SEAWORLD ENTERTAINMENT, INC., 10-K filed on 2/26/2021
Annual Report
v3.20.4
Document and Entity Information - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Feb. 19, 2021
Jun. 30, 2020
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2020    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Entity Registrant Name SeaWorld Entertainment, Inc.    
Entity Central Index Key 0001564902    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Current Fiscal Year End Date --12-31    
Entity Filer Category Large Accelerated Filer    
Entity Well-known Seasoned Issuer No    
Entity Public Float     $ 749,219,595
Entity Common Stock, Shares Outstanding   78,508,888  
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
Title of 12(b) Security Common Stock, par value $0.01 per share    
Trading Symbol SEAS    
Security Exchange Name NYSE    
Entity File Number 001-35883    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 27-1220297    
Entity Address, Address Line One 6240 Sea Harbor Drive    
Entity Address, City or Town Orlando    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 32821    
City Area Code (407)    
Local Phone Number 226-5011    
Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission relating to the 2021 Annual Meeting of Stockholders, which statement will be filed pursuant to Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference into Part III of this report.    
Document Annual Report true    
ICFR Auditor Attestation Flag false    
Document Transition Report false    
v3.20.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 433,909 $ 39,946
Accounts receivable, net 30,410 49,728
Inventories 30,700 33,163
Prepaid expenses and other current assets 12,418 46,312
Total current assets 507,437 169,149
Property and equipment, at cost 3,272,705 3,209,521
Accumulated depreciation (1,611,745) (1,476,059)
Property and equipment, net 1,660,960 1,733,462
Goodwill 66,278 66,278
Trade names/trademarks, net 157,000 157,000
Right of use assets-operating leases 136,572 141,438
Deferred tax assets, net 22,847 19,013
Other assets, net 15,264 14,178
Total assets 2,566,358 2,300,518
Current liabilities:    
Accounts payable and accrued expenses 105,369 131,503
Current maturities of long-term debt 15,505 65,505
Operating lease liabilities 3,757 3,896
Accrued salaries, wages and benefits 10,781 15,499
Deferred revenue 130,759 104,416
Other accrued liabilities 50,950 81,841
Total current liabilities 317,121 402,660
Long-term debt, net 2,177,137 1,482,619
Long-term operating lease liabilities 120,144 124,339
Deferred tax liabilities, net 15,772 42,773
Other liabilities 41,987 37,235
Total liabilities 2,672,161 2,089,626
Commitments and contingencies (Note 15)
Stockholders’ (Deficit) Equity:    
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2020 and 2019
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 94,652,248 and 94,044,203 shares issued at December 31, 2020 and 2019, respectively 946 940
Additional paid-in capital 680,360 673,893
Accumulated other comprehensive loss   (1,559)
Accumulated deficit (371,800) (59,479)
Treasury stock, at cost (16,260,248 and 15,790,463 shares at December 31, 2020 and 2019, respectively) (415,309) (402,903)
Total stockholders’ (deficit) equity (105,803) 210,892
Total liabilities and stockholders’ (deficit) equity $ 2,566,358 $ 2,300,518
v3.20.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2020
Dec. 31, 2019
Statement Of Financial Position [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 94,652,248 94,044,203
Treasury stock, shares 16,260,248 15,790,463
v3.20.4
Consolidated Statements of Comprehensive (Loss) Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net revenues:      
Total revenues $ 431,779 $ 1,398,244 $ 1,372,290
Costs and expenses:      
Cost of food, merchandise and other revenues 36,712 108,953 106,604
Operating expenses (exclusive of depreciation and amortization shown separately below) 388,473 649,657 705,954
Selling, general and administrative expenses 94,885 261,701 229,724
Severance and other separation costs 2,826 4,176 17,386
Depreciation and amortization 150,546 160,557 160,955
Total costs and expenses 673,442 1,185,044 1,220,623
Operating (loss) income (241,663) 213,200 151,667
Other expense (income), net 276 18 (100)
Interest expense 100,907 84,178 80,914
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs     8,150
(Loss) income before income taxes (342,846) 129,004 62,703
(Benefit from) provision for income taxes (30,525) 39,528 17,915
Net (loss) income (312,321) 89,476 44,788
Other comprehensive income (loss):      
Unrealized gain (loss) on derivatives, net of tax 1,559 (3,843) 8,454
Comprehensive (loss) income $ (310,762) $ 85,633 $ 53,242
(Loss) earnings per share:      
(Loss) earnings per share, basic $ (3.99) $ 1.11 $ 0.52
(Loss) earnings per share, diluted $ (3.99) $ 1.10 $ 0.52
Weighted average common shares outstanding:      
Basic 78,194 80,309 86,170
Diluted 78,194 81,044 86,910
Admissions [Member]      
Net revenues:      
Total revenues $ 255,376 $ 802,834 $ 798,793
Food, Merchandise and Other [Member]      
Net revenues:      
Total revenues $ 176,403 $ 595,410 $ 573,497
v3.20.4
Consolidated Statements of Changes in Stockholders' (Deficit) Equity - USD ($)
$ in Thousands
Total
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit [Member]
Accumulated Other Comprehensive (Loss) Income [Member]
Treasury Stock, at Cost [Member]
Beginning Balance at Dec. 31, 2017 $ 287,466 $ 926 $ 641,324 $ (194,837) $ (5,076) $ (154,871)
Beginning Balance, shares at Dec. 31, 2017   92,637,403        
Impact of adoption of ASU 2018-02       1,094 (1,094)  
Equity-based compensation 22,152   22,152      
Unrealized gain (loss) on derivatives, net of tax 8,454       8,454  
Vesting of restricted shares   $ 7 (7)      
Vesting of restricted shares, shares   725,646        
Shares withheld for tax withholdings (3,977) $ (1) (3,976)      
Shares withheld for tax withholdings, shares   (197,097)        
Exercise of stock options 4,282 $ 2 4,280      
Exercise of stock options, shares   234,977        
Adjustments to previous dividend declarations 61   61      
Repurchase of shares of treasury stock, at cost (98,032)         (98,032)
Net income (loss) 44,788     44,788    
Ending Balance at Dec. 31, 2018 265,194 $ 934 663,834 (148,955) 2,284 (252,903)
Ending Balance, shares at Dec. 31, 2018   93,400,929        
Equity-based compensation 11,106   11,106      
Unrealized gain (loss) on derivatives, net of tax (3,843)       (3,843)  
Vesting of restricted shares   $ 6 (6)      
Vesting of restricted shares, shares   608,851        
Shares withheld for tax withholdings (4,841) $ (2) (4,839)      
Shares withheld for tax withholdings, shares   (176,673)        
Exercise of stock options 3,795 $ 2 3,793      
Exercise of stock options, shares   211,096        
Adjustments to previous dividend declarations 5   5      
Repurchase of shares of treasury stock, at cost (150,000)         (150,000)
Net income (loss) 89,476     89,476    
Ending Balance at Dec. 31, 2019 $ 210,892 $ 940 673,893 (59,479) (1,559) (402,903)
Ending Balance, shares at Dec. 31, 2019 94,044,203 94,044,203        
Equity-based compensation $ 7,467   7,467      
Unrealized gain (loss) on derivatives, net of tax 1,559       $ 1,559  
Vesting of restricted shares   $ 6 (6)      
Vesting of restricted shares, shares   609,286        
Shares withheld for tax withholdings (3,915) $ (2) (3,913)      
Shares withheld for tax withholdings, shares   (158,865)        
Exercise of stock options $ 2,920 $ 2 2,918      
Exercise of stock options, shares 157,624 157,624        
Adjustments to previous dividend declarations $ 1   1      
Repurchase of shares of treasury stock, at cost (12,406)         (12,406)
Net income (loss) (312,321)     (312,321)    
Ending Balance at Dec. 31, 2020 $ (105,803) $ 946 $ 680,360 $ (371,800)   $ (415,309)
Ending Balance, shares at Dec. 31, 2020 94,652,248 94,652,248        
v3.20.4
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Unrealized gain (loss) on derivatives, tax (benefit) expense $ 500 $ (1,400)  
Repurchase of treasury shares, shares 469,785 5,615,874 3,654,816
Accumulated Other Comprehensive (Loss) Income [Member]      
Unrealized gain (loss) on derivatives, tax (benefit) expense $ 572 $ (1,421) $ 3,111
v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows From Operating Activities:      
Net (loss) income $ (312,321) $ 89,476 $ 44,788
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization 150,546 160,557 160,955
Amortization of debt issuance costs and discounts 5,025 3,446 4,461
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs     8,150
Deferred income tax (benefit) provision (31,414) 37,998 16,894
Equity-based compensation 7,467 11,106 22,152
Other including loss on impairment or disposal of assets, net 6,046 4,616 19,681
Changes in assets and liabilities:      
Accounts receivable 24,761 10,865 (24,347)
Inventories 2,267 721 (4,620)
Prepaid expenses and other current assets 5,210 (27,359) (2,275)
Accounts payable and accrued expenses 1,640 2,733 13,317
Accrued salaries, wages and benefits (4,718) (5,467) 6,051
Deferred revenue 25,065 665 25,611
Other accrued liabilities (422) 57,684 3,417
Right-of-use assets and operating lease liabilities 561 501  
Other assets and liabilities (442) 874 (300)
Net cash (used in) provided by operating activities (120,729) 348,416 293,935
Cash Flows From Investing Activities:      
Capital expenditures (109,175) (195,217) (179,770)
Other investing activities, net   24 (259)
Net cash used in investing activities (109,175) (195,193) (180,029)
Cash Flows From Financing Activities:      
Proceeds from the issuance of debt, net 713,658   543,935
Repayments of long-term debt (15,505) (15,506) (565,592)
Proceeds from draw on revolving credit facility 272,500 294,000 95,000
Repayments of revolving credit facility (322,500) (274,000) (80,000)
Purchase of treasury stock (12,406) (150,000) (98,032)
Payment of tax withholdings on equity-based compensation through shares withheld (3,915) (4,841) (3,977)
Exercise of stock options 2,920 3,795 4,282
Debt issuance costs (7,530)   (8,086)
Other financing activities (3,018) (753) (426)
Net cash provided by (used in) financing activities 624,204 (147,305) (112,896)
Change in Cash and Cash Equivalents, including Restricted Cash 394,300 5,918 1,010
Cash and Cash Equivalents, including Restricted Cash—Beginning of year 40,925 35,007 33,997
Cash and Cash Equivalents, including Restricted Cash—End of year 435,225 40,925 35,007
Supplemental Disclosures of Noncash Financing Activities      
Capital expenditures in accounts payable and accrued expenses 12,544 $ 39,538 $ 30,760
Other financing arrangements $ 3,890    
v3.20.4
Description of the Business
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Description of the Business

1. DESCRIPTION OF THE BUSINESS

SeaWorld Entertainment, Inc., through its wholly-owned subsidiary, SeaWorld Parks & Entertainment, Inc. (“SEA”) (collectively, the “Company”), owns and operates twelve theme parks within the United States.  Prior to December 1, 2009, the Company did not have any operations.  On December 1, 2009, the Company acquired all of the outstanding equity interest of Busch Entertainment LLC and affiliates from Anheuser Busch Companies, Inc. and Anheuser-Busch InBev SA/NV (“ABI”).  At that time, the Company was owned by ten limited partnerships, ultimately controlled by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors.  The Company completed an initial public offering in April 2013.  See further discussion relating to subsequent ownership changes in Note 17–Related-Party Transactions.

The Company operates SeaWorld theme parks in Orlando, Florida; San Antonio, Texas; and San Diego, California, and Busch Gardens theme parks in Tampa, Florida, and Williamsburg, Virginia. The Company operates water attraction theme parks in Orlando, Florida (Aquatica); San Antonio, Texas (Aquatica); Chula Vista, California, (Aquatica); Tampa, Florida (Adventure Island); and Williamsburg, Virginia (Water Country USA). The Company also operates a reservations-only theme park in Orlando, Florida (Discovery Cove) and a seasonal theme park in Langhorne, Pennsylvania (Sesame Place).

Historically more than 50% of the Company’s revenues were generated in the State of Florida which exposes the Company to risks affecting the Florida market, such as natural disasters, severe weather or other incidents.  During the year ended December 31, 2020, more than 70% of the Company’s revenues were generated in the State of Florida, due in part to the temporary park closures and limited operations as a result of the COVID-19 pandemic. See Impact of Global COVID-19 Pandemic section which follows for further discussion on factors impacting 2020 revenues.

Impact of Global COVID-19 Pandemic

In response to the COVID-19 pandemic, and in compliance with government restrictions, the Company temporarily closed all of its theme parks effective March 16, 2020. Beginning in June 2020, the Company began the phased reopening of some of its parks with enhanced health, safety and sanitizing measures, capacity limitations, modified/limited operations, reduced hours and/or reduced operating days.  In particular, on June 6, its Aquatica water park in Texas reopened; on June 11, all five of its Florida parks reopened; on June 19, its SeaWorld park in Texas reopened; on July 24, its Sesame Place park in Pennsylvania reopened; on August 5, its Busch Gardens park in Virginia reopened and on August 28, its SeaWorld park in California reopened on a limited basis, following the State of California’s guidance for reopening zoos.  In compliance with revised state governmental restrictions issued late in the fourth quarter in California, the Company once again closed its SeaWorld park in California effective December 7, 2020.  The Company was unable to open its Aquatica water park in California and its Water Country USA water park in Virginia for the 2020 operating season. Additionally, during the third quarter, the State of Virginia had a state mandated capacity restriction of 1,000 guests at a time which significantly restricted attendance for the Company’s Busch Gardens park in that state. On October 29, 2020, the State of Virginia revised its theme park guidance and modified the methodology for calculating capacity at theme parks.  As a result, capacity at this park increased from 1,000 guests to approximately 4,000 guests at a time.

On January 15, 2021, while the Company’s SeaWorld park in California park remained closed, the Company introduced a limited time drive-through only experience for guests at this park. Subsequently, based on updated state government guidance issued in January 2021, the Company has since reopened its SeaWorld park in California on February 6, 2021 on a limited basis, once again following California guidance for reopening zoos. The Company continues to monitor guidance from, and engage with, federal, state and local authorities and may adjust its plans accordingly.  

Since the COVID-19 pandemic began, the Company has taken proactive measures for the safety of its guests, employees and animals, to manage costs and expenditures, and to maximize liquidity in response to the temporary park closures and limited reopenings related to the COVID-19 pandemic. Some of these measures included, but are not limited to: (i) increased its revolving credit commitments on March 10th; (ii) issued $227.5 million in first-priority senior secured notes and $500.0 million in second-priority senior secured notes to raise additional capital and further enhance available liquidity; (iii) entered into amendments to its existing senior secured credit facilities to amend  financial covenants; (iv) furloughed approximately 95% of its employees upon closing all of its parks; (v) obtained payroll tax credits and deferred certain social security payroll taxes under the CARES act; (vi) temporarily reduced executive officers’ base salary by 20% through November 2020; (vii) eliminated and/or deferred all non-essential operating expenses at all of its parks and corporate headquarters while the parks were closed and actively managing operating expenses; (viii) eliminated substantially all advertising and marketing spend while the parks were closed and strategically managing marketing spend as parks reopened; (ix) substantially reduced or deferred all capital expenditures starting in March 2020 (other than minimal essential capital expenditures) when the parks were closed and postponed the opening of rides that were still under construction and scheduled to open in 2020; (x) worked with certain of its vendors and other business partners to manage, defer, and/or abate certain costs and payments and; (xi) added additional levels of review and approval for payments and cash disbursements which remains in place. Concurrent with the reopening of some of its parks, the Company began to prudently bring some employees back from furlough. Some of its

employees remain on furlough while others have been transitioned from a furloughed status to a permanent layoff. See Note 21–Severance and Other Separation Costs for additional disclosure.

The COVID-19 pandemic, resulting park closures and limited park reopenings have had, and are likely to continue to have, a material impact on the Company’s financial results.  
v3.20.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, including SEA.  All intercompany accounts have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets and liabilities, deferred revenue, equity compensation, the valuation of goodwill and other indefinite-lived intangible assets as well as reviews for potential impairment of long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent company and industry data.  The Company regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes.  Actual results could differ from those estimates. Based on the uncertainty relating to the COVID-19 pandemic, including but not limited to the extent, duration and impact of park closures, limited park reopenings, capacity limitations due to social distancing guidelines, public sentiment on social gatherings, travel and attendance patterns, potential supply chain disruptions and additional actions which could be taken by government authorities to manage the pandemic, the Company is not certain of the ultimate impact the COVID-19 pandemic could have on its estimates, business or results of operations.

Cash and Cash Equivalents

Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $4.9 million and $9.7 million at December 31, 2020 and 2019, respectively. The cash balances in all accounts held at financial institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2020. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions.

From time to time, the Company may invest in certain highly liquid instruments with original maturities of three months or less.  These instruments may include money market mutual funds, certificates of deposit or time deposits, among others, which may or may not qualify for FDIC insurance. The Company classifies any such instruments as cash and cash equivalents based on their short-term maturities.

Restricted Cash

Restricted cash is recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Restricted cash consists primarily of funds received from strategic partners for use in approved marketing and promotional activities.

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

433,909

 

 

$

39,946

 

Restricted cash, included in prepaid expenses and other current assets

 

 

1,316

 

 

 

979

 

Total cash, cash equivalents and restricted cash

 

$

435,225

 

 

$

40,925

 

Accounts Receivable—Net

Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products, including amounts due for admissions products purchased on monthly installment arrangements. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance on trade accounts receivable with an offset to the provision for bad debt for estimated credit losses expected based on its history of uncollectable accounts. For all periods presented,

the provision for bad debt was immaterial. The Company also records an allowance for estimated credit losses on amounts due from monthly installment arrangements based on historical default rates.  As of December 31, 2020 and 2019, the Company recorded $6.7 million and $12.1 million, respectively, as an allowance on its installment arrangements, which is included in accounts receivable, net, in the accompanying consolidated balance sheets, with a corresponding reduction to deferred revenue.

Inventories

Inventories are accounted for using the weighted average cost method and are stated at the lower of cost or net realizable value. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value.

Property and Equipment—Net

Property and equipment are recorded at cost.  The cost of ordinary or routine maintenance, repairs, spare parts and minor renewals is expensed as incurred. Development costs associated with new attractions and products are generally capitalized after necessary feasibility studies have been completed and final concept or contracts have been approved. The cost of assets is depreciated using the straight-line method based on the following estimated useful lives:

 

Land improvements

 

10-40 years

 

Buildings

 

5-40 years

 

Rides, attractions and equipment

 

3-20 years

 

Animals

 

1-50 years

 

 

Certain costs related to animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years).  All costs to care for animals are expensed as incurred. Construction in progress assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all active construction projects. Total interest capitalized for the years ended December 31, 2020, 2019 and 2018 was $6.3 million, $4.6 million and $4.2 million, respectively.

Computer System Development Costs

The Company capitalizes computer system development costs that meet established criteria and, once placed in service, amortizes those costs to expense on a straight-line basis over five years.  Total capitalized costs related to computer system development costs, net of accumulated amortization, were $2.4 million and $4.2 million as of December 31, 2020 and 2019, respectively, and are recorded in other assets in the accompanying consolidated balance sheets.  Accumulated amortization was $11.2 million and $9.5 million as of December 31, 2020 and 2019, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2020, 2019 and 2018 was $1.7 million, $2.2 million and $3.7 million, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive (loss) income.  Systems reengineering costs do not meet the proper criteria for capitalization and are expensed as incurred.

Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill and other indefinite-lived intangible assets are not amortized, but instead reviewed for impairment at least annually on December 1, and as of an interim date should factors or indicators become apparent that would require an interim test, with ongoing recoverability based on applicable reporting unit overall financial performance and consideration of significant events or changes in the overall business environment or macroeconomic conditions.  Such events or changes in the overall business environment could include, but are not limited to, significant negative trends or unanticipated changes in the competitive or macroeconomic environment.

In assessing goodwill for impairment, the Company may choose to initially evaluate qualitative factors to determine if it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. The Company considers several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing of recoverability of a significant asset group within a reporting unit. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. The Company may also choose to perform this quantitative impairment analysis instead of the qualitative analysis.  The quantitative impairment analysis compares the estimated fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill.

The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for the relevant reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested capital.

The Company’s other indefinite-lived intangible assets consist of certain trade names/trademarks and other intangible assets which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are valued using the relief from royalty method. Trade names/trademarks are combined by brand as a unit of accounting when testing for impairment as the brand represents the highest and best use of the asset and drives the Company’s marketing strategy and international license agreements. Estimates required in this valuation method include estimated future revenues impacted by the trade names/trademarks, royalty rates, and appropriate discount rates. Projections are based on management’s best estimates given recent financial performance, market trends, strategic plans, brand awareness, operating characteristics by park, and other available information. See Note 9–Goodwill, Trade Names/Trademarks and Other Intangible Assets, Net, for further details.

During the year ended December 31, 2020, due to the temporary park closures effective March 16, 2020 and the limited park reopenings resulting from the COVID-19 pandemic discussed previously, the Company identified triggering events and qualitatively evaluated its goodwill and other indefinite-lived intangible assets for further impairment analysis. These qualitative evaluations included certain judgements and assumptions related to the impact of the temporary park closures, the extent and duration of capacity limitations, the expected attendance levels and number of operating days/hours and the significant excess of historical fair values over carrying values and determined that, no further impairment analysis was warranted. As such, the Company did not record an impairment of goodwill and other indefinite-lived intangible assets during the year ended December 31, 2020.

If the Company’s assumptions, including those around the impact of the COVID-19 pandemic and its projections of future cash flows and financial performance, as well as the economic outlook are not achieved, the Company may be required to record impairment charges in future periods, whether in connection with the Company’s next annual impairment testing, or on an interim basis, if any such change constitutes a triggering event outside of the quarter when the Company regularly performs its annual impairment test. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material.

Impairment of Long-Lived Assets

All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets. As discussed above, during the year ended December 31, 2020, due to the impact from the COVID-19 pandemic, the Company identified triggering events and qualitatively evaluated certain long-lived assets, including its right of use assets, for further impairment analysis. Using similar assumptions as discussed above, the Company determined that, based on the significant excess estimated undiscounted cash flows over carrying values, there was no impairment of other long-lived assets.

Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park).  See further discussion in Note 8–Property and Equipment, Net.

Self-Insurance Reserves

Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities.  The Company maintains self-insurance reserves for healthcare, auto, general liability and workers’ compensation claims.  Total claims reserves were $31.1 million at December 31, 2020, of which $1.8 million is recorded in accrued salaries, wages and benefits, $7.5 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets.  Total claims reserves were $31.7 million at December 31, 2019, of which $2.8 million is recorded in accrued salaries, wages and benefits, $7.5 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets.  All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary.

Debt Issuance Costs

Debt issuance costs are amortized to interest expense using the effective interest method over the term of the related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. See further discussion in Note 11–Long-Term Debt.

Share Repurchase Program and Treasury Stock

From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock.  Shares repurchased under Board authorizations are held in treasury for general corporate purposes.  The Company accounts for treasury stock on the trade date under the cost method.  Treasury stock at December 31, 2020 and 2019 is recorded as a reduction to stockholders’ (deficit) equity as the Company does not currently intend to retire the treasury stock held.  See further discussion of the Company’s share repurchase program in Note 20–Stockholders’ (Deficit) Equity.

Revenue Recognition

The Company records revenue in accordance with Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, which is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identify the contracts with customers; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies the performance obligations. ASC 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. Revenue is recorded net of sales-related taxes collected from guests and remitted or payable to government taxing authorities. 

Admissions Revenue

Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products.  Admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying ASC 606 to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park.  Annual passes, season passes or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates a redemption rate using historical and forecasted growth rates and attendance trends by park for similar products.  Due to the temporary park closures, capacity limitations and product extensions in 2020, the Company evaluated the estimates and assumptions used in its future estimated redemption rates for these products based on forecasted and actual attendance patterns.  Attendance trends factor in seasonality and are adjusted based on actual trends periodically, including to reflect recent trends. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For active pass products purchased under monthly installment arrangements that have extended beyond their initial commitment term and have transitioned to a month to month basis, revenue is recognized monthly as payments are received, with the exception of payments received during the temporary park closures (see further discussion which follows).  For multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park.  

As a result of the temporary park closures due to the COVID-19 pandemic, the Company upgraded some of its pass products and extended pass expiration dates for at least the equivalent period the related parks were closed.  As a result, the Company adjusted its estimated redemption and recognition patterns related to its admission products to reflect the fact that there was no attendance during the park closures and accordingly the Company did not recognize revenue from these admission products while the parks were closed.

For passes under installment plans that have transitioned to a month to month basis, payments received during the closure period are recorded as deferred revenue and are recognized as revenue once the respective park reopens, which may not necessarily reflect attendance patterns for these guests.  Accordingly, for these passes, the Company temporarily paused monthly charges when the related parks reopened for the equivalent period the respective parks were closed. The Company has estimated future redemption and recognition patterns for admission pass products, which impacts the timing of when revenue is recognized on these products. Actual results could materially differ from these estimates depending on the ultimate extent of the effects of the COVID-19 pandemic.

The Company has also entered into agreements with certain external theme park, zoo and other attraction operators to jointly market and sell single and multi-use admission products. These joint products allow admission to both a Company park(s) and an external park, zoo or other attraction. The agreements with the external partners specify the allocation of revenue to Company parks from any jointly sold products. Whether the Company or the external partner sells the product, the Company’s portion of revenue is deferred until the first time the product is redeemed at one of the Company’s parks and recognized over its related use in a manner consistent with the Company’s other admission products.

Additionally, the Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the products or services is recognized into admissions revenue and related expenses at the time of the exchange and approximates the estimated fair value of the goods or services provided or received, whichever is more readily determinable. For the years ended December 31, 2020, 2019 and 2018, amounts included within admissions revenue with an offset to either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of comprehensive (loss) income related to bartered ticket transactions were $4.7 million, $16.2 million and $16.6 million, respectively.

Food, Merchandise and Other Revenue

Food, merchandise and other revenue primarily consists of culinary, merchandise, parking and other in-park products and also includes other miscellaneous revenue which is not significant in the periods presented, including revenue related to the Company’s international agreements as discussed in Note 4–Revenues.  The Company recognizes revenue for food, merchandise and other in-park products when the related products or services are received by the guests.  Certain admission products may also include bundled products at the time of purchase, such as culinary or merchandise items.  The Company conducts an analysis of bundled products to identify separate distinct performance obligations that are material in the context of the contract. For those products that are determined to be distinct performance obligations and material in the context of the contract, the Company allocates a portion of the transaction price to each distinct performance obligation using each performance obligation’s standalone price.  If the bundled product is related to a pass product and offered over time, revenue will be recognized over time accordingly.  

See further discussion in Note 4–Revenues.

Advertising and Promotional Costs

Advertising production costs are deferred and expensed the first time the advertisement is shown. Other advertising and media costs are expensed as incurred and for the years ended December 31, 2020, 2019 and 2018, totaled approximately $48.1 million, $138.3 million and $127.5 million, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) income.

Equity-Based Compensation

In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for equity-based compensation based upon the grant date fair market value.  The cost is recognized over the requisite service period, which is generally the vesting period unless service or performance conditions require otherwise. The Company recognizes equity compensation expense for its performance-vesting restricted awards ratably over the related performance period if the performance condition is probable of being achieved.  If the probability of vesting related to these awards changes in a subsequent period, all equity compensation expense related to those awards that would have been recorded over the requisite service period had the awards been considered probable at the new percentage from inception, is recorded as a cumulative catch-up at such subsequent date.  The Company recognizes the impact of forfeitures as they occur.  The Company grants time-vesting restricted shares and units, time-vesting deferred stock units, performance-vesting restricted shares and units, and stock options. The Company uses the closing stock price on the date of grant to value its time-vesting and performance-vesting restricted share awards.  The Company uses the Black-Scholes Option Pricing Model to value stock options at the date of grant.  

On occasion, the Company may modify the terms or conditions of an equity award for its employees.  If an award is modified, the Company evaluates the type of modification in accordance with ASC 718 to determine the appropriate accounting.  See further discussion in Note 19–Equity-Based Compensation.

Restructuring Costs

The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations if the one-time benefit arrangements are not part of an ongoing benefit arrangement or an individual deferred compensation contract.  Nonretirement post-employment benefits that are part of an ongoing benefit arrangement or an individual deferred compensation contract are accounted for in accordance with ASC 712, Compensation-Nonretirement Postemployment Benefits.  The Company defines a business restructuring as an exit or disposal activity that includes but is not limited to a program which is planned and controlled by management and materially changes either the scope of a business or the manner in which that business is conducted.  Business restructuring charges may include (i) one-time termination benefits related to employee separations, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities.

If the one-time benefit arrangements are not part of an ongoing benefit arrangement or an individual deferred compensation contract, a liability is recognized and measured at its fair value for one-time termination benefits once the plan of termination is communicated to affected employees and it meets all of the following criteria: (i) management commits to a plan of termination, (ii) the plan identifies the number of employees to be terminated and their job classifications or functions, locations and the expected completion date, (iii) the plan establishes the terms of the benefit arrangement and (iv) it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. If the one-time benefit arrangements are part of an ongoing benefit arrangement or an individual deferred compensation contract, a liability is recognized and measured at its fair value for one-time termination benefits when the following conditions are met: (i) the obligation is attributable to services already rendered; (ii) rights to those benefits accumulate; (iii) payment of the benefits is probable; and (iv) amount can be reasonably estimated.  If these four conditions are not met, a liability is recognized when it is probable that a liability has been incurred and the amount can be reasonably estimated in accordance with ASC 450, Contingencies.

Contract termination costs include costs to terminate a contract or costs that will continue to be incurred under the contract without benefit to the Company. A liability is recognized and measured at its fair value when the Company either terminates the contract or ceases using the rights conveyed by the contract.

See further discussion in Note 21–Severance and Other Separation Costs.

