for similar products. Attendance trends factor in seasonality and are adjusted based on actual trends periodically. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park. The Company has also 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(s) and an external park, zoo or other attraction. The agreements with the external partners specify the allocation of revenue to Company parks 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 the Company’s parks and recognized over its related use in a manner consistent with the Company’s other admission products. Additionally, 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 provided or received, whichever is more readily determinable. Amounts included within admissions revenue with an offset to either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of comprehensive income (loss) related to bartered ticket transactions were $16.6 million, $20.8 million and $29.1 million, respectively, for the years ended December 31, 2018, 2017 and 2016. In accordance with the practical expedients available to public companies under ASC 606 which the accounting standards provide to simplify compliance, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which it has the right to invoice for services performed. Additionally, the Company generally expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss). The Company has also elected not to adjust consideration for the effects of financing components in the form of installment purchase plans as the period between when the Company transfers the promised service to the customer and when the customer pays for that service generally does not exceed one year. Food, Merchandise and Other Revenue Food, merchandise and other revenue primarily consists of culinary, merchandise and other in-park products and also includes other miscellaneous revenue which is not significant in the periods presented, including revenue related to the Company’s international agreements as discussed in Note 4–Revenues. The Company recognizes revenue for food, merchandise and other in-park products when the related products or services are received by the guests. Certain admission products may also include bundled products at the time of purchase, such as culinary or merchandise items. The Company conducts an analysis of bundled products to identify separate distinct performance obligations that are material in the context of the contract. For those products that are determined to be distinct performance obligations and material in the context of the contract, the Company allocates a portion of the transaction price to each distinct performance obligation using each performance obligation’s standalone price. If the bundled product is related to a pass product and offered over time, revenue will be recognized over time accordingly. See further discussion in Note 4–Revenues. |
Advertising and Promotional Costs | Advertising and Promotional Costs Advertising production costs are deferred and expensed the first time the advertisement is shown. Other advertising and media costs are expensed as incurred and for the years ended December 31, 2018, 2017 and 2016, totaled approximately $127.5 million, $118.0 million and $124.6 million, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive income (loss). |
Equity-Based Compensation | Equity-Based Compensation In accordance with ASC 718, Compensation-Stock Compensation The Company grants time-vesting restricted shares and units, time-vesting deferred stock units, performance-vesting restricted shares and units, and stock options. On occasion, the Company may modify the terms or conditions of an equity award for its employees. If an award is modified, the Company evaluates the type of modification in accordance with ASC 718 to determine the appropriate accounting. See further discussion in Note 19–Equity-Based Compensation. |
Restructuring Costs | Restructuring Costs The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations Compensation-Nonretirement Postemployment Benefits If the one-time benefit arrangements are not part of an ongoing benefit arrangement or an individual deferred compensation contract, 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. If the one-time benefit arrangements are part of an ongoing benefit arrangement or an individual deferred compensation contract, a liability is recognized and measured at its fair value for one-time termination benefits when the following conditions are met: (i) the obligation is attributable to services already rendered; (ii) rights to those benefits accumulate; (iii) payment of the benefits is probable; and (iv) amount can be reasonably estimated. If these four conditions are not met, a liability is recognized when it is probable that a liability has been incurred and the amount can be reasonably estimated in accordance with ASC 450-20, Loss Contingencies 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 for (benefit from) income taxes in the accompanying consolidated statements of comprehensive income (loss). See further discussion in Note 14–Income Taxes. |
Fair Value Measurements | Fair Value Measurements Fair value is a market-based measurement, not an entity-specific measurement and 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. Fair Value Hierarchy —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. Fair value is determined for assets and liabilities, 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 and include situations where there is little, if any, market activity for the asset or liability. Determination of Fair Value —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. 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. See further discussion in Note 16–Fair Value Measurements. |
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 During 2018, the Company has adopted ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities – As required by ASC 815, the Company records all derivatives on the balance sheet at fair value as either assets or liabilities. 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. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the changes in fair value of the derivative contract are recorded in accumulated other comprehensive income (loss), net of taxes, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. 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. See further discussion in Note 13–Derivative Instruments and Hedging Activities. |
Recently Issued Accounting Pronouncements | The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”). Recently Implemented Accounting Standards In February 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. elected to early adopt the ASU and applied the amendments in the period of adoption. As a result, the Company reclassified “stranded” tax effects of the Tax Act from accumulated other comprehensive income (loss) to accumulated deficit See Note 13 – In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities See Note 13 – In May 2017, the FASB issued ASU 2017-09, Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting. 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. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition January 1, 2018, using the modified retrospective transition method. The adoption of ASU 2014-09 and its did not have a material impact on the Company’s existing or new contracts as of January 1, 2018; therefore, no cumulative adjustment to beginning retained earnings was required as a result of adoption. See Note 2 – Summary of Significant Accounting Policies subtopic “ Revenue Recognition ” and Note 4 – Revenues for additional disclosure. Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Codification Improvements to Topic 842, Leases Leases (Topic 842) Targeted Improvements. The Company is finalizing its analysis of the expected impacts that the adoption of ASC 842 will have on its consolidated financial statements. Based on preliminary estimates, the Company expects to record right-of-use assets and corresponding lease liabilities of approximately $130.0 million as of January 1, 2019 based on the present value of future minimum lease payments. The Company is currently analyzing other impacts the adoption of ASC 842 may have, however it does not expect a material impact on its consolidated statements of comprehensive income (loss), consolidated statements of cash flows or debt covenant calculations. For more information regarding the Company’s commitments under long-term operating leases requiring annual minimum lease payments, refer to Note 15 – In July 2018, the FASB issued ASU 2018-09, Codification Improvements, , Compensation - Stock Compensation - Income Taxes, In August 2018, - , Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract - In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). In October 2018, the FASB issued ASU 2018-16 Derivatives and Hedging—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes Derivatives and Hedging |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | Restricted cash is recorded in other current assets in the accompanying consolidated balance sheets. Restricted cash consists primarily of funds received from strategic partners for use in approved marketing and promotional activities. December 31, December 31, 2018 2017 (In thousands) Cash and cash equivalents $ 34,073 $ 33,178 Restricted cash, included in other current assets 934 819 Total cash, cash equivalents and restricted cash $ 35,007 $ 33,997 |
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 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Deferred Revenue Balances | The following table reflects the Company’s deferred revenue balance as of December 31, 2018 and 2017: 2018 2017 (In thousands) Deferred revenue, including long-term portion $ 111,181 $ 90,437 Less: Deferred revenue, long-term portion, included in other liabilities 10,071 10,883 Deferred revenue, short-term portion $ 101,110 $ 79,554 |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) per Share | Earnings (loss) per share is computed as follows: Year Ended December 31, 2018 2017 2016 Net Income Shares Per Share Amount Net Loss Shares Per Share Amount Net Loss Shares Per Share Amount (In thousands, except per share amounts) Basic earnings (loss) per share $ 44,788 86,170 $ 0.52 $ (202,386 ) 85,811 $ (2.36 ) $ (12,531 ) 84,925 $ (0.15 ) Effect of dilutive incentive-based awards 740 — — Diluted earnings (loss) per share $ 44,788 86,910 $ 0.52 $ (202,386 ) 85,811 $ (2.36 ) $ (12,531 ) 84,925 $ (0.15 ) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories as of December 31, 2018 and 2017 consisted of the following: 2018 2017 (In thousands) Merchandise $ 31,232 $ 26,586 Food and beverage 4,365 4,084 Other supplies 217 217 Total inventories $ 35,814 $ 30,887 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 consisted of the following: 2018 2017 (In thousands) Prepaid insurance $ 5,857 $ 6,711 Prepaid marketing and advertising costs 3,821 2,800 Other 9,022 6,799 Total prepaid expenses and other current assets $ 18,700 $ 16,310 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment, Net | The components of property and equipment, net as of December 31, 2018 and 2017, consisted of the following: 2018 2017 (In thousands) Land $ 286,200 $ 286,200 Land improvements 378,261 354,544 Buildings 690,921 670,121 Rides, attractions and equipment 1,476,866 1,433,246 Animals 142,081 142,147 Construction in process 82,709 65,816 Less accumulated depreciation (1,365,006 ) (1,276,833 ) Total property and equipment, net $ 1,692,032 $ 1,675,241 |
