Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 16, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Six Flags Entertainment Corp | ||
Entity Central Index Key | 701,374 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 91,228,790 | ||
Entity Public Float | $ 4,317.2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 137,385 | $ 99,760 |
Restricted-use investment securities | 3,926 | 0 |
Accounts receivable, net | 69,018 | 63,803 |
Inventories | 24,156 | 21,535 |
Prepaid expenses and other current assets | 44,306 | 42,879 |
Total current assets | 278,791 | 227,977 |
Property and equipment, net: | ||
Property and equipment, at cost | 1,968,565 | 1,862,764 |
Accumulated depreciation | (757,310) | (664,610) |
Total property and equipment, net | 1,211,255 | 1,198,154 |
Other assets: | ||
Debt issuance costs | 4,188 | 5,386 |
Restricted-use investment securities | 3,036 | |
Deposits and other assets | 9,218 | 7,211 |
Goodwill | 630,248 | 630,248 |
Intangible assets, net of accumulated amortization | 353,972 | 356,428 |
Total other assets | 997,626 | 1,002,309 |
Total assets | 2,487,672 | 2,428,440 |
Current liabilities: | ||
Accounts payable | 26,209 | 25,570 |
Accrued compensation, payroll taxes and benefits | 31,039 | 46,583 |
Accrued insurance reserves | 42,443 | 40,796 |
Accrued interest payable | 27,684 | 19,555 |
Other accrued liabilities | 35,461 | 34,714 |
Deferred revenue | 123,955 | 97,334 |
Current portion of long-term debt | 29,161 | 7,506 |
Total current liabilities | 315,952 | 272,058 |
Noncurrent Liabilities: | ||
Long-term debt | 1,624,486 | 1,498,022 |
Other long-term liabilities | 48,568 | 58,150 |
Deferred income taxes | 199,280 | 140,273 |
Total noncurrent liabilities | 1,872,334 | 1,696,445 |
Total liabilities | 2,188,286 | 1,968,503 |
Redeemable noncontrolling interests | 485,876 | 435,721 |
Stockholders' equity (deficit): | ||
Preferred stock, $1.00 par value | 0 | 0 |
Common stock, $0.025 par value | 2,271 | 2,289 |
Capital in excess of par value | 1,116,227 | 1,041,710 |
Accumulated deficit | (1,237,804) | (953,225) |
Accumulated other comprehensive loss, net of tax | (67,184) | (66,558) |
Total stockholders' (deficit) equity | (186,490) | 24,216 |
Total liabilities and equity (deficit) | $ 2,487,672 | $ 2,428,440 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
Common stock, shares authorized | 140,000,000 | 140,000,000 |
Common stock, shares issued | 90,849,428 | 91,550,851 |
Common stock, shares outstanding | 90,849,428 | 91,550,851 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues [Abstract] | |||
Theme park admissions | $ 715,413 | $ 687,819 | $ 641,535 |
Theme park food, merchandise and other | 521,167 | 500,190 | 460,131 |
Sponsorship, licensing and other fees | 66,329 | 59,133 | 57,250 |
Accommodations revenue | 16,489 | 16,796 | 16,877 |
Total revenue | 1,319,398 | 1,263,938 | 1,175,793 |
Operating expenses (excluding depreciation and amortization shown separately below) | 489,407 | 465,219 | 437,431 |
Selling, general and administrative (including stock-based compensation and excluding depreciation and amortization shown separately below) | 291,794 | 234,810 | 310,955 |
Costs of products sold | 109,579 | 100,709 | 90,515 |
Depreciation | 104,290 | 104,788 | 105,449 |
Amortization | 2,603 | 2,623 | 2,658 |
Loss on disposal of assets | 1,968 | 9,882 | 5,860 |
Gain on sale of investee | 0 | 0 | (10,031) |
Interest expense | 82,377 | 76,205 | 73,057 |
Interest income | (505) | (302) | (468) |
Loss on debt extinguishment | 2,935 | 6,557 | 0 |
Other expense, net | 1,684 | 223 | 356 |
Income from continuing operations before income taxes and discontinued operations | 233,266 | 263,224 | 160,011 |
Income tax expense | 76,539 | 70,369 | 46,522 |
Income from continuing operations before discontinued operations | 156,727 | 192,855 | 113,489 |
Income from discontinued operations | 0 | 0 | 545 |
Net income | 156,727 | 192,855 | 114,034 |
Net income attributable to noncontrolling interests | (38,425) | (38,165) | (38,012) |
Net income attributable to Six Flags Entertainment Corporation | 118,302 | 154,690 | 76,022 |
Amounts attributable to Six Flags Entertainment Corporation: | |||
Income from continuing operations | 118,302 | 154,690 | 75,477 |
Income from discontinued operations | 0 | 0 | 545 |
Net income attributable to Six Flags Entertainment Corporation | $ 118,302 | $ 154,690 | $ 76,022 |
Weighted-average common shares outstanding—basic: | 92,349 | 93,580 | 94,477 |
Weighted-average common shares outstanding—diluted: | 94,398 | 97,981 | 98,139 |
Net income per average common share outstanding—basic: | |||
Income from continuing operations (usd per share) | $ 1.28 | $ 1.65 | $ 0.79 |
Income from discontinued operations (usd per share) | 0 | 0 | 0.01 |
Net income (usd per share) | 1.28 | 1.65 | 0.80 |
Net income per average common share outstanding—diluted: | |||
Income from continuing operations (usd per share) | 1.25 | 1.58 | 0.76 |
Income from discontinued operations (usd per share) | 0 | 0 | 0.01 |
Net income (usd per share) | 1.25 | 1.58 | 0.77 |
Cash dividends declared per common share (usd per share) | $ 2.38 | $ 2.14 | $ 1.93 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Stock-based compensation | $ 116,339 | $ 56,233 | $ 140,038 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 156,727 | $ 192,855 | $ 114,034 | |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustment | [1] | (4,639) | (8,195) | (6,803) |
Defined benefit retirement plan | [2] | 3,543 | 1,769 | (19,872) |
Change in cash flow hedging | [3] | 470 | (503) | (257) |
Other comprehensive loss, net of tax | (626) | (6,929) | (26,932) | |
Comprehensive income | 156,101 | 185,926 | 87,102 | |
Comprehensive income attributable to noncontrolling interests | (38,425) | (38,165) | (38,012) | |
Comprehensive income attributable to Six Flags Entertainment Corporation | $ 117,676 | $ 147,761 | $ 49,090 | |
[1] | Foreign currency translation adjustment is presented net of tax benefit of $2.5 million, $4.4 million and $3.7 million for the years ended December 31, 2016, 2015 and 2014, respectively. | |||
[2] | Defined benefit retirement plan is presented net of tax expense of $2.3 million and $1.0 million for the years ended December 31, 2016 and 2015, respectively, and net of tax benefit of $13.0 million for the year ended December 31, 2014. | |||
[3] | Change in cash flow hedging is presented net of tax expense of $0.3 million for the year ended December 31, 2016, and net of tax benefit of $0.4 million and $0.2 million for the years ended December 31, 2015 and 2014, respectively. |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Foreign currency translation adjustment, tax | $ (2.5) | $ (4.4) | $ (3.7) |
Defined benefit retirement plan, tax | (2.3) | (1) | 13 |
Change in cash flow hedging, tax | $ 0.3 | $ (0.4) | $ (0.2) |
Consolidated Statements of Equi
Consolidated Statements of Equity (Deficit) - USD ($) $ in Thousands | Total | Common stock | Capital in excess of par value | Retained earnings (accumulated deficit) | Accumulated other comprehensive (loss) income |
Beginning Balances at Dec. 31, 2013 | $ 373,337 | $ 2,371 | $ 842,488 | $ (438,825) | $ (32,697) |
Beginning Balance, Shares at Dec. 31, 2013 | 94,857,347 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock | 37,663 | $ 80 | 37,583 | 0 | 0 |
Issuance of common stock (in shares) | 3,206,272 | ||||
Stock-based compensation | 140,038 | $ 0 | 140,038 | 0 | 0 |
Dividends declared to common shareholders | (182,062) | 0 | 0 | (182,062) | 0 |
Repurchase of common stock | (195,353) | $ (129) | (37,968) | (157,256) | 0 |
Repurchase of common stock (in shares) | (5,159,329) | ||||
Employee stock purchase plan | 1,177 | $ 1 | 1,176 | 0 | 0 |
Employee stock purchase plan (in shares) | 33,329 | ||||
Fresh start valuation adjustment for SFOG units purchased | 5 | $ 0 | 0 | 5 | 0 |
Net income attributable to Six Flags Entertainment Corporation | 76,022 | 0 | 0 | 76,022 | 0 |
Other comprehensive loss, net of tax | (26,932) | 0 | 0 | 0 | (26,932) |
Ending Balances at Dec. 31, 2014 | 223,895 | $ 2,323 | 983,317 | (702,116) | (59,629) |
Ending Balance, Shares at Dec. 31, 2014 | 92,937,619 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock | 39,019 | $ 94 | 38,925 | 0 | 0 |
Issuance of common stock (in shares) | 3,737,155 | ||||
Stock-based compensation | 56,233 | $ 0 | 56,233 | 0 | 0 |
Dividends declared to common shareholders | (199,362) | 0 | 0 | (199,362) | 0 |
Repurchase of common stock | (245,114) | $ (129) | (38,276) | (206,709) | 0 |
Repurchase of common stock (in shares) | (5,161,803) | ||||
Employee stock purchase plan | 1,512 | $ 1 | 1,511 | 0 | 0 |
Employee stock purchase plan (in shares) | 37,880 | ||||
Fresh start valuation adjustment for SFOG units purchased | 272 | $ 0 | 0 | 272 | 0 |
Net income attributable to Six Flags Entertainment Corporation | 154,690 | 0 | 0 | 154,690 | 0 |
Other comprehensive loss, net of tax | (6,929) | 0 | 0 | 0 | (6,929) |
Ending Balances at Dec. 31, 2015 | 24,216 | $ 2,289 | 1,041,710 | (953,225) | (66,558) |
Ending Balance, Shares at Dec. 31, 2015 | 91,550,851 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Issuance of common stock | 34,681 | $ 75 | 34,606 | 0 | 0 |
Issuance of common stock (in shares) | 3,004,648 | ||||
Stock-based compensation | 116,339 | $ 0 | 116,339 | 0 | 0 |
Dividends declared to common shareholders | (219,093) | 0 | 0 | (219,093) | 0 |
Repurchase of common stock | (211,751) | $ (94) | (27,833) | (183,824) | 0 |
Repurchase of common stock (in shares) | (3,742,275) | ||||
Employee stock purchase plan | 1,820 | $ 1 | 1,819 | 0 | 0 |
Employee stock purchase plan (in shares) | 36,204 | ||||
Fresh start valuation adjustment for SFOG units purchased | 36 | $ 0 | 0 | 36 | 0 |
Change in redemption value of partnership units | (50,414) | 0 | (50,414) | 0 | 0 |
Net income attributable to Six Flags Entertainment Corporation | 118,302 | 0 | 0 | 118,302 | 0 |
Other comprehensive loss, net of tax | (626) | 0 | 0 | 0 | (626) |
Ending Balances at Dec. 31, 2016 | $ (186,490) | $ 2,271 | $ 1,116,227 | $ (1,237,804) | $ (67,184) |
Ending Balance, Shares at Dec. 31, 2016 | 90,849,428 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flow from operating activities: | |||
Net income | $ 156,727 | $ 192,855 | $ 114,034 |
Depreciation and amortization | 106,893 | 107,411 | 108,107 |
Stock-based compensation | 116,339 | 56,233 | 140,038 |
Interest accretion on notes payable | 413 | 856 | 1,221 |
Loss on debt extinguishment | 2,935 | 6,557 | 0 |
Amortization of debt issuance costs | 4,503 | 4,518 | 4,748 |
Other, including loss on disposal of assets | 992 | 17,278 | 1,672 |
Gain on sale of investee | 0 | 0 | (10,031) |
Increase in accounts receivable | (6,157) | (6,072) | (7,764) |
(Increase) decrease in inventories, prepaid expenses and other current assets | (4,948) | 306 | (5,744) |
Increase in deposits and other assets | (2,011) | (2,465) | (486) |
Increase in accounts payable, deferred revenue, accrued liabilities and other long-term liabilities | 16,134 | 41,775 | 13,293 |
Increase (decrease) in accrued interest payable | 8,129 | 13 | (56) |
Deferred income tax expense | 63,286 | 54,496 | 33,291 |
Net cash provided by operating activities | 463,235 | 473,761 | 392,323 |
Cash flow from investing activities: | |||
Additions to property and equipment | (129,258) | (114,370) | (108,660) |
Property insurance recovery | 320 | 173 | 850 |
Purchase of identifiable intangible assets | (125) | (29) | (49) |
Purchase of restricted-use investments, net | (890) | (565) | (648) |
Proceeds from sale of DCP | 0 | 0 | 10,031 |
Proceeds from sale of assets | 2,212 | 5,123 | 148 |
Net cash used in investing activities | (127,741) | (109,668) | (98,328) |
Cash flow from financing activities: | |||
Repayment of borrowings | (333,426) | (710,565) | (62,308) |
Proceeds from borrowings | 481,170 | 834,250 | 56,000 |
Payment of debt issuance costs | (6,278) | (11,916) | 0 |
Net proceeds from issuance of common stock | 36,501 | 40,531 | 38,840 |
Stock repurchases | (211,751) | (245,114) | (195,353) |
Payment of cash dividends | (220,314) | (200,957) | (184,300) |
Purchase of redeemable noncontrolling interest | (223) | (1,552) | (19) |
Noncontrolling interest distributions | (38,425) | (38,165) | (38,012) |
Net cash used in financing activities | (292,746) | (333,488) | (385,152) |
Effect of exchange rate on cash | (5,123) | (4,729) | (4,269) |
Increase (decrease) in cash and cash equivalents | 37,625 | 25,876 | (95,426) |
Cash and cash equivalents at beginning of period | 99,760 | 73,884 | 169,310 |
Cash and cash equivalents at end of period | 137,385 | 99,760 | 73,884 |
Supplemental cash flow information | |||
Cash paid for interest | 69,320 | 70,818 | 67,145 |
Cash paid for income taxes | $ 17,267 | $ 14,975 | $ 16,772 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business We own and operate regional theme and water parks and are the largest regional theme park operator in the world. Of the 18 parks we currently own or operate, 16 parks are located in the United States, one park is located in Mexico City and one park is located in Montreal, Canada. On April 1, 1998, we acquired the former Six Flags Entertainment Corporation ("Former SFEC", a corporation that has been merged out of existence and that has always been a separate corporation from the current Six Flags Entertainment Corporation ("Holdings")), which had operated regional theme parks under the Six Flags name for nearly 40 years, and established an internationally recognized brand name. We own the "Six Flags" brand name in the United States and foreign countries throughout the world. To capitalize on this name recognition, 16 of our current parks are branded as "Six Flags" parks and beginning in 2014 we also began the development, with third-party partners, of Six Flags-branded theme parks outside of North America. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies a. Basis of Presentation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. We also consolidate the partnerships that own Six Flags Over Texas ("SFOT") and Six Flags Over Georgia (including Six Flags White Water Atlanta) ("SFOG", and together with SFOT, the "Partnership Parks") as subsidiaries in our consolidated financial statements as we have determined that we have the power to direct the activities of those entities that most significantly impact the entities' economic performance and we have the obligation to absorb losses and receive benefits from the entities that can be potentially significant to these entities. The equity interests owned by non-affiliated parties in the Partnership Parks are reflected in the accompanying consolidated balance sheets as redeemable noncontrolling interests. The portion of earnings or loss attributable to non-affiliated parties in the Partnership Parks is reflected as net income attributable to noncontrolling interests in the accompanying consolidated statements of operations. See Note 5 for further discussion. Intercompany transactions and balances have been eliminated in consolidation. b. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. c. Fair Value Measurement Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement , defines fair value as the exchange prices that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. In accordance with FASB ASC Topic 820, Fair Value Measurement , these two types of inputs have created the following fair value hierarchy: • Level 1: quoted prices in active markets for identical assets; • Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument; and • Level 3: inputs to the valuation methodology are unobservable for the asset or liability. This hierarchy requires the use of observable market data when available. See Note 10 for disclosure of methods and assumptions used to estimate the fair value of financial instruments by classification. d. Cash Equivalents Cash equivalents consists of short-term highly liquid investments with a remaining maturity as of the date of purchase of three months or less, which are readily convertible into cash. For purposes of the consolidated statements of cash flows, we consider all highly liquid debt instruments with remaining maturities as of their date of purchase of three months or less to be cash equivalents. Cash equivalents were not significant as of December 31, 2016 and 2015 . e. Inventories Inventories are stated at weighted average cost or market value and primarily consist of products purchased for resale, including merchandise, food and miscellaneous supplies. Products are removed from inventory at weighted average cost. We have recorded a valuation allowance for slow moving inventory of $0.3 million as of December 31, 2016 and 2015 . f. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include $21.4 million and $22.1 million of spare parts inventory for existing rides and attractions as of December 31, 2016 and 2015 , respectively. These items are expensed as the repair or maintenance of rides and attractions occur. g. Advertising Costs Production costs of commercials and programming are charged to operations in the year first aired. The costs of other advertising, promotion, and marketing programs are charged to operations when incurred with the exception of direct-response advertising which is charged to the period it will benefit. As of December 31, 2016 and 2015 , we had $1.8 million and $2.0 million in prepaid advertising, respectively. The amounts capitalized are included in prepaid expenses. Advertising and promotions expense was $62.8 million during the years ended December 31, 2016 and 2015 , respectively and $63.2 million for the year ended December 31, 2014 . h. Debt Issuance Costs We capitalize costs related to the issuance of debt. In June 2016 , in connection with entering into an amendment to the Amended and Restated Credit Facility and the issuance of $300.0 million of 4.875% senior unsecured notes due July 31, 2024 (the "2024 Notes"), we capitalized $1.0 million and $4.7 million of debt issuance costs directly associated with the issuance of the amendment and the 2024 Notes, respectively. The amortization of such costs is recognized as interest expense using the interest method over the term of the respective debt issue. Amortization related to deferred debt issuance costs was $4.5 million for the years ended December 31, 2016 and 2015 and $4.7 million for the year ended December 31, 2014 . i. Property and Equipment Property and equipment additions are recorded at cost and the carrying value is depreciated using the straight-line method over the estimated useful lives of the assets. Maintenance and repair costs that do not improve service potential or extend economic life are charged directly to expense as incurred, while betterments and renewals are generally capitalized as property and equipment. When an item is retired or otherwise disposed of, the cost and applicable accumulated depreciation are removed and the resulting gain or loss is recognized. See Note 3 for further detail of the components of our property and equipment. The estimated useful lives of the assets are as follows: Rides and attractions 5 - 25 years Land improvements 10 - 15 years Buildings and improvements Approximately 30 years Furniture and equipment 5 - 10 years j. Goodwill and Indefinite-Lived Intangible Assets Goodwill and intangible assets with indefinite useful lives are tested for impairment annually, or more frequently if events or circumstances indicate that the assets might be impaired. We identify our reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. We then determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. All of our parks are operated in a similar manner and have comparable characteristics in that they produce and distribute similar services and products using similar processes, have similar types of customers, are subject to similar regulations and exhibit similar economic characteristics. As such, we are a single reporting unit. For each year, the fair value of the single reporting unit exceeded our carrying amount (based on a comparison of the market price of our common stock to the carrying amount of our stockholders' equity). In September 2012, the FASB amended FASB ASC Topic 350, Intangibles - Goodwill and Other , which permits entities to perform a qualitative analysis on indefinite-lived intangible assets to determine if it is more likely than not that the asset is impaired. We adopted this amendment in September 2012 and have performed a qualitative analysis on our indefinite-lived trade name intangible asset during the fourth quarter of each year. If as a result of this qualitative analysis we determine that it is more likely than not that an asset is impaired, quantitative impairment testing is required. The fair value of indefinite-lived intangible assets is generally determined based on a discounted cash flow analysis. An impairment loss occurs to the extent that the carrying value exceeds the fair value. Further testing of goodwill occurs in a two-step process in which the fair value of each reporting unit, determined using an analysis of future cash flows, is compared to its carrying amount, including goodwill. If the fair value of the reporting unit were to be less than the carrying amount, the implied fair value of the reporting unit's goodwill would then be compared with the carrying amount of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all of the assets (recognized and unrecognized) and liabilities of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. An impairment loss is recognized to the extent that the carrying amount of goodwill exceeds its implied fair value. k. Valuation of Long-Lived Assets We review long-lived assets, including finite-lived intangible assets subject to amortization, for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the asset or group of assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or group of assets to the future net cash flows expected to be generated by the asset or group of assets. If such assets are not considered to be fully recoverable, any impairment to be recognized is measured by the amount by which the carrying amount of the asset or group of assets exceeds its respective fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. l. Revenue Recognition We recognize revenue upon admission into our parks, provision of our services or when products are delivered to our guests. Revenues are presented in the accompanying consolidated statements of operations net of sales taxes collected from our guests and remitted or payable to government taxing authorities. In contrast to our season pass and other multi-use offerings (such as our all-season dining pass program, which enables season pass holders and members to eat meals and snacks any day they visit the park for one upfront payment) that expire at the end of each operating season, the membership program continues on a month-to-month basis after the initial twelve-month membership term and can be canceled any time after the initial term pursuant to the terms of the membership program. Guests enrolled in the membership program can visit our parks an unlimited number of times anytime they are open as long as the guest remains enrolled in the membership program. For season passes, memberships in the initial twelve-month term and other multi-use admissions, we estimate a redemption rate based on historical experience and other factors and assumptions we believe to be customary and reasonable and recognize a pro-rata portion of the revenue as the guest attends our parks. We review the estimated redemption rate regularly and on an ongoing basis and revise it as necessary throughout the year. Amounts received for multi-use admissions in excess of redemptions are recognized in deferred revenue. For active memberships after the initial twelve-month term, we recognize revenue monthly as payments are received. As of December 31, 2016 , deferred revenue was primarily comprised of (i) advance sales of season passes, all season dining passes and other admissions for the 2017 operating season, (ii) unredeemed portions of the membership program that will be recognized in 2017, (iii) sponsorship revenue that will be recognized in 2017 and (iv) a nominal amount for the remaining unredeemed season pass revenue and pre-sold single day admissions revenue for the 2016 operating season that was redeemed during the completion of the 2016 operating season, which ended the first week of 2017. We have entered into multiple agreements to assist third parties in the planning, design, development and operation of Six Flags-branded theme parks outside of North America. Pursuant to these agreements, we provide exclusivity, brand licensing, and other services to assist in the design, development, and project management of Six Flags-branded theme parks, as well as initial and ongoing management services. Each significant deliverable qualifies as a separate unit of accounting. We recognize revenue under these agreements over the relevant service period of each unit of accounting based on its relative selling price, as determined by our best estimate of selling price. Our best estimate of selling price is established consistent with our overall pricing strategy and includes, but is not limited to, consideration of current market conditions, various risk factors and our required return and profit objectives. We review the service period of each unit of accounting on an ongoing basis and revise it as necessary throughout the year. Revisions to the relevant service periods of the units of accounting may result in revisions to revenue in future periods and are recognized in the period in which the change is identified. m. Accounts Receivable, Net Accounts receivable are reported at net realizable value and consist primarily of amounts due from guests for the sale of group outings and multi-use admission products, including season passes and the membership program. We are not exposed to a significant concentration of credit risk, however, based on the age of the receivables, our historical experience and other factors and assumptions we believe to be customary and reasonable, we do record an allowance for doubtful accounts. As of December 31, 2016 and 2015 , we have recorded an allowance for doubtful accounts of $3.0 million and $2.4 million , respectively. The allowance for doubtful accounts is primarily comprised of estimated defaults under our membership plans. n. Derivative Instruments and Hedging Activities We account for derivatives and hedging activities in accordance with FASB ASC Topic 815, Derivatives and Hedging . This accounting guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. It requires an entity to recognize all derivatives as either assets or liabilities in the consolidated balance sheet and measure those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge for accounting purposes. The accounting for changes in the fair value of a derivative (e.g., gains and losses) depends on the intended use of the derivative and the resulting designation. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objective and our strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. We also assess, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of a derivative that is effective and that is designated and qualifies as a cash-flow hedge are recorded in other comprehensive income (loss) until operations are affected by the variability in cash flows of the designated hedged item, at which point they are reclassified to interest expense. Changes in fair value of a derivative that is not designated as a hedge are recorded in other income (expense), net in the consolidated statements of operations on a current basis. See Note 6 for further discussion. o. Commitments and Contingencies We are involved in various lawsuits and claims that arise in the normal course of business. Amounts associated with lawsuits or claims are reserved for matters in which it is believed that losses are probable and can be reasonably estimated. In addition to matters in which it is believed that losses are probable, disclosure is also provided for matters in which the likelihood of an unfavorable outcome is at least reasonably possible but for which a reasonable estimate of loss or range of loss is not possible. Legal fees are expensed as incurred. See Note 15 for further discussion. p. 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, including net operating loss and other tax carryforwards. 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. We recorded a valuation allowance of $92.3 million and $88.4 million as of December 31, 2016 and 2015 , respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets, primarily consisting of certain state net operating loss and other tax carryforwards, before they expire. The valuation allowance was based on our estimates of taxable income by jurisdiction in which we operate and the period over which our deferred tax assets were recoverable. For the foreseeable future, we project taxable income that will allow for the utilization of all of our federal net operating loss carryforwards before they expire. Our liability for income taxes is finalized as auditable tax years pass their respective statutes of limitations in the various jurisdictions in which we are subject to tax. However, these jurisdictions may audit prior years for which the statute of limitations is closed for the purpose of making an adjustment to our taxable income in a year for which the statute of limitations has not closed. Accordingly, taxing authorities of these jurisdictions may audit prior years of the group and its predecessors for the purpose of adjusting net operating loss carryforwards to years for which the statute of limitations has not closed. We classify interest and penalties attributable to income taxes as part of income tax expense. As of December 31, 2016 and 2015 , we had no accrued interest and penalties liability. Because we do not permanently reinvest foreign earnings, United States deferred income taxes have been provided on unremitted foreign earnings to the extent that such foreign earnings are expected to be taxable upon repatriation. q. Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to Holdings' common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to Holdings' common stockholders by the weighted average number of common shares outstanding during the period including the effect of all dilutive common stock equivalents using the treasury stock method. In periods for which there is a net loss, diluted loss per common share is equal to basic loss per common share, since the effect of including any common stock equivalents would be antidilutive. r. Stock-Based Compensation Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), Holdings may grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, deferred stock units, performance and cash-settled awards and dividend equivalents to select employees, officers, directors and consultants of Holdings and its affiliates. We recognize the fair value of each grant as compensation expense on a straight-line basis over the vesting period using the graded vesting terms of the respective grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing valuation model. The fair value of stock, restricted stock units and restricted stock awards is the quoted market price of Holdings' stock on the date of grant. See Note 9 for further discussion of stock-based compensation and related disclosures. s. Comprehensive Income Comprehensive income consists of net income, changes in the foreign currency translation adjustment, changes in the fair value of derivatives that are designated as hedges and changes in the net actuarial gains (losses) and amortization of prior service costs on our defined benefit retirement plan. t. Redeemable Noncontrolling Interest We record the carrying amount of our redeemable noncontrolling interests at their fair value at the date of issuance. We recognize the changes in their redemption value immediately as they occur and adjust the carrying value of these redeemable noncontrolling interests to equal the redemption value at the end of each reporting period, if greater than the redeemable noncontrolling interest carrying value. This method would view the end of the reporting period as if it were also the redemption date for the redeemable noncontrolling interests. We conduct an annual review to determine if the fair value of the redeemable units is less than the redemption amount. If the fair value of the redeemable units is less than the redemption amount, there would be a charge to earnings per share allocable to common stockholders. The redemption amount at the end of each reporting period did not exceed the fair value of the redeemable units. u. Reclassifications Reclassifications have been made to certain amounts reported in 2015 and 2014 to conform to the 2016 presentation. v. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The amendments in ASU 2014-09 provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. In August 2015, the FASB issued Accounting Standards Updated 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , to defer the effective date of ASU 2014-09 for one year. Therefore, the new guidance will be effective for annual and interim periods beginning after December 15, 2017 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. In March and April 2016, the FASB issued Accounting Standards Update No. 2016-08 and No. 2016-10, Revenue from Contracts with Customers (Topic 606) and Principal versus Agent Considerations and Identifying Performance Obligations and Licensing , respectively (together, “ASU 2016-08/10”). The amendments in ASU 2016-08/10 state that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The effective date and transition requirements for the amendments in ASU 2016-08/10 are the same as the effective date and transition requirements in ASU 2015-14. It permits the use of either a retrospective or cumulative effect transition method and early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We have undertaken a review of the Company’s key revenue drivers as it relates to ASU 2014-9. The Company will not be early adopting these standards and has not selected a transition method upon adoption. Based on our initial evaluation of in-park related revenue, the Company has determined that performance obligation under the revenue standard will not change how we currently recognize revenue. As it relates to admissions, sponsorship, and international licensing, the Company continues to evaluate the impact of the standards on these revenue accounts. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 , Leases (Topic 842) (“ASU 2016-02”). The main amendments in ASU 2016-02 require recognition on the balance sheet of lease assets and lease liabilities by lessees for those leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, with early application permitted. We have not yet selected a transition method; however, we note that with the adoption of the amendments in ASU 2016-02, operating leases related to certain of our land leases will require recognition in our consolidated balance sheet under ASU 2016-02. This could have a material effect on our consolidated statement of financial position, but we do not anticipate this will have a material effect on our results of operations or cash flows. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The amendments in ASU 2016-09 intend to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The areas for simplification in ASU 2016-09 involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early application permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. In conjunction with the adoption of ASU 2016-09, which we plan on adopting in the first quarter of 2017, we anticipate a retrospective adjustment to beginning equity and deferred tax liabilities of $98.7 million for income tax deductions related to share-based payments in excess of amounts recognized in the accompanying financial statements as of December 31, 2016 . Additionally, for periods subsequent to the retrospective adjustment, we anticipate adjustments to previously reported amounts for income tax expense and deferred tax liabilities to account for the recognition of the income tax consequences of share-based payment transactions. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). The amendments in ASU 2016-15 address eight classification issues related to the statement of cash flows: • debt prepayment or debt extinguishment costs; • settlement of zero-coupon bonds; • contingent consideration payments made after a business combination; • proceeds from the settlement of insurance claims; • proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; • distributions received from equity method investees; • beneficial interests in securitization transactions; and • separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early application permitted. An entity should apply ASU 2016-15 using a retrospective transition method to each period presented. We do not anticipate that the adoption of this pronouncement will result in a material impact to the presentation of our statement of cash flows. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early application permitted. An entity should apply ASU 2016-18 using a retrospective transition method to each period presented. We do not anticipate that the adoption of this pronouncement will result in a material impact to the presentation of our statement of cash flows. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As of December 31, 2016 and 2015 , property and equipment was classified as follows: December 31, (Amounts in thousands) 2016 2015 Land $ 221,468 $ 221,665 Land improvements 215,112 199,515 Buildings and improvements 279,052 270,758 Rides and attractions 985,406 941,550 Equipment and other 267,527 229,276 Property and equipment, at cost 1,968,565 1,862,764 Accumulated depreciation (757,310 ) (664,610 ) Property and equipment, net $ 1,211,255 $ 1,198,154 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets We assess goodwill and intangible assets with indefinite lives for impairment annually during the fourth quarter or when an event occurs or circumstances change that would indicate potential impairment. For the year ended December 31, 2016 , we performed a qualitative analysis of our goodwill and indefinite-lived intangible assets and noted no indicators of impairment. Through that analysis, we determined that it is more likely than not that the carrying value of goodwill and indefinite-lived intangible assets exceeded their respective fair values. As of December 31, 2016 and 2015 , the carrying amount of goodwill was $630.2 million . As of December 31, 2016 and 2015 , intangible assets, net consisted of the following: As of December 31, 2016 (Amounts in thousands, except years) Weighted-Average Remaining Amortization Period (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Indefinite-lived intangible assets: Trade names, trademarks and other $ 344,075 $ — $ 344,075 Finite-lived intangible assets: Third party licensing rights 3.5 24,461 (16,091 ) 8,370 Other 30.6 2,571 (1,044 ) 1,527 Total intangible assets, net $ 371,107 $ (17,135 ) $ 353,972 As of December 31, 2015 (Amounts in thousands, except years) Weighted-Average Remaining Amortization Period (Years) Gross Accumulated Amortization Net Indefinite-lived intangible assets: Trade names, trademarks and other $ 344,075 $ — $ 344,075 Finite-lived intangible assets: Third party licensing rights 4.5 24,461 (13,664 ) 10,797 Other 29.8 2,568 (1,012 ) 1,556 Total intangible assets, net $ 371,104 $ (14,676 ) $ 356,428 Amortization expense related to finite-lived intangible assets totaled $2.6 million for the years ended December 31, 2016 and 2015 and $2.7 million for the year ended December 31, 2014 . We expect that amortization expense on our existing intangible assets subject to amortization for the succeeding five years and thereafter will approximate the following: (Amounts in thousands) For the year ending December 31: 2017 $ 2,488 2018 2,443 2019 2,437 2020 1,049 2021 57 2022 and thereafter 1,423 $ 9,897 |
Noncontrolling Interests, Partn
Noncontrolling Interests, Partnership and Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interests, Partnership and Joint Ventures | |
Noncontrolling Interests, Partnership and Joint Ventures | Noncontrolling Interests, Partnerships and Joint Ventures Redeemable Noncontrolling Interests Redeemable noncontrolling interests represent the non-affiliated parties' share of the assets of the Partnership Parks that are less than wholly-owned: SFOT, SFOG and Six Flags White Water Atlanta, which is owned by the partnership that owns SFOG. The following table presents a rollforward of redeemable noncontrolling interests in the Partnership Parks: (Amounts in thousands) SFOT SFOG Total Balance at December 31, 2014 $ 227,620 $ 209,925 $ 437,545 Fresh start accounting fair market value adjustment for purchased units — (272 ) (272 ) Purchases of redeemable units of SFOG — (1,552 ) (1,552 ) Net income attributable to noncontrolling interests 19,173 18,992 38,165 Distributions to noncontrolling interests (19,173 ) (18,992 ) (38,165 ) Balance at December 31, 2015 227,620 208,101 435,721 Fresh start accounting fair market value adjustment for purchased units — (36 ) (36 ) Purchases of redeemable units of SFOG — (223 ) (223 ) Change in redemption value of partnership units — 50,414 50,414 Net income attributable to noncontrolling interests 19,312 19,113 38,425 Distributions to noncontrolling interests (19,312 ) (19,113 ) (38,425 ) Balance at December 31, 2016 $ 227,620 $ 258,256 $ 485,876 See Note 15 for a description of the partnership arrangements applicable to the Partnership Parks, the accounts of which are included in the accompanying consolidated financial statements. As of December 31, 2016 , the redemption value of the noncontrolling partnership units in SFOT and SFOG was approximately $203.6 million and $258.3 million , respectively. Other During the third quarter of 2012, our interest in dick clark productions, inc. ("DCP") was sold to a third party. In connection with the sale, a portion of the proceeds remained in escrow pending the resolution of certain items. Due to the contingent nature of the amounts that remained in escrow, we did not record a receivable for the additional proceeds and these amounts were not included in our calculation of the gain we recognized upon the sale of DCP during 2012. During 2014, all of these items were favorably resolved and, as such, we received $10.0 million of additional proceeds and recognized the incremental gain on the sale of DCP. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments In March 2012, we entered into a floating-to-fixed interest rate agreement (the "Interest Rate Cap Agreement") with a notional amount of $470.0 million in order to limit exposure to an increase in the London Interbank Offered Rate (" LIBOR ") interest rate of the Term Loan B (see Note 7 ). Our Term Loan B borrowings bear interest based on LIBOR plus an applicable margin. The Interest Rate Cap Agreement capped the LIBOR component of the interest rate at 1.00% . Upon execution, we designated and documented the Interest Rate Cap Agreement as a cash flow hedge. The term of the Interest Rate Cap Agreement began in March 2012 and expired in March 2014. In April 2014, we entered into three separate interest rate swap agreements (collectively, the "Interest Rate Swap Agreements") with an aggregate notional amount of $200.0 million to mitigate the risk of an increase in the LIBOR interest rate above the 0.75% minimum LIBOR rate in effect on the Term Loan B. The term of the Interest Rate Swap Agreements began in June 2014 and expires in December 2017. Upon execution, we designated and documented the Interest Rate Swap Agreements as cash flow hedges. The Interest Rate Swap Agreements will continue to mitigate risk in connection with the interest rate for the Amended and Restated Term Loan B (as defined in Note 7 ). By utilizing a derivative instrument to hedge our exposure to LIBOR rate changes, we are exposed to credit risk and market risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. To mitigate this risk, the hedging instrument was placed with counterparties that we believe pose minimal credit risk. Market risk is the adverse effect on the value of a financial instrument that results from a change in interest rates, commodity prices or currency exchange rates. We manage the market risk associated with the Interest Rate Swap Agreements by establishing and monitoring parameters that limit the types and degree of market risk that we may undertake. We hold and issue derivative instruments for risk management purposes only and do not utilize derivatives for trading or speculative purposes. We record derivative instruments at fair value on our consolidated balance sheets with the effective portion of all cash flow designated derivatives deferred in other comprehensive income and the ineffective portion, if any, recognized immediately in earnings. Our derivatives are measured on a recurring basis using Level 2 inputs. The fair value measurements of our derivatives are based on market prices that generally are observable for similar assets or liabilities at commonly quoted intervals. Derivative assets and derivative liabilities that have maturity dates equal to or less than twelve months from the balance sheet date are included in prepaid and other current assets and other accrued liabilities, respectively. Derivative assets and derivative liabilities that have maturity dates greater than twelve months from the balance sheet date are included in deposits and other assets and other long-term liabilities, respectively. Derivative instruments recorded at fair value in our consolidated balance sheets as of December 31, 2016 and 2015 consisted of the following: Derivative Liabilities (Amounts in thousands) December 31, 2016 December 31, 2015 Derivatives Designated as Cash Flow Hedges Interest Rate Swap Agreements - Current $ 871 $ 1,372 Interest Rate Swap Agreements - Noncurrent — 226 $ 871 $ 1,598 As of December 31, 2016 and 2015 , we held no derivatives not designated as hedging instruments. Effective changes in the fair value of derivatives that are designated as hedges are recorded in accumulated other comprehensive income ("AOCI") on the consolidated balance sheet when in qualifying relationships and are reclassified to interest expense when the forecasted transaction takes place. Ineffective changes, if any, and changes in the fair value of derivatives that are not designated as hedges are recorded directly in interest expense and other (income) expense, net, respectively. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 were as follows: Loss Recognized in AOCI (Effective Portion) Loss Reclassified from AOCI into Operations (Effective Portion) Loss Recognized in Operations on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Amounts in thousands) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest Rate Cap Agreement $ — $ — $ — $ — $ — $ (301 ) $ — $ — $ — Interest Rate Swap Agreements (944 ) (2,671 ) (1,604 ) (1,716 ) (1,799 ) (878 ) (45 ) — — Total $ (944 ) $ (2,671 ) $ (1,604 ) $ (1,716 ) $ (1,799 ) $ (1,179 ) $ (45 ) $ — $ — As of December 31, 2016 , approximately $0.8 million of unrealized losses associated with the Interest Rate Swap Agreements are expected to be reclassified from AOCI to operations during the next twelve months. Transactions and events expected to occur over the next twelve months that will necessitate reclassifying these unrealized losses to operations are the periodic interest payments that are required to be made on the Amended and Restated Term Loan B. For the year ended December 31, 2016 , we recorded a nominal amount of hedge ineffectiveness for the Interest Rate Swap Agreements. |
Long-Term Indebtedness
Long-Term Indebtedness | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Indebtedness | Long-Term Indebtedness Credit Facility On December 20, 2011, we entered into a $1,135.0 million credit agreement (the "2011 Credit Facility") with several lenders including Wells Fargo Bank National Association, as administrative agent, and related loan and security documentation agents. The 2011 Credit Facility was comprised of a 5 -year $200.0 million revolving credit loan facility (the "Revolving Loan"), a 5 -year $75.0 million Tranche A Term Loan facility ("Term Loan A") and a 7 -year $860.0 million Tranche B Term Loan facility ("Term Loan B" and together with the Term Loan A, the "Term Loans"). In certain circumstances, the Term Loan B could be increased by $300.0 million . The proceeds from the $935.0 million Term Loans were used, along with $15.0 million of existing cash, to retire the $950.0 million senior term loan from the prior facility. Interest on the 2011 Credit Facility accrued based on pricing rates corresponding with the senior secured leverage ratios of Six Flags Theme Parks Inc. ("SFTP") as set forth in the credit agreement. On December 21, 2012, we entered into an amendment to the 2011 Credit Facility (the "2012 Credit Facility Amendment") that among other things, permitted us to (i) issue $800.0 million of senior unsecured notes (see 2021 Notes below), (ii) use $350.0 million of the proceeds of the senior unsecured notes to repay the $72.2 million that was outstanding under the Term Loan A and $277.8 million of the outstanding balance of the Term Loan B, (iii) use the remaining $450.0 million of proceeds for share repurchases and other corporate matters and (iv) reduce the interest rate payable on the Term Loan B by 25 basis points. On December 23, 2013, we entered into an amendment to the 2011 Credit Facility (the "2013 Credit Facility Amendment") that reduced the overall borrowing rate on the Term Loan B by 50 basis points through (i) a 25 basis point reduction in the applicable margin from 3.00% plus LIBOR to 2.75% plus LIBOR and (ii) a 25 basis point reduction in the minimum LIBOR rate from 1.00% to 0.75% . Additionally, the 2013 Credit Facility Amendment permitted us to use up to $200.0 million of our excess cash on hand, over time, for general corporate purposes, including potential share repurchases. In connection with the 2013 Credit Facility Amendment, we capitalized $2.4 million of debt issuance costs directly associated with the issuance of the amendment. Additionally, we recorded a $0.8 million loss on debt extinguishment for the year ended December 31, 2013 as portions of the Term Loan B were retired and subsequently repurchased by certain lenders as a part of the 2013 Credit Facility Amendment. On June 30, 2015, we amended and restated the 2011 Credit Facility (as amended by the 2012 Credit Facility Amendment and the 2013 Credit Facility Amendment, the "Amended and Restated Credit Facility"). The Amended and Restated Credit Facility is comprised of a $250.0 million revolving credit loan facility (the "Amended and Restated Revolving Loan") and a $700.0 million Tranche B Term Loan facility (the "Amended and Restated Term Loan B"). Additionally, the Amended and Restated Credit Facility increased the additional flexibility under the Amended and Restated Term Loan B to $350.0 million . In connection with entering into the Amended and Restated Credit Facility, we repaid the outstanding Term Loan B and we recognized a loss on debt extinguishment of $6.6 million , and capitalized $11.4 million of debt issuance costs directly associated with the issuance of the amendment. The remaining proceeds from the Amended and Restated Credit Facility were used for share repurchases and payment of refinancing fees. On June 16, 2016, we entered into an amendment to the Amended and Restated Credit Facility that reduced the overall borrowing rate on the Amended and Restated Term Loan B by 25 basis points through a reduction in the applicable margin from 2.75% plus LIBOR to 2.50% plus LIBOR . We capitalized $1.0 million of debt issuance costs directly associated with the issuance of this amendment. Additionally, we used $150.0 million of the proceeds from the issuance of the 2024 Notes discussed below to reduce our borrowings under the Amended and Restated Term Loan B and recognized a loss on debt extinguishment of $2.4 million . The paydown of borrowings under the Amended and Restated Term Loan B eliminated any required quarterly amortization payments thereunder until its final maturity on June 30, 2022. On December 20, 2016, we entered into an amendment to the Amended and Restated Credit Facility that reduced the overall borrowing rate on the Amended and Restated Term Loan B by 25 basis points through a reduction in the applicable margin from 2.50% plus LIBOR to 2.25% plus LIBOR , with the elimination of the minimum LIBOR rate requirement. We capitalized a nominal amount of debt issuance costs directly associated with the issuance of this amendment and recognized a loss on debt extinguishment of $0.5 million . As of December 31, 2016 and 2015 , no advances under the Amended and Restated Revolving Loan were outstanding (excluding amounts reserved for letters of credit in the amount of $19.7 million and $20.1 million , respectively). Interest on the Amended and Restated Revolving Loan accrues at an annual rate of LIBOR plus an applicable margin with an unused commitment fee based on our senior secured leverage ratio. As of December 31, 2016 and 2015 , the Amended and Restated Revolving Loan unused commitment fee was 0.375% . The principal amount of the Amended and Restated Revolving Loan is due and payable on June 30, 2020. As of December 31, 2016 and 2015 , $544.8 million and $696.5 million was outstanding under the Amended and Restated Term Loan B, respectively. Interest on the Amended and Restated Term Loan B accrues at an annual rate of LIBOR plus an applicable margin, based on our consolidated leverage ratio. In April 2014, we entered into the Interest Rate Swap Agreements with a notional amount of $200.0 million to mitigate the risk of an increase in the LIBOR interest rate above the 0.75% minimum LIBOR rate in effect on the Term Loan B. The Interest Rate Swap Agreements continue to mitigate an increase in the LIBOR rate in effect on the Amended and Restated Term Loan B. See Note 6 for further discussion. As of December 31, 2016 and 2015 , the applicable interest rate on the Amended and Restated Term Loan B was 3.16% and 3.50% , respectively. Beginning on September 30, 2015, the Amended and Restated Term Loan B became payable in equal quarterly installments of $1.8 million , but the $150.0 million prepayment with proceeds from the 2024 Notes discussed below was applied to the quarterly amortization payments and eliminated the future quarterly amortization payments until maturity. All remaining outstanding principal of the Amended and Restated Term Loan B is due and payable on June 30, 2022. Amounts outstanding under the Amended and Restated Credit Facility are guaranteed by Holdings, Six Flags Operations Inc. ("SFO") and certain of the domestic subsidiaries of SFTP (collectively, the "Loan Parties"). The Amended and Restated Credit Facility is secured by a first priority security interest in substantially all of the assets of the Loan Parties. The Amended and Restated Credit Facility agreement contains certain representations, warranties, affirmative covenants and financial covenants (specifically, (i) a minimum interest coverage covenant and (ii) a maximum senior leverage maintenance covenant). In addition, the Amended and Restated Credit Facility agreement contains restrictive covenants that, subject to certain exceptions, limit or restrict, among other things, the incurrence of indebtedness and liens, fundamental changes, restricted payments, capital expenditures, investments, prepayments of certain indebtedness, transactions with affiliates, changes in fiscal periods, modifications of certain documents, activities of the Company and SFO and hedging agreements, subject, in each case, to certain carve-outs. 2021 Notes and 2024 Notes On December 21, 2012, Holdings issued $800.0 million of 5.25% senior unsecured notes due January 15, 2021 (the "2021 Notes"). The proceeds from the 2021 Notes were used to repay the $72.2 million that was outstanding under the Term Loan A and to repay $277.8 million of the outstanding balance of the Term Loan B. The remaining proceeds were used for share repurchases. Interest payments of $21.0 million are due semi-annually on January 15 and July 15 (except in 2013 when we only made one interest payment of $22.3 million on July 15 and in 2021 when we will only make one payment of $21.0 million on January 15). On June 16, 2016, Holdings issued $300.0 million of 4.875% senior unsecured notes due July 31, 2024 (the "2024 Notes"). We capitalized $4.7 million of debt issuance costs directly associated with the issuance of the 2024 Notes. We used approximately $150.0 million of the proceeds from the issuance of the 2024 Notes to reduce our borrowings under the Amended and Restated Term Loan B. We intend to use the remaining net proceeds of the sale of the 2024 Notes for general corporate and working capital purposes, which we expect to primarily include repurchases of our common stock from time to time, subject to compliance with our financing agreements, and to the extent we do not use such net proceeds for that purpose, we may use such amounts for strategic initiatives that we may undertake from time to time. Interest payments of $7.3 million are due semi-annually on January 31 and July 31 of each year, with the exception of the first payment on January 31, 2017, which was $9.1 million . The 2021 Notes and the 2024 Notes are guaranteed by the Loan Parties. The 2021 Notes and the 2024 Notes contain restrictive covenants that, subject to certain exceptions, limit or restrict, among other things, the ability of the Loan Parties to incur additional indebtedness, create liens, engage in mergers, consolidations and other fundamental changes, make investments, engage in transactions with affiliates, pay dividends and repurchase capital stock. The 2021 Notes and the 2024 Notes contain certain events of default, including payment, breaches of covenants and representations, cross defaults to other material indebtedness, judgment, and changes of control and bankruptcy events of default. HWP Refinance Loan On November 5, 2007, HWP entered into a $33.0 million term loan (the "Refinance Loan"). Borrowings under the Refinance Loan bear interest at 6.72% . Monthly payments of principal and interest of $0.2 million are payable through November 1, 2017. On December 1, 2017, all unpaid principal and interest is due and payable. Due to significant early pre-payment penalties under the Refinance Loan, we do not currently intend to pre-pay the Refinance Loan prior to its scheduled maturity. HWP is subject to various covenants under the Refinance Loan that place certain restrictions limiting or prohibiting engaging in certain types of transactions. Pursuant to the Refinance Loan, HWP deposited into escrow $3.9 million and $3.0 million as of December 31, 2016 and 2015 , respectively, and will make additional monthly deposits to cover annual amounts owed for insurance, taxes and furniture, fixture and equipment purchases. Long-Term Indebtedness Summary As of December 31, 2016 and 2015 , long-term debt consisted of the following: December 31, (Amounts in thousands) 2016 2015 Amended and Restated Term Loan B $ 544,750 $ 696,500 2024 Notes 300,000 — 2021 Notes 800,000 800,000 HWP Refinance Loan 29,161 29,667 Net discount (2,192 ) (3,281 ) Deferred financing costs (18,072 ) (17,358 ) Long-term debt 1,653,647 1,505,528 Less current portion (29,161 ) (7,506 ) Total long-term debt $ 1,624,486 $ 1,498,022 As of December 31, 2016 , annual maturities of long-term debt, assuming no acceleration of maturities, were as follows: (Amounts in thousands) For the year ending December 31: 2017 $ 29,161 2018 — 2019 — 2020 — 2021 800,000 2022 and thereafter 844,750 $ 1,673,911 |