Leases

The Company leases land, warehouse and office space, and equipment, which are classified as either operating or finance leases. Under the provisions of ASC 842, lease liabilities and right of use assets are recognized at the lease commencement date on the basis of the present value of the future lease payments, with the right of use being adjusted by any prepaid or accrued rent, lease incentives, and initial direct costs.  The lease term for each lease includes the noncancelable period plus any periods subject to an option for renewal when it is reasonably certain that the Company will exercise that option. The subsequent measurement of a lease is dependent on whether the lease is classified as an operating or finance lease. Operating leases have a straight-line expense pattern that is recognized as either operating expenses or selling, general, and administrative expenses in the consolidated statements of comprehensive (loss) income. Finance leases have a front-loaded expense recognition pattern that is comprised of amortization expense and interest expense that is included in depreciation and amortization and interest expense in the consolidated statements of comprehensive (loss) income. The Company initially evaluates the classification of its leases as of the lease commencement date and reevaluates the classification of its leases upon the occurrence of certain lease remeasurement events and when there is a lease modification that is not accounted for as a separate contract.

The present value of future lease payments is calculated using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate, which reflects the rate of interest it would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. As most of the Company’s leases do not provide an implicit rate, the Company uses incremental borrowing rates based on the information available at the lease commencement date, liability remeasurement date, or lease modification date in determining the present value of the lease payments. In calculating the incremental borrowing rates, the Company considered recent ratings from credit agencies, recent trading prices on the Company’s debt, and current lease demographic information. The Company applies the incremental borrowing rates at a portfolio level based on lease terms.

The Company has elected the short-term lease recognition exemption by which it is not required to recognize on the balance sheet leases with an initial lease term of 12 months or less, with the lease expense for these short-term leases recognized on a straight-line basis over the lease term. For lease agreements entered into or reassessed upon adoption of ASC 842, the Company has elected the available practical expedient to not separate the non-lease components from the related lease component, accounting for the combined components as a single lease component. The short-term lease recognition exemption and the practical expedient to not separate the lease and non-lease components was elected for each class of underlying asset as permitted under ASC 842.

Some of the Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years or more. The exercise of lease renewal options is at the Company’s sole discretion and the inclusion of the renewal options in the lease term would only occur when the Company concludes it is reasonably certain of exercising the option(s). Certain leases also include options to purchase the leased property.

Certain of the Company’s lease agreements include rental payments based on a percentage of sales over contractual levels and others include rental payments adjusted periodically for inflation. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses in the Company’s consolidated statements of comprehensive (loss) income in the same line item as the expense arising from fixed lease payments. The Company’s lease agreements do not contain any material residual value guarantees, material restrictive covenants or material variable lease costs other than those described in Note 14–Leases related to the Company’s land lease.

All long-lived assets, including right of use assets associated with leases, are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. The measurement of an impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis.

See further discussion in Note 14–Leases.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating sufficient future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of the position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more likely than not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to unrecognized tax benefits are charged to the (benefit from) provision for income taxes in the accompanying consolidated statements of comprehensive (loss) income. See further discussion in Note 13–Income Taxes.

Contingencies

The Company accounts for contingencies in accordance with ASC 450, Contingencies. For loss contingencies, such as potential legal settlements, the Company records an estimated loss when payment is considered probable and the amount of loss is reasonably estimable. In assessing loss contingencies related to legal proceedings that are pending against the Company, the Company evaluates the perceived merits of the legal proceedings as well as the perceived merits of the amount of relief sought or expected to be sought therein.  If a loss is considered probable but the best estimate of the loss can only be identified within a range and no specific amount within that range is more likely, then the minimum of the range is accrued. Legal and related professional services costs to defend litigation are expensed as incurred. Insurance recoveries related to potential claims are recognized up to the amount of the recorded liability when coverage is confirmed and the estimated recoveries are probable of payment. These recoveries are not netted against the related liabilities for financial statement presentation. Additionally, for any potential gain contingencies, the Company does not recognize the gain until the period that all contingencies have been resolved and the amounts are realizable. See further discussion in Note 15–Commitments and Contingencies.

Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement and is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. An entity is permitted to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to use the fair value option for any of its financial assets and financial liabilities that are not already recorded at fair value. Carrying values of financial instruments classified as current assets and current liabilities approximate fair value, due to their short-term nature.

Fair Value Hierarchy—As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity.  Fair value is determined for assets and liabilities, based upon significant levels of observable or unobservable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:

Level 1—Quoted prices for identical instruments in active markets.

Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable and include situations where there is little, if any, market activity for the asset or liability.

Determination of Fair Value—If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest and currency rates. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.  See further discussion in Note 16–Fair Value Measurements.

Segment Reporting

The Company maintains discrete financial information for each of its twelve theme parks, which is used by the Chief Operating Decision Maker (“CODM”), identified as the Chief Executive Officer, or equivalent role, as a basis for allocating resources and assessing performance. Each theme park has been identified as an operating segment and meets the criteria for aggregation due to similar economic characteristics. In addition, all of the theme parks provide similar products and services and share similar processes for delivering services. The theme parks have a high degree of similarity in the workforces and target similar consumer groups. Accordingly, based on these economic and operational similarities and the way the CODM monitors and makes decisions affecting the operations, the Company has concluded that its operating segments may be aggregated and that it has one reportable segment.

Derivative Instruments and Hedging Activities

ASC 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments, (ii) how the entity accounts for derivative instruments and related hedged items, and (iii) how derivative instruments and related hedged items affect an entity’s financial position, results of operations and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of, and gains and losses on, derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

As required by ASC 815, the Company records all derivatives on the balance sheet at fair value as either assets or liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the changes in fair value of the derivative contract are recorded in accumulated other comprehensive income (loss), net of taxes, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See further discussion in Note 12–Derivative Instruments and Hedging Activities.
v3.20.4
Recent Accounting Pronouncements
 12 Months Ended
Dec. 31, 2020
Accounting Changes And Error Corrections [Abstract]  
Recent Accounting Pronouncements

3. RECENT ACCOUNTING PRONOUNCEMENTS

The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”).

Recently Implemented Accounting Standards

During the year ended December 31, 2020, the Company adopted the following Accounting Standards Updates (“ASUs”) which had no material impact on its consolidated financial statements or disclosures:

 

•

FASB Staff Q&A: On April 10, 2020, the FASB staff issued FASB Staff Q&A-Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic which stated that entities may elect to account for lease concessions related to the effects of the COVID-19 pandemic as though the rights and obligations for those concessions existed as of the commencement of the contract rather than as a lease modification. Lessees may make the election for any lessor-provided lease concession related to the impact of the COVID-19 pandemic as long as the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. The Company has made such election. The Company has received immaterial rent concessions and has not entered into any lease modifications for the year ended

 

December 31, 2020. As such, this election did not have a material impact on the Company’s consolidated financial statements nor the related disclosures.

 

•

ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), This ASU requires the immediate recognition of estimated credit losses expected to occur over the life of financial assets rather than the current incurred loss impairment model that recognizes losses when a probability threshold is met. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years.  The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements or disclosures.

Recently Issued Accounting Standards

The Company is currently evaluating the impact of the following recently issued ASUs:

 

•

ASU 2020-04, Reference Rate Reform (Topic 848), provides optional transition guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate (“LIBOR”), with optional expedients related to the application of GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The provisions of this ASU are effective upon issuance and can be applied prospectively through December 31, 2022. Companies can apply this ASU immediately, but application is through December 31, 2020. The Company is evaluating the impact of LIBOR on its existing contracts but does not expect that this ASU will have a material impact on its consolidated financial statements or related disclosures.

 

•

ASU 2019-12, Simplifying the Accounting for Income Taxes, simplifies various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for the Company beginning January 1, 2021. Early adoption requires adoption of all amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently evaluating ASU 2019-12 but does not expect that this ASU will have a material impact on its consolidated financial statements or related disclosures.
v3.20.4
Revenues
 12 Months Ended
Dec. 31, 2020
Revenue From Contract With Customer [Abstract]  
Revenues

4. REVENUES

Deferred revenue primarily includes revenue associated with pass products, admission or in-park products or services with a future intended use date and contract liability balances related to licensing and international agreements collected in advance of the Company satisfying its performance obligations and is expected to be recognized in future periods. At December 31, 2020 and 2019, $13.4 million and $10.0 million, respectively, is included in other liabilities in the accompanying consolidated balance sheets related to the long-term portion of deferred revenue, which primarily relates to the Company’s international agreement, as discussed in the following section. The Company expects to recognize this revenue over the term of the respective license agreement beginning when substantially all of the services have been performed, which is expected to be upon opening.  

The following table reflects the Company’s deferred revenue balance as of December 31, 2020 and 2019:   

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Deferred revenue, including long-term portion

 

$

144,187

 

 

$

114,416

 

Less: Deferred revenue, long-term portion, included in other liabilities

 

 

13,428

 

 

 

10,000

 

Deferred revenue, short-term portion

 

$

130,759

 

 

$

104,416

 

The majority of the deferred revenue, short term portion, balance outstanding as of January 1, 2020 was recognized as revenue during the year ended December 31, 2020, with approximately 5% remaining as deferred revenue as of December 31, 2020 due to product extensions. The increase in deferred revenue as of December 31, 2020 compared to December 31, 2019 primarily relates to extensions provided on some of the Company’s admission products due to the COVID-19 temporary park closures.

International Agreements

The Company has received $10.0 million in deferred revenue recorded in other liabilities related to a nonrefundable payment received from a partner in connection with a project in the Middle East (the “Middle East Project”) to provide certain services pertaining to the planning and design of the Middle East Project, with funding received expected to offset internal expenses. The Company expects to receive additional funds from its partner related to agreed upon services and reimbursements of costs incurred by the Company on behalf of the Middle East Project. Approximately $5.9 million and $5.0 million of costs incurred related to the Middle East Project are recorded in other assets in the accompanying consolidated balance sheet as of December 31, 2020 and 2019, respectively.  The Company has recognized an asset for the costs incurred to fulfill the contract as the costs are specifically identifiable, enhance resources that will be used to satisfy performance obligations in the future and are expected to be recovered. The related deferred revenue and expense will begin to be recognized when substantially all of the services have been performed, which is expected to be upon opening of the park. The Company continually monitors performance on the contract and will make adjustments, if necessary.

Construction for the Middle East Project is on track and scheduled to be completed by the end of 2022. There is no assurance that the Middle East Project will be completed or open to the public.

In March 2017, the Company entered into a Park Exclusivity and Concept Design Agreement and a Center Concept and Preliminary Design Support Agreement (collectively, the “ZHG Agreements”) with an affiliate of Zhonghong Zhuoye Group Co., Ltd. (“ZHG Group”), to provide design, support and advisory services for various potential projects and grant exclusive rights in China, Taiwan, Hong Kong and Macau. In April 2019, the Company terminated the ZHG Agreements for non-payment of undisputed amounts owed.  For the years ended December 31, 2019 and 2018, the Company recorded revenue related to the ZHG Agreements of approximately $1.7 million and $5.1 million, respectively, which is included in food, merchandise and other revenue in the accompanying consolidated statements of comprehensive (loss) income. There were no amounts recorded as revenue related to the ZHG Agreements in the year ended December 31, 2020 See Note 17–Related-Party Transactions for further details.
v3.20.4
(Loss) Earnings per Share
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
(Loss) Earnings per Share

5. (LOSS) EARNINGS PER SHARE

(Loss) earnings per share is computed as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

Net

Loss

 

 

Shares

 

 

Per

Share

Amount

 

 

Net

Income

 

 

Shares

 

 

Per

Share

Amount

 

 

Net

Income

 

 

Shares

 

 

Per

Share

Amount

 

 

 

(In thousands, except per share amounts)

 

Basic (loss) earnings per share

 

$

(312,321

)

 

 

78,194

 

 

$

(3.99

)

 

$

89,476

 

 

 

80,309

 

 

$

1.11

 

 

$

44,788

 

 

 

86,170

 

 

$

0.52

 

Effect of dilutive

   incentive-based awards

 

 

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

735

 

 

 

 

 

 

 

 

 

 

 

740

 

 

 

 

 

Diluted (loss) earnings per share

 

$

(312,321

)

 

 

78,194

 

 

$

(3.99

)

 

$

89,476

 

 

 

81,044

 

 

$

1.10

 

 

$

44,788

 

 

 

86,910

 

 

$

0.52

 

In accordance with the Earnings Per Share Topic of the ASC, basic (loss) earnings per share is computed by dividing net (loss) income by the weighted average number of shares of common stock outstanding during the period (excluding treasury stock and unvested restricted stock awards). Unvested restricted stock awards are eligible to receive dividends, if any; however, dividend rights will be forfeited if the award does not vest.  Accordingly, only vested shares of formerly restricted stock are included in the calculation of basic (loss) earnings per share. The weighted average number of repurchased shares during the period, if any, which are held as treasury stock, are excluded from shares of common stock outstanding.

Diluted (loss) earnings per share is determined using the treasury stock method based on the dilutive effect of certain unvested restricted stock awards and certain shares of common stock that are issuable upon exercise of stock options. During the year ended December 31, 2020, there were approximately 2,253,000 potentially dilutive shares of common stock excluded from the computation of diluted loss per share as their effect would have been anti-dilutive due to the Company’s net loss in the period. During the years ended December 31, 2019 and 2018, there were approximately 305,000 and 1,299,000 anti-dilutive shares of common stock excluded from the computation of diluted earnings per share, respectively.

The Company’s outstanding performance-vesting restricted stock awards are considered contingently issuable shares and are excluded from the calculation of diluted earnings per share until the performance measure criteria is met as of the end of the reporting period.  For the years ended December 31, 2019 and 2018, approximately 247,000 and 364,000 performance-vesting restricted stock awards had met their performance criteria for their respective performance years as of the end of the reporting periods, respectively, and are therefore included in the calculation of diluted earnings per share. See further discussion in Note 19–Equity-Based Compensation.
v3.20.4
Inventories
 12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
INVENTORIES

6. INVENTORIES

Inventories as of December 31, 2020 and 2019 consisted of the following:

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Merchandise

 

$

26,044

 

 

$

28,515

 

Food and beverage

 

 

4,027

 

 

 

4,430

 

Other supplies

 

 

629

 

 

 

218

 

Total inventories

 

$

30,700

 

 

$

33,163

 

 
v3.20.4
Prepaid Expenses and Other Current Assets
 12 Months Ended
Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets

7. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets as of December 31, 2020 and 2019 consisted of the following:

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Prepaid insurance

 

$

2,757

 

 

$

2,397

 

Prepaid marketing and advertising costs

 

 

1,175

 

 

 

2,264

 

Insurance recoveries

 

 

—

 

 

 

32,911

 

Other

 

 

8,486

 

 

 

8,740

 

Total prepaid expenses and other current assets

 

$

12,418

 

 

$

46,312

 

 

As of December 31, 2019, insurance recoveries above related to insurance proceeds expected to be received from the Company’s insurance carriers related to a legal settlement. The Company’s insurance carriers paid the insurance proceeds during the first quarter of 2020. See further details in Note 10–Other Accrued Liabilities and Note 15–Commitments and Contingencies.
v3.20.4
Property and Equipment, Net
 12 Months Ended
Dec. 31, 2020
Property Plant And Equipment [Abstract]  
Property and Equipment, Net

8. PROPERTY AND EQUIPMENT, NET

The components of property and equipment, net as of December 31, 2020 and 2019, consisted of the following:

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Land

 

$

286,200

 

 

$

286,200

 

Land improvements

 

 

405,652

 

 

 

403,409

 

Buildings

 

 

737,231

 

 

 

733,258

 

Rides, attractions and equipment

 

 

1,547,786

 

 

 

1,527,301

 

Animals

 

 

142,307

 

 

 

142,232

 

Construction in progress

 

 

153,529

 

 

 

117,121

 

Less accumulated depreciation

 

 

(1,611,745

)

 

 

(1,476,059

)

Total property and equipment, net

 

$

1,660,960

 

 

$

1,733,462

 

Depreciation expense was approximately $148.0 million, $156.2 million, and $155.0 million for the years ended December 31, 2020, 2019 and 2018, respectively.

For the years ended December 31, 2020 and 2019, the Company recorded approximately $6.7 million and $2.7 million, respectively, in fixed asset write-offs, which is included in operating expenses in the accompanying consolidated statement of comprehensive (loss) income.  For the year ended December 31, 2018, the Company recorded approximately $10.9 million in fixed asset disposals associated with certain rides and equipment which were removed from service during 2018, which is included in operating expenses in the accompanying consolidated statement of comprehensive (loss) income.   

See Note 1–Description of the Business, Impact of Global COVID-19 Pandemic, for further details regarding proactive measures the Company has taken starting in March 2020 relating to its capital expenditures including delaying the opening of certain new rides.
v3.20.4
Goodwill, Trade Names/Trademarks and Other Intangible Assets, Net
 12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill, Trade Names/Trademarks and Other Intangible Assets, Net

9. GOODWILL AND TRADE NAMES/TRADEMARKS, NET

Goodwill, Net

Goodwill, net, at December 31, 2020 and 2019 relates to the Company’s Discovery Cove reporting unit.  The Company performed an annual qualitative assessment at December 1, 2020 and 2019 and concluded that further evaluation was unnecessary.

Trade Names/Trademarks, Net

At December 1, 2020, the Company performed a quantitative assessment over certain trade names/trademarks with a combined balance of $111.9 million related to its SeaWorld brand. Based on its assessment, the Company determined the estimated fair value exceeded its carrying value and therefore no impairment had occurred. The Company performed a qualitative assessment for its remaining other indefinite-lived intangible assets at December 1, 2020 and all of its other indefinite-lived intangible assets at December 1, 2019 and concluded that further evaluation was unnecessary.

Trade names/trademarks, net, at December 31, 2020 and 2019, consisted of the following:

 

  

 

Weighted

Average

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

 

 

 

 

(In thousands)

 

Trade names/trademarks - indefinite lives

 

 

 

$

157,000

 

 

$

—

 

 

$

157,000

 

Trade names/trademarks - finite lives

 

9.3 years

 

 

12,900

 

 

 

12,900

 

 

 

—

 

Total trade names/trademarks, net

 

 

 

$

169,900

 

 

$

12,900

 

 

$

157,000

 

 
v3.20.4
Other Accrued Liabilities
 12 Months Ended
Dec. 31, 2020
Payables And Accruals [Abstract]  
Other Accrued Liabilities

 

10. OTHER ACCRUED LIABILITIES

Other accrued liabilities as of December 31, 2020 and 2019, consisted of the following:

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Accrued interest

 

$

23,422

 

 

$

573

 

Accrued taxes

 

 

10,518

 

 

 

2,718

 

Self-insurance reserve

 

 

7,540

 

 

 

7,488

 

Accrued legal settlements

 

 

—

 

 

 

65,000

 

Other

 

 

9,470

 

 

 

6,062

 

Total other accrued liabilities

 

$

50,950

 

 

$

81,841

 

 

As of December 31, 2020, accrued interest above primarily relates to interest associated with the Company’s second-priority senior secured notes issued in August 2020, for which interest is paid bi-annually in February and August and the first-priority senior secured notes issued in April 2020, for which interest is paid bi-annually in November and May. See further discussion in Note 11–Long-Term Debt.

 

As of December 31, 2019, accrued legal settlements above is related to a previously disclosed legal settlement which was paid, net of insurance proceeds, during the year ended December 31, 2020. As of December 31, 2019, the Company had recorded a receivable of $32.9 million in prepaid expenses and other current assets for insurance proceeds from its insurance carriers related to this case. See further details in Note 7–Prepaid Expenses and Other Current Assets and Note 15–Commitments and Contingencies.
v3.20.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Long-Term Debt

11. LONG-TERM DEBT

Long-term debt, net, as of December 31, 2020 and 2019 consisted of the following:

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Term B-5 Loans (effective interest rate of 3.75% and 4.80%

   at December 31, 2020 and 2019, respectively)

 

$

1,492,378

 

 

$

1,507,883

 

Revolving credit facility (effective interest rate of 4.35%

   at December 31, 2019)

 

 

—

 

 

 

50,000

 

Second-Priority Senior Notes (interest rate of 9.50%)

 

 

500,000

 

 

 

—

 

Senior Notes (interest rate of 8.75%)

 

 

227,500

 

 

 

—

 

Total long-term debt

 

 

2,219,878

 

 

 

1,557,883

 

Less: discounts and debt issuance costs

 

 

(27,236

)

 

 

(9,759

)

Less: current maturities, including revolving credit facility at December 31, 2019

 

 

(15,505

)

 

 

(65,505

)

Total long-term debt, net

 

$

2,177,137

 

 

$

1,482,619

 

Senior Secured Credit Facilities

SEA is the borrower under the senior secured credit facilities, as amended pursuant to a credit agreement (the “Amended Credit Agreement”) dated as of December 1, 2009, as the same may be amended, restated, supplemented or modified from time to time (the “Senior Secured Credit Facilities”).  

On March 10, 2020, SEA entered into an amendment, Amendment No. 10 (the “Amendment No. 10”) to its Amended Credit Agreement. Pursuant to Amendment No. 10, SEA increased the revolving credit commitments available under the Amended Credit Agreement from $210.0 million to an aggregate of $332.5 million.  On April 19, 2020 and on July 29, 2020, respectively, SEA entered into Amendment No. 11, (the “Amendment No. 11”) and Amendment No. 12, (the “Amendment No. 12”) to its Amended Credit Agreement to amend certain provisions therein.

On October 31, 2018, SEA entered into a refinancing amendment, Amendment No. 9 (the “Amendment No. 9”), to its Amended Credit Agreement. In connection with Amendment No. 9, SEA borrowed $543.9 million of additional term loans (the “Term B-5 Loans”) of which the proceeds, along with cash on hand, were used to redeem all of the then outstanding principal of the Term B-2 loans, and pay other fees, costs and expenses in connection with Amendment No. 9 and related transactions. Additionally, pursuant to Amendment No. 9, SEA terminated the then existing revolving credit commitments and replaced them with a new tranche of revolving credit commitments with an aggregate commitment amount of $210.0 million (the “Revolving Credit Facility”).

As of December 31, 2020, the Senior Secured Credit Facilities consisted of $1.492 billion in Term B-5 Loans which will mature on March 31, 2024 and a $332.5 million revolving credit facility (the “Revolving Credit Facility”), which was not drawn upon as of December 31, 2020.  The Revolving Credit Facility will mature on October 31, 2023. The outstanding balance on the Revolving Credit Facility as of December 31, 2019 was included in current maturities of long-term debt in the accompanying consolidated balance sheets due to the Company’s intent to repay the borrowings within the following twelve month period.

The Term B-5 Loans amortize in equal quarterly installments in aggregate annual amounts equal to 1.015% of the original principal amount of the Term B-5 Loans outstanding on October 31, 2018, with the balance payable on the final maturity date. SEA may voluntarily repay amounts outstanding under the Senior Secured Credit Facilities at any time without premium or penalty, other than customary “breakage” costs with respect to LIBOR loans. SEA is also required to prepay the outstanding Term B-5 Loans, subject to certain exceptions, under certain circumstances, as defined in the Senior Secured Credit Facilities. There were no mandatory prepayments made during the years ended December 31, 2020, 2019 and 2018.

The obligations under the Senior Secured Credit Facilities are fully, unconditionally and irrevocably guaranteed by the Company, any subsidiary of the Company that directly or indirectly owns 100% of the issued and outstanding equity interests of SEA, and, subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries. The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests, subject to certain exceptions, in (i) all the capital stock of, or other equity interests in, substantially all of SEA’s direct or indirect material domestic subsidiaries and 65% of the capital stock of, or other equity interests in, any “first tier” foreign subsidiaries and (ii) certain tangible and intangible assets of SEA and the Company. Certain financial, affirmative and negative covenants are included in the Senior Secured Credit Facilities. If an event of default occurs, the lenders under the Senior Secured Credit Facilities will be entitled to take various actions, including the acceleration of amounts due under the Senior Secured Credit Facilities and all actions permitted to be taken by a secured creditor.

Term B-5 Loans

Borrowings of the Term B-5 Loans under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate” (provided that in no event shall such base rate with respect to the Term B-5 Loans be less than 1.75% per annum), in each case, plus an applicable margin of 2.00% or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the Term B-5 Loans be less than 0.75% per annum) plus an applicable margin of 3.00%.

Revolving Credit Facility

Borrowings of the Revolving Credit Facility under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1⁄2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate”, in each case, plus an applicable margin equal to 1.75%; or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the Revolving Credit Facility be less than 0.0% per annum) plus an applicable margin equal to 2.75%.  The applicable margin for borrowings under the Revolving Credit Facility are subject to one 25 basis point step-down upon achievement by SEA of certain corporate credit ratings, which the Company did not achieve as of December 31, 2020.

In addition to paying interest on outstanding principal under the Senior Secured Credit Facilities, SEA is required to pay a commitment fee to the lenders under the Revolving Credit Facility in respect of the unutilized commitments thereunder at a rate of 0.50% per annum. SEA is also required to pay customary letter of credit fees.

As of December 31, 2020, SEA had approximately $21.2 million of outstanding letters of credit, leaving approximately $311.3 million available for borrowing under the Revolving Credit Facility.

First-Priority Senior Secured Notes

On April 30, 2020, SEA closed on a private offering of $227.5 million aggregate principal amount of 8.750% first-priority senior secured notes due 2025 (the “Senior Notes”).  

The Senior Notes mature on May 1, 2025 and have interest payment dates of May 1 and November 1 with the first interest payment paid on November 2, 2020.  On or after May 1, 2022, SEA may redeem the Senior Notes at its option, in whole at any time or in part from time to time, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on May 1 of the years as follows: (i) in 2022 at 104.375%; (ii) in 2023 at 102.188%; and (iii) in 2024 and thereafter at 100%. SEA may also redeem in the aggregate (at a redemption price expressed as a percentage of principal amount thereof): (i) 100% of the Senior Notes after certain events constituting a change of control at a redemption price of 101%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date and (ii) up to 40% of the original aggregate principal amount of the Senior Notes with amounts equal to the net cash proceeds of certain equity offerings at a redemption price  of 108.375%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The Senior Notes are fully and unconditionally guaranteed by the Company, any subsidiary of the Company that directly or indirectly owns 100% of the issued and outstanding equity interests of SEA, and subject to certain exceptions, each of SEA’s subsidiaries that guarantees SEA’s existing senior secured credit facilities.

Second-Priority Senior Secured Notes

On August 5, 2020, SEA closed on a private offering of $500.0 million aggregate principal amount of 9.500% second-priority senior secured notes due 2025 (the “Second-Priority Senior Notes”).  Net of expenses related to the offering of the Second-Priority Senior Notes and Amendment No. 12, the Company used a portion of the proceeds from the issuance of the Second-Priority Senior Notes to repay the then outstanding borrowings of $311.0 million under the Revolving Credit Facility.

The Second-Priority Senior Notes mature on August 1, 2025 and have interest payment dates of February 1 and August 1 with the first interest payment due on February 1, 2021.  

On or after February 1, 2022, SEA may redeem the Second-Priority Senior Notes at its option, in whole at any time or in part from time to time, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on February 1 of the years as follows: (i) in 2022 at 104.75%; (ii) in 2023 at 102.375%; and (iii) in 2024 and thereafter at 100%. SEA may also redeem in the aggregate (at a redemption price expressed as a percentage of principal amount thereof): (i) 100% of the Second-Priority Senior Notes after certain events constituting a change of control at a redemption price of 101%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date and (ii) up to 40% of the original aggregate principal amount of the Second-Priority Senior Notes with amounts equal to the net cash proceeds of certain equity offerings at a redemption price  of 109.50%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

At any time prior to February 1, 2022, SEA may, (i) during the twelve month period commencing on the issue date and (ii) during the period subsequent to such twelve month period and prior to February 1, 2022, redeem in each period up to 10.0% of the initial aggregate principal amount of the Second-Priority Senior Notes at a redemption price equal to 103% of the aggregate principal amount of the Second-Priority Senior Notes to be redeemed plus accrued and unpaid interest, if any, to but excluding the redemption date; provided, that if SEA does not redeem 10.0% of the initial aggregate principal amount of Second-Priority Senior Notes during the twelve month period commencing on the issue date, SEA may, in the subsequent period prior to February 1, 2022, redeem the Second-Priority Senior Notes in an amount that does not exceed 10.0% of the initial aggregate principal amount plus the difference between (x) 10.0% of the initial aggregate principal amount and (y) the aggregate principal amount of Second-Priority Senior Notes that were redeemed in such twelve month period.

The Second-Priority Senior Notes are fully and unconditionally guaranteed by the Company, any subsidiary of the Company that directly or indirectly owns 100% of the issued and outstanding equity interests of SEA, and subject to certain exceptions, each of SEA’s subsidiaries that guarantees SEA’s existing senior secured credit facilities.

Discounts and Debt Issuance Costs

In connection with the issuance of the Senior Notes and Second-Priority Senior Notes, and as a result of Amendment No. 10, Amendment No. 11 and Amendment No. 12, SEA recorded discounts and fees of approximately $21.9 million, of which approximately $13.8 million were paid directly to lenders, during the year ended December 31, 2020. In connection with the issuance of the Term B-5 Loans and as a result of the Amendment No. 9, SEA recorded a discount of $0.7 million during the year ended December 31, 2018. Additionally, SEA wrote-off debt issuance costs of $8.2 million, which is included in loss on early extinguishment of debt and write-off of discounts and debt issuances costs in the accompanying consolidated statement of comprehensive (loss) income during the year ended December 31, 2018.  

 Restrictive Covenants

The Senior Secured Credit Facilities contain a number of customary negative covenants. Such covenants, among other things, restrict, subject to certain exceptions, the ability of SEA and its restricted subsidiaries to incur additional indebtedness; make guarantees; create liens on assets; enter into sale and leaseback transactions; engage in mergers or consolidations; sell assets; make fundamental changes; pay dividends and distributions or repurchase SEA’s capital stock; make investments, loans and advances, including acquisitions; engage in certain transactions with affiliates; make changes in the nature of the business; and make prepayments of junior debt. All of the net assets of SEA and its consolidated subsidiaries are restricted and there are no unconsolidated subsidiaries of SEA.

