Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 185 |
| Auditor Name | KPMG LLP |
| Auditor Location | Dallas, Texas |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (in dollars per share) | $ 1.00 | $ 1.00 |
| Common stock, par value (in dollars per share) | $ 0.025 | $ 0.025 |
| Common stock, shares authorized (in shares) | 280,000,000 | 280,000,000 |
| Common stock, shares issued (in shares) | 84,124,014 | 83,178,294 |
| Common stock, shares outstanding (in shares) | 84,124,014 | 83,178,294 |
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
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| Income Statement [Abstract] | |||
| Stock-based compensation | $ 11,387 | $ 15,218 | $ 23,556 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||||||||
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Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||||||||
| Net income | $ 86,500 | $ 146,034 | $ 169,595 | ||||||
| Other comprehensive income, net of tax: | |||||||||
| Foreign currency translation adjustment | [1] | 2,365 | (1,271) | (3,691) | |||||
| Defined benefit retirement plan | [2] | 1,541 | 3,535 | 10,146 | |||||
| Change in cash flow hedging | [3] | (2,387) | 7,728 | 8,862 | |||||
| Other comprehensive income, net of tax | 1,519 | 9,992 | 15,317 | ||||||
| Comprehensive income | 88,019 | 156,026 | 184,912 | ||||||
| Less: Comprehensive income attributable to non-controlling interests | (47,501) | (44,651) | (41,766) | ||||||
| Comprehensive income attributable to Six Flags Entertainment Corporation | $ 40,518 | $ 111,375 | $ 143,146 | ||||||
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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
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| Statement of Comprehensive Income [Abstract] | |||
| Foreign currency translation adjustment, tax expense (benefit) | $ 0.8 | $ (0.1) | $ 0.9 |
| Defined benefit retirement plan, tax expense | 0.5 | 1.2 | 3.4 |
| Change in cash flow hedging, tax expense (benefit) | $ (0.8) | $ 2.6 | $ 3.0 |
Description of Business |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business | Description of Business We own and operate regional theme parks and water parks. We are the largest regional theme park operator in the world and the largest operator of water parks in North America based on the number of parks we operate. Of the 27 parks we currently own or operate, 24 parks are located in the United States, two parks are located in Mexico 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 Holdings), which had operated regional theme parks and water 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, 23 of our current parks are branded as "Six Flags" parks. Merger Agreement with Cedar Fair On November 2, 2023, Holdings, Cedar Fair, CopperSteel and Copper Merger Sub entered into the Merger Agreement, providing for a merger of equals through (i) the merger of Copper Merger Sub with and into Cedar Fair (the “Cedar Fair First Merger”), with Cedar Fair continuing its existence as the surviving entity (the “Cedar Fair Surviving Entity”) following the Cedar Fair First Merger as a direct subsidiary of CopperSteel, (ii) the subsequent merger of the Cedar Fair Surviving Entity with and into CopperSteel (the “Cedar Fair Second Merger” and together with the Cedar Fair First Merger, the “Cedar Fair Mergers”), with CopperSteel continuing as the surviving corporation, and (iii) the subsequent merger of Six Flags with and into CopperSteel, with CopperSteel continuing as the surviving corporation (the “Six Flags Merger” and together with the Cedar Fair Mergers, the “Mergers”).If the Mergers are completed, subject to certain exceptions, (i) each issued and outstanding unit of limited partnership interest in Cedar Fair (each a “Cedar Fair Unit” and collectively, the “Cedar Fair Units”) will be converted into the right to receive one (1) share of common stock, par value $0.01 per share, of CopperSteel (the “CopperSteel Common Stock”), as may be adjusted pursuant to the Merger Agreement (the “Cedar Fair Exchange Ratio”), together with cash in lieu of fractional shares of CopperSteel Common Stock, without interest and (ii)each issued and outstanding share of Holdings common stock, par value $0.025 per share (the “Six Flags Common Stock”) will be converted into the right to receive 0.58 shares of CopperSteel Common Stock (as the same may be adjusted pursuant to the Merger Agreement, the “Six Flags Exchange Ratio”), together with cash in lieu of fractional shares of CopperSteel Common Stock, without interest. Subject to the terms of the Merger Agreement and applicable law, Six Flags will declare and set a record date for a special dividend to holder of record of Six Flags Common Stock as of the close of business one business day prior to the closing of the Mergers of (i) $1.00 plus (ii) the product (rounded to the nearest whole cent) of (a) the Six Flags Exchange Ratio and (ii) the aggregate amount of distributions per unit declared or paid by Cedar Fair with respect to a Cedar Fair Unit with a record date following November 2, 2023 and prior to the effective time of the Six Flags Merger, subject to certain adjustments provided under the Merger Agreement, the payment of which is contingent upon the consummation of the Mergers. Upon consummation of the Mergers, Holdings and Cedar Fair will each have been merged with and into CopperSteel, with CopperSteel as the parent entity and successor corporation to Holdings and Cedar Fair. Upon closing, CopperSteel will be headquartered in Charlotte, North Carolina, and is expected to change its name to “Six Flags Entertainment Corporation” and be listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “FUN.” The obligations of Holdings and Cedar Fair to complete the Mergers are subject to the satisfaction or waiver, in whole or in part (to the extent permitted by applicable law) of a number of conditions set forth in the Merger Agreement, a copy of which is attached as an exhibit to the Annual Report on Form 10-K. Completion of the Mergers requires, among other things, the adoption of the Merger Agreement by the Holdings stockholders. In connection with the Mergers, CopperSteel filed a registration statement on Form S-4 (the “Registration Statement) with the Securities and Exchange Commission (“Commission”), which includes a proxy statement with respect to the stockholder meeting of Holdings (the “Special Meeting”) to consider and adopt the Merger Agreement and a prospectus with respect to the CopperSteel Common Stock to be issued in connection with the Mergers. The Registration Statement was declared effective by the Commission on January 31, 2024 and the proxy statement/prospectus will be mailed to stockholders of Holdings as of January 24, 2024, the record date established for voting on the Mergers at the Special Meeting to be held on March 12, 2024. Stockholders of Holdings are encouraged to reach the proxy statement/prospectus, as well as the annexes thereto, and other documents to be filed with the Commission because the documents contain important information about Holdings, Cedar Fair and the Mergers. Consummation of the Mergers is subject to antitrust review in the United States. Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (“HSR Act”), and the rules promulgated thereunder, the Mergers cannot be completed until the parties to the Merger Agreement have given notification and furnished information to the FTC and the DOJ, and until the applicable waiting period has expired or has been terminated. On November 17, 2023 and November 20, 2023, the Premerger Notification Office of the Federal Trade Commission accepted the premerger notification and report forms under the HSR Act submitted by Holdings and Cedar Fair, respectively. On December 20, 2023, Holdings and Cedar Fair withdrew their respective premerger notification and report forms under the HSR Act, and refiled them on December 21, 2023. On January 22, 2024, Holdings and Cedar Fair each received a request for additional information and documentary materials (a “Second Request”) from the DOJ in connection with the DOJ’s review of the Mergers. The effect of a Second Request is to extend the waiting period imposed by the HSR Act, until 30 days after each of Holdings and Cedar Fair has substantially complied with the Second Request issued to it, unless that period is extended voluntarily by the parties or terminated earlier by the DOJ. Per the terms of the Merger Agreement, Cedar Fair and Holdings will use their reasonable best efforts to certify substantial compliance with the Second Request on or before May 2, 2024.
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Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||
| 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 non-controlling interests. The portion of earnings or loss attributable to non-affiliated parties in the Partnership Parks is reflected as net income attributable to non-controlling interests in the accompanying consolidated statements of operations. See Note 6 - Non-controlling interests for further discussion. This Annual Report covers the period January 2, 2023 through December 31, 2023 (“the year ended December 31, 2023” or “2023”). The comparison period in the prior year covers January 3, 2022 through January 1, 2023 (“the year ended January 1, 2023” or “2022”). The year ended January 2, 2022 covers the period between January 1, 2021 through January 2, 2022 (“the year ended January 2, 2022” or “2021”). The year ended January 2, 2022 contained three extra days due to the calendar change from calendar year reporting. Intercompany transactions and balances have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year presentation. During 2023, we reclassified the net pension-related expense (benefit) to other (income) expense, net, in our consolidated statements of operations. We have separated "(Gain) loss on disposal of assets" from "Other" on the consolidated statements of cash flows. b. Revision of Previously Issued Financial Statements During the third quarter of 2023, we identified an accounting error for our stock-based compensation expense related to the recognition of expense for dividend equivalent rights ("DERs"). The error primarily relates to the inadvertent reversal of stock-based compensation expense for vested DERs for periods beginning in the first quarter of 2020 through the fourth quarter of 2022. We have assessed the error and concluded that it was not material to any prior periods. However, the aggregate amount of the error would have been material to our consolidated financial statements in the current period. Therefore, we have revised our previously issued financial statements. Prior periods not presented herein will be revised, as applicable, in future filings. Refer to Note 18 - Revision to Previously Reported Financial Information for additional information. c. 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, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. 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 these estimates resulting from changes in facts and circumstances will be reflected in the financial statements in future periods. d. 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. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. We use a market approach for our recurring fair value measurements, and we endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. We present the estimated fair values and classifications of our financial instruments in accordance with ASC Topic 820, Fair Value Measurement. 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. •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. Refer to Note 8 - Long-term indebtedness for additional information. •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 expenses 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 other assets, net and other long-term liabilities, respectively. See Note 7 - Derivatives Financial Statements for additional information on our derivative instruments. e. Cash Equivalents Cash equivalents consists of transaction settlements in process from credit card companies and short-term highly liquid investments with a remaining maturity as of the date of purchase of three months or less. 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, 2023 and January 1, 2023. f. Inventories Inventories are stated at lower of weighted average cost or net realizable 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 $0.7 million and $0.4 million allowance for slow moving inventory as of December 31, 2023 and January 1, 2023, respectively. g. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include $30.3 million and $25.8 million of spare parts inventory for existing rides and attractions as of December 31, 2023 and January 1, 2023. These items are expensed as the repair or maintenance of rides and attractions occur and the parts are consumed. h. 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, 2023 and January 1, 2023, we had a nominal amount and $0.3 million in prepaid advertising, respectively. The amounts capitalized are included in prepaid expenses. Advertising and promotions expense was $55.1 million, $37.3 million and $55.5 million for the years ended December 31, 2023, January 1, 2023 and January 2, 2022, respectively. These amounts are presented within “Selling, general and administrative expenses”. i. Debt Issuance Costs We capitalize costs that are directly related to the issuance of debt. Debt issuance costs related to the Revolving Credit Facility are presented within other assets, net on our consolidated balance sheets. Debt issuance costs related to the Term Loam B and our senior unsecured notes are presented as a reduction of long-term debt in our consolidated balance sheets. The amortization of our debt issuance costs is recognized as interest expense using the effective interest method over the term of the respective debt instrument. Amortization related to debt issuance costs was $5.4 million, $7.1 million and $7.9 million for the years ended December 31, 2023, January 1, 2023 and January 2, 2022, respectively. See Note 8 - Long-term Indebtedness for further discussion. j. Property and Equipment We regularly make capital investments for new rides and attractions in our parks. The costs incurred to purchase the rides, including installation and other costs necessary to bring the ride online are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets. Costs incurred to improve the performance or extend the useful life of our existing assets are also capitalized. Repair and maintenance costs for routine and recurring maintenance activities are expensed as incurred. When an asset is retired or otherwise disposed of, the cost and applicable accumulated depreciation are removed and the resulting gain or loss is recognized. See Note 4 - Property and Equipment for further detail of the components of our property and equipment. The estimated useful lives of our major assets classes are as follows:
k. Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible asset are tested for impairment annually, or more frequently if events or circumstances indicate that the assets may not be recoverable. We identify our reporting unit and determine the carrying value of the reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets, to the reporting unit. We then determine the fair value of the reporting unit and compare it to the carrying amount of the reporting unit. We have one operating segment and all of our parks are operated in a similar manner and have comparable characteristics. Furthermore, our parks 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. As of December 31, 2023, the estimated fair value of our single reporting unit exceeded its carrying amount, which is determined by comparing our market capitalization to our carrying value. As we have a single reporting unit, we believe our market capitalization is the best indicator of our reporting unit’s fair value. We perform a qualitative analysis on our indefinite-lived intangible assets on an annual basis. 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. l. Impairment of Property and Equipment We review property and equipment 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. Asset groups are tested at the level of the lowest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets of groups of assets. We have determined that our lowest identifiable group of assets that generate cash inflows is at the individual theme park or water park level. We test our parks for impairment when changes in circumstances indicate that their carrying value may not be recoverable. Events that trigger a test for recoverability include material adverse changes in projected revenues or expenses, present cash flow losses combined with a history of cash flow losses, a forecast that demonstrates significant continuing losses or significant negative industry or economic concerns at either the local or macroeconomic level. If this evaluation indicates a triggering event has occurred, a test for recoverability is performed. A test for recoverability is performed by comparing projected undiscounted future cash flows to the carrying value of the theme park or water park. If the undiscounted forecasted cash flows are less than the carrying value of the park, the theme park’s or water park’s fair value is measured relying primarily on a discounted cash flow method. An impairment charge is recognized for the amount by which the carrying value of the theme park or water park exceeds its fair value. When an impairment loss is recognized for one of our parks, the adjusted carrying amounts are depreciated over their remaining useful life. In measuring the fair value of one of our theme parks or water parks, we generally estimate the fair value of the using the discounted cash flow income approach. This approach requires that we make cash flow projections based on assumptions and estimates derived from operating results, forecasts, expected growth rates and cost of capital. We also make certain assumptions about future economic conditions and other data. During the year ended December 31, 2023, we determined that the carrying value of our leased theme park in Oklahoma City, Oklahoma, Frontier City ("Frontier City") and our leased water park in Oklahoma City, Oklahoma, Hurricane Harbor Oklahoma City ("HHOKC") were not recoverable following multiple years of negative cash flows, as well as projected future cash flows that indicated the respective assets were not recoverable. Based on the analysis performed, we determined that the carrying value of Frontier City and HHOKC exceeded their fair value, resulting in a pre-tax, non-cash loss on impairment of $16.0 million and $7.0 million, respectively. The loss on impairment at Frontier City was allocated proportionally, in the amount of $8.8 million and $7.1 million, to Right-of-use operating leases, net and Property and equipment, net, respectively. The loss on impairment at HHOKC was allocated proportionally, in the amount of $4.3 million and $2.7 million, to Right-of-use operating leases, net and Property and equipment, net, respectively. During the year ended January 1, 2023, we determined that our leased theme park in Houston, Texas, Hurricane Harbor Splashtown ("Splashtown") was not recoverable following multiple years of negative cash flows, as well as projected future cash flows that indicated the respective assets were not recoverable. Based on the analysis, we determined that the carrying value of Frontier City exceeded its fair value, resulting in a pre-tax, non-cash loss on impairment of $16.9 million. The loss on impairment was allocated proportionally, in the amount of $15.1 million and $1.8 million, to Right-of-use operating leases, net and Property and equipment, net, respectively. For each park, we estimated the fair value of the parks primarily using an income approach, utilizing projected discounted cash flows. The valuation was based on unobservable inputs that require significant judgements for which information is limited, including assumptions regarding future attendance, per-capita guest spending, operating costs and capital requirements. The discount rate utilized in the model was our internal weighted-average-cost-of-capital, which we believe is reasonable and consistent with a rate that would be utilized by another market participant. m. Revenue Recognition We recognize revenue upon admission into our parks, provision of our services, or when products are delivered to our guests. Revenue is presented in the accompanying consolidated statements of operations net of sales taxes collected from our guests that are remitted or payable to government taxing authorities. For season passes, Six Flags Plus products in the initial twelve-month term, legacy memberships in the initial twelve-month term, and other multi-use admissions products, 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. For any bundled products with multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and revenue is recognized on a pro rata basis. In contrast to our 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 Six Flags Plus product and 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 these offerings may visit our parks an unlimited number of times anytime the parks are open as long as the guest remains enrolled. We review the estimated redemption rate on an ongoing basis and revise it as necessary throughout the year, including impact of changes to our season pass and memberships described above. Amounts owed or received for multi-use admissions in excess of redemptions are recognized in deferred revenue. For active participants in these programs, we recognize revenue monthly as payments are received after the initial twelve-month term. As of December 31, 2023, deferred revenue was primarily comprised of (i) unredeemed season passes, Six Flags Plus and all-season dining pass and all-season flash pass revenue and (ii) membership payments received while parks were closing during COVID-19. Certain contracts with customers, primarily season passes and memberships, may include bundled products with multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the observable retail prices charged to customers allocated between performance obligations proportionally. We generally expense (i) sales commissions when incurred, and (ii) certain costs to obtain a contract where the amortization period would have been one year or less. These costs are recognized in "Selling, general and administrative expenses." We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less or (ii) contracts for which we recognize revenue at the amount for which we have the right to invoice for services performed. For certain of our contracts that have an original expected length of one year or less, we use the practical expedient applicable to such contracts and do not consider the time value of money. We have entered into international agreements to assist a third party in the planning, design, development and operation of a Six Flags-branded park in Saudi Arabia, Six Flags Qiddiya. These agreements consist of a brand licensing agreement, project services agreement, and management services agreement. We treat these agreements as one contract because they were negotiated with a single commercial objective. We have identified three distinct promises within the agreement with the third party partner as brand licensing, project services and management services. Each of these promises is its own performance obligation and distinct, as the third party could benefit from each service on its own with other readily available resources, and each service is separately identifiable from other services in the context of the contract. We recognize revenue under our international agreements over the relevant service period of each performance obligation based on its relative stand-alone selling price, as determined by our best estimate of selling price. We review the service period of each performance obligation on an ongoing basis and revise it as necessary. Revisions to the relevant service periods of the performance obligations may result in revisions to revenue in future periods and are recognized in the period in which the change is identified. n. 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 purchased with our flexible payment options and Six Flags Plus products and our legacy 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 record an allowance for doubtful accounts. As of December 31, 2023 and January 1, 2023, we have recorded an allowance for doubtful accounts of $4.2 million and $4.1 million, respectively. The allowance for doubtful accounts is primarily comprised of estimated defaults under our season passes purchased with flexible payment options, and Six Flags Plus products. o. Derivative Instruments and Hedging Activities We 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. Change 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 until operations are affected by the variability in cash flows of the designated hedged item, at which point they are reclassified to interest expense. Change in fair value of a derivative that is not designated as a hedge are recorded in other expense, net in the consolidated statements of operations on a current basis. p. 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 - Commitments and Contingencies for further discussion. q. 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 have a valuation allowance of $93.6 million and $96.0 million as of December 31, 2023 and January 1, 2023, respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets, primarily consisting of certain state net operating loss, foreign tax credits 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. We expect to generate taxable income that will allow for the utilization of all of our federal net operating loss carryforwards. 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 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. During the years ended December 31, 2023 and January 1, 2023, the expense recognized for interest and penalties was not material. 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. For global intangible low taxed income ("GILTI") under the Tax Cuts and Jobs Act, we have elected to account for GILTI as a component of tax expense in the period in which we are subject to the rules (the "period cost method"). r. Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to 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 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. s. Stock-Based Compensation Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), we 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. 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 our common shares on the date of grant. See Note 10 - Stock Benefit Plans for further discussion of stock-based compensation and related disclosures. t. 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 and amortization of prior service costs on our defined benefit retirement plan. u. Redeemable Non-controlling Interest We record the carrying amount of our redeemable non-controlling 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 non-controlling interests to equal the redemption value at the end of each reporting period, if greater than the redeemable non-controlling interest carrying value. This method would view the end of the reporting period as if it were also the redemption date for the redeemable non-controlling 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. The redemption amount at the end of each reporting period did not exceed the fair value of the redeemable units. v. Leases We enter into various non-cancelable operating and finance leases, primarily for operating rights to amusement parks, land, office space, warehouses, office equipment and machinery. We determine if an arrangement is or contains a lease at contract inception and recognize a right-of-use ("ROU") asset and lease liability at the lease commencement date. For both our operating and finance leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how we determine (i) the discount rate used to discount the unpaid lease payments to present value, (ii) the lease term and (iii) the lease payments. We discount our unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate ("IBR"). Generally, we cannot determine the interest rate implicit in the lease and therefore we use the IBR as a discount rate for our leases. The IBR reflects the rate of interest we would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of our leases includes the noncancelable period of the lease plus any additional periods covered by an option to extend the lease that are reasonably certain to be executed by us. Lease payments included in the measurement of the lease liability comprise fixed payments owed over the lease term, variable lease payments that depend on an index or rate, and the exercise price of an option to purchase the underlying asset if it is reasonably certain that we will exercise the option. The ROU asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received. For our operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, and adjusted for any prepaid or accrued lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the term of the operating lease. Variable lease payments associated with our leases are recognized upon the occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Variable lease payments for operating leases are presented as operating expense in our consolidated statements of operations in the same line item as expense arising from fixed lease payments. Property taxes and insurance paid on behalf of our lessors is included within variable lease payments. Operating lease ROU assets net of accumulated amortization are presented as right-of-use operating leases, net on the consolidated balance sheets. The current portion of operating lease liabilities is presented as short-term lease liabilities and the long-term portion is presented separately as long-term lease liabilities on the consolidated balance sheets. Finance lease ROU assets are presented within property and equipment, at cost and the related lease amortization within accumulated depreciation on our consolidated balance sheets. The current portion of the finance lease liabilities is presented as short-term lease liabilities and the long-term portion is presented separately as long-term lease liabilities on our consolidated balance sheets. We have elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with short-term leases as an expense on a straight-line basis over the lease term. Variable lease payments associated with short-term leases are recognized and presented in the same manner as for all other leases. The ROU assets for operating leases may be periodically reduced by impairment losses. We use the long-lived assets impairment guidance to determine whether an ROU asset is impaired and if so, the amount of the impairment loss to recognize. We monitor for events or changes in circumstances that require a reassessment of one of our leases. When a reassessment results in the remeasurement of a lease liability, an adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in our consolidated statements of operations. We incurred an impairment charge of $13.2 million and $15.1 million related to our right-of-use operating leases, net during the year ended December 31, 2023 and January 1, 2023, respectively. See Note 4 - Property and Equipment for more information. w. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes, requiring more granular disclosure of the components of income taxes. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
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Revenue |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | Revenue Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The following tables present our revenues disaggregated by contract duration for the years ended December 31, 2023, January 1, 2023 and January 2, 2022, respectively. Long-term and short-term contracts consist of our contracts with customers with terms greater than one year and less than or equal to one year, respectively.