Goodwill, Net (Tables)
Goodwill, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for each reporting unit for the years ended December 31, 2018 and 2017 are as follows: SeaWorld Orlando Discovery Cove Total (In thousands) Gross carrying amount at January 1, 2017 $ 269,332 $ 66,278 $ 335,610 Accumulated impairment loss at January 1, 2017 — — — Net carrying amount at January 1, 2017 269,332 66,278 335,610 Goodwill impairment charge (269,332 ) — (269,332 ) Net carrying amount at December 31, 2017 — 66,278 66,278 Changes in goodwill — — — Net carrying amount at December 31, 2018 $ — $ 66,278 $ 66,278 |
Trade Names_Trademarks and Ot_2
Trade Names/Trademarks and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Trade Names/Trademarks, Net | Trade names/trademarks, net, at December 31, 2018, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Trade names/trademarks - indefinite lives $ 157,000 $ — $ 157,000 Trade names/trademarks- finite lives 9.3 years 12,900 11,557 1,343 Total trade names/trademarks, net $ 169,900 $ 11,557 $ 158,343 Trade names/trademarks, net, at December 31, 2017, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Trade names/trademarks - indefinite lives $ 157,000 $ — $ 157,000 Trade names/trademarks- finite lives 9.3 years 12,900 10,098 2,802 Total trade names/trademarks, net $ 169,900 $ 10,098 $ 159,802 |
Other Intangible Assets-Net | Other intangible assets, net, at December 31, 2018, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Favorable lease asset 39 years $ 18,200 $ 4,200 $ 14,000 Reseller agreements 8.1 years 22,300 22,300 — Non-compete agreement 5 years 500 500 — Other intangible assets - indefinite lives 120 — 120 Total other intangible assets, net $ 41,120 $ 27,000 $ 14,120 Other intangible assets, net, at December 31, 2017, consisted of the following: Weighted Average Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value (In thousands) Favorable lease asset 39 years $ 18,200 $ 3,734 $ 14,466 Reseller agreements 8.1 years 22,300 22,032 268 Non-compete agreement 5 years 500 458 42 Other intangible assets - indefinite lives 120 — 120 Total other intangible assets, net $ 41,120 $ 26,224 $ 14,896 |
Schedule of Expected Amortization Expense of Finite-Lived Intangible Assets | Total expected amortization expense of the finite-lived intangible assets for the succeeding five years and thereafter is as follows: Years Ending December 31 (In thousands) 2019 $ 1,849 2020 467 2021 467 2022 467 2023 467 Thereafter 11,626 $ 15,343 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities at December 31, 2018 and 2017, consisted of the following: 2018 2017 (In thousands) Self-insurance reserve $ 6,895 $ 7,084 Accrued interest 490 6,078 Dividends payable 84 470 Accrued property taxes — 1,280 Other 15,597 5,170 Total other accrued liabilities $ 23,066 $ 20,082 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt, Net | Long-term debt, net, as of December 31, 2018 and 2017 consisted of the following: 2018 2017 (In thousands) Term B-5 Loans (effective interest rate of 5.52% and 4.69% at December 31, 2018 and 2017, respectively) $ 1,523,389 $ 990,819 Term B-2 Loans (effective interest rate of 3.94% at December 31, 2017) — 554,227 Revolving credit facility (effective interest rate of 5.17% and 4.24% at December 31, 2018 and 2017, respectively) 30,000 15,000 Total long-term debt 1,553,389 1,560,046 Less discounts (6,564 ) (8,685 ) Less debt issuance costs (6,641 ) (9,045 ) Less current maturities (45,505 ) (38,707 ) Total long-term debt, net $ 1,494,679 $ 1,503,609 |
Summary of Long-Term Debt Repayable | Long-term debt at December 31, 2018, is repayable as follows and does not include the impact of any future voluntary prepayments. The outstanding balance under the New Revolving Credit Facility is included in current maturities of long-term debt in the accompanying consolidated balance sheet as of December 31, 2018, due to the Company’s intent to repay the borrowings within the next twelve months: Years Ending December 31, (In thousands) 2019 $ 45,505 2020 15,505 2021 15,505 2022 15,505 2023 15,505 Thereafter 1,445,864 Total $ 1,553,389 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Value of Company's Derivative Financial Instruments Classification in 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 in the accompanying consolidated balance sheets as of December 31, 2018 and 2017: Asset Derivatives Liability Derivatives As of December 31, 2018 As of December 31, 2017 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments: (In thousands) Interest rate swap agreements Other assets 3,109 Other liabilities 8,455 Total derivatives designated as hedging instruments $ 3,109 $ 8,455 |
Schedule of Pre-tax Effect of Derivative Financial Instruments in Consolidated Statements of Comprehensive Income (Loss) | Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive Income (Loss) The table below presents the pre-tax effect of the Company’s derivative financial instruments in the accompanying consolidated statements of comprehensive income (loss) for the years ended December 31, 2018 and 2017: 2018 2017 (In thousands) Derivatives in Cash Flow Hedging Relationships: Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss) $ 14,262 $ 1,619 (Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense $ (2,697 ) $ 12,733 |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) The following table reflects the changes in accumulated other comprehensive income (loss) for the years ended December 31, 2018 and 2017, net of tax: Accumulated other comprehensive income (loss) (In thousands): Gains (Losses) on Cash Flow Hedges Accumulated other comprehensive loss at December 31, 2016 $ (13,694 ) Other comprehensive income before reclassifications 972 Amounts reclassified from accumulated other comprehensive income (loss) to interest expense 7,646 Unrealized gain on derivatives, net of tax 8,618 Accumulated other comprehensive loss at December 31, 2017 (5,076 ) Effects of adoption of ASU 2018-02 (1,094 ) Other comprehensive income before reclassifications 10,426 Amounts reclassified from accumulated other comprehensive income (loss) to interest expense (1,972 ) Unrealized gain on derivatives, net of tax 8,454 Accumulated other comprehensive income at December 31, 2018 $ 2,284 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for (Benefit from) Income Taxes | For the years ended December 31, 2018, 2017 and 2016, the provision for (benefit from) income taxes is comprised of the following: 2018 2017 2016 Current income tax provision (benefit) (In thousands) Federal $ (99 ) $ (66 ) $ (72 ) State 1,113 1,525 442 Foreign 7 12 23 Total current income tax provision 1,021 1,471 393 Deferred income tax provision (benefit): Federal 13,019 (74,312 ) 5,169 State 3,875 (12,165 ) 3,768 Total deferred income tax provision (benefit) 16,894 (86,477 ) 8,937 Total income tax provision (benefit) $ 17,915 $ (85,006 ) $ 9,330 |
Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities as of December 31, 2018 and 2017 are as follows: 2018 2017 Deferred income tax assets: (In thousands) Acquisition and debt related costs $ 5,814 $ 5,557 Net operating losses 180,658 201,604 Goodwill impairment 53,972 54,207 Self-insurance 6,847 6,992 Deferred revenue 2,718 2,627 Cash flow hedge — 2,282 Restricted stock 4,472 4,097 Tax credits 9,317 7,922 Other 7,779 7,263 Total deferred income tax assets 271,577 292,551 Valuation allowance (2,762 ) (2,762 ) Net deferred tax assets 268,815 289,789 Deferred income tax liabilities: Property and equipment (192,224 ) (201,019 ) Amortization - Goodwill (41,803 ) (37,291 ) Amortization - Other Intangibles (18,144 ) (15,193 ) Cash flow hedge (836 ) — Other (2,992 ) (3,466 ) Total deferred income tax liabilities (255,999 ) (256,969 ) Net deferred income tax assets $ 12,816 $ 32,820 |
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 (benefit) rate for the years ended December 31, 2018, 2017 and 2016, is as follows: 2018 2017 2016 Amount % Amount % Amount % (In thousands) Income tax at federal statutory rates $ 13,167 21.00 % $ (100,587 ) 35.00 % $ (1,120 ) 35.00 % Federal net operating loss adjustment — — — — 422 (13.18 ) State taxes, net of federal benefit 4,640 7.40 (5,800 ) 2.02 1,870 (58.42 ) Nondeductible equity-based compensation 668 1.07 2,901 (1.01 ) 8,806 (275.10 ) Tax credits (1,221 ) (1.95 ) (730 ) 0.25 (1,881 ) 58.75 Goodwill impairment — — 17,584 (6.12 ) — — Remeasurement of deferred income tax liabilities resulting from Tax Cuts and Jobs Act — — (1,808 ) 0.63 — — Nondeductible settlement 840 1.34 — — — — Valuation allowance — — 1,688 (0.59 ) (882 ) 27.55 Other (179 ) (0.29 ) 1,746 (0.60 ) 2,115 (66.07 ) Income tax provision (benefit) $ 17,915 28.57 % $ (85,006 ) 29.58 % $ 9,330 (291.47 ) % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Operating and Capital Leases Requiring Annual Minimum Lease Payments | At December 31, 2018, the Company has commitments under long-term operating and capital leases requiring annual minimum lease payments as follows: Years Ending December 31, (In thousands) 2019 $ 16,809 2020 14,405 2021 13,331 2022 11,624 2023 10,683 Thereafter 268,028 Total $ 334,880 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s estimated fair value measurements and related classifications for assets and liabilities measured on a recurring basis as of December 31, 2018: 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) 2018 Assets: (In thousands) Derivative financial instruments (a) $ — $ 3,109 $ — $ 3,109 Liabilities: Long-term obligations (b) $ — $ 1,553,389 $ — $ 1,553,389 (a) Reflected at fair value in the consolidated balance sheet as other assets of $3.1 million as of December 31, 2018. (b) There were no transfers between Levels 1, 2 or 3 during the year ended December 31, 2017. The Company did not have any assets measured on a recurring basis at fair value at December 31, 2017. The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2017: 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) 2017 Liabilities: (In thousands) Derivative financial instruments (a) $ — $ 8,455 $ — $ 8,455 Long-term obligations (b) $ — $ 1,560,046 $ — $ 1,560,046 (a) Reflected at fair value in the consolidated balance sheet as other liabilities of $8.5 million as of December 31, 2017. (b) Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $38.7 million and long-term debt of $1.504 billion as of December 31, 2017. |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Time-Vesting and Performance Vesting Restricted Share Awards | The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2018 was as follows: Performance-Vesting Restricted Awards Time-Vesting Restricted Awards Bonus Performance Restricted Awards Long-Term Incentive Performance Restricted Awards 2.75x Performance Restricted shares Shares/Units Weighted Average Grant Fair Value per Award Shares/Units Weighted Average Grant Date Fair Value per Award Shares/Units Weighted Average Grant Date Fair Value per Award Shares/Units Weighted Average Grant Date Fair Value per Share Outstanding at December 31, 2017 1,852,512 $ 17.09 805,245 $ 18.09 864,572 $ 18.50 616,793 $ 3.56 Granted 354,410 $ 17.52 732,747 $ 14.97 1,171,733 $ 15.04 — $ — Vested (647,415 ) $ 16.47 (69,221 ) $ 18.07 (9,010 ) $ 18.79 — $ — Forfeited (657,803 ) $ 17.60 (908,061 ) $ 17.44 (871,809 ) $ 17.39 (616,793 ) $ 3.56 Outstanding at December 31, 2018 901,704 $ 17.34 560,710 $ 15.06 1,155,486 $ 15.82 — $ — |