The Revolving Credit Facility requires that the Company comply with a springing maximum first lien secured leverage ratio of 6.25x to be tested as of the last day of any fiscal quarter, solely to the extent that on such date the aggregate amount of funded loans and letters of credit (excluding undrawn letters of credit in an amount not to exceed $30.0 million and cash collateralized letters of credit) under the Revolving Credit Facility exceeds an amount equal to 35% of the then outstanding commitments under the Revolving Credit Facility. Pursuant to Amendment No. 12, among other terms, SEA will be exempt from complying with its first lien secured leverage ratio covenant through the end of 2021, after which SEA will be required to comply with such covenant starting in the first quarter of 2022. For purposes of calculating compliance with such covenant, unless a Triggering Event occurs (as defined in Amendment No. 12),  beginning with the first quarter of 2022, to the extent trailing Adjusted EBITDA (as defined in Amendment No. 12) for the second, third or fourth quarters of 2021 would have otherwise been included in the calculation of such covenant, in lieu of using actual Adjusted EBITDA for such periods, Adjusted EBITDA for such applicable periods will be deemed to be actual Adjusted EBITDA (as defined in Amendment No. 12) for the corresponding quarter of 2019.  In addition, SEA will be required to comply with a quarterly minimum liquidity test (defined as unrestricted cash and cash equivalents and available commitments under the Revolving Credit Facility) of not less than $75.0 million until the earlier of September 30, 2022 or the date on which the Company elects to use the actual Adjusted EBITDA for purposes of calculating its financial maintenance covenant. SEA will also be restricted from paying certain dividends or making other restricted payments through the third quarter of 2022 unless certain conditions are met.

As of December 31, 2020, SEA was in compliance with all covenants contained in the documents governing the Senior Secured Credit Facilities.

Long-term debt at December 31, 2020, is repayable as follows and does not include the impact of any future voluntary prepayments:

 

Years Ending December 31,

 

(In thousands)

 

2021

 

$

15,505

 

2022

 

 

15,505

 

2023

 

 

15,505

 

2024

 

 

1,445,863

 

2025

 

 

727,500

 

Total

 

$

2,219,878

 

 

Interest Rate Swap Agreements

The Company previously had five interest rate swap agreements (the “Interest Rate Swap Agreements”) which effectively fixed the interest rate on the LIBOR-indexed interest payments associated with $1.0 billion of SEA’s outstanding long-term debt. The Interest Rate Swap Agreements expired on May 14, 2020.

SEA designated the Interest Rate Swap Agreements above as qualifying cash flow hedge accounting relationships as further discussed in Note 12–Derivative Instruments and Hedging Activities which follows.

Cash paid for interest relating to the Senior Secured Credit Facilities, Senior Notes and Interest Rate Swap Agreements, net of amounts capitalized, as applicable, was $73.7 million, $80.5 million and $82.5 million during the years ended December 31, 2020, 2019 and 2018, respectively.  See Note 10–Other Accrued Liabilities for accrued interest included in the accompanying consolidated balance sheets as of December 31, 2020 and 2019.
v3.20.4
Derivative Instruments and Hedging Activities
 12 Months Ended
Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities

12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and at times through the use of derivative financial instruments. Specifically, the Company has previously entered into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. The Company does not speculate using derivative instruments.

In May 2020, the Company’s Interest Rate Swap Agreements expired, as such, the Company did not have any derivative instruments outstanding as of December 31, 2020. As of December 31, 2019, the Company did not have any derivatives outstanding that were not designated in hedge accounting relationships.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives were to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily used interest rate swaps at times as part of its interest rate risk management strategy. During the years ended December 31, 2020, 2019 and 2018, such derivatives were used to hedge a portion of the variable cash flows associated with existing variable-rate debt.   

The Interest Rate Swap Agreements were designated as cash flow hedges of interest rate risk. The changes in the fair value of derivatives designated and that qualify as cash flow hedges were recorded in accumulated other comprehensive income (loss) and were subsequently reclassified into earnings in the period that the hedged forecasted transaction affected earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives were reclassified to interest expense as interest payments were made on the Company’s variable-rate debt.  

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The Company did not have any derivative financial instruments outstanding as of December 31, 2020. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheet as of December 31, 2019:

 

 

 

Liability Derivatives

 

 

 

As of December 31, 2019

 

 

 

Balance Sheet

Location

 

Fair Value

 

Derivatives designated as hedging instruments:

 

(In thousands)

 

Interest rate swap agreements

 

Other liabilities

 

 

2,156

 

Total derivatives designated as hedging instruments

 

 

 

$

2,156

 

 

 

Derivative instruments are valued according to the methodology outlined in Note 2–Summary of Significant Accounting Policies.  The Company determined that its derivatives fell within Level 2 of the fair value hierarchy as discussed in Note–16 Fair Value Measurements.  The unrealized gain or loss on derivatives was recorded net of tax expense of $0.5 million and  a tax benefit of $1.4 million for the years ended December 31, 2020 and 2019, respectively, and is included in the accompanying consolidated statements of changes in stockholders’ (deficit) equity and the consolidated statements of comprehensive (loss) income.  

Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive (Loss) Income

The table below presents the pre-tax effect of the Company’s derivative financial instruments in the accompanying consolidated statements of comprehensive (loss) income for the years ended December 31, 2020 and 2019:

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

(In thousands)

 

Derivatives in Cash Flow Hedging Relationships:

 

 

 

 

 

 

 

 

 

 

(Loss) gain recognized in accumulated other comprehensive loss

 

 

 

$

(370

)

 

$

(5,247

)

Amounts reclassified from accumulated other comprehensive income (loss) to interest expense

 

 

 

$

2,501

 

 

$

(17

)

Changes in Accumulated Other Comprehensive Income (Loss)

The following table reflects the changes in accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2020 and 2019:

Accumulated other comprehensive income (loss) (In thousands):

 

 

 

 

 

(Losses) Gains on

Cash Flow Hedges

 

Accumulated other comprehensive income at December 31, 2018

 

 

 

 

 

 

2,284

 

Other comprehensive loss before reclassifications

 

 

(3,831

)

 

 

 

 

Amounts reclassified from accumulated other comprehensive income (loss) to interest expense

 

 

(12

)

 

 

 

 

Change in other comprehensive income (loss), net of tax

 

 

 

 

 

 

(3,843

)

Accumulated other comprehensive loss at December 31, 2019

 

 

 

 

 

 

(1,559

)

Other comprehensive loss before reclassifications

 

 

(271

)

 

 

 

 

Amounts reclassified from accumulated other comprehensive loss to interest expense

 

 

1,830

 

 

 

 

 

Change in other comprehensive income (loss), net of tax

 

 

 

 

 

 

1,559

 

Accumulated other comprehensive income (loss) at December 31, 2020

 

 

 

 

 

$

—

 

 
v3.20.4
Income Taxes
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

13. INCOME TAXES

For the years ended December 31, 2020, 2019 and 2018, the (benefit from) provision for income taxes is comprised of the following:

 

 

2020

 

 

2019

 

 

2018

 

Current income tax provision

 

(In thousands)

 

Federal

 

$

(136

)

 

$

(77

)

 

$

(99

)

State

 

 

1,020

 

 

 

1,580

 

 

 

1,113

 

Foreign

 

 

5

 

 

 

27

 

 

 

7

 

Total current income tax provision

 

 

889

 

 

 

1,530

 

 

 

1,021

 

Deferred income tax (benefit) provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(19,718

)

 

 

21,825

 

 

 

13,019

 

State

 

 

(11,696

)

 

 

16,173

 

 

 

3,875

 

Total deferred income tax (benefit) provision

 

 

(31,414

)

 

 

37,998

 

 

 

16,894

 

Total income tax (benefit) provision

 

$

(30,525

)

 

$

39,528

 

 

$

17,915

 

 

The deferred income tax (benefit) provision represents the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Cash paid for income taxes totaled $0.5 million, $1.4 million and $0.8 million, for the years ended December 31, 2020, 2019 and 2018, respectively.

The components of deferred income tax assets and liabilities as of December 31, 2020 and 2019 are as follows:

 

 

 

2020

 

 

2019

 

Deferred income tax assets:

 

(In thousands)

 

Acquisition and debt related costs

 

$

4,128

 

 

$

5,550

 

Net operating losses

 

 

272,943

 

 

 

180,693

 

Goodwill impairment

 

 

53,887

 

 

 

54,271

 

Self-insurance

 

 

7,410

 

 

 

7,308

 

Deferred revenue

 

 

5,707

 

 

 

2,546

 

Cash flow hedge

 

 

—

 

 

 

571

 

Restricted stock

 

 

2,826

 

 

 

4,411

 

Tax credits

 

 

10,577

 

 

 

10,230

 

Legal settlements

 

 

645

 

 

 

8,590

 

Lease obligations

 

 

29,943

 

 

 

32,078

 

Interest limitation

 

 

463

 

 

 

—

 

Other

 

 

6,061

 

 

 

5,200

 

Total deferred income tax assets

 

 

394,590

 

 

 

311,448

 

Valuation allowance

 

 

(65,617

)

 

 

(5,216

)

Net deferred tax assets

 

 

328,973

 

 

 

306,232

 

Deferred income tax liabilities:

 

 

 

 

 

 

 

 

Property and equipment

 

 

(211,729

)

 

 

(225,827

)

Amortization - Goodwill

 

 

(51,435

)

 

 

(46,688

)

Amortization - Other intangibles

 

 

(26,080

)

 

 

(22,979

)

Right of use assets

 

 

(29,631

)

 

 

(31,940

)

Other

 

 

(3,023

)

 

 

(2,558

)

Total deferred income tax liabilities

 

 

(321,898

)

 

 

(329,992

)

Net deferred income tax assets (liabilities)

 

$

7,075

 

 

$

(23,760

)

The Company files federal, state and provincial income tax returns in various jurisdictions with varying statute of limitation expiration dates.  Under the tax statute of limitations applicable to the Internal Revenue Code of 1986, as amended (the “Code”), the Company is no longer subject to U.S. federal income tax examinations by the Internal Revenue Service for years before 2016.  However, because the Company is carrying forward income tax attributes, such as net operating losses and tax credits from 2009 and subsequent years, these attributes can still be audited when utilized on returns filed in the future.  The Company has determined that there are no positions currently taken that would rise to a level requiring an amount to be recorded or disclosed as an unrecognized tax benefit. If such positions do arise, it is the Company’s intent that any interest or penalty amount related to such positions will be recorded as a component of the income tax provision in the applicable period.

The Company has federal tax net operating loss carryforwards of approximately $1.0 billion as of December 31, 2020 and state net operating loss carryforwards spread across various jurisdictions with a combined total of approximately $1.2 billion as of December 31, 2020. These net operating loss carryforwards, if not used to reduce taxable income in future periods, will begin to expire in 2029, for both federal and state tax purposes.

Realization of the deferred income tax assets, primarily arising from these net operating loss carryforwards and charitable contribution carryforwards, is dependent upon generating sufficient taxable income prior to expiration of the carryforwards, which may include the reversal of deferred tax liability components.  

The Company believes it is more likely than not that some of its deferred tax assets will not be realized. Therefore, the Company has recorded a valuation allowance of approximately $39.5 million for federal net operating loss carryforwards, approximately $7.1 million for federal tax credits and approximately $4.0 million for federal and state charitable contributions as of December 31, 2020. Separately, the Company has recorded a valuation allowance of approximately $15.0 million and $5.2 million, net of federal tax benefit, on the deferred tax assets related to state net operating loss carryforwards as of December 31, 2020 and 2019, respectively. The Company’s valuation allowances, in part, rely on estimates and assumptions related to future financial performance.  Given the macroeconomic environment related to the COVID-19 pandemic and the uncertainties regarding the related impact on financial performance, the Company’s valuation allowances may need to be adjusted in the future.

 

 

The reconciliation between the statutory income tax rate and the Company’s effective income tax provision (benefit) rate for the years ended December 31, 2020, 2019 and 2018, is as follows:

 

 

2020

 

 

2019

 

 

2018

 

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

 

 

(In thousands)

 

 

Income tax at federal statutory rates

 

$

(71,998

)

 

 

21.00

 

%

$

27,091

 

 

 

21.00

 

%

$

13,167

 

 

 

21.00

 

%

State taxes, net of federal benefit

 

 

(15,816

)

 

 

4.61

 

 

 

7,645

 

 

 

5.93

 

 

 

4,640

 

 

 

7.40

 

 

Equity-based compensation

 

 

(485

)

 

 

0.14

 

 

 

(1,776

)

 

 

(1.38

)

 

 

668

 

 

 

1.07

 

 

Tax credits

 

 

(304

)

 

 

0.09

 

 

 

(795

)

 

 

(0.62

)

 

 

(1,221

)

 

 

(1.95

)

 

Impact of state rate changes

 

 

(3,906

)

 

 

1.14

 

 

 

3,770

 

 

 

2.92

 

 

 

(379

)

 

 

(0.60

)

 

Nondeductible settlement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

840

 

 

 

1.34

 

 

Valuation allowance - state

 

 

10,450

 

 

 

(3.05

)

 

 

2,455

 

 

 

1.90

 

 

 

—

 

 

 

—

 

 

Valuation allowance - federal

 

 

49,951

 

 

 

(14.57

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Other

 

 

1,583

 

 

 

(0.46

)

 

 

1,138

 

 

 

0.89

 

 

 

200

 

 

 

0.31

 

 

Income tax (benefit) provision

 

$

(30,525

)

 

 

8.90

 

%

$

39,528

 

 

 

30.64

 

%

$

17,915

 

 

 

28.57

 

%

 
v3.20.4
Leases
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases

14. LEASES

The Company leases land, warehouse and office space, and equipment, which are classified as either operating or finance leases. The Company’s most significant lease is a long-term land lease with the City of San Diego covering approximately 190 acres, including approximately 17 acres of water in Mission Bay Park, California (the “Premises”). While there are no financial restrictions or covenants imposed by the Premises lease, there are certain operational restrictions in that the Premises must be used as a marine park facility and the Company may not operate another marine park facility within 560 miles of the City of San Diego.

The lease term for the Premises ends in June 2048 and the annual rent under the lease is variable and calculated on the basis of a specified percentage of the Company’s gross income from the Premises, (the “Percentage Rent”), or the minimum yearly rent (the “Minimum Rent”), whichever is greater.   

The required annual rent payments for the Premises is adjusted every three years to an amount equal to 80% of the average accounting year rent actually paid for the three previous years, with the annual minimum rent calculated as $10.4 million through each of the years ended December 31, 2020 and 2019.

The annual rent payments may vary from the base rent due to a shift of seasonal performance results. Rent payments related to the Premises for the years ended December 31, 2020, 2019 and 2018 were approximately $0.5 million, $10.5 million and $11.2 million, respectively. The Company’s gross income from the Premises was significantly impacted during the year ended December 31, 2020 due to the temporary park closures, limited reopenings, modified operations and capacity restrictions resulting from the impact of the COVID-19 pandemic and related government restrictions in San Diego.  As a result, the Company deferred $1.6 million of the Percentage Rent related to the year ended December 31, 2020, and an additional $8.3 million related to the Minimum Rent for the year ended December 31, 2020.  As such, approximately $9.9 million is included in accounts payable and accrued expenses on the accompanying consolidated balance sheet as of December 31, 2020 related to this lease. Operating lease liabilities and long-term operating lease liabilities on the accompanying consolidated balance sheet as of December 31, 2020 and the lease maturities as of December 31, 2020 are not adjusted for these deferred payments. Subsequent to December 31, 2020, the Company remitted the amounts owed for Percentage Rent of approximately $1.6 million.

The tables below present the lease balances and their classification in the accompanying consolidated balance sheets as of December 31, 2020 and 2019:

 

 

 

December 31,

 

 

December 31,

 

 

 

Classification

2020

 

 

2019

 

Assets:

 

 

 

 

(In thousands)

 

Operating leases

 

Right of use assets - operating

$

136,572

 

 

$

141,438

 

Finance leases

 

Other assets, net

 

3,580

 

 

 

3,487

 

Total lease assets

 

 

$

140,152

 

 

$

144,925

 

Liabilities:

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

Operating leases

 

Operating lease liabilities

$

3,757

 

 

$

3,896

 

Finance leases

 

Other accrued liabilities

 

820

 

 

 

707

 

Noncurrent

 

 

 

 

 

 

 

 

 

Operating leases

 

Long-term operating lease liabilities

 

120,144

 

 

 

124,339

 

Finance leases

 

Other liabilities

 

2,899

 

 

 

2,851

 

Total lease liabilities

 

 

$

127,620

 

 

$

131,793

 

 

The table below presents the lease costs and their classification in the accompanying consolidated statements of comprehensive (loss) income for the years ended December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Classification

2020

 

 

2019

 

 

 

 

(In thousands)

 

Operating lease cost

 

Operating expenses

$

13,966

 

 

$

14,528

 

Operating lease cost

 

Selling, general and administrative expenses

 

425

 

 

 

445

 

Finance lease cost

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

844

 

 

 

742

 

Interest on lease liabilities

 

Interest expense

 

176

 

 

 

146

 

Net lease cost

 

 

$

15,411

 

 

$

15,861

 

In addition to the operating lease costs above, short-term rent expense for the years ended December 31, 2020 and 2019 were approximately $2.1 million and $4.2 million, respectively, and variable rent expense for the years ended December 31, 2020 and 2019 were $4.9 million and $5.3 million, respectively. The short-term and variable rent expense amounts are included in operating expenses and selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) income.

The table below presents the Company’s lease maturities as of December 31, 2020:

 

 

Operating leases

 

 

 

 

 

Years Ending December 31,

 

Land lease

 

 

Other operating leases

 

 

Total operating leases

 

 

Finance leases

 

 

 

(In thousands)

 

2021

 

$

10,401

 

 

$

3,154

 

 

$

13,555

 

 

$

939

 

2022

 

 

10,401

 

 

 

2,117

 

 

 

12,518

 

 

 

543

 

2023

 

 

10,401

 

 

 

1,704

 

 

 

12,105

 

 

 

226

 

2024

 

 

10,401

 

 

 

1,559

 

 

 

11,960

 

 

 

206

 

2025

 

 

10,401

 

 

 

1,311

 

 

 

11,712

 

 

 

201

 

Thereafter

 

 

234,031

 

 

 

1,617

 

 

 

235,648

 

 

 

2,392

 

Total lease payments

 

 

286,036

 

 

 

11,462

 

 

 

297,498

 

 

 

4,507

 

Less: Imputed interest

 

 

(171,894

)

 

 

(1,703

)

 

 

(173,597

)

 

 

(788

)

Lease liabilities

 

$

114,142

 

 

$

9,759

 

 

$

123,901

 

 

$

3,719

 

 

 

 

The table below presents the weighted average remaining lease terms and applicable discount rates as of December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

Weighted average remaining lease term (years):

 

 

 

 

 

 

 

 

Operating leases

 

 

25.75

 

 

 

26.19

 

Finance leases

 

 

12.87

 

 

 

14.64

 

Weighted average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

8.14

%

 

 

8.12

%

Finance leases

 

 

3.76

%

 

 

3.56

%

The table below presents the cash flows and supplemental information associated with the Company’s leasing activities for the years ended December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

3,938

 

 

$

14,513

 

Operating cash flows from finance leases

 

$

176

 

 

$

146

 

Financing cash flows from finance leases

 

$

806

 

 

$

692

 

Right of use assets obtained in exchange for lease liabilities:

 

 

 

 

 

 

 

 

Finance leases

 

$

938

 

 

$

1,285

 

Operating leases

 

$

-

 

 

$

133,297

 

 
v3.20.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

15. COMMITMENTS AND CONTINGENCIES

The Company has commenced construction of certain new theme park attractions and other projects under contracts with various third parties. At December 31, 2020, excluding certain amounts related to the License Agreement with Sesame Workshop as described below, additional capital payments of approximately $72.0 million are necessary to complete these projects. The majority of these projects are expected to be completed in 2021 or 2022.

License Agreements

Pursuant to a license agreement (“License Agreement”) with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event.  The Company’s principal commitments pursuant to the License Agreement include, among other items, the opening of a second stand-alone park (“Standalone Park”) no later than mid-2021 and minimum annual capital and marketing thresholds.  After the opening of the second Standalone Park (counting the existing Sesame Place Standalone Park in Langhorne, Pennsylvania), the Company will have the option to build additional Standalone Parks in the defined territory within agreed upon timelines.  The License Agreement has an initial term through December 31, 2031, with an automatic additional 15-year extension plus a five year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. As of December 31, 2020, the Company estimates the combined remaining obligations for the License Agreement commitments could be up to approximately $45.0 million over the remaining term of the agreement.  In October 2019, the Company announced that it will convert Aquatica San Diego into its second Sesame Place Standalone Park in the spring of 2021. While construction began in the fall of 2019, it was temporarily paused due to the COVID-19 pandemic. The Company currently expects to open this park in 2022. As a result, depending on governmental restrictions in the state of California, the Company expects to reopen its Aquatica San Diego park in 2021 for its operating season.  

ABI has granted the Company a perpetual, exclusive, worldwide, royalty-free license to use the Busch Gardens trademark and certain related domain names in connection with the operation, marketing, promotion and advertising of certain of the Company’s theme parks, as well as in connection with the production, use, distribution and sale of merchandise sold in connection with such theme parks. Under the license, the Company is required to indemnify ABI against losses related to the use of the marks.

Legal Proceedings

Securities Class Action Lawsuits

The Company received final court approval of settlement of a purported stockholder class action lawsuit consisting of purchasers of the Company’s common stock during the periods between April 18, 2013 and August 13, 2014, captioned Baker v. SeaWorld Entertainment, Inc., et al., Case No. 14-CV-02129-MMA (KSC).  The settlement required the Company to pay $65.0 million for

claims alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as well as the costs of administration and legal fees and expenses. The settlement does not include or constitute an admission, concession, or finding of any fault, liability, or wrongdoing by the Company or any defendant. During the year ended December 31, 2019, the Company recorded $32.1 million of legal settlement charges, net of insurance recoveries, related to this case. The full settlement amount was funded during the year ended December 31, 2020.

On June 14, 2018, a lawsuit captioned Highfields Capital I LP et al v. SeaWorld Entertainment, Inc. et al, Case No. 3:18-cv-01276-L-BLM, was filed in the United States District Court in the Southern District of California against the Company and certain of the Company’s former and present executive officers.  The plaintiffs, which are investment funds managed by a common adviser allege, among other things, that the Defendants made false and misleading statements in violation of the federal securities laws and Florida common law, regarding the impact of the film Blackfish on SeaWorld’s business.  The complaint further alleges that such statements were made to induce Plaintiffs to purchase common stock of the Company at artificially-inflated prices and that Plaintiffs suffered investment losses as a result.  The Plaintiffs have indicated to the Company they believe the damages are in the range of $30 million to $35 million before considering interest.  On October 19, 2018, Defendants moved for partial dismissal of the complaint.  On February 7, 2019, the Court granted Defendants’ motion and dismissed Plaintiffs’ Florida state law claims as well as federal securities law claims based on the Company’s second quarter 2013 earnings statements.  On May 1, 2019, Defendants filed their answer to Plaintiffs’ complaint.  The parties are in the process of completing discovery and will then have the opportunity to file any summary judgment motions per a scheduling order the Court issued which contemplates briefing into the summer and the fall. The Company believes that the lawsuit is without merit and intends to defend the lawsuit vigorously. While there can be no assurance regarding the ultimate outcome of this lawsuit, the Company believes that any potential loss would not be material.

Shareholder Derivative Lawsuit

The Company received final court approval of a settlement of a putative derivative lawsuit captioned Kistenmacher v. Atchison, et al., Civil Action No. 10437 that was filed in the Court of Chancery of the State of Delaware against, among others, the then Chairman of the Company’s Board, certain of the Company’s executive officers, directors and shareholders, and Blackstone.  The Company was a “Nominal Defendant” in the lawsuit.  Pursuant to the settlement, the Company received $12.5 million of insurance proceeds from its insurers and adopted certain corporate governance modifications.   During the year ended December 31, 2020, the Company recorded a legal settlement gain of $12.5 million related to insurance proceeds received in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) income.

Consumer Lawsuit

On April 13, 2015, a purported class action was filed in the Superior Court of the State of California for the City and County of San Francisco against SeaWorld Parks & Entertainment, Inc., captioned Marc Anderson, et. al., v. SeaWorld Parks & Entertainment, Inc. Civil Case No. 15-cv-02172-JSW.  The putative class consisted of all consumers within California who, within the past four years, purchased tickets to SeaWorld San Diego.  The complaint (as amended) alleged causes of action under the California False Advertising Law, California Unfair Competition Law and California CLRA.  The complaint sought restitution, equitable relief, attorneys’ fees and costs. The case was dismissed and refiled in the United States District Court for the Northern District of California.  

The plaintiffs did not file a motion for class certification.  The case was prosecuted by certain plaintiffs for individual restitution in a nominal amount and injunctive relief.  

The Court bifurcated the trial of the case into two phases: the plaintiffs’ standing to sue and the merits of their claims.  Before the first phase of the trial, plaintiff Anderson dismissed all claims against the Company.  The standing trial with regard to the remaining plaintiffs took place in March of 2020. On October 13, 2020, the Court ruled that the remaining plaintiffs have no standing to sue and judgment was entered in favor of the Company.  Plaintiffs have elected not to appeal this decision and the time to do so has passed. 

Other lawsuits

On or about October 9, 2018, the Company received a demand letter from attorneys representing 19 former employees who claim that the terms of their respective separation agreements entitle them to certain favorable modifications made to certain performance-vesting restricted shares issued under the Company’s 2013 Omnibus Incentive Plan (the “Plan”).  

The parties attended non-binding mediation on October 27, 2020. The claims were not resolved. On November 9, 2020, the Company filed in the Court of Chancery of the State of Delaware an action for declaratory judgment seeking a declaration that the threatened claims of the former employees are time-barred and without merit.  In response, the defendant former employees filed a motion to dismiss or in the alternative to stay and compel arbitration. The parties are currently discussing participation in an arbitration.  In terms of potential exposure, the value of the total shares at issue for these 19 former employees depends largely upon the Company’s current share price, which fluctuates daily. Approximately 300,000 shares are at issue. The Company believes that the former employees’ claims are without merit and intends to defend vigorously its positions. While there can be no assurance regarding the ultimate outcome of this matter, the Company believes that any potential loss would not be material.

Other Matters

The Company is a party to various other claims and legal proceedings arising in the normal course of business. In addition, from time to time the Company is subject to audits, inspections and investigations by, or receives requests for information from, various federal and state regulatory agencies, including, but not limited to, the U.S. Department of Agriculture’s Animal and Plant Health Inspection Service (“APHIS”), the U.S. Department of Labor’s Occupational Safety and Health Administration (“OSHA”), the California Occupational Safety and Health Administration (“Cal-OSHA”), the Florida Fish & Wildlife Commission (“FWC”), the Equal Employment Opportunity Commission (“EEOC”), the Internal Revenue Service (“IRS”) the U.S. Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”).

In September 2018, the Company reached a settlement with the SEC relating to a previously disclosed SEC investigation. In connection with the settlement, without admitting or denying the substantive allegations in the SEC’s complaint, the Company agreed to the entry of a final judgment ordering the Company to pay a civil penalty of $4.0 million and enjoining the Company from violation of certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 and certain rules thereunder. The settlement is recorded in selling, general and administrative expenses for the year ended December 31, 2018 in the Company’s consolidated statements of comprehensive (loss) income. 

Other than those matters discussed above, from time to time, various parties also bring other lawsuits against the Company. Matters where an unfavorable outcome to the Company is probable and which can be reasonably estimated are accrued. Such accruals, which are not material for any period presented, are based on information known about the matters, the Company’s estimate of the outcomes of such matters, and the Company’s experience in contesting, litigating and settling similar matters. Matters that are considered reasonably possible to result in a material loss are not accrued for, but an estimate of the possible loss or range of loss is disclosed, if such amount or range can be determined. At this time, management does not expect any such known claims, legal proceedings or regulatory matters to have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows.
v3.20.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

16. FAIR VALUE MEASUREMENTS

The Company has determined that of its long-term obligations, the Term B-5 Loans are classified in Level 2 of the fair value hierarchy as of December 31, 2020 and 2019, and the Senior Notes and Second-Priority Senior Notes are classified in Level 1 of the fair value hierarchy as of December 31, 2020. The fair value of the Term B-5 Loans approximate their carrying value, excluding unamortized debt issuance costs and discounts, due to the variable nature of the underlying interest rates and the frequent intervals at which such interest rates are reset. The fair value of the Senior Notes and Second-Priority Senior Notes was determined using quoted prices in active markets for identical instruments. See Note 11–Long-Term Debt.

The Company has determined that the majority of the inputs used to value its derivative financial instruments using the income approach fall within Level 2 of the fair value hierarchy. The Company uses readily available market data to value its derivatives, such as interest rate curves and discount factors. ASC 820, Fair Value Measurement also requires consideration of credit risk in the valuation. The Company uses a potential future exposure model to estimate this credit valuation adjustment (“CVA”). The inputs to the CVA are largely based on observable market data, with the exception of certain assumptions regarding credit worthiness which make the CVA a Level 3 input. Based on the magnitude of the CVA, it was not considered a significant input and the derivatives were classified as Level 2 as of December 31, 2019. The Company did not have any derivative financial instruments outstanding as of December 31, 2020. See Note 12–Derivative Instruments and Hedging Activities.

The Company did not have any assets measured on a recurring basis at fair value at December 31, 2020. The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis at fair or carrying value as of December 31, 2020:

 

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2020

 

Liabilities:

(In thousands)

 

Long-term obligations (a)

$

787,975

 

 

$

1,492,378

 

 

$

—

 

 

$

2,280,353

 

  

(a)

Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $15.5 million and long-term debt of $2.177 billion as of December 31, 2020.

The Company did not have any assets measured on a recurring basis at fair value at December 31, 2019. The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2019:

 

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2019

 

Liabilities:

(In thousands)

 

Derivative financial instruments (a)

$

—

 

 

$

2,156

 

 

$

—

 

 

$

2,156

 

Long-term obligations (b)

$

—

 

 

$

1,557,883

 

 

$

—

 

 

$

1,557,883

 

 

(a)

Reflected at fair value in the consolidated balance sheet as other liabilities of $2.2 million as of December 31, 2019.

(b)

Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $65.5 million and long-term debt of $1.483 billion as of December 31, 2019.
v3.20.4
Related-Party Transactions
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
Related-Party Transactions

17.  RELATED-PARTY TRANSACTIONS

ZHG Transaction 

As previously disclosed, Sun Wise (UK) Co., LTD., an affiliate to the ZHG Group (“Sun Wise”), previously held beneficial ownership of 19,452,063 shares (the “Pledged Shares”) of the Company’s common stock, which Sun Wise pledged in connection with certain loan obligations of Sun Wise.  Sun Wise subsequently defaulted on such loan obligations and, as a result, certain of its lenders (together, the “Lenders”) foreclosed on the Pledged Shares.  The Pledged Shares were transferred to a security agent for the Lenders (the “Security Agent”), on May 3, 2019.    