________________________________ (a)Other revenues primarily include sales of single-day tickets and short-term transactional sales for which we have the right to invoice. Long-term Contracts Our long-term contracts consist of season passes purchased by customers in the year preceding the operating season to which they relate, sponsorship contracts and international agreements with third parties. We earn season pass revenue when our customers purchase a season pass for a fixed fee, which entitles the customer to visit our parks, including certain water parks, throughout the duration of the parks’ operating season. We earn sponsorship revenue from separately-priced contracts with third parties pursuant to which we sell and advertise the third party’s products within the parks in exchange for consideration. Advertisements may include, but are not limited to, banners, signs, radio ads, association with certain events, sponsorship of rides within our parks and retail promotions. With respect to our international agreements, we earn revenue pursuant to arrangements in which we assist in the development and management of Six Flags-branded parks outside of North America. Within our international agreements, we have identified three distinct performance obligations as brand licensing, project services and management services. See Note 2 - Summary of Significant Accounting Policies for additional information on our accounting for performance obligations under these contracts. The transaction price for our long-term contracts is explicitly stated within the contracts. Our sponsorship contracts and international agreements may include estimated variable consideration such as penalties for delay in performance of contract terms, and certain volume-based discounts and rebates. We do not believe there will be significant changes to our estimates of variable consideration. Our brand licensing and management services performance agreements include royalty payments and management fees, respectively, based on gross sales from Six Flags-branded parks once opened. We have elected to apply the sales-based royalty exemption to the brand licensing performance obligation, and accordingly, do not estimate revenue attributable to the gross sales-based royalty. We have also elected to apply the direct allocation exemption to the management services performance obligation, and accordingly, do not estimate revenue attributable to the gross sales-based management fee. We recognize season pass revenue in park admissions and park food, merchandise and other over the estimated redemption period, as we believe this appropriately depicts the transfer of service to our customers. We estimate the redemption rate based on historical experience and other factors and assumptions that we believe to be customary and reasonable. We review the estimated redemption rate regularly, on an ongoing basis, and make revisions as necessary. Amounts received for multi-use admissions products in excess of redemptions are recognized in "Deferred revenue." We recognize sponsorship and international agreements revenue over the term of the agreements using the passage of time as a measure of our satisfaction of the performance obligations in sponsorship, international agreements and accommodations. Amounts received for unsatisfied sponsorship and international agreements performance obligations are recognized in deferred revenue in our consolidated balance sheets. At January 3, 2022, $58.7 million of unearned revenue associated with outstanding long-term contracts was reported in “Deferred revenue,” and $86.3 million was recognized as revenue for long-term contracts during the year ended January 1, 2023. As of January 1, 2023, the total unearned amount of revenue for remaining long-term contract performance obligations was $33.5 million. At January 2 2023, $33.5 million of unearned revenue associated with outstanding long-term contracts was reported in "Deferred revenue," and $48.9 million was recognized as revenue for long-term contracts during the year ended December 31, 2023. As of December 31, 2023, the total unearned amount of revenue for remaining long-term contract performance obligations was $89.2 million. As of December 31, 2023, we expect to recognize estimated revenue for partially or wholly unsatisfied performance obligations on long-term contracts of approximately $105.9 million in 2024, $9.2 million in 2025, $7.1 million in 2026 and $6.4 million in 2027 and $6.4 million in 2028 and thereafter. Short-term Contracts and Other Our short-term contracts consist primarily of season passes, Six Flags Plus and memberships with customers, certain sponsorship contracts and international agreements with third parties. We earn revenue from a customer’s purchase of our season pass, Six Flags Plus and membership products, which entitles the customer to visit our parks, including certain water parks, throughout the duration of the parks’ operating season for a fixed fee. Some membership and season pass products include other benefits and discounts for our guests during their visits. We earn sponsorship and international agreements revenue from contracts with third parties, pursuant to which we sell and advertise the third party’s products within our parks on a short-term basis that generally coincides with our annual operating season, and pursuant to certain activities in connection with our international agreements. The transaction price for our short-term contracts is explicitly stated within the contracts. We generally recognize revenue from short-term contracts over the passage of time, with the exception of season pass and membership revenues. We estimate the redemption rate based on historical experience and other factors and assumptions we believe to be customary and reasonable. We review the estimated redemption rate regularly and on an ongoing basis and revise it as necessary. Amounts received for multi-use admissions products in excess of redemptions are recognized in "Deferred revenue." Other revenues consist primarily of revenues from single-day tickets for entrance to our parks, in-park services (such as the sale of food and beverages, merchandise, games and attractions, standalone parking sales and other services inside our parks), accommodations revenue, and other miscellaneous products and services. Due to the short-term transactional nature of such purchases, we apply the practical expedient to recognize revenue for single-day ticket sales, in-park services, accommodations, and other miscellaneous services and goods for which we have the right to invoice. Arrangements with Multiple Performance Obligations Certain contracts with customers, primarily season passes and memberships, may include bundled products with multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the observable retail prices charged to customers allocated between performance obligations proportionally. We generally expense (i) sales commissions when incurred, and (ii) certain costs to obtain a contract where the amortization period would have been one year or less. These costs are recognized in "Selling, general and administrative expenses." We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less or (ii) contracts for which we recognize revenue at the amount for which we have the right to invoice for services performed. For certain of our contracts that have an original expected length of one year or less, we use the practical expedient applicable to such contracts and do not consider the time value of money. Practical Expedients and Exemptions We generally expense (i) sales commissions when incurred, and (ii) certain costs to obtain a contract where the amortization period would have been one year or less. These costs are recorded within selling, general and administrative expenses in our consolidated statements of operations. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount for which we have the right to invoice for services performed. For certain of our contracts that have an original expected length of one year or less, we use the practical expedient applicable to such contracts and do not consider the time value of money.
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Property and Equipment |
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| Property and Equipment | Property and Equipment As of December 31, 2023, and January 1, 2023, property and equipment was classified as follows:
As of December 31, 2023, it was determined that the carrying value of our assets at Frontier City and HHOKC were not recoverable. As a result, an impairment charge of $23.0 million was recorded during the year ended December 31, 2023 with approximately $9.8 million attributable to Property and equipment, net and the remainder to Right-of-use operating assets, net. As of January 1, 2023, it was determined that the carrying value of our assets at Splashtown, were not recoverable. As a result, an impairment charge of $16.9 million was recorded during each of the year ended January 1, 2023 with approximately $1.8 million attributable to property and equipment, net and the remainder to right-of-use operating assets, net. Depreciation expense related to fixed assets totaled $114.2 million, $116.4 million and $114.4 million for the years ended December 31, 2023, January 1, 2023 and January 2, 2022, respectively.
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | Goodwill and Intangible Assets For the year ended December 31, 2023 we performed a qualitative analysis of our goodwill and indefinite-lived intangible assets and noted no indicators of impairment. As of each of December 31, 2023 and January 1, 2023, the carrying amount of goodwill was $659.6 million. As of December 31, 2023 and January 1, 2023, intangible assets, net of accumulated amortization consisted of the following:
Amortization expense related to finite-lived intangible assets was a nominal amount during the years ended December 31, 2023, January 1, 2023 and January 2, 2022. We expect that amortization expense on our existing intangible assets subject to amortization for the succeeding five years and thereafter will approximate the following:
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Non-controlling Interests, Partnerships and Joint Ventures |
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| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-controlling Interests, Partnerships and Joint Ventures | Non-controlling Interests, Partnerships and Joint Ventures Redeemable Non-controlling Interests Redeemable non-controlling 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 non-controlling interests in the Partnership Parks:
See Note 15 - Commitments and Contingencies 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, 2023, the redemption value of the non-controlling partnership units in SFOT and SFOG approximated their carrying values.
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Derivative Financial Instruments We hold interest rate swap agreements that mitigate the risk of an increase in the borrowing rate on the Term Loan B. We enter into derivative contracts for risk management purposes only and do not utilize derivative instruments for trading or speculative purposes. In June 2019, we entered into the June 2019 Swap Agreements with an aggregate notional amount of $300.0 million to mitigate the risk of an increase in the borrowing rate on the Term Loan B. The term of the June 2019 Swap Agreements began in June 2019 and expired in June 2023. Upon execution, we designated and documented the June 2019 Swap Agreements as cash flow hedges. The June 2019 Swap Agreements originally served as economic hedges and provided protection against rising interest rates. In August 2019, we entered into the August 2019 Swap Agreements with an aggregate notional amount of $400.0 million to mitigate the risk of an increase in the borrowing rate on the Term Loan B. The term of the August 2019 Swap Agreements began in August 2019 and expires in August 2024. Upon execution, we designated and documented the August 2019 Swap Agreements as cash flow hedges. The August 2019 Swap Agreements originally served as economic hedges and provided protection against rising interest rates. In March 2020, we executed a strategy commonly known as a “blend and extend” on $100.0 million of the June 2019 Swap Agreements that extended the length of one of the June 2019 Swap Agreements through April 2026. We extended the existing pay-fixed swap rate over a longer period than its original term at a lower interest rate, while maintaining the same overall notional value of the swap. The remaining $200.0 million of the June 2019 Swap Agreements did not change. On April 22, 2020, we repaid $315.0 million of the Term Loan B. In conjunction, the June 2019 Swap Agreements and the Modified June 2019 Swap Agreement were de-designated, since the hedged interest payments were no longer probable of occurring due to the repayment of the debt. As a result, $14.9 million was reclassified from accumulated other comprehensive loss to interest expense in the consolidated statement of operations. Consistent with company policy, we hold and issue derivative instruments for risk management purposes only and do not utilize derivative instruments for trading or speculative purposes. Accordingly, in April 2020 we entered into $300.0 million of notional amount counter-agreements (the “April 2020 Counter-agreements”) designed to economically offset the impact of the de-designated swap agreements with expiration dates in June 2023 and April 2026. On March 24, 2022, we terminated the August 2019 Swap Agreements for net cash proceeds of $7.4 million. The swap agreements were used as economic hedges against rising interest rates and had been designated as cash flow hedges prior to termination. We recorded the settlement in accumulated other comprehensive income in the amount of $7.7 million which will be amortized through September 2024 aligned with the maturity of the Term Loan B. By utilizing a derivative instrument to hedge our exposure to borrowing 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, hedging instruments are 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 derivative instruments by establishing and monitoring parameters that limit the types and degree of market risk that we may undertake. We record derivative instruments at fair value on our consolidated balance sheets. When in qualifying relationships, the gains and losses on cash flow designated derivatives are deferred in accumulated other comprehensive loss (“AOCL”) and are reclassified to interest expense when the forecasted transaction takes place. The gains and losses of derivatives that are not designated as hedging instruments are recorded directly to interest expense, net in our consolidated statements of operations. 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 expenses and other current assets and other accrued liabilities, respectively in our consolidated balance sheet. Derivative assets and derivative liabilities that have maturity dates greater than twelve months from the balance sheet date are included in other assets, net and other long-term liabilities, respectively in our consolidated balance sheets. Derivative assets recorded at fair value in our consolidated balance sheets as of December 31, 2023 and January 1, 2023, respectively, consisted of the following:
Derivative liabilities recorded at fair value in our consolidated balance sheets as of December 31, 2023 and January 1, 2023, respectively, consisted of the following:
Losses before taxes on derivatives not designated as a cash flow hedge of $0.3 million were presented in interest expense, net in the consolidated statement of operations for the year ended December 31, 2023. Gains and losses before taxes on derivatives designated as hedging instruments were recognized in AOCL and reclassified from AOCL into interest expense, net for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 were as follows:
As of December 31, 2023, we expect to reclassify net gains of $3.2 million, currently recorded in AOCL, into interest expense, net within the next twelve months.