Selling, General and Administra
Selling, General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2016 | |
Selling, General and Administrative Expenses | |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses comprised the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Park $ 124,019 $ 119,411 $ 122,322 Corporate 167,775 115,399 188,633 Total selling, general and administrative expenses $ 291,794 $ 234,810 $ 310,955 Corporate, selling, general and administrative expense includes stock-based compensation of $116.3 million , $56.2 million and $140.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Stock Benefit Plans (Notes)
Stock Benefit Plans (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Benefit Plans | Stock Benefit Plans Pursuant to the Long-Term Incentive Plan, Holdings may grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, deferred stock units, performance and cash-settled awards and dividend equivalents to select employees, officers, directors and consultants of Holdings and its affiliates. In May 2015, our stockholders approved an amendment to the Long-Term Incentive Plan that increased the number of shares available for issuance under the Long-Term Incentive Plan by 5,000,000 shares. During the years ended December 31, 2016 , 2015 and 2014 , stock-based compensation expense related to the Long-Term Incentive Plan was $116.0 million , $55.9 million and $139.8 million , respectively. As of December 31, 2016 , options to purchase approximately 5,679,000 shares of common stock of Holdings and approximately 10,000 shares of restricted stock or restricted stock units were outstanding under the Long-Term Incentive Plan and approximately 1,724,000 shares were available for future grant. Stock Options Options granted under the Long-Term Incentive Plan are designated as either incentive stock options or non-qualified stock options. Options are generally granted with an exercise price equal to the fair market value of the common stock of Holdings on the date of grant. While certain stock options are subject to acceleration in connection with a change in control, options are generally cumulatively exercisable in four equal annual installments commencing one year after the date of grant with a ten -year term. Generally, the unvested portion of stock option awards is forfeited upon termination of employment. Stock option compensation is recognized over the vesting period using the graded vesting terms of the respective grant. The estimated fair value of the majority of our options granted was calculated using the Black-Scholes option pricing valuation model. This model takes into account several factors and assumptions. The risk-free interest rate is based on the yield on United States Treasury zero-coupon issues with a remaining term equal to the expected term assumption at the time of grant. Prior to 2015, the simplified method was used to calculate the expected term (estimated period of time outstanding) because our historical data from our pre-confirmation equity grants was not representative or sufficient to be used to develop an expected term assumption. Beginning in 2015, we have sufficient historical data to develop an expected term assumption and we calculated the expected term using a mid-point scenario with a one-year grant date filter to exclude grants for which vesting could not have yet occurred. Expected volatility of options granted prior to 2013 was based on the historical volatility of similar companies' common stock for a period equal to the stock option's expected term, calculated on a daily basis. Expected volatility of options granted in 2013 and 2014 was based two-thirds on the historical volatility of similar companies' common stock and one-third on our historical volatility for a period equal to the stock option's expected term, calculated on a daily basis. Beginning in 2015, expected volatility is based three-fourths on the term-matching historical volatility of our stock and one-fourth on the weighted-average implied volatility based on forward-looking pricing data on exchange-traded options for our stock. The expected dividend yield is based on our current quarterly dividend and a three-month average stock price. The fair value of stock options on the date of grant is expensed on a straight line basis over the requisite service period of the graded vesting term as if the award was, in substance, multiple awards. The following weighted-average assumptions were utilized in the Black-Scholes model to value the stock options granted during the years ended December 31, 2016 , 2015 and 2014 : December 31, 2016 December 31, 2015 December 31, 2014 CEO Employees CEO Employees CEO Employees Risk-free interest rate 1.05 % 1.00 % 1.80 % 1.13 % 1.96 % 1.96 % Expected life (in years) 3.85 3.85 6.25 3.91 6.25 6.25 Expected volatility 24.30 % 23.17 % 36.04 % 24.85 % 38.69 % 38.81 % Expected dividend yield 4.47 % 4.15 % 4.28 % 4.46 % 4.78 % 4.87 % The following table summarizes stock option activity for the year ended December 31, 2016 : (Amounts in thousands, expect per share data) Shares Weighted Avg. Exercise Price ($) Weighted Avg. Remaining Contractual Term Aggregate Intrinsic Value ($) Balance at December 31, 2015 5,862 $ 30.89 Granted 1,324 $ 50.93 Exercised (1,355 ) $ 25.60 Canceled or exchanged — $ — Forfeited (152 ) $ 38.40 Expired — $ — Balance at December 31, 2016 5,679 $ 36.63 7.28 $ 132,508 Vested and expected to vest at December 31, 2016 5,487 $ 36.33 7.23 $ 129,643 Options exercisable at December 31, 2016 2,474 $ 26.59 5.73 $ 82,574 The weighted average grant date fair value of the options granted during the years ended December 31, 2016 , 2015 and 2014 was $5.84 , $6.14 and $8.86 , respectively. The total intrinsic value of options exercised for the years ended December 31, 2016 , 2015 and 2014 was $37.8 million , $51.1 million and $70.1 million , respectively. The total fair value of options that vested during the years ended December 31, 2016 , 2015 and 2014 was $10.7 million , $13.9 million and $19.8 million , respectively. As of December 31, 2016 , there was $10.4 million of unrecognized compensation expense related to option awards. The weighted-average period over which that cost is expected to be recognized is 2.74 years. Cash received from the exercise of stock options during the years ended December 31, 2016 , 2015 and 2014 was $34.7 million , $39.0 million and $37.7 million , respectively. Stock, Restricted Stock and Restricted Stock Units Stock, restricted stock and restricted stock units granted under the Long-Term Incentive Plan may be subject to transfer and other restrictions as determined by the compensation committee of Holdings' Board of Directors. Generally, the unvested portion of restricted stock and restricted stock unit awards is forfeited upon termination of employment. The fair value of stock, restricted stock and restricted stock unit awards on the date of grant is expensed on a straight line basis over the requisite service period of the graded vesting term as if the award was, in substance, multiple awards. During the year ended December 31, 2011, a performance award was established based on our goal to achieve Modified EBITDA of $500 million by 2015 (the "2015 Performance Award"). "Modified EBITDA” is defined as the Company’s consolidated income from continuing operations: excluding the cumulative effect of changes in accounting principles; discontinued operations gains or losses; income tax expense or benefit; restructure costs or recoveries; reorganization items (net); other income or expense; gain or loss on early extinguishment of debt; equity in income or loss of investees; interest expense (net); gain or loss on disposal of assets; gain or loss on the sale of investees; amortization; depreciation; stock-based compensation; and fresh start accounting valuation adjustments. Based on the results of operations for the years ended December 31, 2014 and 2015 , the 2015 Performance Award was issued, resulting in the issuance of 1,511,100 shares and 1,314,000 shares, plus associated DERs, in February 2015 and 2016, respectively. During the twelve months ended December 31, 2016 , we recognized a reduction in stock-based compensation expense of $1.6 million as a result of the decline in the closing market price of Holdings' common stock on the date of issuance in February 2016 relative to December 31, 2015 . During the year ended December 31, 2014, a performance award was established based on our goal to achieve Modified EBITDA of $600 million by 2017 (the "2017 Performance Award"). If the target is achieved in 2017, an aggregate payout under this award to key employees would be approximately 2,300,000 shares but could be more or fewer shares depending on the level of achievement and the timing thereof. During the third quarter of 2016, it was determined that achievement of the Modified EBITDA performance target is probable by 2017, primarily based on the success of our fall sales campaign for 2017 season passes, memberships and all-season dining pass sales, as well as a growth in deferred revenue along with growth in our business once weather normalized in the second half of the third quarter. As such, in accordance with FASB ASC Topic 718, Stock Compensation, we have accrued $91.4 million , plus an additional $11.0 million for the associated DERs, for stock-based compensation expense related to the 2017 Performance Award as of December 31, 2016 . Based on the closing market price of Holdings' common stock on the last trading day of the quarter ended December 31, 2016 , the total unrecognized compensation expense related to the 2017 Performance Award was $44.5 million , plus approximately $5.8 million for the associated DERs, that will be expensed over the remaining service period. During the year ended December 31, 2016, an additional performance award was established based on our aspirational goal to achieve Modified EBITDA of $750 million by 2020 (the "2020 Performance Award"). The aggregate payout under the performance award to key employees if the target is achieved in 2020 would be 900,000 shares plus associated DERs but could be more or less depending on the level of achievement and the timing thereof. There has been no stock-based compensation expense recorded for this performance award because it is not deemed probable that we will achieve the specified performance targets as of December 31, 2016. Based on the closing market price of Holdings' common stock on the last trading day of the quarter ended December 31, 2016, the total unrecognized compensation expense related to this award at target achievement in 2020 is $54.0 million that will be expensed over the service period if it becomes probable of achieving the performance condition. We will continue to evaluate the probability of achieving the performance condition going forward and record the appropriate expense if necessary The following table summarizes stock, restricted stock and restricted stock unit activity for the year ended December 31, 2016 : (Amounts in thousands, except per share amounts ) Shares Weighted Average Grant Date Fair Value Per Share ($) Non-vested balance at December 31, 2015 14 $ 46.60 Granted 1,326 $ 51.46 Vested (1,330 ) $ 51.35 Forfeited — $ — Canceled — $ — Non-vested balance at December 31, 2016 10 $ 58.46 The weighted average grant date fair value per share of stock awards granted during the years ended December 31, 2016 , 2015 and 2014 was $51.46 , $46.31 and $41.14 , respectively. The total grant date fair value of the stock awards granted was $68.2 million , $70.7 million and $0.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The total fair value of stock awards that vested during the years ended December 31, 2016 , 2015 and 2014 was $68.3 million , $70.6 million and $3.9 million , respectively. Exclusive of the unrecognized stock-based compensation expense related to the 2017 Performance Award and the 2020 Performance Award discussed above, there was $0.2 million of total unrecognized stock-based compensation expense related to stock, restricted stock and restricted stock units as of December 31, 2016 that is expected to be recognized over a weighted-average period of 0.25 years. Deferred Share Units Non-employee directors can elect to receive the value of their annual cash retainer as a deferred share unit award ("DSU") under the Long-Term Incentive Plan whereby the non-employee director is granted DSUs in an amount equal to such director's annual cash retainer divided by the closing price of Holdings' common stock on the date of the annual stockholders meeting. Each DSU represents Holdings' obligation to issue one share of common stock. The shares are delivered approximately thirty days following the cessation of the non-employee director's service as a director of Holdings'. DSUs vest consistent with the manner in which non-employee directors' cash retainers are paid. The fair value of the DSUs on the date of grant is expensed on a straight line basis over the requisite service period. During each of the years ended December 31, 2016 , 2015 and 2014 , approximately 3,000 DSUs were granted at a weighted-average grant date fair value of $54.16 , $46.60 and $41.14 per DSU, respectively. The total grant date fair value of DSUs granted was $0.2 million during the year ended December 31, 2016 and $0.1 million during the years ended December 31, 2015 and 2014 . As of December 31, 2016 , there was no unrecognized compensation expense related to the outstanding DSUs. Dividend Equivalent Rights On February 8, 2012, Holdings' Board of Directors granted DERs to holders of unvested stock options, at which time, approximately 10.0 million unvested stock options were outstanding. The DERs accrue dividends as of the record date of each of Holdings' dividends that will be distributed to stock option holders upon the vesting of their stock option award. Holdings will distribute the accumulated accrued dividends pursuant to the DERs in either cash or shares of common stock. Generally, holders of stock options for fewer than 1,000 shares of stock will receive their accumulated accrued dividends in cash and holders of stock options for 1,000 shares of stock or greater will receive their accumulated accrued dividends in shares of common stock. In addition, Holdings' Board of Directors granted similar DERs payable in shares of common stock if and when any shares are granted under the 2015 Performance Award, the 2017 Performance Award and the 2020 Performance Award. Holdings' Board of Directors granted approximately 1.3 million , 1.2 million and 1.7 million additional options to the majority of full-time employees of the Company as well as DERs in connection with such options during the years ended December 31, 2016 , 2015 and 2014 , respectively. Exclusive of stock-based compensation recognized for the DER grants associated with the 2015 Performance Award and 2017 Performance Award discussed above, we recorded stock-based compensation for DER grants of $5.1 million , $4.5 million and $6.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Employee Stock Purchase Plan The Six Flags Entertainment Corporation Employee Stock Purchase Plan (the "ESPP") allows eligible employees to purchase Holdings' common stock at 90% of the lower of the market value of the common stock at the beginning or end of each successive six-month offering period. Amounts accumulated through participants' payroll deductions ("purchase rights") are used to purchase shares of common stock at the end of each purchase period. Pursuant to the ESPP, no more than 2,000,000 shares of common stock of Holdings may be issued. Holdings' common stock may be issued by either authorized and unissued shares, treasury shares or shares purchased on the open market. As of December 31, 2016 , we had 1,775,000 shares available for purchase pursuant to the ESPP In accordance with FASB ASC Topic 718, Stock Based Compensation , stock-based compensation related to purchase rights is recognized based on the intrinsic value of each respective six-month ESPP offering period. As of December 31, 2016 and 2015 , no purchase rights were outstanding under the ESPP. Stock-based compensation expense consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Long-Term Incentive Plan $ 116,028 $ 55,862 $ 139,788 Employee Stock Purchase Plan 311 371 250 Total stock-based compensation $ 116,339 $ 56,233 $ 140,038 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The following table and accompanying information present the estimated fair values and classifications of our financial instruments in accordance with FASB ASC Topic 820, Fair Value Measurement , as of December 31, 2016 and 2015 : As of December 31, 2016 December 31, 2015 (Amounts in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets (liabilities): Restricted-use investment securities $ 3,926 $ 3,926 $ 3,036 $ 3,036 Interest Rate Swap Agreements liabilities (871 ) (871 ) (1,598 ) (1,598 ) Long-term debt (including current portion) (1,653,647 ) (1,679,525 ) (1,505,528 ) (1,510,304 ) The following methods and assumptions were used to estimate the fair value of each class of financial instruments: • The carrying values of cash and cash equivalents, accounts receivable, notes receivable, accounts payable and accrued liabilities approximate fair value because of the short maturity of these instruments. • Restricted-use investment securities consist of interest bearing bank accounts for which their carrying value approximates their fair value because of their short term maturity. The measurement of restricted-use investment securities is considered a Level 2 fair value measurement. • The measurement of the fair value of derivative assets and liabilities is based on market prices that generally are observable for similar assets and liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement. Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the balance sheet date are included in prepaid and other current assets and other accrued liabilities, respectively. Derivative assets and liabilities that have maturity dates greater than twelve months from the balance sheet date are included in deposits and other assets and other long-term liabilities, respectively. See Note 6 for additional information on our derivative instruments and related Company policies. • The measurement of the fair value of long-term debt is based on market prices that generally are observable for similar liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table summarizes the domestic and foreign components of income from continuing operations before income taxes for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Domestic $ 216,205 $ 238,416 $ 145,622 Foreign 17,061 24,808 14,389 Income from continuing operations before income taxes $ 233,266 $ 263,224 $ 160,011 The following table summarizes the components of income tax expense (benefit) from continuing operations for the years ended December 31, 2016 , 2015 and 2014 : (Amounts in thousands) Current Deferred Total 2016: U.S. federal $ (41 ) $ 57,950 $ 57,909 Foreign 6,206 (427 ) 5,779 State and local 7,088 5,763 12,851 Income tax expense $ 13,253 $ 63,286 $ 76,539 2015: U.S. federal $ (119 ) $ 61,583 $ 61,464 Foreign 9,656 (2,399 ) 7,257 State and local 6,336 (4,688 ) 1,648 Income tax expense $ 15,873 $ 54,496 $ 70,369 2014: U.S. federal $ (57 ) $ 31,757 $ 31,700 Foreign 6,260 46 6,306 State and local 7,028 1,488 8,516 Income tax expense $ 13,231 $ 33,291 $ 46,522 Recorded income tax expense allocated to income from continuing operations differed from amounts computed by applying the U.S. federal income tax rate of 35% to income before income taxes and discontinued operations as a result of the following: Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Computed "expected" federal income tax expense $ 81,643 $ 92,128 $ 56,004 Effect of noncontrolling interest income distribution (13,449 ) (13,358 ) (13,114 ) Change in valuation allowance 648 896 1,413 Effect of state and local income taxes, net of federal tax benefit 8,353 1,072 5,535 Nondeductible compensation 2,127 435 2,271 Effect of foreign income taxes 380 741 635 Effect of foreign earnings earned and remitted in the same year 6,000 5,155 11,126 Effect of foreign tax credits (9,405 ) (4,432 ) (15,571 ) Effect of change in accounting method related to recoverable bankruptcy costs — (9,603 ) — Effect of additional basis due to amended returns, net of NOL reduction — — (3,532 ) Other, net 242 (2,665 ) 1,755 Income tax expense $ 76,539 $ 70,369 $ 46,522 In connection with emergence from Chapter 11, the Company's prepetition debt securities, primarily the prepetition notes issued by SFI and SFO, were extinguished. Absent an exception, a debtor recognizes cancellation of debt income ("CODI") upon discharge of its outstanding indebtedness for an amount of consideration that is less than its adjusted issue price. The Internal Revenue Code ("IRC") provides that a debtor in a bankruptcy case may exclude CODI from income but must reduce certain of its tax attributes by the amount of any CODI realized as a result of the consummation of a plan of reorganization. The amount of CODI realized by a taxpayer is the adjusted issue price of any indebtedness discharged less the sum of (i) the amount of cash paid, (ii) the issue price of any new indebtedness issued and (iii) the fair market value of any other consideration, including equity, issued. As a result of the market value of our equity upon emergence from Chapter 11 bankruptcy proceedings, we were able to retain a significant portion of our federal NOLs and state NOLs (collectively, the "Tax Attributes") after reduction of the Tax Attributes for CODI realized on emergence from Chapter 11. As a result of emergence from Chapter 11, the Company's NOLs were reduced by approximately $804.8 million of CODI. Sections 382 and 383 of the IRC impose an annual limitation on the utilization of NOLs and other favorable Tax Attribute carryforwards that a corporation has at the time of a so-called "ownership change" within the meaning of IRC Section 382. The Company's issuance of stock pursuant to its reorganization under Chapter 11 resulted in such an ownership change. The limitation amount is the product of the value of the Company, computed under special rules that apply to a bankruptcy reorganization, and a published rate that applied for the month the Company emerged from Chapter 11. The Company's limitation amount is approximately $32.5 million for each year to which NOLs and other Tax Attribute carryforwards that existed at emergence are carried, increased by the portion of the net built-in income and gain that existed at emergence and that IRS pronouncements permit a taxpayer to treat as recognized during the five year period following the ownership change. This has allowed the Company to increase its annual limitation by approximately $696.0 million through the end of 2015. Annual limitation amounts accumulate for future use to the extent they are not utilized in a given year. As a result of the Section 382 limitation, the Company may have a cash tax liability in future years even though its deferred tax assets have not been exhausted. A subsequent ownership change could further limit the Company's utilization of NOLs and other Tax Attributes if a smaller limitation resulted from the subsequent ownership change or applied to NOLs and other Tax Attributes accumulated after emergence from Chapter 11. Substantially all of our future taxable temporary differences (deferred tax liabilities) relate to the different financial accounting and tax depreciation methods and periods for property and equipment ( 20 to 25 years for financial reporting purposes and 7 to 12 years for tax reporting purposes) and intangibles. Our net operating loss carryforwards, foreign tax credits, alternative minimum tax credits, accrued insurance expenses and deferred compensation amounts represent future income tax benefits (deferred tax assets). The following table summarizes the components of deferred income tax assets and deferred tax liabilities as of December 31, 2016 and 2015 : December 31, (Amounts in thousands) 2016 2015 Deferred tax assets $ 312,349 $ 362,733 Less: Valuation allowance 92,272 88,398 Net deferred tax assets 220,077 274,335 Deferred tax liabilities 419,357 414,608 Net deferred tax liability $ 199,280 $ 140,273 December 31, (Amounts in thousands) 2016 2015 Deferred tax assets: Federal net operating loss carryforwards $ 40,352 $ 106,418 State net operating loss carryforwards 96,356 96,811 Deferred compensation 50,067 41,241 Foreign tax credits 46,795 37,390 Alternative minimum tax credits 6,591 6,591 Accrued insurance, pension liability and other 72,188 74,282 Total deferred tax assets $ 312,349 $ 362,733 Deferred tax liabilities: Property and equipment $ 294,050 $ 288,504 Intangible assets and other 125,307 126,104 Total deferred tax liabilities $ 419,357 $ 414,608 In addition to the net operating losses recognized under financial accounting principles and included in deferred income tax assets in the above table, we had approximately $272.8 million of income tax deductions related to share-based payments that are in excess of the amount recognized in the accompanying financial statements as of December 31, 2016 . When these benefits are realized in our tax returns as a reduction of taxes that otherwise would have been required to be paid in cash, then, in accordance with FASB ASC Topic 718, Compensation - Stock Compensation , we will recognize these excess benefits as an increase in additional paid in capital on an after-tax basis, which at current income tax rates would approximate $98.7 million . We use the "with and without" method when determining when excess tax benefits have been realized. As of December 31, 2016 and 2015 , we had approximately $6.6 million of alternative minimum tax credits that have no expiration date. As of December 31, 2016 , we had approximately $0.2 billion and $4.2 billion of net operating loss carryforwards available for U.S. federal income tax and state income tax purposes, respectively, that expire through 2030 and 2035, respectively. We have recorded a valuation allowance of $92.3 million and $88.4 million as of December 31, 2016 and 2015 , respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets before they expire. The valuation allowance at December 31, 2016 and December 31, 2015 was based on our inability to use state deferred tax assets related to NOLs that were generated in states where we no longer do business or where we have consistently not generated taxable income. During the year ended December 31, 2014, certain of these fully valued deferred tax assets related to NOL carryforwards were written off or written down as a result of changes in state tax laws. In particular, fully valued NOL carryforwards related to past operations in Ohio were written off since our operations in that state are no longer subject to corporate income tax in that state. Additionally, due to a change in New York tax law, certain NOL carryforwards were converted from pre-apportionment NOL carryforwards to post-apportionment NOL carryforwards, resulting in a write down of these fully valued NOLs in 2015. In conjunction with each of these changes, a corresponding reduction in valuation allowance was recorded. These changes did not impact our results of operations. The change in valuation allowance attributable to income from continuing operations, discontinued operations and other comprehensive loss and equity is presented below: Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Continuing operations $ 648 $ 896 $ 1,413 Discontinued operations — — (207 ) Total change in valuation allowance $ 648 $ 896 $ 1,206 Our unrecognized tax benefit as of December 31, 2016 and 2015 was $44.6 million and $43.9 million , respectively. We classify interest and penalties attributable to income taxes as part of income tax expense. Due to the Company's NOL position, we have not accrued any penalties and interest. |
Preferred Stock, Common Stock a