On May 27, 2019, the Security Agent entered into a share repurchase agreement with the Company pursuant to which the Security Agent agreed to sell and the Company agreed to purchase 5,615,874 of the Pledged Shares held by the Security Agent at a price per share equal to $26.71 (the “SEAS Repurchase”) for a total cost of approximately $150.0 million. The SEAS Repurchase closed on May 30, 2019.

Also on May 27, 2019, the Security Agent also entered into a stock purchase agreement with Hill Path Capital LP (“Hill Path”) and certain of its affiliates pursuant to which the Security Agent agreed to sell and certain affiliates of Hill Path agreed to purchase, in the aggregate, 13,214,000 of the Pledged Shares held by the Security Agent at a price per share equal to $26.71 (the “HP Purchase”). The purchase closed on May 30, 2019, at which time, Hill Path’s ownership percentage increased to 34.6%.  See Note 20–Stockholders’ (Deficit) Equity for further details.

ZHG Agreements 

As discussed in Note 4–Revenues, in March 2017, the Company entered into the ZHG Agreements.  In April 2019, the Company terminated the ZHG Agreements for non-payment of undisputed amounts owed.  See Note 4–Revenues for further details including amounts recorded as revenue related to the ZHG Agreements.

Hill Path Capital LP Agreements

On May 27, 2019, in connection with the HP Purchase, the Company concurrently entered into a stockholders agreement, a registration rights and the Amended and Restated Undertaking Agreement with Hill Path (collectively, the “HP Agreements”).  Under the HP Agreements, the Company agreed to appoint up to three Hill Path director designees to its Board and Hill Path agreed to certain customary standstill obligations, restrictions regarding the manner of sale of shares, and equal treatment for any change in control transaction. In addition, Hill Path agreed that shares held in excess of 24.9% generally would be voted consistent with the Board’s recommendations or consistent with the shares voted by the Company’s other stockholders.  The Company also agreed to reimburse Hill Path for up to $250,000 of their expenses in connection with the HP Agreements.  During the year ended December 31, 2019, the Company reimbursed Hill Path for $250,000 in expenses incurred.
v3.20.4
Retirement Plan
 12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract]  
Retirement Plan

18. RETIREMENT PLAN

The Company sponsors a defined contribution plan, under Section 401(k) of the Internal Revenue Code. During 2019 and 2018, the plan was a qualified automatic contributions arrangement, which automatically enrolled employees, once eligible, unless they opted out. Effective January 1, 2020, the plan removed the automatic contributions arrangement. Through December 31, 2019, the Company made matching cash contributions subject to certain restrictions, structured as a 100% match on the first 1% contributed by the employee and a 50% match on the next 5% contributed by the employee. Effective January 1, 2020, the plan amended the matching cash contributions structure going forward to be a 50% match on the first 4% of eligible pay contributed by the employee. In April 2020, the Company matching contribution was temporarily suspended in response to the COVID-19 pandemic. Employer matching contributions for the years ended December 31, 2020, 2019 and 2018, totaled $1.3 million, $7.5 million and $7.6 million, respectively, and is included in selling, general and administrative expenses and in operating expenses in the accompanying consolidated statements of comprehensive (loss) income.
v3.20.4
Equity-Based Compensation
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Equity-Based Compensation

19. EQUITY-BASED COMPENSATION

Equity compensation expense is included in operating expenses and in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) income as follows:  

 

 

For the Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

Equity compensation expense included in operating expenses

 

$

522

 

 

$

4,076

 

 

$

7,387

 

Equity compensation expense included in selling, general and administrative expenses

 

 

6,945

 

 

 

7,030

 

 

 

14,765

 

Total equity compensation expense

 

$

7,467

 

 

$

11,106

 

 

$

22,152

 

Equity compensation expense for the year ended December 31, 2020, includes the reversal of expense related to certain performance vesting restricted units which were no longer considered probable of vesting and also includes the reversal of expense related to outstanding unvested equity awards previously held by the Company’s former chief executive officer which were forfeited in connection with his departure. See Previous Long-term Incentive Awards section which follows for further details.

Equity compensation expense for the year ended December 31, 2018, includes approximately $5.5 million related to equity awards which were accelerated to vest in connection with the departure of certain executives as required by their respective employment agreements (see Note 21–Severance and Other Separation Costs for further details). Total unrecognized equity compensation expense for all equity compensation awards probable of vesting as of December 31, 2020 was approximately $16.3 million, which is expected to be recognized over a weighted-average period of 1.1 years.

The total fair value of shares which vested during the years ended December 31, 2020, 2019 and 2018 was approximately $12.7 million, $9.7 million and $12.1 million, respectively. The weighted average grant date fair value per share of time-vesting and performance-vesting restricted awards granted during the years ended December 31, 2020, 2019 and 2018 were $15.85, $26.55 and $15.40 per share, respectively.

The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2020 was as follows:

 

 

 

 

 

 

 

 

 

 

 

Performance-Vesting Restricted Awards

 

 

 

Time-Vesting

Restricted Awards

 

 

Bonus Performance

Restricted Awards

 

 

Long-Term

Incentive

Performance

Restricted Awards

 

 

 

Shares/Units

 

 

Weighted

Average

Grant Date

Fair Value

per Award

 

 

Shares/Units

 

 

Weighted

Average

Grant Date

Fair Value

per Award

 

 

Shares/Units

 

 

Weighted

Average

Grant Date

Fair Value

per Award

 

Outstanding at December 31, 2019

 

 

725,911

 

 

$

21.08

 

 

 

333,673

 

 

$

26.10

 

 

 

1,855,828

 

 

$

22.34

 

Granted

 

 

1,476,758

 

 

$

12.99

 

 

 

—

 

 

$

—

 

 

 

246,374

 

 

$

33.23

 

Vested

 

 

(432,497

)

 

$

20.18

 

 

 

(97,616

)

 

$

26.11

 

 

 

(79,173

)

 

$

17.55

 

Forfeited

 

 

(77,593

)

 

$

22.71

 

 

 

(212,759

)

 

$

26.09

 

 

 

(555,393

)

 

$

25.11

 

Outstanding at December 31, 2020

 

 

1,692,579

 

 

$

14.18

 

 

 

23,298

 

 

$

26.16

 

 

 

1,467,636

 

 

$

23.38

 

 

 

The total intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018 was approximately $1.3 million, $2.4 million and $1.7 million, respectively.  The activity related to the Company’s stock option awards during the year ended December 31, 2020 was as follows: 

 

 

 

Options

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Life (in years)

 

 

Aggregate

Intrinsic Value

(in thousands)

 

Outstanding at December 31, 2019

 

 

914,022

 

 

$

22.43

 

 

 

 

 

 

 

 

 

Granted

 

 

128,434

 

 

$

20.79

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(184,059

)

 

$

28.38

 

 

 

 

 

 

 

 

 

Expired

 

 

(20,785

)

 

$

19.11

 

 

 

 

 

 

 

 

 

Exercised

 

 

(157,624

)

 

$

18.53

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2020

 

 

679,988

 

 

$

21.51

 

 

 

6.89

 

 

$

6,860

 

Exercisable at December 31, 2020

 

 

392,671

 

 

$

19.82

 

 

 

5.53

 

 

$

4,622

 

The weighted average grant date fair value of stock options granted during the year ended December 31, 2020 was $9.69. Key weighted-average assumptions utilized in the Black-Scholes Option Pricing Model for stock options granted during the year ended December 31, 2020 were:

Risk-free interest rate

 

 

0.61

%

Expected volatility

 

 

51.37

%

Expected dividend yield

 

 

0.00

%

Expected life (years) (a)

 

 

5.90

 

(a)

The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded.

Omnibus Incentive Plan

The Company has reserved 15,000,000 shares of common stock for issuance under the Company’s Omnibus Incentive Plan (the “Omnibus Incentive Plan”), of which approximately 7,680,000 are available for future issuance as of December 31, 2020.

Bonus Performance Restricted Awards

Due to the impact of the COVID-19 pandemic and related temporary park closures, the Company did not adopt an annual bonus plan for the year ended December 31, 2020.   

The Company had an annual bonus plan for the year ended December 31, 2019 (the “Fiscal 2019”), under which certain employees were eligible to vest in performance-vesting restricted units based upon the Company’s achievement of specified performance goals with respect to Fiscal 2019. Based on the Company’s actual Fiscal 2019 results, a portion of these units vested in the year ended December 31, 2020 and the remainder forfeited in accordance with their terms.

Separately, on October 3, 2019, in connection with its regular review of compensation matters, the Compensation Committee of the Board, approved certain equity awards designed to recognize employees for their contribution and continued expected contribution to the Company and its goals. A portion of these awards were in the form of performance-vesting restricted units which were eligible to vest based on achievement of specific performance goals with respect to Fiscal 2019.  Based on the Company’s actual Fiscal 2019 results, a portion of these units vested in the first quarter of 2020, another portion will vest in the first quarter of 2021 based on the employee’s continued employment on such vesting date and the remainder forfeited in accordance with their terms.

2020 Long-Term Incentive Awards

During the year ended December 31, 2020, the Company granted long-term incentive plan awards to certain employees.  These grants were comprised of nonqualified stock options (the “Long-Term Incentive Options”) and performance-vesting restricted units (the “Long-Term Incentive Performance Restricted Units”).

The nonqualified stock options generally vest ratably over two or three years, subject to continued employment through the applicable vesting date. Equity compensation expense for these options is recognized for each tranche over the vesting period using the straight-line method. Upon stock option exercises, authorized but unissued shares are issued by the Company.

The performance-vesting restricted units granted in 2020 contain a performance period through calendar year 2022 (or, the end of the 2023 calendar year, as applicable), and are otherwise consistent with the terms of the modified 2019 LTIP Performance Awards as discussed further below. Equity compensation expense has not yet been recorded related to these awards.

Other Long-Term Incentive Awards

During the year ended December 31, 2020, the Company also granted time-vesting restricted units to certain employees which generally vest over three years, with one-third vesting on each anniversary of the date of grant, subject to continued employment through the applicable vesting date.  

Separately, during the year ended December 31, 2020, in connection with a review of compensation matters, the Compensation Committee of the Board of Directors approved grants of approximately 1.2  million restricted stock units designed to recognize certain employees for their contributions and continued expected contributions to the Company and its long term goals during the COVID-19 pandemic. The restricted stock units will vest 50% on each of the first two anniversaries of the grant date, subject to the recipient’s continued employment on each such vesting date.

Previous Long-Term Incentive Awards

The Company also has outstanding time-vesting restricted awards (the “Long-Term Incentive Time Restricted Awards”), performance-vesting restricted awards (the “Long-Term Incentive Performance Restricted Awards”) and nonqualified stock options granted under previous long-term incentive plan grants.  

During the year ended December 31, 2020, a portion of the previously granted Long-Term Incentive Performance Restricted Awards related to completed performance periods vested, with the remainder forfeiting in accordance with their terms.  The remaining outstanding Long-Term Incentive Performance Restricted Awards related to future performance periods are eligible to vest based upon the Company’s achievement of pre-established performance goals for the respective performance period, as defined.  Based on the Company’s actual results for 2020, the previously granted Long-Term Incentive Performance Restricted Awards related to the performance period which ended on December 31, 2020 are expected to forfeit in the first quarter of 2021.

The Company previously granted long-term incentive performance restricted units in 2019 (the “2019 LTIP Performance Awards”) which contained a three-year performance period consisting of the 2019-2021 calendar years (or, extended through the end of the 2022 calendar year, as applicable) and were eligible to vest based upon the Company’s achievement of specific performance goals for the performance period, as defined. The total number of 2019 LTIP Performance Awards eligible to vest will be based on the level of achievement of the performance goals and ranges from 0% (if below threshold performance) up to 100% (for target or above performance). Upon achievement of the performance goals, only 50% of the award for a given level of performance will vest, with the remaining 50% subject to a one-year performance test period. The goal achieved must be met again or exceeded the next fiscal year before the remaining units are earned.

In November 2019, certain performance-vesting restricted stock units were granted to the Company’s previous Chief Executive Officer (the “CEO Performance Awards”).  The CEO Performance Awards had a three-year performance period consisting of the 2020-2022 calendar years (or, extended through the end of the 2023 calendar year, as applicable) which were eligible to vest based upon the Company’s achievement of specific performance goals for the performance period, as defined by the CEO Performance Awards.  The performance period and the performance goals for the CEO Performance Awards differed from those of the 2019 LTIP Performance Awards, as such, on February 25, 2020, the Board approved a modification (the “Modification”) to the 2019 LTIP Performance Awards in order to better align its terms with those of the CEO Performance Awards.  The Compensation Committee of the Board determined that it was preferable to align the 2019 LTIP Performance Awards with the CEO Performance Awards to put everyone on the same performance cycle with the same performance goals. Pursuant to the Modification, the threshold and target performance goals were revised to align with the CEO Performance Awards threshold and target performance goals and the performance period was extended through calendar year 2022 (or, the end of the 2023 calendar year, as applicable) consistent with the CEO Performance Awards. Equity compensation expense has not yet been recorded related to these awards as the performance goals are not yet considered probable of achievement. The Company will use the respective modification date fair value to record equity compensation expense related to the Modification awards when and if they become probable of vesting in a future period, in accordance with the guidance in ASC 718, Compensation-Stock Compensation.

Other

During the year ended December 31, 2020, the Company granted equity awards to its non-employee members of its Board which will vest on the day before the Company’s next annual meeting. Each eligible Board member elected the form of their equity award as either deferred stock units (“DSUs”) or restricted stock units (“RSUs”). Each DSU granted in 2020 represents the right to receive one share of the Company’s common stock three months after the respective director leaves the Board.  Upon vesting, each RSU will be converted into one share of the Company’s common stock.

Additionally, during the year ended December 31, 2020, the Company granted equity awards in the form of RSUs which vested immediately to each eligible Board member in lieu of quarterly cash payments related to the director’s annual retainers.  

v3.20.4
Stockholders' (Deficit) Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Stockholders' (Deficit) Equity

20.  STOCKHOLDERS’ (DEFICIT) EQUITY

As of December 31, 2020, 94,652,248 shares of common stock were issued in the accompanying consolidated balance sheet, which includes 16,260,248 shares of treasury stock held by the Company (see Share Repurchase Program discussion below), but excludes 101,135 unvested shares of common stock and 3,082,378 unvested restricted stock units held by certain participants in the Company’s equity compensation plans (see Note 19–Equity-Based Compensation). 

Share Repurchase Program

The Board had previously authorized the repurchase of up to $250.0 million of the Company’s common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act.

During the year ended December 31, 2020, prior to the COVID-19 temporary park closures, the Company completed a share repurchase of 469,785 shares for an aggregate total of approximately $12.4 million, leaving approximately $237.6 million available under the Share Repurchase Program as of December 31, 2020. In connection with Amendment No. 12 to the Company’s Amended Credit Agreement, the Company is restricted from paying any dividends or making restricted payments, including share repurchases, through the third quarter of 2022 unless certain conditions are met (see Note 11–Long-Term Debt).

During the year ended December 31, 2019, the Company completed a share repurchase of 5,615,874 shares (see discussion relating to the SEAS Repurchase in Note 17–Related Party Transactions for further details). On August 2, 2019, the Company’s Board approved a replenishment to the Share Repurchase Program of $150.0 million, bringing the total amount authorized for future share repurchases back up to $250.0 million at that time. During the year ended December 31, 2018, the Company repurchased a total of 3,654,816 shares of common stock at a total cost of approximately $98.0 million.

The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time. The number of shares to be purchased and the timing of purchases will be based on the Company’s trading windows and available liquidity, general business and market conditions, and other factors, including legal requirements, debt covenant restrictions and alternative investment opportunities.  

All shares repurchased pursuant to the Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $415.3 million and $402.9 million as of December 31, 2020 and 2019, respectively, and are reflected as a reduction to stockholders’ (deficit) equity in the accompanying consolidated statements of changes in stockholders’ (deficit) equity.
v3.20.4
Severance and Other Separation Costs
 12 Months Ended
Dec. 31, 2020
Restructuring And Related Activities [Abstract]  
Severance and Other Separation Costs

 

21. SEVERANCE AND OTHER SEPARATION COSTS

In September 2020, the Company committed to a plan of termination (the “2020 Restructuring Program”) primarily impacting some of the Company’s previously furloughed salaried, full-time and part-time employees. Substantially all of the impacted employees were furloughed as part of the Company’s efforts to reduce operating expenses and adjust cash flows in light of business circumstances associated with the COVID-19 pandemic. Due to the sudden and unforeseeable economic impacts of the pandemic on the Company’s business operations, that were not reasonably foreseeable at the time of the temporary furloughs, the Company transitioned certain park and corporate personnel from a furloughed status to a permanent layoff. As a result, during the year ended December 31, 2020, the Company recorded approximately $2.7 million in pre-tax restructuring charges primarily related to severance and other termination benefits related to the 2020 Restructuring Program, which is included in severance and other separation costs in the accompanying consolidated statements of comprehensive (loss) income. Currently, some of the Company’s employees at certain parks remain on furlough.  The Company continues to monitor the impact of the COVID-19 pandemic and may adjust its plans accordingly.  As of December 31, 2020, the remaining liability, which primarily relates to severance and other separation costs incurred as part of the 2020 Restructuring Program to be paid as contractually obligated by December 31, 2021, is included in accrued salaries, wages and benefits in the accompanying consolidated balance sheets.

The Company is committed to continuous improvement and regularly evaluates operations to ensure it is properly organized for performance and efficiency.  As a result, during the year ended December 31, 2019, the Company recorded approximately $4.2 million in pre-tax charges primarily consisting of severance and other termination benefits, which is included in severance and other separation costs in the accompanying consolidated statements of comprehensive (loss) income.  

In August 2018, the Company announced a restructuring program (the “2018 Restructuring Program”) focused on reducing costs, improving operating margins and streamlining its management structure to create efficiencies and better align with its strategic business objectives.  The 2018 Restructuring Program involved the elimination of approximately 125 positions during the third quarter of 2018 across the Company’s theme parks and its corporate headquarters. As a result, during the year ended December 31, 2018, the Company recorded approximately $5.5 million in pre-tax restructuring charges primarily related to severance and other termination benefits, which is included in severance and other separation costs in the accompanying consolidated statements of comprehensive (loss) income. The Company will not incur any additional costs associated with the 2018 Restructuring Program as all continuing service obligations were completed as of December 31, 2018.

  The 2020 and 2018 Restructuring Program activity for the years ended December 31, 2020 and 2019 was as follows:

 

 

 

2020 Restructuring Program

 

 

2018 Restructuring Program

 

 

 

(In thousands)

 

Liability as of December 31, 2018

 

$

—

 

 

$

537

 

Costs incurred

 

 

—

 

 

 

—

 

Payments made

 

 

—

 

 

 

(537

)

Liability as of December 31, 2019

 

$

—

 

 

$

—

 

Costs incurred

 

 

2,658

 

 

 

—

 

Payments made

 

 

(2,513

)

 

 

—

 

Liability as of December 31, 2020

 

$

145

 

 

$

—

 

Other Separation Costs

Severance and other separation costs for the year ended December 31, 2018 also includes severance and other employment expenses for other positions not part of a larger restructuring program and includes certain executives who stepped down from their respective positions during 2018.  In particular, on February 27, 2018, the Company announced that its President and Chief Executive Officer (the “Former CEO”) had stepped down from his position and resigned as a member of the Board. In connection with his departure, the Former CEO received a lump sum cash payment of approximately $6.7 million in severance-related benefits, in accordance with his employment agreement.  Certain other executives who separated from the Company during the first half of 2018 also received severance-related benefits of approximately $3.8 million in accordance with the terms of their respective employment agreements or relevant company plan, as applicable.  These severance expenses are included in severance and other separation costs in the accompanying consolidated statements of comprehensive (loss) income for the year ended December 31, 2018.

Additionally, during the year ended December 31, 2018, certain equity awards were accelerated to vest in connection with the departure of specific executives as required by their respective employment agreements. As a result, the Company recorded incremental non-cash equity compensation expense related to these awards, which is included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) income.  See Note 19–Equity-Based Compensation for further details.
v3.20.4
Schedule I-Registrant's Condensed Financial Statements
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule I-Registrant's Condensed Financial Statements

Schedule I-Registrant’s Condensed Financial Statements

SEAWORLD ENTERTAINMENT, INC.

 

PARENT COMPANY ONLY

 

CONDENSED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash

 

$

455

 

 

$

169

 

Total current assets

 

 

455

 

 

 

169

 

Investment in wholly-owned subsidiary

 

 

—

 

 

 

210,892

 

Total assets

 

$

455

 

 

$

211,061

 

Liabilities and Stockholders’ (Deficit) Equity

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Loss in excess of investment in wholly-owned subsidiary

 

$

105,803

 

 

$

—

 

Other accrued liabilities

 

 

455

 

 

 

169

 

Total current liabilities

 

 

106,258

 

 

 

169

 

Total liabilities

 

 

106,258

 

 

 

169

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ (Deficit) Equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares

   issued or outstanding at December 31, 2020 and 2019

 

 

—

 

 

 

—

 

Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 94,652,248

   and 94,044,203 shares issued at December 31, 2020 and 2019, respectively

 

 

946

 

 

 

940

 

Additional paid-in capital

 

 

680,360

 

 

 

673,893

 

Accumulated other comprehensive loss

 

 

—

 

 

 

(1,559

)

Accumulated deficit

 

 

(371,800

)

 

 

(59,479

)

Treasury stock, at cost (16,260,248 and 15,790,463 shares at December 31, 2020 and 2019, respectively)

 

 

(415,309

)

 

 

(402,903

)

Total stockholders’ (deficit) equity

 

 

(105,803

)

 

 

210,892

 

Total Liabilities and Stockholders’ (Deficit) Equity

 

$

455

 

 

$

211,061

 

 

 

SEAWORLD ENTERTAINMENT, INC.

 

PARENT COMPANY ONLY

 

CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Equity in net (loss) income of subsidiary

 

$

(312,321

)

 

$

89,476

 

 

$

44,788

 

Net (loss) income

 

$

(312,321

)

 

$

89,476

 

 

$

44,788

 

Equity in other comprehensive income (loss) of subsidiary

 

 

1,559

 

 

 

(3,843

)

 

 

8,454

 

Comprehensive (loss) income

 

$

(310,762

)

 

$

85,633

 

 

$

53,242

 

 

SEAWORLD ENTERTAINMENT, INC.

 

PARENT COMPANY ONLY

 

CONDENSED STATEMENTS OF CASH FLOWS

 

(In thousands)

 

 

 

For the Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(312,321

)

 

$

89,476

 

 

$

44,788

 

Adjustments to reconcile net (loss) income to net cash provided by (used

   in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net loss (income) of subsidiary

 

 

312,321

 

 

 

(89,476

)

 

 

(44,788

)

Net cash provided by (used in) operating activities

 

 

—

 

 

 

—

 

 

 

—

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Dividends (forfeited) received from subsidiary- return of capital, net of forfeitures

 

 

(1

)

 

 

(5

)

 

 

(61

)

Capital contributed to subsidiary from exercises of stock options

 

 

(2,621

)

 

 

(3,696

)

 

 

(4,230

)

Net cash used in investing activities

 

 

(2,622

)

 

 

(3,701

)

 

 

(4,291

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

2,920

 

 

 

3,795

 

 

 

4,282

 

Dividends paid to common stockholders

 

 

(12

)

 

 

(61

)

 

 

(325

)

Net cash provided by financing activities

 

 

2,908

 

 

 

3,734

 

 

 

3,957

 

Change in Cash and Cash Equivalents

 

 

286

 

 

 

33

 

 

 

(334

)

Cash and Cash Equivalents - Beginning of year

 

 

169

 

 

 

136

 

 

 

470

 

Cash and Cash Equivalents - End of year

 

$

455

 

 

$

169

 

 

$

136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosures of Noncash Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from subsidiary- return of capital, for purchase of treasury stock

 

$

12,406

 

 

 

150,000

 

 

 

98,032

 

 

1. DESCRIPTION OF SEAWORLD ENTERTAINMENT, INC.

SeaWorld Entertainment, Inc. (the “Parent”) was incorporated in Delaware on October 2, 2009. At that time, the Parent was owned by ten limited partnerships, ultimately owned by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors.  Parent completed an initial public offering in April 2013.  In May 2017, an affiliate of Zhonghong Zhuoye Group Co., Ltd., Sun Wise (UK) Co., LTD. (“Sun Wise”) acquired approximately 21% of the then outstanding shares of common stock of the Company (the “ZHG Transaction”) from certain affiliates of Blackstone. Subsequent to the ZHG Transaction, Blackstone did not own any remaining shares of the Company. See further discussion relating to subsequent ownership changes in Note 17–Related-Party Transactions in the accompanying consolidated financial statements.

The Parent has no operations or significant assets or liabilities other than its investment in SeaWorld Parks & Entertainment, Inc. (“SEA”), which owns and operates twelve theme parks within the United States. Accordingly, the Parent is dependent upon distributions from SEA to fund its obligations. However, under the terms of SEA’s various debt agreements, SEA’s ability to pay dividends or lend to the Parent is restricted, except that SEA may pay specified amounts to the Parent to fund the payment of the Parent’s tax obligations.

The COVID-19 pandemic materially impacted operations for SEA for the year ended December 31, 2020. See further discussion relating to the impact of the COVID-19 pandemic in Note 1–Description of the Business in the accompanying consolidated financial statements.

2. BASIS OF PRESENTATION

The accompanying condensed financial statements (the “parent company only financial statements”) include the accounts of the Parent and its investment in SEA accounted for in accordance with the equity method and do not present the financial statements of the Parent and its subsidiary on a consolidated basis.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted since this information is included with the SeaWorld Entertainment, Inc. consolidated financial statements included elsewhere in this Annual Report on Form 10-K (the “consolidated financial statements”). These parent company only financial statements should be read in conjunction with the consolidated financial statements.

3. GUARANTEES

SEA is the borrower under the senior secured credit facilities, (the “Senior Secured Credit Facilities”) under a credit agreement (the “Amended Credit Agreement”) dated as of December 1, 2009, as the same may be amended, restated, supplemented or modified from time to time.  On April 30, 2020, SEA closed on a private offering of $227.5 million aggregate principal amount of 8.750% first-priority senior secured notes due 2025 (the “Senior Notes”). On August 5, 2020, SEA closed on a private offering of $500.0 million aggregate principal amount of 9.500% second-priority senior secured notes due 2025 (the “Second-Priority Senior Notes”).

Under the terms of the Senior Secured Credit Facilities, the obligations of SEA are fully, unconditionally and irrevocably guaranteed by Parent, any subsidiary of Parent that directly or indirectly owns 100% of the issued and outstanding equity interest of SEA, and subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries (collectively, the “Guarantors”).

The Senior Notes and Second-Priority Senior Notes are fully and unconditionally guaranteed by Parent, any subsidiary of Parent that directly or indirectly owns 100% of the issued and outstanding equity interests of SEA, and subject to certain exceptions, each of SEA’s subsidiaries that guarantees SEA’s existing senior secured credit facilities.

See Note 11–Long-Term Debt of the accompanying consolidated financial statements for further details.

4. DIVIDENDS FROM SUBSIDIARY  

During the years ended December 31, 2020, 2019 and 2018, SEA paid dividends to the Parent of approximately $12.4 million, $150.0 million and $98.0 million, respectively.  The dividends were in the form of payments that SEA made for share repurchases at the Parent level (see Note 5–Stockholders’ (Deficit) Equity which follows).  

During the years ended December 31, 2020, 2019 and 2018, Parent paid accumulated dividends, net of forfeitures, related to shares that carried dividend rights from previous dividend declarations which vested during the respective year.

5. STOCKHOLDERS’ (DEFICIT) EQUITY

Omnibus Incentive Plan

The Parent has reserved 15,000,000 shares of common stock for future issuance under the Omnibus Incentive Plan (the “Omnibus Incentive Plan”), of which approximately 7,680,000 are available for future issuance as of December 31, 2020.

The Omnibus Incentive Plan is administered by the compensation committee of the Parent’s Board, and provides that the Parent may grant equity incentive awards to eligible employees, directors, consultants or advisors of the Parent or its subsidiary, SEA, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based and performance compensation awards. If an award under the Omnibus Incentive Plan expires or is canceled, forfeited, or terminated, without issuance to the participant, the unissued shares may be granted again under the Omnibus Incentive Plan. See further discussion in Note 19–Equity-Based Compensation of the accompanying consolidated financial statements.

During the years ended December 31, 2020 and 2019, respectively, Parent transferred approximately $2.6 million and $3.7 million in proceeds received from the exercise of stock options to SEA as a capital contribution and increased its investment in SEA.

Share Repurchase Program

The Parent’s Board previously authorized the repurchase of up to $250.0 million of the Company’s common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, the Parent is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time.

During the year ended December 31, 2020, prior to the COVID-19 temporary park closures, the Parent repurchased a total of 469,785 shares of common stock at a total cost of $12.4 million, leaving approximately $237.6 million available under the Share Repurchase Program as of December 31, 2020. In connection with Amendment No. 12 to the SEA’s Amended Credit Agreement, the Parent is restricted from paying any dividends or making restricted payments, including share repurchases, through the third quarter of 2022 unless certain conditions are met. See further discussion in Note 11–Long-Term Debt of the accompanying consolidated financial statements.

During the year ended December 31, 2019, the Parent repurchased a total of 5,615,874 shares of common stock at a total cost of approximately $150.0 million. During the year ended December 31, 2018, the Parent repurchased a total of 3,654,816 shares of common stock at a total cost of approximately $98.0 million.

All shares repurchased pursuant to the Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $415.3 million and $402.9 million as of the years ended December 31, 2020 and 2019, respectively, and are reflected as a reduction to stockholders’ (deficit) equity in the accompanying condensed balance sheets. See further discussion in Note 20–Stockholders’ (Deficit) Equity of the accompanying consolidated financial statements.
v3.20.4
Schedule I - Guarantees
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Schedule I-Registrant's Condensed Financial Statements

Schedule I-Registrant’s Condensed Financial Statements

SEAWORLD ENTERTAINMENT, INC.