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Long-Term Indebtedness |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Indebtedness | Long-Term Indebtedness Credit Facility As part of our normal capital markets transactions, we periodically refinance or amend our existing credit facility. As of December 31, 2023, our credit facility consisted of a $500.0 million revolving credit loan facility (the “Revolving Credit Facility”) and a $479.0 million Tranche B Term Loan facility (the “Term Loan B”) pursuant to the amended and restated credit facility that we entered into in 2019 and amended on May 3, 2023 (the Revolving Credit Facility and the Term Loan B together comprise our “Credit Facility”). Our prior credit facility (as previously amended as described below, the “2015 Credit Facility”) consisted of a $250.0 million revolving credit loan facility (the “2015 Revolving Loan”) and a $700.0 million Tranche B Term Loan (the “2015 Term Loan B”) and was amended and restated in conjunction with the Credit Facility. On April 8, 2020, we increased the Revolving Credit Facility by $131.0 million, (the "Series B replacement credit facility") from $350.0 million to $481.0 million. On April 15, 2020, we amended the Credit Facility, (the "Credit Facility Amendment") substantially concurrently with the closing of the $725.0 million 2025 Notes discussed below to, among other things, (i) permit the issuance of the 2025 Notes, including specifically, permitting the 2025 Notes to mature inside the Term Loan B, (ii) suspend the testing of the senior secured leverage ratio financial maintenance covenant in the Credit Facility through the end of 2020, (iii) re-establish the financial maintenance covenant thereafter (provided that for the first, second, and third quarters in 2021 that such covenant is tested, we will be permitted to use the quarterly Borrower Consolidated Adjusted EBITDA (as defined in the Credit Facility) from the second, third and fourth quarters of 2019 in lieu of the actual Borrower Consolidated Adjusted EBITDA for the corresponding quarters of 2020) and (iv) add a minimum liquidity covenant that will apply from the date of the Credit Facility Amendment through December 31, 2022. The Credit Facility Amendment became effective on April 22, 2020, after giving effect to the repayment of a portion of the Term Loan B with a portion of the proceeds from the 2025 Notes. On April 22, 2020, our wholly owned subsidiary, Six Flags Theme Parks ("SFTP") completed the private sale of $725.0 million in aggregate principal amount of 7.00% senior secured notes due 2025 (discussed below). The net proceeds from this offering were used to repay the outstanding balance of the Revolving Credit Facility and $315.0 million of the Term Loan B and for general corporate and working capital purposes, including expenses relating to the offering. We recognized a loss on debt extinguishment of $5.1 million related to the transaction. On August 26, 2020, we amended the Credit Facility which, among other things, (i) extended the previously effectuated suspension of the senior secured leverage ratio financial maintenance covenant in the Credit Facility through the end of 2021, (ii) re-established the senior secured leverage ratio financial maintenance covenant thereafter (provided that for each quarter in 2022 (other than the fourth quarter) that the financial maintenance covenant is tested, SFTP will be permitted to use its quarterly Borrower Consolidated Adjusted EBITDA (as defined in the Credit Agreement governing the Credit Facility) from the second, third, and fourth quarters of 2019 in lieu of the actual Borrower Consolidated Adjusted EBITDA for the corresponding quarters of 2021), (iii) reduced the commitment fee on the revolving credit facility, and (iv) extended the minimum liquidity covenant that applied through December 31, 2022. The extension of the modifications to the financial covenant and other provisions in the Credit Facility pursuant to this amendment will be in effect from the date of the amendment until the earlier of the delivery of the compliance certificate for the fourth quarter of 2022 and the date on which SFTP, in its sole discretion, elects to calculate its compliance with the financial maintenance covenant by using its actual Borrower Consolidated Adjusted EBITDA instead of the 2019 figures as outlined above. In addition, the incremental $131.0 million revolving credit commitments to the Revolving Credit Facility were extended by one year to December 31, 2022. On May 18, 2022, we reduced and terminated the Series B replacement Revolving Commitments by $131.0 million, which reduced the Revolving Credit Facility capacity to $350.0 million from $481.0 million. On May 3, 2023, concurrently with closing of the $800.0 million in aggregate principal amount of 7.25% senior unsecured notes due 2031 ("2031 Notes"), the Company amended its existing senior secured credit facility to, among other things, (i) establish a $500.0 million replacement revolving credit facility maturing in May 2028, subject to springing maturity conditions, which was previously scheduled to expire in April 2024 (ii) maintain the same interest rate margins on borrowings under the replacement revolving credit facility as were previously in effect, while reducing the fee on unused revolving commitments to 0.5% stepping down to 0.375% upon achieving a senior secured leverage ratio of less than 1.25:1.00, (iii) replace LIBOR as the interest rate benchmark for borrowings under the senior secured credit facility with Secured Overnight Financing Rate ("SOFR"), plus a percentage equal to 0.10% per annum (the "Term SOFR Adjustment"), (iv) modify the maximum senior secured leverage ratio that the Company must maintain to 4.50:1.00 for the four fiscal-quarter periods ending on or about December 31, 2022, March 31, 2023, and June 30, 2023, 4.25:1:00 for the four fiscal-quarter period ending on or about September 30, 2023, and each four fiscal-quarter period ending on or about June 30, 2024, and 3.75:1.00 for the four fiscal-quarter period ending on or about September 30, 2024, and each four fiscal-quarter period thereafter, and (v) make certain other changes to the covenants and other terms of the senior secured credit facility. We incurred a $0.1 million loss on debt extinguishment related to the write-off of deferred financing costs related to the transaction. As of December 31, 2023, after adjusting for $21.0 million of outstanding letters of credit and $180.0 million borrowings outstanding, the remaining borrowing capacity under our Revolving Credit Facility is $299.0 million. See “Covenant Compliance” discussion below for information regarding our maximum net leverage maintenance covenant, which could impact amounts available for borrowing. Interest on the Revolving Credit Facility accrues at SOFR plus an applicable margin with an unused commitment fee based on our senior secured leverage ratio. As of December 31, 2023, the Revolving Credit Facility unused commitment fee was 0.500%. The Revolving Credit Facility will mature in May 2028. As of December 31, 2023 and January 1, 2023, $479.0 million was outstanding under the Term Loan B. Interest on the Term Loan B accrues at SOFR plus an applicable margin, based on our consolidated leverage ratio. As of December 31, 2023 and January 1, 2023, the applicable interest rate on the Term Loan B was 7.17% and 6.14%, respectively. The Term Loan B will mature on April 17, 2026. The Credit Facility is guaranteed by the Loan Parties. The Credit Facility is secured by a first priority security interest in substantially all of the assets of the Loan Parties. The Credit Facility agreement contains certain representations, warranties, affirmative covenants and financial covenants (specifically, a maximum senior secured net leverage maintenance covenant). In addition, the 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. Long-term Notes Notes payable are listed in the order that the agreements were entered. The 2025 Notes are secured by Six Flags Theme Parks, Inc. ("SFTP"), a wholly-owned subsidiary of Holdings. The 2024 Notes, 2024 Notes Add-ons, 2027 Notes and 2031 Notes are unsecured. The 2024 Notes, the 2024 Notes Add-on, 2025 Notes, the 2027 Notes and the 2031 Notes are guaranteed by the Loan Parties. The 2024 Notes, the 2024 Notes Add-on, 2025 Notes, the 2027 Notes and the 2031 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 2024 Notes, the 2024 Notes Add-on, 2025 Notes, the 2027 Notes and the 2031 Notes contain certain events of default, including payment defaults, breaches of covenants and representations, cross defaults to other material indebtedness, judgment, and changes of control and bankruptcy events of default. 2024 Notes and 2024 Notes Add-ons 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. On April 13, 2017, Holdings issued an additional $700.0 million of 4.875% Senior Notes due July 31, 2024 (the "2024 Notes Add-on"). We capitalized $3.9 million of debt issuance costs directly associated with the issuance of the 2024 Notes Add-on. Interest payments of $24.4 million for the 2024 Notes and the 2024 Notes Add-on are due semi-annually on January 31 and July 31 of each year. During March of 2020, we prepaid $50.5 million of the outstanding 2024 Notes principal, reducing the outstanding amount to $949.5 million. We recognized a loss on debt extinguishment of $1.0 million. On May 3, 2023, $892.6 million of the aggregate principal amount of the 2024 Notes were redeemed pursuant to the Tender Offer discussed below in conjunction with the issuance of the 2031 Notes. The $56.9 million of the 2024 Notes and 2024 Notes Add-on remaining subsequent to the Tender Offer mature on July 31, 2024. Interest payments of $2.8 million are due semi-annually on January 31, 2024 and July 31, 2024. 2027 Notes On April 13, 2017, Holdings issued $500.0 million of 5.50% Senior Notes due April 15, 2027 (the "2027 Notes"). We capitalized $2.6 million of debt issuance costs directly associated with the issuance of the 2027 Notes. Interest payments of $13.8 million are due semi-annually on April 15 and October 15 of each year. 2025 Notes On April 22, 2020, SFTP completed the private sale of $725.0 million in aggregate principal amount of 7.00% senior secured notes due 2025 (the “2025 Notes”). The net proceeds from this offering were used to repay the outstanding balance of the Revolving Credit Facility and $315.0 million of the Term Loan B and for general corporate and working capital purposes, including expenses relating to the offering. Interest payments of $25.4 million are due semi-annually on December 31 and July 1 of each year, with the exception of January 1, 2021, which included the interest from April 22, 2020 through July 1, 2020 and totaled $35.1 million. On July 1, 2022, the Company redeemed $360.0 million of the 2025 Notes at a premium of 103.5%. The transaction reduced the outstanding amount of the 2025 Notes to $365.0 million. We incurred a $17.5 million loss on debt extinguishment containing $12.6 million for the premium paid above par and $5.0 million related to the write-off of deferred financing costs related to the transaction. 2031 Notes & Tender Offer On April 26, 2023, we launched a private offering of up to $800.0 million aggregate principal amount of senior notes. Concurrently, we commenced a cash tender offer (the "Tender Offer") for any and all outstanding 2024 Notes. The consideration offered for each $1,000 principal amount of the 2024 Notes was $1,000.50 (the "Purchase Price"), plus accrued and unpaid interest. On May 3, 2023, we completed the private sale of $800.0 million aggregate principal amount of 7.250% Senior Notes due 2031 (the "2031 Notes") at on offering price of 99.248% of the principal amount thereof. Net of the original issue discount and debt issuance costs, we received net proceeds of $784.0 million. Also, on May 3, 2023, we announced that $892.6 million, or 94.0% of the aggregate outstanding principal amount of the 2024 Notes were validly tendered pursuant to the Tender Offer. Net cash proceeds from the 2031 Notes, together with other available cash, including borrowings under our Revolving Credit Facility, were used to pay the Purchase Price, plus accrued and unpaid interest. We incurred a $14.0 million loss on debt extinguishment comprised of $1.0 million for premium paid above par and $13.0 million of costs charged to expense on debt modification which were recognized during the year ended December 31, 2023. Interest payments on the 2031 Notes of $29.0 million are due semi-annually on May 15 and November 15, with the exception of November 15, 2023, which included interest from May 3, 2023 through November 15, 2023 and totaled $30.9 million. Merger Commitment Letter In connection with the Merger Agreement, Six Flags, Cedar Fair and CopperSteel have entered into a Debt Commitment Letter, with the Arrangers, pursuant to which the Arrangers have committed to provide Debt Financing in connection with the Mergers. The Debt Commitment Letter amends, restates and supersedes the commitment letter, dated November 2, 2023, which provided revolving credit commitments in an aggregate amount of $800 million. The proceeds from the Debt Financing may be used to, among other things, pay for transaction costs in connection with the Mergers. The obligation of the Arrangers to provide the Debt Financing under the Debt Commitment Letter is subject to a number of conditions, including the receipt of executed loan documentation, accuracy of certain representations and warranties and the consummation of the transactions contemplated by the Merger Agreement. Covenant Compliance The Credit Facility and senior notes contains a number of customary negative covenants. Subject to certain exceptions, these covenants restrict our ability to, among other things, incur additional indebtedness, incur liens, make investments, sell assets, pay dividends, make capital expenditures, repurchase stock or engage in transactions with affiliates. The Credit Facility also requires that as of the end of each fiscal quarter our senior secured leverage ratio, which is the ratio of our Senior Secured Debt to our Borrower Consolidated Adjusted EBITDA (as each term is defined in the Credit Facility) for the preceding four fiscal quarters, not exceed 4.25 to 1.0 for the fiscal quarter periods ending on or about September 30, 2023 through the fiscal quarter period ending on or about June 30, 2024, and 3.75:1.00 for the fiscal quarter period ending on or about September 30, 2024, and each four fiscal quarter period thereafter. As of December 31, 2023, we are in compliance with all relevant covenants. Additionally, as of December 31, 2023, the entire remaining borrowing capacity would be available to us without breaching our maximum net leverage maintenance or other relevant covenant. Total Indebtedness Summary As of December 31, 2023 and January 1, 2023, total long-term debt consisted of the following:
As of December 31, 2023, annual maturities of long-term debt, assuming no acceleration of maturities, were as follows:
Fair-Value of Long-Term Indebtedness As of December 31, 2023, and January 1, 2023, the fair value of our long-term debt was $2,374.7 million and $2,284.3 million, respectively. The measurement of the fair value of long-term debt is based on market prices that are generally observable for similar liabilities at commonly quoted intervals and is considered a Level 2 fair value measurement.
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Selling, General and Administrative Expenses |
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| Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses were comprised of the following for the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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Stock Benefit Plans |
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| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Benefit Plans | Stock Benefit Plans Pursuant to the Long-Term Incentive Plan, we 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. The Company has reserved 19.3 million shares of common stock for issuance under Long-Term Incentive Plan, of which approximately 4.5 million are available for future issuance as of December 31, 2023. During the years ended December 31, 2023, January 1, 2023 and January 2, 2022, we recognized stock-based compensation expense related to the Long-Term Incentive Plan of $11.4 million, $15.2 million and $23.6 million, respectively, which is included in selling, general and administrative expense in our consolidated statements of operations. As of December 31, 2023, options to purchase approximately 1,186,000 shares of common stock, approximately 1,031,000 shares of restricted stock or restricted stock units and approximately 469,000 shares of performance stock units were outstanding under the Long-Term Incentive Plan. Stock Options Stock options granted under the Long-Term Incentive Plan are designated as either incentive stock options or non-qualified stock options. Stock 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, stock options are generally cumulatively exercisable in 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 our stock options granted was calculated using the Black-Scholes option pricing valuation model as of the grant date of the awards. 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. 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 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, if any, 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. No stock options were granted during the years ended December 31, 2023 and January 1, 2023. The following table summarizes stock option activity for the year ended December 31, 2023:
The following table presents the weighted average grant date fair value per share of the options granted, the total intrinsic value of options exercised, the total fair value of options that have vested, and the total cash received from the exercise of stock options during the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
As of December 31, 2023, there was a nominal amount of unrecognized compensation expense related to option awards which is expected to be recognized within the first quarter of 2024. 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 our 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. The following table summarizes stock, restricted stock and restricted stock unit activity for the year ended December 31, 2023:
The following table presents the weighted average grant date fair value per share of stock awards granted, the total grant date fair value of stock awards granted, and the total fair value of stock awards that have vested during the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
There was $10.1 million of total unrecognized stock-based compensation expense related to stock, restricted stock and restricted stock units as of December 31, 2023, that is expected to be recognized over a weighted-average period of 0.91 years. Deferred Share Units Prior to 2023, non-employee directors had the option to 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 our common stock on the date of the annual stockholders meeting. Each DSU represents our 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 generally 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. We did not grant any DSUs during the year ended December 31, 2023. During the years ended January 1, 2023 and January 2, 2022, approximately 8,000 and 7,000 DSUs were granted, respectively. The DSUs had a weighted-average grant date fair value of $29.70 and $43.36 per DSU, respectively. The total grant date fair value of DSUs granted was $0.2 million and $0.3 million for the years ended January 1, 2023 and January 2, 2022, respectively. As of December 31, 2023, there was no unrecognized compensation expense related to the outstanding DSUs. Dividend Equivalent Rights On February 8, 2012, our Board of Directors granted dividend equivalent rights (“DERs”) to holders of unvested stock options. If and when we paid quarterly cash dividends on our common stock, the DERs accrue dividends from the stock option grant date through the date of vesting of the stock option, and are distributed, in either cash or stock, upon the vesting of the stock option award. 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. Our Board of Directors has not granted stock options since the year ended December 31, 2019; however, options remain outstanding from prior grants. We recorded stock-based compensation for DER grants of a nominal amount, $0.1 million and $1.8 million for the years ended December 31, 2023, January 1, 2023 and January 2, 2022, respectively. All DERs issued upon stock options vesting during these periods accrued based on dividends that we declared prior to the suspension of dividend payments in connection with the increase in the Revolving Credit Facility in April 2020. During the third quarter of 2023, we identified an accounting error for our stock-based compensation expense related to the recognition of expense for dividend equivalent rights ("DERs"). The error primarily relates to the inadvertent reversal of stock-based compensation expense for vested DERs for periods beginning in the first quarter of 2020 through the fourth quarter of 2022. As a result, the stock-based compensation for DER grants above have been revised from the figures previously reported. See Note 18 - Revision to Previously Reported Financial Information for additional information. Performance Stock Units During the year ended January 2, 2022, performance stock units were granted to key employees that will vest upon the achievement of specified EBITDA and revenue performance goals by 2023. The aggregate payout at target achievement under these awards if the performance goals are achieved in 2023 would be 41,000 shares, but could be more or less depending on the level of achievement and timing thereof. There has been no stock-based compensation expense recorded for the performance stock units because, as of December 31, 2023, we did not achieve the specified performance targets by 2023. During the year ended January 2, 2022, performance stock units were granted to the chief executive officer that will vest upon the achievement of specified EBITDA performance goals during fiscal years 2022 through 2024, employee and guest satisfaction, and ESG achievement metrics. The aggregate payout at target achievement under these awards if the performance goals are achieved by 2024 would be 333,000 shares, but could be more or less depending on the level of achievement and timing thereof. There has not been any stock-based compensation expense recorded for the performance stock units because, as of December 31, 2023, it is not deemed probable that we will achieve the specified performance targets by 2024. Based on the grant date fair value of these performance stock units as determined by the closing price of our common stock on the date of grant, the total unrecognized compensation expense related to these performance stock units at target achievement in 2024 is $14.5 million, which will be expensed over the service period if achievement of the performance conditions becomes probable. We will continue to evaluate the probability of achieving the performance conditions and we will record the appropriate expense, as necessary. No expense has been recognized as of December 31, 2023. During the year ended January 1, 2023, performance stock units were granted to key employees that will vest upon the achievement of specified EBITDA performance goals during fiscal years 2022 through 2024. The aggregate payout at target achievement under these awards if the performance goals are achieved in 2024 would be 378,000 shares, but could be more or less depending on the level of achievement and timing thereof. There has been no stock-based compensation expense recorded for the performance stock units because, as of December 31, 2023, it is not deemed probable that we will achieve the specified performance targets by 2024. Based on the grant date fair value of these performance stock units as determined by the closing price of Holdings’ common stock on the date of grant, the total unrecognized compensation cost related to these performance stock units at target achievement in 2024 is $14.7 million, which will be expensed over the service period if achievement of the performance conditions becomes probable. We will continue to evaluate the probability of achieving the performance conditions and we will record the appropriate expense, as necessary. Employee Stock Purchase Plan Our Employee Stock Purchase Plan (the "ESPP") allows eligible employees to purchase 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. No more than 2,000,000 shares of common stock may be issued pursuant to the ESPP. Shares of common stock may be issued from authorized and unissued shares, treasury shares or shares purchased on the open market. As of December 31, 2023, we had 1,446,000 shares available for purchase pursuant to the ESPP. Stock-based compensation related to purchase rights is recognized based on the difference between the outstanding share price and the purchase price paid by the eligible employees to purchase common stock during each respective six-month ESPP offering period. As of December 31, 2023, and January 1, 2023, no purchase rights were outstanding under the ESPP. Stock-Based Compensation Expense Stock-based compensation consisted of the following amounts for the years ended December 31, 2023, January 1, 2023 and January 2, 2022.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The following table summarizes the domestic and foreign components of our income before income taxes for the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
The following table summarizes the components of income tax expense (benefit) for the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
Effective Tax Rate Recorded income tax expense differed from amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 to income before income taxes as a result of the following:
Deferred Taxes In connection with emergence from Chapter 11 in 2010, the Company recognized cancellation of debt income ("CODI") upon discharge of its outstanding indebtedness. Under federal tax laws, after emergence from Chapter 11, the Company’s NOLs were reduced by approximately $804.8 million of CODI. Sections 382 and 383 of the Internal Revenue Code (“IRC”) impose an annual limitation on the utilization of NOLs and other favorable Tax Attribute carryforwards. As a result of the emergence from Chapter 11, 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 forward. The Company has approximately $30.0 million of NOL carry forwards subject to Section 382 limitation. 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 as few as 1 year for tax reporting purposes when bonus depreciation is elected) 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 tax assets and deferred tax liabilities as of December 31, 2023, and January 1, 2023:
As of December 31, 2023 we had deferred tax assets of $12.5 million associated with our foreign operations was included in Other assets, net on our consolidated balance sheet. We did not have any deferred tax assets as of January 1, 2023. As of December 31, 2023, we had $160.9 million and $6.5 billion of gross net operating loss carryforwards available for U.S. federal income tax and state income tax purposes, respectively, that expire through 2030 and 2038, respectively. Foreign tax credits of $16.2 million expire between 2025 and 2027. We have a valuation allowance of $93.6 million and $96.0 million as of December 31, 2023, and January 1, 2023, respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets before they expire. We analyze our ability to use our foreign tax credits based on our most probable outcome for future foreign sourced income. Based on that analysis, we have determined it is more likely than not that some of our foreign tax credits will not be fully utilized and have established a valuation allowance of approximately $16.2 million at December 31, 2023. The majority of the remaining valuation allowance at December 31, 2023 and January 1, 2023 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. The change in valuation allowance is all attributable to income from operations. Unrecognized Tax Benefits Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. As of December 31, 2023, we had $26.1 million of unrecognized tax benefits, of which $4.4 million was included in Other long-term liabilities on our consolidated balance sheet and $21.7 million, which is associated with tax positions taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets. As of January 1, 2023, we had $25.6 million of unrecognized tax benefits, of which $2.6 million was included in Other long-term liabilities on our consolidated balance sheet and $23.0 million, which is associated with tax positions taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets. We classify interest and penalties attributable to income taxes as part of income tax expense. During the years ended December 31, 2023 and January 1, 2023, the expense recognized for interest and penalties was not material.