Schedule of Activity Related to Stock Option Awards | The total intrinsic value of stock options exercised during the year ended December 31, 2018 was approximately $1.7 million. The total intrinsic value of stock options exercised during the years ended December 31, 2017 and 2016 was immaterial. The activity related to the Company’s stock option awards during the year ended December 31, 2018 was as follows: Options Weighted Average Exercise Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2017 2,923,448 $ 18.78 Forfeited (429,992 ) $ 18.00 Expired (1,493,902 ) $ 19.46 Exercised (234,977 ) $ 18.23 Outstanding at December 31, 2018 764,577 $ 18.05 6.82 $ 3,087 Exercisable at December 31, 2018 435,825 $ 18.16 6.72 $ 1,711 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Quarterly Cash Dividends to Common Stockholders | During the year ended December 31, 2016, 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 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 (a) During the year ended December 31, 2016, 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 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 |
Parent Company [Member] | |
Schedule of Cash Dividends Paid to the Parent | SEA paid a cash dividend to the Parent during the year ended December 31, 2016 related to dividend declarations as follows: Payment Date Cash Dividends Paid (In Thousands) January 22, 2016 $ 17,808 April 1, 2016 (a) $ 21,269 July 1, 2016 (a) $ 18,176 October 7, 2016 $ 8,647 (a) |
Restructuring Programs and Ot_2
Restructuring Programs and Other Separation Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Restructuring Program Activity | Liabilities related to the 2018, 2017 and 2016 Restructuring Programs as of December 31, 2018 and 2017 are included in accrued salaries, wages and benefits in the accompanying consolidated balance sheets. The 2018, 2017 and 2016 Restructuring Program activity for the years ended December 31, 2018, 2017 and 2016 was as follows: Severance and Other Employment Expenses 2016 Restructuring Program 2017 Restructuring Program 2018 Restructuring Program Total (In thousands) Liability as of December 31, 2016 $ 7,842 $ — $ — $ 7,842 Costs incurred — 5,200 — 5,200 Reduction in estimated expenses (572 ) — — (572 ) Payments made (7,270 ) (3,966 ) — (11,236 ) Liability as of December 31, 2017 $ — $ 1,234 $ — $ 1,234 Costs incurred — — 5,548 5,548 Payments made — (1,234 ) (5,011 ) (6,245 ) Liability as of December 31, 2018 $ — $ — $ 537 $ 537 |
Summary Quarterly Financial D_2
Summary Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Data | Unaudited summary quarterly financial data for the years ended December 31, 2018 and 2017 was as follows: 2018 First Second Third Fourth Quarter (a) Quarter (b) Quarter (c) Quarter (d) (Unaudited, in thousands, except per share amounts) Total revenues $ 217,166 $ 391,921 $ 483,175 $ 280,028 Operating (loss) income $ (66,147 ) $ 55,210 $ 151,730 $ 10,874 Net (loss) income $ (62,844 ) $ 22,697 $ 95,988 $ (11,053 ) (Loss) earnings per share: (Loss) earnings per share, basic $ (0.73 ) $ 0.26 $ 1.11 $ (0.13 ) (Loss) earnings per share, diluted $ (0.73 ) $ 0.26 $ 1.10 $ (0.13 ) 2017 First Second Third Fourth Quarter (e) Quarter (f) Quarter (g) Quarter (Unaudited, in thousands, except per share amounts) Total revenues $ 186,357 $ 373,750 $ 437,712 $ 265,505 Operating (loss) income $ (76,735 ) $ (222,564 ) $ 108,822 $ (10,886 ) Net (loss) income $ (61,129 ) $ (175,850 ) $ 55,034 $ (20,441 ) (Loss) earnings per share: (Loss) earnings per share, basic $ (0.72 ) $ (2.05 ) $ 0.64 $ (0.24 ) (Loss) earnings per share, diluted $ (0.72 ) $ (2.05 ) $ 0.64 $ (0.24 ) (a ) During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. (b ) During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. (c) During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. (d) During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. (e) (f) (g) |
Description of the Business - A
Description of the Business - Additional Information (Detail) | May 08, 2017 | Dec. 31, 2018Business | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 02, 2009Partnership |
Business Description And Basis Of Presentation [Line Items] | |||||
Number of limited partnerships which owned the company | Partnership | 10 | ||||
Number of theme parks owned and operated | Business | 12 | ||||
Geographic Concentration Risk [Member] | Revenues [Member] | Florida [Member] | |||||
Business Description And Basis Of Presentation [Line Items] | |||||
Percentage of revenue | 57.00% | 57.00% | 57.00% | ||
Stock Purchase Agreement [Member] | ZHG Group [Member] | |||||
Business Description And Basis Of Presentation [Line Items] | |||||
Percentage of common stock outstanding by partnership | 21.00% | ||||
Sale of stock percentage closing date | May 8, 2017 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)BusinessSegment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Reclassified from dividends payable to other accrued liabilities | $ 500,000 | ||
Cash and cash equivalents settlement terms | less than four days | ||
Cash and cash equivalents | $ 34,073,000 | 33,178,000 | |
Allowance on installment arrangements of accounts receivable | 14,700,000 | 9,500,000 | |
Reduction to deferred revenue | 14,700,000 | 9,500,000 | |
Interest capitalized | 4,200,000 | 2,700,000 | $ 2,700,000 |
Capitalized Computer Software, Net | 6,100,000 | 9,200,000 | |
Capitalized Computer Software, Accumulated Amortization | 9,900,000 | 16,100,000 | |
Capitalized Computer Software, Amortization | 3,700,000 | 3,500,000 | 3,400,000 |
Self-insurance reserves | 31,200,000 | 30,600,000 | |
Revenue and related expense for bartered ticket transactions | $ 16,600,000 | 20,800,000 | 29,100,000 |
Revenue, practical expedient, initial application and transition, nondisclosure of transaction price allocation to remaining performance obligation | true | ||
Revenue, practical expedient, incremental cost of obtaining contract | true | ||
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] | |||
Other advertising and media costs | $ 127,500,000 | 118,000,000 | $ 124,600,000 |
Accrued Salaries, Wages and Benefits [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Self-insurance reserves | 3,800,000 | 2,600,000 | |
Other Accrued Liabilities [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Self-insurance reserves | $ 6,900,000 | 7,100,000 | |
Computer System Development Costs [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Estimated useful life | 5 years | ||
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 | ||
Amounts Due from Third-Party Credit Card Companies [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Cash and cash equivalents | $ 17,400,000 | $ 16,800,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 34,073 | $ 33,178 | ||
Restricted cash, included in other current assets | $ 934 | $ 819 | ||
Restricted cash, current, asset, statement of financial position [extensible list] | us-gaap:OtherAssetsCurrent | us-gaap:OtherAssetsCurrent | ||
Total cash, cash equivalents and restricted cash | $ 35,007 | $ 33,997 | $ 69,378 | $ 19,623 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Land Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Land Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Buildings [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Buildings [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Rides, Attractions and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Rides, Attractions and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 20 years |
Animals [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 1 year |
Animals [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 50 years |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | |
ASU 2018-02 [Member] | Gains (Losses) on Cash Flow Hedges [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, reclassification from accumulated other comprehensive income to accumulated deficit | $ 1.1 | |||
ASU 2016-18 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Increased (decreased) in net cash used in investing activities | $ 0.4 | $ (0.2) | ||
ASU 2016-02 [Member] | Subsequent Event [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Lease right-of-use assets | $ 130 | |||
Lease liabilities | $ 130 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [3] | Mar. 31, 2018 | [4] | Dec. 31, 2017 | Sep. 30, 2017 | [5] | Jun. 30, 2017 | [6] | Mar. 31, 2017 | [7] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Cumulative adjustment to beginning retained earnings | $ 0 | ||||||||||||||||||
Long term deferred revenue | $ 10,071,000 | $ 10,883,000 | $ 10,071,000 | $ 10,883,000 | |||||||||||||||
Deferred revenue short term portion revenue recognized | 79,600,000 | ||||||||||||||||||
Revenue | 280,028,000 | [1] | $ 483,175,000 | $ 391,921,000 | $ 217,166,000 | 265,505,000 | $ 437,712,000 | $ 373,750,000 | $ 186,357,000 | 1,372,290,000 | 1,263,324,000 | $ 1,344,292,000 | |||||||
Middle East Project [Member] | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Long term deferred revenue | 10,000,000 | 10,000,000 | |||||||||||||||||
Deferred costs incurred under Middle East Project | $ 3,800,000 | $ 3,100,000 | $ 3,800,000 | $ 3,100,000 | |||||||||||||||
ZHG Stock Purchase Agreement [Member] | |||||||||||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||||||||||
Type of Revenue [Extensible List] | seas:FoodMerchandiseAndOtherRevenueMember | seas:FoodMerchandiseAndOtherRevenueMember | |||||||||||||||||
Revenue | $ 5,100,000 | $ 3,900,000 | |||||||||||||||||
[1] | During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | ||||||||||||||||||
[2] | During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | ||||||||||||||||||
[3] | During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | ||||||||||||||||||
[4] | During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. | ||||||||||||||||||
[5] | During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. | ||||||||||||||||||
[6] | During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details. | ||||||||||||||||||
[7] | During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details. |
Revenues - Deferred Revenue Bal
Revenues - Deferred Revenue Balances (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Revenue Disclosure [Abstract] | ||
Deferred revenue, including long-term portion | $ 111,181 | $ 90,437 |
Less: Deferred revenue, long-term portion, included in other liabilities | 10,071 | 10,883 |
Deferred revenue, short-term portion | $ 101,110 | $ 79,554 |
Earnings (Loss) per Share - Sch
Earnings (Loss) per Share - Schedule of Earnings (Loss) per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2018 | [1] | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [3] | Mar. 31, 2018 | [4] | Dec. 31, 2017 | Sep. 30, 2017 | [5] | Jun. 30, 2017 | [6] | Mar. 31, 2017 | [7] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | ||||||||||||||||||
Basic earnings (loss) per share, Net Income (Loss) | $ 44,788 | $ (202,386) | $ (12,531) | |||||||||||||||
Diluted earnings (loss) per share, Net Income (Loss) | $ 44,788 | $ (202,386) | $ (12,531) | |||||||||||||||
Basic earnings (loss) per share, Shares | 86,170 | 85,811 | 84,925 | |||||||||||||||
Effect of dilutive incentive-based awards, Shares | 740 | |||||||||||||||||
Diluted earnings (loss) per share, Shares | 86,910 | 85,811 | 84,925 | |||||||||||||||