 

PARENT COMPANY ONLY

 

CONDENSED BALANCE SHEETS

 

(In thousands, except share and per share amounts)

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash

 

$

455

 

 

$

169

 

Total current assets

 

 

455

 

 

 

169

 

Investment in wholly-owned subsidiary

 

 

—

 

 

 

210,892

 

Total assets

 

$

455

 

 

$

211,061

 

Liabilities and Stockholders’ (Deficit) Equity

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Loss in excess of investment in wholly-owned subsidiary

 

$

105,803

 

 

$

—

 

Other accrued liabilities

 

 

455

 

 

 

169

 

Total current liabilities

 

 

106,258

 

 

 

169

 

Total liabilities

 

 

106,258

 

 

 

169

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ (Deficit) Equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares

   issued or outstanding at December 31, 2020 and 2019

 

 

—

 

 

 

—

 

Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 94,652,248

   and 94,044,203 shares issued at December 31, 2020 and 2019, respectively

 

 

946

 

 

 

940

 

Additional paid-in capital

 

 

680,360

 

 

 

673,893

 

Accumulated other comprehensive loss

 

 

—

 

 

 

(1,559

)

Accumulated deficit

 

 

(371,800

)

 

 

(59,479

)

Treasury stock, at cost (16,260,248 and 15,790,463 shares at December 31, 2020 and 2019, respectively)

 

 

(415,309

)

 

 

(402,903

)

Total stockholders’ (deficit) equity

 

 

(105,803

)

 

 

210,892

 

Total Liabilities and Stockholders’ (Deficit) Equity

 

$

455

 

 

$

211,061

 

 

 

SEAWORLD ENTERTAINMENT, INC.

 

PARENT COMPANY ONLY

 

CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Equity in net (loss) income of subsidiary

 

$

(312,321

)

 

$

89,476

 

 

$

44,788

 

Net (loss) income

 

$

(312,321

)

 

$

89,476

 

 

$

44,788

 

Equity in other comprehensive income (loss) of subsidiary

 

 

1,559

 

 

 

(3,843

)

 

 

8,454

 

Comprehensive (loss) income

 

$

(310,762

)

 

$

85,633

 

 

$

53,242

 

 

SEAWORLD ENTERTAINMENT, INC.

 

PARENT COMPANY ONLY

 

CONDENSED STATEMENTS OF CASH FLOWS

 

(In thousands)

 

 

 

For the Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(312,321

)

 

$

89,476

 

 

$

44,788

 

Adjustments to reconcile net (loss) income to net cash provided by (used

   in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Equity in net loss (income) of subsidiary

 

 

312,321

 

 

 

(89,476

)

 

 

(44,788

)

Net cash provided by (used in) operating activities

 

 

—

 

 

 

—

 

 

 

—

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Dividends (forfeited) received from subsidiary- return of capital, net of forfeitures

 

 

(1

)

 

 

(5

)

 

 

(61

)

Capital contributed to subsidiary from exercises of stock options

 

 

(2,621

)

 

 

(3,696

)

 

 

(4,230

)

Net cash used in investing activities

 

 

(2,622

)

 

 

(3,701

)

 

 

(4,291

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options

 

 

2,920

 

 

 

3,795

 

 

 

4,282

 

Dividends paid to common stockholders

 

 

(12

)

 

 

(61

)

 

 

(325

)

Net cash provided by financing activities

 

 

2,908

 

 

 

3,734

 

 

 

3,957

 

Change in Cash and Cash Equivalents

 

 

286

 

 

 

33

 

 

 

(334

)

Cash and Cash Equivalents - Beginning of year

 

 

169

 

 

 

136

 

 

 

470

 

Cash and Cash Equivalents - End of year

 

$

455

 

 

$

169

 

 

$

136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosures of Noncash Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from subsidiary- return of capital, for purchase of treasury stock

 

$

12,406

 

 

 

150,000

 

 

 

98,032

 

 

1. DESCRIPTION OF SEAWORLD ENTERTAINMENT, INC.

SeaWorld Entertainment, Inc. (the “Parent”) was incorporated in Delaware on October 2, 2009. At that time, the Parent was owned by ten limited partnerships, ultimately owned by affiliates of The Blackstone Group L.P. (“Blackstone”) and certain co-investors.  Parent completed an initial public offering in April 2013.  In May 2017, an affiliate of Zhonghong Zhuoye Group Co., Ltd., Sun Wise (UK) Co., LTD. (“Sun Wise”) acquired approximately 21% of the then outstanding shares of common stock of the Company (the “ZHG Transaction”) from certain affiliates of Blackstone. Subsequent to the ZHG Transaction, Blackstone did not own any remaining shares of the Company. See further discussion relating to subsequent ownership changes in Note 17–Related-Party Transactions in the accompanying consolidated financial statements.

The Parent has no operations or significant assets or liabilities other than its investment in SeaWorld Parks & Entertainment, Inc. (“SEA”), which owns and operates twelve theme parks within the United States. Accordingly, the Parent is dependent upon distributions from SEA to fund its obligations. However, under the terms of SEA’s various debt agreements, SEA’s ability to pay dividends or lend to the Parent is restricted, except that SEA may pay specified amounts to the Parent to fund the payment of the Parent’s tax obligations.

The COVID-19 pandemic materially impacted operations for SEA for the year ended December 31, 2020. See further discussion relating to the impact of the COVID-19 pandemic in Note 1–Description of the Business in the accompanying consolidated financial statements.

2. BASIS OF PRESENTATION

The accompanying condensed financial statements (the “parent company only financial statements”) include the accounts of the Parent and its investment in SEA accounted for in accordance with the equity method and do not present the financial statements of the Parent and its subsidiary on a consolidated basis.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted since this information is included with the SeaWorld Entertainment, Inc. consolidated financial statements included elsewhere in this Annual Report on Form 10-K (the “consolidated financial statements”). These parent company only financial statements should be read in conjunction with the consolidated financial statements.

3. GUARANTEES

SEA is the borrower under the senior secured credit facilities, (the “Senior Secured Credit Facilities”) under a credit agreement (the “Amended Credit Agreement”) dated as of December 1, 2009, as the same may be amended, restated, supplemented or modified from time to time.  On April 30, 2020, SEA closed on a private offering of $227.5 million aggregate principal amount of 8.750% first-priority senior secured notes due 2025 (the “Senior Notes”). On August 5, 2020, SEA closed on a private offering of $500.0 million aggregate principal amount of 9.500% second-priority senior secured notes due 2025 (the “Second-Priority Senior Notes”).

Under the terms of the Senior Secured Credit Facilities, the obligations of SEA are fully, unconditionally and irrevocably guaranteed by Parent, any subsidiary of Parent that directly or indirectly owns 100% of the issued and outstanding equity interest of SEA, and subject to certain exceptions, each of SEA’s existing and future material domestic wholly-owned subsidiaries (collectively, the “Guarantors”).

The Senior Notes and Second-Priority Senior Notes are fully and unconditionally guaranteed by Parent, any subsidiary of Parent that directly or indirectly owns 100% of the issued and outstanding equity interests of SEA, and subject to certain exceptions, each of SEA’s subsidiaries that guarantees SEA’s existing senior secured credit facilities.

See Note 11–Long-Term Debt of the accompanying consolidated financial statements for further details.

4. DIVIDENDS FROM SUBSIDIARY  

During the years ended December 31, 2020, 2019 and 2018, SEA paid dividends to the Parent of approximately $12.4 million, $150.0 million and $98.0 million, respectively.  The dividends were in the form of payments that SEA made for share repurchases at the Parent level (see Note 5–Stockholders’ (Deficit) Equity which follows).  

During the years ended December 31, 2020, 2019 and 2018, Parent paid accumulated dividends, net of forfeitures, related to shares that carried dividend rights from previous dividend declarations which vested during the respective year.

5. STOCKHOLDERS’ (DEFICIT) EQUITY

Omnibus Incentive Plan

The Parent has reserved 15,000,000 shares of common stock for future issuance under the Omnibus Incentive Plan (the “Omnibus Incentive Plan”), of which approximately 7,680,000 are available for future issuance as of December 31, 2020.

The Omnibus Incentive Plan is administered by the compensation committee of the Parent’s Board, and provides that the Parent may grant equity incentive awards to eligible employees, directors, consultants or advisors of the Parent or its subsidiary, SEA, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based and performance compensation awards. If an award under the Omnibus Incentive Plan expires or is canceled, forfeited, or terminated, without issuance to the participant, the unissued shares may be granted again under the Omnibus Incentive Plan. See further discussion in Note 19–Equity-Based Compensation of the accompanying consolidated financial statements.

During the years ended December 31, 2020 and 2019, respectively, Parent transferred approximately $2.6 million and $3.7 million in proceeds received from the exercise of stock options to SEA as a capital contribution and increased its investment in SEA.

Share Repurchase Program

The Parent’s Board previously authorized the repurchase of up to $250.0 million of the Company’s common stock (the “Share Repurchase Program”). Under the Share Repurchase Program, the Parent is authorized to repurchase shares through open market purchases, privately-negotiated transactions or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Exchange Act. The Share Repurchase Program has no time limit and may be suspended or discontinued completely at any time.

During the year ended December 31, 2020, prior to the COVID-19 temporary park closures, the Parent repurchased a total of 469,785 shares of common stock at a total cost of $12.4 million, leaving approximately $237.6 million available under the Share Repurchase Program as of December 31, 2020. In connection with Amendment No. 12 to the SEA’s Amended Credit Agreement, the Parent is restricted from paying any dividends or making restricted payments, including share repurchases, through the third quarter of 2022 unless certain conditions are met. See further discussion in Note 11–Long-Term Debt of the accompanying consolidated financial statements.

During the year ended December 31, 2019, the Parent repurchased a total of 5,615,874 shares of common stock at a total cost of approximately $150.0 million. During the year ended December 31, 2018, the Parent repurchased a total of 3,654,816 shares of common stock at a total cost of approximately $98.0 million.

All shares repurchased pursuant to the Share Repurchase Program, along with shares repurchased directly from selling stockholders concurrently with previous secondary offerings, are recorded as treasury stock at a total cost of $415.3 million and $402.9 million as of the years ended December 31, 2020 and 2019, respectively, and are reflected as a reduction to stockholders’ (deficit) equity in the accompanying condensed balance sheets. See further discussion in Note 20–Stockholders’ (Deficit) Equity of the accompanying consolidated financial statements.
v3.20.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries, including SEA.  All intercompany accounts have been eliminated in consolidation.
Use of Estimates

Use of Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions include, but are not limited to, the accounting for self-insurance, deferred tax assets and liabilities, deferred revenue, equity compensation, the valuation of goodwill and other indefinite-lived intangible assets as well as reviews for potential impairment of long-lived assets. Estimates are based on various factors including current and historical trends, as well as other pertinent company and industry data.  The Company regularly evaluates this information to determine if it is necessary to update the basis for its estimates and to adjust for known changes.  Actual results could differ from those estimates. Based on the uncertainty relating to the COVID-19 pandemic, including but not limited to the extent, duration and impact of park closures, limited park reopenings, capacity limitations due to social distancing guidelines, public sentiment on social gatherings, travel and attendance patterns, potential supply chain disruptions and additional actions which could be taken by government authorities to manage the pandemic, the Company is not certain of the ultimate impact the COVID-19 pandemic could have on its estimates, business or results of operations.
Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents include cash held at financial institutions as well as operating cash onsite at each theme park to fund daily operations and amounts due from third-party credit card companies with settlement terms of less than four days. The amounts due from third-party credit card companies totaled $4.9 million and $9.7 million at December 31, 2020 and 2019, respectively. The cash balances in all accounts held at financial institutions are insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”) through December 31, 2020. At times, cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. Management believes that no significant concentration of credit risk exists with respect to these cash balances because of its assessment of the creditworthiness and financial viability of the respective financial institutions.

From time to time, the Company may invest in certain highly liquid instruments with original maturities of three months or less.  These instruments may include money market mutual funds, certificates of deposit or time deposits, among others, which may or may not qualify for FDIC insurance. The Company classifies any such instruments as cash and cash equivalents based on their short-term maturities.
Restricted Cash

Restricted Cash

Restricted cash is recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Restricted cash consists primarily of funds received from strategic partners for use in approved marketing and promotional activities.

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

433,909

 

 

$

39,946

 

Restricted cash, included in prepaid expenses and other current assets

 

 

1,316

 

 

 

979

 

Total cash, cash equivalents and restricted cash

 

$

435,225

 

 

$

40,925

 
Accounts Receivable-Net

Accounts Receivable—Net

Accounts receivable are reported at net realizable value and consist primarily of amounts due from customers for the sale of admission products, including amounts due for admissions products purchased on monthly installment arrangements. The Company is not exposed to a significant concentration of credit risk. The Company records an allowance on trade accounts receivable with an offset to the provision for bad debt for estimated credit losses expected based on its history of uncollectable accounts. For all periods presented,

the provision for bad debt was immaterial. The Company also records an allowance for estimated credit losses on amounts due from monthly installment arrangements based on historical default rates.  As of December 31, 2020 and 2019, the Company recorded $6.7 million and $12.1 million, respectively, as an allowance on its installment arrangements, which is included in accounts receivable, net, in the accompanying consolidated balance sheets, with a corresponding reduction to deferred revenue.

Inventories

Inventories

Inventories are accounted for using the weighted average cost method and are stated at the lower of cost or net realizable value. Inventories consist primarily of products for resale, including merchandise, culinary items and miscellaneous supplies. Obsolete or excess inventories are recorded at their estimated realizable value.

Property and Equipment-Net

Property and Equipment—Net

Property and equipment are recorded at cost.  The cost of ordinary or routine maintenance, repairs, spare parts and minor renewals is expensed as incurred. Development costs associated with new attractions and products are generally capitalized after necessary feasibility studies have been completed and final concept or contracts have been approved. The cost of assets is depreciated using the straight-line method based on the following estimated useful lives:

 

Land improvements

 

10-40 years

 

Buildings

 

5-40 years

 

Rides, attractions and equipment

 

3-20 years

 

Animals

 

1-50 years

 

 

Certain costs related to animals exhibited in the theme parks are capitalized and amortized over their estimated lives (1-50 years).  All costs to care for animals are expensed as incurred. Construction in progress assets consist primarily of new rides, attractions and infrastructure improvements that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once construction of the assets is completed and placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above. Debt interest is capitalized on all active construction projects. Total interest capitalized for the years ended December 31, 2020, 2019 and 2018 was $6.3 million, $4.6 million and $4.2 million, respectively.
Computer System Development Costs

Computer System Development Costs

The Company capitalizes computer system development costs that meet established criteria and, once placed in service, amortizes those costs to expense on a straight-line basis over five years.  Total capitalized costs related to computer system development costs, net of accumulated amortization, were $2.4 million and $4.2 million as of December 31, 2020 and 2019, respectively, and are recorded in other assets in the accompanying consolidated balance sheets.  Accumulated amortization was $11.2 million and $9.5 million as of December 31, 2020 and 2019, respectively. Amortization expense of capitalized computer system development costs during the years ended December 31, 2020, 2019 and 2018 was $1.7 million, $2.2 million and $3.7 million, respectively, and is recorded in depreciation and amortization in the accompanying consolidated statements of comprehensive (loss) income.  Systems reengineering costs do not meet the proper criteria for capitalization and are expensed as incurred.
Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill and Other Indefinite-Lived Intangible Assets

Goodwill and other indefinite-lived intangible assets are not amortized, but instead reviewed for impairment at least annually on December 1, and as of an interim date should factors or indicators become apparent that would require an interim test, with ongoing recoverability based on applicable reporting unit overall financial performance and consideration of significant events or changes in the overall business environment or macroeconomic conditions.  Such events or changes in the overall business environment could include, but are not limited to, significant negative trends or unanticipated changes in the competitive or macroeconomic environment.

In assessing goodwill for impairment, the Company may choose to initially evaluate qualitative factors to determine if it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. The Company considers several factors, including macroeconomic conditions, industry and market conditions, overall financial performance of the reporting unit, changes in management, strategy or customers, and relevant reporting unit specific events such as a change in the carrying amount of net assets, a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit, and the testing of recoverability of a significant asset group within a reporting unit. If the qualitative assessment is not conclusive, then a quantitative impairment analysis for goodwill is performed at the reporting unit level. The Company may also choose to perform this quantitative impairment analysis instead of the qualitative analysis.  The quantitative impairment analysis compares the estimated fair value of the reporting unit, determined using the income and/or market approach, to its recorded amount. If the recorded amount exceeds the fair value, then a goodwill impairment charge is recorded for the difference up to the recorded amount of goodwill.

The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for the relevant reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested capital.

The Company’s other indefinite-lived intangible assets consist of certain trade names/trademarks and other intangible assets which, after considering legal, regulatory, contractual, and other competitive and economic factors, are determined to have indefinite lives and are valued using the relief from royalty method. Trade names/trademarks are combined by brand as a unit of accounting when testing for impairment as the brand represents the highest and best use of the asset and drives the Company’s marketing strategy and international license agreements. Estimates required in this valuation method include estimated future revenues impacted by the trade names/trademarks, royalty rates, and appropriate discount rates. Projections are based on management’s best estimates given recent financial performance, market trends, strategic plans, brand awareness, operating characteristics by park, and other available information. See Note 9–Goodwill, Trade Names/Trademarks and Other Intangible Assets, Net, for further details.

During the year ended December 31, 2020, due to the temporary park closures effective March 16, 2020 and the limited park reopenings resulting from the COVID-19 pandemic discussed previously, the Company identified triggering events and qualitatively evaluated its goodwill and other indefinite-lived intangible assets for further impairment analysis. These qualitative evaluations included certain judgements and assumptions related to the impact of the temporary park closures, the extent and duration of capacity limitations, the expected attendance levels and number of operating days/hours and the significant excess of historical fair values over carrying values and determined that, no further impairment analysis was warranted. As such, the Company did not record an impairment of goodwill and other indefinite-lived intangible assets during the year ended December 31, 2020.

If the Company’s assumptions, including those around the impact of the COVID-19 pandemic and its projections of future cash flows and financial performance, as well as the economic outlook are not achieved, the Company may be required to record impairment charges in future periods, whether in connection with the Company’s next annual impairment testing, or on an interim basis, if any such change constitutes a triggering event outside of the quarter when the Company regularly performs its annual impairment test. It is not possible at this time to determine if any such future impairment charge would result or, if it does, whether such charge would be material.
Impairment of Long-Lived Assets

Impairment of Long-Lived Assets

All long-lived assets are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. An impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the asset, including disposition, are less than the carrying value of the asset. The measurement of the impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets. As discussed above, during the year ended December 31, 2020, due to the impact from the COVID-19 pandemic, the Company identified triggering events and qualitatively evaluated certain long-lived assets, including its right of use assets, for further impairment analysis. Using similar assumptions as discussed above, the Company determined that, based on the significant excess estimated undiscounted cash flows over carrying values, there was no impairment of other long-lived assets.

Fair value is generally determined based upon a discounted cash flow analysis. In order to determine if an asset has been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (generally a theme park).  See further discussion in Note 8–Property and Equipment, Net.

Self-Insurance Reserves

Self-Insurance Reserves

Reserves are recorded for the estimated amounts of guest and employee claims and expenses incurred each period that are not covered by insurance. Reserves are established for both identified claims and incurred but not reported (“IBNR”) claims. Such amounts are accrued for when claim amounts become probable and estimable. Reserves for identified claims are based upon the Company’s historical claims experience and third-party estimates of settlement costs. Reserves for IBNR claims are based upon the Company’s claims data history, actuarially determined loss development factors and qualitative considerations such as claims management activities.  The Company maintains self-insurance reserves for healthcare, auto, general liability and workers’ compensation claims.  Total claims reserves were $31.1 million at December 31, 2020, of which $1.8 million is recorded in accrued salaries, wages and benefits, $7.5 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets.  Total claims reserves were $31.7 million at December 31, 2019, of which $2.8 million is recorded in accrued salaries, wages and benefits, $7.5 million is recorded in other accrued liabilities and the remaining long-term portion is recorded in other liabilities in the accompanying consolidated balance sheets.  All reserves are periodically reviewed for changes in facts and circumstances and adjustments are made as necessary.
Debt Issuance Costs

Debt Issuance Costs

Debt issuance costs are amortized to interest expense using the effective interest method over the term of the related debt and are included in long-term debt, net, in the accompanying consolidated balance sheets. See further discussion in Note 11–Long-Term Debt.
Share Repurchase Program and Treasury Stock

Share Repurchase Program and Treasury Stock

From time to time, the Company’s Board of Directors (the “Board”) may authorize share repurchases of common stock.  Shares repurchased under Board authorizations are held in treasury for general corporate purposes.  The Company accounts for treasury stock on the trade date under the cost method.  Treasury stock at December 31, 2020 and 2019 is recorded as a reduction to stockholders’ (deficit) equity as the Company does not currently intend to retire the treasury stock held.  See further discussion of the Company’s share repurchase program in Note 20–Stockholders’ (Deficit) Equity.
Revenue Recognition

Revenue Recognition

The Company records revenue in accordance with Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, which is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identify the contracts with customers; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as the Company satisfies the performance obligations. ASC 606 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. Revenue is recorded net of sales-related taxes collected from guests and remitted or payable to government taxing authorities. 

Admissions Revenue

Admissions revenue primarily consists of single-day tickets, annual or season passes or other multi-day or multi-park admission products.  Admission products with similar characteristics are analyzed using a portfolio approach for each separate park as the Company expects that the effects on the consolidated financial statements of applying ASC 606 to the portfolio does not differ materially from applying the guidance to individual contracts within the portfolio. For single-day tickets, the Company recognizes revenue at a point in time, upon admission to the park.  Annual passes, season passes or other multi-day or multi-park passes allow guests access to specific parks over a specified time period. For these pass and multi-use products, revenue is deferred and recognized over the terms of the admission product based on estimated redemption rates for similar products and is adjusted periodically. The Company estimates a redemption rate using historical and forecasted growth rates and attendance trends by park for similar products.  Due to the temporary park closures, capacity limitations and product extensions in 2020, the Company evaluated the estimates and assumptions used in its future estimated redemption rates for these products based on forecasted and actual attendance patterns.  Attendance trends factor in seasonality and are adjusted based on actual trends periodically, including to reflect recent trends. Revenue is recognized on a pro-rata basis based on the estimated allocated selling price of the admission product. For active pass products purchased under monthly installment arrangements that have extended beyond their initial commitment term and have transitioned to a month to month basis, revenue is recognized monthly as payments are received, with the exception of payments received during the temporary park closures (see further discussion which follows).  For multi-day admission products, revenue is allocated based on the number of visits included in the pass and recognized ratably based on each admission into the theme park.  

As a result of the temporary park closures due to the COVID-19 pandemic, the Company upgraded some of its pass products and extended pass expiration dates for at least the equivalent period the related parks were closed.  As a result, the Company adjusted its estimated redemption and recognition patterns related to its admission products to reflect the fact that there was no attendance during the park closures and accordingly the Company did not recognize revenue from these admission products while the parks were closed.

For passes under installment plans that have transitioned to a month to month basis, payments received during the closure period are recorded as deferred revenue and are recognized as revenue once the respective park reopens, which may not necessarily reflect attendance patterns for these guests.  Accordingly, for these passes, the Company temporarily paused monthly charges when the related parks reopened for the equivalent period the respective parks were closed. The Company has estimated future redemption and recognition patterns for admission pass products, which impacts the timing of when revenue is recognized on these products. Actual results could materially differ from these estimates depending on the ultimate extent of the effects of the COVID-19 pandemic.

The Company has also entered into agreements with certain external theme park, zoo and other attraction operators to jointly market and sell single and multi-use admission products. These joint products allow admission to both a Company park(s) and an external park, zoo or other attraction. The agreements with the external partners specify the allocation of revenue to Company parks from any jointly sold products. Whether the Company or the external partner sells the product, the Company’s portion of revenue is deferred until the first time the product is redeemed at one of the Company’s parks and recognized over its related use in a manner consistent with the Company’s other admission products.

Additionally, the Company barters theme park admission products and sponsorship opportunities for advertising, employee recognition awards, and various other services. The fair value of the products or services is recognized into admissions revenue and related expenses at the time of the exchange and approximates the estimated fair value of the goods or services provided or received, whichever is more readily determinable. For the years ended December 31, 2020, 2019 and 2018, amounts included within admissions revenue with an offset to either selling, general and administrative expenses or operating expenses in the accompanying consolidated statements of comprehensive (loss) income related to bartered ticket transactions were $4.7 million, $16.2 million and $16.6 million, respectively.

Food, Merchandise and Other Revenue

Food, merchandise and other revenue primarily consists of culinary, merchandise, parking and other in-park products and also includes other miscellaneous revenue which is not significant in the periods presented, including revenue related to the Company’s international agreements as discussed in Note 4–Revenues.  The Company recognizes revenue for food, merchandise and other in-park products when the related products or services are received by the guests.  Certain admission products may also include bundled products at the time of purchase, such as culinary or merchandise items.  The Company conducts an analysis of bundled products to identify separate distinct performance obligations that are material in the context of the contract. For those products that are determined to be distinct performance obligations and material in the context of the contract, the Company allocates a portion of the transaction price to each distinct performance obligation using each performance obligation’s standalone price.  If the bundled product is related to a pass product and offered over time, revenue will be recognized over time accordingly.  

See further discussion in Note 4–Revenues.
Advertising and Promotional Costs

Advertising and Promotional Costs

Advertising production costs are deferred and expensed the first time the advertisement is shown. Other advertising and media costs are expensed as incurred and for the years ended December 31, 2020, 2019 and 2018, totaled approximately $48.1 million, $138.3 million and $127.5 million, respectively, and are included in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) income.
Equity-Based Compensation

Equity-Based Compensation

In accordance with ASC 718, Compensation-Stock Compensation, the Company measures the cost of employee services rendered in exchange for equity-based compensation based upon the grant date fair market value.  The cost is recognized over the requisite service period, which is generally the vesting period unless service or performance conditions require otherwise. The Company recognizes equity compensation expense for its performance-vesting restricted awards ratably over the related performance period if the performance condition is probable of being achieved.  If the probability of vesting related to these awards changes in a subsequent period, all equity compensation expense related to those awards that would have been recorded over the requisite service period had the awards been considered probable at the new percentage from inception, is recorded as a cumulative catch-up at such subsequent date.  The Company recognizes the impact of forfeitures as they occur.  The Company grants time-vesting restricted shares and units, time-vesting deferred stock units, performance-vesting restricted shares and units, and stock options. The Company uses the closing stock price on the date of grant to value its time-vesting and performance-vesting restricted share awards.  The Company uses the Black-Scholes Option Pricing Model to value stock options at the date of grant.  

On occasion, the Company may modify the terms or conditions of an equity award for its employees.  If an award is modified, the Company evaluates the type of modification in accordance with ASC 718 to determine the appropriate accounting.  See further discussion in Note 19–Equity-Based Compensation.
Restructuring Costs

Restructuring Costs

The Company accounts for exit or disposal of activities in accordance with ASC 420, Exit or Disposal Cost Obligations if the one-time benefit arrangements are not part of an ongoing benefit arrangement or an individual deferred compensation contract.  Nonretirement post-employment benefits that are part of an ongoing benefit arrangement or an individual deferred compensation contract are accounted for in accordance with ASC 712, Compensation-Nonretirement Postemployment Benefits.  The Company defines a business restructuring as an exit or disposal activity that includes but is not limited to a program which is planned and controlled by management and materially changes either the scope of a business or the manner in which that business is conducted.  Business restructuring charges may include (i) one-time termination benefits related to employee separations, (ii) contract termination costs and (iii) other related costs associated with exit or disposal activities.

If the one-time benefit arrangements are not part of an ongoing benefit arrangement or an individual deferred compensation contract, a liability is recognized and measured at its fair value for one-time termination benefits once the plan of termination is communicated to affected employees and it meets all of the following criteria: (i) management commits to a plan of termination, (ii) the plan identifies the number of employees to be terminated and their job classifications or functions, locations and the expected completion date, (iii) the plan establishes the terms of the benefit arrangement and (iv) it is unlikely that significant changes to the plan will be made or the plan will be withdrawn. If the one-time benefit arrangements are part of an ongoing benefit arrangement or an individual deferred compensation contract, a liability is recognized and measured at its fair value for one-time termination benefits when the following conditions are met: (i) the obligation is attributable to services already rendered; (ii) rights to those benefits accumulate; (iii) payment of the benefits is probable; and (iv) amount can be reasonably estimated.  If these four conditions are not met, a liability is recognized when it is probable that a liability has been incurred and the amount can be reasonably estimated in accordance with ASC 450, Contingencies.

Contract termination costs include costs to terminate a contract or costs that will continue to be incurred under the contract without benefit to the Company. A liability is recognized and measured at its fair value when the Company either terminates the contract or ceases using the rights conveyed by the contract.

See further discussion in Note 21–Severance and Other Separation Costs.
Leases

Leases

The Company leases land, warehouse and office space, and equipment, which are classified as either operating or finance leases. Under the provisions of ASC 842, lease liabilities and right of use assets are recognized at the lease commencement date on the basis of the present value of the future lease payments, with the right of use being adjusted by any prepaid or accrued rent, lease incentives, and initial direct costs.  The lease term for each lease includes the noncancelable period plus any periods subject to an option for renewal when it is reasonably certain that the Company will exercise that option. The subsequent measurement of a lease is dependent on whether the lease is classified as an operating or finance lease. Operating leases have a straight-line expense pattern that is recognized as either operating expenses or selling, general, and administrative expenses in the consolidated statements of comprehensive (loss) income. Finance leases have a front-loaded expense recognition pattern that is comprised of amortization expense and interest expense that is included in depreciation and amortization and interest expense in the consolidated statements of comprehensive (loss) income. The Company initially evaluates the classification of its leases as of the lease commencement date and reevaluates the classification of its leases upon the occurrence of certain lease remeasurement events and when there is a lease modification that is not accounted for as a separate contract.

The present value of future lease payments is calculated using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate, which reflects the rate of interest it would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. As most of the Company’s leases do not provide an implicit rate, the Company uses incremental borrowing rates based on the information available at the lease commencement date, liability remeasurement date, or lease modification date in determining the present value of the lease payments. In calculating the incremental borrowing rates, the Company considered recent ratings from credit agencies, recent trading prices on the Company’s debt, and current lease demographic information. The Company applies the incremental borrowing rates at a portfolio level based on lease terms.