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Preferred Stock, Common Stock and Other Stockholders' Equity |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock, Common Stock and Other Stockholders' Equity | Preferred Stock, Common Stock and Other Stockholders’ Equity Common Stock As of December 31, 2023, the number of authorized shares of common stock was 280,000,000, of which 84,124,014 shares were outstanding, 4,521,000 shares were reserved for future issuance through our Long-Term Incentive Plan, and 1,446,000 shares were reserved for future issuance through the ESPP. Pursuant to the ESPP, shares may be issued from authorized and unissued shares, treasury shares or shares purchased on the open market. On March 30, 2017, our Board of Directors approved a stock repurchase plan that permits the repurchase of an incremental $500.0 million in shares of common stock (the "March 2017 Stock Repurchase Plan"). As of December 31, 2023, we had repurchased 8,071,000 shares at a cumulative cost of approximately $365.1 million and an average price per share of $45.24 under the March 2017 Stock Repurchase Plan, leaving approximately $134.9 million available for permitted repurchases. During the year ended January 1, 2023, we repurchased 3,464,000 shares for an aggregate price of $96.8 million. We did not repurchase any shares during the years ended December 31, 2023 and January 2, 2022. We have not paid a quarterly cash dividend since the first quarter of 2020. Preferred Stock As of December 31, 2023, 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 our 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 our common stock. If issued, the preferred stock could also dilute the holders of our common stock and could be used to discourage, delay or prevent a change of control. Accumulated Other Comprehensive Loss The balances for each component of accumulated other comprehensive loss are as follows:
The Company had the following reclassifications out of accumulated other comprehensive loss during the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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Pension Benefits |
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| Retirement Benefits [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 5-year period during the employee’s last 10 years of employment and years of service. We froze the SFTP Benefit Plan effective March 31, 2006, and as of February 16, 2009, participants in the plan no longer earned future benefits. The SFTP Benefit Plan assets are invested primarily in fixed income securities. 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 (“ERISA”). Obligations and Funded Status The following table sets forth the change in our benefit plan obligation and fair value of plan assets as of December 31, 2023, January 1, 2023 and January 2, 2022:
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, 2023 and January 1, 2023, the fair value of the SFTP Benefit Plan assets exceeded its projected benefit obligation by $9.5 million and $9.2 million, respectively, resulting in a net plan asset position in each period. The net plan asset is presented in other assets, net in our consolidated balance sheets. The weighted average assumptions used to determine benefit obligations are as follows:
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):
As of December 31, 2023 and January 1, 2023, we have recognized actuarial losses of $37.3 million (net of tax of $9.8 million) and $39.4 million (net of tax of $9.2 million), respectively, in accumulated other comprehensive loss in our consolidated balance sheets. We anticipate that $0.9 million will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2024. The weighted average assumptions used to determine our net periodic benefit cost are as follows:
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 5.75% 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 Investment 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 Investment 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 Our plan assets are allocate as follows: 95% to fixed income securities; 5% to international equity securities; and a nominal amount to 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 - Summary of Significant Accounting Policies:
________________________________ (a)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. (b)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. (c)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 days or 90 days period redemption notice. Expected Cash Flows We do not plan to make any contributions to plan trusts in 2024. The following table summarizes expected future benefit payments:
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| Earnings Per Share of Common Stock | Earnings Per Share of Common Stock For the years ended December 31, 2023, January 1, 2023 and January 2, 2022, the computation of diluted earnings per common share included the effect of 0.5 million, 0.3 million and 0.9 million dilutive stock options and restricted stock units, respectively. For the years ended December 31, 2023, January 1, 2023 and January 2, 2022, the computation of diluted earnings per share of common stock excluded the effect of 1.4 million, 2.5 million and 3.4 million antidilutive stock options and restricted stock units, respectively. Earnings per common share for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 was calculated as follows:
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Commitments and Contingencies |
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| 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 $88.5 million in 2024 (subject to cost of living adjustments) to the limited partners of the partnership entities (the Georgia Partnership with respect to the SFOG and the Texas Partnership with respect to the SFOT) that owns the Partnership Parks (based on our ownership of units as of December 31, 2023, our share of the distribution will be approximately $39.4 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, 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 "Partnership Put 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. In light of the temporary suspension of operations of the Partnership Parks due to the COVID-19 pandemic in March 2020, which would cause the value of the limited partnership units of the Partnership Parks to decrease in 2021 and thereafter, we adjusted our annual offer to purchase these units. Accordingly, to preserve liquidity in 2020 and avoid uncertainty with future purchase prices for the units, we adjusted the 2020 offer price to set a minimum price floor for all future purchases. Pursuant to the valuation methodologies described in the preceding sentence, the Partnership Put Price for the Partnership Parks, if determined as of December 31, 2023 is $409.7 million in the case of SFOG and $527.4 million in the case of SFOT. As of December 31, 2023, we owned approximately 31.5% and 54.1% of the Georgia limited partner interests and Texas limited partner interests, respectively. In January 2027 with respect to the Georgia Partnership and in January 2028 with respect to the Texas Partnership, we will have the option (each the “End-of-Term Option”) to require the redemption of all the limited partnership units we do not then own in the Partnerships. To exercise the End-of-Term Option, we must give the Georgia Partnership notice of its exercise no later than December 31, 2024 and we must give the Texas Partnership notice of its exercise no later than December 31, 2025. If the End-of-Term Option is not exercised, the parties may decide to renew and extend the arrangements relating to the Partnership Parks. Alternatively, if the End-of-Term Option is not exercised, the Partnership Park entities may be sold and the proceeds applied to redeem the outstanding interests in the Georgia Partnership and Texas Partnership, as applicable. If the End-of-Term Option is exercised, the price offered, and required to be accepted by the holders' of the limited units we do not then own would, is based on the agreed-upon value of the partnerships included in the original agreements, multiplied by the change in the Consumer Price Index ("CPI") between the beginning and end of the agreement. The agreements for Georgia Partnership and the Texas Partnership began in 1997 and 1998, respectively. The agreed-upon value for the partnerships, when the agreements were executed, was $250.0 million and $374.8 million for SFOG and SFOT, respectively. As of December 31, 2023, the agreed upon value, as adjusted for CPI, would be $483.5 million and $712.7 million for SFOG and SFOT, respectively. The agreed upon values, if determined as of December 31, 2023, multiplied by the 68.5% and 45.9% of units held by the limited partner for SFOG and SFOT, respectively, represent $330.9 million and $332.6 million that would be required to be paid to the limited partner of SFOG and SFOT, respectively, if the End-of-Term Option were to be exercised. The actual agreed upon value for the End-of-Term Option will be further adjusted by CPI until the end of the each respective agreement. The decision to exercise, or not exercise, the End-of-Term Option for either of SFOT or SFOG will ultimately be made based on numerous factors, including prevailing macro-economic and industry conditions and the cost and availability of financing to fund the purchase. Pursuant to the 2023 and 2022 annual offers, we did not purchase units from the Georgia Partnership. We purchased 0.149 units from the Texas partnership for approximately $0.3 million in May 2023. We purchased 0.25358 units from the Texas partnership for approximately $0.6 million in May 2022. The $400.0 million accordion feature on the Term Loan B (as defined in Note 8 - Long-Term Indebtedness) 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. The 2022 sale of Time Warner to Discovery did not affect the Time Warner guarantee of our obligations under the Subordinated Indemnity Agreement. We incurred $26.0 million of capital expenditures at these parks during the 2023 season and intend to incur capital expenditures at these parks for the 2024 season 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 $16.3 million of cash in 2023 from operating activities after deduction of capital expenditures and excluding the impact of short-term intercompany advances from or payments to Holdings. 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 term of the agreement expires in 2053. The license fee is payable on a per-theme park basis, and is subject to CPI increases and scheduled adjustments, including periodic market resets. In November 1999, we entered into license agreements pursuant to which we have the exclusive right on a long-term basis to theme park use in Europe, Central and South America of all animated, cartoon and comic book characters that Warner Bros. and DC Comics have the right to license for such use. Under such 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 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 retention contingencies. For workers’ compensation claims arising after November 15, 2003, our deductible is $0.75 million. 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 retention per event. We generally renegotiate our insurance policies on an annual basis. The majority of our current insurance policies expire on December 31, 2024. We cannot predict the level of the premiums that we may be required to pay for subsequent insurance coverage, the level of any retention applicable thereto, the level of aggregate coverage available or the availability of coverage for specific risks. Self-Insurance Reserves Self-insurance reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon our claims data history, actuarially determined loss development factors and certain other qualitative considerations. We maintain self-insurance reserves for healthcare, auto, general liability, and workers’ compensation claims. Our self-insurance reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary. During the second quarter of 2023, an actuarial analysis of our general liability and worker’s compensation self-insurance reserves resulted in a change in estimate that increased our ultimate loss indications on both identified claims and IBNR claims. The determination to undertake such an actuarial analysis resulted from greater than previously estimated reserve adjustments on identified claims during the quarter as well as an observed pattern of increasing litigation and settlement costs. As a result of this actuarial analysis, we revised certain key actuarial assumptions utilized in determining estimated ultimate losses, including loss development factors. The change in estimate resulted in an increase to selling, general and administrative expense on our consolidated statements of operation of $37.6 million during the year ended December 31, 2023. Total accrued self-insurance reserves were $64.6 million and $34.1 million as of December 31, 2023 and January 1, 2023. Legal Proceedings While certain legal proceedings and related indemnification obligations to which we are a party specify the amounts claimed, these claims may not represent reasonably possible losses. Except as noted below, given the inherent uncertainties of litigation, the ultimate outcome of these matters cannot be predicted at this time, nor can the amount of possible loss or range of loss, if any, be reasonably estimated, except in circumstances where an aggregate litigation accrual has been recorded for probable and reasonably estimable loss contingencies. A determination of the amount of accrual required, if any, for these contingencies is made after careful analysis of each matter. The required accrual may change in the future due to new information or developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. Legal Proceedings Related to Proposed Mergers On February 16, 2024, a purported stockholder of the Company filed a complaint captioned Garfield vs. Baldanza, et al., No. 42-350320-24, against the Company, its Board of Directors (the "Board"), Cedar Fair, and CopperSteel (collectively, the "Defendants") in the District Court of Tarrant County, Texas. The compliant alleges, among other things, that the Company made materially false and misleading statements in connection with its proposed combination with Cedar Fair, and that the Board breached their fiduciary duties to stockholders in approving the merger and in disseminating the challenged disclosures. The complaint, among other things, seeks a declaration that the Company and the Board breached their fiduciary duties, requests attorneys' fees and costs, and asks the court to compel the Defendants to make certain supplemental disclosures or enjoin or unwind the proposed transaction absent such disclosures. The Company has received additional letters and draft complaints demanding additional supplemental disclosures. Putative Securities Class Action Lawsuit In February 2020, two putative securities class action complaints were filed against Holdings and certain of its former executive officers (collectively, the “defendants”) in the U.S. District Court for the Northern District of Texas. On March 2, 2020, the two cases were consolidated in an action captioned Electrical Workers Pension Fund Local 103 I.B.E.W. v. Six Flags Entertainment Corp., et al., Case No. 4:20-cv-00201-P (N.D. Tex.) (the “Electrical Workers litigation”), and an amended complaint was filed on March 20, 2020. On May 8, 2020, Oklahoma Firefighters Pension and Retirement System and Electrical Workers Pension Fund Local 103 I.B.E.W. were appointed as lead plaintiffs, Bernstein Litowitz Berger & Grossman LLP was appointed as lead counsel, and McKool Smith PC was appointed as liaison counsel. On July 2, 2020, lead plaintiffs filed a consolidated complaint. The consolidated complaint alleges, among other things, that the defendants made materially false or misleading statements or omissions regarding the Company’s business, operations and growth prospects, specifically with respect to the development of its Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd., in violation of the federal securities laws. The consolidated complaint seeks an unspecified amount of compensatory damages and other relief on behalf of a putative class of purchasers of Holdings’ publicly traded common stock during the period between April 24, 2018 and February 19, 2020. On August 3, 2020, defendants filed a motion to dismiss the consolidated complaint. On March 3, 2021, the district court granted defendants’ motion, dismissing the complaint in its entirety and with prejudice. On August 25, 2021, Co-Lead Plaintiff Oklahoma Firefighters filed a notice of appeal to the U.S. Court of Appeals for the Fifth Circuit (“the Fifth Circuit”) from the district court’s decisions granting defendants’ motion to dismiss, denying plaintiffs’ motion to amend or set aside judgment, and denying plaintiffs’ motion for leave to file a supplemental brief. The appeal was fully briefed as of December 15, 2021, and oral argument was held on March 7, 2022. On January 18, 2023, the Fifth Circuit reversed the dismissal and remanded the case to the district court for further proceedings. On February 9, 2023, the Fifth Circuit mandate issued to the district court. On March 7, 2023, the district court entered a scheduling order governing pre-trial proceedings. On April 18, 2023, Oklahoma Firefighters filed a motion for leave to file an amended complaint that would add a new named plaintiff, remove former Co-Lead Plaintiff Electrical Workers Pension Fund Local 103 I.B.E.W., and modify the case caption. On May 2, 2023, defendants filed an opposition to that motion and a motion for judgment on the pleadings. On June 2, 2023, the district court granted defendants’ motion for judgment on the pleadings, dismissing the case with prejudice, and denied Oklahoma Firefighters’ motions. On June 30, 2023, plaintiffs filed a notice of appeal to the Fifth Circuit from the district court’s decisions. The appeal was fully briefed as of December 4, 2023. Oral argument is scheduled for March 4, 2024.We believe this lawsuit is without merit; however, there can be no assurance regarding the ultimate outcome. Regardless of the merit of plaintiffs’ claims, litigation may be expensive, time-consuming, disruptive to the Company’s operations and distracting to management. The outcome of this litigation is inherently uncertain, and we cannot reasonably estimate any loss or range of loss that may arise from this matter. Stockholder Derivative Lawsuits On March 20, 2020, a putative stockholder derivative lawsuit was filed on behalf of nominal defendant Holdings in the U.S. District Court for the Northern District of Texas against certain of its then-current and former executive officers and directors (the “individual defendants”) in an action captioned Schwartz v. Reid-Anderson, et al., Case No. 4:20-cv-00262-P (N.D. Tex.). In April 2020, two additional stockholder derivative lawsuits, making substantially identical allegations as the Schwartz complaint, were filed by Trustees of the St. Clair County Employees’ Retirement System and Mr. Mehmet Ali Albayrak in the U.S. District Court for the Northern District of Texas in actions captioned Martin, et al. v. Reid-Anderson, et al., Case No. 4:20-cv-00311-P (N.D. Tex.) and Albayrak v. Reid-Anderson, et al., Case No. 4:20-cv-00312-P (N.D. Tex.), respectively. On April 8, 2020, plaintiffs in all three of these putative derivative actions moved to consolidate the actions and appoint lead counsel. On May 8, 2020, the district court granted the plaintiffs’ motion to consolidate. The consolidated action is captioned In re Six Flags Entertainment Corp. Derivative Litigation, Case No. 4:20-cv-00262-P (N.D. Tex.). On August 10, 2020, plaintiffs filed a consolidated derivative complaint. The consolidated derivative complaint alleges breach of fiduciary duty, insider selling, waste of corporate assets, unjust enrichment, and contribution for violations of federal securities laws. The consolidated derivative complaint references, and makes many of the same allegations as are set forth in, the Electrical Workers litigation, alleging, among other things, that the individual defendants breached their fiduciary duties, committed waste, are liable for contribution for, or were unjustly enriched by making, failing to correct, or failing to implement adequate internal controls relating to alleged materially false or misleading statements or omissions regarding the Company’s business, operations and growth prospects, specifically with respect to the prospects of the development of Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd. The consolidated derivative complaint also alleges that a former officer and director sold shares of the Company while allegedly in possession of material non-public information concerning the same. On September 9, 2020, Holdings and the individual defendants filed a motion to dismiss the consolidated complaint. On April 28, 2021, the district court granted defendants’ motion, dismissing the consolidated complaint in its entirety and with prejudice and denying leave to amend. Plaintiffs’ time to appeal the judgment dismissing this action in its entirety and with prejudice and denying leave to amend lapsed in May 2021. On May 5, 2020, a putative stockholder derivative lawsuit was filed on behalf of nominal defendant Holdings, by Richard Francisco in Texas state court against certain of its then-current and former executive officers and directors (the “individual defendants”) in an action captioned Francisco v. Reid-Anderson, et al., Case No. DC-20-06425 (160th Dist. Ct., Dallas Cty., Tex.) (the “Francisco action”). The petition in the Francisco action alleges breach of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets. The petition in the Francisco action references, and makes many of the same allegations, as are set forth in the Electrical Workers litigation, alleging, among other things, that the individual defendants breached their fiduciary duties, were unjustly enriched by, abused their control, committed gross mismanagement, and committed waste by making, failing to correct, or failing to implement adequate internal controls relating to alleged materially false or misleading statements or omissions regarding the Company’s business, operations and growth prospects, specifically with respect to the prospects of the development of Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd. The petition also alleges that a former officer and director engaged in insider trading. On May 28, 2020, the parties in the Francisco action filed a joint motion to stay proceedings through the resolution of the forthcoming motion to dismiss the Electrical Workers litigation. On June 3, 2020, the district court granted the joint motion to stay proceedings. On June 12, 2020, an additional stockholder derivative lawsuit, making substantially identical allegations as the Francisco petition, was filed on behalf of nominal defendant Holdings in Texas state court by putative stockholder Cliff Bragdon in an action captioned Bragdon v. Reid-Anderson, et al., Case No. DC-20-08180 (298th Dist. Ct., Dallas Cty., Tex.) (the “Bragdon action”). On July 10, 2020, the district court granted an agreed motion filed by the parties in the Francisco and Bragdon actions to consolidate cases, to accept service and an unopposed motion to appoint co-lead and liaison counsel, and to stay both the Francisco and Bragdon actions through final resolution of the motion to dismiss the Electrical Workers litigation. The consolidated state derivative action was captioned In re Six Flags Entertainment Corp. Derivative Litigation, Case No. DC-20-06425 (160th Dist. Ct., Dallas Cty., Tex.). On September 8, 2020, the parties to the consolidated state derivative action filed an agreed motion to transfer the case from Dallas County to Tarrant County, which motion was so ordered on September 27, 2020. The consolidated action is now captioned In re Six Flags Ent. Corp. Derivative Litigation, No. 096-320958-20 (96th Dist. Ct., Tarrant Cty., Tex.). On February 9, 2023, the stay was lifted in the consolidated action when the Fifth Circuit issued the mandate in the Electrical Workers litigation. On April 27, 2023 and May 30, 2023, the parties informed the court that they were conferring, that they would provide a further update within 30 days, and that, in the meantime, the defendants had no obligation to respond to the Francisco or Bragdon complaints or the consolidated action. On June 29, 2023, plaintiffs filed a notice of non-suit without prejudice. On February 16, 2023, a putative stockholder derivative lawsuit was filed on behalf of nominal defendant Holdings by John Hancock in Texas state court against certain of its former executive officers and directors (the “individual defendants”) in an action captioned Hancock v. Roedel, et al., Case No. 348-340304-23 (348th Dist. Ct., Tarrant Cty., Tex.). Plaintiff refers to and makes many of the same allegations as are set forth in the Electrical Workers litigation, claiming that, among other things, the individual defendants caused Six Flags to make false and misleading statements and omissions about the status of construction of Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd. Plaintiff asserts breach of fiduciary duty and unjust enrichment claims. Plaintiff seeks an unspecified amount of monetary damages and equitable relief including, but not limited to, disgorgement. On May 5, 2023, the individual defendants and the Company agreed to accept service of the petition, and plaintiff agreed that the individual defendants and the Company had no obligation to respond to the petition and that defendant's answer dates are tolled until plaintiff files an amended petition. Plaintiff stated Plaintiff would file an amended petition by June 30, 2023. On August 25, 2023, Plaintiff filed an amended petition. On September 7, 2023, the individual defendants and the Company filed a motion to stay pending resolution of a duplicative federal derivative action, captioned Dela Cruz v. Reid-Anderson, et al, Case No. 3:23-CV-0396-D (N.D. Tex), and described below. On September 15, 2023, the court granted the motion to stay and ordered the action stayed until 30 days after a ruling by the federal court on the motions to dismiss pending in Dela Cruz v. Reid-Anderson. On February 22, 2023, a putative stockholder derivative lawsuit was filed on behalf of nominal defendant Holdings by Antonio Dela Cruz in in the U.S. District Court for the Northern District of Texas against certain of its current and former executive officers and directors (the “individual defendants”) in an action captioned Cruz v. Reid-Anderson, et al., Case No. 3:23-CV-0396-D (N.D. Tex.). Plaintiff refers to and makes many of the same allegations as are set forth in the Electrical Workers litigation, claiming that, among other things, the individual defendants caused Six Flags to make false and misleading statements and omissions about the status of construction of Six Flags branded parks in China and the financial health of its former partner, Riverside Investment Group Co. Ltd. Plaintiff asserts contribution, breach of fiduciary duty, and unjust enrichment claims. Plaintiff seeks an unspecified amount of monetary damages and equitable relief including, but not limited to, disgorgement. On September 12, 2023, Six Flags and the individual defendants filed motions to dismiss the amended complaint. On January 12, 2024, the district court granted defendants' motions, dismissing the complaint in its entirety and with prejudice. On February 7, 2024, Plaintiffs filed a Notice of Appeal of the district court's decision. Wage and Hour Class Action Lawsuits Holdings and/or certain of its consolidated subsidiaries are named defendants in various lawsuits generally alleging violations of federal and/or state laws regulating wage and hour pay. Plaintiffs in these lawsuits seek monetary damages, including unpaid wages, statutory penalties, and/or attorneys’ fees and costs. Regardless of the merits of particular suits, litigation may be expensive, time-consuming, disruptive to the Company’s operations and distract management from the operation of our business. In recognition of these impacts on the business, the Company may enter into settlement agreements or other arrangements to settle litigation and resolve such disputes. No assurance can be given that such agreements can be obtained on acceptable terms or at all, or that litigation will not occur. These agreements may also significantly increase the Company’s operating expenses. The outcomes of these lawsuits are inherently uncertain, and we cannot reasonably estimate any loss or range of loss that may arise from these matters in excess of the amounts that we have recognized for these lawsuits, which amounts are not material to our consolidated financial statements. Personal Injury Lawsuit On November 18, 2021, the Texas Judicial Panel on Multidistrict Litigation consolidated numerous lawsuits filed against Six Flags Splashtown, LLC d/b/a Six Flags Hurricane Harbor Splashtown asserting claims arising from an alleged chemical vapor release on July 17, 2021 at Six Flags Splashtown. Certain plaintiffs have also named unaffiliated third parties as additional defendants. The consolidated multidistrict litigation is captioned In re Six Flags Splashtown Litigation (Master File No. 2021-77214), and is pending in the 295th Judicial District Court in Harris County, Texas. Plaintiffs are seeking compensatory and punitive damages. On April 14, 2023, Six Flags Splashtown settled with 421 plaintiffs, including all bellwether plaintiffs set for trial on April 17, 2023, for an immaterial amount. On September 22, 2023, the Park settled with 55 additional plaintiffs, including the bellwether plaintiffs set for trial on January 15, 2024, for an immaterial amount. These settlements resolved claims brought by these plaintiffs only and do not resolve all claims arising from the alleged chemical vapor release. There are 19 remaining plaintiffs represented by different firms. All pro se plaintiffs have been dismissed. The parties are working to document these settlements and the Court has appointed special masters to determine the amounts each settling plaintiff will receive. Regardless of the merit of particular claims, litigation may be expensive, time-consuming, disruptive to the Company's operations and distracting to management. In recognition of these considerations, the Company may enter into further settlement agreements or other arrangements to settle litigation and resolve such disputes and particularly the 19 remaining plaintiffs. No assurance can be given that such agreements can be obtained on acceptable terms or that litigation will not occur. These agreements may also significantly increase the Company's operating expenses. The outcome of this litigation is inherently uncertain, and we cannot reasonably estimate any loss or range of loss that may arise from the remaining matters in excess of the amount of that we have recorded for this litigation, which amount is not material to our consolidated financial statements. Litigation Relating to Routine Proceedings We are also engaged from time to time in other routine legal and tax proceedings incidental to our business. We do not believe that any of these routine proceedings will have a material impact on the business or our financial condition. Securities and Exchange Commission Investigation The Securities and Exchange Commission is conducting an investigation into the Company’s disclosures and reporting made in 2018 through February 2020 related to its business, operations and growth prospects of its Six Flags branded parks in China and the financial health of its former business partner, Riverside Investment Group Co. Ltd. The Company received a document subpoena in February 2020 and subsequently certain current and former executives received subpoenas in connection with this matter and they continue to provide responsive information. The Company is fully cooperating and is committed to continuing to cooperate fully with the SEC in this matter. We cannot predict the length, scope or results of the investigation, or the impact, of the investigation on our results of operations, business or financial condition. Tax and other contingencies As of December 31, 2023, and January 1, 2023, 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.