Basic earnings (loss) per share, Per Share Amount | $ (0.13) | $ 1.11 | $ 0.26 | $ (0.73) | $ (0.24) | $ 0.64 | $ (2.05) | $ (0.72) | $ 0.52 | $ (2.36) | $ (0.15) | |||||||
Diluted earnings (loss) per share, Per Share Amount | $ (0.13) | $ 1.10 | $ 0.26 | $ (0.73) | $ (0.24) | $ 0.64 | $ (2.05) | $ (0.72) | $ 0.52 | $ (2.36) | $ (0.15) | |||||||
[1] | During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[2] | During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[3] | During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[4] | During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. | |||||||||||||||||
[5] | During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. | |||||||||||||||||
[6] | During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details. | |||||||||||||||||
[7] | During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details. |
Earnings (Loss) per Share - Add
Earnings (Loss) per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Line Items] | |||
Anti-dilutive or potentially dilutive shares excluded from the computation of diluted earnings (loss) per share | 1,299,000 | 5,090,000 | 4,807,000 |
Shares included in calculation of diluted earnings (loss) per share | 740,000 | ||
Performance-vesting Restricted Share [Member] | |||
Earnings Per Share [Line Items] | |||
Shares included in calculation of diluted earnings (loss) per share | 364,000 | 78,000 | 13,000 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Merchandise | $ 31,232 | $ 26,586 |
Food and beverage | 4,365 | 4,084 |
Other supplies | 217 | 217 |
Total inventories | $ 35,814 | $ 30,887 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 5,857 | $ 6,711 |
Prepaid marketing and advertising costs | 3,821 | 2,800 |
Other | 9,022 | 6,799 |
Total prepaid expenses and other current assets | $ 18,700 | $ 16,310 |
Property and Equipment, Net - C
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 3,057,038 | $ 2,952,074 |
Less accumulated depreciation | (1,365,006) | (1,276,833) |
Property and equipment, net | 1,692,032 | 1,675,241 |
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 | 378,261 | 354,544 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 690,921 | 670,121 |
Rides, Attractions and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,476,866 | 1,433,246 |
Animals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 142,081 | 142,147 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 82,709 | $ 65,816 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 155 | $ 155.2 | $ 191.5 |
Accelerated depreciation related to the disposal of the lifting floors | 33.7 | ||
Operating Expense [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Fixed Asset Disposals | $ 10.9 | ||
Impairment loss of long-lived assets | $ 7.8 | ||
Project asset write-offs | $ 6.4 |
Goodwill, Net - Additional Info
Goodwill, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill impairment charge | $ 269,332 | |
SeaWorld Orlando Reporting Unit [Member] | ||
Goodwill [Line Items] | ||
Goodwill impairment charge | $ 269,300 | $ 269,332 |
Goodwill, Net - Schedule of Cha
Goodwill, Net - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||||
Gross carrying amount at January 1, 2017 | $ 335,610 | |||
Net carrying amount, Goodwill beginning balance | $ 66,278 | $ 335,610 | ||
Goodwill impairment charge | (269,332) | |||
Changes in goodwill | 0 | |||
Net carrying amount, Goodwill ending balance | 66,278 | 66,278 | ||
SeaWorld Orlando [Member] | ||||
Goodwill [Line Items] | ||||
Gross carrying amount at January 1, 2017 | 269,332 | |||
Net carrying amount, Goodwill beginning balance | 0 | 269,332 | ||
Goodwill impairment charge | $ (269,300) | (269,332) | ||
Changes in goodwill | 0 | |||
Net carrying amount, Goodwill ending balance | 0 | 0 | ||
Discovery Cove [Member] | ||||
Goodwill [Line Items] | ||||
Gross carrying amount at January 1, 2017 | $ 66,278 | |||
Net carrying amount, Goodwill beginning balance | 66,278 | 66,278 | ||
Changes in goodwill | 0 | |||
Net carrying amount, Goodwill ending balance | $ 66,278 | $ 66,278 |
Trade Names_Trademarks and Ot_3
Trade Names/Trademarks and Other Intangible Assets, Net - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Amortization expense | $ 2,200 | $ 4,600 | $ 4,800 | |
Weighted Average Amortization Period, finite lives | 18 years 9 months 18 days | |||
Trade Names/Trademarks Related to SeaWorld Brand [Member] | ||||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Other indefinite lived assets | $ 93,000 | |||
Trade Names/Trademarks [Member] | ||||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||||
Other indefinite lived assets | $ 157,000,000 | 157,000,000 | ||
Other indefinite lived assets impairment | $ 0 | $ 0 | $ 0 | |
Weighted Average Amortization Period, finite lives | 9 years 3 months 18 days | 9 years 3 months 18 days |
Trade Names_Trademarks and Ot_4
Trade Names/Trademarks and Other Intangible Assets, Net - Trade Names/Trademarks, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Net Carrying Value, finite lives | $ 15,343 | |
Weighted Average Amortization Period, finite 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, finite lives | 12,900 | 12,900 |
Accumulated Amortization, finite lives | 11,557 | 10,098 |
Net Carrying Value, finite lives | 1,343 | 2,802 |
Gross Carrying Amount, total | 169,900 | 169,900 |
Accumulated Amortization, total | 11,557 | 10,098 |
Net Carrying Value, total | $ 158,343 | $ 159,802 |
Weighted Average Amortization Period, finite lives | 9 years 3 months 18 days | 9 years 3 months 18 days |
Trade Names_Trademarks and Ot_5
Trade Names/Trademarks and Other Intangible Assets, Net - Other Intangible Assets-Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Weighted Average Amortization Period, finite lives | 18 years 9 months 18 days | |
Other Intangible Assets [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Gross Carrying Amount, total | $ 41,120 | $ 41,120 |
Accumulated Amortization, finite lives | 27,000 | 26,224 |
Net Carrying Value, total | 14,120 | 14,896 |
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, finite lives | 39 years | 39 years |
Gross Carrying Amount, total | $ 18,200 | $ 18,200 |
Accumulated Amortization, finite lives | 4,200 | 3,734 |
Net Carrying Value, total | $ 14,000 | $ 14,466 |
Other Intangible Assets [Member] | Reseller Agreements [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Weighted Average Amortization Period, finite lives | 8 years 1 month 6 days | 8 years 1 month 6 days |
Gross Carrying Amount, total | $ 22,300 | $ 22,300 |
Accumulated Amortization, finite lives | $ 22,300 | 22,032 |
Net Carrying Value, total | $ 268 | |
Other Intangible Assets [Member] | Non-Compete Agreement [Member] | ||
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Weighted Average Amortization Period, finite lives | 5 years | 5 years |
Gross Carrying Amount, total | $ 500 | $ 500 |
Accumulated Amortization, finite lives | $ 500 | 458 |
Net Carrying Value, total | $ 42 |
Trade Names_Trademarks and Ot_6
Trade Names/Trademarks and Other Intangible Assets, Net - Schedule of Expected Amortization Expense of Finite-Lived Intangible Assets (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,019 | $ 1,849 |
2,020 | 467 |
2,021 | 467 |
2,022 | 467 |
2,023 | 467 |
Thereafter | 11,626 |
Net Carrying Value, finite lives | $ 15,343 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Self-insurance reserve | $ 6,895 | $ 7,084 |
Accrued interest | 490 | 6,078 |
Dividends payable | 84 | 470 |
Accrued property taxes | 1,280 | |
Other | 15,597 | 5,170 |
Total other accrued liabilities | $ 23,066 | $ 20,082 |
Other Accrued Liabilities - Add
Other Accrued Liabilities - Additional Information (Detail) - USD ($) $ in Millions | Jan. 05, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
EZPay Plan Class Action Lawsuit [Member] | |||
Other Accrued Liabilitiies [Line Items] | |||
Settlement of litigation accrued | $ 11.5 | $ 3.4 | |
Term B-2 Loans [Member] | |||
Other Accrued Liabilitiies [Line Items] | |||
Cash paid for interest | $ 5.1 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,553,389 | $ 1,560,046 |
Less discounts | (6,564) | (8,685) |
Less debt issuance costs | (6,641) | (9,045) |
Less current maturities | (45,505) | (38,707) |
Total long-term debt, net | 1,494,679 | 1,503,609 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 30,000 | 15,000 |
Term B-5 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,523,389 | 990,819 |
Term B-2 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 554,227 |
Long-Term Debt - Summary of L_2
Long-Term Debt - Summary of Long-Term Debt, Net (Parenthetical) (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate effective percentage | 5.17% | 4.24% |
Term B-5 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate effective percentage | 5.52% | 4.69% |
Term B-2 Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate effective percentage | 3.94% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Oct. 31, 2018USD ($) | Jan. 05, 2018USD ($) | Jan. 03, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)Swap | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Swap | Feb. 28, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 1,553,389,000 | $ 1,560,046,000 | |||||||
Outstanding letters of credit | $ 21,300,000 | ||||||||
Interest Rate Swaps [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of interest rate swaps held | Swap | 5 | ||||||||
Notional amount of interest rate swap | $ 1,000,000,000 | ||||||||
Maturity of interest rate swap | May 14, 2020 | ||||||||
Weighted average fixed interest rate | 2.45% | ||||||||
Variable rate of interest | 0.75% | ||||||||
Variable rate of interest, description | variable rate of interest based upon the greater of 0.75% or the BBA LIBOR | ||||||||
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] | |||||||||
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 derivatives held with combined notional amount | Swap | 3 | ||||||||
Interest Rate Swaps [Member] | Fourth Traditional Swap [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Notional amount of interest rate swap | $ 250,000,000 | ||||||||
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 | ||||||||
Fixed interest rate | 0.901% | ||||||||
Maximum [Member] | Interest Rate Swaps [Member] | Combined Interest Rate Cash Flow Hedges On Three Swaps [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average fixed interest rate | 1.051% | ||||||||
Minimum [Member] | Interest Rate Swaps [Member] | Combined Interest Rate Cash Flow Hedges On Three Swaps [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average fixed interest rate | 1.049% | ||||||||
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% | ||||||||
Mandatory prepayments | $ 6,300,000 | ||||||||
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. | ||||||||
Percentage of capital stock | 65.00% | ||||||||
Cash paid for interest | $ 12,900,000 | $ 82,500,000 | 80,600,000 | $ 46,900,000 | |||||
Terminated Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior secured revolving | 210,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior secured revolving | 210,000,000 | ||||||||
Long-term debt | $ 30,000,000 | $ 15,000,000 | |||||||
Long-term debt, maturity date | Oct. 31, 2023 | ||||||||
Debt instrument, maturity date description | The New Revolving Credit Facility will mature on October 31, 2023. | ||||||||
Permitted increased commitments under the New Revolving Credit Facility in aggregate principal amount | $ 350,000,000 | ||||||||