The Company has elected the short-term lease recognition exemption by which it is not required to recognize on the balance sheet leases with an initial lease term of 12 months or less, with the lease expense for these short-term leases recognized on a straight-line basis over the lease term. For lease agreements entered into or reassessed upon adoption of ASC 842, the Company has elected the available practical expedient to not separate the non-lease components from the related lease component, accounting for the combined components as a single lease component. The short-term lease recognition exemption and the practical expedient to not separate the lease and non-lease components was elected for each class of underlying asset as permitted under ASC 842.

Some of the Company’s leases include one or more options to renew, with renewal terms that can extend the lease term from one to ten years or more. The exercise of lease renewal options is at the Company’s sole discretion and the inclusion of the renewal options in the lease term would only occur when the Company concludes it is reasonably certain of exercising the option(s). Certain leases also include options to purchase the leased property.

Certain of the Company’s lease agreements include rental payments based on a percentage of sales over contractual levels and others include rental payments adjusted periodically for inflation. These variable lease payments are typically recognized when the underlying event occurs and are included in operating expenses in the Company’s consolidated statements of comprehensive (loss) income in the same line item as the expense arising from fixed lease payments. The Company’s lease agreements do not contain any material residual value guarantees, material restrictive covenants or material variable lease costs other than those described in Note 14–Leases related to the Company’s land lease.

All long-lived assets, including right of use assets associated with leases, are reviewed for impairment upon the occurrence of events or changes in circumstances that would indicate that the carrying value of the assets may not be recoverable. The measurement of an impairment loss to be recognized is based upon the difference between the estimated fair value and the carrying amounts of the assets. Fair value is generally determined based upon a discounted cash flow analysis.

See further discussion in Note 14–Leases.
Income Taxes

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is established for deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization is dependent on generating sufficient future taxable income or the reversal of deferred tax liabilities during the periods in which those temporary differences become deductible. The Company evaluates its tax positions by determining if it is more likely than not a tax position is sustainable upon examination, based upon the technical merits of the position, before any of the benefit is recorded for financial statement purposes. The benefit is measured as the largest dollar amount of the position that is more likely than not to be sustained upon settlement. Previously recorded benefits that no longer meet the more likely than not threshold are charged to earnings in the period that the determination is made. Interest and penalties accrued related to unrecognized tax benefits are charged to the (benefit from) provision for income taxes in the accompanying consolidated statements of comprehensive (loss) income. See further discussion in Note 13–Income Taxes.
Contingencies

Contingencies

The Company accounts for contingencies in accordance with ASC 450, Contingencies. For loss contingencies, such as potential legal settlements, the Company records an estimated loss when payment is considered probable and the amount of loss is reasonably estimable. In assessing loss contingencies related to legal proceedings that are pending against the Company, the Company evaluates the perceived merits of the legal proceedings as well as the perceived merits of the amount of relief sought or expected to be sought therein.  If a loss is considered probable but the best estimate of the loss can only be identified within a range and no specific amount within that range is more likely, then the minimum of the range is accrued. Legal and related professional services costs to defend litigation are expensed as incurred. Insurance recoveries related to potential claims are recognized up to the amount of the recorded liability when coverage is confirmed and the estimated recoveries are probable of payment. These recoveries are not netted against the related liabilities for financial statement presentation. Additionally, for any potential gain contingencies, the Company does not recognize the gain until the period that all contingencies have been resolved and the amounts are realizable. See further discussion in Note 15–Commitments and Contingencies.
Fair Value Measurements

Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement and is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. An entity is permitted to measure certain financial assets and financial liabilities at fair value with changes in fair value recognized in earnings each period. The Company has not elected to use the fair value option for any of its financial assets and financial liabilities that are not already recorded at fair value. Carrying values of financial instruments classified as current assets and current liabilities approximate fair value, due to their short-term nature.

Fair Value Hierarchy—As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity.  Fair value is determined for assets and liabilities, based upon significant levels of observable or unobservable inputs.  Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:

Level 1—Quoted prices for identical instruments in active markets.

Level 2—Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable and include situations where there is little, if any, market activity for the asset or liability.

Determination of Fair Value—If quoted market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market parameters, such as interest and currency rates. Assets or liabilities valued using such internally generated valuation techniques are classified according to the lowest level input or value driver that is significant to the valuation. Thus, an item may be classified in Level 3 even though there may be some significant inputs that are readily observable.  See further discussion in Note 16–Fair Value Measurements.
Segment Reporting

Segment Reporting

The Company maintains discrete financial information for each of its twelve theme parks, which is used by the Chief Operating Decision Maker (“CODM”), identified as the Chief Executive Officer, or equivalent role, as a basis for allocating resources and assessing performance. Each theme park has been identified as an operating segment and meets the criteria for aggregation due to similar economic characteristics. In addition, all of the theme parks provide similar products and services and share similar processes for delivering services. The theme parks have a high degree of similarity in the workforces and target similar consumer groups. Accordingly, based on these economic and operational similarities and the way the CODM monitors and makes decisions affecting the operations, the Company has concluded that its operating segments may be aggregated and that it has one reportable segment.
Derivative Instruments and Hedging Activities

Derivative Instruments and Hedging Activities

ASC 815, Derivatives and Hedging, provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (i) how and why an entity uses derivative instruments, (ii) how the entity accounts for derivative instruments and related hedged items, and (iii) how derivative instruments and related hedged items affect an entity’s financial position, results of operations and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of, and gains and losses on, derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

As required by ASC 815, the Company records all derivatives on the balance sheet at fair value as either assets or liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the changes in fair value of the derivative contract are recorded in accumulated other comprehensive income (loss), net of taxes, and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. See further discussion in Note 12–Derivative Instruments and Hedging Activities.
Recently Issued Accounting Pronouncements

The Company reviews new accounting pronouncements as they are issued or proposed by the Financial Accounting Standards Board (“FASB”).

Recently Implemented Accounting Standards

During the year ended December 31, 2020, the Company adopted the following Accounting Standards Updates (“ASUs”) which had no material impact on its consolidated financial statements or disclosures:

 

•

FASB Staff Q&A: On April 10, 2020, the FASB staff issued FASB Staff Q&A-Topic 842 and Topic 840: Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic which stated that entities may elect to account for lease concessions related to the effects of the COVID-19 pandemic as though the rights and obligations for those concessions existed as of the commencement of the contract rather than as a lease modification. Lessees may make the election for any lessor-provided lease concession related to the impact of the COVID-19 pandemic as long as the concession does not result in a substantial increase in the rights of the lessor or in the obligations of the lessee. The Company has made such election. The Company has received immaterial rent concessions and has not entered into any lease modifications for the year ended

 

December 31, 2020. As such, this election did not have a material impact on the Company’s consolidated financial statements nor the related disclosures.

 

•

ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326), This ASU requires the immediate recognition of estimated credit losses expected to occur over the life of financial assets rather than the current incurred loss impairment model that recognizes losses when a probability threshold is met. ASU 2016-13 is effective for annual periods beginning after December 15, 2019 and interim periods within those fiscal years.  The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements or disclosures.

Recently Issued Accounting Standards

The Company is currently evaluating the impact of the following recently issued ASUs:

 

•

ASU 2020-04, Reference Rate Reform (Topic 848), provides optional transition guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate (“LIBOR”), with optional expedients related to the application of GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The provisions of this ASU are effective upon issuance and can be applied prospectively through December 31, 2022. Companies can apply this ASU immediately, but application is through December 31, 2020. The Company is evaluating the impact of LIBOR on its existing contracts but does not expect that this ASU will have a material impact on its consolidated financial statements or related disclosures.

 

•

ASU 2019-12, Simplifying the Accounting for Income Taxes, simplifies various aspects related to accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for the Company beginning January 1, 2021. Early adoption requires adoption of all amendments in the same period. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently evaluating ASU 2019-12 but does not expect that this ASU will have a material impact on its consolidated financial statements or related disclosures.
v3.20.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule Of Cash Cash Equivalents And Restricted Cash

Restricted cash is recorded in prepaid expenses and other current assets in the accompanying consolidated balance sheets. Restricted cash consists primarily of funds received from strategic partners for use in approved marketing and promotional activities.

 

 

 

December 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

433,909

 

 

$

39,946

 

Restricted cash, included in prepaid expenses and other current assets

 

 

1,316

 

 

 

979

 

Total cash, cash equivalents and restricted cash

 

$

435,225

 

 

$

40,925

 
Estimated Useful Lives The cost of assets is depreciated using the straight-line method based on the following estimated useful lives:

 

Land improvements

 

10-40 years

 

Buildings

 

5-40 years

 

Rides, attractions and equipment

 

3-20 years

 

Animals

 

1-50 years

 

 
v3.20.4
Revenues (Tables)
 12 Months Ended
Dec. 31, 2020
Revenue From Contract With Customer [Abstract]  
Deferred Revenue Balances

The following table reflects the Company’s deferred revenue balance as of December 31, 2020 and 2019:   

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Deferred revenue, including long-term portion

 

$

144,187

 

 

$

114,416

 

Less: Deferred revenue, long-term portion, included in other liabilities

 

 

13,428

 

 

 

10,000

 

Deferred revenue, short-term portion

 

$

130,759

 

 

$

104,416

 
v3.20.4
(Loss) Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Schedule of (Loss) Earnings per Share

(Loss) earnings per share is computed as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

Net

Loss

 

 

Shares

 

 

Per

Share

Amount

 

 

Net

Income

 

 

Shares

 

 

Per

Share

Amount

 

 

Net

Income

 

 

Shares

 

 

Per

Share

Amount

 

 

 

(In thousands, except per share amounts)

 

Basic (loss) earnings per share

 

$

(312,321

)

 

 

78,194

 

 

$

(3.99

)

 

$

89,476

 

 

 

80,309

 

 

$

1.11

 

 

$

44,788

 

 

 

86,170

 

 

$

0.52

 

Effect of dilutive

   incentive-based awards

 

 

 

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

735

 

 

 

 

 

 

 

 

 

 

 

740

 

 

 

 

 

Diluted (loss) earnings per share

 

$

(312,321

)

 

 

78,194

 

 

$

(3.99

)

 

$

89,476

 

 

 

81,044

 

 

$

1.10

 

 

$

44,788

 

 

 

86,910

 

 

$

0.52

 
v3.20.4
Inventories (Tables)
 12 Months Ended
Dec. 31, 2020
Inventory Disclosure [Abstract]  
Schedule of Inventories

Inventories as of December 31, 2020 and 2019 consisted of the following:

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Merchandise

 

$

26,044

 

 

$

28,515

 

Food and beverage

 

 

4,027

 

 

 

4,430

 

Other supplies

 

 

629

 

 

 

218

 

Total inventories

 

$

30,700

 

 

$

33,163

 
v3.20.4
Prepaid Expenses and Other Current Assets (Tables)
 12 Months Ended
Dec. 31, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of December 31, 2020 and 2019 consisted of the following:

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Prepaid insurance

 

$

2,757

 

 

$

2,397

 

Prepaid marketing and advertising costs

 

 

1,175

 

 

 

2,264

 

Insurance recoveries

 

 

—

 

 

 

32,911

 

Other

 

 

8,486

 

 

 

8,740

 

Total prepaid expenses and other current assets

 

$

12,418

 

 

$

46,312

 
v3.20.4
Property and Equipment, Net (Tables)
 12 Months Ended
Dec. 31, 2020
Property Plant And Equipment [Abstract]  
Components of Property and Equipment, Net

The components of property and equipment, net as of December 31, 2020 and 2019, consisted of the following:

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Land

 

$

286,200

 

 

$

286,200

 

Land improvements

 

 

405,652

 

 

 

403,409

 

Buildings

 

 

737,231

 

 

 

733,258

 

Rides, attractions and equipment

 

 

1,547,786

 

 

 

1,527,301

 

Animals

 

 

142,307

 

 

 

142,232

 

Construction in progress

 

 

153,529

 

 

 

117,121

 

Less accumulated depreciation

 

 

(1,611,745

)

 

 

(1,476,059

)

Total property and equipment, net

 

$

1,660,960

 

 

$

1,733,462

 
v3.20.4
Goodwill, Trade Names/Trademarks and Other Intangible Assets, Net (Tables)
 12 Months Ended
Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]  
Trade Names/Trademarks, Net

Trade names/trademarks, net, at December 31, 2020 and 2019, consisted of the following:

 

  

 

Weighted

Average

Amortization

Period

 

Gross

Carrying

Amount

 

 

Accumulated

Amortization

 

 

Net Carrying

Value

 

 

 

 

 

(In thousands)

 

Trade names/trademarks - indefinite lives

 

 

 

$

157,000

 

 

$

—

 

 

$

157,000

 

Trade names/trademarks - finite lives

 

9.3 years

 

 

12,900

 

 

 

12,900

 

 

 

—

 

Total trade names/trademarks, net

 

 

 

$

169,900

 

 

$

12,900

 

 

$

157,000

 
v3.20.4
Other Accrued Liabilities (Tables)
 12 Months Ended
Dec. 31, 2020
Payables And Accruals [Abstract]  
Schedule of Other Accrued Liabilities

Other accrued liabilities as of December 31, 2020 and 2019, consisted of the following:

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Accrued interest

 

$

23,422

 

 

$

573

 

Accrued taxes

 

 

10,518

 

 

 

2,718

 

Self-insurance reserve

 

 

7,540

 

 

 

7,488

 

Accrued legal settlements

 

 

—

 

 

 

65,000

 

Other

 

 

9,470

 

 

 

6,062

 

Total other accrued liabilities

 

$

50,950

 

 

$

81,841

 
v3.20.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Summary of Long-Term Debt, Net

Long-term debt, net, as of December 31, 2020 and 2019 consisted of the following:

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Term B-5 Loans (effective interest rate of 3.75% and 4.80%

   at December 31, 2020 and 2019, respectively)

 

$

1,492,378

 

 

$

1,507,883

 

Revolving credit facility (effective interest rate of 4.35%

   at December 31, 2019)

 

 

—

 

 

 

50,000

 

Second-Priority Senior Notes (interest rate of 9.50%)

 

 

500,000

 

 

 

—

 

Senior Notes (interest rate of 8.75%)

 

 

227,500

 

 

 

—

 

Total long-term debt

 

 

2,219,878

 

 

 

1,557,883

 

Less: discounts and debt issuance costs

 

 

(27,236

)

 

 

(9,759

)

Less: current maturities, including revolving credit facility at December 31, 2019

 

 

(15,505

)

 

 

(65,505

)

Total long-term debt, net

 

$

2,177,137

 

 

$

1,482,619

 
Summary of Long-Term Debt Repayable

Long-term debt at December 31, 2020, is repayable as follows and does not include the impact of any future voluntary prepayments:

 

Years Ending December 31,

 

(In thousands)

 

2021

 

$

15,505

 

2022

 

 

15,505

 

2023

 

 

15,505

 

2024

 

 

1,445,863

 

2025

 

 

727,500

 

Total

 

$

2,219,878

 
v3.20.4
Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Fair Value of Company's Derivative Financial Instruments Classification in Consolidated Balance Sheet

Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet

The Company did not have any derivative financial instruments outstanding as of December 31, 2020. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the accompanying consolidated balance sheet as of December 31, 2019:

 

 

 

Liability Derivatives

 

 

 

As of December 31, 2019

 

 

 

Balance Sheet

Location

 

Fair Value

 

Derivatives designated as hedging instruments:

 

(In thousands)

 

Interest rate swap agreements

 

Other liabilities

 

 

2,156

 

Total derivatives designated as hedging instruments

 

 

 

$

2,156

 
Schedule of Pre-tax Effect of Derivative Financial Instruments in Consolidated Statements of Comprehensive Income (Loss)

Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Comprehensive (Loss) Income

The table below presents the pre-tax effect of the Company’s derivative financial instruments in the accompanying consolidated statements of comprehensive (loss) income for the years ended December 31, 2020 and 2019:

 

 

 

 

 

2020

 

 

2019

 

 

 

 

 

(In thousands)

 

Derivatives in Cash Flow Hedging Relationships:

 

 

 

 

 

 

 

 

 

 

(Loss) gain recognized in accumulated other comprehensive loss

 

 

 

$

(370

)

 

$

(5,247

)

Amounts reclassified from accumulated other comprehensive income (loss) to interest expense

 

 

 

$

2,501

 

 

$

(17

)
Schedule of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax

Changes in Accumulated Other Comprehensive Income (Loss)

The following table reflects the changes in accumulated other comprehensive income (loss), net of tax for the years ended December 31, 2020 and 2019:

Accumulated other comprehensive income (loss) (In thousands):

 

 

 

 

 

(Losses) Gains on

Cash Flow Hedges

 

Accumulated other comprehensive income at December 31, 2018

 

 

 

 

 

 

2,284

 

Other comprehensive loss before reclassifications

 

 

(3,831

)

 

 

 

 

Amounts reclassified from accumulated other comprehensive income (loss) to interest expense

 

 

(12

)

 

 

 

 

Change in other comprehensive income (loss), net of tax

 

 

 

 

 

 

(3,843

)

Accumulated other comprehensive loss at December 31, 2019

 

 

 

 

 

 

(1,559

)

Other comprehensive loss before reclassifications

 

 

(271

)

 

 

 

 

Amounts reclassified from accumulated other comprehensive loss to interest expense

 

 

1,830

 

 

 

 

 

Change in other comprehensive income (loss), net of tax

 

 

 

 

 

 

1,559

 

Accumulated other comprehensive income (loss) at December 31, 2020

 

 

 

 

 

$

—

 
v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Provision for (Benefit from) Income Taxes

For the years ended December 31, 2020, 2019 and 2018, the (benefit from) provision for income taxes is comprised of the following:

 

 

2020

 

 

2019

 

 

2018

 

Current income tax provision

 

(In thousands)

 

Federal

 

$

(136

)

 

$

(77

)

 

$

(99

)

State

 

 

1,020

 

 

 

1,580

 

 

 

1,113

 

Foreign

 

 

5

 

 

 

27

 

 

 

7

 

Total current income tax provision

 

 

889

 

 

 

1,530

 

 

 

1,021

 

Deferred income tax (benefit) provision:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(19,718

)

 

 

21,825

 

 

 

13,019

 

State

 

 

(11,696

)

 

 

16,173

 

 

 

3,875

 

Total deferred income tax (benefit) provision

 

 

(31,414

)

 

 

37,998

 

 

 

16,894

 

Total income tax (benefit) provision

 

$

(30,525

)

 

$

39,528

 

 

$

17,915

 
Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities as of December 31, 2020 and 2019 are as follows:

 

 

 

2020

 

 

2019

 

Deferred income tax assets:

 

(In thousands)

 

Acquisition and debt related costs

 

$

4,128

 

 

$

5,550

 

Net operating losses

 

 

272,943

 

 

 

180,693

 

Goodwill impairment

 

 

53,887

 

 

 

54,271

 

Self-insurance

 

 

7,410

 

 

 

7,308

 

Deferred revenue

 

 

5,707

 

 

 

2,546

 

Cash flow hedge

 

 

—

 

 

 

571

 

Restricted stock

 

 

2,826

 

 

 

4,411

 

Tax credits

 

 

10,577

 

 

 

10,230

 

Legal settlements

 

 

645

 

 

 

8,590

 

Lease obligations

 

 

29,943

 

 

 

32,078

 

Interest limitation

 

 

463

 

 

 

—

 

Other

 

 

6,061

 

 

 

5,200

 

Total deferred income tax assets

 

 

394,590

 

 

 

311,448

 

Valuation allowance

 

 

(65,617

)

 

 

(5,216

)

Net deferred tax assets

 

 

328,973

 

 

 

306,232

 

Deferred income tax liabilities:

 

 

 

 

 

 

 

 

Property and equipment

 

 

(211,729

)

 

 

(225,827

)

Amortization - Goodwill

 

 

(51,435

)

 

 

(46,688

)

Amortization - Other intangibles

 

 

(26,080

)

 

 

(22,979

)

Right of use assets

 

 

(29,631

)

 

 

(31,940

)

Other

 

 

(3,023

)

 

 

(2,558

)

Total deferred income tax liabilities

 

 

(321,898

)

 

 

(329,992

)

Net deferred income tax assets (liabilities)

 

$

7,075

 

 

$

(23,760

)
Schedule of Reconciliation between Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate

The reconciliation between the statutory income tax rate and the Company’s effective income tax provision (benefit) rate for the years ended December 31, 2020, 2019 and 2018, is as follows:

 

 

2020

 

 

2019

 

 

2018

 

 

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

Amount

 

 

%

 

 

 

 

(In thousands)

 

 

Income tax at federal statutory rates

 

$

(71,998

)

 

 

21.00

 

%

$

27,091

 

 

 

21.00

 

%

$

13,167

 

 

 

21.00

 

%

State taxes, net of federal benefit

 

 

(15,816

)

 

 

4.61

 

 

 

7,645

 

 

 

5.93

 

 

 

4,640

 

 

 

7.40

 

 

Equity-based compensation

 

 

(485

)

 

 

0.14

 

 

 

(1,776

)

 

 

(1.38

)

 

 

668

 

 

 

1.07

 

 

Tax credits

 

 

(304

)

 

 

0.09

 

 

 

(795

)

 

 

(0.62

)

 

 

(1,221

)

 

 

(1.95

)

 

Impact of state rate changes

 

 

(3,906

)

 

 

1.14

 

 

 

3,770

 

 

 

2.92

 

 

 

(379

)

 

 

(0.60

)

 

Nondeductible settlement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

840

 

 

 

1.34

 

 

Valuation allowance - state

 

 

10,450

 

 

 

(3.05

)

 

 

2,455

 

 

 

1.90

 

 

 

—

 

 

 

—

 

 

Valuation allowance - federal

 

 

49,951

 

 

 

(14.57

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

Other

 

 

1,583

 

 

 

(0.46

)

 

 

1,138

 

 

 

0.89

 

 

 

200

 

 

 

0.31

 

 

Income tax (benefit) provision

 

$

(30,525

)

 

 

8.90

 

%

$

39,528

 

 

 

30.64

 

%

$

17,915

 

 

 

28.57

 

%
v3.20.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Schedule of Lease Balances and Classification on Consolidated Balance Sheet

The tables below present the lease balances and their classification in the accompanying consolidated balance sheets as of December 31, 2020 and 2019:

 

 

 

December 31,

 

 

December 31,

 

 

 

Classification

2020

 

 

2019

 

Assets:

 

 

 

 

(In thousands)

 

Operating leases

 

Right of use assets - operating

$

136,572

 

 

$

141,438

 

Finance leases

 

Other assets, net

 

3,580

 

 

 

3,487

 

Total lease assets

 

 

$

140,152

 

 

$

144,925

 

Liabilities:

 

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

 

 

 

Operating leases

 

Operating lease liabilities

$

3,757

 

 

$

3,896

 

Finance leases

 

Other accrued liabilities

 

820

 

 

 

707

 

Noncurrent

 

 

 

 

 

 

 

 

 

Operating leases

 

Long-term operating lease liabilities

 

120,144

 

 

 

124,339

 

Finance leases

 

Other liabilities

 

2,899

 

 

 

2,851

 

Total lease liabilities

 

 

$

127,620

 

 

$

131,793

 

 
Schedule of Lease Costs and Classification on Consolidated Statements of Comprehensive Income (Loss)

The table below presents the lease costs and their classification in the accompanying consolidated statements of comprehensive (loss) income for the years ended December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Classification

2020

 

 

2019

 

 

 

 

(In thousands)

 

Operating lease cost

 

Operating expenses

$

13,966

 

 

$

14,528

 

Operating lease cost

 

Selling, general and administrative expenses

 

425

 

 

 

445

 

Finance lease cost

 

 

 

 

 

 

 

 

 

Amortization of leased assets

 

Depreciation and amortization

 

844

 

 

 

742

 

Interest on lease liabilities

 

Interest expense

 

176

 

 

 

146

 

Net lease cost

 

 

$

15,411

 

 

$

15,861

 
Schedule of Lease Maturities

The table below presents the Company’s lease maturities as of December 31, 2020:

 

 

Operating leases

 

 

 

 

 

Years Ending December 31,

 

Land lease

 

 

Other operating leases

 

 

Total operating leases

 

 

Finance leases

 

 

 

(In thousands)

 

2021

 

$

10,401

 

 

$

3,154

 

 

$

13,555

 

 

$

939

 

2022

 

 

10,401

 

 

 

2,117

 

 

 

12,518

 

 

 

543

 

2023

 

 

10,401

 

 

 

1,704

 

 

 

12,105

 

 

 

226

 

2024

 

 

10,401

 

 

 

1,559

 

 

 

11,960

 

 

 

206

 

2025

 

 

10,401

 

 

 

1,311

 

 

 

11,712

 

 

 

201

 

Thereafter

 

 

234,031

 

 

 

1,617

 

 

 

235,648

 

 

 

2,392

 

Total lease payments

 

 

286,036

 

 

 

11,462

 

 

 

297,498

 

 

 

4,507

 

Less: Imputed interest

 

 

(171,894

)

 

 

(1,703

)

 

 

(173,597

)

 

 

(788

)

Lease liabilities

 

$

114,142

 

 

$

9,759

 

 

$

123,901

 

 

$

3,719

 
Schedule of Weighted Average Remaining Lease Terms and Applicable Discount Rates

The table below presents the weighted average remaining lease terms and applicable discount rates as of December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

Weighted average remaining lease term (years):

 

 

 

 

 

 

 

 

Operating leases

 

 

25.75

 

 

 

26.19

 

Finance leases

 

 

12.87

 

 

 

14.64

 

Weighted average discount rate:

 

 

 

 

 

 

 

 

Operating leases

 

 

8.14

%

 

 

8.12

%

Finance leases

 

 

3.76

%

 

 

3.56

%
Schedule of Cash Flows and Supplemental Information Associated with Leasing Activities

The table below presents the cash flows and supplemental information associated with the Company’s leasing activities for the years ended December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

3,938

 

 

$

14,513

 

Operating cash flows from finance leases

 

$

176

 

 

$

146

 

Financing cash flows from finance leases

 

$

806

 

 

$

692

 

Right of use assets obtained in exchange for lease liabilities:

 

 

 

 

 

 

 

 

Finance leases

 

$

938

 

 

$

1,285

 

Operating leases

 

$

-

 

 

$

133,297

 
v3.20.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company did not have any assets measured on a recurring basis at fair value at December 31, 2020. The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis at fair or carrying value as of December 31, 2020:

 

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2020

 

Liabilities:

(In thousands)

 

Long-term obligations (a)

$

787,975

 

 

$

1,492,378

 

 

$

—

 

 

$

2,280,353

 

  

(a)

Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $15.5 million and long-term debt of $2.177 billion as of December 31, 2020.

The Company did not have any assets measured on a recurring basis at fair value at December 31, 2019. The following table presents the Company’s estimated fair value measurements and related classifications for liabilities measured on a recurring basis as of December 31, 2019:

 

 

Quoted Prices in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Active Markets

 

 

Significant

 

 

 

 

 

 

 

 

 

 

for Identical

 

 

Other

 

 

Significant

 

 

 

 

 

 

Assets and

 

 

Observable

 

 

Unobservable

 

 

Balance at

 

 

Liabilities

 

 

Inputs

 

 

Inputs

 

 

December 31,

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

2019

 

Liabilities:

(In thousands)

 

Derivative financial instruments (a)

$

—

 

 

$

2,156

 

 

$

—

 

 

$

2,156

 

Long-term obligations (b)

$

—

 

 

$

1,557,883

 

 

$

—

 

 

$

1,557,883

 

 

(a)

Reflected at fair value in the consolidated balance sheet as other liabilities of $2.2 million as of December 31, 2019.