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Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases We have operating leases for amusement parks, land, vehicles, machinery and certain equipment. Our leases have remaining lease terms of less than one year to 42 years, some of which include an option to extend the underlying leases for up to 20 years, and some of which include an option to terminate the underlying lease within one year. For our noncancelable operating leases with such options to extend, because we may determine it is not reasonably certain we will exercise the option, the options are not considered in determining the lease term, and associated potential option payments are excluded from lease payments. Our leases generally do not include restrictive financial or other covenants. Payments due under the lease contracts include fixed payments and, for certain of our leases, variable payments. The components of lease cost for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 are as follows:
Lease costs for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 included minimum rental payments under operating leases recognized on a straight-line basis over the term of the lease. Other information related to leases for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 is as follows:
Additional information related to our operating leases for the year ended December 31, 2023 is as follows:
Additional information related to our finance leases for the year ended December 31, 2023 is as follows:
The following tables set forth supplemental balance sheet information related to operating and finance leases as of December 31, 2023 and January 1, 2023:
During the year ended December 31, 2023, we recognized an impairment loss on the right-of-use asset of $13.2 million at our Frontier City theme park and Hurricane Harbor Oklahoma City water park. During the year ended January 1, 2023, we recognized an impairment on the right-of-use asset of $15.1 million at our Hurricane Harbor Splashtown water park in Houston, Texas. Maturities of non-cancelable operating and finance lease liabilities as of December 31, 2023, are summarized in the table below.
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| Leases | Leases We have operating leases for amusement parks, land, vehicles, machinery and certain equipment. Our leases have remaining lease terms of less than one year to 42 years, some of which include an option to extend the underlying leases for up to 20 years, and some of which include an option to terminate the underlying lease within one year. For our noncancelable operating leases with such options to extend, because we may determine it is not reasonably certain we will exercise the option, the options are not considered in determining the lease term, and associated potential option payments are excluded from lease payments. Our leases generally do not include restrictive financial or other covenants. Payments due under the lease contracts include fixed payments and, for certain of our leases, variable payments. The components of lease cost for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 are as follows:
Lease costs for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 included minimum rental payments under operating leases recognized on a straight-line basis over the term of the lease. Other information related to leases for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 is as follows:
Additional information related to our operating leases for the year ended December 31, 2023 is as follows:
Additional information related to our finance leases for the year ended December 31, 2023 is as follows:
The following tables set forth supplemental balance sheet information related to operating and finance leases as of December 31, 2023 and January 1, 2023:
During the year ended December 31, 2023, we recognized an impairment loss on the right-of-use asset of $13.2 million at our Frontier City theme park and Hurricane Harbor Oklahoma City water park. During the year ended January 1, 2023, we recognized an impairment on the right-of-use asset of $15.1 million at our Hurricane Harbor Splashtown water park in Houston, Texas. Maturities of non-cancelable operating and finance lease liabilities as of December 31, 2023, are summarized in the table below.
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Business Segments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments | Business Segments Our chief operating decision maker “CODM” regularly receives consolidated information which is used to make strategy decisions. Each individual park location, has a Park President or General Manager responsible for the operational results and executing the strategy set forth by the CODM. Substantially 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 - parks. All of our owned or managed parks are located in the United States with the exception of two parks in Mexico and one park in Montreal, Canada. We also have revenue and expenses related to the development of Six Flags-branded parks outside of North America. The following information reflects our long-lived assets (which consists of property and equipment, goodwill, intangible assets and right-of-use assets), revenues and income before income taxes by domestic and foreign jurisdictions as of or for the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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Revision to Previously Reported Financial Information |
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| Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revision to Previously Reported Financial Information | Revision to Previously Reported Financial Information During the third quarter of 2023, we identified an accounting error for our stock-based compensation expense related to the recognition of expense for dividend equivalent rights ("DERs"). The error primarily relates to the inadvertent reversal of stock-based compensation expense for vested DERs for periods beginning in the first quarter of 2020 through the fourth quarter of 2022. We have assessed the error and concluded that it was not material to any prior periods. However, the aggregate amount of the error would have been material to our consolidated financial statements in the current period. Therefore, we have revised our previously issued financial information. Prior periods not presented herein will be revised, as applicable, in future filings. The following table presents the impact of correcting the error previously discussed on the affected line items of our consolidated balance sheet as of January 2, 2022.
The following table presents the impact of correcting the error previously discussed on the affected line items of our consolidated balance sheet as of January 1, 2023.
The following table presents the impact of correcting the error previously discussed on the affected line items of our consolidated statement of operations for the year ended January 2, 2022.
_____________________________________ (1) Including stock-based compensation of $21,462 and $23,556 in the "As Reported" and "As Revised" figures, respectively. "As Reported" figure adjusted to reflect the reclassification of pension-related expense to other (income) expense, net in our condensed consolidated statements of operations as discussed in Note 1 - General - Basis of Presentation. The following table presents the impact of correcting the error previously discussed on the affected line items of our consolidated statement of operations for the year ended January 1, 2023.
_____________________________________ (2) Including stock-based compensation of $7,673 and $15,218 in the "As Reported" and "As Revised" figures, respectively. "As Reported" figure adjusted to reflect the reclassification of pension-related expense to other (income) expense, net in our condensed consolidated statements of operations as discussed in Note 1 - General - Basis of Presentation. The consolidated statements of stockholders' deficit and the consolidated statements of comprehensive income for the years ended January 2, 2022 and January 1, 2023, have also been revised to reflect the impacts to net income. The consolidated statement of cash flows for the years ended January 2, 2022 and January 1, 2023 have been adjusted to reflect the impact to net income and stock-based compensation. The adjustments did not affect any subtotals within the statement of cash flows for any previous period. The impacts of the revisions have been reflected throughout the financial statements, including the applicable footnotes, as appropriate.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
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| Pay vs Performance Disclosure | |||
| Net income attributable to Six Flags Entertainment Corporation common stockholders | $ 38,999 | $ 101,383 | $ 127,829 |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||
| 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 non-controlling interests. The portion of earnings or loss attributable to non-affiliated parties in the Partnership Parks is reflected as net income attributable to non-controlling interests in the accompanying consolidated statements of operations. See Note 6 - Non-controlling interests for further discussion. This Annual Report covers the period January 2, 2023 through December 31, 2023 (“the year ended December 31, 2023” or “2023”). The comparison period in the prior year covers January 3, 2022 through January 1, 2023 (“the year ended January 1, 2023” or “2022”). The year ended January 2, 2022 covers the period between January 1, 2021 through January 2, 2022 (“the year ended January 2, 2022” or “2021”). The year ended January 2, 2022 contained three extra days due to the calendar change from calendar year reporting. Intercompany transactions and balances have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current year presentation. During 2023, we reclassified the net pension-related expense (benefit) to other (income) expense, net, in our consolidated statements of operations. We have separated "(Gain) loss on disposal of assets" from "Other" on the consolidated statements of cash flows.
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| 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, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our consolidated financial statements and accompanying notes. 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 these estimates resulting from changes in facts and circumstances will be reflected in the financial statements in future periods.
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| 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. The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. We use a market approach for our recurring fair value measurements, and we endeavor to use the best information available. Accordingly, valuation techniques that maximize the use of observable impacts are favored. We present the estimated fair values and classifications of our financial instruments in accordance with ASC Topic 820, Fair Value Measurement. 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. •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. Refer to Note 8 - Long-term indebtedness for additional information. •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 expenses 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 other assets, net and other long-term liabilities, respectively. See Note 7 - Derivatives Financial Statements for additional information on our derivative instruments.
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| Cash Equivalents | Cash EquivalentsCash equivalents consists of transaction settlements in process from credit card companies and short-term highly liquid investments with a remaining maturity as of the date of purchase of three months or less. 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. | ||||||||||||||||||||||||||||||
| Inventories | InventoriesInventories are stated at lower of weighted average cost or net realizable value and primarily consist of products purchased for resale, including merchandise, food and miscellaneous supplies. Products are removed from inventory at weighted average cost. | ||||||||||||||||||||||||||||||
| Prepaid Expenses and Other Current Assets | Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets include $30.3 million and $25.8 million of spare parts inventory for existing rides and attractions as of December 31, 2023 and January 1, 2023. These items are expensed as the repair or maintenance of rides and attractions occur and the parts are consumed.
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| 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, 2023 and January 1, 2023, we had a nominal amount and $0.3 million in prepaid advertising, respectively. The amounts capitalized are included in prepaid expenses. Advertising and promotions expense was $55.1 million, $37.3 million and $55.5 million for the years ended December 31, 2023, January 1, 2023 and January 2, 2022, respectively. These amounts are presented within “Selling, general and administrative expenses”.
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| Debt Issuance Costs | Debt Issuance CostsWe capitalize costs that are directly related to the issuance of debt. Debt issuance costs related to the Revolving Credit Facility are presented within other assets, net on our consolidated balance sheets. Debt issuance costs related to the Term Loam B and our senior unsecured notes are presented as a reduction of long-term debt in our consolidated balance sheets. The amortization of our debt issuance costs is recognized as interest expense using the effective interest method over the term of the respective debt instrument. | ||||||||||||||||||||||||||||||
| Property and Equipment | Property and Equipment We regularly make capital investments for new rides and attractions in our parks. The costs incurred to purchase the rides, including installation and other costs necessary to bring the ride online are capitalized and depreciated using the straight-line method over the estimated useful lives of the assets. Costs incurred to improve the performance or extend the useful life of our existing assets are also capitalized. Repair and maintenance costs for routine and recurring maintenance activities are expensed as incurred. When an asset is retired or otherwise disposed of, the cost and applicable accumulated depreciation are removed and the resulting gain or loss is recognized. See Note 4 - Property and Equipment for further detail of the components of our property and equipment. The estimated useful lives of our major assets classes are as follows:
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| Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible asset are tested for impairment annually, or more frequently if events or circumstances indicate that the assets may not be recoverable. We identify our reporting unit and determine the carrying value of the reporting unit by assigning the assets and liabilities, including the existing goodwill and intangible assets, to the reporting unit. We then determine the fair value of the reporting unit and compare it to the carrying amount of the reporting unit. We have one operating segment and all of our parks are operated in a similar manner and have comparable characteristics. Furthermore, our parks 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. As of December 31, 2023, the estimated fair value of our single reporting unit exceeded its carrying amount, which is determined by comparing our market capitalization to our carrying value. As we have a single reporting unit, we believe our market capitalization is the best indicator of our reporting unit’s fair value. We perform a qualitative analysis on our indefinite-lived intangible assets on an annual basis. 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.
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| Impairment of Property and Equipment | Impairment of Property and Equipment We review property and equipment 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. Asset groups are tested at the level of the lowest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets of groups of assets. We have determined that our lowest identifiable group of assets that generate cash inflows is at the individual theme park or water park level. We test our parks for impairment when changes in circumstances indicate that their carrying value may not be recoverable. Events that trigger a test for recoverability include material adverse changes in projected revenues or expenses, present cash flow losses combined with a history of cash flow losses, a forecast that demonstrates significant continuing losses or significant negative industry or economic concerns at either the local or macroeconomic level. If this evaluation indicates a triggering event has occurred, a test for recoverability is performed. A test for recoverability is performed by comparing projected undiscounted future cash flows to the carrying value of the theme park or water park. If the undiscounted forecasted cash flows are less than the carrying value of the park, the theme park’s or water park’s fair value is measured relying primarily on a discounted cash flow method. An impairment charge is recognized for the amount by which the carrying value of the theme park or water park exceeds its fair value. When an impairment loss is recognized for one of our parks, the adjusted carrying amounts are depreciated over their remaining useful life. In measuring the fair value of one of our theme parks or water parks, we generally estimate the fair value of the using the discounted cash flow income approach. This approach requires that we make cash flow projections based on assumptions and estimates derived from operating results, forecasts, expected growth rates and cost of capital. We also make certain assumptions about future economic conditions and other data. During the year ended December 31, 2023, we determined that the carrying value of our leased theme park in Oklahoma City, Oklahoma, Frontier City ("Frontier City") and our leased water park in Oklahoma City, Oklahoma, Hurricane Harbor Oklahoma City ("HHOKC") were not recoverable following multiple years of negative cash flows, as well as projected future cash flows that indicated the respective assets were not recoverable. Based on the analysis performed, we determined that the carrying value of Frontier City and HHOKC exceeded their fair value, resulting in a pre-tax, non-cash loss on impairment of $16.0 million and $7.0 million, respectively. The loss on impairment at Frontier City was allocated proportionally, in the amount of $8.8 million and $7.1 million, to Right-of-use operating leases, net and Property and equipment, net, respectively. The loss on impairment at HHOKC was allocated proportionally, in the amount of $4.3 million and $2.7 million, to Right-of-use operating leases, net and Property and equipment, net, respectively. During the year ended January 1, 2023, we determined that our leased theme park in Houston, Texas, Hurricane Harbor Splashtown ("Splashtown") was not recoverable following multiple years of negative cash flows, as well as projected future cash flows that indicated the respective assets were not recoverable. Based on the analysis, we determined that the carrying value of Frontier City exceeded its fair value, resulting in a pre-tax, non-cash loss on impairment of $16.9 million. The loss on impairment was allocated proportionally, in the amount of $15.1 million and $1.8 million, to Right-of-use operating leases, net and Property and equipment, net, respectively. For each park, we estimated the fair value of the parks primarily using an income approach, utilizing projected discounted cash flows. The valuation was based on unobservable inputs that require significant judgements for which information is limited, including assumptions regarding future attendance, per-capita guest spending, operating costs and capital requirements. The discount rate utilized in the model was our internal weighted-average-cost-of-capital, which we believe is reasonable and consistent with a rate that would be utilized by another market participant.
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| Revenue Recognition | Revenue Recognition We recognize revenue upon admission into our parks, provision of our services, or when products are delivered to our guests. Revenue is presented in the accompanying consolidated statements of operations net of sales taxes collected from our guests that are remitted or payable to government taxing authorities. For season passes, Six Flags Plus products in the initial twelve-month term, legacy memberships in the initial twelve-month term, and other multi-use admissions products, 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. For any bundled products with multiple performance obligations, revenue is allocated using the retail price of each distinct performance obligation and revenue is recognized on a pro rata basis. In contrast to our 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 Six Flags Plus product and 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 these offerings may visit our parks an unlimited number of times anytime the parks are open as long as the guest remains enrolled. We review the estimated redemption rate on an ongoing basis and revise it as necessary throughout the year, including impact of changes to our season pass and memberships described above. Amounts owed or received for multi-use admissions in excess of redemptions are recognized in deferred revenue. For active participants in these programs, we recognize revenue monthly as payments are received after the initial twelve-month term. As of December 31, 2023, deferred revenue was primarily comprised of (i) unredeemed season passes, Six Flags Plus and all-season dining pass and all-season flash pass revenue and (ii) membership payments received while parks were closing during COVID-19. Certain contracts with customers, primarily season passes and memberships, may include bundled products with multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine standalone selling prices based on the observable retail prices charged to customers allocated between performance obligations proportionally. We generally expense (i) sales commissions when incurred, and (ii) certain costs to obtain a contract where the amortization period would have been one year or less. These costs are recognized in "Selling, general and administrative expenses." We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less or (ii) contracts for which we recognize revenue at the amount for which we have the right to invoice for services performed. For certain of our contracts that have an original expected length of one year or less, we use the practical expedient applicable to such contracts and do not consider the time value of money. We have entered into international agreements to assist a third party in the planning, design, development and operation of a Six Flags-branded park in Saudi Arabia, Six Flags Qiddiya. These agreements consist of a brand licensing agreement, project services agreement, and management services agreement. We treat these agreements as one contract because they were negotiated with a single commercial objective. We have identified three distinct promises within the agreement with the third party partner as brand licensing, project services and management services. Each of these promises is its own performance obligation and distinct, as the third party could benefit from each service on its own with other readily available resources, and each service is separately identifiable from other services in the context of the contract. We recognize revenue under our international agreements over the relevant service period of each performance obligation based on its relative stand-alone selling price, as determined by our best estimate of selling price. We review the service period of each performance obligation on an ongoing basis and revise it as necessary. Revisions to the relevant service periods of the performance obligations may result in revisions to revenue in future periods and are recognized in the period in which the change is identified.
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| Accounts Receivable, Net | Accounts Receivable, NetAccounts 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 purchased with our flexible payment options and Six Flags Plus products and our legacy 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 record an allowance for doubtful accounts. | ||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We 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. Change 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 until operations are affected by the variability in cash flows of the designated hedged item, at which point they are reclassified to interest expense. Change in fair value of a derivative that is not designated as a hedge are recorded in other expense, net in the consolidated statements of operations on a current basis.