Interest rate, description | Borrowings of the New Revolving Credit Facility under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1⁄2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate”, in each case, plus an applicable margin equal to 1.75%; or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the New Revolving Credit Facility be less than 0.0% per annum) plus an applicable margin equal to 2.75%. | ||||||||
Debt instrument interest rate effective percentage | 5.17% | 4.24% | |||||||
Basis point step-down in applicable margin, description | The applicable margin for borrowings under the New Revolving Credit Facility are 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, 2018. | ||||||||
Basis point step down on applicable margin upon achievement of certain leverage ratio | 0.25% | ||||||||
Commitment fees on unused portion of facility | 0.50% | ||||||||
Amount available for borrowing | $ 158,700,000 | ||||||||
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin for Term Loans | 0.50% | ||||||||
Revolving Credit Facility [Member] | Prime Rate [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] | Minimum [Member] | LIBOR Rate Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate effective percentage | 0.00% | ||||||||
Revolving Credit Facility [Member] | Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Additional borrowings under revolving credit facility | $ 45,000,000 | ||||||||
Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior secured revolving | $ 210,000,000 | ||||||||
Restrictive Covenants [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Restrictive covenants, restricted payments available | $ 180,000,000 | ||||||||
Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
First lien secured net leverage ratio | 625.00% | ||||||||
Restrictive covenants, description | The New Revolving Credit Facility requires that the Company comply with a springing maximum first lien secured leverage ratio of 6.25x to be tested as of the last day of any fiscal quarter, solely to the extent that on such date the aggregate amount of funded loans and letters of credit (excluding undrawn letters of credit in an amount not to exceed $30.0 million and cash collateralized letters of credit) under the New Revolving Credit Facility exceeds an amount equal to 35% of the then outstanding commitments under the New Revolving Credit Facility. | The Senior Secured Credit Facilities permit restricted payments in an aggregate amount per annum equal to the sum of (A) $25.0 million plus (B) an amount, if any, equal to (1) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment, is no greater than 3.50 to 1.00, an unlimited amount, (2) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 4.00 to 1.00 and greater than 3.50 to 1.00, the greater of (a) $95.0 million and (b) 7.50% of Market Capitalization (as defined in the Senior Secured Credit Facilities), (3) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 4.50 to 1.00 and greater than 4.00 to 1.00, $95.0 million and (4) if the total leverage ratio on a pro forma basis after giving effect to the payment of any such restricted payment is no greater than 5.00 to 1.00 and greater than 4.50 to 1.00, $65.0 million. | |||||||
Percentage of Market Capitalization on restricted payment | 7.50% | ||||||||
First lien secured net leverage ratio | 350.00% | ||||||||
Total leverage ratio, as calculated | 358.00% | ||||||||
Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 25.00% | ||||||||
Excludable letters of credit under maximum required first lien secured leverage ratio | $ 30,000,000 | ||||||||
Restricted payment on Senior Secured Credit Facilities, base payment | $ 25,000,000 | ||||||||
Restricted payment on Senior Secured Credit Facilities, first payment | 95,000,000 | ||||||||
Restricted payment on Senior Secured Credit Facilities, second payment | 95,000,000 | ||||||||
Restricted payment on Senior Secured Credit Facilities, third payment | $ 65,000,000 | ||||||||
Total leverage ratio, one | 400.00% | ||||||||
Total leverage ratio, two | 450.00% | ||||||||
Total leverage ratio, three | 500.00% | ||||||||
Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage of annual excess cash flow used to prepay outstanding loan | 0.00% | ||||||||
Minimum percentage of funded loan and letters of credit for covenant to apply | 35.00% | ||||||||
Total leverage ratio, one | 350.00% | ||||||||
Total leverage ratio, two | 400.00% | ||||||||
Total leverage ratio, three | 450.00% | ||||||||
Term B-5 Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, balance | $ 543,900,000 | 998,300,000 | |||||||
Discount initially recorded | $ 700,000 | $ 5,000,000 | |||||||
Write-off of discounts and debt issuance costs | 8,200,000 | 8,000,000 | |||||||
Long-term debt | $ 1,523,389,000 | $ 990,819,000 | |||||||
Long-term debt, maturity date | Mar. 31, 2024 | ||||||||
Percent of original principal amount on effective date used to calculate aggregate annual amounts which will amortize in equal quarterly installments | 1.015% | ||||||||
Interest rate, description | Borrowings of the Term B-5 Loans under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate” (provided that in no event shall such base rate with respect to the Term B-5 Loans be less than 1.75% per annum), in each case, plus an applicable margin of 2.00% or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the Term B-5 Loans be less than 0.75% per annum) plus an applicable margin of 3.00%. | ||||||||
Debt instrument interest rate effective percentage | 5.52% | 4.69% | |||||||
Term B-5 Loans [Member] | Federal Funds Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin for Term Loans | 0.50% | ||||||||
Term B-5 Loans [Member] | Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin for Term Loans | 2.00% | ||||||||
Term B-5 Loans [Member] | LIBOR Rate Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Applicable margin for Term Loans | 3.00% | ||||||||
Term B-5 Loans [Member] | Minimum [Member] | Prime Rate [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate effective percentage | 1.75% | ||||||||
Term B-5 Loans [Member] | Minimum [Member] | LIBOR Rate Loan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate effective percentage | 0.75% | ||||||||
Term B-5 Loans [Member] | Senior Secured Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, balance | 543,900,000 | ||||||||
Term B-3 Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of outstanding principal | 244,700,000 | ||||||||
Term B-3 Loans [Member] | Senior Secured Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Mandatory prepayments | $ 0 | 0 | |||||||
Term B-2 Loans [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of outstanding principal | 753,600,000 | ||||||||
Long-term debt | $ 554,227,000 | ||||||||
Debt instrument interest rate effective percentage | 3.94% | ||||||||
Cash paid for interest | $ 5,100,000 | ||||||||
Term B-2 Loans [Member] | Senior Secured Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayment of outstanding principal | $ 543,900,000 | ||||||||
Remainder of mandatory prepayment applied | $ 2,800,000 | $ 0 | $ 0 | ||||||
Term B-2 and Term B-3 Loans [Member] | Senior Secured Credit Facilities [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Mandatory prepayments | $ 3,500,000 |
Long-Term Debt - Summary of L_3
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities Of Long Term Debt [Abstract] | ||
2,019 | $ 45,505 | |
2,020 | 15,505 | |
2,021 | 15,505 | |
2,022 | 15,505 | |
2,023 | 15,505 | |
Thereafter | 1,445,864 | |
Long-term debt | $ 1,553,389 | $ 1,560,046 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2018USD ($)Swap | Dec. 31, 2017USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassified as a reduction to interest expense, expected during the next 12 months | $ 2,500,000 | |
Unrealized gain or loss on derivatives, tax (expense) benefit | $ 3,100,000 | $ 5,700,000 |
Interest Rate Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest rate swaps held | Swap | 5 | |
Notional amount of interest rate swap | $ 1,000,000,000 | |
Not Designated as Hedge Accounting Relationships [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivatives outstanding | $ 0 | $ 0 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Fair Value of Company's Derivative Financial Instruments Classification in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives Fair Value | $ 3,109 | |
Liability Derivatives Fair Value | $ 8,455 | |
Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives Fair Value | 3,100 | |
Liability Derivatives Fair Value | 8,500 | |
Interest Rate Swaps [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives Fair Value | $ 3,109 | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Liability Derivatives Fair Value | $ 8,455 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments in Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives in Cash Flow Hedging Relationships: | ||
Gain related to effective portion of derivatives recognized in accumulated other comprehensive income (loss) | $ 14,262 | $ 1,619 |
(Loss) gain related to effective portion of derivatives reclassified from accumulated other comprehensive income (loss) to interest expense | $ (2,697) | $ 12,733 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Schedule of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated other comprehensive income (loss): | ||
Beginning Balance | $ 287,466 | $ 461,215 |
Ending Balance | 265,194 | 287,466 |
Accumulated Other Comprehensive (Loss) Income [Member] | ||
Accumulated other comprehensive income (loss): | ||
Beginning Balance | (5,076) | (13,694) |
Impact of adoption of ASU 2018-02 | (1,094) | |
Ending Balance | 2,284 | (5,076) |
Gains (Losses) on Cash Flow Hedges [Member] | ||
Accumulated other comprehensive income (loss): | ||
Impact of adoption of ASU 2018-02 | (1,094) | |
Other comprehensive income (loss) before reclassifications | 10,426 | 972 |
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense | (1,972) | 7,646 |
Unrealized gain on derivatives, net of tax | $ 8,454 | $ 8,618 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for (Benefit from) Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current income tax provision (benefit) | |||
Federal | $ (99) | $ (66) | $ (72) |
State | 1,113 | 1,525 | 442 |
Foreign | 7 | 12 | 23 |
Total current income tax provision | 1,021 | 1,471 | 393 |
Deferred income tax provision (benefit): | |||
Federal | 13,019 | (74,312) | 5,169 |
State | 3,875 | (12,165) | 3,768 |
Total deferred income tax provision (benefit) | 16,894 | (86,477) | 8,937 |
Total income tax provision (benefit) | $ 17,915 | $ (85,006) | $ 9,330 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | |||
Cash paid for income taxes | $ 800,000 | $ 500,000 | $ 800,000 |
Deferred tax assets, valuation allowance | $ 2,762,000 | $ 2,762,000 | |
Income tax rate at federal statutory rates | 21.00% | 35.00% | 35.00% |
Charitable Contribution Carryforwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, valuation allowance | $ 400,000 | ||
Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Year federal net operating loss carryforwards begin to expire | 2,029 | ||
Ownership shift as defined by IRC Section 382 | 50.00% | ||
Federal Tax Credit Carry Forwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | $ 615,300,000 | ||
State Tax Credit Carry Forwards [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 990,500,000 | ||