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) | Preferred Stock, Common Stock and Other Stockholders' Equity Common Stock As of December 31, 2016 , the number of authorized shares of common stock was 140,000,000 shares, of which 90,849,428 shares were outstanding, 1,724,000 shares were reserved for future issuance through our Long-Term Incentive Plan, and 1,775,000 shares were reserved for future issuance through the ESPP. Pursuant to the ESPP, Holdings' common stock may be issued by either authorized and unissued shares, treasury shares or shares purchased on the open market. On November 20, 2013, Holdings' Board of Directors approved a new stock repurchase program that permitted Holdings to repurchase up to $500.0 million in shares of Holdings' common stock over a four -year period (the "November 2013 Stock Repurchase Plan"). Holdings fully utilized the availability under the November 2013 Stock Repurchase Plan by August 2016. Throughout the program, Holdings repurchased 11,428,000 shares at a cumulative price of approximately $500.0 million and an average price per share of $43.75 . On June 7, 2016, Holdings announced that its Board of Directors approved a new stock repurchase program that permits Holdings to repurchase an incremental $500.0 million in shares of Holdings' common stock (the "June 2016 Stock Repurchase Plan"). As of February 16, 2017 , Holdings had repurchased 2,790,000 shares at a cumulative price of approximately $157.8 million and an average price per share of $56.56 under the June 2016 Stock Repurchase Plan, leaving approximately $342.2 million available for permitted repurchases. During the years ended December 31, 2016 , 2015 and 2014 , Holdings' Board of Directors declared and paid quarterly cash dividends per share of common stock as follows: Dividends Paid Per Share 2016: Fourth Quarter $ 0.64 Third Quarter $ 0.58 Second Quarter $ 0.58 First Quarter $ 0.58 2015: Fourth Quarter $ 0.58 Third Quarter $ 0.52 Second Quarter $ 0.52 First Quarter $ 0.52 2014: Fourth Quarter $ 0.52 Third Quarter $ 0.47 Second Quarter $ 0.47 First Quarter $ 0.47 Preferred Stock As of December 31, 2016 , the number of authorized shares of preferred stock was 5,000,000 , none of which have been issued or reserved for future issuance. The authorization of preferred shares empowers Holdings' Board of Directors, without further stockholder approval, to issue preferred shares with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of the holders of Holdings' common stock. If issued, the preferred stock could also dilute the holders of Holdings' common stock and could be used to discourage, delay or prevent a change of control. Accumulated Other Comprehensive (Loss) Income The balances for each component of accumulated other comprehensive (loss) income are as follows: Currency Translation Adjustment Cash Flow Hedges Defined Benefit Plans Income Taxes Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2013 $ (1,710 ) $ (301 ) $ (19,705 ) $ (10,981 ) $ (32,697 ) Net current period change (10,488 ) (1,604 ) (32,880 ) 17,327 (27,645 ) Amounts reclassified from AOCI — 1,179 — (466 ) 713 Balance as of December 31, 2014 $ (12,198 ) $ (726 ) $ (52,585 ) $ 5,880 $ (59,629 ) Net current period change (12,602 ) (2,671 ) 1,934 4,819 (8,520 ) Amounts reclassified from AOCI — 1,799 879 (1,087 ) 1,591 Balance as of December 31, 2015 $ (24,800 ) $ (1,598 ) $ (49,772 ) $ 9,612 $ (66,558 ) Net current period change (7,142 ) (944 ) 4,881 965 (2,240 ) Amounts reclassified from AOCI — 1,716 931 (1,033 ) 1,614 Balance as of December 31, 2016 $ (31,942 ) $ (826 ) $ (43,960 ) $ 9,544 $ (67,184 ) The Company had the following reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2016 , 2015 and 2014 : Location of Amount of Reclassification from AOCI Reclassification Year Ended December 31, Component of AOCI into Income 2016 2015 2014 (Amounts in thousands) Amortization of loss on interest rate hedge Interest expense $ 1,716 $ 1,799 $ 1,179 Income tax benefit (669 ) (761 ) (466 ) Net of tax $ 1,047 $ 1,038 $ 713 Amortization of deferred actuarial loss and prior service cost Operating expenses $ 931 $ 879 $ — Income tax benefit (364 ) (326 ) — Net of tax $ 567 $ 553 $ — Total reclassifications $ 1,614 $ 1,591 $ 713 |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Benefits | Pension Benefits As part of the acquisition of Former SFEC, we assumed the obligations related to the SFTP Defined Benefit Plan (the "SFTP Benefit Plan"). The SFTP Benefit Plan covered substantially all of SFTP's employees. During 1999, the SFTP Benefit Plan was amended to cover substantially all of our domestic full-time employees. During 2004, the SFTP Benefit Plan was further amended to cover certain seasonal workers, retroactive to January 1, 2003. The SFTP Benefit Plan permits normal retirement at age 65 , with early retirement at ages 55 through 64 upon attainment of 10 years of credited service. The early retirement benefit is reduced for benefits commencing before age 62 . Plan benefits are calculated according to a benefit formula based on age, average compensation over the highest consecutive five -year period during the employee's last ten years of employment and years of service. The SFTP Benefit Plan assets are invested primarily in equity and fixed income securities, as well as alternative investments, such as hedge funds. The SFTP Benefit Plan does not have significant liabilities other than benefit obligations. Under our funding policy, contributions to the SFTP Benefit Plan are determined using the projected unit credit cost method. This funding policy meets the requirements under the Employee Retirement Income Security Act of 1974. We froze our pension plan effective March 31, 2006, pursuant to which most participants no longer earned future pension benefits. Effective February 16, 2009, the remaining participants in the pension plan no longer earned future benefits. Obligations and Funded Status The following table sets forth the change in our benefit plan obligation and fair value of plan assets: Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Change in benefit obligation: Beginning balance $ 223,389 $ 246,653 $ 211,813 Interest cost 8,901 9,116 9,686 Actuarial (gain) loss (828 ) (17,869 ) 40,422 Benefits paid (14,891 ) (14,511 ) (15,268 ) Benefit obligation at end of period $ 216,571 $ 223,389 $ 246,653 Change in fair value of plan assets: Beginning balance $ 173,123 $ 186,131 $ 176,706 Actual return on assets 15,949 (2,767 ) 20,342 Employer contributions 6,000 6,000 6,000 Administrative fees (1,806 ) (1,730 ) (1,649 ) Benefits paid (14,891 ) (14,511 ) (15,268 ) Fair value of plan assets at end of period $ 178,375 $ 173,123 $ 186,131 Employer contributions and benefits paid in the above table include only those amounts contributed directly to, or paid directly from, plan assets. As of December 31, 2016 and 2015 , the SFTP Benefit Plan's projected benefit obligation exceeded the fair value of SFTP Benefit Plan assets resulting in the SFTP Benefit Plan being underfunded by $38.2 million and $50.3 million , respectively. The underfunded amount is recognized in other long-term liabilities in our consolidated balance sheets. We use December 31 as our measurement date. The weighted average assumptions used to determine benefit obligations are as follows: December 31, 2016 2015 Discount rate 3.90 % 4.10 % Rate of compensation increase N/A N/A Net periodic benefit cost and other comprehensive income (loss) The following table sets forth the components of net periodic benefit cost and other comprehensive income (loss): Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Net periodic benefit cost: Service cost $ 2,400 $ 2,000 $ 1,600 Interest cost 8,901 9,116 9,687 Expected return on plan assets (12,490 ) (13,438 ) (12,752 ) Amortization of net actuarial loss 931 879 — Total net periodic benefit $ (258 ) $ (1,443 ) $ (1,465 ) Other comprehensive income (loss): Current year actuarial gain (loss) $ 4,881 $ 1,934 $ (32,880 ) Recognized net actuarial loss 931 879 — Total other comprehensive gain (loss) $ 5,812 $ 2,813 $ (32,880 ) As of December 31, 2016 and 2015 , we have recorded $43.6 million (net of tax benefit of $0.3 million ) and $47.2 million (net of tax benefit of $2.6 million ) in accumulated other comprehensive loss in our consolidated balance sheets, respectively. We anticipate that $0.8 million will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2017 . The weighted average assumptions used to determine net costs are as follows: Year Ended December 31, 2016 2015 2014 Discount rate 4.10 % 3.80 % 4.70 % Rate of compensation increase N/A N/A N/A Expected return on plan assets 7.25 % 7.25 % 7.25 % Corridor 10.00 % 10.00 % 10.00 % Average future life expectancy (in years) 27.79 29.39 30.19 The discount rate assumption was developed based on high-quality corporate bond yields as of the measurement date. High quality corporate bond yield indices on over 500 AA high grade bonds are considered when selecting the discount rate. The return on plan assets assumption was developed based on consideration of historical market returns, current market conditions, and the SFTP Benefit Plan's past experience. Estimates of future market returns by asset category are reflective of actual long-term historical returns. Overall, it was projected that the SFTP Benefit Plan could achieve a 7.25% net return over time based on a consistent application of the existing asset allocation strategy and a continuation of the SFTP Benefit Plan's policy of monitoring manager performance. Description of Investment Committee and Strategy The Committee is responsible for managing the investment of SFTP Benefit Plan assets and ensuring that the SFTP Benefit Plan's investment program is in compliance with all provisions of ERISA, other relevant legislation, related SFTP Benefit Plan documents and the Statement of Investment Policy. The Committee has retained several mutual funds, commingled funds and/or investment managers to manage SFTP Benefit Plan assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of the applicable prospectus or other investment manager agreements with the SFTP Benefit Plan. The primary financial objective of the SFTP Benefit Plan is to secure participant retirement benefits. To achieve this, the key objective in the SFTP Benefit Plan's financial management is to promote stability and, to the extent appropriate, growth in funded status. Other related and supporting financial objectives are also considered in conjunction with a comprehensive review of current and projected SFTP Benefit Plan financial requirements. The assets of the fund are invested to achieve the greatest reward for the SFTP Benefit Plan consistent with a prudent level of risk. The asset return objective is to achieve, as a minimum over time, the passively managed return earned by market index funds, weighted in the proportions outlined by the asset class exposures in the SFTP Benefit Plan's long-term target asset allocation. The SFTP Benefit Plan's portfolio may be allocated across several hedge fund styles and strategies. Plan Assets The target allocations for plan assets are 16% domestic equity securities, 48% fixed income securities, 13% international equity securities, and 23% alternative investments. Equity securities primarily include investments in large-cap companies located in the United States and abroad. Fixed income securities include bonds and debentures issued by domestic and foreign private and governmental issuers. Alternative investments are comprised of hedge fund of funds. The following table presents the categories of our plan assets and the related levels of inputs in the fair value hierarchy used to determine the fair value, as defined in Note 2 (c): Fair Value Measurements as of December 31, 2016 (Amounts in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) ASSET CATEGORY: Equity Securities: Large-Cap Disciplined Equity (a) $ 32,365 $ 32,365 $ — $ — Small/Mid-Cap Equity (a) 5,425 5,425 — — International Equity (b) 22,598 22,598 — — Fixed Income: Long Duration Fixed Income (c) 69,583 69,583 — — High Yield (d) 8,918 8,918 — — Emerging Markets Debt (e) 6,360 6,360 — — Alternatives: Hedge Fund of Funds (f) 9,967 — — 9,967 Other Investments (g) (h) 23,159 — — — Fair Value of Plan Assets $ 178,375 $ 145,249 $ — $ 9,967 Fair Value Measurements as of December 31, 2015 (Amounts in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) ASSET CATEGORY: Equity Securities: Large-Cap Disciplined Equity (a) $ 30,693 $ 30,693 $ — $ — Small/Mid-Cap Equity (a) 4,515 4,515 — — International Equity (b) 19,902 19,902 — — Fixed Income: Long Duration Fixed Income (c) 74,073 74,073 — — High Yield (d) 7,587 7,587 — — Emerging Markets Debt (e) 6,055 6,055 — — Alternatives: Hedge Fund of Funds (f) 9,987 — — 9,987 Other Investments (g) (h) 20,311 — — — Fair Value of Plan Assets $ 173,123 $ 142,825 $ — $ 9,987 ________________________________________ (a) These categories are comprised of mutual funds actively traded on the registered exchanges or over the counter markets. The mutual funds are invested in equity securities of U.S. issuers. (b) This category consists of mutual funds invested primarily in equity securities (common stocks, securities that are convertible into common stocks, preferred stocks, warrants and rights to subscribe to common stocks) of non-U.S. issuers purchased in foreign markets. The mutual funds are actively traded on U.S. or foreign registered exchanges, or the over-the-counter markets. (c) The assets are comprised of U.S. Treasury Separate Trading of Registered Interest and Principal of Securities ("U.S. Treasury STRIPS") and mutual funds which are actively traded on the registered exchanges. The mutual funds are invested primarily in high quality government and corporate fixed income securities, as well as synthetic instruments or derivatives having economic characteristics similar to fixed income securities. (d) The high yield portion of the fixed income portfolio consists of mutual funds invested primarily in fixed income securities that are rated below investment grade. The mutual funds are actively traded on the registered exchanges. (e) The emerging debt portion of the portfolio consists of mutual funds primarily invested in the debt securities of government, government-related and corporate issuers in emerging market countries and of entities organized to restructure outstanding debt of such issuers. The mutual funds are actively traded on the registered exchanges. (f) Hedge Fund of Funds consists primarily of investments in underlying hedge funds. Management of the hedge funds has the ability to choose and combine hedge funds in order to target the fund's return objectives. Individual hedge funds hold their assets primarily in investment funds and engage in investment strategies that include temporary or dedicated directional market exposures. (g) This category is comprised of investments in common collective trusts with the underlying assets invested in asset-backed securities, money market funds, corporate bonds and bank notes. The underlying assets are actively traded on the registered exchanges. (h) Common/collective trust investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total fair value of plan assets. The Company has participant redemptions restricted to the last business day of the quarter, with either a 65 or 90 day period redemption notice. The following table represents a rollforward of the December 31, 2016 and 2015 balances of our plan assets that are valued using Level 3 inputs: (Amounts in thousands) Hedge Fund of Funds Balance as of December 31, 2014 $ 10,174 Actual return on plan assets: Relating to assets still held at the reporting date (187 ) Relating to assets sold during the period — Purchases, sales and settlements, net — Balance as of December 31, 2015 9,987 Actual return on plan assets: Relating to assets still held at the reporting date (20 ) Relating to assets sold during the period — Purchases, sales and settlements, net — Balance as of December 31, 2016 $ 9,967 Expected Cash Flows The following table summarizes expected employer contributions and future benefit payments: (Amounts in thousands) Expected contributions to plan trusts 2017 $ 6,000 Total expected contributions $ 6,000 Expected benefit payments: 2017 $ 9,512 2018 10,292 2019 10,722 2020 11,033 2021 11,365 2022 through 2026 61,930 Total expected benefit payments $ 114,854 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to Holdings' common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to Holdings' common stockholders by the weighted average number of common shares outstanding during the period and the effect of all dilutive common stock equivalents. In periods where there is a net loss, diluted loss per common share is equal to basic loss per common share, since the effect of including any common stock equivalents would be antidilutive. For the years ended December 31, 2016 , 2015 and 2014 , the computation of diluted earnings per share included the effect of 2.0 million , 4.4 million and 3.7 million dilutive stock options and restricted stock units, respectively. For the years ended December 31, 2016 , 2015 and 2014 , the computation of diluted earnings per share excluded the effect of 0.4 million , 0.2 million and 1.8 million antidilutive stock options and restricted stock units, respectively. Earnings per common share for the years ended December 31, 2016 , 2015 and 2014 was calculated as follows: For the year ended December 31, (Amounts in thousands, except per share amounts) 2016 2015 2014 Net income attributable to Six Flags Entertainment Corporation common stockholders $ 118,302 $ 154,690 $ 76,022 Weighted-average common shares outstanding—basic 92,349 93,580 94,477 Effect of dilutive stock options and restricted stock units 2,049 4,401 3,662 Weighted-average common shares outstanding—diluted 94,398 97,981 98,139 Earnings per share—basic $ 1.28 $ 1.65 $ 0.80 Earnings per share—diluted $ 1.25 $ 1.58 $ 0.77 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Partnership Parks On April 1, 1998, we acquired all of the capital stock of Former SFEC for $976.0 million , paid in cash. In addition to our obligations under outstanding indebtedness and other securities issued or assumed in the Former SFEC acquisition, we also guaranteed certain contractual obligations relating to the Partnership Parks. Specifically, we guaranteed the obligations of the general partners of those partnerships to (i) make minimum annual distributions (including rent) of approximately $69.7 million in 2017 (subject to cost of living adjustments) to the limited partners in the Partnership Parks (based on our ownership of units as of December 31, 2016 , our share of the distribution will be approximately $30.4 million ) and (ii) make minimum capital expenditures at each of the Partnership Parks during rolling five-year periods, based generally on 6% of the Partnership Parks' revenues. Cash flow from operations at the Partnership Parks is used to satisfy these requirements first, before any funds are required from us. We also guaranteed the obligation of our subsidiaries to annually purchase all outstanding limited partnership units to the extent tendered by the unit holders (the "Partnership Park Put"). The agreed price for units tendered in the Partnership Park Put is based on a valuation of each of the respective Partnership Parks (the "Specified Price") that is the greater of (a) a valuation for each of the respective Partnership Parks derived by multiplying such park's weighted average four year EBITDA (as defined in the agreements that govern the partnerships) by a specified multiple ( 8.0 in the case of SFOG and 8.5 in the case of SFOT) and (b) a valuation derived from the highest prices previously paid for the units of the Partnership Parks by certain entities. Pursuant to the valuation methodologies described in the preceding sentence, the Specified Price for the Partnership Parks, if determined as of December 31, 2016 , is $374.6 million in the case of SFOG and $433.8 million in the case of SFOT. As of December 31, 2016 , we owned approximately 31.0% and 53.1% of the Georgia limited partner interests and Texas limited partner interests, respectively. Our obligations with respect to SFOG and SFOT will continue until 2027 and 2028, respectively. In 2027 and 2028, we will have the option to purchase all remaining units in the Georgia limited partner and the Texas limited partner, respectively, at a price based on the Specified Price, increased by a cost of living adjustment. Pursuant to the 2015 annual offer, we did not purchase any units from the Texas partnership and we purchased 0.5000 units from the Georgia partnership for approximately $1.6 million in May 2015. Pursuant to the 2016 annual offer, we did not purchase any units from the Texas partnership and we purchased 0.0650 units from the Georgia partnership for approximately $0.2 million in May 2016 . As we purchase additional units, we are entitled to a proportionate increase in our share of the minimum annual distributions. The maximum unit purchase obligations for 2016 at both parks aggregated approximately $461.8 million , representing approximately 69.0% of the outstanding units of SFOG and 46.9% of the outstanding units of SFOT. The $350.0 million accordion feature on the Amended and Restated Term Loan B under the Amended and Restated Credit Facility is available for borrowing for future "put" obligations if necessary. In connection with our acquisition of the Former SFEC, we entered into the Subordinated Indemnity Agreement with certain of the Company's entities, Time Warner and an affiliate of Time Warner, pursuant to which, among other things, we transferred to Time Warner (which has guaranteed all of our obligations under the Partnership Park arrangements) record title to the corporations which own the entities that have purchased and will purchase limited partnership units of the Partnership Parks, and we received an assignment from Time Warner of all cash flow received on such limited partnership units, and we otherwise control such entities. In addition, we issued preferred stock of the managing partner of the partnerships to Time Warner. In the event of a default by us under the Subordinated Indemnity Agreement or of our obligations to our partners in the Partnership Parks, these arrangements would permit Time Warner to take full control of both the entities that own limited partnership units and the managing partner. If we satisfy all such obligations, Time Warner is required to transfer to us the entire equity interests of these entities. We incurred $27.8 million of capital expenditures at these parks during the 2016 season and intend to incur approximately $17.0 million of capital expenditures at these parks for the 2017 season, an amount in excess of the minimum required expenditure. Cash flows from operations at the Partnership Parks will be used to satisfy the annual distribution and capital expenditure requirements, before any funds are required from us. The Partnership Parks generated approximately $79.5 million of cash in 2016 from operating activities after deduction of capital expenditures and excluding the impact of short-term intercompany advances from or payments to Holdings. As of December 31, 2016 and 2015 , we had total loans receivable outstanding of $239.3 million from the partnerships that own the Partnership Parks, primarily to fund the acquisition of Six Flags White Water Atlanta, and to make capital improvements and distributions to the limited partners in prior years. Operating Leases We lease under long-term leases the sites of Six Flags Mexico, Six Flags Hurricane Harbor Oaxtepec, La Ronde and a small parcel near Six Flags New England. In certain cases, rent is based upon a percentage of the revenues earned by the applicable park. Under these rent agreements we recognized rental expense of approximately $5.1 million for the years ended December 31, 2016 and 2015 and $6.3 million for the year ended December 31, 2014 . Total rental expense from continuing operations, including office space and park sites, was approximately $12.9 million , $11.9 million and $12.8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Future minimum obligations under non-cancelable operating leases, including site leases, as of December 31, 2016 , are summarized as follows: (Amounts in thousands) For the year ending December 31: 2017 $ 7,267 2018 7,045 2019 7,860 2020 7,471 2021 6,385 2022 and thereafter 125,651 $ 161,679 License Agreements We are party to a license agreement pursuant to which we have the exclusive right on a long term basis to theme park use in the United States and Canada (excluding the Las Vegas, Nevada metropolitan area) of all animated, cartoon and comic book characters that Warner Bros. and DC Comics have the right to license for such use. The license fee is subject to periodic scheduled increases and is payable on a per-theme park basis. In November 1999, we entered into license agreements (collectively, the "International License Agreements") pursuant to which we have the exclusive right on a long term basis to theme parks use in Europe, Central and South America of all animated, cartoon and comic book characters that Warner Bros., DC Comics and the Cartoon Network have the right to license for such use. Under the International License Agreements, the license fee is based on specified percentages of the gross revenues of the applicable parks. Insurance We maintain insurance of the types and in amounts that we believe are commercially reasonable and that are available to businesses in our industry. We maintain multi-layered general liability policies that provide for excess liability coverage of up to $100.0 million per occurrence. For incidents arising after November 15, 2003 but prior to December 31, 2008, our self-insured retention is $2.5 million per occurrence ( $2.0 million per occurrence for the twelve months ended November 15, 2003 and $1.0 million per occurrence for the twelve months ended November 15, 2002) for our domestic parks and a nominal amount per occurrence for our international parks. For incidents arising after November 1, 2004 but prior to December 31, 2008, we have a one-time additional $0.5 million self-insured retention, in the aggregate, applicable to all claims in the policy year. For incidents arising on or after December 31, 2008, our self-insured retention is $2.0 million , followed by a $0.5 million deductible per occurrence applicable to all claims in the policy year for our domestic parks and our park in Canada and a nominal amount per occurrence for our parks in Mexico. Defense costs are in addition to these retentions. Our general liability policies cover the cost of punitive damages only in certain jurisdictions. Based upon reported claims and an estimate for incurred, but not reported claims, we accrue a liability for our self-insured retention contingencies. For workers' compensation claims arising after November 15, 2003, our deductible is $0.75 million ( $0.5 million deductible for the period from November 15, 2001 to November 15, 2003). We also maintain fire and extended coverage, business interruption, terrorism and other forms of insurance typical to businesses in this industry. The all peril property coverage policies insure our real and personal properties (other than land) against physical damage resulting from a variety of hazards. Additionally, we maintain information security and privacy liability insurance in the amount of $10.0 million with a $0.25 million self-insured retention per event. We generally renegotiate our insurance policies on an annual basis. The majority of our current insurance policies expire on December 31, 2017 . We cannot predict the level of the premiums that we may be required to pay for subsequent insurance coverage, the level of any self-insurance retention applicable thereto, the level of aggregate coverage available or the availability of coverage for specific risks. Capital Expenditures We currently plan on spending approximately 9% of annual revenues on capital expenditures during the 2017 calendar year plus approximately half of the $18 million in attractions and planned improvements for our newest waterpark in Oaxtepec, Mexico. The waterpark is expected to open to the public in early 2017. Litigation We are party to various legal actions arising in the normal course of business, including the cases discussed below. Matters that are probable of unfavorable outcome to us and which can be reasonably estimated are accrued. Such accruals are based on information known about the matters, our estimate of the outcomes of such matters and our experience in contesting, litigating and settling similar matters. None of the actions are believed by management to involve amounts that would be material to our consolidated financial position, results of operations or liquidity after consideration of recorded accruals. On January 6, 2009, a civil action against us was commenced in the State Court of Cobb County, Georgia. The plaintiff sought damages for personal injuries, including an alleged brain injury, as a result of an altercation with a group of individuals on property adjacent to SFOG on July 3, 2007. Certain of the individuals were employees of the park, but were off-duty and not acting within the course or scope of their employment with SFOG at the time the altercation occurred. The plaintiff, who had exited the park, claimed that we were negligent in our security of the premises. Four of the individuals who allegedly participated in the altercation were also named as defendants in the litigation. Our motion for summary judgment was denied by the trial court on May 19, 2011. Pursuant to the trial that concluded on November 20, 2013, the jury returned a verdict in favor of the plaintiff for $35.0 million . The jury allocated 92% of the verdict against Six Flags and the judgment was entered on February 11, 2014. A notice of appeal was filed on September 19, 2014, which our insurers are pursuing on Six Flags' and the insurers' behalf, and on October 2, 2014, the plaintiff filed a notice of cross appeal. On November 20, 2015, the Georgia Court of Appeals reversed the jury verdict and remanded for a new trial on both liability and damages. On December 16, 2015, the Georgia Court of Appeals denied the parties’ various motions for reconsideration. A petition for writ of certiorari in the Georgia Supreme Court was filed on behalf of Six Flags on January 19, 2016. The Six Flags petition asks the Georgia Supreme Court to grant further review and rule that Six Flags is entitled to judgment as a matter of law without the need for a new trial. On January 19, 2016, the plaintiff also filed a petition for writ of certiorari asking the Georgia Supreme Court to review the Court of Appeals’ reversal of the jury verdict. We have paid the full amount of our $2.5 million self-insurance retention to our insurers. On June 27, 2012, Wishtoyo Foundation and its Ventura Coastkeeper program, Los Angeles Coastkeeper d/b/a Santa Monica Baykeeper, and Friends of the Santa Clara River, all non-profit corporations, filed a complaint against Holdings, SFTP and Magic Mountain LLC in the United States District Court for the Central District of California seeking declaratory and injunctive relief and civil penalties under, among others, the Federal Water Pollution Control Act (more commonly known as the Clean Water Act). The plaintiffs allege that Six Flags Magic Mountain discharged water in violation of its water discharge permits into the Santa Clara River. In January 2015, the parties to the lawsuit entered into a consent decree to settle the lawsuit, and on March 26, 2015, the consent decree was approved and entered by the District Court. In connection with settlement of the lawsuit, we intend to install at Six Flags Magic Mountain an on-site infiltration basin to retain, manage and infiltrate stormwater runoff from the park in certain instances. On July 3, 2012, a civil action was commenced against us in the Superior Court of Solano County, California. The plaintiffs sought damages for personal injuries when a guest at Six Flags Discovery Kingdom jumped on a swinging gate arm that entered a passing tram carrying the plaintiffs on July 3, 2010. We have reserved the full amount of our $2.5 million self-insurance retention plus estimated litigation costs in connection with this incident. On October 24, 2014, the litigation was dismissed, without prejudice, with respect to one of the plaintiffs, a minor, who may reinstate the lawsuit at any time prior to two years following the date such plaintiff reaches the age of majority. In January 2015, an agreement was reached to settle the lawsuit with the remaining plaintiffs. On September 12, 2014, a civil action against us was commenced in the Circuit Court of Cook County, Illinois. The plaintiff sought damages for personal injuries after riding a water slide at Six Flags Great America. In 2015, the venue for the action was transferred to Lake County. Pursuant to the trial that concluded on April 26, 2016, the jury returned a verdict in favor of the plaintiff for $1.5 million. We intend to vigorously challenge the verdict and in May 2016 we filed a post-trial motion to vacate the jury verdict. On January 7, 2016, a potential class action complaint was filed against Six Flags Entertainment Corporation in the Circuit Court of Lake County, Illinois. On April 22, 2016, Great America, LLC was added as a defendant. The complaint asserts that we violated the Illinois Biometric Information Privacy Act in connection with the admission of season pass holders and members through the finger scan program at Six Flags Great America in Gurnee, Illinois, and seeks statutory damages, attorney's fees and an injunction. The program commenced at the park in the 2014 operating season. The complaint does not allege that any information was misused or disseminated. On June 17, 2016, the court denied our motion to dismiss, and allowed the case to proceed, however we intend to continue to vigorously defend ourselves against this litigation. Since this litigation is still in an early stage, the outcome is currently not determinable and a reasonable estimate of loss or range of loss in excess of the immaterial amount that we have recorded for this litigation cannot be made. Tax and other contingencies As of December 31, 2016 and 2015 , we had a nominal amount of accrued liabilities for tax and other indemnification contingencies related to certain parks sold in previous years that could be recognized as recovery losses from discontinued operations in the future if such liabilities are not requested to be paid. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments We manage our operations on an individual park location basis, including operations from parks owned, managed and branded. Discrete financial information is maintained for each park and provided to our corporate management for review and as a basis for decision making. The primary performance measures used to allocate resources is Park EBITDA (defined as park-related operating earnings, excluding the impact of interest, taxes, depreciation, amortization and any other non-cash income or expenditures). Primarily all of our parks provide similar products and services through a similar process to the same class of customer through a consistent method. We also believe that the parks share common economic characteristics. Based on these factors, we have only one reportable segment—theme parks. The following table presents segment financial information and a reconciliation of net income to Park EBITDA. Park level expenses exclude all non-cash operating expenses, principally depreciation and amortization and all non-operating expenses. Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Net income $ 156,727 $ 192,855 $ 113,489 Interest expense, net 81,872 75,903 72,589 Income tax expense 76,539 70,369 46,522 Depreciation and amortization 106,893 107,411 108,107 Corporate expenses 51,435 59,167 48,595 Stock-based compensation 116,339 56,233 140,038 Non-operating park level expense (income), net: Loss on disposal of assets 1,968 9,882 5,860 Gain on sale of investee — — (10,031 ) Loss on debt extinguishment, net 2,935 6,557 — Other expense, net 1,684 223 356 Park EBITDA $ 596,392 $ 578,600 $ 525,525 All of our owned or managed parks are located in the United States with the exception of one park in Mexico City and one park in Montreal, Canada. We also have revenue and expenses related to the development of Six Flags-branded theme parks outside of North America. The following information reflects our long-lived assets (which consists of property and equipment and intangible assets), revenues and income from continuing operations by domestic and foreign categories as of or for the years ended December 31, 2016 , 2015 and 2014 : (Amounts in thousands) Domestic Foreign Total As of or for the year ended December 31, 2016 Long-lived assets $ 2,111,839 $ 83,636 $ 2,195,475 Revenues 1,205,235 114,163 1,319,398 Income from continuing operations before income taxes and discontinued operations 216,205 17,061 233,266 As of or for the year ended December 31, 2015 Long-lived assets $ 2,105,547 $ 79,283 $ 2,184,830 Revenues 1,144,917 119,021 1,263,938 Income from continuing operations before income taxes and discontinued operations 238,416 24,808 263,224 As of or for the year ended December 31, 2014 Long-lived assets $ 2,114,897 $ 92,815 $ 2,207,712 Revenues 1,058,025 117,768 1,175,793 Income from continuing operations before income taxes and discontinued operations 145,622 14,389 160,011 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly Financial Information (Unaudited) Following is a summary of the unaudited interim results of operations for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 (Amounts in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 115,419 $ 407,066 $ 557,599 $ 239,314 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (46,935 ) 60,887 102,482 1,868 Net (loss) income per weighted average common share outstanding: Basic $ (0.51 ) $ 0.65 $ 1.11 $ 0.02 Diluted (0.51 ) 0.64 1.09 0.02 Year Ended December 31, 2015 (Amounts in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 85,155 $ 386,065 $ 575,261 $ 217,457 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (70,326 ) 65,532 157,300 2,184 Net (loss) income per weighted average common share outstanding: Basic $ (0.75 ) $ 0.69 $ 1.67 $ 0.02 Diluted (0.75 ) 0.67 1.64 0.02 Year Ended December 31, 2014 (Amounts in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 73,718 $ 376,551 $ 541,843 $ 183,681 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (61,201 ) 66,306 105,034 (34,117 ) Net (loss) income per weighted average common share outstanding: Basic $ (0.64 ) $ 0.70 $ 1.11 $ (0.37 ) Diluted (0.64 ) 0.67 1.08 (0.37 ) We operate a seasonal business. In particular, our theme park operations contribute most of their annual revenue during the period from Memorial Day to Labor Day each year. During the third quarter of 2014, it was determined that achievement of the Modified EBITDA performance target related to the 2015 Performance Award was probable by 2015. Additionally, the results of operations for the year ended December 31, 2014 exceeded the threshold for a 2014 partial achievement award, and the results for the year ended December 31, 2015 exceeded the threshold for the remainder of the award, resulting in the issuance of a partial achievement award in February 2015, with the remainder of the award issued in February 2016. As a result, we began accruing stock-based compensation expense related to this award in 2014, resulting in a cumulative catch-up of non-cash compensation costs that materially impacted net income for the third quarter of 2014 by $72.6 million . During the third quarter of 2016, it was determined that achievement of the Modified EBITDA performance target related to the 2017 Performance Award was probable by 2017. As a result, we began accruing stock-based compensation expense related to this award in 2016, resulting in a cumulative catch-up of non-cash compensation costs that materially impacted net income for the third quarter of 2016 by $85.8 million . |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiaries. We also consolidate the partnerships that own Six Flags Over Texas ("SFOT") and Six Flags Over Georgia (including Six Flags White Water Atlanta) ("SFOG", and together with SFOT, the "Partnership Parks") as subsidiaries in our consolidated financial statements as we have determined that we have the power to direct the activities of those entities that most significantly impact the entities' economic performance and we have the obligation to absorb losses and receive benefits from the entities that can be potentially significant to these entities. The equity interests owned by non-affiliated parties in the Partnership Parks are reflected in the accompanying consolidated balance sheets as redeemable noncontrolling interests. The portion of earnings or loss attributable to non-affiliated parties in the Partnership Parks is reflected as net income attributable to noncontrolling interests in the accompanying consolidated statements of operations. See Note 5 for further discussion. Intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We evaluate our estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which we believe to be reasonable under the circumstances. We adjust such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Fair Value Measurement | Fair Value Measurement Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurement , defines fair value as the exchange prices that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. In accordance with FASB ASC Topic 820, Fair Value Measurement , these two types of inputs have created the following fair value hierarchy: • Level 1: quoted prices in active markets for identical assets; • Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the instrument; and • Level 3: inputs to the valuation methodology are unobservable for the asset or liability. This hierarchy requires the use of observable market data when available. See Note 10 for disclosure of methods and assumptions used to estimate the fair value of financial instruments by classification. |
Cash Equivalents | Cash Equivalents Cash equivalents consists of short-term highly liquid investments with a remaining maturity as of the date of purchase of three months or less, which are readily convertible into cash. For purposes of the consolidated statements of cash flows, we consider all highly liquid debt instruments with remaining maturities as of their date of purchase of three months or less to be cash equivalents. Cash equivalents were not significant as of December 31, 2016 and 2015 . |
Inventories | Inventories Inventories are stated at weighted average cost or market value and primarily consist of products purchased for resale, including merchandise, food and miscellaneous supplies. Products are removed from inventory at weighted average cost. We have recorded a valuation allowance for slow moving inventory of $0.3 million as of December 31, 2016 and 2015 . |
Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include $21.4 million and $22.1 million of spare parts inventory for existing rides and attractions as of December 31, 2016 and 2015 , respectively. These items are expensed as the repair or maintenance of rides and attractions occur. |
Advertising Costs | Advertising Costs Production costs of commercials and programming are charged to operations in the year first aired. The costs of other advertising, promotion, and marketing programs are charged to operations when incurred with the exception of direct-response advertising which is charged to the period it will benefit. As of December 31, 2016 and 2015 , we had $1.8 million and $2.0 million in prepaid advertising, respectively. The amounts capitalized are included in prepaid expenses. Advertising and promotions expense was $62.8 million during the years ended December 31, 2016 and 2015 , respectively and $63.2 million for the year ended December 31, 2014 . |
Debt Issuance Costs | Debt Issuance Costs We capitalize costs related to the issuance of debt. In June 2016 , in connection with entering into an amendment to the Amended and Restated Credit Facility and the issuance of $300.0 million of 4.875% senior unsecured notes due July 31, 2024 (the "2024 Notes"), we capitalized $1.0 million and $4.7 million of debt issuance costs directly associated with the issuance of the amendment and the 2024 Notes, respectively. The amortization of such costs is recognized as interest expense using the interest method over the term of the respective debt issue. Amortization related to deferred debt issuance costs was $4.5 million for the years ended December 31, 2016 and 2015 and $4.7 million for the year ended December 31, 2014 . |
Property and Equipment | Property and Equipment Property and equipment additions are recorded at cost and the carrying value is depreciated using the straight-line method over the estimated useful lives of the assets. Maintenance and repair costs that do not improve service potential or extend economic life are charged directly to expense as incurred, while betterments and renewals are generally capitalized as property and equipment. When an item is retired or otherwise disposed of, the cost and applicable accumulated depreciation are removed and the resulting gain or loss is recognized. See Note 3 for further detail of the components of our property and equipment. The estimated useful lives of the assets are as follows: Rides and attractions 5 - 25 years Land improvements 10 - 15 years Buildings and improvements Approximately 30 years Furniture and equipment 5 - 10 years |
Goodwill and Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill and intangible assets with indefinite useful lives are tested for impairment annually, or more frequently if events or circumstances indicate that the assets might be impaired. We identify our reporting units and determine the carrying value of each reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units. We then determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. All of our parks are operated in a similar manner and have comparable characteristics in that they produce and distribute similar services and products using similar processes, have similar types of customers, are subject to similar regulations and exhibit similar economic characteristics. As such, we are a single reporting unit. For each year, the fair value of the single reporting unit exceeded our carrying amount (based on a comparison of the market price of our common stock to the carrying amount of our stockholders' equity). In September 2012, the FASB amended FASB ASC Topic 350, Intangibles - Goodwill and Other , which permits entities to perform a qualitative analysis on indefinite-lived intangible assets to determine if it is more likely than not that the asset is impaired. We adopted this amendment in September 2012 and have performed a qualitative analysis on our indefinite-lived trade name intangible asset during the fourth quarter of each year. If as a result of this qualitative analysis we determine that it is more likely than not that an asset is impaired, quantitative impairment testing is required. The fair value of indefinite-lived intangible assets is generally determined based on a discounted cash flow analysis. An impairment loss occurs to the extent that the carrying value exceeds the fair value. Further testing of goodwill occurs in a two-step process in which the fair value of each reporting unit, determined using an analysis of future cash flows, is compared to its carrying amount, including goodwill. If the fair value of the reporting unit were to be less than the carrying amount, the implied fair value of the reporting unit's goodwill would then be compared with the carrying amount of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit to all of the assets (recognized and unrecognized) and liabilities of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit goodwill. An impairment loss is recognized to the extent that the carrying amount of goodwill exceeds its implied fair value. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets We review long-lived assets, including finite-lived intangible assets subject to amortization, for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the asset or group of assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or group of assets to the future net cash flows expected to be generated by the asset or group of assets. If such assets are not considered to be fully recoverable, any impairment to be recognized is measured by the amount by which the carrying amount of the asset or group of assets exceeds its respective fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Revenue Recognition | Revenue Recognition We recognize revenue upon admission into our parks, provision of our services or when products are delivered to our guests. Revenues are presented in the accompanying consolidated statements of operations net of sales taxes collected from our guests and remitted or payable to government taxing authorities. In contrast to our season pass and other multi-use offerings (such as our all-season dining pass program, which enables season pass holders and members to eat meals and snacks any day they visit the park for one upfront payment) that expire at the end of each operating season, the membership program continues on a month-to-month basis after the initial twelve-month membership term and can be canceled any time after the initial term pursuant to the terms of the membership program. Guests enrolled in the membership program can visit our parks an unlimited number of times anytime they are open as long as the guest remains enrolled in the membership program. For season passes, memberships in the initial twelve-month term and other multi-use admissions, we estimate a redemption rate based on historical experience and other factors and assumptions we believe to be customary and reasonable and recognize a pro-rata portion of the revenue as the guest attends our parks. We review the estimated redemption rate regularly and on an ongoing basis and revise it as necessary throughout the year. Amounts received for multi-use admissions in excess of redemptions are recognized in deferred revenue. For active memberships after the initial twelve-month term, we recognize revenue monthly as payments are received. As of December 31, 2016 , deferred revenue was primarily comprised of (i) advance sales of season passes, all season dining passes and other admissions for the 2017 operating season, (ii) unredeemed portions of the membership program that will be recognized in 2017, (iii) sponsorship revenue that will be recognized in 2017 and (iv) a nominal amount for the remaining unredeemed season pass revenue and pre-sold single day admissions revenue for the 2016 operating season that was redeemed during the completion of the 2016 operating season, which ended the first week of 2017. We have entered into multiple agreements to assist third parties in the planning, design, development and operation of Six Flags-branded theme parks outside of North America. Pursuant to these agreements, we provide exclusivity, brand licensing, and other services to assist in the design, development, and project management of Six Flags-branded theme parks, as well as initial and ongoing management services. Each significant deliverable qualifies as a separate unit of accounting. We recognize revenue under these agreements over the relevant service period of each unit of accounting based on its relative selling price, as determined by our best estimate of selling price. Our best estimate of selling price is established consistent with our overall pricing strategy and includes, but is not limited to, consideration of current market conditions, various risk factors and our required return and profit objectives. We review the service period of each unit of accounting on an ongoing basis and revise it as necessary throughout the year. Revisions to the relevant service periods of the units of accounting may result in revisions to revenue in future periods and are recognized in the period in which the change is identified. |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable are reported at net realizable value and consist primarily of amounts due from guests for the sale of group outings and multi-use admission products, including season passes and the membership program. We are not exposed to a significant concentration of credit risk, however, based on the age of the receivables, our historical experience and other factors and assumptions we believe to be customary and reasonable, we do record an allowance for doubtful accounts. As of December 31, 2016 and 2015 , we have recorded an allowance for doubtful accounts of $3.0 million and $2.4 million , respectively. The allowance for doubtful accounts is primarily comprised of estimated defaults under our membership plans. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We account for derivatives and hedging activities in accordance with FASB ASC Topic 815, Derivatives and Hedging . This accounting guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. It requires an entity to recognize all derivatives as either assets or liabilities in the consolidated balance sheet and measure those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge for accounting purposes. The accounting for changes in the fair value of a derivative (e.g., gains and losses) depends on the intended use of the derivative and the resulting designation. We formally document all relationships between hedging instruments and hedged items, as well as our risk-management objective and our strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. We also assess, both at the hedge's inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of a derivative that is effective and that is designated and qualifies as a cash-flow hedge are recorded in other comprehensive income (loss) until operations are affected by the variability in cash flows of the designated hedged item, at which point they are reclassified to interest expense. Changes in fair value of a derivative that is not designated as a hedge are recorded in other income (expense), net in the consolidated statements of operations on a current basis. See Note 6 for further discussion. |
Commitments and Contingencies | Commitments and Contingencies We are involved in various lawsuits and claims that arise in the normal course of business. Amounts associated with lawsuits or claims are reserved for matters in which it is believed that losses are probable and can be reasonably estimated. In addition to matters in which it is believed that losses are probable, disclosure is also provided for matters in which the likelihood of an unfavorable outcome is at least reasonably possible but for which a reasonable estimate of loss or range of loss is not possible. Legal fees are expensed as incurred. See Note 15 for further discussion. |
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, including net operating loss and other tax carryforwards. 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. We recorded a valuation allowance of $92.3 million and $88.4 million as of December 31, 2016 and 2015 , respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets, primarily consisting of certain state net operating loss and other tax carryforwards, before they expire. The valuation allowance was based on our estimates of taxable income by jurisdiction in which we operate and the period over which our deferred tax assets were recoverable. For the foreseeable future, we project taxable income that will allow for the utilization of all of our federal net operating loss carryforwards before they expire. Our liability for income taxes is finalized as auditable tax years pass their respective statutes of limitations in the various jurisdictions in which we are subject to tax. However, these jurisdictions may audit prior years for which the statute of limitations is closed for the purpose of making an adjustment to our taxable income in a year for which the statute of limitations has not closed. Accordingly, taxing authorities of these jurisdictions may audit prior years of the group and its predecessors for the purpose of adjusting net operating loss carryforwards to years for which the statute of limitations has not closed. We classify interest and penalties attributable to income taxes as part of income tax expense. As of December 31, 2016 and 2015 , we had no accrued interest and penalties liability. Because we do not permanently reinvest foreign earnings, United States deferred income taxes have been provided on unremitted foreign earnings to the extent that such foreign earnings are expected to be taxable upon repatriation. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to Holdings' common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per common share is computed by dividing net income attributable to Holdings' common stockholders by the weighted average number of common shares outstanding during the period including the effect of all dilutive common stock equivalents using the treasury stock method. In periods for which there is a net loss, diluted loss per common share is equal to basic loss per common share, since the effect of including any common stock equivalents would be antidilutive. |
Stock-Based Compensation | Stock-Based Compensation Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), Holdings may grant stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock, deferred stock units, performance and cash-settled awards and dividend equivalents to select employees, officers, directors and consultants of Holdings and its affiliates. We recognize the fair value of each grant as compensation expense on a straight-line basis over the vesting period using the graded vesting terms of the respective grant. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing valuation model. The fair value of stock, restricted stock units and restricted stock awards is the quoted market price of Holdings' stock on the date of grant. See Note 9 for further discussion of stock-based compensation and related disclosures. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income, changes in the foreign currency translation adjustment, changes in the fair value of derivatives that are designated as hedges and changes in the net actuarial gains (losses) and amortization of prior service costs on our defined benefit retirement plan. |
Redeemable Noncontrolling Interest | Redeemable Noncontrolling Interest We record the carrying amount of our redeemable noncontrolling interests at their fair value at the date of issuance. We recognize the changes in their redemption value immediately as they occur and adjust the carrying value of these redeemable noncontrolling interests to equal the redemption value at the end of each reporting period, if greater than the redeemable noncontrolling interest carrying value. This method would view the end of the reporting period as if it were also the redemption date for the redeemable noncontrolling interests. We conduct an annual review to determine if the fair value of the redeemable units is less than the redemption amount. If the fair value of the redeemable units is less than the redemption amount, there would be a charge to earnings per share allocable to common stockholders. The redemption amount at the end of each reporting period did not exceed the fair value of the redeemable units. |
Reclassifications | Reclassifications Reclassifications have been made to certain amounts reported in 2015 and 2014 to conform to the 2016 presentation. |