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| Commitments and Contingencies | Commitments and ContingenciesWe 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. | ||||||||||||||||||||||||||||||
| 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 have a valuation allowance of $93.6 million and $96.0 million as of December 31, 2023 and January 1, 2023, respectively, due to uncertainties related to our ability to utilize some of our deferred tax assets, primarily consisting of certain state net operating loss, foreign tax credits 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. We expect to generate taxable income that will allow for the utilization of all of our federal net operating loss carryforwards. 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 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. During the years ended December 31, 2023 and January 1, 2023, the expense recognized for interest and penalties was not material. 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. For global intangible low taxed income ("GILTI") under the Tax Cuts and Jobs Act, we have elected to account for GILTI as a component of tax expense in the period in which we are subject to the rules (the "period cost method").
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| Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is computed by dividing net income attributable to 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 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.
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| Stock-Based Compensation | Stock-Based Compensation Pursuant to the Six Flags Entertainment Corporation Long-Term Incentive Plan (the "Long-Term Incentive Plan"), we 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. 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 our common shares on the date of grant. See Note 10 - Stock Benefit Plans for further discussion of stock-based compensation and related disclosures.
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| 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 and amortization of prior service costs on our defined benefit retirement plan.
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| Redeemable Non-controlling Interest | Redeemable Non-controlling Interest We record the carrying amount of our redeemable non-controlling 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 non-controlling interests to equal the redemption value at the end of each reporting period, if greater than the redeemable non-controlling interest carrying value. This method would view the end of the reporting period as if it were also the redemption date for the redeemable non-controlling 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. The redemption amount at the end of each reporting period did not exceed the fair value of the redeemable units.
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| Leases | Leases We enter into various non-cancelable operating and finance leases, primarily for operating rights to amusement parks, land, office space, warehouses, office equipment and machinery. We determine if an arrangement is or contains a lease at contract inception and recognize a right-of-use ("ROU") asset and lease liability at the lease commencement date. For both our operating and finance leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. Key estimates and judgments include how we determine (i) the discount rate used to discount the unpaid lease payments to present value, (ii) the lease term and (iii) the lease payments. We discount our unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate ("IBR"). Generally, we cannot determine the interest rate implicit in the lease and therefore we use the IBR as a discount rate for our leases. The IBR reflects the rate of interest we would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. The lease term for all of our leases includes the noncancelable period of the lease plus any additional periods covered by an option to extend the lease that are reasonably certain to be executed by us. Lease payments included in the measurement of the lease liability comprise fixed payments owed over the lease term, variable lease payments that depend on an index or rate, and the exercise price of an option to purchase the underlying asset if it is reasonably certain that we will exercise the option. The ROU asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred, less any lease incentives received. For our operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, and adjusted for any prepaid or accrued lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the term of the operating lease. Variable lease payments associated with our leases are recognized upon the occurrence of the event, activity, or circumstance in the lease agreement on which those payments are assessed. Variable lease payments for operating leases are presented as operating expense in our consolidated statements of operations in the same line item as expense arising from fixed lease payments. Property taxes and insurance paid on behalf of our lessors is included within variable lease payments. Operating lease ROU assets net of accumulated amortization are presented as right-of-use operating leases, net on the consolidated balance sheets. The current portion of operating lease liabilities is presented as short-term lease liabilities and the long-term portion is presented separately as long-term lease liabilities on the consolidated balance sheets. Finance lease ROU assets are presented within property and equipment, at cost and the related lease amortization within accumulated depreciation on our consolidated balance sheets. The current portion of the finance lease liabilities is presented as short-term lease liabilities and the long-term portion is presented separately as long-term lease liabilities on our consolidated balance sheets. We have elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less. We recognize the lease payments associated with short-term leases as an expense on a straight-line basis over the lease term. Variable lease payments associated with short-term leases are recognized and presented in the same manner as for all other leases. The ROU assets for operating leases may be periodically reduced by impairment losses. We use the long-lived assets impairment guidance to determine whether an ROU asset is impaired and if so, the amount of the impairment loss to recognize. We monitor for events or changes in circumstances that require a reassessment of one of our leases. When a reassessment results in the remeasurement of a lease liability, an adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in our consolidated statements of operations.
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| Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes, requiring more granular disclosure of the components of income taxes. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
| Schedule of estimated useful lives of property and equipment | The estimated useful lives of our major assets classes are as follows:
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Revenue (Tables) |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of revenues disaggregation | The following tables present our revenues disaggregated by contract duration for the years ended December 31, 2023, January 1, 2023 and January 2, 2022, respectively. Long-term and short-term contracts consist of our contracts with customers with terms greater than one year and less than or equal to one year, respectively.
________________________________ (a)Other revenues primarily include sales of single-day tickets and short-term transactional sales for which we have the right to invoice.
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Property and Equipment (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property and equipment | As of December 31, 2023, and January 1, 2023, property and equipment was classified as follows:
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Goodwill and Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of intangible assets, net | As of December 31, 2023 and January 1, 2023, intangible assets, net of accumulated amortization consisted of the following:
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| Schedule of 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:
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Non-controlling Interests, Partnership and Joint Ventures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in redeemable non-controlling interests | The following table presents a rollforward of redeemable non-controlling interests in the Partnership Parks:
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Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of derivative assets recorded at fair value | Derivative assets recorded at fair value in our consolidated balance sheets as of December 31, 2023 and January 1, 2023, respectively, consisted of the following:
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| Schedule of derivative liabilities recorded at fair value | Derivative liabilities recorded at fair value in our consolidated balance sheets as of December 31, 2023 and January 1, 2023, respectively, consisted of the following:
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| Schedule of gains and losses before taxes on derivatives designated as hedging instruments | Gains and losses before taxes on derivatives designated as hedging instruments were recognized in AOCL and reclassified from AOCL into interest expense, net for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 were as follows:
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Long-Term Indebtedness (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of long-term debt | As of December 31, 2023 and January 1, 2023, total long-term debt consisted of the following:
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| Schedule of annual maturities of long-term debt | As of December 31, 2023, annual maturities of long-term debt, assuming no acceleration of maturities, were as follows:
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Selling, General and Administrative Expenses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, General and Administrative Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of selling, general and administrative expenses | Selling, general and administrative expenses were comprised of the following for the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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Stock Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of stock option activity | The following table summarizes stock option activity for the year ended December 31, 2023:
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| Schedule of stock option information | The following table presents the weighted average grant date fair value per share of the options granted, the total intrinsic value of options exercised, the total fair value of options that have vested, and the total cash received from the exercise of stock options during the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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| Schedule of stock award activity | The following table summarizes stock, restricted stock and restricted stock unit activity for the year ended December 31, 2023:
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| Schedule of stock award information | The following table presents the weighted average grant date fair value per share of stock awards granted, the total grant date fair value of stock awards granted, and the total fair value of stock awards that have vested during the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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| Schedule of stock-based compensation expense | Stock-based compensation consisted of the following amounts for the years ended December 31, 2023, January 1, 2023 and January 2, 2022.
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of domestic and foreign components of income before income taxes | The following table summarizes the domestic and foreign components of our income before income taxes for the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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| Schedule of components of income tax expense (benefit) | The following table summarizes the components of income tax expense (benefit) for the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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| Schedule of effective income tax rate reconciliation | Recorded income tax expense differed from amounts computed by applying the U.S. federal income tax rate of 21% for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 to income before income taxes as a result of the following:
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| Schedule of deferred tax assets and liabilities | The following table summarizes the components of deferred tax assets and deferred tax liabilities as of December 31, 2023, and January 1, 2023:
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Preferred Stock, Common Stock and Other Stockholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of AOCL | The balances for each component of accumulated other comprehensive loss are as follows:
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| Schedule of reclassifications out of accumulated other comprehensive loss | The Company had the following reclassifications out of accumulated other comprehensive loss during the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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Pension Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [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 as of December 31, 2023, January 1, 2023 and January 2, 2022:
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| Schedule of weighted average assumptions used to determine benefit obligations and net cost | The weighted average assumptions used to determine benefit obligations are as follows:
The weighted average assumptions used to determine our net periodic benefit cost are as follows:
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| Schedule of components of 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):
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| 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 - Summary of Significant Accounting Policies:
________________________________ (a)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. (b)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. (c)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 days or 90 days period redemption notice.
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| Summary of expected employer contributions and future benefit payments | The following table summarizes expected future benefit payments:
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Earnings Per Share of Common Stock (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share of common stock | Earnings per common share for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 was calculated as follows:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of lease cost | The components of lease cost for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 are as follows:
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| Schedule of other information related to leases | Other information related to leases for the years ended December 31, 2023, January 1, 2023 and January 2, 2022 is as follows:
Additional information related to our operating leases for the year ended December 31, 2023 is as follows:
Additional information related to our finance leases for the year ended December 31, 2023 is as follows:
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| Schedule of supplemental balance sheet information of leases | The following tables set forth supplemental balance sheet information related to operating and finance leases as of December 31, 2023 and January 1, 2023:
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| Schedule of maturities of non-cancelable finance lease liabilities | Maturities of non-cancelable operating and finance lease liabilities as of December 31, 2023, are summarized in the table below.
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| Schedule of maturities of non-cancelable operating lease liabilities | Maturities of non-cancelable operating and finance lease liabilities as of December 31, 2023, are summarized in the table below.
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Business Segments (Tables) |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of long-lived assets, revenues and income (loss) before income taxes by domestic and foreign jurisdictions | The following information reflects our long-lived assets (which consists of property and equipment, goodwill, intangible assets and right-of-use assets), revenues and income before income taxes by domestic and foreign jurisdictions as of or for the years ended December 31, 2023, January 1, 2023 and January 2, 2022:
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Revision to Previously Reported Financial Information (Tables) |
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| Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of impact of error corrections | The following table presents the impact of correcting the error previously discussed on the affected line items of our consolidated balance sheet as of January 2, 2022.
The following table presents the impact of correcting the error previously discussed on the affected line items of our consolidated balance sheet as of January 1, 2023.
The following table presents the impact of correcting the error previously discussed on the affected line items of our consolidated statement of operations for the year ended January 2, 2022.
_____________________________________ (1) Including stock-based compensation of $21,462 and $23,556 in the "As Reported" and "As Revised" figures, respectively. "As Reported" figure adjusted to reflect the reclassification of pension-related expense to other (income) expense, net in our condensed consolidated statements of operations as discussed in Note 1 - General - Basis of Presentation. The following table presents the impact of correcting the error previously discussed on the affected line items of our consolidated statement of operations for the year ended January 1, 2023.
_____________________________________ (2) Including stock-based compensation of $7,673 and $15,218 in the "As Reported" and "As Revised" figures, respectively. "As Reported" figure adjusted to reflect the reclassification of pension-related expense to other (income) expense, net in our condensed consolidated statements of operations as discussed in Note 1 - General - Basis of Presentation.
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Property and Equipment - Classification (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, at cost | $ 2,733,094 | $ 2,592,485 |
| Accumulated depreciation | (1,447,861) | (1,350,739) |
| Total property and equipment, net | 1,285,233 | 1,241,746 |
| Land | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, at cost | 219,453 | 219,453 |
| Land improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, at cost | 325,795 | 315,140 |
| Buildings and improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, at cost | 361,262 | 342,258 |
| Rides and attractions | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, at cost | 1,423,907 | 1,305,781 |
| Equipment and other | ||
| Property, Plant and Equipment [Line Items] | ||
| Property and equipment, at cost | $ 402,677 | $ 409,853 |
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Property, Plant and Equipment [Line Items] | |||
| Impairment charge | $ 22,956 | $ 16,943 | $ 0 |
| Loss attributable to Property and equipment, net | 9,800 | ||
| Depreciation expense | $ 114,200 | 116,400 | $ 114,400 |
| Assets at Six Flags Hurricane Harbor Splashtown | |||
| Property, Plant and Equipment [Line Items] | |||
| Impairment charge | 16,900 | ||
| Loss attributable to Property and equipment, net | $ 1,800 | ||
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||
| Goodwill | $ 659,618 | $ 659,618 |
Goodwill and Intangible Assets - Components of Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Accumulated Amortization | $ (307) | $ (284) |
| Net Carrying Value | 66 | |
| Total intangible assets, net | ||
| Gross Carrying Value | 344,448 | 344,448 |
| Accumulated Amortization | (307) | (284) |
| Net Carrying Value | 344,141 | 344,164 |
| Trade names, trademarks and other | ||
| Indefinite-Lived Intangible Assets [Line Items] | ||
| Net Carrying Value | $ 344,075 | $ 344,075 |
| Third party licensing rights | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Weighted-Average Remaining Amortization Period (Years) | 2 years 4 months 24 days | 3 years 4 months 24 days |
| Gross Carrying Value | $ 373 | $ 373 |
| Accumulated Amortization | (307) | (284) |
| Net Carrying Value | 66 | 89 |
| Total intangible assets, net | ||
| Accumulated Amortization | $ (307) | $ (284) |
Goodwill and Intangible Assets - Future Amortization Expense (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2024 | $ 23 |
| 2025 | 23 |
| 2026 | 12 |
| 2027 | 1 |
| 2028 | 1 |
| 2029 and thereafter | 6 |
| Net Carrying Value | $ 66 |
Derivative Financial Instruments - Derivative Instruments Recorded at Fair Values (Details) - Interest rate swap agreements - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Derivative assets | $ 5,418 | $ 10,581 |
| Derivative liabilities | 7,349 | 14,700 |
| Derivatives Not Designated as Hedging Instruments | ||
| Derivatives, Fair Value [Line Items] | ||
| Interest rate swap agreements - other current assets | 3,156 | 6,135 |
| Interest rate swap agreements - other non-current assets | 2,262 | 4,446 |
| Interest rate swap agreements - other accrued liabilities | 4,047 | 8,476 |
| Interest rate swap agreements - other long-term liabilities | $ 3,302 | $ 6,224 |
Derivative Financial Instruments - Gains and Losses before Taxes on Derivatives (Details) - Designated as Hedging Instruments - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Derivative Financial Instruments | |||
| Gain (Loss) Recognized in AOCL | $ 0 | $ 11,540 | $ 6,299 |
| Gain (Loss) Reclassified from AOCL into Operations | 3,177 | 1,218 | (5,535) |
| Interest Rate Swap Agreements | |||
| Derivative Financial Instruments | |||