Deferred tax assets, valuation allowance | $ 2,800 | $ 2,800 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax assets: | ||
Acquisition and debt related costs | $ 5,814 | $ 5,557 |
Net operating losses | 180,658 | 201,604 |
Goodwill impairment | 53,972 | 54,207 |
Self-insurance | 6,847 | 6,992 |
Deferred revenue | 2,718 | 2,627 |
Cash flow hedge | 2,282 | |
Restricted stock | 4,472 | 4,097 |
Tax credits | 9,317 | 7,922 |
Other | 7,779 | 7,263 |
Total deferred income tax assets | 271,577 | 292,551 |
Valuation allowance | (2,762) | (2,762) |
Net deferred tax assets | 268,815 | 289,789 |
Deferred income tax liabilities: | ||
Property and equipment | (192,224) | (201,019) |
Amortization - Goodwill | (41,803) | (37,291) |
Amortization - Other Intangibles | (18,144) | (15,193) |
Cash flow hedge | (836) | |
Other | (2,992) | (3,466) |
Total deferred income tax liabilities | (255,999) | (256,969) |
Net deferred income tax assets | $ 12,816 | $ 32,820 |
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Income tax at federal statutory rates | 21.00% | 35.00% | 35.00% |
Federal net operating loss adjustment | (13.18%) | ||
State taxes, net of federal benefit | 7.40% | 2.02% | (58.42%) |
Nondeductible equity-based compensation | 1.07% | (1.01%) | (275.10%) |
Tax credits | (1.95%) | 0.25% | 58.75% |
Goodwill impairment | (6.12%) | ||
Remeasurement of deferred income tax liabilities resulting from Tax Cuts and Jobs Act | 0.63% | ||
Nondeductible settlement | 1.34% | ||
Valuation allowance | (0.59%) | 27.55% | |
Other | (0.29%) | (0.60%) | (66.07%) |
Income tax provision (benefit) rate | 28.57% | 29.58% | (291.47%) |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax at federal statutory rates | $ 13,167 | $ (100,587) | $ (1,120) |
Federal net operating loss adjustment | (422) | ||
State taxes, net of federal benefit | 4,640 | (5,800) | 1,870 |
Nondeductible equity-based compensation | 668 | 2,901 | 8,806 |
Tax credits | (1,221) | (730) | (1,881) |
Goodwill impairment | 17,584 | ||
Remeasurement of deferred income tax liabilities resulting from Tax Cuts and Jobs Act | (1,808) | ||
Nondeductible settlement | 840 | ||
Valuation allowance | 1,688 | (882) | |
Other | (179) | 1,746 | 2,115 |
Total income tax provision (benefit) | $ 17,915 | $ (85,006) | $ 9,330 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Operating and Capital Leases Requiring Annual Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 16,809 |
2,020 | 14,405 |
2,021 | 13,331 |
2,022 | 11,624 |
2,023 | 10,683 |
Thereafter | 268,028 |
Total | $ 334,880 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jan. 02, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2018 |
Commitments And Contingencies [Line Items] | ||||||
Rental expense | $ 21,200,000 | $ 20,500,000 | $ 20,900,000 | |||
Lease term | 50 years | |||||
Lease expiration date | Jul. 1, 2048 | |||||
Minimum annual rent payment | $ 10,400,000 | |||||
Additional capital payments | $ 207,000,000 | |||||
License agreement term, description | The License Agreement has an initial term through December 31, 2031, with an automatic additional 15 year extension plus a five year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. | |||||
Payment of civil penalty | $ 4,000,000 | |||||
San Diego Hotel Project [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Loss on termination of agreement | $ 2,800,000 | |||||
EZPay Plan Class Action Lawsuit [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Estimated liability for legal settlement | $ 11,500,000 | |||||
Settlement of litigation accrued | 11,500,000 | $ 3,400,000 | ||||
Maximum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Estimated combined remaining obligations for commitments | 79,000,000 | |||||
Minimum [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
Amount in controversy, not recorded | $ 5,000,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Transfers between Levels | $ 0 | $ 0 |
Assets measured at fair value | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Derivative financial instruments | $ 3,109 | |
Liabilities: | ||
Derivative financial instruments | $ 8,455 | |
Fair Value, Measurements, Recurring | ||
Assets: | ||
Derivative financial instruments | 3,109 | |
Liabilities: | ||
Long-term obligations | 1,553,389 | 1,560,046 |
Derivative financial instruments | 8,455 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Derivative financial instruments | 3,109 | |
Liabilities: | ||
Long-term obligations | $ 1,553,389 | 1,560,046 |
Derivative financial instruments | $ 8,455 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives Fair Value | $ 3,109 | |
Current maturities of long-term debt | 45,505 | $ 38,707 |
Total long-term debt, net | 1,494,679 | 1,503,609 |
Liability Derivatives Fair Value | 8,455 | |
Other Liabilities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivatives Fair Value | $ 3,100 | |
Liability Derivatives Fair Value | $ 8,500 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
ZHG Stock Purchase Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Receivable from related party | $ 1.5 | ||
Reimbursement for cost and expenses incurred by company relating to sale | $ 4 | ||
ZHG Stock Purchase Agreement [Member] | Food, Merchandise and Other [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue recognized | $ 5.1 | $ 3.9 | |
Hill Path Capital LP (“Hill Path”) [Member] | |||
Related Party Transaction [Line Items] | |||
Reimbursement for fees and expenses incurred in connection with the agreement | $ 0.5 | ||
Related party transaction, Agreement entered date | Nov. 5, 2017 | ||
Agreement effective period, description | 12 months following the date on which there is no director serving on the Board who is designated by Hill Path. |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan name | 401(k) | ||
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, Sponsor Location [Extensible List] | country:US | ||
Defined Contribution Plan, Tax Status [Extensible List] | us-gaap:QualifiedPlanMember | ||
Selling, General and Administrative Expenses and Operating Expenses [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined contribution plan, employer- matching contributions | $ 7.6 | $ 7.9 | $ 8.5 |
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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Equity-based compensation expense | $ 22,152 | $ 23,203 | $ 37,515 | ||
Recognized equity-based compensation expense | $ 8,400 | 5,500 | |||
Unrecognized equity compensation cost | $ 18,200 | ||||
Unrecognized equity compensation cost, weighted-average period | 1 year 8 months 12 days | ||||
Total fair value of shares vested during the period | $ 12,100 | 13,800 | 32,200 | ||
Total intrinsic value of stock options exercised | $ 1,700 | ||||
Accumulated dividends paid related to performance shares which vested during the period | 1,270 | 3,400 | |||
Omnibus Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for future issuance, gross | 15,000,000 | ||||
Shares available for future issuance | 9,770,000 | ||||
2018 Bonus Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of bonus payable in cash | 50.00% | ||||
2018 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% | ||||
2018 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% | ||||
2.75x Performance Restricted Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Recognized equity-based compensation expense | 8,400 | ||||
Accumulated dividends paid related to performance shares which vested during the period | 1,300 | ||||
2.75x Performance Restricted Shares [Member] | Upon Closing of Sale [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of restricted shares to vest | 60.00% | ||||
2.75x Performance Restricted Shares [Member] | Upon Closing of Sale [Member] | Modification of Vesting Conditions [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Recognized equity-based compensation expense | $ 8,400 | ||||
2.25x Performance Restricted Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Recognized equity-based compensation expense | 27,500 | ||||
Accumulated dividends paid related to performance shares which vested during the period | $ 3,400 | ||||
Time Vesting and Performance Vesting Restricted Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average grant date fair value | $ 15.40 | $ 17.71 | $ 17.20 | ||
Bonus Performance Restricted Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares vested | 69,000 | ||||
Bonus Performance Restricted Units [Member] | 2018 Bonus Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage of bonus payable by units | 50.00% | ||||
Below Threshold Performance Bonus Restricted Units [Member] | 2018 Bonus Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage, per year | 0.00% | ||||
At or Above Maximum Performance Bonus Restricted Units [Member] | 2018 Bonus Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage, per year | 150.00% | ||||
Long-Term Incentive Time Restricted Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Vesting percentage | 33.00% | ||||
Long-Term Incentive Performance Restricted Units [Member] | 2018 Long-Term Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Performance period | 3 years | ||||
Description of additional incentive for early achievement of adjusted EBITDA target | If the Company’s Fiscal 2020 target was achieved in 2018, 30% of target Long-Term Incentive Performance Restricted Units would have been earned and delivered in 2019; if the Company’s Fiscal 2020 target is achieved in 2019, 20% of target Long-Term Incentive Performance Restricted Units will be earned and delivered in 2020, in each case subject to the overall maximum award of 200% of target. | ||||
Long-Term Incentive Time Restricted Shares [Member] | Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 5 years | ||||
Long-Term Incentive Time Restricted Shares [Member] | Third Anniversary [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Vesting percentage | 100.00% | ||||
Long-Term Incentive Time Restricted Shares [Member] | Third Anniversary [Member] | Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage | 33.00% | ||||
Long-Term Incentive Time Restricted Shares [Member] | Fourth Anniversary [Member] | Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage | 33.00% | ||||
Long-Term Incentive Time Restricted Shares [Member] | Fifth Anniversary [Member] | Executives [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting percentage | 33.00% | ||||
Other Long-Term Incentive Time Restricted Shares [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting description | Other Long-Term Incentive Time Restricted Shares vest ratably over four years or three years from the date of grant, subject to continued employment through the applicable vesting date. Equity compensation expense is recognized using the straight line method over the respective vesting period. | ||||
Long-Term Incentive Performance Restricted Shares [Member] | 2017 Long-Term Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Performance period | 3 years | ||||
Granted Shares/Units | 210,000 | ||||
Long-Term Incentive Performance Restricted Shares [Member] | 2016 Long-Term Incentive Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Performance period | 3 years | ||||
Granted Shares/Units | 100,500 | ||||
Long-Term Incentive Performance Restricted Shares [Member] | 2016 Long-Term Incentive Plan [Member] | Maximum [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Outstanding shares | 99,200 | ||||