Recent Accounting Pronouncements | In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The amendments in ASU 2014-09 provide for a single, principles-based model for revenue recognition that replaces the existing revenue recognition guidance. In August 2015, the FASB issued Accounting Standards Updated 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date , to defer the effective date of ASU 2014-09 for one year. Therefore, the new guidance will be effective for annual and interim periods beginning after December 15, 2017 and will replace most existing revenue recognition guidance under U.S. GAAP when it becomes effective. In March and April 2016, the FASB issued Accounting Standards Update No. 2016-08 and No. 2016-10, Revenue from Contracts with Customers (Topic 606) and Principal versus Agent Considerations and Identifying Performance Obligations and Licensing , respectively (together, “ASU 2016-08/10”). The amendments in ASU 2016-08/10 state that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The effective date and transition requirements for the amendments in ASU 2016-08/10 are the same as the effective date and transition requirements in ASU 2015-14. It permits the use of either a retrospective or cumulative effect transition method and early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We have undertaken a review of the Company’s key revenue drivers as it relates to ASU 2014-9. The Company will not be early adopting these standards and has not selected a transition method upon adoption. Based on our initial evaluation of in-park related revenue, the Company has determined that performance obligation under the revenue standard will not change how we currently recognize revenue. As it relates to admissions, sponsorship, and international licensing, the Company continues to evaluate the impact of the standards on these revenue accounts. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 , Leases (Topic 842) (“ASU 2016-02”). The main amendments in ASU 2016-02 require recognition on the balance sheet of lease assets and lease liabilities by lessees for those leases classified as operating leases. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, with early application permitted. We have not yet selected a transition method; however, we note that with the adoption of the amendments in ASU 2016-02, operating leases related to certain of our land leases will require recognition in our consolidated balance sheet under ASU 2016-02. This could have a material effect on our consolidated statement of financial position, but we do not anticipate this will have a material effect on our results of operations or cash flows. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). The amendments in ASU 2016-09 intend to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The areas for simplification in ASU 2016-09 involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early application permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. In conjunction with the adoption of ASU 2016-09, which we plan on adopting in the first quarter of 2017, we anticipate a retrospective adjustment to beginning equity and deferred tax liabilities of $98.7 million for income tax deductions related to share-based payments in excess of amounts recognized in the accompanying financial statements as of December 31, 2016 . Additionally, for periods subsequent to the retrospective adjustment, we anticipate adjustments to previously reported amounts for income tax expense and deferred tax liabilities to account for the recognition of the income tax consequences of share-based payment transactions. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). The amendments in ASU 2016-15 address eight classification issues related to the statement of cash flows: • debt prepayment or debt extinguishment costs; • settlement of zero-coupon bonds; • contingent consideration payments made after a business combination; • proceeds from the settlement of insurance claims; • proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; • distributions received from equity method investees; • beneficial interests in securitization transactions; and • separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early application permitted. An entity should apply ASU 2016-15 using a retrospective transition method to each period presented. We do not anticipate that the adoption of this pronouncement will result in a material impact to the presentation of our statement of cash flows. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18"). The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early application permitted. An entity should apply ASU 2016-18 using a retrospective transition method to each period presented. We do not anticipate that the adoption of this pronouncement will result in a material impact to the presentation of our statement of cash flows |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of property and equipment | The estimated useful lives of the assets are as follows: Rides and attractions 5 - 25 years Land improvements 10 - 15 years Buildings and improvements Approximately 30 years Furniture and equipment 5 - 10 years |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of property and equipment | As of December 31, 2016 and 2015 , property and equipment was classified as follows: December 31, (Amounts in thousands) 2016 2015 Land $ 221,468 $ 221,665 Land improvements 215,112 199,515 Buildings and improvements 279,052 270,758 Rides and attractions 985,406 941,550 Equipment and other 267,527 229,276 Property and equipment, at cost 1,968,565 1,862,764 Accumulated depreciation (757,310 ) (664,610 ) Property and equipment, net $ 1,211,255 $ 1,198,154 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of December 31, 2016 and 2015 , intangible assets, net consisted of the following: As of December 31, 2016 (Amounts in thousands, except years) Weighted-Average Remaining Amortization Period (Years) Gross Carrying Value Accumulated Amortization Net Carrying Value Indefinite-lived intangible assets: Trade names, trademarks and other $ 344,075 $ — $ 344,075 Finite-lived intangible assets: Third party licensing rights 3.5 24,461 (16,091 ) 8,370 Other 30.6 2,571 (1,044 ) 1,527 Total intangible assets, net $ 371,107 $ (17,135 ) $ 353,972 As of December 31, 2015 (Amounts in thousands, except years) Weighted-Average Remaining Amortization Period (Years) Gross Accumulated Amortization Net Indefinite-lived intangible assets: Trade names, trademarks and other $ 344,075 $ — $ 344,075 Finite-lived intangible assets: Third party licensing rights 4.5 24,461 (13,664 ) 10,797 Other 29.8 2,568 (1,012 ) 1,556 Total intangible assets, net $ 371,104 $ (14,676 ) $ 356,428 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | We expect that amortization expense on our existing intangible assets subject to amortization for the succeeding five years and thereafter will approximate the following: (Amounts in thousands) For the year ending December 31: 2017 $ 2,488 2018 2,443 2019 2,437 2020 1,049 2021 57 2022 and thereafter 1,423 $ 9,897 |
Noncontrolling Interests, Par31
Noncontrolling Interests, Partnership and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interests, Partnership and Joint Ventures | |
Schedule of changes in redeemable noncontrolling interests | The following table presents a rollforward of redeemable noncontrolling interests in the Partnership Parks: (Amounts in thousands) SFOT SFOG Total Balance at December 31, 2014 $ 227,620 $ 209,925 $ 437,545 Fresh start accounting fair market value adjustment for purchased units — (272 ) (272 ) Purchases of redeemable units of SFOG — (1,552 ) (1,552 ) Net income attributable to noncontrolling interests 19,173 18,992 38,165 Distributions to noncontrolling interests (19,173 ) (18,992 ) (38,165 ) Balance at December 31, 2015 227,620 208,101 435,721 Fresh start accounting fair market value adjustment for purchased units — (36 ) (36 ) Purchases of redeemable units of SFOG — (223 ) (223 ) Change in redemption value of partnership units — 50,414 50,414 Net income attributable to noncontrolling interests 19,312 19,113 38,425 Distributions to noncontrolling interests (19,312 ) (19,113 ) (38,425 ) Balance at December 31, 2016 $ 227,620 $ 258,256 $ 485,876 |
Derivative Financial Instrume32
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Derivative instruments recorded at fair value in our consolidated balance sheets as of December 31, 2016 and 2015 consisted of the following: Derivative Liabilities (Amounts in thousands) December 31, 2016 December 31, 2015 Derivatives Designated as Cash Flow Hedges Interest Rate Swap Agreements - Current $ 871 $ 1,372 Interest Rate Swap Agreements - Noncurrent — 226 $ 871 $ 1,598 |
Derivative Instruments, Gain (Loss) | Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our consolidated statements of operations for the years ended December 31, 2016 , 2015 and 2014 were as follows: Loss Recognized in AOCI (Effective Portion) Loss Reclassified from AOCI into Operations (Effective Portion) Loss Recognized in Operations on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (Amounts in thousands) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest Rate Cap Agreement $ — $ — $ — $ — $ — $ (301 ) $ — $ — $ — Interest Rate Swap Agreements (944 ) (2,671 ) (1,604 ) (1,716 ) (1,799 ) (878 ) (45 ) — — Total $ (944 ) $ (2,671 ) $ (1,604 ) $ (1,716 ) $ (1,799 ) $ (1,179 ) $ (45 ) $ — $ — |
Long-Term Indebtedness (Tables)
Long-Term Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | As of December 31, 2016 and 2015 , long-term debt consisted of the following: December 31, (Amounts in thousands) 2016 2015 Amended and Restated Term Loan B $ 544,750 $ 696,500 2024 Notes 300,000 — 2021 Notes 800,000 800,000 HWP Refinance Loan 29,161 29,667 Net discount (2,192 ) (3,281 ) Deferred financing costs (18,072 ) (17,358 ) Long-term debt 1,653,647 1,505,528 Less current portion (29,161 ) (7,506 ) Total long-term debt $ 1,624,486 $ 1,498,022 |
Schedule of annual maturities of long-term debt, assuming no acceleration of maturities | As of December 31, 2016 , annual maturities of long-term debt, assuming no acceleration of maturities, were as follows: (Amounts in thousands) For the year ending December 31: 2017 $ 29,161 2018 — 2019 — 2020 — 2021 800,000 2022 and thereafter 844,750 $ 1,673,911 |
Selling, General and Administ34
Selling, General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selling, General and Administrative Expenses | |
Summary of selling, general and administrative expenses | Selling, general and administrative expenses comprised the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Park $ 124,019 $ 119,411 $ 122,322 Corporate 167,775 115,399 188,633 Total selling, general and administrative expenses $ 291,794 $ 234,810 $ 310,955 |
Stock Benefit Plans (Tables)
Stock Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following weighted-average assumptions were utilized in the Black-Scholes model to value the stock options granted during the years ended December 31, 2016 , 2015 and 2014 : December 31, 2016 December 31, 2015 December 31, 2014 CEO Employees CEO Employees CEO Employees Risk-free interest rate 1.05 % 1.00 % 1.80 % 1.13 % 1.96 % 1.96 % Expected life (in years) 3.85 3.85 6.25 3.91 6.25 6.25 Expected volatility 24.30 % 23.17 % 36.04 % 24.85 % 38.69 % 38.81 % Expected dividend yield 4.47 % 4.15 % 4.28 % 4.46 % 4.78 % 4.87 % |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option activity for the year ended December 31, 2016 : (Amounts in thousands, expect per share data) Shares Weighted Avg. Exercise Price ($) Weighted Avg. Remaining Contractual Term Aggregate Intrinsic Value ($) Balance at December 31, 2015 5,862 $ 30.89 Granted 1,324 $ 50.93 Exercised (1,355 ) $ 25.60 Canceled or exchanged — $ — Forfeited (152 ) $ 38.40 Expired — $ — Balance at December 31, 2016 5,679 $ 36.63 7.28 $ 132,508 Vested and expected to vest at December 31, 2016 5,487 $ 36.33 7.23 $ 129,643 Options exercisable at December 31, 2016 2,474 $ 26.59 5.73 $ 82,574 |
Schedule of Nonvested Share Activity | The following table summarizes stock, restricted stock and restricted stock unit activity for the year ended December 31, 2016 : (Amounts in thousands, except per share amounts ) Shares Weighted Average Grant Date Fair Value Per Share ($) Non-vested balance at December 31, 2015 14 $ 46.60 Granted 1,326 $ 51.46 Vested (1,330 ) $ 51.35 Forfeited — $ — Canceled — $ — Non-vested balance at December 31, 2016 10 $ 58.46 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | Stock-based compensation expense consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Long-Term Incentive Plan $ 116,028 $ 55,862 $ 139,788 Employee Stock Purchase Plan 311 371 250 Total stock-based compensation $ 116,339 $ 56,233 $ 140,038 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of estimated fair values of the entity's financial instruments and classification of such instruments | The following table and accompanying information present the estimated fair values and classifications of our financial instruments in accordance with FASB ASC Topic 820, Fair Value Measurement , as of December 31, 2016 and 2015 : As of December 31, 2016 December 31, 2015 (Amounts in thousands) Carrying Value Fair Value Carrying Value Fair Value Financial assets (liabilities): Restricted-use investment securities $ 3,926 $ 3,926 $ 3,036 $ 3,036 Interest Rate Swap Agreements liabilities (871 ) (871 ) (1,598 ) (1,598 ) Long-term debt (including current portion) (1,653,647 ) (1,679,525 ) (1,505,528 ) (1,510,304 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Table Text Block Supplement [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The following table summarizes the domestic and foreign components of income from continuing operations before income taxes for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Domestic $ 216,205 $ 238,416 $ 145,622 Foreign 17,061 24,808 14,389 Income from continuing operations before income taxes $ 233,266 $ 263,224 $ 160,011 |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the components of income tax expense (benefit) from continuing operations for the years ended December 31, 2016 , 2015 and 2014 : (Amounts in thousands) Current Deferred Total 2016: U.S. federal $ (41 ) $ 57,950 $ 57,909 Foreign 6,206 (427 ) 5,779 State and local 7,088 5,763 12,851 Income tax expense $ 13,253 $ 63,286 $ 76,539 2015: U.S. federal $ (119 ) $ 61,583 $ 61,464 Foreign 9,656 (2,399 ) 7,257 State and local 6,336 (4,688 ) 1,648 Income tax expense $ 15,873 $ 54,496 $ 70,369 2014: U.S. federal $ (57 ) $ 31,757 $ 31,700 Foreign 6,260 46 6,306 State and local 7,028 1,488 8,516 Income tax expense $ 13,231 $ 33,291 $ 46,522 |
Schedule of Effective Income Tax Rate Reconciliation | Recorded income tax expense allocated to income from continuing operations differed from amounts computed by applying the U.S. federal income tax rate of 35% to income before income taxes and discontinued operations as a result of the following: Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Computed "expected" federal income tax expense $ 81,643 $ 92,128 $ 56,004 Effect of noncontrolling interest income distribution (13,449 ) (13,358 ) (13,114 ) Change in valuation allowance 648 896 1,413 Effect of state and local income taxes, net of federal tax benefit 8,353 1,072 5,535 Nondeductible compensation 2,127 435 2,271 Effect of foreign income taxes 380 741 635 Effect of foreign earnings earned and remitted in the same year 6,000 5,155 11,126 Effect of foreign tax credits (9,405 ) (4,432 ) (15,571 ) Effect of change in accounting method related to recoverable bankruptcy costs — (9,603 ) — Effect of additional basis due to amended returns, net of NOL reduction — — (3,532 ) Other, net 242 (2,665 ) 1,755 Income tax expense $ 76,539 $ 70,369 $ 46,522 |
Schedule of Deferred Tax Assets and Liabilities | The following table summarizes the components of deferred income tax assets and deferred tax liabilities as of December 31, 2016 and 2015 : December 31, (Amounts in thousands) 2016 2015 Deferred tax assets $ 312,349 $ 362,733 Less: Valuation allowance 92,272 88,398 Net deferred tax assets 220,077 274,335 Deferred tax liabilities 419,357 414,608 Net deferred tax liability $ 199,280 $ 140,273 December 31, (Amounts in thousands) 2016 2015 Deferred tax assets: Federal net operating loss carryforwards $ 40,352 $ 106,418 State net operating loss carryforwards 96,356 96,811 Deferred compensation 50,067 41,241 Foreign tax credits 46,795 37,390 Alternative minimum tax credits 6,591 6,591 Accrued insurance, pension liability and other 72,188 74,282 Total deferred tax assets $ 312,349 $ 362,733 Deferred tax liabilities: Property and equipment $ 294,050 $ 288,504 Intangible assets and other 125,307 126,104 Total deferred tax liabilities $ 419,357 $ 414,608 |
Summary of Valuation Allowance | The change in valuation allowance attributable to income from continuing operations, discontinued operations and other comprehensive loss and equity is presented below: Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Continuing operations $ 648 $ 896 $ 1,413 Discontinued operations — — (207 ) Total change in valuation allowance $ 648 $ 896 $ 1,206 |
Preferred Stock, Common Stock38
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of quarterly cash dividends per share of common stock declared and paid | During the years ended December 31, 2016 , 2015 and 2014 , Holdings' Board of Directors declared and paid quarterly cash dividends per share of common stock as follows: Dividends Paid Per Share 2016: Fourth Quarter $ 0.64 Third Quarter $ 0.58 Second Quarter $ 0.58 First Quarter $ 0.58 2015: Fourth Quarter $ 0.58 Third Quarter $ 0.52 Second Quarter $ 0.52 First Quarter $ 0.52 2014: Fourth Quarter $ 0.52 Third Quarter $ 0.47 Second Quarter $ 0.47 First Quarter $ 0.47 |
Schedule of balances for each component of accumulated other comprehensive (loss) income | The balances for each component of accumulated other comprehensive (loss) income are as follows: Currency Translation Adjustment Cash Flow Hedges Defined Benefit Plans Income Taxes Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2013 $ (1,710 ) $ (301 ) $ (19,705 ) $ (10,981 ) $ (32,697 ) Net current period change (10,488 ) (1,604 ) (32,880 ) 17,327 (27,645 ) Amounts reclassified from AOCI — 1,179 — (466 ) 713 Balance as of December 31, 2014 $ (12,198 ) $ (726 ) $ (52,585 ) $ 5,880 $ (59,629 ) Net current period change (12,602 ) (2,671 ) 1,934 4,819 (8,520 ) Amounts reclassified from AOCI — 1,799 879 (1,087 ) 1,591 Balance as of December 31, 2015 $ (24,800 ) $ (1,598 ) $ (49,772 ) $ 9,612 $ (66,558 ) Net current period change (7,142 ) (944 ) 4,881 965 (2,240 ) Amounts reclassified from AOCI — 1,716 931 (1,033 ) 1,614 Balance as of December 31, 2016 $ (31,942 ) $ (826 ) $ (43,960 ) $ 9,544 $ (67,184 ) |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income | The Company had the following reclassifications out of accumulated other comprehensive income (loss) during the years ended December 31, 2016 , 2015 and 2014 : Location of Amount of Reclassification from AOCI Reclassification Year Ended December 31, Component of AOCI into Income 2016 2015 2014 (Amounts in thousands) Amortization of loss on interest rate hedge Interest expense $ 1,716 $ 1,799 $ 1,179 Income tax benefit (669 ) (761 ) (466 ) Net of tax $ 1,047 $ 1,038 $ 713 Amortization of deferred actuarial loss and prior service cost Operating expenses $ 931 $ 879 $ — Income tax benefit (364 ) (326 ) — Net of tax $ 567 $ 553 $ — Total reclassifications $ 1,614 $ 1,591 $ 713 |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of changes in benefit plan obligation and fair value of plan assets | The following table sets forth the change in our benefit plan obligation and fair value of plan assets: Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Change in benefit obligation: Beginning balance $ 223,389 $ 246,653 $ 211,813 Interest cost 8,901 9,116 9,686 Actuarial (gain) loss (828 ) (17,869 ) 40,422 Benefits paid (14,891 ) (14,511 ) (15,268 ) Benefit obligation at end of period $ 216,571 $ 223,389 $ 246,653 Change in fair value of plan assets: Beginning balance $ 173,123 $ 186,131 $ 176,706 Actual return on assets 15,949 (2,767 ) 20,342 Employer contributions 6,000 6,000 6,000 Administrative fees (1,806 ) (1,730 ) (1,649 ) Benefits paid (14,891 ) (14,511 ) (15,268 ) Fair value of plan assets at end of period $ 178,375 $ 173,123 $ 186,131 |
Schedule of weighted average assumptions used to determine benefit obligations | The weighted average assumptions used to determine benefit obligations are as follows: December 31, 2016 2015 Discount rate 3.90 % 4.10 % Rate of compensation increase N/A N/A |
Schedule of components of net periodic benefit cost and amounts recognized in other comprehensive income (loss) | The following table sets forth the components of net periodic benefit cost and other comprehensive income (loss): Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Net periodic benefit cost: Service cost $ 2,400 $ 2,000 $ 1,600 Interest cost 8,901 9,116 9,687 Expected return on plan assets (12,490 ) (13,438 ) (12,752 ) Amortization of net actuarial loss 931 879 — Total net periodic benefit $ (258 ) $ (1,443 ) $ (1,465 ) Other comprehensive income (loss): Current year actuarial gain (loss) $ 4,881 $ 1,934 $ (32,880 ) Recognized net actuarial loss 931 879 — Total other comprehensive gain (loss) $ 5,812 $ 2,813 $ (32,880 ) |
Schedule of weighted average assumptions used to determine net costs | The weighted average assumptions used to determine net costs are as follows: Year Ended December 31, 2016 2015 2014 Discount rate 4.10 % 3.80 % 4.70 % Rate of compensation increase N/A N/A N/A Expected return on plan assets 7.25 % 7.25 % 7.25 % Corridor 10.00 % 10.00 % 10.00 % Average future life expectancy (in years) 27.79 29.39 30.19 |
Schedule of fair value of plan assets | The following table presents the categories of our plan assets and the related levels of inputs in the fair value hierarchy used to determine the fair value, as defined in Note 2 (c): Fair Value Measurements as of December 31, 2016 (Amounts in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) ASSET CATEGORY: Equity Securities: Large-Cap Disciplined Equity (a) $ 32,365 $ 32,365 $ — $ — Small/Mid-Cap Equity (a) 5,425 5,425 — — International Equity (b) 22,598 22,598 — — Fixed Income: Long Duration Fixed Income (c) 69,583 69,583 — — High Yield (d) 8,918 8,918 — — Emerging Markets Debt (e) 6,360 6,360 — — Alternatives: Hedge Fund of Funds (f) 9,967 — — 9,967 Other Investments (g) (h) 23,159 — — — Fair Value of Plan Assets $ 178,375 $ 145,249 $ — $ 9,967 Fair Value Measurements as of December 31, 2015 (Amounts in thousands) Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) ASSET CATEGORY: Equity Securities: Large-Cap Disciplined Equity (a) $ 30,693 $ 30,693 $ — $ — Small/Mid-Cap Equity (a) 4,515 4,515 — — International Equity (b) 19,902 19,902 — — Fixed Income: Long Duration Fixed Income (c) 74,073 74,073 — — High Yield (d) 7,587 7,587 — — Emerging Markets Debt (e) 6,055 6,055 — — Alternatives: Hedge Fund of Funds (f) 9,987 — — 9,987 Other Investments (g) (h) 20,311 — — — Fair Value of Plan Assets $ 173,123 $ 142,825 $ — $ 9,987 ________________________________________ (a) These categories are comprised of mutual funds actively traded on the registered exchanges or over the counter markets. The mutual funds are invested in equity securities of U.S. issuers. (b) This category consists of mutual funds invested primarily in equity securities (common stocks, securities that are convertible into common stocks, preferred stocks, warrants and rights to subscribe to common stocks) of non-U.S. issuers purchased in foreign markets. The mutual funds are actively traded on U.S. or foreign registered exchanges, or the over-the-counter markets. (c) The assets are comprised of U.S. Treasury Separate Trading of Registered Interest and Principal of Securities ("U.S. Treasury STRIPS") and mutual funds which are actively traded on the registered exchanges. The mutual funds are invested primarily in high quality government and corporate fixed income securities, as well as synthetic instruments or derivatives having economic characteristics similar to fixed income securities. (d) The high yield portion of the fixed income portfolio consists of mutual funds invested primarily in fixed income securities that are rated below investment grade. The mutual funds are actively traded on the registered exchanges. (e) The emerging debt portion of the portfolio consists of mutual funds primarily invested in the debt securities of government, government-related and corporate issuers in emerging market countries and of entities organized to restructure outstanding debt of such issuers. The mutual funds are actively traded on the registered exchanges. (f) Hedge Fund of Funds consists primarily of investments in underlying hedge funds. Management of the hedge funds has the ability to choose and combine hedge funds in order to target the fund's return objectives. Individual hedge funds hold their assets primarily in investment funds and engage in investment strategies that include temporary or dedicated directional market exposures. (g) This category is comprised of investments in common collective trusts with the underlying assets invested in asset-backed securities, money market funds, corporate bonds and bank notes. The underlying assets are actively traded on the registered exchanges. |
Schedule of rollforward of the balances of plan assets that are valued using Level 3 inputs | The following table represents a rollforward of the December 31, 2016 and 2015 balances of our plan assets that are valued using Level 3 inputs: (Amounts in thousands) Hedge Fund of Funds Balance as of December 31, 2014 $ 10,174 Actual return on plan assets: Relating to assets still held at the reporting date (187 ) Relating to assets sold during the period — Purchases, sales and settlements, net — Balance as of December 31, 2015 9,987 Actual return on plan assets: Relating to assets still held at the reporting date (20 ) Relating to assets sold during the period — Purchases, sales and settlements, net — Balance as of December 31, 2016 $ 9,967 |
Summary of expected employer contributions and future benefit payments | The following table summarizes expected employer contributions and future benefit payments: (Amounts in thousands) Expected contributions to plan trusts 2017 $ 6,000 Total expected contributions $ 6,000 Expected benefit payments: 2017 $ 9,512 2018 10,292 2019 10,722 2020 11,033 2021 11,365 2022 through 2026 61,930 Total expected benefit payments $ 114,854 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of calculation of earnings per common share | Earnings per common share for the years ended December 31, 2016 , 2015 and 2014 was calculated as follows: For the year ended December 31, (Amounts in thousands, except per share amounts) 2016 2015 2014 Net income attributable to Six Flags Entertainment Corporation common stockholders $ 118,302 $ 154,690 $ 76,022 Weighted-average common shares outstanding—basic 92,349 93,580 94,477 Effect of dilutive stock options and restricted stock units 2,049 4,401 3,662 Weighted-average common shares outstanding—diluted 94,398 97,981 98,139 Earnings per share—basic $ 1.28 $ 1.65 $ 0.80 Earnings per share—diluted $ 1.25 $ 1.58 $ 0.77 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum obligations under non-cancellable operating leases | Future minimum obligations under non-cancelable operating leases, including site leases, as of December 31, 2016 , are summarized as follows: (Amounts in thousands) For the year ending December 31: 2017 $ 7,267 2018 7,045 2019 7,860 2020 7,471 2021 6,385 2022 and thereafter 125,651 $ 161,679 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment financial information and a reconciliation of the primary segment performance measure to income (loss) from continuing operations before income taxes | The following table presents segment financial information and a reconciliation of net income to Park EBITDA. Park level expenses exclude all non-cash operating expenses, principally depreciation and amortization and all non-operating expenses. Year Ended December 31, (Amounts in thousands) 2016 2015 2014 Net income $ 156,727 $ 192,855 $ 113,489 Interest expense, net 81,872 75,903 72,589 Income tax expense 76,539 70,369 46,522 Depreciation and amortization 106,893 107,411 108,107 Corporate expenses 51,435 59,167 48,595 Stock-based compensation 116,339 56,233 140,038 Non-operating park level expense (income), net: Loss on disposal of assets 1,968 9,882 5,860 Gain on sale of investee — — (10,031 ) Loss on debt extinguishment, net 2,935 6,557 — Other expense, net 1,684 223 356 Park EBITDA $ 596,392 $ 578,600 $ 525,525 |
Schedule of information reflecting long-lived assets, revenues and income (loss) from continuing operations by domestic and foreign categories | The following information reflects our long-lived assets (which consists of property and equipment and intangible assets), revenues and income from continuing operations by domestic and foreign categories as of or for the years ended December 31, 2016 , 2015 and 2014 : (Amounts in thousands) Domestic Foreign Total As of or for the year ended December 31, 2016 Long-lived assets $ 2,111,839 $ 83,636 $ 2,195,475 Revenues 1,205,235 114,163 1,319,398 Income from continuing operations before income taxes and discontinued operations 216,205 17,061 233,266 As of or for the year ended December 31, 2015 Long-lived assets $ 2,105,547 $ 79,283 $ 2,184,830 Revenues 1,144,917 119,021 1,263,938 Income from continuing operations before income taxes and discontinued operations 238,416 24,808 263,224 As of or for the year ended December 31, 2014 Long-lived assets $ 2,114,897 $ 92,815 $ 2,207,712 Revenues 1,058,025 117,768 1,175,793 Income from continuing operations before income taxes and discontinued operations 145,622 14,389 160,011 |
Quarterly Financial Informati43
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of the unaudited interim results of operations | Following is a summary of the unaudited interim results of operations for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 (Amounts in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 115,419 $ 407,066 $ 557,599 $ 239,314 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (46,935 ) 60,887 102,482 1,868 Net (loss) income per weighted average common share outstanding: Basic $ (0.51 ) $ 0.65 $ 1.11 $ 0.02 Diluted (0.51 ) 0.64 1.09 0.02 Year Ended December 31, 2015 (Amounts in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 85,155 $ 386,065 $ 575,261 $ 217,457 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (70,326 ) 65,532 157,300 2,184 Net (loss) income per weighted average common share outstanding: Basic $ (0.75 ) $ 0.69 $ 1.67 $ 0.02 Diluted (0.75 ) 0.67 1.64 0.02 Year Ended December 31, 2014 (Amounts in thousands) First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 73,718 $ 376,551 $ 541,843 $ 183,681 Net (loss) income attributable to Six Flags Entertainment Corporation common stockholders (61,201 ) 66,306 105,034 (34,117 ) Net (loss) income per weighted average common share outstanding: Basic $ (0.64 ) $ 0.70 $ 1.11 $ (0.37 ) Diluted (0.64 ) 0.67 1.08 (0.37 ) |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2016park | |
Entity Location [Line Items] | |
Number of parks owned or operated | 18 |
Period of operation of theme parks by the former SFEC under Six Flags name (in years) | 40 years |
Number of parks branded as "Six Flags" parks | 16 |
United States | |
Entity Location [Line Items] | |
Number of parks owned or operated | 16 |
Mexico | |
Entity Location [Line Items] | |
Number of parks owned or operated | 1 |
Canada | |
Entity Location [Line Items] | |
Number of parks owned or operated | 1 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details) - USD ($) | Jun. 16, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Unrealized Excess Tax Benefits, Gross | $ 272,800,000 | |||