(b)

Reflected at carrying value, net of unamortized debt issuance costs and discounts, in the consolidated balance sheet as current maturities of long-term debt of $65.5 million and long-term debt of $1.483 billion as of December 31, 2019.
v3.20.4
Equity-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Equity Compensation Expense

Equity compensation expense is included in operating expenses and in selling, general and administrative expenses in the accompanying consolidated statements of comprehensive (loss) income as follows:  

 

 

For the Year Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

 

 

(In thousands)

 

Equity compensation expense included in operating expenses

 

$

522

 

 

$

4,076

 

 

$

7,387

 

Equity compensation expense included in selling, general and administrative expenses

 

 

6,945

 

 

 

7,030

 

 

 

14,765

 

Total equity compensation expense

 

$

7,467

 

 

$

11,106

 

 

$

22,152

 
Schedule of Time-Vesting and Performance Vesting Restricted Share Awards

The activity related to the Company’s time-vesting and performance-vesting restricted awards during the year ended December 31, 2020 was as follows:

 

 

 

 

 

 

 

 

 

 

 

Performance-Vesting Restricted Awards

 

 

 

Time-Vesting

Restricted Awards

 

 

Bonus Performance

Restricted Awards

 

 

Long-Term

Incentive

Performance

Restricted Awards

 

 

 

Shares/Units

 

 

Weighted

Average

Grant Date

Fair Value

per Award

 

 

Shares/Units

 

 

Weighted

Average

Grant Date

Fair Value

per Award

 

 

Shares/Units

 

 

Weighted

Average

Grant Date

Fair Value

per Award

 

Outstanding at December 31, 2019

 

 

725,911

 

 

$

21.08

 

 

 

333,673

 

 

$

26.10

 

 

 

1,855,828

 

 

$

22.34

 

Granted

 

 

1,476,758

 

 

$

12.99

 

 

 

—

 

 

$

—

 

 

 

246,374

 

 

$

33.23

 

Vested

 

 

(432,497

)

 

$

20.18

 

 

 

(97,616

)

 

$

26.11

 

 

 

(79,173

)

 

$

17.55

 

Forfeited

 

 

(77,593

)

 

$

22.71

 

 

 

(212,759

)

 

$

26.09

 

 

 

(555,393

)

 

$

25.11

 

Outstanding at December 31, 2020

 

 

1,692,579

 

 

$

14.18

 

 

 

23,298

 

 

$

26.16

 

 

 

1,467,636

 

 

$

23.38

 
Schedule of Activity Related to Stock Option Awards

The total intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018 was approximately $1.3 million, $2.4 million and $1.7 million, respectively.  The activity related to the Company’s stock option awards during the year ended December 31, 2020 was as follows: 

 

 

 

Options

 

 

Weighted

Average

Exercise Price

 

 

Weighted

Average

Remaining

Contractual

Life (in years)

 

 

Aggregate

Intrinsic Value

(in thousands)

 

Outstanding at December 31, 2019

 

 

914,022

 

 

$

22.43

 

 

 

 

 

 

 

 

 

Granted

 

 

128,434

 

 

$

20.79

 

 

 

 

 

 

 

 

 

Forfeited

 

 

(184,059

)

 

$

28.38

 

 

 

 

 

 

 

 

 

Expired

 

 

(20,785

)

 

$

19.11

 

 

 

 

 

 

 

 

 

Exercised

 

 

(157,624

)

 

$

18.53

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2020

 

 

679,988

 

 

$

21.51

 

 

 

6.89

 

 

$

6,860

 

Exercisable at December 31, 2020

 

 

392,671

 

 

$

19.82

 

 

 

5.53

 

 

$

4,622

 
Schedule of Stock Options Valuation Assumptions

The weighted average grant date fair value of stock options granted during the year ended December 31, 2020 was $9.69. Key weighted-average assumptions utilized in the Black-Scholes Option Pricing Model for stock options granted during the year ended December 31, 2020 were:

Risk-free interest rate

 

 

0.61

%

Expected volatility

 

 

51.37

%

Expected dividend yield

 

 

0.00

%

Expected life (years) (a)

 

 

5.90

 

(a)

The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded.
v3.20.4
Severance and Other Separation Costs (Tables)
 12 Months Ended
Dec. 31, 2020
Restructuring And Related Activities [Abstract]  
Schedule of Restructuring Program Activity

  The 2020 and 2018 Restructuring Program activity for the years ended December 31, 2020 and 2019 was as follows:

 

 

 

2020 Restructuring Program

 

 

2018 Restructuring Program

 

 

 

(In thousands)

 

Liability as of December 31, 2018

 

$

—

 

 

$

537

 

Costs incurred

 

 

—

 

 

 

—

 

Payments made

 

 

—

 

 

 

(537

)

Liability as of December 31, 2019

 

$

—

 

 

$

—

 

Costs incurred

 

 

2,658

 

 

 

—

 

Payments made

 

 

(2,513

)

 

 

—

 

Liability as of December 31, 2020

 

$

145

 

 

$

—

 
v3.20.4
Description of the Business - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Business
Partnership
Guest
Aug. 05, 2020
USD ($)
Apr. 30, 2020
USD ($)
Oct. 02, 2009
Partnership
Business Description And Basis Of Presentation [Line Items]        
Number of theme parks owned and operated | Business 12      
Number of limited partnerships which owned the company | Partnership 10     10
First-Priority Senior Secured Notes [Member]        
Business Description And Basis Of Presentation [Line Items]        
Senior secured debt     $ 227.5  
First-Priority Senior Secured Notes [Member] | Revolving Credit Facility [Member]        
Business Description And Basis Of Presentation [Line Items]        
Senior secured debt $ 227.5      
Second-Priority Senior Secured Notes [Member]        
Business Description And Basis Of Presentation [Line Items]        
Senior secured debt   $ 500.0    
Second-Priority Senior Secured Notes [Member] | Revolving Credit Facility [Member]        
Business Description And Basis Of Presentation [Line Items]        
Senior secured debt $ 500.0      
State of Virginia [Member]        
Business Description And Basis Of Presentation [Line Items]        
Initial attendance capacity restriction for guests 1,000      
Revised attendance capacity restriction for guests | Guest 4,000      
Geographic Concentration Risk [Member] | Revenues [Member] | Florida [Member] | Minimum        
Business Description And Basis Of Presentation [Line Items]        
Percentage of revenue 50.00%      
Covid 19 [Member] | Revenues [Member] | Florida [Member] | Minimum        
Business Description And Basis Of Presentation [Line Items]        
Percentage of revenue 70.00%      
v3.20.4
Summary of Significant Accounting Policies - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2020
USD ($)
Business
Segment
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Summary Of Significant Accounting Policies [Line Items]      
Cash and cash equivalents settlement terms less than four days    
Cash and cash equivalents $ 433,909,000 $ 39,946,000  
Allowance on installment arrangements of accounts receivable 6,700,000 12,100,000  
Reduction to deferred revenue 6,700,000 12,100,000  
Interest capitalized 6,300,000 4,600,000 $ 4,200,000
Capitalized Computer Software, Net 2,400,000 4,200,000  
Capitalized Computer Software, Accumulated Amortization 11,200,000 9,500,000  
Capitalized Computer Software, Amortization 1,700,000 2,200,000 3,700,000
Goodwill Impairment 0    
Self-insurance reserves 31,100,000 31,700,000  
Revenue and related expense for bartered ticket transactions $ 4,700,000 16,200,000 16,600,000
Lease initial or expected term 12 months    
Number of theme parks owned and operated | Business 12    
Number of reportable segment | Segment 1    
Selling, General and Administrative Expenses [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Other advertising and media costs $ 48,100,000 138,300,000 $ 127,500,000
Accrued Salaries, Wages and Benefits [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Self-insurance reserves 1,800,000 2,800,000  
Other Accrued Liabilities [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Self-insurance reserves $ 7,500,000 7,500,000  
Computer System Development Costs [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life 5 years    
Maximum [Member]      
Summary Of Significant Accounting Policies [Line Items]      
FDIC insured amount $ 250,000    
Extend or renewal lease term 10 years    
Maximum [Member] | Animals [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life 50 years    
Minimum      
Summary Of Significant Accounting Policies [Line Items]      
Extend or renewal lease term 1 year    
Minimum | Animals [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Estimated useful life 1 year    
Amounts Due from Third-Party Credit Card Companies [Member]      
Summary Of Significant Accounting Policies [Line Items]      
Cash and cash equivalents $ 4,900,000 $ 9,700,000  
v3.20.4
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents $ 433,909 $ 39,946    
Restricted cash, included in prepaid expenses and other current assets $ 1,316 $ 979    
Restricted cash, current, asset, statement of financial position [extensible list] us-gaap:OtherAssetsCurrent us-gaap:OtherAssetsCurrent    
Total cash, cash equivalents and restricted cash $ 435,225 $ 40,925 $ 35,007 $ 33,997
v3.20.4
Summary of Significant Accounting Policies - Estimated Useful Lives (Detail)
 12 Months Ended
Dec. 31, 2020
Land Improvements [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 10 years
Land Improvements [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Buildings [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 5 years
Buildings [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 40 years
Rides, Attractions and Equipment [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 3 years
Rides, Attractions and Equipment [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 20 years
Animals [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated useful life 1 year
Animals [Member] | Maximum [Member]  
Property, Plant and Equipment [Line Items]  
Estimated useful life 50 years
v3.20.4
Revenues - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Disaggregation Of Revenue [Line Items]      
Long term deferred revenue $ 13,428 $ 10,000  
Percentage of beginning of period deferred revenue balance remaining at end of period 5.00%    
Revenue $ 431,779 $ 1,398,244 $ 1,372,290
ZHG Stock Purchase Agreement [Member]      
Disaggregation Of Revenue [Line Items]      
Type of Revenue [Extensible List] seas:FoodMerchandiseAndOtherRevenueMember seas:FoodMerchandiseAndOtherRevenueMember seas:FoodMerchandiseAndOtherRevenueMember
Revenue $ 0 $ 1,700 $ 5,100
Middle East Project [Member]      
Disaggregation Of Revenue [Line Items]      
Long term deferred revenue 10,000    
Deferred costs incurred under Middle East Project 5,900 5,000  
Other Liabilities [Member]      
Disaggregation Of Revenue [Line Items]      
Long term deferred revenue $ 13,400 $ 10,000  
v3.20.4
Revenues - Deferred Revenue Balances (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred Revenue Disclosure [Abstract]    
Deferred revenue, including long-term portion $ 144,187 $ 114,416
Less: Deferred revenue, long-term portion, included in other liabilities 13,428 10,000
Deferred revenue, short-term portion $ 130,759 $ 104,416
v3.20.4
(Loss) Earnings per Share - Schedule of (Loss) Earnings per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Earnings Per Share [Abstract]      
Basic (loss) earnings per share, Per Share Amount $ (3.99) $ 1.11 $ 0.52
Diluted (loss) earnings per share, Per Share Amount $ (3.99) $ 1.10 $ 0.52
Basic (loss) earnings per share 78,194 80,309 86,170
Effect of dilutive incentive-based awards, Shares   735 740
Diluted (loss) earnings per share 78,194 81,044 86,910
Basic (loss) earnings per share $ (312,321) $ 89,476 $ 44,788
Diluted (loss) earnings per share $ (312,321) $ 89,476 $ 44,788
v3.20.4
(Loss) Earnings per Share - Additional Information (Detail) - shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Earnings Per Share [Line Items]      
Potentially dilutive securities excluded from computation of earnings per share 2,253,000    
Anti-dilutive or potentially dilutive shares excluded from the computation of diluted (loss) earnings per share   305,000 1,299,000
Shares included in calculation of diluted earnings (loss) per share   735,000 740,000
Performance-vesting Restricted Awards [Member]      
Earnings Per Share [Line Items]      
Shares included in calculation of diluted earnings (loss) per share   247,000 364,000
v3.20.4
Inventories - Schedule of Inventories (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]    
Merchandise $ 26,044 $ 28,515
Food and beverage 4,027 4,430
Other supplies 629 218
Total inventories $ 30,700 $ 33,163
v3.20.4
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]    
Prepaid insurance $ 2,757 $ 2,397
Prepaid marketing and advertising costs 1,175 2,264
Insurance recoveries   32,911
Other 8,486 8,740
Total prepaid expenses and other current assets $ 12,418 $ 46,312
v3.20.4
Property and Equipment, Net - Components of Property and Equipment, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]    
Property and equipment $ 3,272,705 $ 3,209,521
Less accumulated depreciation (1,611,745) (1,476,059)
Property and equipment, net 1,660,960 1,733,462
Land [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 286,200 286,200
Land Improvements [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 405,652 403,409
Buildings [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 737,231 733,258
Rides, Attractions and Equipment [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 1,547,786 1,527,301
Animals [Member]    
Property, Plant and Equipment [Line Items]    
Property and equipment 142,307 142,232
Construction in Progress    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 153,529 $ 117,121
v3.20.4
Property and Equipment, Net - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 148.0 $ 156.2 $ 155.0
Write-offs of property and equipment $ 6.7 $ 2.7  
Certain Rides and Equipment [Member]      
Property, Plant and Equipment [Line Items]      
Write-offs of property and equipment     $ 10.9
v3.20.4
Goodwill, Trade Names/Trademarks and Other Intangible Assets, Net - Additional Information (Detail) - Trade Names/Trademarks [Member] - USD ($)
$ in Thousands
Dec. 01, 2020
Dec. 31, 2020
Dec. 31, 2019
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]      
Net Carrying Value, indefinite lives   $ 157,000 $ 157,000
SeaWorld Reporting Unit [Member]      
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]      
Net Carrying Value, indefinite lives $ 111,900    
Goodwill impairment charges $ 0    
v3.20.4
Goodwill, Trade Names/Trademarks and Other Intangible Assets, Net - Trade Names/Trademarks, Net (Detail) - Trade Names/Trademarks [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Definite And Indefinite Lived Intangible Assets By Major Class [Line Items]    
Net Carrying Value, indefinite lives $ 157,000 $ 157,000
Gross Carrying Amount, finite lives 12,900 12,900
Accumulated Amortization, finite lives 12,900 12,900
Gross Carrying Amount, total 169,900 169,900
Accumulated Amortization, total 12,900 12,900
Net Carrying Value, total $ 157,000 $ 157,000
Weighted Average Amortization Period, finite lives 9 years 3 months 18 days 9 years 3 months 18 days
v3.20.4
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Payables And Accruals [Abstract]    
Accrued interest $ 23,422 $ 573
Accrued taxes 10,518 2,718
Self-insurance reserve 7,540 7,488
Accrued legal settlements   65,000
Other 9,470 6,062
Total other accrued liabilities $ 50,950 $ 81,841
v3.20.4
Other Accrued Liabilities - Additional Information (Detail)
$ in Millions
Dec. 31, 2019
USD ($)
Payables And Accruals [Abstract]  
Insurance receivable $ 32.9
v3.20.4
Long-Term Debt - Summary of Long-Term Debt, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Long-term debt $ 2,219,878 $ 1,557,883
Less: discounts and debt issuance costs (27,236) (9,759)
Less: current maturities, including revolving credit facility at December 31, 2019 (15,505) (65,505)
Total long-term debt, net 2,177,137 1,482,619
Senior Notes [Member]    
Debt Instrument [Line Items]    
Long-term debt 227,500  
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Long-term debt   50,000
Term B-5 Loans [Member]    
Debt Instrument [Line Items]    
Long-term debt 1,492,378 $ 1,507,883
Second-Priority Senior Notes [Member]    
Debt Instrument [Line Items]    
Long-term debt $ 500,000  
v3.20.4
Long-Term Debt - Summary of Long-Term Debt, Net (Parenthetical) (Detail)
Dec. 31, 2020
Aug. 05, 2020
Apr. 30, 2020
Dec. 31, 2019
Second-Priority Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt instrument interest rate percentage 9.50% 9.50%    
Senior Notes [Member]        
Debt Instrument [Line Items]        
Debt instrument interest rate percentage 8.75%   8.75%  
Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Debt instrument interest rate effective percentage       4.35%
Term B-5 Loans [Member]        
Debt Instrument [Line Items]        
Debt instrument interest rate effective percentage 3.75%     4.80%
v3.20.4
Long-Term Debt - Additional Information (Detail)
 12 Months Ended
Aug. 05, 2020
USD ($)
Jul. 29, 2020
USD ($)
Apr. 30, 2020
USD ($)
Dec. 31, 2020
USD ($)
Swap
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Mar. 10, 2020
USD ($)
Oct. 31, 2018
USD ($)
Debt Instrument [Line Items]                
Long-term debt       $ 2,219,878,000 $ 1,557,883,000      
Outstanding letters of credit       21,200,000        
Discount initially recorded       21,900,000        
Payment to lenders       $ 13,800,000        
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs           $ 8,150,000    
Interest Rate Swaps [Member]                
Debt Instrument [Line Items]                
Number of interest rate swaps held | Swap       5        
Notional amount of interest rate swap       $ 1,000,000,000.0        
Maturity of interest rate swap       May 14, 2020        
Senior Secured Credit Facilities [Member]                
Debt Instrument [Line Items]                
Percentage of interest in subsidiary       100.00%        
Line of credit facility collateral description       The Senior Secured Credit Facilities are collateralized by first priority or equivalent security interests, subject to certain exceptions, in (i) all the capital stock of, or other equity interests in, substantially all of SEA’s direct or indirect material domestic subsidiaries and 65% of the capital stock of, or other equity interests in, any “first tier” foreign subsidiaries and (ii) certain tangible and intangible assets of SEA and the Company.        
Percentage of capital stock       65.00%        
Cash paid for interest       $ 73,700,000 80,500,000 82,500,000    
First-Priority Senior Secured Notes [Member]                
Debt Instrument [Line Items]                
Senior secured debt     $ 227,500,000          
Long-term debt, maturity date     May 01, 2025          
Percentage of interest in subsidiary     100.00%          
Debt instrument interest rate percentage     8.75%          
Date of first required payment     Nov. 02, 2020          
Redemption description     On or after May 1, 2022, SEA may redeem the Senior Notes at its option, in whole at any time or in part from time to time, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on May 1 of the years as follows: (i) in 2022 at 104.375%; (ii) in 2023 at 102.188%; and (iii) in 2024 and thereafter at 100%. SEA may also redeem in the aggregate (at a redemption price expressed as a percentage of principal amount thereof): (i) 100% of the Senior Notes after certain events constituting a change of control at a redemption price of 101%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date and (ii) up to 40% of the original aggregate principal amount of the Senior Notes with amounts equal to the net cash proceeds of certain equity offerings at a redemption price  of 108.375%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.          
First-Priority Senior Secured Notes [Member] | In year 2022 [Member]                
Debt Instrument [Line Items]                
Redemption percentage     104.375%          
First-Priority Senior Secured Notes [Member] | In year 2023 [Member]                
Debt Instrument [Line Items]                
Redemption percentage     102.188%          
First-Priority Senior Secured Notes [Member] | In year 2024 and thereafter [Member]                
Debt Instrument [Line Items]                
Redemption percentage     100.00%          
Second-Priority Senior Secured Notes [Member]                
Debt Instrument [Line Items]                
Senior secured debt $ 500,000,000.0              
Long-term debt, maturity date Aug. 01, 2025              
Debt instrument interest rate percentage 9.50%              
Date of first required payment Feb. 01, 2021              
Redemption description On or after February 1, 2022, SEA may redeem the Second-Priority Senior Notes at its option, in whole at any time or in part from time to time, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, if redeemed during the 12-month period commencing on February 1 of the years as follows: (i) in 2022 at 104.75%; (ii) in 2023 at 102.375%; and (iii) in 2024 and thereafter at 100%. SEA may also redeem in the aggregate (at a redemption price expressed as a percentage of principal amount thereof): (i) 100% of the Second-Priority Senior Notes after certain events constituting a change of control at a redemption price of 101%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date and (ii) up to 40% of the original aggregate principal amount of the Second-Priority Senior Notes with amounts equal to the net cash proceeds of certain equity offerings at a redemption price  of 109.50%, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.              
Redemption percentage 101.00%              
Percentage of Notes Redeemable after change of control 100.00%              
Second-Priority Senior Secured Notes [Member] | In year 2022 [Member]                
Debt Instrument [Line Items]                
Redemption description At any time prior to February 1, 2022, SEA may, (i) during the twelve month period commencing on the issue date and (ii) during the period subsequent to such twelve month period and prior to February 1, 2022, redeem in each period up to 10.0% of the initial aggregate principal amount of the Second-Priority Senior Notes at a redemption price equal to 103% of the aggregate principal amount of the Second-Priority Senior Notes to be redeemed plus accrued and unpaid interest, if any, to but excluding the redemption date; provided, that if SEA does not redeem 10.0% of the initial aggregate principal amount of Second-Priority Senior Notes during the twelve month period commencing on the issue date, SEA may, in the subsequent period prior to February 1, 2022, redeem the Second-Priority Senior Notes in an amount that does not exceed 10.0% of the initial aggregate principal amount plus the difference between (x) 10.0% of the initial aggregate principal amount and (y) the aggregate principal amount of Second-Priority Senior Notes that were redeemed in such twelve month period              
Redemption percentage 104.75%              
Initial aggregate principal amount, Allowable redeemable percentage 10.00%              
Redeemable percentage 103.00%              
Second-Priority Senior Secured Notes [Member] | In year 2023 [Member]                
Debt Instrument [Line Items]                
Redemption percentage 102.375%              
Second-Priority Senior Secured Notes [Member] | In year 2024 and thereafter [Member]                
Debt Instrument [Line Items]                
Redemption percentage 100.00%              
Second-Priority Senior Secured Notes [Member] | Maximum [Member]                
Debt Instrument [Line Items]                
Redemption percentage 109.50%              
Percentage Of Notes Redeemable 40.00%              
Senior Notes [Member]                
Debt Instrument [Line Items]                
Senior secured debt     $ 227,500,000          
Long-term debt       $ 227,500,000        
Debt instrument interest rate percentage     8.75% 8.75%        
SEA [Member]                
Debt Instrument [Line Items]                
Loss on early extinguishment of debt and write-off of discounts and debt issuance costs           8,200,000    
Term B-5 Loans [Member]                
Debt Instrument [Line Items]                
Long-term debt       $ 1,492,378,000 $ 1,507,883,000      
Long-term debt, maturity date       Mar. 31, 2024        
Percent of original principal amount on effective date used to calculate aggregate annual amounts which will amortize in equal quarterly installments               1.015%
Interest rate, description       Borrowings of the Term B-5 Loans under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate” (provided that in no event shall such base rate with respect to the Term B-5 Loans be less than 1.75% per annum), in each case, plus an applicable margin of 2.00% or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the Term B-5 Loans be less than 0.75% per annum) plus an applicable margin of 3.00%.        
Debt instrument interest rate effective percentage       3.75% 4.80%      
Discount initially recorded           700,000    
Term B-5 Loans [Member] | Federal Funds Rate [Member]                
Debt Instrument [Line Items]                
Applicable margin for Term Loans       0.50%        
Term B-5 Loans [Member] | Prime Rate [Member]                
Debt Instrument [Line Items]                
Applicable margin for Term Loans       2.00%        
Term B-5 Loans [Member] | Prime Rate [Member] | Minimum                
Debt Instrument [Line Items]                
Debt instrument interest rate effective percentage       1.75%        
Term B-5 Loans [Member] | LIBOR Rate Loan [Member]                
Debt Instrument [Line Items]                
Applicable margin for Term Loans       3.00%        
Term B-5 Loans [Member] | LIBOR Rate Loan [Member] | Minimum                
Debt Instrument [Line Items]                
Debt instrument interest rate effective percentage       0.75%        
Term B-5 Loans [Member] | Senior Secured Credit Facilities [Member]                
Debt Instrument [Line Items]                
Senior secured debt               $ 543,900,000
Mandatory prepayments       $ 0 $ 0 $ 0    
Redemption Price One [Member] | First-Priority Senior Secured Notes [Member]                
Debt Instrument [Line Items]                
Redemption percentage     101.00%          
Redemption Price Two [Member] | First-Priority Senior Secured Notes [Member]                
Debt Instrument [Line Items]                
Redemption percentage     108.375%          
Revolving Credit Facility [Member]                
Debt Instrument [Line Items]                
Senior secured revolving       $ 332,500,000     $ 210,000,000.0  
Long-term debt         $ 50,000,000      
Long-term debt, maturity date       Oct. 31, 2023        
Debt instrument, maturity date description       The Revolving Credit Facility will mature on October 31, 2023.        
Interest rate, description       Borrowings of the Revolving Credit Facility under the Amended Credit Agreement bear interest at a fluctuating rate per annum equal to, at SEA’s option, (i) a base rate equal to the higher of (a) the federal funds rate plus 1⁄2 of 1% and (b) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its “prime rate”, in each case, plus an applicable margin equal to 1.75%; or (ii) a LIBOR rate based on the British Bankers Association LIBOR Rate (or any successor thereto) for the applicable interest period (provided that in no event shall such LIBOR rate with respect to the Revolving Credit Facility be less than 0.0% per annum) plus an applicable margin equal to 2.75%.  The applicable margin for borrowings under the Revolving Credit Facility are subject to one 25 basis point step-down upon achievement by SEA of certain corporate credit ratings, which the Company did not achieve as of December 31, 2020.        
Debt instrument interest rate effective percentage         4.35%      
Basis point step-down in applicable margin, description       The applicable margin for borrowings under the Revolving Credit Facility are subject to one 25 basis point step-down upon achievement by SEA of certain corporate credit ratings, which the Company did not achieve as of December 31, 2020.        
Basis point step down on applicable margin upon achievement of certain leverage ratio       0.25%        
Commitment fees on unused portion of facility       0.50%        
Long term debt, outstanding amount       $ 311,300,000        
Revolving Credit Facility [Member] | Federal Funds Rate [Member]                
Debt Instrument [Line Items]                
Applicable margin for Term Loans       0.50%        
Revolving Credit Facility [Member] | Prime Rate [Member]                
Debt Instrument [Line Items]                
Applicable margin for Term Loans       1.75%        
Revolving Credit Facility [Member] | LIBOR Rate Loan [Member]                
Debt Instrument [Line Items]                
Applicable margin for Term Loans       2.75%        
Revolving Credit Facility [Member] | LIBOR Rate Loan [Member] | Minimum                
Debt Instrument [Line Items]                
Debt instrument interest rate effective percentage       0.00%        
Revolving Credit Facility [Member] | Senior Secured Credit Facilities [Member]                
Debt Instrument [Line Items]                
Senior secured revolving               $ 210,000,000.0
Revolving Credit Facility [Member] | First-Priority Senior Secured Notes [Member]                
Debt Instrument [Line Items]                
Senior secured debt       $ 227,500,000        
Revolving Credit Facility [Member] | Second-Priority Senior Secured Notes [Member]                
Debt Instrument [Line Items]                
Senior secured debt       $ 500,000,000.0        
Long term debt, outstanding amount $ 311,000,000.0              
Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member]                
Debt Instrument [Line Items]                
First lien secured net leverage ratio   625.00%            
Restrictive covenants, description   The Revolving Credit Facility requires that the Company comply with a springing maximum first lien secured leverage ratio of 6.25x to be tested as of the last day of any fiscal quarter, solely to the extent that on such date the aggregate amount of funded loans and letters of credit (excluding undrawn letters of credit in an amount not to exceed $30.0 million and cash collateralized letters of credit) under the Revolving Credit Facility exceeds an amount equal to 35% of the then outstanding commitments under the Revolving Credit Facility. Pursuant to Amendment No. 12, among other terms, SEA will be exempt from complying with its first lien secured leverage ratio covenant through the end of 2021, after which SEA will be required to comply with such covenant starting in the first quarter of 2022. For purposes of calculating compliance with such covenant, unless a Triggering Event occurs (as defined in Amendment No. 12),  beginning with the first quarter of 2022, to the extent trailing Adjusted EBITDA (as defined in Amendment No. 12) for the second, third or fourth quarters of 2021 would have otherwise been included in the calculation of such covenant, in lieu of using actual Adjusted EBITDA for such periods, Adjusted EBITDA for such applicable periods will be deemed to be actual Adjusted EBITDA (as defined in Amendment No. 12) for the corresponding quarter of 2019.            
Liquidity test commitment   $ 75,000,000.0            
Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member] | Minimum                
Debt Instrument [Line Items]                
Minimum percentage of funded loan and letters of credit for covenant to apply   35.00%            
Restrictive Covenants [Member] | Senior Secured Credit Facilities [Member] | Maximum [Member]                
Debt Instrument [Line Items]                
Excludable letters of credit under maximum required first lien secured leverage ratio   $ 30,000,000.0            
v3.20.4
Long-Term Debt - Summary of Long-Term Debt Repayable (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Maturities Of Long Term Debt [Abstract]    
2021 $ 15,505  
2022 15,505  
2023 15,505  
2024 1,445,863  
2025 727,500  
Long-term debt $ 2,219,878 $ 1,557,883
v3.20.4
Derivative Instruments and Hedging Activities - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments Gain Loss [Line Items]    
Derivatives outstanding $ 0  
Unrealized gain (loss) on derivatives, tax (benefit) expense 500,000 $ (1,400,000)
Interest Rate Swaps [Member]    
Derivative Instruments Gain Loss [Line Items]    
Derivatives outstanding $ 0  
Not Designated as Hedge Accounting Relationships [Member]    
Derivative Instruments Gain Loss [Line Items]    
Derivatives outstanding   $ 0
v3.20.4
Derivative Instruments and Hedging Activities - Fair Value of Company's Derivative Financial Instruments Classification in Consolidated Balance Sheet (Detail)
$ in Thousands
Dec. 31, 2019
USD ($)
Derivatives Fair Value [Line Items]  
Interest rate swap agreements $ 2,156
Other Liabilities [Member]  
Derivatives Fair Value [Line Items]  
Interest rate swap agreements 2,200
Interest Rate Swaps [Member] | Other Liabilities [Member]  
Derivatives Fair Value [Line Items]  
Interest rate swap agreements $ 2,156
v3.20.4
Derivative Instruments and Hedging Activities - Schedule of Pre-tax Effect of Derivative Financial Instruments in Consolidated Statements of Comprehensive (Loss) Income (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Derivatives in Cash Flow Hedging Relationships:    
(Loss) gain recognized in accumulated other comprehensive loss $ (370) $ (5,247)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense $ 2,501 $ (17)
v3.20.4
Derivative Instruments and Hedging Activities - Schedule of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Accumulated other comprehensive income (loss) (In thousands):    
Beginning Balance $ 210,892 $ 265,194
Ending Balance (105,803) 210,892
Accumulated Other Comprehensive (Loss) Income [Member]    
Accumulated other comprehensive income (loss) (In thousands):    
Beginning Balance (1,559) 2,284
Ending Balance   (1,559)
Gains (Losses) on Cash Flow Hedges [Member]    
Accumulated other comprehensive income (loss) (In thousands):    
Other comprehensive loss before reclassifications (271) (3,831)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense 1,830 (12)
Change in other comprehensive income (loss), net of tax $ 1,559 $ (3,843)
v3.20.4
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Line Items]      
Deferred tax assets, valuation allowance $ 65,617 $ 5,216  
Cash paid for income taxes $ 500 1,400 $ 800
Minimum [Member]      
Income Tax Disclosure [Line Items]      
Year federal net operating loss carryforwards begin to expire 2029    
Federal Tax Credit Carry Forwards [Member]      
Income Tax Disclosure [Line Items]      
Net operating loss carryforwards $ 1,000,000    
Deferred tax assets, valuation allowance 39,500    
Federal Tax [Member]      
Income Tax Disclosure [Line Items]      
Deferred tax assets, valuation allowance 7,100    
Charitable Institution [Member]      
Income Tax Disclosure [Line Items]      
Deferred tax assets, valuation allowance 4,000    
State Tax Credit Carry Forwards [Member]      
Income Tax Disclosure [Line Items]      
Net operating loss carryforwards 1,200,000    
Deferred tax assets, valuation allowance $ 15,000 $ 5,200  
v3.20.4
Income Taxes - Schedule of Provision for (Benefit from) Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Current income tax provision      
Federal $ (136) $ (77) $ (99)
State 1,020 1,580 1,113
Foreign 5 27 7
Total current income tax provision 889 1,530 1,021
Deferred income tax (benefit) provision:      
Federal (19,718) 21,825 13,019
State (11,696) 16,173 3,875
Total deferred income tax (benefit) provision (31,414) 37,998 16,894
Total income tax (benefit) provision $ (30,525) $ 39,528 $ 17,915
v3.20.4
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Deferred income tax assets:    
Acquisition and debt related costs $ 4,128 $ 5,550
Net operating losses 272,943 180,693
Goodwill impairment 53,887 54,271
Self-insurance 7,410 7,308
Deferred revenue 5,707 2,546
Cash flow hedge   571
Restricted stock 2,826 4,411
Tax credits 10,577 10,230
Legal settlements 645 8,590
Lease obligations 29,943 32,078
Interest limitation 463  
Other 6,061 5,200
Total deferred income tax assets 394,590 311,448
Valuation allowance (65,617) (5,216)
Net deferred tax assets 328,973 306,232
Deferred income tax liabilities:    
Property and equipment (211,729) (225,827)
Amortization - Goodwill (51,435) (46,688)
Amortization - Other intangibles (26,080) (22,979)
Right of use assets (29,631) (31,940)
Other (3,023) (2,558)
Total deferred income tax liabilities (321,898) (329,992)
Net deferred income tax assets (liabilities) $ 7,075  
Net deferred income tax assets (liabilities)   $ (23,760)
v3.20.4
Income Taxes - Schedule of Reconciliation between Statutory Income Tax Rate and Company's Effective Income Tax Provision (Benefit) Rate (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Income tax at federal statutory rates $ (71,998) $ 27,091 $ 13,167
State taxes, net of federal benefit (15,816) 7,645 4,640
Equity-based compensation (485) (1,776) 668
Tax credits (304) (795) (1,221)
Impact of state rate changes (3,906) 3,770 (379)
Nondeductible settlement     840
Other 1,583 1,138 200
Total income tax (benefit) provision $ (30,525) $ 39,528 $ 17,915
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Income tax at federal statutory rates 21.00% 21.00% 21.00%
State taxes, net of federal benefit 4.61% 5.93% 7.40%
Equity-based compensation 0.14% (1.38%) 1.07%
Tax credits 0.09% (0.62%) (1.95%)
Impact of state rate changes 1.14% 2.92% (0.60%)
Nondeductible settlement     1.34%
Other (0.46%) 0.89% 0.31%
Income tax provision (benefit) rate 8.90% 30.64% 28.57%
State [Member]      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Valuation allowance $ 10,450 $ 2,455  
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Valuation allowance (3.05%) 1.90%  
Federal [Member]      
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Valuation allowance $ 49,951    
Effective Income Tax Rate Reconciliation, Percent [Abstract]      
Valuation allowance (14.57%)    
v3.20.4
Leases - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
a
Mile
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Lessee Lease Description [Line Items]      
Number of area not to use within the radius of land lease | Mile 560    
Operating lease, lease payment, description The required annual rent payments for the Premises is adjusted every three years to an amount equal to 80% of the average accounting year rent actually paid for the three previous years, with the    
Number of percentage of average accounting year rent adjusted on minimum yearly rent 80.00%    
Rent expense $ 10.4 $ 10.4  
Deferred percentage rent 1.6    
Deferred minimum rent, additional amount 8.3    
Percentage rent paid 1.6    
Operating Expenses and Selling, General and Administrative Expenses [Member]      
Lessee Lease Description [Line Items]      
Rent expense 4.9 5.3  
Short term rent expense 2.1 4.2  
Accounts Payable and Accrued Expenses [Member]      
Lessee Lease Description [Line Items]      
Accounts payable and accrued expenses $ 9.9    
City of San Diego [Member]      
Lessee Lease Description [Line Items]      
Number of land lease area | a 190    
Mission Bay Park, California (Premises) [Member]      
Lessee Lease Description [Line Items]      
Number of land lease area | a 17    
Current lease term 2048-06    
Rent expense $ 0.5 $ 10.5 $ 11.2
v3.20.4
Leases - Schedule of Lease Balances and Classification on Consolidated Balance Sheet (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Lessee Lease Description [Line Items]    
Right of use assets-operating leases $ 136,572 $ 141,438
Total lease assets 140,152 144,925
Current    
Operating lease liabilities 3,757 3,896
Noncurrent    
Long-term operating lease liabilities 120,144 124,339
Total lease liabilities 127,620 131,793
Other Assets Net [Member]    
Lessee Lease Description [Line Items]    
Finance leases 3,580 3,487
Other Accrued Liabilities [Member]    
Current    
Finance leases 820 707
Other Liabilities [Member]    
Noncurrent    
Finance leases $ 2,899 $ 2,851
v3.20.4
Leases - Schedule of Lease Costs and Classification on Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Lease Cost    
Net lease cost $ 15,411 $ 15,861
Operating Expense [Member]    
Lessee Lease Description [Line Items]    
Operating lease cost 13,966 14,528
Selling, General and Administrative Expenses [Member]    
Lessee Lease Description [Line Items]    
Operating lease cost 425 445
Depreciation and Amortization [Member]    
Finance lease cost    
Amortization of leased assets 844 742
Interest Expense [Member]    
Finance lease cost    
Interest on lease liabilities $ 176 $ 146
v3.20.4
Leases - Schedule of Lease Maturities (Detail)
$ in Thousands
Dec. 31, 2020
USD ($)
Operating leases  
2021 $ 13,555
2022 12,518
2023 12,105
2024 11,960
2025 11,712
Thereafter 235,648
Total lease payments 297,498
Less: Imputed interest (173,597)
Lease liabilities 123,901
Finance leases  
2021 939
2022 543
2023 226
2024 206
2025 201
Thereafter 2,392
Total lease payments 4,507
Less: Imputed interest (788)
Lease liabilities 3,719
Land Lease [Member]  
Operating leases  
2021 10,401
2022 10,401
2023 10,401
2024 10,401
2025 10,401
Thereafter 234,031
Total lease payments 286,036
Less: Imputed interest (171,894)
Lease liabilities 114,142
Other Operating Leases [Member]  
Operating leases  
2021 3,154
2022 2,117
2023 1,704
2024 1,559
2025 1,311
Thereafter 1,617
Total lease payments 11,462
Less: Imputed interest (1,703)
Lease liabilities $ 9,759
v3.20.4
Leases - Schedule of Weighted Average Remaining Lease Terms and Applicable Discount Rates (Detail)
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Operating lease, weighted average remaining lease term (years) 25 years 9 months 26 years 2 months 8 days
Finance lease, weighted average remaining lease term (years) 12 years 10 months 13 days 14 years 7 months 20 days
Operating lease, weighted average discount rate 8.14% 8.12%
Finance lease, weighted average discount rate 3.76% 3.56%
v3.20.4
Leases - Schedule of Cash Flows and Supplemental Information Associated with Leasing Activities (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 3,938 $ 14,513
Operating cash flows from finance leases 176 146
Financing cash flows from finance leases 806 692
Right of use assets obtained in exchange for lease liabilities:    
Finance leases $ 938 1,285
Operating leases   $ 133,297
v3.20.4
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 1 Months Ended 12 Months Ended
Oct. 09, 2018
Employee
Sep. 30, 2018
USD ($)
Dec. 31, 2020
USD ($)
shares
Loss Contingencies [Line Items]      
Additional capital payments     $ 72.0
License agreement term, description     Pursuant to a license agreement (“License Agreement”) with Sesame Workshop, the Company pays a specified annual license fee, as well as a specified royalty based on revenues earned in connection with sales of licensed products, all food and beverage items utilizing the licensed elements and any events utilizing such elements if a separate fee is paid for such event.  The Company’s principal commitments pursuant to the License Agreement include, among other items, the opening of a second stand-alone park (“Standalone Park”) no later than mid-2021 and minimum annual capital and marketing thresholds.  After the opening of the second Standalone Park (counting the existing Sesame Place Standalone Park in Langhorne, Pennsylvania), the Company will have the option to build additional Standalone Parks in the defined territory within agreed upon timelines.  The License Agreement has an initial term through December 31, 2031, with an automatic additional 15-year extension plus a five year option added to the term of the License Agreement from December 31st of the year of each new Standalone Park opening. As of December 31, 2020, the Company estimates the combined remaining obligations for the License Agreement commitments could be up to approximately $45.0 million over the remaining term of the agreement.  In October 2019, the Company announced that it will convert Aquatica San Diego into its second Sesame Place Standalone Park in the spring of 2021. While construction began in the fall of 2019, it was temporarily paused due to the COVID-19 pandemic. The Company currently expects to open this park in 2022. As a result, depending on governmental restrictions in the state of California, the Company expects to reopen its Aquatica San Diego park in 2021 for its operating season.  
Legal settlement     $ 65.0
Legal settlements paid   $ 4.0 32.1
Legal settlement gain     $ 12.5
Number of former employees in legal matter | Employee 19    
Number of shares at issue in legal matter | shares     300,000
Maximum [Member]      
Loss Contingencies [Line Items]      
Estimated combined remaining obligations for commitments     $ 45.0
Loss contingency damages sought value     35.0
Minimum      
Loss Contingencies [Line Items]      
Loss contingency damages sought value     $ 30.0
v3.20.4
Fair Value Measurements - Additional Information (Detail) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Fair Value Disclosures [Abstract]    
Derivatives outstanding $ 0  
Assets measured at fair value $ 0 $ 0
v3.20.4
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Liabilities:    
Derivative financial instruments   $ 2,156
Long-term obligations $ 2,280,353 1,557,883
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)    
Liabilities:    
Long-term obligations 787,975  
Significant Other Observable Inputs (Level 2) [Member]    
Liabilities:    
Derivative financial instruments   2,156
Long-term obligations $ 1,492,378 $ 1,557,883
v3.20.4
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Parenthetical) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Current maturities of long-term debt $ 15,505 $ 65,505
Total long-term debt, net $ 2,177,137 1,482,619
Interest rate swap agreements   2,156
Other Liabilities [Member]    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Interest rate swap agreements   $ 2,200
v3.20.4
Related-Party Transactions - Additional Information (Detail)
 12 Months Ended
May 27, 2019
USD ($)
Director
$ / shares
shares
May 03, 2019
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Dec. 31, 2018
USD ($)
shares
Related Party Transaction [Line Items]          
Stock repurchased agreement closing date       May 30, 2019  
Hill Path Capital LP [Member]          
Related Party Transaction [Line Items]          
Percentage of ownership by partnership 34.60%        
Share Repurchase Program [Member]          
Related Party Transaction [Line Items]          
Stock Repurchase Program, number of shares repurchased | shares 5,615,874   469,785 5,615,874 3,654,816
Stock repurchases under Share Repurchase Program | $ $ 150,000,000.0   $ 12,400,000 $ 150,000,000.0 $ 98,000,000.0
Price per share | $ / shares $ 26.71        
Sun Wise [Member]          
Related Party Transaction [Line Items]          
Beneficial ownership of common stock, shares | shares   19,452,063      
Hill Path Capital LP [Member]          
Related Party Transaction [Line Items]          
Price per share | $ / shares $ 26.71        
Stock purchased under stock purchase agreement | shares 13,214,000        
Stock purchase agreement closing date       May 30, 2019  
Reimbursable expenses incurred | $ $ 250,000        
Percentage shares held 24.90%        
Hill Path Capital LP [Member] | Maximum [Member]          
Related Party Transaction [Line Items]          
Number of directors appointed | Director 3        
Reimbursable expenses incurred | $       $ 250,000  
v3.20.4
Retirement Plan - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Contribution Plan Disclosure [Line Items]      
Defined contribution plan name 401(k)    
Defined contribution plan employer contribution description   Through December 31, 2019, the Company made matching cash contributions subject to certain restrictions, structured as a 100% match on the first 1% contributed by the employee and a 50% match on the next 5% contributed by the employee.  
Defined Contribution Plan, Sponsor Location [Extensible List] country:US    
Defined Contribution Plan, Tax Status [Extensible List] us-gaap:QualifiedPlanMember    
Selling, General and Administrative Expenses and Operating Expenses [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Defined contribution plan, employer- matching contributions $ 1.3 $ 7.5 $ 7.6
First 1% [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Employer matching percentage   100.00%  
Percentage of gross pay matched   1.00%  
Second 5% [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Employer matching percentage   50.00%  
Percentage of gross pay matched   5.00%  
First 4% [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Employer matching percentage 50.00%    
Percentage of gross pay matched 4.00%    
Defined contribution plan employer contribution description Effective January 1, 2020, the plan amended the matching cash contributions structure going forward to be a 50% match on the first 4% of eligible pay contributed by the employee.    
v3.20.4
Equity-Based Compensation - Schedule of Equity Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total equity compensation expense $ 7,467 $ 11,106 $ 22,152
Operating Expense [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total equity compensation expense 522 4,076 7,387
Selling, General and Administrative Expenses [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Total equity compensation expense $ 6,945 $ 7,030 $ 14,765
v3.20.4
Equity-Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Recognized equity-based compensation expense     $ 5.5
Unrecognized equity compensation cost $ 16.3    
Unrecognized equity compensation cost, weighted-average period 1 year 1 month 6 days    
Total fair value of shares vested during the period $ 12.7 $ 9.7 12.1
Total intrinsic value of stock options exercised $ 1.3 $ 2.4 $ 1.7
Weighted average grant-date fair value of stock options granted $ 9.69    
Vesting period 3 years    
Vesting percentage 33.00%    
Minimum      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting period 2 years    
Maximum [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting period 3 years    
Omnibus Incentive Plan [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Common stock reserved for future issuance 15,000,000    
Shares available for future issuance 7,680,000    
2019 Long-Term Incentive Plan Below Threshold Performance [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting percentage, per year 0.00%    
2019 Long-Term Incentive Plan At or Above Maximum Performance [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting percentage, per year 100.00%    
2019 Long-Term Incentive Plan [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Performance period 3 years    
Time Vesting and Performance Vesting Restricted Awards [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Weighted average grant date fair value $ 15.85 $ 26.55 $ 15.40
Long-Term Incentive Performance Restricted Units [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Award vesting terms The performance-vesting restricted units granted in 2020 contain a performance period through calendar year 2022 (or, the end of the 2023 calendar year, as applicable), and are otherwise consistent with the terms of the modified 2019 LTIP Performance Awards as discussed further below. Equity compensation expense has not yet been recorded related to these awards.    
Restricted Stock Units [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Vesting percentage 50.00%    
Number of restricted stock units approved to recognize employees for their contributions 1,200,000    
Previous Long-Term Incentive Awards [Member]      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Award vesting terms The Company previously granted long-term incentive performance restricted units in 2019 (the “2019 LTIP Performance Awards”) which contained a three-year performance period consisting of the 2019-2021 calendar years (or, extended through the end of the 2022 calendar year, as applicable) and were eligible to vest based upon the Company’s achievement of specific performance goals for the performance period, as defined. The total number of 2019 LTIP Performance Awards eligible to vest will be based on the level of achievement of the performance goals and ranges from 0% (if below threshold performance) up to 100% (for target or above performance). Upon achievement of the performance goals, only 50% of the award for a given level of performance will vest, with the remaining 50% subject to a one-year performance test period. The goal achieved must be met again or exceeded the next fiscal year before the remaining units are earned.    
Deferred Stock Units      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Number of common stock shares to be received for each deferred stock unit 1    
Period of time after director has left the board to receive shares 3 months    
v3.20.4
Equity-Based Compensation - Schedule of Employee Stock Performance Activity (Detail)
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Time-Vesting Restricted Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares/Units, Outstanding, Beginning Balance | shares 725,911
Shares/Units, Granted | shares 1,476,758
Shares/Units, Vested | shares (432,497)
Shares/Units, Forfeited | shares (77,593)
Shares/Units, Outstanding, Ending Balance | shares 1,692,579
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares $ 21.08
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares 12.99
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares 20.18
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares 22.71
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares $ 14.18
Bonus Performance Restricted Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares/Units, Outstanding, Beginning Balance | shares 333,673
Shares/Units, Vested | shares (97,616)
Shares/Units, Forfeited | shares (212,759)
Shares/Units, Outstanding, Ending Balance | shares 23,298
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares $ 26.10
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares 26.11
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares 26.09
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares $ 26.16
Long-Term Incentive Performance Restricted Awards [Member]  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Shares/Units, Outstanding, Beginning Balance | shares 1,855,828
Shares/Units, Granted | shares 246,374
Shares/Units, Vested | shares (79,173)
Shares/Units, Forfeited | shares (555,393)
Shares/Units, Outstanding, Ending Balance | shares 1,467,636
Weighted Average Grant Date Fair Value per Award, Outstanding, Beginning Balance | $ / shares $ 22.34
Weighted Average Grant Date Fair Value per Award, Granted | $ / shares 33.23
Weighted Average Grant Date Fair Value per Award, Vested | $ / shares 17.55
Weighted Average Grant Date Fair Value per Award, Forfeited | $ / shares 25.11
Weighted Average Grant Date Fair Value per Award, Outstanding, Ending Balance | $ / shares $ 23.38
v3.20.4
Equity-Based Compensation - Schedule of Activity Related to Stock Option Awards (Detail)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
$ / shares
shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Options, Outstanding, Beginning Balance | shares 914,022
Options, Granted | shares 128,434
Options, Forfeited | shares (184,059)
Options, Expired | shares (20,785)
Options, Exercised | shares (157,624)
Options, Outstanding, Ending Balance | shares 679,988
Options, Exercisable at December 31, 2020 | shares 392,671
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ / shares $ 22.43
Weighted Average Exercise Price, Granted | $ / shares 20.79
Weighted Average Exercise Price, Forfeited | $ / shares 28.38
Weighted Average Exercise Price, Expired | $ / shares 19.11
Weighted Average Exercise Price, Exercised | $ / shares 18.53
Weighted Average Exercise Price, Outstanding, Ending Balance | $ / shares 21.51
Weighted Average Exercise Price, Exercisable at December 31, 2020 | $ / shares $ 19.82
Weighted Average Remaining Contractual Life, Outstanding at December 31, 2020 6 years 10 months 20 days
Weighted Average Remaining Contractual Life, Exercisable at December 31, 2020 5 years 6 months 10 days
Aggregate Intrinsic Value, Outstanding at December 31, 2020 | $ $ 6,860
Aggregate Intrinsic Value, Exercisable at December 31, 2020 | $ $ 4,622
v3.20.4
Equity-Based Compensation - Schedule of Stock Options Valuation Assumptions (Detail)
 12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Risk-free interest rate 0.61%
Expected volatility 51.37%
Expected dividend yield 0.00%
Expected life (years) 5 years 10 months 24 days [1]
[1]