Performance-vesting Restricted Awards [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Equity-based compensation expense | $ 10,300 | ||||
Unrecognized equity compensation cost | $ 8,600 | ||||
Long-Term Incentive Options [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Vesting percentage | 25.00% | ||||
Long-Term Incentive Options, expiration period | 10 years | ||||
Deferred Stock Units [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Granted Shares/Units | 46,000 | ||||
Number of common stock shares to be received for each deferred stock unit | 1 | ||||
Period of time after director has left the board to receive shares | 1 year |
Equity-Based Compensation - Sch
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Time-Vesting Restricted Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares/Units, Outstanding, Beginning Balance | shares | 1,852,512 |
Shares/Units, Granted | shares | 354,410 |
Shares/Units, Vested | shares | (647,415) |
Shares/Units, Forfeited | shares | (657,803) |
Shares/Units, Outstanding, Ending Balance | shares | 901,704 |
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares | $ 17.09 |
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares | 17.52 |
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares | 16.47 |
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares | 17.60 |
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares | $ 17.34 |
Bonus Performance Restricted Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares/Units, Outstanding, Beginning Balance | shares | 805,245 |
Shares/Units, Granted | shares | 732,747 |
Shares/Units, Vested | shares | (69,221) |
Shares/Units, Forfeited | shares | (908,061) |
Shares/Units, Outstanding, Ending Balance | shares | 560,710 |
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares | $ 18.09 |
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares | 14.97 |
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares | 18.07 |
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares | 17.44 |
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares | $ 15.06 |
Long-Term Incentive Performance Restricted Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares/Units, Outstanding, Beginning Balance | shares | 864,572 |
Shares/Units, Granted | shares | 1,171,733 |
Shares/Units, Vested | shares | (9,010) |
Shares/Units, Forfeited | shares | (871,809) |
Shares/Units, Outstanding, Ending Balance | shares | 1,155,486 |
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares | $ 18.50 |
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares | 15.04 |
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares | 18.79 |
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares | 17.39 |
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares | $ 15.82 |
2.75x Performance Restricted Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares/Units, Outstanding, Beginning Balance | shares | 616,793 |
Shares/Units, Forfeited | shares | (616,793) |
Shares/Units, Outstanding, Ending Balance | shares | |
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares | $ 3.56 |
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares | $ 3.56 |
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares |
Equity-Based Compensation - S_2
Equity-Based Compensation - Schedule of Activity Related to Stock Option Awards (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Options, Outstanding, Beginning Balance | shares | 2,923,448 |
Options, Forfeited | shares | (429,992) |
Options, Expired | shares | (1,493,902) |
Options, Exercised | shares | (234,977) |
Options, Outstanding, Ending Balance | shares | 764,577 |
Options, Exercisable at December 31, 2018 | shares | 435,825 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 18.78 |
Weighted Average Exercise Price, Forfeited | $ / shares | 18 |
Weighted Average Exercise Price, Expired | $ / shares | 19.46 |
Weighted Average Exercise Price, Exercised | $ / shares | 18.23 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares | 18.05 |
Weighted Average Exercise Price, Exercisable at December 31, 2018 | $ / shares | $ 18.16 |
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2018 | 6 years 9 months 25 days |
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2018 | 6 years 8 months 19 days |
Aggregate Intrinsic Value, Outstanding at December 31, 2018 | $ | $ 3,087 |
Aggregate Intrinsic Value, Exercisable at December 31, 2018 | $ | $ 1,711 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 22, 2019 | Dec. 31, 2015 | |
Stockholders Equity [Line Items] | |||||
Common stock, shares issued | 93,400,929 | 92,637,403 | |||
Treasury stock, shares | 10,174,589 | 6,519,773 | |||
Share Repurchase Program, authorized amount | $ 250,000,000 | ||||
Shares repurchased | 3,654,816 | ||||
Stock repurchased during period, total cost | $ 98,032,000 | ||||
Treasury stock at cost | 252,903,000 | $ 154,871,000 | |||
Dividends payable | 84,000 | 470,000 | |||
Dividends paid to stockholders | $ 325,000 | $ 1,544,000 | $ 65,306,000 | ||
Share Repurchase Program [Member] | |||||
Stockholders Equity [Line Items] | |||||
Shares repurchased | 3,654,816 | ||||
Stock repurchased during period, total cost | $ 98,000,000 | ||||
Share Repurchase Program, remaining authorized repurchase amount | $ 92,000,000 | ||||
Stock Repurchase Program, number of shares repurchased | 0 | 0 | |||
Share Repurchase Program [Member] | Subsequent Event [Member] | |||||
Stockholders Equity [Line Items] | |||||
Share Repurchase Program, authorized amount | $ 250,000,000 | ||||
Stock Repurchase Program, replenishment amount | $ 158,000,000 | ||||
Common Stock [Member] | |||||
Stockholders Equity [Line Items] | |||||
Common stock, shares issued | 93,400,929 | 92,637,403 | 91,861,054 | 90,320,374 | |
Number of unvested shares | 920,904 | ||||
Restricted Stock Units [Member] | |||||
Stockholders Equity [Line Items] | |||||
Number of unvested shares | 1,696,996 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Stockholders Equity [Line Items] | |
Cash dividends declared per share | $ 0.73 |
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 |
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 |
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 |
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 |
Restructuring Programs and Ot_3
Restructuring Programs and Other Separation Costs - Additional Information (Detail) $ in Millions | Feb. 27, 2018USD ($) | Sep. 30, 2018Position | Dec. 31, 2017USD ($)Position | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($)Position |
Restructuring Cost And Reserve [Line Items] | ||||||
Severance related payments | $ 6.7 | $ 3.8 | ||||
2018 Restructuring Program [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring costs, description | involved the elimination of approximately 125 positions during the third quarter of 2018 across the Company’s theme parks and its corporate headquarters. | |||||
Number of positions eliminated | Position | 125 | |||||
Restructuring and other related costs incurred to date | $ 5.5 | |||||
2017 Restructuring Program [Member] | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Restructuring costs, description | involved the elimination of approximately 350 positions by the end of the fourth quarter of 2017 across certain of the Company’s theme parks and corporate headquarters. | |||||
Number of positions eliminated | Position | 350 | |||||
Restructuring and other related costs incurred to date | $ 5.2 | |||||
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 | $ 8.9 |
Restructuring Programs and Ot_4
Restructuring Programs and Other Separation Costs - Schedule of Restructuring Program Activity (Detail) - Severance and Other Employment Expenses [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost And Reserve [Line Items] | ||
Liability, beginning balance | $ 1,234 | $ 7,842 |
Costs incurred | 5,548 | 5,200 |
Reduction in estimated expenses | (572) | |
Payments made | (6,245) | (11,236) |
Liability, ending balance | 537 | 1,234 |
2016 Restructuring Program [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability, beginning balance | 7,842 | |
Reduction in estimated expenses | (572) | |
Payments made | (7,270) | |
2017 Restructuring Program [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability, beginning balance | 1,234 | |
Costs incurred | 5,200 | |
Payments made | (1,234) | (3,966) |
Liability, ending balance | $ 1,234 | |
2018 Restructuring Program [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Costs incurred | 5,548 | |
Payments made | (5,011) | |
Liability, ending balance | $ 537 |
Summary Quarterly Financial D_3
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2018 | [1] | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [3] | Mar. 31, 2018 | [4] | Dec. 31, 2017 | Sep. 30, 2017 | [5] | Jun. 30, 2017 | [6] | Mar. 31, 2017 | [7] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||
Total revenues | $ 280,028 | $ 483,175 | $ 391,921 | $ 217,166 | $ 265,505 | $ 437,712 | $ 373,750 | $ 186,357 | $ 1,372,290 | $ 1,263,324 | $ 1,344,292 | |||||||
Operating (loss) income | 10,874 | 151,730 | 55,210 | (66,147) | (10,886) | 108,822 | (222,564) | (76,735) | 151,667 | (201,363) | 59,585 | |||||||
Net (loss) income | $ (11,053) | $ 95,988 | $ 22,697 | $ (62,844) | $ (20,441) | $ 55,034 | $ (175,850) | $ (61,129) | $ 44,788 | $ (202,386) | $ (12,531) | |||||||
(Loss) earnings per share: | ||||||||||||||||||
(Loss) earnings per share, basic | $ (0.13) | $ 1.11 | $ 0.26 | $ (0.73) | $ (0.24) | $ 0.64 | $ (2.05) | $ (0.72) | $ 0.52 | $ (2.36) | $ (0.15) | |||||||
(Loss) earnings per share, diluted | $ (0.13) | $ 1.10 | $ 0.26 | $ (0.73) | $ (0.24) | $ 0.64 | $ (2.05) | $ (0.72) | $ 0.52 | $ (2.36) | $ (0.15) | |||||||
[1] | During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[2] | During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[3] | During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[4] | During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. | |||||||||||||||||
[5] | During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. | |||||||||||||||||
[6] | During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details. | |||||||||||||||||
[7] | During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details. |
Summary Quarterly Financial D_4
Summary Quarterly Financial Data - Summary of Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Line Items] | |||||||||
Pre-tax expenses associated with separation-related costs and legal settlement accrual | $ 8,700 | $ 21,500 | |||||||
Expense associated with fixed asset disposals including certain rides and equipment | $ 2,500 | $ 3,800 | $ 4,500 | ||||||
Restructuring and other separation cost related to severance costs and other termination benefits. | $ 3,900 | $ 5,100 | |||||||
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs | $ 8,200 | $ 8,000 | $ 8,150 | $ 8,143 | |||||
Goodwill impairment charge | 269,332 | ||||||||
Recognized equity-based compensation expense | $ 8,400 | $ 5,500 | |||||||
SeaWorld Orlando Reporting Unit [Member] | |||||||||
Quarterly Financial Information Disclosure [Line Items] | |||||||||
Goodwill impairment charge | $ 269,300 | $ 269,332 |
Summary Quarterly Financial D_5
Summary Quarterly Financial Data - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Business | |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Total current assets | $ 146,567 | $ 118,775 | ||
Total assets | 2,115,602 | 2,085,782 | ||