Cash Equivalents | ||||
Maximum remaining maturity period of highly liquid investments as of purchase date to be considered cash equivalents | 3 months | |||
Inventories | ||||
Valuation allowance for slow moving inventory | $ 300,000 | $ 300,000 | ||
Prepaid Expenses and Other Current Assets | ||||
Spare parts inventory for existing rides and attractions included in prepaid expenses and other current assets | 21,400,000 | 22,100,000 | ||
Advertising Costs | ||||
Prepaid advertising | 1,800,000 | 2,000,000 | ||
Advertising and promotions expense | 62,800,000 | 62,800,000 | $ 63,200,000 | |
Debt Issuance Costs | ||||
Debt issuance costs | 6,278,000 | 11,916,000 | 0 | |
Interest Expense, Other Long-term Debt | 4,500,000 | 4,500,000 | 4,700,000 | |
Accounts Receivable, Net | ||||
Allowance for Doubtful Accounts Receivable | 3,000,000 | 2,400,000 | ||
Income Taxes | ||||
Deferred Tax Assets, Valuation Allowance | 92,272,000 | 88,398,000 | ||
Liability of accrued interest and penalties attributable to income taxes | 0 | 0 | ||
Discontinued Operations | ||||
Income from discontinued operations | $ 0 | $ 0 | $ 545,000 | |
Minimum | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Maximum | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 25 years | |||
Rides and attractions | Minimum | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Rides and attractions | Maximum | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 25 years | |||
Land improvements | Minimum | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Land improvements | Maximum | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 15 years | |||
Buildings and improvements | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
Furniture and Equipment | Minimum | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Furniture and Equipment | Maximum | ||||
Property and Equipment | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Senior Unsecured 2024 Notes [Member] | ||||
Debt Issuance Costs | ||||
Long-term Debt, Gross | $ 300,000,000 | $ 300,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |||
Debt issuance costs | $ 4,700,000 | |||
Credit Facility 2011 - Term Loan B, As Amended 2016_June [Member] | ||||
Debt Issuance Costs | ||||
Debt issuance costs | $ 1,000,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Summary of property and equipment | ||
Property and equipment, gross | $ 1,968,565 | $ 1,862,764 |
Accumulated depreciation | (757,310) | (664,610) |
Total property and equipment, net | 1,211,255 | 1,198,154 |
Land | ||
Summary of property and equipment | ||
Property and equipment, gross | 221,468 | 221,665 |
Land improvements | ||
Summary of property and equipment | ||
Property and equipment, gross | 215,112 | 199,515 |
Buildings and improvements | ||
Summary of property and equipment | ||
Property and equipment, gross | 279,052 | 270,758 |
Rides and attractions | ||
Summary of property and equipment | ||
Property and equipment, gross | 985,406 | 941,550 |
Equipment | ||
Summary of property and equipment | ||
Property and equipment, gross | $ 267,527 | $ 229,276 |
Goodwill and Intangible Asset47
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 630,248 | $ 630,248 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 344,075 | 344,075 | |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated Amortization | (17,135) | (14,676) | |
Net Carrying Value | 9,897 | ||
Intangible assets, gross | 371,107 | 371,104 | |
Intangible assets, net of accumulated amortization | 353,972 | 356,428 | |
Amortization of Intangible Assets | 2,603 | $ 2,623 | $ 2,658 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2,017 | 2,488 | ||
2,018 | 2,443 | ||
2,019 | 2,437 | ||
2,020 | 1,049 | ||
2,021 | 57 | ||
2022 and thereafter | $ 1,423 | ||
Licensing Agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 6 months | 4 years 6 months | |
Gross Carrying Value | $ 24,461 | $ 24,461 | |
Accumulated Amortization | (16,091) | (13,664) | |
Net Carrying Value | $ 8,370 | $ 10,797 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period | 30 years 7 months 6 days | 29 years 9 months | |
Gross Carrying Value | $ 2,571 | $ 2,568 | |
Accumulated Amortization | (1,044) | (1,012) | |
Net Carrying Value | $ 1,527 | $ 1,556 |
Noncontrolling Interests, Par48
Noncontrolling Interests, Partnership and Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in redeemable noncontrolling interests | |||
Redeemable noncontrolling interests, beginning | $ 435,721 | $ 437,545 | |
Payments for Repurchase of Redeemable Noncontrolling Interest | (223) | (1,552) | $ (19) |
Change in redemption value of partnership units | (50,414) | ||
Net income attributable to noncontrolling interests | 38,425 | 38,165 | |
Payments of Ordinary Dividends, Noncontrolling Interest | (38,425) | (38,165) | (38,012) |
Redeemable noncontrolling interests, ending | 485,876 | 435,721 | 437,545 |
Other | |||
Proceeds from sale of DCP | 0 | 0 | 10,031 |
Six Flags over Georgia [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Redemption Value | 258,256 | ||
Changes in redeemable noncontrolling interests | |||
Redeemable noncontrolling interests, beginning | 208,101 | 209,925 | |
Fresh start accounting fair market value adjustment for purchased units | (36) | (272) | |
Payments for Repurchase of Redeemable Noncontrolling Interest | (223) | (1,552) | |
Change in redemption value of partnership units | 50,414 | ||
Net income attributable to noncontrolling interests | 19,113 | 18,992 | |
Payments of Ordinary Dividends, Noncontrolling Interest | (19,113) | (18,992) | |
Redeemable noncontrolling interests, ending | 258,256 | 208,101 | 209,925 |
Six Flags over Texas [Member] | |||
Noncontrolling Interest [Line Items] | |||
Redeemable Noncontrolling Interest, Equity, Redemption Value | 203,600 | ||
Changes in redeemable noncontrolling interests | |||
Redeemable noncontrolling interests, beginning | 227,620 | 227,620 | |
Fresh start accounting fair market value adjustment for purchased units | 0 | 0 | |
Payments for Repurchase of Redeemable Noncontrolling Interest | 0 | 0 | |
Change in redemption value of partnership units | 0 | ||
Net income attributable to noncontrolling interests | 19,312 | 19,173 | |
Payments of Ordinary Dividends, Noncontrolling Interest | (19,312) | (19,173) | |
Redeemable noncontrolling interests, ending | $ 227,620 | $ 227,620 | $ 227,620 |
Derivative Financial Instrume49
Derivative Financial Instruments (Details) - USD ($) | Dec. 23, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2012 |
Derivatives | ||||||
Interest Rate, Variable Rate Basis | LIBOR | |||||
Derivative Liabilities | ||||||
Derivative Liability, Current | $ 871,000 | $ 1,372,000 | ||||
Derivative Liability, Noncurrent | 0 | 226,000 | ||||
Derivative Liability | 871,000 | 1,598,000 | ||||
Derivatives Not Designated as Hedging Instruments | ||||||
Derivatives not designated as hedging instruments | 0 | 0 | ||||
Loss Recognized in AOCI (Effective Portion) | (944,000) | (2,671,000) | $ (1,604,000) | |||
Loss Reclassified from AOCI into Operations (Effective Portion) | (1,716,000) | (1,799,000) | (1,179,000) | |||
Loss Recognized in Operations on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (45,000) | |||||
Interest Rate Swap | ||||||
Derivatives | ||||||
Derivative, Notional Amount | $ 200,000,000 | |||||
Derivatives Not Designated as Hedging Instruments | ||||||
Loss Recognized in AOCI (Effective Portion) | (944,000) | (2,671,000) | (1,604,000) | |||
Loss Reclassified from AOCI into Operations (Effective Portion) | (1,716,000) | $ (1,799,000) | (878,000) | |||
Loss Recognized in Operations on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (45,000) | |||||
Loss to be reclassified from AOCI to operations during the next twelve months | $ 800,000 | |||||
Interest Rate Cap | ||||||
Derivatives | ||||||
Derivative, Notional Amount | $ 470,000,000 | |||||
Derivative Cap (as a percent) | 1.00% | |||||
Derivatives Not Designated as Hedging Instruments | ||||||
Loss Reclassified from AOCI into Operations (Effective Portion) | $ (301,000) | |||||
Credit Facility 2011 - Term Loan B, As Amended 2013 [Member] | ||||||
Derivatives | ||||||
Interest Rate, Variable Rate Basis | LIBOR | |||||
Interest Rate, Variable Rate Basis Floor | 0.75% |
Long-Term Indebtedness (Details
Long-Term Indebtedness (Details) - USD ($) | Jan. 15, 2021 | Jan. 31, 2017 | Dec. 20, 2016 | Jun. 16, 2016 | Jun. 30, 2015 | Dec. 23, 2013 | Jul. 15, 2013 | Dec. 21, 2012 | Dec. 20, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | Nov. 05, 2007 |
Summary of Long-term debt | |||||||||||||||
Cash used to retire debt | $ 15,000,000 | ||||||||||||||
Interest Rate, Variable Rate Basis | LIBOR | ||||||||||||||
Debt issuance costs | $ 6,278,000 | $ 11,916,000 | $ 0 | ||||||||||||
Loss on debt extinguishment | 2,935,000 | 6,557,000 | $ 0 | $ 800,000 | |||||||||||
Long-term debt, gross | 1,673,911,000 | ||||||||||||||
Restricted Cash and Cash Equivalents, Current | 3,926,000 | 0 | |||||||||||||
Restricted Investments, Noncurrent | 3,036,000 | ||||||||||||||
Interest Rate Swap | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Derivative, Notional Amount | $ 200,000,000 | ||||||||||||||
Credit Facility Amendment 2012 | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Reduction in interest rate (as a percent) | 0.25% | ||||||||||||||
Credit Facility Amendment 2013 | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Excess Cash Available for General Corporate Purposes | $ 200,000,000 | ||||||||||||||
Debt Issuance Cost | $ 2,400,000 | ||||||||||||||
Credit Facility Amendment 2015 | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Issuance Cost | $ 11,400,000 | ||||||||||||||
Credit Facility 2011 | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Instrument, Face Amount | $ 1,135,000,000 | ||||||||||||||
Credit Facility 2011 - Revolving Loan | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | ||||||||||||||
Long-term Line of Credit | 0 | ||||||||||||||
Letters of Credit Outstanding, Amount | $ 20,100,000 | ||||||||||||||
Commitment fee (as a percent) | 0.375% | ||||||||||||||
Credit Facility 2011 - Term Loans | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Proceeds utilized for repayment of existing debt | 935,000,000 | ||||||||||||||
Credit Facility 2011 - Term Loan A | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||
Repayment of debt | $ 72,200,000 | ||||||||||||||
Credit Facility 2011 - Term Loan B | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Instrument, Face Amount | $ 860,000,000 | ||||||||||||||
Debt Instrument, Term | 7 years | ||||||||||||||
Line of Credit Facility, Additional Contingent Borrowing Capacity | $ 300,000,000 | ||||||||||||||
Repayment of debt | 277,800,000 | ||||||||||||||
Spread over variable rate (as a percent) | 3.00% | ||||||||||||||
Interest Rate, Variable Rate Basis | LIBOR | ||||||||||||||
Interest Rate, Variable Rate Basis Floor | 1.00% | ||||||||||||||
Credit Facility 2011 - Term Loan B | Credit Facility Amendment 2013 | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Reduction in interest rate (as a percent) | 0.50% | ||||||||||||||
Credit Facility 2011 - Term Loan B | Credit Facility Amendment 2013 | Variable Rate Basis Spread | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Reduction in interest rate (as a percent) | 0.25% | ||||||||||||||
Credit Facility 2011 - Term Loan B | Credit Facility Amendment 2013 | LIBOR | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Reduction in interest rate (as a percent) | 0.25% | ||||||||||||||
Credit Facility 2011 - Term Loan B | Credit Facility Amendment 2015 | Variable Rate Basis Spread | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Reduction in interest rate (as a percent) | 0.25% | ||||||||||||||
Credit Facility 2011 - Term Loan B | Credit Facility Amendment 2016 June | Variable Rate Basis Spread | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Reduction in interest rate (as a percent) | 0.25% | ||||||||||||||
Credit Facility 2011 - Term Loan B, As Amended 2013 | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Repayment of debt | $ 150,000,000 | ||||||||||||||
Spread over variable rate (as a percent) | 2.75% | ||||||||||||||
Interest Rate, Variable Rate Basis | LIBOR | ||||||||||||||
Interest Rate, Variable Rate Basis Floor | 0.75% | ||||||||||||||
Credit Facility 2011 - Term Loan B, As Amended 2016_June | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Spread over variable rate (as a percent) | 2.50% | ||||||||||||||
Interest Rate, Variable Rate Basis | LIBOR | ||||||||||||||
Debt issuance costs | $ 1,000,000 | ||||||||||||||
Loss on debt extinguishment | 2,400,000 | ||||||||||||||
Credit Facility 2011 - Term Loan B, As Amended 2016_December | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Spread over variable rate (as a percent) | 2.25% | ||||||||||||||
Interest Rate, Variable Rate Basis | LIBOR | ||||||||||||||
Loss on debt extinguishment | 500,000 | ||||||||||||||
HWP Refinance Loan | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Instrument, Face Amount | $ 33,000,000 | ||||||||||||||
Long-term debt, gross | 29,161,000 | $ 29,667,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.72% | ||||||||||||||
Monthly payments of principal and interest | 200,000 | ||||||||||||||
Restricted Cash and Cash Equivalents, Current | 3,900,000 | ||||||||||||||
Restricted Investments, Noncurrent | 3,000,000 | ||||||||||||||
Old Debt - First Lien Amendment | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Repayment of debt | $ 950,000,000 | ||||||||||||||
Amended and Restated Revolving Loan | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000,000 | ||||||||||||||
Interest Rate, Variable Rate Basis | LIBOR | ||||||||||||||
Long-term Line of Credit | 0 | ||||||||||||||
Letters of Credit Outstanding, Amount | $ 19,700,000 | ||||||||||||||
Frequency of periodic payment of interest | annual | ||||||||||||||
Commitment fee (as a percent) | 0.375% | ||||||||||||||
Amended and Restated Term Loan B | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Instrument, Face Amount | 700,000,000 | ||||||||||||||
Line of Credit Facility, Additional Contingent Borrowing Capacity | $ 350,000,000 | $ 350,000,000 | |||||||||||||
Interest Rate, Variable Rate Basis | LIBOR | ||||||||||||||
Frequency of periodic payment of interest | annual | ||||||||||||||
Long-term debt, gross | $ 544,750,000 | $ 696,500,000 | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.16% | 3.50% | |||||||||||||
Debt Instrument, Quarterly Amortization | $ 1,800,000 | ||||||||||||||
Senior Unsecured 2021 Notes | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Instrument, Face Amount | 800,000,000 | ||||||||||||||
Proceeds utilized for repayment of existing debt | 350,000,000 | ||||||||||||||
Remaining proceeds utilized for share repurchases and other corporate matters | $ 450,000,000 | ||||||||||||||
Frequency of periodic payment of interest | semi-annually | ||||||||||||||
Long-term debt, gross | 800,000,000 | $ 800,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||||||||||||||
Periodic payment of interest | $ 22,300,000 | $ 21,000,000 | |||||||||||||
Senior Unsecured 2021 Notes | Scenario, Forecast | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Periodic payment of interest | $ 21,000,000 | ||||||||||||||
Senior Unsecured 2024 Notes | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | $ 300,000,000 | |||||||||||||
Repayment of debt | 150,000,000 | ||||||||||||||
Debt issuance costs | $ 4,700,000 | ||||||||||||||
Frequency of periodic payment of interest | semi-annually | ||||||||||||||
Long-term debt, gross | $ 0 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | ||||||||||||||
Periodic payment of interest | $ 7,300,000 | ||||||||||||||
Senior Unsecured 2024 Notes | Scenario, Forecast | |||||||||||||||
Summary of Long-term debt | |||||||||||||||
Periodic payment of interest | $ 9,100,000 |
Long-Term Indebtedness (Detai51
Long-Term Indebtedness (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Jun. 16, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 21, 2012 | Nov. 05, 2007 |
Summary of Long-term debt | ||||||
Long-term debt, gross | $ 1,673,911 | |||||
Net discount | (2,192) | $ (3,281) | ||||
Deferred financing costs | (4,188) | (5,386) | ||||
Long-term debt | 1,653,647 | 1,505,528 | ||||
Less current portion | (29,161) | (7,506) | ||||
Long-term debt | 1,624,486 | 1,498,022 | ||||
Annual maturities of long-term debt, assuming no acceleration of maturities | ||||||
2,017 | 29,161 | |||||
2,018 | 0 | |||||
2,019 | 0 | |||||
2,020 | 0 | |||||
2,021 | 800,000 | |||||
2022 and thereafter | 844,750 | |||||
Long-term debt, gross | 1,673,911 | |||||
Amended and Restated Term Loan B | ||||||
Summary of Long-term debt | ||||||
Debt Instrument, Face Amount | $ 700,000 | |||||
Long-term debt, gross | 544,750 | 696,500 | ||||
Annual maturities of long-term debt, assuming no acceleration of maturities | ||||||
Long-term debt, gross | 544,750 | 696,500 | ||||
Senior Unsecured 2024 Notes | ||||||
Summary of Long-term debt | ||||||
Debt Instrument, Face Amount | 300,000 | $ 300,000 | ||||
Long-term debt, gross | 0 | |||||
Annual maturities of long-term debt, assuming no acceleration of maturities | ||||||
Long-term debt, gross | 0 | |||||
Senior Unsecured 2021 Notes | ||||||
Summary of Long-term debt | ||||||
Debt Instrument, Face Amount | $ 800,000 | |||||
Long-term debt, gross | 800,000 | 800,000 | ||||
Annual maturities of long-term debt, assuming no acceleration of maturities | ||||||
Long-term debt, gross | 800,000 | 800,000 | ||||
HWP Refinance Loan | ||||||
Summary of Long-term debt | ||||||
Debt Instrument, Face Amount | $ 33,000 | |||||
Long-term debt, gross | 29,161 | 29,667 | ||||
Annual maturities of long-term debt, assuming no acceleration of maturities | ||||||
Long-term debt, gross | 29,161 | 29,667 | ||||
Amended and Restated Term Loan B and Senior Unsecured 2021 Notes | ||||||
Summary of Long-term debt | ||||||
Deferred financing costs | $ (17,358) | |||||
Amended and Restated Term Loan B, Senior Unsecured 2021 and 2024 Notes | ||||||
Summary of Long-term debt | ||||||
Deferred financing costs | $ (18,072) |
Selling, General and Administ52
Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selling, General and Administrative Expenses | |||
Selling, general and administrative expenses | $ 291,794 | $ 234,810 | $ 310,955 |
Stock-based compensation | 116,339 | 56,233 | 140,038 |
Park | |||
Selling, General and Administrative Expenses | |||
Selling, general and administrative expenses | 124,019 | 119,411 | 122,322 |
Corporate | |||
Selling, General and Administrative Expenses | |||
Selling, general and administrative expenses | $ 167,775 | $ 115,399 | $ 188,633 |
Stock Benefit Plans (Details)
Stock Benefit Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | 18 Months Ended | |||||||
Feb. 29, 2016 | May 31, 2015 | Feb. 28, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details of stock benefit plans | ||||||||||
Stock-based compensation | $ 116,339 | $ 56,233 | $ 140,038 | |||||||
Long Term Incentive Plan [Member] | ||||||||||
Details of stock benefit plans | ||||||||||
Share-based Payment Award, Number of Additional Shares Authorized | 5,000,000 | |||||||||
Stock-based compensation | 116,028 | $ 55,862 | 139,788 | |||||||
Shares available for future grant (in shares) | 1,724,000 | |||||||||
Long Term Incentive Plan [Member] | Performance Award 2015 [Member] | ||||||||||
Details of stock benefit plans | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,314,000 | 1,511,100 | ||||||||
Stock-based compensation | (1,600) | |||||||||
Stock-based compensation additional disclosures | ||||||||||
Share Based Compensation Arrangement by Share Based Payment Award Modified EBITDA for Additional Performance Award | $ 500,000 | |||||||||
Long Term Incentive Plan [Member] | Performance Award 2017 [Member] | ||||||||||
Details of stock benefit plans | ||||||||||
Stock-based compensation | $ 91,400 | |||||||||
Stock-based compensation additional disclosures | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | $ 44,500 | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award Modified EBITDA for Additional Performance Award | $ 600,000 | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Potential Grants Based on Performance Criteria | 2,300,000 | |||||||||
Long Term Incentive Plan [Member] | Performance Award 2020 [Member] | ||||||||||
Stock-based compensation additional disclosures | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | 54,000 | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award Modified EBITDA for Additional Performance Award | $ 750,000 | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Potential Grants Based on Performance Criteria | 900,000 | |||||||||
Long Term Incentive Plan [Member] | Dividend Equivalent Rights, Performance Award 2017 [Member] | ||||||||||
Details of stock benefit plans | ||||||||||
Stock-based compensation | $ 11,000 | |||||||||
Stock-based compensation additional disclosures | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | $ 5,800 | |||||||||
Long Term Incentive Plan [Member] | Stock Options [Member] | ||||||||||
Details of stock benefit plans | ||||||||||
Options to purchase common stock outstanding (in shares) | 5,862,000 | 5,862,000 | 5,862,000 | 5,679,000 | 5,862,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||||||||
Options outstanding at the beginning of the period (in shares) | 5,862,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,324,000 | 1,200,000 | 1,700,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (1,355,000) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (152,000) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 0 | |||||||||
Options outstanding at the end of the period (in shares) | 5,679,000 | 5,862,000 | 5,862,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 5,487,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,474,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 36.63 | $ 30.89 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 50.93 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | 25.60 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 38.40 | |||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ 0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | 36.33 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 26.59 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Abstract] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months 11 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term | 7 years 2 months 23 days | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 8 months 23 days | |||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Intrinsic Value [Abstract] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 132,508 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 129,643 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 82,574 | |||||||||
Stock-based compensation additional disclosures | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.84 | $ 6.14 | $ 8.86 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 37,800 | $ 51,100 | $ 70,100 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Options, Vested in Period, Aggregate Fair Value | $ 10,700 | 13,900 | 19,800 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | $ 10,400 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 months 27 days | |||||||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 34,700 | $ 39,000 | $ 37,700 | |||||||
Long Term Incentive Plan [Member] | Stock Options [Member] | Chief Executive Officer [Member] | ||||||||||
Weighted-average assumptions used to estimate the fair value of stock options granted | ||||||||||
Risk-free interest rate (percent) | 1.05% | 1.80% | 1.96% | |||||||
Expected life (in years) | 3 years 10 months 6 days | 6 years 3 months | 6 years 3 months | |||||||
Expected volatility (percent) | 24.30% | 36.04% | 38.69% | |||||||
Expected dividend yield (percent) | 4.47% | 4.28% | 4.78% | |||||||
Long Term Incentive Plan [Member] | Stock Options [Member] | Key Employees [Member] | ||||||||||
Weighted-average assumptions used to estimate the fair value of stock options granted | ||||||||||
Risk-free interest rate (percent) | 1.00% | 1.13% | 1.96% | |||||||
Expected life (in years) | 3 years 10 months 6 days | 3 years 10 months 28 days | 6 years 3 months | |||||||
Expected volatility (percent) | 23.17% | 24.85% | 38.81% | |||||||
Expected dividend yield (percent) | 4.15% | 4.46% | 4.87% | |||||||
Long Term Incentive Plan [Member] | Restricted Stock and Restricted Stock Units [Member] | ||||||||||
Details of stock benefit plans | ||||||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Grants in Period, Aggregate Grant Date Fair Value | $ 68,200 | $ 70,700 | $ 700 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 10,000 | 14,000 | ||||||||
Stock-based compensation additional disclosures | ||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | $ 200 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 months |
Stock Benefit Plans (Details 2)
Stock Benefit Plans (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | 18 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 | Dec. 31, 2015 | Feb. 08, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Stock-based compensation | $ 116,339 | $ 56,233 | $ 140,038 | |||
Dividend Equivalent Rights [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Stock-based compensation | $ 5,100 | 4,500 | 6,000 | |||
Employee Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Percentage of the market value of common stock at beginning or end of the offering period for shares eligible to be purchased | 90.00% | |||||
Number of shares of common stock that may be issued under the Plan | 2,000,000 | |||||
Shares available for future grant (in shares) | 1,775,000 | |||||
Stock-based compensation | $ 311 | 371 | 250 | |||
Long Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Shares available for future grant (in shares) | 1,724,000 | |||||
Stock-based compensation | $ 116,028 | $ 55,862 | 139,788 | |||
Long Term Incentive Plan [Member] | Performance Award 2015 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Modified EBITDA for an additional performance award | $ 500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Stock-based compensation | (1,600) | |||||
Long Term Incentive Plan [Member] | Performance Award 2017 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Modified EBITDA for an additional performance award | $ 600,000 | |||||
Potential award grant based on achievement of performance criteria (in shares) | 2,300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | 44,500 | |||||
Stock-based compensation | $ 91,400 | |||||
Long Term Incentive Plan [Member] | Dividend Equivalent Rights, Performance Award 2017 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | $ 5,800 | |||||
Stock-based compensation | $ 11,000 | |||||
Long Term Incentive Plan [Member] | Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||
Non-vested balance at the beginning of the period (in shares) | 14,000 | |||||
Non-Option Awards Granted (in shares) | 1,326,000 | |||||
Non-Option Awards Vested (in shares) | (1,330,000) | |||||
Non-Option Awards Forfeited (in shares) | 0 | |||||
Non-vested balance at the end of the period (in shares) | 10,000 | 14,000 | 14,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Non-vested shares (in dollars per share) | $ 58.46 | $ 46.60 | $ 46.60 | |||
Granted (in dollars per share) | 51.46 | $ 46.31 | $ 41.14 | |||
Vested (in dollars per share) | 51.35 | |||||
Forfeited (in dollars per share) | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Grants in Period, Aggregate Grant Date Fair Value | $ 68,200 | $ 70,700 | $ 700 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 68,300 | $ 70,600 | $ 3,900 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | $ 200 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 3 months | |||||
Long Term Incentive Plan [Member] | Deferred Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ||||||
Non-Option Awards Granted (in shares) | 3,000 | 3,000 | 3,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Granted (in dollars per share) | $ 54.16 | $ 46.60 | $ 41.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options, Grants in Period, Aggregate Grant Date Fair Value | $ 159 | $ 128 | $ 125 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | $ 0 | |||||
Number of shares to be issued for each award | 1 | |||||
Period following cessation of the non-employee director's service after which shares are to be delivered (in days) | 30 days | |||||
Long Term Incentive Plan [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not Yet Recognized | $ 10,400 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 8 months 27 days | |||||
Unvested stock options outstanding (in shares) | 10,000,000 | |||||
Dividend Equivalent Rights Threshold for Accumulated Accrued Dividend Distribution To Receive Cash Dividends | 1,000 | |||||
Dividend Equivalent Rights Threshold for Accumulated Accrued Dividend Distribution To Receive Stock Dividends | 1,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,324,000 | 1,200,000 | 1,700,000 |
Fair Value of Financial Instr55
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair value measurements and disclosures | ||
Restricted-use investment securities | $ 3,036 | |
Interest Rate Swap Agreements liabilities | $ (871) | (1,598) |
Reported Value Measurement | ||
Fair value measurements and disclosures | ||
Restricted-use investment securities | 3,926 | 3,036 |
Interest Rate Swap Agreements liabilities | (871) | (1,598) |
Long-term debt (including current portion) | (1,653,647) | (1,505,528) |
Estimate of Fair Value Measurement | ||
Fair value measurements and disclosures | ||
Restricted-use investment securities | 3,926 | 3,036 |
Interest Rate Swap Agreements liabilities | (871) | (1,598) |