| Gain (Loss) Recognized in AOCL | 0 | 11,540 | 6,299 |
| Gain (Loss) Reclassified from AOCL into Operations | $ 3,177 | $ 1,218 | $ (5,535) |
Long-Term Indebtedness - Narrative (Details) - USD ($) |
1 Months Ended | 12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 03, 2023 |
Jul. 01, 2022 |
May 18, 2022 |
Aug. 26, 2020 |
Apr. 22, 2020 |
Apr. 13, 2017 |
Jun. 16, 2016 |
Mar. 31, 2020 |
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
Nov. 02, 2023 |
Apr. 26, 2023 |
May 17, 2022 |
Apr. 08, 2020 |
Apr. 07, 2020 |
Dec. 31, 2015 |
|
| Debt Instrument [Line Items] | |||||||||||||||||
| Loss on debt extinguishment | $ 13,982,000 | $ 17,533,000 | $ 0 | ||||||||||||||
| Commitment fee percentage | 0.50% | ||||||||||||||||
| Debt outstanding amount | 2,380,867,000 | ||||||||||||||||
| Payments of debt issuance costs | 19,678,000 | 0 | $ 0 | ||||||||||||||
| Revolving Credit Facility | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument face amount | $ 500,000,000.0 | ||||||||||||||||
| Estimate of fair value | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Fair value of long-term debt | 2,374,700,000 | 2,284,300,000 | |||||||||||||||
| SOFR | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Basis spread on variable rate | 0.10% | ||||||||||||||||
| Achievement of leverage ratio of less than 1.25 | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Commitment fee percentage | 0.375% | ||||||||||||||||
| Revolving Credit Facility | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Maximum borrowing capacity | $ 350,000,000 | $ 500,000,000 | $ 481,000,000 | $ 481,000,000 | $ 350,000,000 | ||||||||||||
| Incremental borrowing capacity | $ 131,000,000 | $ 131,000,000 | |||||||||||||||
| Loss on debt extinguishment | $ 100,000 | ||||||||||||||||
| Extension term | 1 year | ||||||||||||||||
| Amount of debt reduced and terminated | $ 131,000,000 | ||||||||||||||||
| Commitment fee percentage | 0.50% | ||||||||||||||||
| Letters of credit outstanding amount | $ 21,000,000.0 | ||||||||||||||||
| Long-term line of credit | 180,000,000.0 | ||||||||||||||||
| Remaining borrowing capacity | 299,000,000 | ||||||||||||||||
| Debt outstanding amount | 180,000,000 | $ 100,000,000 | |||||||||||||||
| Term Loan B | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Maximum borrowing capacity | $ 479,000,000 | ||||||||||||||||
| Interest rate, stated percentage | 7.17% | 6.14% | |||||||||||||||
| Repayment of debt | $ 315,000,000 | ||||||||||||||||
| Loss on debt extinguishment | 5,100,000 | ||||||||||||||||
| Debt outstanding amount | $ 479,000,000 | $ 479,000,000 | |||||||||||||||
| 2015 Revolving Loan | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Maximum borrowing capacity | $ 250,000,000 | ||||||||||||||||
| 2015 Term Loan B | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Maximum borrowing capacity | $ 700,000,000 | ||||||||||||||||
| 2025 Notes | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Interest rate, stated percentage | 7.00% | ||||||||||||||||
| Loss on debt extinguishment | $ 17,500,000 | ||||||||||||||||
| Debt outstanding amount | 365,000,000 | $ 365,000,000 | 365,000,000 | ||||||||||||||
| Repayment of notes payable | $ 360,000,000 | ||||||||||||||||
| Premium percentage on redemption | 103.50% | ||||||||||||||||
| Loss on debt extinguishment for premium paid above par | $ 12,600,000 | ||||||||||||||||
| Loss on debt extinguishment for write-off of deferred debt financing costs/ expense on debt modification | $ 5,000,000 | ||||||||||||||||
| 2025 Notes | Subsidiaries | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument face amount | $ 725,000,000 | ||||||||||||||||
| Interest rate, stated percentage | 7.00% | ||||||||||||||||
| Periodic payment of interest | $ 25,400,000 | ||||||||||||||||
| Period payment of interest - first payment | $ 35,100,000 | ||||||||||||||||
| 2031 Notes | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument face amount | $ 800,000,000 | ||||||||||||||||
| Interest rate, stated percentage | 7.25% | 7.25% | |||||||||||||||
| Debt outstanding amount | $ 800,000,000 | 0 | |||||||||||||||
| Percentage of offering price | 99.248% | ||||||||||||||||
| Net proceeds | $ 784,000,000 | ||||||||||||||||
| 2031 Notes | Subsidiaries | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Periodic payment of interest | 29,000,000 | ||||||||||||||||
| Period payment of interest - first payment | $ 30,900,000 | ||||||||||||||||
| Senior secured debt | Four fiscal-quarter periods ending on or about December 31, 2022, March 31, 2023, and June 30, 2023 | Maximum | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Leverage ratio | 4.50 | ||||||||||||||||
| Senior secured debt | Four fiscal-quarter period ending on or about September 30, 2023, and each four fiscal-quarter period thereafter through the four fiscal-quarter period ending on or about June 30, 2024 | Maximum | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Leverage ratio | 4.25 | ||||||||||||||||
| Senior secured debt | Four fiscal-quarter period ending on or about September 30, 2024, and each four fiscal-quarter period thereafter | Maximum | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Leverage ratio | 3.75 | ||||||||||||||||
| Senior secured debt | Achievement of leverage ratio of less than 1.25 | Minimum | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Leverage ratio | 1.25 | ||||||||||||||||
| 2024 Notes | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument face amount | $ 300,000,000 | ||||||||||||||||
| Interest rate, stated percentage | 4.875% | 4.875% | |||||||||||||||
| Loss on debt extinguishment | $ 1,000,000 | $ 14,000,000.0 | |||||||||||||||
| Debt outstanding amount | 949,500,000 | 56,867,000 | 949,490,000 | ||||||||||||||
| Payments of debt issuance costs | $ 4,700,000 | ||||||||||||||||
| Periodic payment of interest | $ 2,800,000 | $ 24,400,000 | |||||||||||||||
| Pre-payment | $ 50,500,000 | ||||||||||||||||
| Repayment of notes payable | 892,600,000 | ||||||||||||||||
| Loss on debt extinguishment for premium paid above par | 1,000,000 | ||||||||||||||||
| Loss on debt extinguishment for write-off of deferred debt financing costs/ expense on debt modification | $ 13,000,000 | ||||||||||||||||
| Maximum aggregate repurchase amount | $ 800,000,000 | ||||||||||||||||
| Purchase price per $1,000 principal amount | $ 1,000.5 | ||||||||||||||||
| Purchase price | $ 892,600,000 | ||||||||||||||||
| Percentage of aggregate principal amount of notes tendered | 94.00% | ||||||||||||||||
| 2024 Notes Add-on | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument face amount | $ 700,000,000 | ||||||||||||||||
| Interest rate, stated percentage | 4.875% | ||||||||||||||||
| Payments of debt issuance costs | $ 3,900,000 | ||||||||||||||||
| 2027 Notes | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Debt instrument face amount | $ 500,000,000 | ||||||||||||||||
| Interest rate, stated percentage | 5.50% | 5.50% | |||||||||||||||
| Debt outstanding amount | $ 500,000,000 | $ 500,000,000 | |||||||||||||||
| Payments of debt issuance costs | $ 2,600,000 | ||||||||||||||||
| Periodic payment of interest | $ 13,800,000 | ||||||||||||||||
| Merger Commitment Letter | Revolving Credit Facility | |||||||||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||
| Maximum borrowing capacity | $ 800,000,000 | ||||||||||||||||
Long-Term Indebtedness - Summary of Long-Term Indebtedness (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
May 03, 2023 |
Jan. 01, 2023 |
Jul. 01, 2022 |
Mar. 31, 2020 |
Apr. 13, 2017 |
Jun. 16, 2016 |
|---|---|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||||
| Long-term debt, gross | $ 2,380,867 | ||||||
| Net discount | (6,167) | $ (2,138) | |||||
| Deferred financing costs | (9,221) | (10,821) | |||||
| Total debt | 2,365,479 | 2,380,531 | |||||
| Less short-term borrowings | 180,000 | 100,000 | |||||
| Less current portion of long-term debt | 56,867 | 0 | |||||
| Total long-term debt | 2,128,612 | 2,280,531 | |||||
| Term Loan B | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term debt, gross | $ 479,000 | $ 479,000 | |||||
| Interest rate, stated percentage | 7.17% | 6.14% | |||||
| Revolving Credit Facility | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term debt, gross | $ 180,000 | $ 100,000 | |||||
| 4.875% Senior Notes due 2024 ("2024 Notes") | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term debt, gross | $ 56,867 | 949,490 | $ 949,500 | ||||
| Interest rate, stated percentage | 4.875% | 4.875% | |||||
| 7.00% Senior Secured Notes due 2025 ("2025 Notes") | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term debt, gross | $ 365,000 | 365,000 | $ 365,000 | ||||
| Interest rate, stated percentage | 7.00% | ||||||
| 5.50% Senior Notes due 2027 ("2027 Notes") | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term debt, gross | $ 500,000 | 500,000 | |||||
| Interest rate, stated percentage | 5.50% | 5.50% | |||||
| 7.25% Senior Notes due 2031 ("2031 Notes") | |||||||
| Debt Instrument [Line Items] | |||||||
| Long-term debt, gross | $ 800,000 | $ 0 | |||||
| Interest rate, stated percentage | 7.25% | 7.25% |
Long-Term Indebtedness - Annual Maturities (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2024 | $ 56,867 |
| 2025 | 365,000 |
| 2026 | 479,000 |
| 2027 | 500,000 |
| 2028 | 180,000 |
| 2029 and thereafter | 800,000 |
| Long-term debt, gross | $ 2,380,867 |
Selling, General and Administrative Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Selling, General Administrative Expenses [Line Items] | |||
| Total selling, general and administrative expenses | $ 247,883 | $ 169,403 | $ 213,181 |
| Park | |||
| Selling, General Administrative Expenses [Line Items] | |||
| Total selling, general and administrative expenses | 160,187 | 106,077 | 117,830 |
| Corporate | |||
| Selling, General Administrative Expenses [Line Items] | |||
| Total selling, general and administrative expenses | $ 87,696 | $ 63,326 | $ 95,351 |
Stock Benefit Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Stock-based compensation | $ 11,387 | $ 15,218 | $ 23,556 |
| Employee | Key employees | Performance stock units | Fiscal Year 2021 | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Number of shares of common stock that may be issued under the Plan (in shares) | 41,000 | ||
| Stock-based compensation | $ 0 | 0 | 0 |
| Employee | Key employees | Performance stock units | Fiscal Year 2022 | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Number of shares of common stock that may be issued under the Plan (in shares) | 378,000 | ||
| Stock-based compensation | $ 0 | 0 | |
| Unrecognized compensation expense | $ 14,700 | ||
| Employee | Chief executive officer | Performance stock units | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Number of shares of common stock that may be issued under the Plan (in shares) | 333,000 | ||
| Stock-based compensation | $ 0 | 0 | 0 |
| Unrecognized compensation expense | $ 14,500 | ||
| Long Term Incentive Plan | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Number of shares of common stock that may be issued under the Plan (in shares) | 19,300,000 | ||
| Shares available for future grant (in shares) | 4,521,000 | ||
| Stock-based compensation | $ 11,400 | $ 15,200 | $ 23,600 |
| Long Term Incentive Plan | Stock options | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Options outstanding (in shares) | 1,186,000 | 1,684,000 | |
| Vesting period | 4 years | ||
| Expiration period | 10 years | ||
| Percent based on historical data | 75.00% | ||
| Percent based on forward-looking data | 25.00% | ||
| Stock options granted (in shares) | 0 | 0 | |
| Threshold for accumulated accrued dividend distribution to receive cash dividends (in shares) | 1,000 | ||
| Threshold for accumulated accrued dividend distribution to receive stock dividends (in shares) | 1,000 | ||
| Long Term Incentive Plan | Stock awards | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Non-option awards outstanding (in shares) | 1,031,000 | 957,000 | |
| Unrecognized compensation expense | $ 10,100 | ||
| Period for recognition of compensation expense | 10 months 28 days | ||
| Weighted average grant date fair value of non-option awards granted (in dollars per share) | $ 24.04 | $ 36.10 | $ 44.07 |
| Total grant date fair value of stock awards granted | $ 15,616 | $ 15,009 | $ 44,855 |
| Long Term Incentive Plan | Performance stock units | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Non-option awards outstanding (in shares) | 469,000 | ||
| Long Term Incentive Plan | Deferred share units | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Stock options granted (in shares) | 0 | 8,000 | 7,000 |
| Unrecognized compensation expense | $ 0 | ||
| Number of shares to be issued for each award (in shares) | 1 | ||
| Period after which shares are to be delivered | 30 days | ||
| Weighted average grant date fair value of non-option awards granted (in dollars per share) | $ 29.70 | $ 43.36 | |
| Total grant date fair value of stock awards granted | $ 200 | $ 300 | |
| Long Term Incentive Plan | Dividend equivalent rights | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Stock-based compensation | $ 0 | 100 | 1,800 |
| Employee stock purchase plan | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Number of shares of common stock that may be issued under the Plan (in shares) | 2,000,000 | ||
| Stock-based compensation | $ 133 | $ 124 | $ 360 |
| Percentage of the market value of common stock at beginning or end of the offering period for shares eligible to be purchased | 90.00% | ||
| Shares available to purchase (in shares) | 1,446,000 | ||
Stock Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
|
| Additional Disclosures | ||
| Aggregate Intrinsic Value, Outstanding | $ 0 | |
| Aggregate Intrinsic Value, Vested and Expected to Vest | 0 | |
| Aggregate Intrinsic Value, Exercisable | $ 0 | |
| Long Term Incentive Plan | Stock options | ||
| Shares | ||
| Options outstanding at the beginning of the period (in shares) | 1,684 | |
| Granted (in shares) | 0 | 0 |
| Exercised (in shares) | 0 | |
| Canceled (in shares) | (467) | |
| Forfeited (in shares) | (31) | |
| Expired (in shares) | 0 | |
| Options outstanding at the end of the period (in shares) | 1,186 | 1,684 |
| Shares, Vested and expected to vest (in shares) | 1,186 | |
| Shares, Options exercisable (in shares) | 1,186 | |
| Weighted Avg. Exercise Price Per Share ($) | ||
| Options outstanding at the beginning of the period (in dollars per share) | $ 55.52 | |
| Granted (in dollars per share) | 0 | |
| Exercised (in dollars per share) | 0 | |
| Canceled (in dollars per share) | 53.45 | |
| Forfeited (in dollars per share) | 59.32 | |
| Expired (in dollars per share) | 0 | |
| Options outstanding at the end of the period (in dollars per share) | 56.23 | $ 55.52 |
| Weighted Avg. Exercise Price Per Share ($), Vested and expected to vest (in dollars per share) | 56.23 | |
| Weighted Avg. Exercise Price Per Share ($)n Options exercisable at period end (in dollars per share) | $ 56.23 | |
| Additional Disclosures | ||
| Weighted Avg. Remaining Contractual Term, Outstanding | 3 years 9 months 7 days | |
| Weighted Avg. Remaining Contractual Term, Vested and expected to vest | 3 years 9 months 7 days | |
| Weighted Avg. Remaining Contractual Term, Options exercisable | 3 years 9 months 7 days | |
Stock Benefit Plans - Stock Option Information (Details) - Long Term Incentive Plan - Stock options - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Total intrinsic value of options exercised | $ 0 | $ 181 | $ 5,470 |
| Total fair value of vested options | 0 | 223 | 5,491 |
| Total cash received from the exercise of stock options | $ 0 | $ 1,039 | $ 13,209 |
Stock Benefit Plans - Stock, Restricted Stock, and Restricted Stock Unit Activity (Details) - Long Term Incentive Plan - Stock awards - $ / shares shares in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Shares | |||
| Non-vested balance at the beginning of the period (in shares) | 957 | ||
| Granted (in shares) | 650 | ||
| Vested (in shares) | (348) | ||
| Forfeited (in shares) | (228) | ||
| Non-vested balance at the end of the period (in shares) | 1,031 | 957 | |
| Weighted Average Grant Date Fair Value Per Share ($) | |||
| Non-vested balance at the beginning of the period (in dollars per share) | $ 37.55 | ||
| Granted (in dollars per share) | 24.04 | $ 36.10 | $ 44.07 |
| Vested (in dollars per share) | 30.99 | ||
| Forfeited (in dollars per share) | 32.78 | ||
| Non-vested balance at the end of the period (in dollars per share) | $ 32.30 | $ 37.55 | |
Stock Benefit Plans - Stock Award Information (Details) - Long Term Incentive Plan - Stock awards - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Weighted average grant date fair value of non-option awards granted (in dollars per share) | $ 24.04 | $ 36.10 | $ 44.07 |
| Total grant date fair value of stock awards granted | $ 15,616 | $ 15,009 | $ 44,855 |
| Total fair value of vested stock awards | $ 10,775 | $ 11,210 | $ 14,681 |
Stock Benefit Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Stock-based compensation | $ 11,387 | $ 15,218 | $ 23,556 |
| Employee stock purchase plan | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Stock-based compensation | 133 | 124 | 360 |
| Options and restricted stock | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Stock-based compensation | $ 11,254 | $ 15,094 | $ 23,196 |
Income Taxes - Domestic and Foreign Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Domestic | $ 69,882 | $ 161,205 | $ 217,189 |
| Foreign | 38,908 | 31,789 | 2,028 |
| Income before income taxes | $ 108,790 | $ 192,994 | $ 219,217 |
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Current | |||
| U.S. federal | $ 1,021 | $ (362) | $ 1,631 |
| Foreign | 13,499 | 12,943 | 1,367 |
| State and local | 6,450 | 3,741 | 7,006 |
| Income tax expense | 20,970 | 16,322 | 10,004 |
| Deferred | |||
| U.S. federal | 5,471 | 20,691 | 33,765 |
| Foreign | (5,589) | 3,745 | (322) |
| State and local | 1,438 | 6,202 | 6,175 |
| Income tax expense | 1,320 | 30,638 | 39,618 |
| Total | |||
| U.S. federal | 6,492 | 20,329 | 35,396 |
| Foreign | 7,910 | 16,688 | 1,045 |
| State and local | 7,888 | 9,943 | 13,181 |
| Income tax expense | $ 22,290 | $ 46,960 | $ 49,622 |
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| Computed "expected" federal income tax (benefit) expense | $ 22,846 | $ 42,113 | $ 46,475 |
| Effect of non-controlling interest income distribution | (9,975) | (9,377) | (8,771) |
| Change in valuation allowance | (2,340) | (11,408) | 1,845 |
| Effect of state and local income taxes, net of federal tax benefit | 8,704 | 17,514 | 10,414 |
| Deductible compensation in excess of book | (2,357) | 1,463 | (4,341) |
| Nondeductible compensation | 5,562 | 264 | 5,652 |
| Merger-related transaction costs | 2,075 | 0 | 0 |
| Effect of foreign income taxes | (2,500) | 8,913 | (1,082) |
| Effect of foreign tax credits | (877) | (977) | (94) |
| Other, net | 1,152 | (1,545) | (476) |
| Income tax expense | $ 22,290 | $ 46,960 | $ 49,622 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
Dec. 31, 2010 |
|
| Operating Loss Carryforwards | ||||
| U.S. federal income tax rate (as a percent) | 21.00% | 21.00% | 21.00% | |
| Reduction in net operating loss as a result of emergence from Chapter 11 | $ 804,800 | |||
| NOL and favorable tax attribute carryforwards estimated annual limitation | $ 32,500 | |||
| NOL carry forwards related to Section 382 limitation | 30,000 | |||
| Deferred tax assets | 241,409 | $ 235,845 | ||
| Valuation allowance | 93,643 | 95,983 | ||
| Foreign tax credits valuation allowance | 16,200 | |||
| Unrecognized tax benefits | 26,100 | 25,600 | ||
| Unrecognized tax benefits included in Other long-term liabilities | 4,400 | 2,600 | ||
| Unrecognized tax benefits associated with tax positions taken in tax years with NOL carryforwards | 21,700 | $ 23,000 | ||
| Foreign | ||||
| Operating Loss Carryforwards | ||||
| Deferred tax assets | 12,500 | |||
| Tax credits | 16,200 | |||
| U.S. Federal | ||||
| Operating Loss Carryforwards | ||||
| Net operating loss carryforwards | 160,900 | |||
| State | ||||
| Operating Loss Carryforwards | ||||
| Net operating loss carryforwards | $ 6,500,000 | |||
| Minimum | ||||
| Operating Loss Carryforwards | ||||
| Property, plant and equipment, useful life | 20 years | |||
| Property, plant and equipment, tax useful life | 1 year | |||
| Maximum | ||||
| Operating Loss Carryforwards | ||||
| Property, plant and equipment, useful life | 25 years | |||
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Deferred tax assets | $ 241,409 | $ 235,845 |
| Less: Valuation allowance | 93,643 | 95,983 |
| Net deferred tax assets | 147,766 | 139,862 |
| Deferred tax liabilities | 325,277 | 324,499 |
| Net deferred tax liability | 177,511 | 184,637 |
| Deferred tax assets: | ||
| Federal net operating loss carryforwards | 19,375 | 45,463 |
| State net operating loss carryforwards | 64,953 | 72,814 |
| Deferred compensation | 3,764 | 6,201 |
| Foreign tax credits | 16,225 | 17,786 |
| Interest limitation carryforward | 54,990 | 32,868 |
| Accrued insurance, pension liability and other | 82,102 | 60,713 |
| Total deferred tax assets | 241,409 | 235,845 |
| Deferred tax liabilities: | ||
| Property and equipment | 230,059 | 236,589 |
| Intangible assets and other | 95,218 | 87,910 |
| Total deferred tax liabilities | $ 325,277 | $ 324,499 |
Preferred Stock, Common Stock and Other Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | 81 Months Ended | |||
|---|---|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
Dec. 31, 2023 |
Mar. 30, 2017 |
|
| Class of Stock [Line Items] | |||||
| Common stock, shares authorized (in shares) | 280,000,000 | 280,000,000 | 280,000,000 | ||
| Common stock, shares outstanding (in shares) | 84,124,014 | 83,178,294 | 84,124,014 | ||
| Total number of shares purchased (in shares) | 3,464,000 | ||||
| Value of shares repurchased | $ 0 | $ 96,774 | $ 0 | ||
| Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 | |||
| Preferred stock, shares issued (in shares) | 0 | 0 | |||
| Preferred stock, shares authorized for future issuance (in shares) | 0 | 0 | |||
| March 2017 Stock Repurchase Plan | |||||
| Class of Stock [Line Items] | |||||
| Amount authorized of shares to be repurchased under stock repurchase program | $ 500,000 | ||||
| Total number of shares purchased (in shares) | 8,071,000 | ||||
| Value of shares repurchased | $ 365,100 | ||||
| Average cost of shares repurchased (in dollars per share) | $ 45.24 | ||||