Current liabilities: | ||||
Dividends payable | 84 | 470 | ||
Other accrued liabilities | 23,066 | 20,082 | ||
Total current liabilities | 310,671 | 253,470 | ||
Total liabilities | 1,850,408 | 1,798,316 | ||
Commitments and contingencies | ||||
Stockholders’ Equity: | ||||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2018 and 2017 | ||||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 93,400,929 and 92,637,403 shares issued at December 31, 2018 and 2017, respectively | 934 | 926 | ||
Additional paid-in capital | 663,834 | 641,324 | ||
Accumulated other comprehensive gain (loss) | 2,284 | (5,076) | ||
Accumulated deficit | (148,955) | (194,837) | ||
Treasury stock, at cost (10,174,589 and 6,519,773 shares at December 31, 2018 and 2017, respectively) | (252,903) | (154,871) | ||
Total stockholders’ equity | 265,194 | 287,466 | $ 461,215 | $ 504,120 |
Total liabilities and stockholders’ equity | 2,115,602 | 2,085,782 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash | 136 | 470 | ||
Total current assets | 136 | 470 | ||
Investment in wholly owned subsidiary | 265,194 | 287,466 | ||
Total assets | 265,330 | 287,936 | ||
Current liabilities: | ||||
Dividends payable | 84 | 470 | ||
Other accrued liabilities | 52 | |||
Total current liabilities | 136 | 470 | ||
Total liabilities | 136 | 470 | ||
Commitments and contingencies | ||||
Stockholders’ Equity: | ||||
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2018 and 2017 | ||||
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 93,400,929 and 92,637,403 shares issued at December 31, 2018 and 2017, respectively | 934 | 926 | ||
Additional paid-in capital | 663,834 | 641,324 | ||
Accumulated other comprehensive gain (loss) | 2,284 | (5,076) | ||
Accumulated deficit | (148,955) | (194,837) | ||
Treasury stock, at cost (10,174,589 and 6,519,773 shares at December 31, 2018 and 2017, respectively) | (252,903) | (154,871) | ||
Total stockholders’ equity | 265,194 | 287,466 | ||
Total liabilities and stockholders’ equity | $ 265,330 | $ 287,936 |
Schedule I - Condensed Balanc_2
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 93,400,929 | 92,637,403 |
Treasury stock, shares | 10,174,589 | 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 | 93,400,929 | 92,637,403 |
Treasury stock, shares | 10,174,589 | 6,519,773 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2018 | [1] | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [3] | Mar. 31, 2018 | [4] | Dec. 31, 2017 | Sep. 30, 2017 | [5] | Jun. 30, 2017 | [6] | Mar. 31, 2017 | [7] | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Net income (loss) | $ (11,053) | $ 95,988 | $ 22,697 | $ (62,844) | $ (20,441) | $ 55,034 | $ (175,850) | $ (61,129) | $ 44,788 | $ (202,386) | $ (12,531) | |||||||
Comprehensive income (loss) | 53,242 | (193,768) | (13,088) | |||||||||||||||
Parent Company [Member] | ||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||
Equity in net income (loss) of subsidiary | 44,788 | (202,386) | (12,531) | |||||||||||||||
Net income (loss) | 44,788 | (202,386) | (12,531) | |||||||||||||||
Equity in other comprehensive income (loss) of subsidiary | 8,454 | 8,618 | (557) | |||||||||||||||
Comprehensive income (loss) | $ 53,242 | $ (193,768) | $ (13,088) | |||||||||||||||
[1] | During the fourth quarter of 2018, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.2 million related the Amended Credit Agreement. See Note 12–Long-Term Debt for further details. The Company also recorded approximately $2.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[2] | During the third quarter of 2018, the Company recorded $3.9 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $3.8 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[3] | During the second quarter of 2018, the Company recorded $8.7 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. The Company also recorded approximately $4.5 million in fixed asset disposals associated with certain rides and equipment which were removed from service during the quarter. See Note 8–Property and Equipment, Net for further details. | |||||||||||||||||
[4] | During the first quarter of 2018, the Company recorded $21.5 million of pre-tax expenses associated with separation-related costs and a legal settlement accrual. See Note 15–Commitments and Contingencies and Note 21–Restructuring Programs and Other Separation Costs for further details. | |||||||||||||||||
[5] | During the third quarter of 2017, the Company recorded $5.1 million in restructuring and other separation costs primarily related to severance costs and other termination benefits. See Note 21–Restructuring Programs and Other Separation Costs for further details. | |||||||||||||||||
[6] | During the second quarter of 2017, the Company recorded a non-cash goodwill impairment charge of $269.3 million related to the full impairment of the Company’s SeaWorld Orlando reporting unit and equity compensation expense of approximately $8.4 million related to certain of the Company’s performance-vesting restricted shares (the “2.75x Performance Restricted shares”) for which a portion vested on May 8, 2017 with the closing of the ZHG Transaction. See Note 9–Goodwill, Net and Note 19–Equity-Based Compensation for further details. | |||||||||||||||||
[7] | During the first quarter of 2017, the Company recorded a loss on early extinguishment of debt and write-off of discounts and debt issuance costs of $8.0 million related to Amendment No. 8 to its Existing Credit Agreement. See Note 12–Long-Term Debt for further details. |
Schedule I - Condensed Statem_2
Schedule I - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities: | |||
Net income (loss) | $ 44,788 | $ (202,386) | $ (12,531) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net cash (used in) provided by operating activities | 293,935 | 192,457 | 280,412 |
Cash Flows From Investing Activities: | |||
Net cash (used in) provided by investing activities | (180,029) | (170,873) | (160,518) |
Cash Flows From Financing Activities: | |||
Exercise of stock options | 4,282 | 11 | 82 |
Dividends paid to common stockholders | (325) | (1,544) | (65,306) |
Net cash provided by (used in) financing activities | (112,896) | (56,965) | (70,139) |
Change in Cash and Cash Equivalents, including Restricted Cash | 1,010 | (35,381) | 49,755 |
Cash and Cash Equivalents, including Restricted Cash—Beginning of year | 33,997 | 69,378 | 19,623 |
Cash and Cash Equivalents, including Restricted Cash—End of year | 35,007 | 33,997 | 69,378 |
Supplemental Disclosures of Noncash Investing and Financing Activities | |||
Dividends declared, but unpaid | 84 | 470 | 908 |
Parent Company [Member] | |||
Cash Flows From Operating Activities: | |||
Net income (loss) | 44,788 | (202,386) | (12,531) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Equity in net (income) loss of subsidiary | (44,788) | 202,386 | 12,531 |
Dividends (forfeited) received from subsidiary-return on capital, net of forfeitures | (31) | 26,412 | |
Net cash (used in) provided by operating activities | (31) | 26,412 | |
Cash Flows From Investing Activities: | |||
Dividends (forfeited) received from subsidiary- return of capital, net of forfeitures | (61) | 1,137 | 39,372 |
Capital contributed to subsidiary from exercises of stock options | (4,230) | ||
Net cash (used in) provided by investing activities | (4,291) | 1,137 | 39,372 |
Cash Flows From Financing Activities: | |||
Exercise of stock options | 4,282 | ||
Dividends paid to common stockholders | (325) | (1,544) | (65,306) |
Net cash provided by (used in) financing activities | 3,957 | (1,544) | (65,306) |
Change in Cash and Cash Equivalents, including Restricted Cash | (334) | (438) | 478 |
Cash and Cash Equivalents, including Restricted Cash—Beginning of year | 470 | 908 | 430 |
Cash and Cash Equivalents, including Restricted Cash—End of year | 136 | 470 | 908 |
Supplemental Disclosures of Noncash Investing and Financing Activities | |||
Dividends from subsidiary- return of capital, for purchase of treasury stock | 98,032 | ||
Dividends declared, but unpaid | $ 84 | $ 470 | $ 908 |
Schedule I - Description of Sea
Schedule I - Description of SeaWorld Entertainment, Inc. - Additional Information (Detail) | Dec. 31, 2018Business | May 08, 2017 | Oct. 02, 2009Partnership |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of limited partnerships which owned the company | Partnership | 10 | ||
Number of theme parks owned and operated | Business | 12 | ||
Stock Purchase Agreement [Member] | ZHG Group [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of common stock outstanding | 21.00% |
Schedule I - Guarantees - Addit
Schedule I - Guarantees - Additional Information (Detail) | Dec. 31, 2018 |
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 Subsidiary - Schedule of SEA Paid a Cash Dividend to Parent Related to Dividend Declarations (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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 |
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 |
Schedule I - Dividends from S_2
Schedule I - Dividends from Subsidiary - Schedule of Quarterly Cash Dividends to Common Stockholders (Detail) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Dividends Payable [Line Items] | |
Cash dividends declared per share | $ 0.73 |
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 |
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 |
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 |
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 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 |
Schedule I - Dividends from S_3
Schedule I - Dividends from Subsidiary - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends Payable [Line Items] | |||
Dividends payable | $ 84 | $ 470 | |
Stock repurchased during period, total cost | 98,032 | ||
Dividends paid to stockholders | 325 | 1,544 | $ 65,306 |
Parent Company [Member] | |||
Dividends Payable [Line Items] | |||
Dividends payable | 84 | 470 | |
Stock repurchased during period, total cost | 98,000 | ||
Dividends paid to stockholders | $ 325 | $ 1,544 | $ 65,306 |
Schedule I - Stockholders' Equi
Schedule I - Stockholders' Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 22, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Repurchase Program, authorized amount | $ 250,000,000 | |||
Repurchase of treasury stock, Shares | 3,654,816 | |||
Stock repurchased during period, total cost | $ 98,032,000 | |||
Treasury stock at cost | $ 252,903,000 | $ 154,871,000 | ||
Omnibus Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for future issuance | 15,000,000 | |||
Shares available for future issuance | 9,770,000 | |||
Parent Company [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Capital contributed to subsidiary from exercises of stock options | $ 4,230,000 | |||
Share Repurchase Program, authorized amount | $ 250,000,000 | |||
Repurchase of treasury stock, Shares | 3,654,816 | 0 | 0 | |
Stock repurchased during period, total cost | $ 98,000,000 | |||
Share Repurchase Program, remaining authorized repurchase amount | 92,000,000 | |||
Treasury stock at cost | $ 252,903,000 | $ 154,871,000 | ||
Parent Company [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock Repurchase Program, replenishment amount | $ 158,000,000 | |||
Share Repurchase Program, remaining authorized repurchase amount | $ 250,000,000 | |||
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 | |||
Shares available for future issuance | 9,770,000 |