Long-term debt (including current portion) | $ (1,679,525) | $ (1,510,304) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | May 01, 2010 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ||||
Income from Continuing Operations before Income Taxes, Domestic | $ 216,205 | $ 238,416 | $ 145,622 | |
Income from Continuing Operations before Income Taxes, Foreign | 17,061 | 24,808 | 14,389 | |
Income from continuing operations before income taxes and discontinued operations | 233,266 | 263,224 | 160,011 | |
Current Income Tax Expense | ||||
Current Federal Tax Expense (Benefit) | (41) | (119) | (57) | |
Current Foreign Tax Expense (Benefit) | 6,206 | 9,656 | 6,260 | |
Current State and Local Tax Expense (Benefit) | 7,088 | 6,336 | 7,028 | |
Total Current Income Tax Expense (Benefit) | 13,253 | 15,873 | 13,231 | |
Deferred Income Tax Expense | ||||
U.S. federal | 57,950 | 61,583 | 31,757 | |
Foreign | (427) | (2,399) | 46 | |
State and local | 5,763 | (4,688) | 1,488 | |
Total deferred income tax | 63,286 | 54,496 | 33,291 | |
Total Income Tax Expense | ||||
U.S. federal income tax | 57,909 | 61,464 | 31,700 | |
Foreign income tax | 5,779 | 7,257 | 6,306 | |
State and local income tax | 12,851 | 1,648 | 8,516 | |
Income tax expense | $ 76,539 | 70,369 | 46,522 | |
Recorded income tax expense (benefit) allocated to income (loss) from continuing operations differing from amounts computed by applying the U.S. federal income tax rate | ||||
U.S. federal income tax rate (as a percent) | 35.00% | |||
Computed "expected" federal income tax expense (benefit) | $ 81,643 | 92,128 | 56,004 | |
Change in valuation allowance | (13,449) | (13,358) | (13,114) | |
Effect of state and local income taxes, net of federal tax benefit | 648 | 896 | 1,413 | |
Effect of noncontrolling interest income distribution | 8,353 | 1,072 | 5,535 | |
Nondeductible compensation | 2,127 | 435 | 2,271 | |
Effect of foreign income taxes | 380 | 741 | 635 | |
Effect of foreign earnings earned and remitted in the same year | 6,000 | 5,155 | 11,126 | |
Effect of foreign tax credits | (9,405) | (4,432) | (15,571) | |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 0 | (9,603) | 0 | |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | 0 | 0 | (3,532) | |
Other, net | 242 | (2,665) | 1,755 | |
Income tax expense | 76,539 | $ 70,369 | $ 46,522 | |
Net operating loss carryforwards disclosure | ||||
Reduction in net operating loss as a result of emergence from chapter 11 | $ 804,800 | |||
Estimated annual limitation | 32,500 | |||
Estimated built in gains | $ 696,000 | |||
Minimum | ||||
Summary of property and equipment | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Property, Plant and Equipment, Useful Life, Tax | 7 years | |||
Maximum | ||||
Summary of property and equipment | ||||
Property, Plant and Equipment, Useful Life | 25 years | |||
Property, Plant and Equipment, Useful Life, Tax | 12 years |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Federal net operating loss carryforwards | $ 40,352 | $ 106,418 |
State net operating loss carryforwards | 96,356 | 96,811 |
Deferred Compensation | 50,067 | 41,241 |
Foreign tax credits | 46,795 | 37,390 |
Alternative minimum tax credits | 6,591 | 6,591 |
Accrued insurance, pension liability and other | 72,188 | 74,282 |
Total deferred tax asset | 312,349 | 362,733 |
Less: Valuation allowance | 92,272 | 88,398 |
Net deferred tax assets | 220,077 | 274,335 |
Deferred tax liabilities: | ||
Property and equipment | 294,050 | 288,504 |
Intangible assets and other | 125,307 | 126,104 |
Total deferred tax liabilities | 419,357 | 414,608 |
Net deferred tax liability | 199,280 | $ 140,273 |
Unrealized Excess Tax Benefits, Gross | 272,800 | |
Estimated excess income tax benefits pertaining to share-based payments recognized as an increase in additional paid in capital at current income tax rates | 98,700 | |
U.S. federal | ||
Details of net operating loss carryforwards | ||
Net operating loss carryforwards | 200,000 | |
State | ||
Details of net operating loss carryforwards | ||
Net operating loss carryforwards | $ 4,200,000 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation allowance | |||
Change in valuation allowance | $ 648 | $ 896 | $ 1,206 |
Unrecognized tax benefit | 44,600 | 43,900 | |
Continuing operations | |||
Valuation allowance | |||
Change in valuation allowance | 648 | 896 | 1,413 |
Discontinued operations | |||
Valuation allowance | |||
Change in valuation allowance | $ 0 | $ 0 | $ (207) |
Preferred Stock, Common Stock59
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) (Details) - USD ($) | Nov. 20, 2013 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Feb. 16, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 31, 2016 | Jun. 07, 2016 |
Common Stock | |||||||||||||||||||
Number of authorized shares of common stock | 140,000,000 | 140,000,000 | 140,000,000 | 140,000,000 | |||||||||||||||
Number of shares outstanding | 90,849,428 | 91,550,851 | 90,849,428 | 91,550,851 | |||||||||||||||
Stock repurchase program | |||||||||||||||||||
Value of shares repurchased | $ 211,751,000 | $ 245,114,000 | $ 195,353,000 | ||||||||||||||||
Cash dividends per share of common stock paid | $ 0.64 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.470 | $ 0.470 | $ 0.470 | |||||||
Preferred Stock | |||||||||||||||||||
Number of authorized shares of preferred stock | 5,000,000 | 5,000,000 | |||||||||||||||||
November 2013 Stock Repurchase Plan [Member] | |||||||||||||||||||
Stock repurchase program | |||||||||||||||||||
Amount of shares authorized to be repurchased under Stock Repurchase Program | $ 500,000,000 | ||||||||||||||||||
Period over which shares are authorized to be repurchased (in years) | 4 years | ||||||||||||||||||
Aggregate shares repurchased | 11,428,000 | ||||||||||||||||||
Value of shares repurchased | $ 500,000,000 | ||||||||||||||||||
Average price (in dollars per share) | $ 43.75 | ||||||||||||||||||
June 2016 Stock Repurchase Plan [Member] | |||||||||||||||||||
Stock repurchase program | |||||||||||||||||||
Amount of shares authorized to be repurchased under Stock Repurchase Program | $ 500,000,000 | ||||||||||||||||||
Employee Stock [Member] | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Shares available for future grant (in shares) | 1,775,000 | 1,775,000 | |||||||||||||||||
Long Term Incentive Plan [Member] | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Shares available for future grant (in shares) | 1,724,000 | 1,724,000 | |||||||||||||||||
Subsequent Event [Member] | June 2016 Stock Repurchase Plan [Member] | |||||||||||||||||||
Stock repurchase program | |||||||||||||||||||
Aggregate shares repurchased | 2,790,000 | ||||||||||||||||||
Value of shares repurchased | $ 157,800,000 | ||||||||||||||||||
Average price (in dollars per share) | $ 56.56 | ||||||||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 342,200,000 |
Preferred Stock, Common Stock60
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive (Loss) Income | |||
Balance at the beginning of the period | $ (66,558) | $ (59,629) | $ (32,697) |
Net current period change | (2,240) | (8,520) | (27,645) |
Amounts reclassified from AOCI | 1,614 | 1,591 | 713 |
Balance at the end of the period | (67,184) | (66,558) | (59,629) |
Currency Translation Adjustment | |||
Accumulated Other Comprehensive (Loss) Income | |||
Balance at the beginning of the period | (24,800) | (12,198) | (1,710) |
Net current period change | (7,142) | (12,602) | (10,488) |
Amounts reclassified from AOCI | 0 | 0 | 0 |
Balance at the end of the period | (31,942) | (24,800) | (12,198) |
Cash Flow Hedges | |||
Accumulated Other Comprehensive (Loss) Income | |||
Balance at the beginning of the period | (1,598) | (726) | (301) |
Net current period change | (944) | (2,671) | (1,604) |
Amounts reclassified from AOCI | 1,716 | 1,799 | 1,179 |
Balance at the end of the period | (826) | (1,598) | (726) |
Defined Benefit Plans | |||
Accumulated Other Comprehensive (Loss) Income | |||
Balance at the beginning of the period | (49,772) | (52,585) | (19,705) |
Net current period change | 4,881 | 1,934 | (32,880) |
Amounts reclassified from AOCI | 931 | 879 | 0 |
Balance at the end of the period | (43,960) | (49,772) | (52,585) |
Income Taxes | |||
Accumulated Other Comprehensive (Loss) Income | |||
Balance at the beginning of the period | 9,612 | 5,880 | (10,981) |
Net current period change | 965 | 4,819 | 17,327 |
Amounts reclassified from AOCI | (1,033) | (1,087) | (466) |
Balance at the end of the period | $ 9,544 | $ 9,612 | $ 5,880 |
Preferred Stock, Common Stock61
Preferred Stock, Common Stock and Other Stockholders' Equity (Deficit) (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | $ 82,377 | $ 76,205 | $ 73,057 |
Income tax expense | 76,539 | 70,369 | 46,522 |
Total reclassifications, net of tax | 156,727 | 192,855 | 114,034 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | 1,614 | 1,591 | 713 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of loss on interest rate hedge | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense | 1,716 | 1,799 | 1,179 |
Income tax expense | (669) | (761) | (466) |
Total reclassifications, net of tax | 1,047 | 1,038 | $ 713 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of deferred actuarial loss and prior service cost | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Operating expenses | 931 | 879 | |
Income tax expense | (364) | (326) | |
Total reclassifications, net of tax | $ 567 | $ 553 |
Pension Benefits (Details)
Pension Benefits (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)bond | Dec. 31, 2015USD ($) | |
Change in benefit obligation: | |||||
Beginning balance | $ 223,389 | $ 246,653 | $ 211,813 | ||
Interest cost | 8,901 | 9,116 | 9,686 | ||
Actuarial (gain) loss | (828) | (17,869) | 40,422 | ||
Benefits paid | (14,891) | (14,511) | (15,268) | ||
Benefit obligation at end of period | 216,571 | 223,389 | 246,653 | ||
Change in fair value of plan assets: | |||||
Fair value of plan assets at beginning of period | 173,123 | 186,131 | 176,706 | ||
Actual return on assets | 15,949 | (2,767) | 20,342 | ||
Employer contributions | 6,000 | 6,000 | 6,000 | ||
Administrative fees | (1,806) | (1,730) | (1,649) | ||
Benefits paid | (14,891) | (14,511) | (15,268) | ||
Fair value of plan assets at end of period | 178,375 | 173,123 | 186,131 | ||
Reconciliation of benefit plan funded status to the amounts recognized in the entity's consolidated balance sheets | |||||
Fair value of plan assets | 173,123 | 186,131 | 176,706 | $ 178,375 | $ 173,123 |
Benefit obligation | (223,389) | (246,653) | (211,813) | (216,571) | (223,389) |
Funded status (deficit) | $ (38,200) | $ (50,300) | |||
Weighted average assumptions used to determine benefit obligations | |||||
Discount rate (as a percent) | 3.90% | 4.10% | |||
Net periodic benefit cost: | |||||
Service cost | 2,400 | 2,000 | 1,600 | ||
Interest cost | 8,901 | 9,116 | 9,687 | ||
Expected return on plan assets | (12,490) | (13,438) | (12,752) | ||
Amortization of net actuarial loss | 931 | 879 | 0 | ||
Total net periodic benefit cost | (258) | (1,443) | (1,465) | ||
Other comprehensive (loss) income: | |||||
Current year actuarial (loss) gain | 4,881 | 1,934 | (32,880) | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Tax | 931 | 879 | 0 | ||
Total other comprehensive (loss) income | 5,812 | $ 2,813 | $ (32,880) | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 43,600 | $ 47,200 | |||
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeTax | $ (300) | $ (2,600) | |||
Estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost | |||||
Estimated amount to be amortized from AOCI | $ 800 | ||||
Weighted average assumptions used to determine net costs | |||||
Discount rate (as a percent) | 4.10% | 3.80% | 4.70% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.25% | 7.25% | 7.25% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Corridor | 10.00% | 10.00% | 10.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Average Life Expectancy | 27 years 9 months 15 days | 29.39 | 30 years 2 months 9 days | ||
Number of a high grade bonds considered when selecting discount rate | bond | 500 | ||||
SFTP Benefit Plan | |||||
Pension Benefits | |||||
Normal retirement age (in years) | 65 years | ||||
Early retirement age, low end of range (in years) | 55 years | ||||
Early retirement age, high end of range (in years) | 64 years | ||||
Attainment of credited service (in years) | 10 years | ||||
Threshold age for reduction in early retirement benefit (in years) | 62 years | ||||
Number of highest consecutive period of average compensation, used in plan benefit calculation (in years) | 5 years | ||||
Period of average compensation, used in plan benefit calculation (in years) | 10 years |
Pension Benefits (Details 2)
Pension Benefits (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2013 | |
Pension plan | ||||
Assets measured at fair value | $ 173,123 | $ 186,131 | $ 178,375 | $ 176,706 |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 173,123 | 186,131 | ||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 178,375 | 173,123 | ||
Estimated Future Employer Contributions | ||||
2,016 | 6,000 | |||
Expected benefit payments: | ||||
2,016 | 9,512 | |||
2,017 | 10,292 | |||
2,018 | 10,722 | |||
2,019 | 11,033 | |||
2,020 | 11,365 | |||
2021 through 2024 | 61,930 | |||
Total expected benefit payments | 114,854 | |||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 142,825 | 142,825 | 145,249 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 142,825 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 145,249 | 142,825 | ||
Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 9,987 | 9,987 | 9,967 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 9,987 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | $ 9,967 | 9,987 | ||
Domestic equity securities | ||||
Pension plan | ||||
Target allocation (as a percent) | 16.00% | |||
Fixed income securities | ||||
Pension plan | ||||
Target allocation (as a percent) | 48.00% | |||
International equity | ||||
Pension plan | ||||
Target allocation (as a percent) | 13.00% | |||
Assets measured at fair value | $ 19,902 | 19,902 | 22,598 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 19,902 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 22,598 | 19,902 | ||
International equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 19,902 | 19,902 | 22,598 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 19,902 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 22,598 | 19,902 | ||
International equity | Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
International equity | Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | $ 0 | 0 | ||
Alternatives | ||||
Pension plan | ||||
Target allocation (as a percent) | 23.00% | |||
Large-Cap Disciplined Equity | ||||
Pension plan | ||||
Assets measured at fair value | $ 30,693 | 30,693 | 32,365 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 30,693 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 32,365 | 30,693 | ||
Large-Cap Disciplined Equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 30,693 | 30,693 | 32,365 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 30,693 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 32,365 | 30,693 | ||
Large-Cap Disciplined Equity | Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Large-Cap Disciplined Equity | Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Small/Mid-Cap Equity | ||||
Pension plan | ||||
Assets measured at fair value | 4,515 | 4,515 | 5,425 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 4,515 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 5,425 | 4,515 | ||
Small/Mid-Cap Equity | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 4,515 | 4,515 | 5,425 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 4,515 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 5,425 | 4,515 | ||
Small/Mid-Cap Equity | Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Small/Mid-Cap Equity | Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Long Duration Fixed Income | ||||
Pension plan | ||||
Assets measured at fair value | 74,073 | 74,073 | 69,583 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 74,073 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 69,583 | 74,073 | ||
Long Duration Fixed Income | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 74,073 | 74,073 | 69,583 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 74,073 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 69,583 | 74,073 | ||
Long Duration Fixed Income | Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Long Duration Fixed Income | Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
High Yield | ||||
Pension plan | ||||
Assets measured at fair value | 7,587 | 7,587 | 8,918 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 7,587 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 8,918 | 7,587 | ||
High Yield | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 7,587 | 7,587 | 8,918 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 7,587 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 8,918 | 7,587 | ||
High Yield | Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
High Yield | Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Emerging Markets Debt | ||||
Pension plan | ||||
Assets measured at fair value | 6,055 | 6,055 | 6,360 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 6,055 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 6,360 | 6,055 | ||
Emerging Markets Debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 6,055 | 6,055 | 6,360 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 6,055 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 6,360 | 6,055 | ||
Emerging Markets Debt | Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Emerging Markets Debt | Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Hedge Fund of Funds | ||||
Pension plan | ||||
Assets measured at fair value | 9,987 | 9,987 | 9,967 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 9,987 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 9,967 | 9,987 | ||
Hedge Fund of Funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Hedge Fund of Funds | Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Hedge Fund of Funds | Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 9,987 | 10,174 | 9,967 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 9,987 | 10,174 | ||
Actual return on plan assets: | ||||
Relating to assets still held at the reporting date | (20) | (187) | ||
Relating to assets sold during the period | 0 | 0 | ||
Purchases, sales and settlements, net | 0 | 0 | ||
Fair value of plan assets at end of period | 9,967 | 9,987 | ||
Other Investments | ||||
Pension plan | ||||
Assets measured at fair value | 20,311 | 20,311 | 23,159 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 20,311 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 23,159 | 20,311 | ||
Other Investments | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Other Investments | Significant Observable Inputs (Level 2) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | 0 | 0 | ||
Other Investments | Significant Unobservable Inputs (Level 3) | ||||
Pension plan | ||||
Assets measured at fair value | 0 | 0 | $ 0 | |
Rollforward of the balances of plan assets that are valued using level 3 inputs (in thousands) | ||||
Fair value of plan assets at beginning of period | 0 | |||
Actual return on plan assets: | ||||
Fair value of plan assets at end of period | $ 0 | $ 0 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Calculation of earnings per common share | |||||||||||||||
Net income attributable to Six Flags Entertainment Corporation common stockholders | $ 1,868 | $ 102,482 | $ 60,887 | $ (46,935) | $ 2,184 | $ 157,300 | $ 65,532 | $ (70,326) | $ (34,117) | $ 105,034 | $ 66,306 | $ (61,201) | $ 118,302 | $ 154,690 | $ 76,022 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||||||
Weighted-average common shares outstanding—basic: | 92,349 | 93,580 | 94,477 | ||||||||||||
Effect of dilutive stock options and restricted stock units (in shares) | 2,049 | 4,401 | 3,662 | ||||||||||||
Weighted average common shares outstanding - diluted (in shares) | 94,398 | 97,981 | 98,139 | ||||||||||||
Earnings per share - basic (usd per share) | $ 0.02 | $ 1.11 | $ 0.65 | $ (0.51) | $ 0.02 | $ 1.67 | $ 0.69 | $ (0.75) | $ (0.37) | $ 1.11 | $ 0.70 | $ (0.64) | $ 1.28 | $ 1.65 | $ 0.80 |
Earnings per share - diluted (usd per share) | $ 0.02 | $ 1.09 | $ 0.64 | $ (0.51) | $ 0.02 | $ 1.64 | $ 0.67 | $ (0.75) | $ (0.37) | $ 1.08 | $ 0.67 | $ (0.64) | $ 1.25 | $ 1.58 | $ 0.77 |
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | 400 | 200 | 1,800 |
Commitments and Contingencies65
Commitments and Contingencies (Details) $ in Thousands | Apr. 01, 1998USD ($) | May 31, 2016USD ($)shares | May 31, 2015USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)multiplier | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 20, 2011USD ($) |
Details of commitments and contingencies | |||||||||
Acquisition of capital stock of the former Six Flags Entertainment Corporation, paid in cash | $ 976,000 | ||||||||
Percentage of capital expenditures to Partnership Parks' revenues | 6.00% | ||||||||
Weighted average period of the park's EBITDA for calculation of value of purchase price (in years) | 4 years | ||||||||
Redemption value of partnership units | $ 461,800 | ||||||||
Capital expenditures incurred on parks | 27,800 | ||||||||
Cash generated from operating activities by partnerships, after deduction of capital expenditures and excluding the impact of short-term intercompany advances | 79,500 | ||||||||
Total loans receivable from the partnerships that own partnership parks | 239,300 | $ 239,300 | |||||||
Operating Leases | |||||||||
Rental expense under the rent agreements | 5,100 | 5,100 | $ 6,300 | ||||||
Total rental expense from continuing operations | 12,900 | $ 11,900 | $ 12,800 | ||||||
Future minimum obligations under non-cancellable operating leases | |||||||||
2,017 | 7,267 | ||||||||
2,018 | 7,045 | ||||||||
2,019 | 7,860 | ||||||||
2,020 | 7,471 | ||||||||
2,021 | 6,385 | ||||||||
2022 and thereafter | 125,651 | ||||||||
Operating Leases, Future Minimum Payments Due | $ 161,679 | ||||||||
Scenario, Forecast | |||||||||
Details of commitments and contingencies | |||||||||
Annual distributions by general partners to limited partners in partnership parks | $ 69,700 | ||||||||
Share of Partnership Parks' annual distributions paid to Six Flags Entertainment Corporation | 30,400 | ||||||||
Estimated capital expenditures on partnership parks in the next fiscal year | $ 17,000 | ||||||||
Amended and Restated Term Loan B | |||||||||
Details of commitments and contingencies | |||||||||
Line of Credit Facility, Additional Contingent Borrowing Capacity | $ 350,000 | $ 350,000 | |||||||
Six Flags over Georgia [Member] | |||||||||
Details of commitments and contingencies | |||||||||
Specified multiple for purchase price valuation (in multipliers) | multiplier | 8 | ||||||||
Specified price for purchase of partnership parks | $ 374,600 | ||||||||
Limited partner interests owned (as a percent) | 31.00% | ||||||||
Units purchased in partnership parks (in shares) | shares | 0.0650 | 0.5000 | |||||||
Units purchased pursuant to annual offer | $ 200 | $ 1,600 | |||||||
Remaining redeemable units (as a percent) | 69.00% | ||||||||
Six Flags over Texas [Member] | |||||||||
Details of commitments and contingencies | |||||||||
Specified multiple for purchase price valuation (in multipliers) | multiplier | 8.5 | ||||||||
Specified price for purchase of partnership parks | $ 433,800 | ||||||||
Limited partner interests owned (as a percent) | 53.10% | ||||||||
Remaining redeemable units (as a percent) | 46.90% |
Commitments and Contingencies66
Commitments and Contingencies (Details 2) | Nov. 20, 2013USD ($) | Dec. 31, 2016USD ($)individual | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Insurance | ||||
Additions to property and equipment | $ 129,258,000 | $ 114,370,000 | $ 108,660,000 | |
Multi-layered general liability policies | ||||
Insurance | ||||
Excess liability coverage per occurrence | 100,000,000 | |||
Self-insured retention per occurrence | 2,000,000 | |||
Deductible per occurrence applicable to all claims in the policy year | 500,000 | |||
Workers' compensation claims | ||||
Insurance | ||||
Deductible per occurrence applicable to all claims in the policy year | 750,000 | |||
Information security and privacy liability insurance policy | ||||
Insurance | ||||
Self-insured retention per occurrence | 250,000 | |||
Insurance value maintained | $ 10,000,000 | |||
Personal Injury Due to SFOG Altercation [Member] | ||||
Litigation | ||||
Numbers of individuals who allegedly participated in the altercation | individual | 4 | |||
Loss Contingency, Damages Awarded, Value | $ 35,000,000 | |||
Loss Contingency, Damages Awarded, Percentage Allocated | 92.00% | |||
Self Insurance Reserve | $ 2,500,000 | |||
Personal Injury Due to SFDK Accident [Member] | ||||
Litigation | ||||
Self Insurance Reserve | 2,500,000 | |||
November 16, 2001 - November 15, 2002 [Member] | Multi-layered general liability policies | ||||
Insurance | ||||
Self-insured retention per occurrence | 1,000,000 | |||
November 16, 2001 - November 15, 2003 [Member] | Workers' compensation claims | ||||
Insurance | ||||
Deductible per occurrence applicable to all claims in the policy year | 500,000 | |||
November 16, 2002 - November 15, 2003 [Member] | Multi-layered general liability policies | ||||
Insurance | ||||
Self-insured retention per occurrence | 2,000,000 | |||
November 16, 2003 - December 30, 2008 [Member] | Multi-layered general liability policies | ||||
Insurance | ||||
Self-insured retention per occurrence | 2,500,000 | |||
November 2, 2004 - December 30, 2008 [Member] | Multi-layered general liability policies | ||||
Insurance | ||||
Additional one time self-insured retention | $ 500,000 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information, Income (Loss) before Income Taxes [Abstract] | ||||
Number of reportable segments | segment | 1 | |||
Net income | $ 156,727 | $ 192,855 | $ 113,489 | |
Interest expense, net | (81,872) | (75,903) | (72,589) | |
Income tax expense | 76,539 | 70,369 | 46,522 | |
Depreciation and amortization | (106,893) | (107,411) | (108,107) | |
Corporate expenses | 51,435 | 59,167 | 48,595 | |
Stock-based compensation | 116,339 | 56,233 | 140,038 | |
Loss on disposal of assets | (1,968) | (9,882) | (5,860) | |
Gain on sale of investee | 0 | 0 | (10,031) | |
Loss on debt extinguishment | 2,935 | 6,557 | 0 | $ 800 |
Other expense, net | (1,684) | (223) | (356) | |
Park EBITDA | $ 596,392 | $ 578,600 | $ 525,525 |
Business Segments (Details 2)
Business Segments (Details 2) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016USD ($)park | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($)park | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Business segment information by geographical areas | |||||||||||||||
Number of parks owned or operated | park | 18 | 18 | |||||||||||||
Long-lived assets | $ 2,195,475 | $ 2,184,830 | $ 2,207,712 | $ 2,195,475 | $ 2,184,830 | $ 2,207,712 | |||||||||
Revenues | 239,314 | $ 557,599 | $ 407,066 | $ 115,419 | 217,457 | $ 575,261 | $ 386,065 | $ 85,155 | 183,681 | $ 541,843 | $ 376,551 | $ 73,718 | 1,319,398 | 1,263,938 | 1,175,793 |
Income from continuing operations before income taxes and discontinued operations | 233,266 | 263,224 | 160,011 | ||||||||||||
Domestic | |||||||||||||||
Business segment information by geographical areas | |||||||||||||||
Long-lived assets | 2,111,839 | 2,105,547 | 2,114,897 | 2,111,839 | 2,105,547 | 2,114,897 | |||||||||
Revenues | 1,205,235 | 1,144,917 | 1,058,025 | ||||||||||||
Income from continuing operations before income taxes and discontinued operations | 216,205 | 238,416 | 145,622 | ||||||||||||
Foreign | |||||||||||||||
Business segment information by geographical areas | |||||||||||||||
Long-lived assets | $ 83,636 | $ 79,283 | $ 92,815 | 83,636 | 79,283 | 92,815 | |||||||||
Revenues | 114,163 | 119,021 | 117,768 | ||||||||||||
Income from continuing operations before income taxes and discontinued operations | $ 17,061 | $ 24,808 | $ 14,389 | ||||||||||||
Mexico | |||||||||||||||
Business segment information by geographical areas | |||||||||||||||
Number of parks owned or operated | park | 1 | 1 | |||||||||||||
Canada | |||||||||||||||
Business segment information by geographical areas | |||||||||||||||
Number of parks owned or operated | park | 1 | 1 |
Quarterly Financial Informati69
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Abstract] | |||||||||||||||
Total revenue | $ 239,314 | $ 557,599 | $ 407,066 | $ 115,419 | $ 217,457 | $ 575,261 | $ 386,065 | $ 85,155 | $ 183,681 | $ 541,843 | $ 376,551 | $ 73,718 | $ 1,319,398 | $ 1,263,938 | $ 1,175,793 |
Net income attributable to Six Flags Entertainment Corporation common stockholders | $ 1,868 | $ 102,482 | $ 60,887 | $ (46,935) | $ 2,184 | $ 157,300 | $ 65,532 | $ (70,326) | $ (34,117) | $ 105,034 | $ 66,306 | $ (61,201) | $ 118,302 | $ 154,690 | $ 76,022 |
Net (loss) income per weighted average common share outstanding: | |||||||||||||||
Earnings per share - basic (usd per share) | $ 0.02 | $ 1.11 | $ 0.65 | $ (0.51) | $ 0.02 | $ 1.67 | $ 0.69 | $ (0.75) | $ (0.37) | $ 1.11 | $ 0.70 | $ (0.64) | $ 1.28 | $ 1.65 | $ 0.80 |
Earnings per share - diluted (usd per share) | $ 0.02 | $ 1.09 | $ 0.64 | $ (0.51) | $ 0.02 | $ 1.64 | $ 0.67 | $ (0.75) | $ (0.37) | $ 1.08 | $ 0.67 | $ (0.64) | $ 1.25 | $ 1.58 | $ 0.77 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ 116,339 | $ 56,233 | $ 140,038 | ||||||||||||
Long Term Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ 116,028 | $ 55,862 | $ 139,788 | ||||||||||||
Performance Award 2015 and Related DERs [Member] | Long Term Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ 72,600 | ||||||||||||||
Performance Award 2017 and Related DERs [Member] | Long Term Incentive Plan [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Stock-based compensation | $ 85,800 |