The expected life was estimated using the simplified method, as the Company does not have sufficient historical exercise data due to the limited period of time its common stock has been publicly traded.
v3.20.4
Stockholders' (Deficit) Equity - Additional Information (Detail) - USD ($)
 12 Months Ended
May 27, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Aug. 02, 2019
Dec. 31, 2017
Stockholders Equity [Line Items]            
Common stock, shares issued   94,652,248 94,044,203      
Treasury stock, shares   16,260,248 15,790,463      
Treasury stock at cost   $ 415,309,000 $ 402,903,000      
Share Repurchase Program [Member]            
Stockholders Equity [Line Items]            
Share Repurchase Program, authorized amount   $ 250,000,000.0     $ 250,000,000.0  
Stock Repurchase Program, number of shares repurchased 5,615,874 469,785 5,615,874 3,654,816    
Stock repurchases under Share Repurchase Program $ 150,000,000.0 $ 12,400,000 $ 150,000,000.0 $ 98,000,000.0    
Share Repurchase Program, remaining authorized repurchase amount   $ 237,600,000        
Common Stock [Member]            
Stockholders Equity [Line Items]            
Common stock, shares issued   94,652,248 94,044,203 93,400,929   92,637,403
Number of unvested shares   101,135        
Restricted Stock Units [Member]            
Stockholders Equity [Line Items]            
Number of unvested shares   3,082,378        
v3.20.4
Severance and Other Separation Costs - Additional Information (Detail)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 27, 2018
USD ($)
Sep. 30, 2018
Position
Jun. 30, 2018
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Restructuring Cost And Reserve [Line Items]            
Severance related payments $ 6.7   $ 3.8      
2020 Restructuring Program [Member]            
Restructuring Cost And Reserve [Line Items]            
Restructuring costs, description       In September 2020, the Company committed to a plan of termination (the “2020 Restructuring Program”) primarily impacting some of the Company’s previously furloughed salaried, full-time and part-time employees. Substantially all of the impacted employees were furloughed as part of the Company’s efforts to reduce operating expenses and adjust cash flows in light of business circumstances associated with the COVID-19 pandemic. Due to the sudden and unforeseeable economic impacts of the pandemic on the Company’s business operations, that were not reasonably foreseeable at the time of the temporary furloughs, the Company transitioned certain park and corporate personnel from a furloughed status to a permanent layoff. As a result, during the year ended December 31, 2020, the Company recorded approximately $2.7 million in pre-tax restructuring charges primarily related to severance and other termination benefits related to the 2020 Restructuring Program, which is included in severance and other separation costs in the accompanying consolidated statements of comprehensive (loss) income. Currently, some of the Company’s employees at certain parks remain on furlough.  The Company continues to monitor the impact of the COVID-19 pandemic and may adjust its plans accordingly.    
Severance and other separation costs       $ 2.7    
2019 Restructuring Program [Member]            
Restructuring Cost And Reserve [Line Items]            
Severance and other separation costs         $ 4.2  
2018 Restructuring Program [Member]            
Restructuring Cost And Reserve [Line Items]            
Restructuring costs, description       In August 2018, the Company announced a restructuring program (the “2018 Restructuring Program”) focused on reducing costs, improving operating margins and streamlining its management structure to create efficiencies and better align with its strategic business objectives.  The 2018 Restructuring Program involved the elimination of approximately 125 positions during the third quarter of 2018 across the Company’s theme parks and its corporate headquarters. As a result, during the year ended December 31, 2018, the Company recorded approximately $5.5 million in pre-tax restructuring charges primarily related to severance and other termination benefits, which is included in severance and other separation costs in the accompanying consolidated statements of comprehensive (loss) income. The Company will not incur any additional costs associated with the 2018 Restructuring Program as all continuing service obligations were completed as of December 31, 2018.    
Number of positions eliminated | Position   125        
Restructuring and other related costs incurred to date           $ 5.5
v3.20.4
Severance and Other Separation Costs - Schedule of Restructuring Program Activity (Detail) - Severance and Other Employment Expenses [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
2020 Restructuring Program [Member]    
Restructuring Cost And Reserve [Line Items]    
Costs incurred $ 2,658  
Payments made (2,513)  
Liability, ending balance $ 145  
2018 Restructuring Program [Member]    
Restructuring Cost And Reserve [Line Items]    
Liability, beginning balance   $ 537
Payments made   $ (537)
v3.20.4
Schedule I - Condensed Balance Sheets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current assets:        
Total current assets $ 507,437 $ 169,149    
Total assets 2,566,358 2,300,518    
Current liabilities:        
Other accrued liabilities 50,950 81,841    
Total current liabilities 317,121 402,660    
Total liabilities 2,672,161 2,089,626    
Commitments and contingencies    
Stockholders’ (Deficit) Equity:        
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2020 and 2019    
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 94,652,248 and 94,044,203 shares issued at December 31, 2020 and 2019, respectively 946 940    
Additional paid-in capital 680,360 673,893    
Accumulated other comprehensive loss   (1,559)    
Accumulated deficit (371,800) (59,479)    
Treasury stock, at cost (16,260,248 and 15,790,463 shares at December 31, 2020 and 2019, respectively) (415,309) (402,903)    
Total stockholders’ (deficit) equity (105,803) 210,892 $ 265,194 $ 287,466
Total liabilities and stockholders’ (deficit) equity 2,566,358 2,300,518    
Parent Company [Member]        
Current assets:        
Cash 455 169    
Total current assets 455 169    
Investment in wholly owned subsidiary   210,892    
Total assets 455 211,061    
Current liabilities:        
Loss in excess of investment in wholly-owned subsidiary 105,803      
Other accrued liabilities 455 169    
Total current liabilities 106,258 169    
Total liabilities 106,258 169    
Commitments and contingencies    
Stockholders’ (Deficit) Equity:        
Preferred stock, $0.01 par value—authorized, 100,000,000 shares, no shares issued or outstanding at December 31, 2020 and 2019    
Common stock, $0.01 par value—authorized, 1,000,000,000 shares; 94,652,248 and 94,044,203 shares issued at December 31, 2020 and 2019, respectively 946 940    
Additional paid-in capital 680,360 673,893    
Accumulated other comprehensive loss   (1,559)    
Accumulated deficit (371,800) (59,479)    
Treasury stock, at cost (16,260,248 and 15,790,463 shares at December 31, 2020 and 2019, respectively) (415,309) (402,903)    
Total stockholders’ (deficit) equity (105,803) 210,892    
Total liabilities and stockholders’ (deficit) equity $ 455 $ 211,061    
v3.20.4
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares
Dec. 31, 2020
Dec. 31, 2019
Condensed Balance Sheet Statements, Captions [Line Items]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 94,652,248 94,044,203
Treasury stock, shares 16,260,248 15,790,463
Parent Company [Member]    
Condensed Balance Sheet Statements, Captions [Line Items]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000,000 100,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, shares issued 94,652,248 94,044,203
Treasury stock, shares 16,260,248 15,790,463
v3.20.4
Schedule I - Condensed Statements of Comprehensive (Loss) Income (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]      
Net (loss) income $ (312,321) $ 89,476 $ 44,788
Net (loss) income (312,321) 89,476 44,788
Comprehensive (loss) income (310,762) 85,633 53,242
Parent Company [Member]      
Condensed Financial Statements, Captions [Line Items]      
Net (loss) income (312,321) 89,476 44,788
Net (loss) income (312,321) 89,476 44,788
Equity in other comprehensive income (loss) of subsidiary 1,559 (3,843) 8,454
Comprehensive (loss) income (310,762) 85,633 53,242
Parent Company [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Condensed Financial Statements, Captions [Line Items]      
Net (loss) income $ (312,321) $ 89,476 $ 44,788
v3.20.4
Schedule I - Condensed Statements of Cash Flows (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows From Operating Activities:      
Net (loss) income $ (312,321) $ 89,476 $ 44,788
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Equity in net loss (income) of subsidiary 312,321 (89,476) (44,788)
Net cash (used in) provided by operating activities (120,729) 348,416 293,935
Cash Flows From Investing Activities:      
Net cash used in investing activities (109,175) (195,193) (180,029)
Cash Flows From Financing Activities:      
Exercise of stock options 2,920 3,795 4,282
Net cash provided by (used in) financing activities 624,204 (147,305) (112,896)
Change in Cash and Cash Equivalents, including Restricted Cash 394,300 5,918 1,010
Cash and Cash Equivalents, including Restricted Cash—Beginning of year 40,925 35,007 33,997
Cash and Cash Equivalents, including Restricted Cash—End of year 435,225 40,925 35,007
Parent Company [Member]      
Cash Flows From Operating Activities:      
Net (loss) income (312,321) 89,476 44,788
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Equity in net loss (income) of subsidiary 312,321 (89,476) (44,788)
Cash Flows From Investing Activities:      
Dividends (forfeited) received from subsidiary- return of capital, net of forfeitures (1) (5) (61)
Capital contributed to subsidiary from exercises of stock options (2,621) (3,696) (4,230)
Net cash used in investing activities (2,622) (3,701) (4,291)
Cash Flows From Financing Activities:      
Exercise of stock options 2,920 3,795 4,282
Dividends paid to common stockholders (12) (61) (325)
Net cash provided by (used in) financing activities 2,908 3,734 3,957
Change in Cash and Cash Equivalents, including Restricted Cash 286 33 (334)
Cash and Cash Equivalents, including Restricted Cash—Beginning of year 169 136 470
Cash and Cash Equivalents, including Restricted Cash—End of year 455 169 136
Supplemental Disclosures of Noncash Financing Activities      
Dividends from subsidiary- return of capital, for purchase of treasury stock 12,406 150,000 98,032
Parent Company [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member]      
Cash Flows From Operating Activities:      
Net (loss) income (312,321) 89,476 44,788
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:      
Equity in net loss (income) of subsidiary $ 312,321 $ (89,476) $ (44,788)
v3.20.4
Schedule I - Description of SeaWorld Entertainment, Inc. - Additional Information (Detail)
Dec. 31, 2020
Business
Partnership
May 31, 2017
Oct. 02, 2009
Partnership
Organization Consolidation And Presentation Of Financial Statements [Line Items]      
Number of limited partnerships which owned the company | Partnership 10   10
Number of theme parks owned and operated | Business 12    
Zhonghong Zhuoye Group Co., Ltd. [Member]      
Organization Consolidation And Presentation Of Financial Statements [Line Items]      
Percentage of common stock outstanding   21.00%  
v3.20.4
Schedule I - Guarantees - Additional Information (Detail) - USD ($)
$ in Millions
Dec. 31, 2020
Aug. 05, 2020
Apr. 30, 2020
Senior Notes [Member]      
Guarantee Obligations [Line Items]      
Senior secured debt     $ 227.5
Debt instrument interest rate percentage 8.75%   8.75%
Second-Priority Senior Notes [Member]      
Guarantee Obligations [Line Items]      
Senior secured debt   $ 500.0  
Debt instrument interest rate percentage 9.50% 9.50%  
Second-Priority Senior Notes [Member] | SeaWorld Parks & Entertainment, Inc (SEA) [Member]      
Guarantee Obligations [Line Items]      
Percentage of common stock owned directly or indirectly 100.00%    
Senior Secured Credit Facilities [Member] | SeaWorld Parks & Entertainment, Inc (SEA) [Member]      
Guarantee Obligations [Line Items]      
Percentage of common stock owned directly or indirectly 100.00%    
v3.20.4
Schedule I - Dividends from Subsidiary - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Parent Company [Member]      
Dividends Payable [Line Items]      
Dividends from subsidiary- return of capital, for purchase of treasury stock $ 12,406 $ 150,000 $ 98,032
v3.20.4
Schedule I - Stockholders' (Deficit) Equity - Additional Information (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Aug. 02, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Repurchase of treasury shares, shares 469,785 5,615,874 3,654,816  
Stock repurchased during period, total cost $ 12,406,000 $ 150,000,000 $ 98,032,000  
Treasury stock at cost 415,309,000 402,903,000    
Share Repurchase Program [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share Repurchase Program, authorized amount 250,000,000.0     $ 250,000,000.0
Share Repurchase Program, remaining authorized repurchase amount 237,600,000      
Parent Company [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Capital contributed to subsidiary from exercises of stock options 2,621,000 $ 3,696,000 $ 4,230,000  
Share Repurchase Program, authorized amount $ 250,000,000.0      
Repurchase of treasury shares, shares 469,785 5,615,874 3,654,816  
Stock repurchased during period, total cost $ 12,400,000 $ 150,000,000.0 $ 98,000,000.0  
Treasury stock at cost 415,309,000 $ 402,903,000    
Parent Company [Member] | Share Repurchase Program [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Share Repurchase Program, remaining authorized repurchase amount $ 237,600,000      
Omnibus Incentive Plan [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Common stock reserved for future issuance 15,000,000      
Shares available for future issuance 7,680,000      
Omnibus Incentive Plan [Member] | Parent Company [Member]        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]        
Common stock reserved for future issuance 15,000,000      
Shares available for future issuance 7,680,000