| Permitted value of repurchases remaining | $ 134,900 | $ 134,900 | |||
| Long Term Incentive Plan | |||||
| Class of Stock [Line Items] | |||||
| Shares available for future grant (in shares) | 4,521,000 | 4,521,000 | |||
| Employee stock purchase plan | |||||
| Class of Stock [Line Items] | |||||
| Shares available to purchase (in shares) | 1,446,000 | 1,446,000 | |||
Preferred Stock, Common Stock and Other Stockholders' Equity - Changes in AOCL (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | $ (950,565) | $ (982,200) | $ (1,158,547) |
| Net current period change, income taxes | (1,047) | (3,947) | (3,766) |
| Net current period change, net of income taxes | 3,200 | 10,235 | 10,122 |
| Amounts reclassified from AOCL, income taxes | 556 | 84 | (1,742) |
| Amounts reclassified from AOCL, net of income taxes | (1,681) | (243) | 5,195 |
| Ending balance | (897,959) | (950,565) | (982,200) |
| Accumulated Other Comprehensive Loss | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | (71,195) | (81,187) | (96,504) |
| Ending balance | (69,676) | (71,195) | (81,187) |
| Cumulative Translation Adjustment | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | (33,145) | (31,970) | (27,412) |
| Net current period change, before income taxes | 3,136 | (1,175) | (4,558) |
| Amounts reclassified from AOCL, before income taxes | 0 | 0 | 0 |
| Ending balance | (30,009) | (33,145) | (31,970) |
| Cash Flow Hedges | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | 5,337 | (4,985) | (16,819) |
| Net current period change, before income taxes | 0 | 11,540 | 6,299 |
| Amounts reclassified from AOCL, before income taxes | (3,177) | (1,218) | 5,535 |
| Ending balance | 2,160 | 5,337 | (4,985) |
| Defined Benefit Plans | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | (39,385) | (44,093) | (57,642) |
| Net current period change, before income taxes | 1,111 | 3,817 | 12,147 |
| Amounts reclassified from AOCL, before income taxes | 940 | 891 | 1,402 |
| Ending balance | (37,334) | (39,385) | (44,093) |
| Income Taxes | |||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
| Beginning balance | (4,002) | (139) | 5,369 |
| Ending balance | $ (4,493) | $ (4,002) | $ (139) |
Preferred Stock, Common Stock and Other Stockholders' Equity - Reclassifications out of AOCL (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Interest expense | $ 158,256 | $ 141,590 | $ 152,436 |
| Other (income) expense | 9,208 | (84) | 13,403 |
| Income tax expense (benefit) | 22,290 | 46,960 | 49,622 |
| Reclassifications net of tax | (38,999) | (101,383) | (127,829) |
| Reclassification out of accumulated other comprehensive loss | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Reclassifications net of tax | (1,681) | (243) | 5,195 |
| Reclassification out of accumulated other comprehensive loss | Amortization of loss on interest rate hedge | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Interest expense | (3,177) | (1,218) | 5,535 |
| Income tax expense (benefit) | 790 | 306 | (1,390) |
| Reclassifications net of tax | (2,387) | (912) | 4,145 |
| Reclassification out of accumulated other comprehensive loss | Amortization of deferred actuarial loss and prior service cost | |||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
| Other (income) expense | 940 | 891 | 1,402 |
| Income tax expense (benefit) | (234) | (222) | (352) |
| Reclassifications net of tax | $ 706 | $ 669 | $ 1,050 |
Pension Benefits - Narrative (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
year
bond
|
Jan. 01, 2023
USD ($)
|
Jan. 02, 2022 |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Normal retirement age | year | 65 | ||
| Early retirement age, low end of range | year | 55 | ||
| Early retirement age, high end of range | year | 64 | ||
| Attainment of credited service | 10 years | ||
| Threshold age for reduction in early retirement benefit | year | 62 | ||
| Number of highest consecutive period of average compensation used in plan benefit calculation | 5 years | ||
| Period of average compensation, used in plan benefit calculation | 10 years | ||
| Net plan assets position | $ | $ 9.5 | $ 9.2 | |
| Estimated amount to be amortized from accumulated other comprehensive loss | $ | $ 0.9 | ||
| Number of a high grade bonds considered when selecting discount rate | bond | 500 | ||
| Expected return on plan assets | 5.75% | 5.75% | 5.75% |
| Actuarial losses | |||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Actuarial losses recorded in accumulated other comprehensive loss, net of tax | $ | $ 37.3 | $ 39.4 | |
| Actuarial losses recorded in accumulated other comprehensive loss, tax | $ | $ 9.8 | $ 9.2 | |
| Fixed income securities | |||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Target percentage allocation | 95.00% | ||
| International equity | |||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Target percentage allocation | 5.00% | ||
Pension Benefits - Benefit Plan Obligation and Fair Value of Plan Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Change in benefit obligation: | |||
| Beginning balance | $ 163,261 | $ 218,150 | $ 237,126 |
| Interest cost | 7,817 | 5,518 | 5,119 |
| Actuarial (gain) loss | 3,070 | (49,740) | (14,628) |
| Benefits paid | (10,544) | (10,667) | (9,467) |
| Benefit obligation at end of period | $ 163,604 | $ 163,261 | $ 218,150 |
| Defined Benefit Plan Net Periodic Benefit Cost Credit Interest Cost Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag | true | true | true |
| Change in fair value of plan assets: | |||
| Beginning balance | $ 172,444 | $ 217,997 | $ 218,773 |
| Actual return on assets | 13,329 | (33,721) | 9,871 |
| Employer contributions | 0 | 0 | 0 |
| Administrative fees | (2,142) | (1,165) | (1,180) |
| Benefits paid | (10,544) | (10,667) | (9,467) |
| Fair value of plan assets at end of period | $ 173,087 | $ 172,444 | $ 217,997 |
Pension Benefits - Weighted Average Assumptions (Details) - year |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Weighted average assumptions used to determine benefit obligations | |||
| Discount rate | 4.75% | 4.95% | |
| Weighted average assumptions used to determine net costs | |||
| Discount rate | 4.95% | 2.60% | 2.20% |
| Expected return on plan assets | 5.75% | 5.75% | 5.75% |
| Corridor | 10.00% | 10.00% | 10.00% |
| Average future life expectancy (in years) | 23.62 | 24.17 | 24.77 |
Pension Benefits - Net Periodic Benefit and Other Comprehensive Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Net periodic benefit cost: | |||
| Service cost | $ 0 | $ 0 | $ 0 |
| Interest cost | 7,817 | 5,518 | 5,119 |
| Expected return on plan assets | (9,606) | (12,237) | (12,272) |
| Amortization of net actuarial loss | 940 | 891 | 1,402 |
| Administrative fees | 2,600 | 1,200 | 1,100 |
| Total net periodic expense (benefit) | $ 1,751 | $ (4,628) | $ (4,651) |
| Defined Benefit Plan Net Periodic Benefit Cost Credit Expected Return Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag | true | true | true |
| Defined Benefit Plan Net Periodic Benefit Cost Credit Amortization Of Gain Loss Statement Of Income Or Comprehensive Income Extensible List Not Disclosed Flag | true | true | true |
| Other comprehensive income: | |||
| Current year actuarial gain | $ 1,110 | $ 3,817 | $ 12,147 |
| Recognized net actuarial loss | 940 | 891 | 1,402 |
| Total other comprehensive gain | $ 2,050 | $ 4,708 | $ 13,549 |
Pension Benefits - Categories of Plan Assets and Levels of the Fair Value Hierarchy (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
Dec. 31, 2020 |
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Fair Value of Plan Assets | $ 173,087 | $ 172,444 | $ 217,997 | $ 218,773 |
| Other Investments | Minimum | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Redemption notice period | 65 days | |||
| Other Investments | Maximum | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Redemption notice period | 90 days | |||
| Total Level 1, Level 2, and Level 3 | International Equity | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Fair Value of Plan Assets | $ 8,890 | 8,415 | ||
| Total Level 1, Level 2, and Level 3 | Long Duration Fixed Income | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Fair Value of Plan Assets | 164,093 | 159,158 | ||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Fair Value of Plan Assets | 172,983 | 167,573 | ||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | International Equity | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Fair Value of Plan Assets | 8,890 | 8,415 | ||
| Quoted Prices in Active Markets for Identical Assets (Level 1) | Long Duration Fixed Income | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Fair Value of Plan Assets | 164,093 | 159,158 | ||
| Fair Value Measured at Net Asset Value Per Share | Other Investments | ||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
| Fair Value of Plan Assets | $ 104 | $ 4,871 |
Pension Benefits - Expected Future Benefit Payments (Details) $ in Thousands |
Dec. 31, 2023
USD ($)
|
|---|---|
| Expected benefit payments: | |
| 2024 | $ 11,053 |
| 2025 | 11,273 |
| 2026 | 11,421 |
| 2027 | 11,603 |
| 2028 | 11,656 |
| 2029 through 2033 | 57,609 |
| Total expected benefit payments | $ 114,615 |
Earnings Per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Earnings Per Share [Abstract] | |||
| Antidilutive stock options excluded from computation of diluted shares outstanding (in shares) | 1,400 | 2,500 | 3,400 |
| Calculation of earnings per share of common stock | |||
| Net income attributable to Six Flags Entertainment Corporation common stockholders | $ 38,999 | $ 101,383 | $ 127,829 |
| Weighted-average common shares outstanding—basic (in shares) | 83,410 | 84,366 | 85,708 |
| Effect of dilutive stock options and restricted stock units (in shares) | 525 | 329 | 943 |
| Weighted-average common shares outstanding—diluted (in shares) | 83,935 | 84,695 | 86,651 |
| Earnings (loss) per share—basic (in dollars per share) | $ 0.47 | $ 1.20 | $ 1.49 |
| Earnings (loss) per share—diluted (in dollars per share) | $ 0.46 | $ 1.20 | $ 1.48 |
Commitments and Contingencies (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 22, 2023
plaintiff
|
Apr. 14, 2023
plaintiff
|
Apr. 08, 2020
claim
|
Mar. 02, 2020
claim
|
Apr. 01, 1998
USD ($)
|
May 31, 2023
USD ($)
shares
|
May 31, 2022
USD ($)
shares
|
Apr. 30, 2020
claim
|
Feb. 29, 2020
claim
|
Dec. 31, 2023
USD ($)
plaintiff
shares
|
Jan. 01, 2023
USD ($)
shares
|
Jan. 02, 2022
USD ($)
|
Dec. 31, 1998
USD ($)
|
Dec. 31, 1997
USD ($)
|
|
| Loss Contingencies [Line Items] | ||||||||||||||
| Capital expenditures incurred on partnership parks | $ 171,814 | $ 116,589 | $ 121,742 | |||||||||||
| Increase in self insurance reserves | 37,600 | |||||||||||||
| Self-insurance reserves | $ 64,605 | $ 34,053 | ||||||||||||
| Securities class action lawsuits | Pending litigation | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Number of claims filed | claim | 2 | 2 | ||||||||||||
| Stockholder derivative lawsuits | Pending litigation | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Number of claims filed | claim | 2 | |||||||||||||
| Number of claims consolidated | claim | 3 | |||||||||||||
| Personal injury lawsuit | Pending litigation | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Number of plaintiffs remaining to be settled | plaintiff | 19 | |||||||||||||
| Personal injury lawsuit | Settled Litigation | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Number of plaintiffs | plaintiff | 55 | 421 | ||||||||||||
| Multi-layered general liability policies | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Excess liability coverage per occurrence | $ 100,000 | |||||||||||||
| Self-insured retention per occurrence | 2,000 | |||||||||||||
| Deductible per occurrence applicable to all claims in the policy year | 500 | |||||||||||||
| Workers' compensation claims | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Deductible per occurrence applicable to all claims in the policy year | 750 | |||||||||||||
| Information security and privacy liability insurance policy | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Self-insured retention per occurrence | 250 | |||||||||||||
| Insurance value maintained | 10,000 | |||||||||||||
| Term Loan B | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Additional contingent borrowing capacity | $ 400,000 | |||||||||||||
| Six Flags over Georgia | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Limited partner percentage of interests owned | 31.50% | |||||||||||||
| Remaining redeemable units (as a percent) | 68.50% | |||||||||||||
| Units purchased in partnership parks (in shares) | shares | 0 | 0 | ||||||||||||
| Six Flags over Texas | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Limited partner percentage of interests owned | 54.10% | |||||||||||||
| Remaining redeemable units (as a percent) | 45.90% | |||||||||||||
| Units purchased in partnership parks (in shares) | shares | 0.149 | 0.25358 | ||||||||||||
| Purchase price of partnership units | $ 300 | $ 600 | ||||||||||||
| Six Flags over Texas and Georgia | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Annual distributions by general partners to limited partners in partnership parks | $ 88,500 | |||||||||||||
| Share of partnership parks' annual distributions paid to six flags entertainment corporation | $ 39,400 | |||||||||||||
| Rolling period for making minimum capital expenditure at each of the Partnership Parks | 5 years | |||||||||||||
| 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 | 4 years | |||||||||||||
| Capital expenditures incurred on partnership parks | $ 26,000 | |||||||||||||
| Cash generated from operating activities by partnerships, after deduction of capital expenditures and excluding the impact of short-term intercompany advances | $ 16,300 | |||||||||||||
| Six Flags over Georgia | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Specified multiple for purchase price valuation | 8.0 | |||||||||||||
| Partnership Put Price | $ 409,700 | |||||||||||||
| Agreed-upon value for the partnerships | 483,500 | $ 250,000 | ||||||||||||
| Six Flags over Georgia | Limited Partner | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Agreed-upon value for the partnerships | $ 330,900 | |||||||||||||
| Six Flags over Texas | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Specified multiple for purchase price valuation | 8.5 | |||||||||||||
| Partnership Put Price | $ 527,400 | |||||||||||||
| Agreed-upon value for the partnerships | 712,700 | $ 374,800 | ||||||||||||
| Six Flags over Texas | Limited Partner | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Agreed-upon value for the partnerships | $ 332,600 | |||||||||||||
| Former SFEC | ||||||||||||||
| Loss Contingencies [Line Items] | ||||||||||||||
| Cash paid for acquisition | $ 976,000 | |||||||||||||
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
|
| Lessee, Lease, Description [Line Items] | ||
| Option to terminate, period | 1 year | |
| Impairment loss on right-of-use asset | $ 13.2 | |
| Assets at Frontier City | ||
| Lessee, Lease, Description [Line Items] | ||
| Impairment loss on right-of-use asset | 8.8 | |
| Assets at Six Flags Hurricane Harbor Splashtown | ||
| Lessee, Lease, Description [Line Items] | ||
| Impairment loss on right-of-use asset | $ 15.1 | $ 15.1 |
| Minimum | ||
| Lessee, Lease, Description [Line Items] | ||
| Term of lease | 1 year | |
| Maximum | ||
| Lessee, Lease, Description [Line Items] | ||
| Term of lease | 42 years | |
| Renewal term | 20 years | |
Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Finance Lease Expense | |||
| Amortization of ROU assets | $ 968 | $ 980 | $ 900 |
| Interest on lease liabilities | 52 | 90 | 106 |
| Operating lease cost | 23,423 | 23,896 | 24,152 |
| Short-term lease cost | 9,163 | 6,038 | 3,904 |
| Variable lease cost | 2,716 | 5,363 | 6,744 |
| Total lease cost | $ 36,322 | $ 36,367 | $ 35,806 |
Leases - Other Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Cash paid for amounts included in the measurement of lease liabilities | |||
| Operating cash flows for operating leases | $ 22,104 | $ 22,578 | $ 26,936 |
| Financing cash flows for finance leases | 999 | 926 | 641 |
| Operating cash flows from finance leases | 52 | 90 | 106 |
| Operating Leases | |||
| ROU assets obtained in exchange for lease liabilities | 83 | 268 | 384 |
| Finance Leases | |||
| ROU assets obtained in exchange for lease liabilities | $ 0 | $ 0 | $ 1,702 |
| Additional information related to our operating leases | |||
| Weighted average remaining lease term (in years) | 17 years 8 months 19 days | ||
| Weighted average discount rate | 6.87% | ||
| Additional information related to our finance leases | |||
| Weighted average remaining lease term (in years) | 1 year 14 days | ||
| Weighted average discount rate | 3.83% | ||
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Operating Leases | ||
| Right of use assets, net | $ 134,857 | $ 158,838 |
| Short-term lease liabilities | 9,733 | 10,689 |
| Long-term lease liabilities | 155,204 | 163,892 |
| Total operating lease obligation | $ 164,937 | $ 174,581 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Short-term lease liabilities | Short-term lease liabilities |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term lease liabilities | Long-term lease liabilities |
| Finance Leases | ||
| Property and equipment, at cost | $ 3,846 | $ 3,920 |
| Accumulated depreciation | (2,996) | (2,074) |
| Total property and equipment, net | 850 | 1,846 |
| Short-term lease liabilities | 781 | 999 |
| Long-term lease liabilities | 131 | 912 |
| Total finance lease obligation | $ 912 | $ 1,911 |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization |
| Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Short-term lease liabilities | Short-term lease liabilities |
| Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term lease liabilities | Long-term lease liabilities |
Leases - Finance and Operating Lease Maturities (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
|---|---|---|
| Finance Leases | ||
| 2024 | $ 797 | |
| 2025 | 132 | |
| 2026 | 0 | |
| 2027 | 0 | |
| 2028 | 0 | |
| Thereafter | 0 | |
| Total | 929 | |
| Less: present value discount | (17) | |
| Lease liability | 912 | $ 1,911 |
| Operating Leases | ||
| 2024 | 20,275 | |
| 2025 | 18,231 | |
| 2026 | 17,802 | |
| 2027 | 17,751 | |
| 2028 | 17,740 | |
| Thereafter | 206,269 | |
| Total | 298,068 | |
| Less: present value discount | (133,131) | |
| Lease liability | $ 164,937 | $ 174,581 |
Business Segments (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
USD ($)
park
segment
|
Jan. 01, 2023
USD ($)
|
Jan. 02, 2022
USD ($)
|
|
| Business segment information by geographical areas | |||
| Number of reportable segments | segment | 1 | ||
| Number of parks owned or operated | park | 27 | ||
| Long-lived assets | $ 2,423,849 | $ 2,404,366 | $ 2,441,486 |
| Revenues | 1,425,903 | 1,358,236 | 1,496,905 |
| Income before income taxes | $ 108,790 | 192,994 | 219,217 |
| Mexico | |||
| Business segment information by geographical areas | |||
| Number of parks owned or operated | park | 2 | ||
| Canada | |||
| Business segment information by geographical areas | |||
| Number of parks owned or operated | park | 1 | ||
| Domestic | |||
| Business segment information by geographical areas | |||
| Long-lived assets | $ 2,297,440 | 2,290,318 | 2,324,420 |
| Revenues | 1,266,214 | 1,235,356 | 1,407,671 |
| Income before income taxes | 69,882 | 161,205 | 217,189 |
| Foreign | |||
| Business segment information by geographical areas | |||
| Long-lived assets | 126,409 | 114,048 | 117,066 |
| Revenues | 159,689 | 122,879 | 89,234 |
| Income before income taxes | $ 38,908 | $ 31,789 | $ 2,028 |
Revision to Previously Reported Financial Information - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
| Capital in excess of par value | $ 1,131,208 | $ 1,119,222 | $ 1,127,710 | |
| Accumulated deficit | (1,961,603) | (2,000,671) | (2,030,877) | |
| Total stockholders' deficit | (897,959) | (950,565) | (982,200) | $ (1,158,547) |
| Total liabilities and stockholders' deficit | $ 2,711,474 | 2,665,825 | 2,968,590 | |
| As Reported | ||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
| Capital in excess of par value | 1,104,051 | 1,120,084 | ||
| Accumulated deficit | (1,985,500) | (2,023,251) | ||
| Total stockholders' deficit | (950,565) | (982,200) | ||
| Total liabilities and stockholders' deficit | 2,665,825 | 2,968,590 | ||
| Adjustments | ||||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
| Capital in excess of par value | 15,171 | 7,626 | ||
| Accumulated deficit | (15,171) | (7,626) | ||
| Total stockholders' deficit | 0 | 0 | ||
| Total liabilities and stockholders' deficit | $ 0 | $ 0 |
Revision to Previously Reported Financial Information - Condensed Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Jan. 01, 2023 |
Jan. 02, 2022 |
|
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
| Selling, general and administrative expenses | $ 247,883 | $ 169,403 | $ 213,181 |
| Income before income taxes | 108,790 | 192,994 | 219,217 |
| Net income | 86,500 | 146,034 | 169,595 |
| Net income attributable to Six Flags Entertainment Corporation common stockholders | $ 38,999 | $ 101,383 | $ 127,829 |
| Earnings per average common share outstanding: | |||
| Basic (in dollars per share) | $ 0.47 | $ 1.20 | $ 1.49 |
| Diluted (in dollars per share) | $ 0.46 | $ 1.20 | $ 1.48 |
| Stock-based compensation | $ 11,387 | $ 15,218 | $ 23,556 |
| As Reported | |||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
| Selling, general and administrative expenses | 161,858 | 211,087 | |
| Income before income taxes | 200,539 | 221,311 | |
| Net income | 153,579 | 171,689 | |
| Net income attributable to Six Flags Entertainment Corporation common stockholders | $ 108,928 | $ 129,923 | |
| Earnings per average common share outstanding: | |||
| Basic (in dollars per share) | $ 1.29 | $ 1.52 | |
| Diluted (in dollars per share) | $ 1.29 | $ 1.50 | |
| Stock-based compensation | $ 7,673 | $ 21,462 | |
| Adjustments | |||
| Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||
| Selling, general and administrative expenses | 7,545 | 2,094 | |
| Income before income taxes | (7,545) | (2,094) | |
| Net income | (7,545) | (2,094) | |
| Net income attributable to Six Flags Entertainment Corporation common stockholders | $ (7,545) | $ (2,094) | |
| Earnings per average common share outstanding: | |||
| Basic (in dollars per share) | $ (0.09) | $ (0.03) | |
| Diluted (in dollars per share) | $ (0.09) | $ (0.02) | |